Fartashphoto's Blog

Frost Over the World – Has US politics become too vitriolic?

Posted in Uncategorized by fartashphoto on January 15, 2011
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Oil Trade Dispute Erupts Between India and Iran

Posted in Uncategorized by fartashphoto on December 31, 2010

US praises Indian steps to tighten sanctions on Iran

Posted in Uncategorized by fartashphoto on December 29, 2010

The United States has praised India’s recent steps to tighten sanctions on Iran by barring its companies from a range of deals which are transacted though a key trade-finance clearing house.

“This is a significant action” by India, the Treasury Department’s point man on Iran sanctions, Stuart Levey, was quoted as saying by The Wall Street Journal.

Levey’s statement comes days after the Reserve Bank of India instructed its Banks to stop processing current- account transactions using the Asian Clearing Union (ACU).

Headquartered in Tehran, ACU was set up by the UN in 1974 to help facilitate trade in the region.

India is Iran’s biggest trading partner in business done through ACU. Besides RBI, it includes central banks of Bangladesh, the Maldives, Burma, Iran, Pakistan, Bhutan, Nepal and Sri Lanka.

On Friday, RBI said Indian firms can’t use the ACU mechanism when making payments for the import of oil or gas.

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Iran Food, Energy Costs Jump on Ahmadinejad Subsidy Cuts

Posted in Uncategorized by fartashphoto on December 26, 2010

Bloomberg’s Anastasia Haydulina reports on the Iranian government’s decision to start phasing out food and energy subsidies.

Prices in Iran increasing dramatically after lifting of subsidies

Posted in Uncategorized by fartashphoto on December 26, 2010

The Iranian government’s removal of decades-old subsidies for food and energy in an attempt to boost its troubled economy has spurred price increases on everything from fruit and vegetables to gasoline, generated work stoppages and emboldened the political opposition.

In Tehran, the nation’s capital, taxi fares that officially were to rise by 10 percent shot much higher as drivers imposed their own price increases. Some truckers across the country refused to work, complaining of government threats to revoke their permits if they raised their prices to offset higher fuel costs.

Crews on ferry boats operating between Bandar Abbas port and Qeshm Island in the Persian Gulf temporarily stopped working, complaining that the ticket prices set by the government had not gone up despite a four-fold increase in the price of fuel, the Mehr news agency reported.

The austerity measures, though long anticipated, have brought mounting public anger since they began Dec. 19. Government critics contend that they will hurt people with modest incomes while leaving the wealthy unscathed.

Some critics also say the government’s plan places the consequences of Iran’s confrontational foreign policy and nuclear program, which have provoked international economic sanctions, on consumers. Opposition leaders Mir-Hossein Mousavi and Mehdi Karroubi on Wednesday publicly questioned the wisdom of the new plan, calling it a “burden on the shoulders of the middle and lower classes.”

Iranian authorities say the cuts are part of an economic reform package that will contribute to the nation’s prosperity by reducing wasteful subsidies totaling as much as $100 billion a year.

Already, the prices of produce, diesel, gasoline, cooking oil, water and bread have risen dramatically. In downtown Tehran, the price of a loaf of brick-oven bread doubled overnight to 40 cents. Security forces have been deployed around the country in case public frustration boils over into civil unrest.

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Another blow to the Islamic Republic’s oil business

Posted in Uncategorized by fartashphoto on December 25, 2010

India’s central bank has said it will not facilitate payments for Iranian crude imports, in another blow to the Islamic Republic’s oil business as global pressure on Tehran grows over its nuclear programme.

Although United Nations sanctions do not forbid buying Iranian oil, the United States has pressed hard for governments and companies to stop dealing with Tehran. Many oil majors and banks have abandoned their dealings since then.

U.S. President Barack Obama visited India last month and said he supported its bid for a permanent UN Security Council seat.

The Reserve Bank of India said in a statement on Thursday Indian oil imports payments to Iran will have to be settled outside the existing Asian Clearing Union (ACU) mechanism, which involves the central banks of India, Bangladesh, Maldives, Myanmar, Iran, Pakistan, Bhutan, Nepal and Sri Lanka.

Iran is a major oil producer and the only exporter among the ACU block, while India is the biggest importer among them. Trade with Iran faces credit hurdles due to sanctions.

India imported about 426,000 barrels per day from Iran in 2009/10, but this may decline as major refiner Reliance Industries has not renewed its term deal.

The sanctions make it difficult to open letters of credit, which are often required for the buyer and seller of a cargo to guarantee payment upon delivery or at an agreed future date.

A second industry source said the move could make imports extremely difficult.

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WikiLeaks Julian Assange Insight w/ Andy Greenberg

Posted in Uncategorized by fartashphoto on December 7, 2010

“Obama Gives His Blessing To Israel To Strike Iran” …

Posted in Uncategorized by fartashphoto on November 28, 2010

TEHRAN: Crude Potential in The Middle East! CNN Reports

Posted in Uncategorized by fartashphoto on November 22, 2010

MME examines the true oil potential of two of the Middle East’s most volatile oil and gas producers Iran and Iraq.

Missile Mystery, Microchipped Medicine, Money Matters – New World Next Week

Posted in Uncategorized by fartashphoto on November 11, 2010

Story #1: Mystery Missile Launch Seen Off California Coast
Story #2: Big Pharma to Begin Microchipping Drugs
Story #3: China says G20 should monitor US Fed