Tag Archives: escalating

Volatility in China's yuan due to escalating U.S. trade friction – PBOC official

Volatility in China's yuan due to escalating U.S. trade friction - PBOC officialYICHUN, China/ SHANGHAI, Aug 11 (Reuters) – Volatility in China’s yuan since August is a normal market reaction to escalating trade frictions stoked by the United States and was caused, to some extent, by Washington’s decision to raise tariffs, a senior Chinese central bank official said. Zhu Jun, director-general of the People’s Bank of China’s international department, made the comments on Saturday to a forum held in the northern Chinese province of Heilongjiang. The U.S. Treasury Department on Monday labelled China a currency manipulator, hours after China let the yuan drop through a key support level to its lowest point in more than a decade.



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Iran Seizes British Oil Tanker, Escalating Tensions With Western Powers

Iran Seizes British Oil Tanker, Escalating Tensions With Western PowersGIUSEPPE CACACEIran’s military seized a British tanker in the Persian Gulf on Friday, further ratcheting up the tensions between Tehran and Western powers in the Persian Gulf. Iran’s Islamic Revolutionary Guard Corps announced via state-run news outlets that it had seized the British tanker Stena Impero “for failing to respect international maritime rules.”The seizure comes as an apparent response to Britain’s detention of an Iranian tanker off the coast of Gibraltar in early July and comes on the heels of a series of alleged Iranian attacks on Japanese, European, and Middle Eastern tankers in the Gulf of Oman. British officials told reporters that they are “urgently seeking further information and assessing the situation.” A British official told The Daily Beast that the incident is currently being discussed at the highest levels of the British government. Separately, Defense Department officials confirmed to CNN that Iran had captured a second tanker on Friday, the MV Mesdar, a Liberian-flagged vessel. As Iran-U.S. Tensions Rise, Hezbollah Readies for War With IsraelBefore Iran’s Islamic Revolutionary Guard Corps (IRGC) announced the seizure on Friday, vessel tracking data showed the Stena Impero diverting off course and towards the Iranian island of Qeshm, home to a number of IRGC-N facilities. A statement posted to the website of Stena Bulk and Northern Marine Management, the ship’s owner, said the Stena Impero “was approached by unidentified small crafts and a helicopter during transit of the Strait of Hormuz while the vessel was in international waters.” The company said there are 23 crew members aboard the ship at present.Earlier this week, Iran announced that it had seized another tanker, the MT Riah, after it disappeared and was last seen heading towards Qeshm. The Riah had been owned by a United Arab Emirates company but Emirati officials denied that the Riah was owned or operated by Emirati entities. Iranian officials claimed to have seized the vessel after it allegedly engaged in oil smuggling. The British tanker incident follows a series of Iranian threats to retaliate against the U.K. for the seizure of an Iranian oil tanker off the coast of Gibraltar in early July. Royal Marines boarded the Grace 1 tanker on the grounds that it was allegedly delivering oil to the Assad regime in violation of European Union sanctions. Iran denied that the tanker was headed for Syria and demanded its release. A Gibraltar court ruled on Friday that the ship must stay detained for at least another month. In the wake of the seizure, senior Iranian military and political officials vowed retaliation against the U.K. for taking the Grace 1. Iran’s top military officer, Armed Forces Chief of Staff Maj. Gen. Mohammad Bagheri said the British seizure “will not go unanswered” and that Iran would respond “at an appropriate time and place.” President Hassan Rouhani also threatened that the U.K. “will realize the consequences later” for its actions. On Wednesday, Iran’s Supreme Leader Ayatollah Ali Khamenei renewed the threats and said Iran “will not leave such evil deeds unanswered.”Iran appeared to try and make good on those threats in early July when IRGC Navy (IRGC-N) vessels harassed a BP tanker, British Heritage, as it sailed by the Iranian island of Abu Musa. IRGC-N boats tried to stop the tanker before a British Navy frigate, HMS Montrose, trained its guns on the boats and ordered them to move away. Before the incident, the British Heritage had anchored off the coast of Saudi Arabia, wary of sailing the Gulf in light of Iranian threats to British shipping. Those anxieties are shared among British shippers who have watched the escalating tensions between the U.K. and Iran with concern. Britain’s department of transport raised its threat level for vessels in the Gulf to “critical” while maritime organizations have urged shippers not to escalate the threat by hiring armed private security contractors to guard their ships. The U.K. announced earlier this week that it would send an additional warship to the Gulf, the HMS Duncan, a guided missile destroyer, to provide security for its vessels.In May, following the announcement of an expedited deployment of U.S. warships and bombers to the Gulf, six tankers were attacked by apparent limpet mines in two separate incidents off the coast of the United Arab Emirates Fujairah port and in the Gulf of Oman. The U.S. blamed Iran naval commandos for both attacks and released footage of Iranian troops removing a device from the hull of a ship that had recently been attacked. Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.



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Iran drone strike: Escalating Iran crisis looks a lot like the path US took to Iraq war

Iran drone strike: Escalating Iran crisis looks a lot like the path US took to Iraq warThe U.S. went to war in Iraq in 2003 based on flawed intelligence supported by hawkish policy makers. Is it doomed to repeat the error with Iran?



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'We don't take it lightly': What we know about oil tanker blasts and Donald Trump's escalating rhetoric on Iran

'We don't take it lightly': What we know about oil tanker blasts and Donald Trump's escalating rhetoric on IranPresident Donald Trump's comments come amid concerns attack on oil tankers could further escalate ongoing tensions between Iran and the U.S.



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REFILE-UPDATE 2-Italy, France spar over tackling escalating conflict in Libya

REFILE-UPDATE 2-Italy, France spar over tackling escalating conflict in LibyaTRIPOLI/ROME, April 11 (Reuters) – France and Italy wrangled on Thursday over how best to tackle renewed conflict in Libya as a bid by eastern forces under Khalifa Haftar to seize Tripoli stalled in the face of strong resistance on the capital’s southern outskirts. The United Nations said the fighting between Haftar’s forces and troops under the internationally-backed Tripoli government had killed at least 56 people and forced 8,000 to flee their homes in the city in the last week.



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Indian pilot captured in Pakistan becomes face of escalating conflict

Indian pilot captured in Pakistan becomes face of escalating conflictAn Indian pilot shot down over Pakistan and paraded by his captors has become a hero in his own country, a trump card for Islamabad and perhaps the key to bringing the arch-rivals back from the brink. Wing Commander Abhinandan Varthaman was in a MiG jet that India said was shot down on Wednesday as he chased Pakistan warplanes over the rivals’ disputed Kashmir border. Footage of him being beaten and interrogated has since gone viral in India and Pakistan.



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The Crisis in Venezuela Is Rapidly Escalating. Here's Everything That Happened Over the Weekend

The Crisis in Venezuela Is Rapidly Escalating. Here's Everything That Happened Over the WeekendDeadly clashes at the border over humanitarian aid led to the end of diplomatic ties with Colombia and fresh talk of intervention



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The Crisis in Venezuela Is Rapidly Escalating. Here's Everything That Happened Over the Weekend

The Crisis in Venezuela Is Rapidly Escalating. Here's Everything That Happened Over the WeekendDeadly clashes at the border over humanitarian aid led to the end of diplomatic ties with Colombia and fresh talk of intervention



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Venezuela: Violent clashes break out as nation closes border with three countries amid escalating crisis

Venezuela: Violent clashes break out as nation closes border with three countries amid escalating crisisVenezuelan soldiers fired tear gas at civilians near the country’s border with Colombia, amid growing tensions after a crowd tried to clear a barricade in an effort to access humanitarian aid, including food and medicine. Flames from the bus blaze caused nearby power lines to spark along the border. The fresh burst of violence came as Nicolas Maduro‘s government closed Venezuela’s border bridges with Colombia on Friday, having also closed the nation’s borders with Brazil and the island of Curacao, other crucial points of entry for international aid.



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Venezuela crisis: Maduro closes border with Brazil amid escalating tension with US over foreign aid

Venezuela crisis: Maduro closes border with Brazil amid escalating tension with US over foreign aidVenezuelan president Nicolas Maduro has closed the nation’s border with Brazil, amid an escalating standoff over allowing aid from the US to enter the country. In a televised address from the nation’s largest military base, Mr Maduro said he was also considering shuttering the border with neighbouring Colombia, two days before the opposition has vowed to move aid from the US and other nations inside Venezuela. “I don’t want to take any decision of this type but I am evaluating it, a total closure of the border with Colombia,” he said.



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