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Five Major Powers to Establish Mechanism Pay Iran’s Exports

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Five Major Powers to Establish Mechanism Pay Iran’s Exports

Disgruntled with US President Donald Trump’s pressure to isolate Iran, Washington’s traditional allies including France, UK and Germany plus Russia and China have promised to establish a ‘special purpose vehicle’ to facilitate payments for Tehran’s exports.

The ministerial level representatives from the remaining parties of the 2015 Iran nuclear deal, also known as JCPOA, met with Iranian foreign minister Mohammad Javad Zarif at United Nations headquarters in New York on Monday as part of their efforts to salvage the deal.

According to Tehran based Press TV. Federica Mogherini, the Chief of  European Union’s Foreign Policy and Iranian Foreign Minister Mohammad Javad Zarif held a joint press conference to elaborate on the results of a meeting between the remaining parties of JCPOA, namely France, the UK, Germany, Russia, China, and Iran.

According to a joint statement issued by the participants and read out by Mogherini and Zarif during the press conference, the meeting “took stock of the process of finding and operationalizing practical solutions for issues arising from the unilateral withdrawal of the US from the agreement and the re-imposition of the sanctions lifted under the JCPOA and its Annex II.”

The statement further said, “Mindful of the urgency and the need for tangible results, the participants welcomed practical proposals to maintain and develop payment channels, notably the initiative to establish a special purpose vehicle to facilitate payments related to Iran’s exports, including oil, and imports, which will assist and reassure economic operators pursuing legitimate business with Iran.”

Five Major Powers to Establish Mechanism Pay Iran’s Exports

It said, “The participants reaffirmed their strong will to support further work aimed at the operationalization of such a Special Purpose Vehicle as well as continued engagement with regional and international partners.”

The statement said that the participants also “welcomed the fact that updates to the EU’s “Blocking Statute” and the European Investment Bank’s external lending mandate to make Iran eligible entered into force on 7 August.”

Iran’s official news agency IRNA reports from New York that the ministerial meeting of Iran and P4+1 was held in the United Nations to discuss the problems faced with implementation of the nuclear deal following US unilateral withdrawal. Before the US withdrawal, the deal used to be known as P5+1 deal, having five permanent members of UN Security Council plus Germany as its signatories.

Read More: US Still Studying On Possible Iran Sanctions Waivers

In May this year, the US President Donald Trump had announced Washington’s withdrawal from the multi-lateral deal. Since then US is working to re-impose its sanctions on Tehran and push the world to cut trade with Iran. First layer of sanctions were imposed in early August while the second layer of tougher sanctions are scheduled to be imposed on November 4.

According to Iranian media reports, the EU has already offered Iran a support package to compensate for the US pullout, which obliges the European Investment Bank to support EU firms willing for trading with Iran.

The participants in the Monday New York meeting have also recognized that “Iran has continued to fully and effectively implement its nuclear-related commitments as confirmed by 12 consecutive reports by the International Atomic Energy Agency (IAEA), and reiterated the need to continue to do so.”

The Participants said they will continue to support the modernization of Iran’s Arak nuclear research reactor as part of the JCPOA and the conversion of the Fordow facility in a nuclear, physics, and technology centre.

Read More: Khamenei: Iran, Russia can jointly contain US

The meeting between the remaining parties to the Iran nuclear deal came after bilateral talks between Zarif and Mogherini, during which the latter said Europe is finalizing its offers to meet Iran’s demands in a bid to save the deal.

Earlier this month, Bahram Qassemi, the spokesman for Iran’s Foreign Ministry had noted that the offers made by Europeans to save the deal had so far failed to meet Tehran’s expectation. However, he said that Tehran was still hopeful Europe could convince it to remain in the deal.

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ChatGPT outage affects thousands of users globally, OpenAI reacts

OpenAI swiftly acknowledged the outage, publishing updates on their dedicated status page. This transparency, while offering little in the way of immediate solutions, served to reassure users that the company was actively addressing the situation.

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On January 23, OpenAI’s popular AI chatbot, ChatGPT, suffered a significant global outage, leaving millions of users unable to access the service. The disruption affected multiple access points, including the web interface, the mobile application, and even integrations on social media platforms like X (formerly Twitter). This widespread failure quickly drew significant attention, with reports flooding in from users worldwide.

The outage tracking website, Downdetector, registered a surge in user reports, exceeding a thousand complaints within a short period. This volume underscored the scale of the disruption and the significant impact on ChatGPT’s user base.

The majority of these reports indicated a complete inability to use the chatbot, highlighting the severity of the problem. A smaller percentage of users reported encountering difficulties with the website or API, suggesting a less comprehensive but still noticeable impact.

OpenAI swiftly acknowledged the outage, publishing updates on their dedicated status page. This transparency, while offering little in the way of immediate solutions, served to reassure users that the company was actively addressing the situation.

The official statements consistently described the problem as “degraded performance” and “elevated error rates” within the API, hinting at underlying technical issues that required investigation. However, specific details regarding the root cause remained undisclosed, pending a more thorough examination.

According to reports, the outage commenced around 5 PM IST and persisted for several hours. The lack of a definitive timeline and the ongoing nature of the disruption underlined the complexity of the problem and the challenges faced by OpenAI’s engineering teams in resolving the issue.

As of the latest updates, the exact cause of the outage remains under investigation by OpenAI. The company is actively working to restore full functionality and provide a more comprehensive explanation once the underlying problem has been identified and rectified.

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Prince Harry, Rupert Murdoch’s UK group reach settlement in surveillance case

The relentless media attention, he has claimed, also contributed to the intense pressure that led him and his wife, Meghan Markle, to step back from royal duties and relocate to the United States in 2020.

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Prince Harry has reached a settlement with Rupert Murdoch’s News Group Newspapers (NGN), bringing an abrupt end to a high-profile lawsuit alleging widespread phone hacking and unlawful surveillance.

The settlement, announced just as the trial was about to commence, includes substantial financial compensation for the Duke of Sussex and a formal, unequivocal apology from NGN. This marks a significant victory for Harry, who had accused the media giant of years of intrusive and illegal activities targeting his private life.

The apology, issued directly to Harry’s legal team, explicitly acknowledged the serious breach of privacy inflicted by both The Sun and the defunct News of the World. It detailed unlawful actions perpetrated between 1996 and 2011, including phone hacking, surveillance, and the use of private investigators to obtain sensitive information.

The statement specifically addressed the intrusive activities carried out by private investigators employed by The Sun, emphasizing the severity of the intrusion into Harry’s private life during his formative years. The apology extended to the distress caused to his late mother, Princess Diana, highlighting the impact of the media’s actions on the young prince.

This settlement represents one of three lawsuits filed by Harry against British media outlets, all stemming from accusations of privacy violations. He has consistently blamed the media for the relentless pursuit of his mother, Princess Diana, ultimately leading to her tragic death in a car crash in Paris while being chased by paparazzi.

The relentless media attention, he has claimed, also contributed to the intense pressure that led him and his wife, Meghan Markle, to step back from royal duties and relocate to the United States in 2020.

The case underscores the wider issue of phone hacking and media intrusion, exemplified by the notorious scandal that forced the closure of News of the World in 2011. The hacking of murdered schoolgirl Milly Dowler’s phone, during the police investigation into her disappearance, remains a particularly egregious example of the unethical practices employed by some sections of the British press.

Harry’s legal battle has brought renewed focus to this issue and the need for greater accountability within the media industry. The settlement, while ending this particular legal chapter, leaves a lasting legacy concerning media responsibility and the rights of public figures to privacy.

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China reacts to Donald Trump’s 10% tariff remarks, says it would protect its national interest

While acknowledging a willingness to maintain open communication channels and collaborative efforts with the U.S., China firmly rejected the notion of a trade war, emphasizing that such conflicts ultimately yield no winners.

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China has issued a firm response to US President Donald Trump’s renewed threat to impose a 10% tariff on Chinese imports, beginning February 1. The statement, released by the Chinese foreign ministry, underscores Beijing’s unwavering commitment to safeguarding its national interests amidst escalating trade tensions with the United States.

While acknowledging a willingness to maintain open communication channels and collaborative efforts with the U.S., China firmly rejected the notion of a trade war, emphasizing that such conflicts ultimately yield no winners.

The statement directly addresses Trump’s justification for the proposed tariffs, citing the flow of fentanyl from China through Mexico and Canada into the United States. This latest escalation marks a significant development in the long-standing trade dispute between the two economic giants.

The proposed tariffs, scheduled for implementation on February 1st, echo a similar threat made by Trump earlier, targeting Canada and Mexico with 25% tariffs over concerns about illegal immigration and fentanyl trafficking.

This consistent pattern of utilizing tariffs as a tool to address broader geopolitical concerns highlights the complex and multifaceted nature of the relationship between the United States and its major trading partners.

China’s economy, heavily reliant on exports to sustain its economic growth, faces significant vulnerability to such protectionist measures. Despite ongoing efforts to diversify its economy and boost domestic consumption, exports remain a crucial pillar of China’s economic engine. The potential impact of a 10% tariff on Chinese goods entering the U.S. market could trigger substantial ripple effects throughout the global economy.

The current trade tensions represent a continuation of a protracted struggle dating back to the Trump administration’s first term, marked by the imposition of substantial tariffs on Chinese imports over alleged unfair trade practices.

These actions were further reinforced by the subsequent Biden administration, which implemented sweeping measures aimed at restricting Chinese access to critical high-tech components.

Trump’s recent pronouncements signal a potential further escalation of these long-standing trade disputes. China’s response clearly indicates its readiness to defend its economic interests and navigate the complex landscape of international trade relations.

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