Category: News

Swedish truckmaker AB Volvo has stopped assembling trucks in Iran because US sanctions are preventing it from being paid, a spokesman for the company said on Monday.

Volvo spokesman Fredrik Ivarsson said the trucks group could no longer get paid for any parts it shipped and had therefore decided not to operate in Iran.

“With all these sanctions and everything that the United States put (in place) … the bank system doesn’t work in Iran. We can’t get paid … So for now we don’t have any business (in Iran),” Ivarsson told Reuters by telephone.

The sanctions against Iran, reimposed on Aug. 6 by US President Donald Trump after his decision to pull out of the 2015 Iran nuclear deal, have forced companies across Europe to reconsider their investments there.

Before the sanctions were reimposed, Volvo had expressed an ambition for Iran to become its main export hub for the Persian Gulf region and North Africa markets.

The European Union has implemented a law to shield its companies, but the sanctions have deterred banks from doing business with Iranian firms as Washington can cut any that facilitate such transactions off from the US financial system.

Volvo was working with Saipa Diesel, part of Iran’s second-largest automaker SAIPA, which was assembling the Swedish firm’s heavy-duty trucks from kits shipped to Iran.

The head of Volvo Trucks was reported to have told Iranian media that he expected 5,000 Volvo trucks to be assembled locally in the year to March 2019 and that Saipa Diesel would begin to produce three Volvo truck models domestically.

Ivarsson did not know how much of this target had been delivered on. However, he said Volvo had no active orders in Iran as of Monday.

Source:http://www.iran-bn.com/2018/09/27/volvo-halts-iran-truck-assembly-under-us-pressure/

Iraq has emerged as Iran’s top export destination in the current Iranian year, an official announced.

The director of the export bureau of Iran’s Customs Office, Ali Akbar Shadmani, said the value of the country’s exports since the beginning of the current Iranian year (March 21, 2018) has surpassed $30 billion, with Iraq being the top export destination.

He said the value of exports has risen by 12.5 percent compared to the corresponding period last year.

Iraq has imported 21 percent of the Iranian commodities this year in terms of value, worth $6.607 billion, he noted.

The main goods exported to Iraq include natural gas, steel bars, oils and bitumen, home appliances, and agricultural products, the official added.

President of Iraq Barham Salih visited Tehran on Saturday with a ranking delegation for a series of political and economic talks.

After high-profile talks between the Iranian and Iraqi delegations, Iranian President Hassan Rouhani said the two neighbors can increase their annual trade from the current $12 billion to $20 billion.

Rouhani also noted that the two sides discussed ways for cooperation in the energy, power and oil industry, including the extraction of petroleum, and a plan to connect the two countries’ railroad networks.

Source:http://www.iran-bn.com/2018/11/19/iraq-emerges-as-irans-top-export-destination/

The more interconnected the world becomes, the greater the risk posed by weaknesses in devices or networks.

According to Simon Bryden, consulting system engineer of cyber security firm Fortinet, it’s not just preventing breaches that’s important for businesses – it’s knowing what to do once there is a breach, which most businesses overlook.

Bryden spoke to Fin24 about the importance of adequate cyber security at the company’s international media conference held last week in Sophia Antipolis, France.

Fin24: Do consumers and small businesses understand the extent of security threats? How can they be made more aware?

Simon Bryden: For the most part, our customers understand risk. Most know there are risks and that they need to invest in security.

There is a big drive towards security management, especially in enterprises. These enterprises need a security partner who understands risk, and can best advise them and provide them with the level of protection they need. It is more tricky if enterprises do it themselves.

For example, enterprises need to quantify the risks and understand how to allocate their budgets to address them. This is where a security management partner can help.

Are there some basic pitfalls that small businesses often overlook when it comes to security?

There are some pitfalls. For example, they rely on boundary protection – where they protect everything from the outside.

But apart from these barriers, they need to ensure that if a cyber attacker gains access to the network, it’s not an “open bar” for attackers to cause more damage. They need more barriers within their networks.

Put in place solutions – assume that you will be breached, and when you do get breached, you need to make sure that you are made aware of it as soon as possible to take further action.

What’s the best starting point for a small business with limited resources to protect themselves?

Small businesses without the necessary in-house skills need to find a managing security partner – that’s the most efficient way of getting protection.

Secondly, they should make sure their staff are trained. This may even be more cost-effective than getting a managing security partner.

What’s the best way to approach innovation, while maintaining security measures?

When we use artificial intelligence to improve products, there’s a risk that attackers can use innovation to get a foothold in networks.

It’s a double-edged sword – we can’t stop attacks from happening, but we can be proactive and predict potential vulnerabilities. That way we can help consumers better understand the need to have protection.

What’s the most important thing organisations should focus on when to comes to managing cyber threats?

Train staff to make sure they are aware of potential security threats.

And work with partners to figure out the best solutions for the risks to the organisation. It’s important to understand the risks to the organisation, and understand the best security approach to manage these risks – especially for small and medium sized businesses without inhouse skills.

They can’t turn away from the problem. They need to face it and find partners to help out, and put the best solution in place.

source:https://www.fin24.com/Entrepreneurs/qa-how-small-businesses-can-guard-against-cyber-threats-20181124

Hong Kong – Asian markets were mixed on Friday with dealers moving cautiously at the end of a broadly upbeat week with focus turning to the much-anticipated meeting between Donald Trump and Xi Jinping.

Energy firms were among the best performers after a rally in oil prices, while high-yielding and emerging market currencies continued Thursday’s advances against the dollar as the Federal Reserve shows signs it will slow down its pace of interest rate hikes.

While the outcome of Saturday’s crunch talks between Trump and Xi hangs in the balance, there are hopes the heads of the world’s top two economies can find a way to ease their trade row that has seen them exchange deep import tariffs.

Ahead of the leaders’ arrival in Buenos Aires late on Thursday for the G20 meeting, there have been conflicting messages coming out of Washington about the chances of a breakthrough, with most observers saying they do not expect any major announcements.

“I wouldn’t be surprised at the end of this weekend if the US and China didn’t announce a concord that basically set down a path to help resolve the trade frictions,” Scott Minerd, chief investment officer at Guggenheim Partners, told Bloomberg TV.

“I don’t think that out of the meeting there’s going to come much substance, but there will be a sort of set of principles that will be established to start the process of bringing an end to the trade war.”

OPEC meeting up next

On Asian equity markets Hong Kong added 0.6 percent, while Shanghai gained 0.1%, with dealers there poring over data showing Chinese manufacturing stalled in November as the effects of Trump’s multi-billion-dollar tariffs begin to bite.

Singapore gained 0.3%, while Wellington and Taipei each rose 0.4%.

However, Tokyo reversed early gains to end the morning marginally lower, Sydney shed 1.3% and Seoul was off 0.4%.

Past the G20 meeting, traders are looking to the following weekend’s gathering of OPEC and non-OPEC oil producers, where Saudi Arabia and others are expected to cut output in a bid to support prices.

Crude edged up on Friday, a day after enjoying a much-needed rally on a report that Russia will join in the reduction, providing a boost to regional energy firms.

“If a meaningful deal is reached between OPEC and Russia to tackle glut problems, we can probably expect a meaningful rebound in energy prices,” said Margaret Yan Yang, market analyst with CMC Markets Singapore.

However, others pointed out that no one knows how much and for how long the output cuts will be, while at the same time the US continues to ramp up production.

Stephen Innes, head of Asia-Pacific trade at OANDA, added: “With traders already anticipating a one million barrels per day cut, which is arguably priced in, it will probably take a much deeper cut to jolt the market into a short covering rally.

“Otherwise, the market falls prey to the prevailing bearish sentiment that will continue to drive prices lower on the premise the reduction might not be sufficient enough to draw down surplus supplies.

source:https://www.fin24.com/Markets/International-Markets/asian-dealers-trade-carefully-before-trump-xi-oil-extends-gains-20181130

US equity futures dropped with European stocks as investors count down to a meeting between the American and Chinese presidents that could decide the course of the trade war. Benchmark Treasury yields fell and the dollar gained.

Carmakers and banks led a retreat in the Stoxx Europe 600 Index, while futures for all three major US indexes slid amid lingering doubts over the prospects for a thaw in relations between Presidents Donald Trump and Xi Jinping. Shares gained in Tokyo, slipped in Seoul and fell in Sydney, with Shanghai and Hong Kong stocks rising even after data showed that China’s economy remains in a weak patch. WTI crude dropped below $51 a barrel, on track for the biggest monthly slump in a decade. The euro weakened after data showed inflation in the common-currency region easing.

Trump, who is meeting Xi over dinner on Saturday, said on Thursday he’s very close to “doing something” with China as officials work on the contours of a deal that may delay ramping up tariffs on the Asian country in January. Any sign of a trade truce could take the edge off a rampant greenback and boost risk assets including emerging-market currencies and stocks. Goldman Sachs, however, said an escalation of tensions is the most likely outcome.

“I wouldn’t be surprised at the end of this weekend if the US and China didn’t announce a concord that basically sat down a path to help resolve the trade frictions,” Scott Minerd, chief investment officer at Guggenheim Partners, told Bloomberg TV in Tokyo. “I don’t think that out of the meeting there’s going to come much substance, but there will be a sort of set of principles that will be established to start the process of bringing an end to the trade war.” His firm manages about $265bn.

The best-case scenario: what the Trump-Xi dinner could yield

The first official gauge of China’s economy in November showed manufacturing activity continued to worsen, indicating the authorities will need to keep using stimulus measures as economic growth slows. On Thursday in the US, minutes from the Federal Reserve’s last policy meeting showed the central bank preparing for a more flexible path in 2019.

Elsewhere, Korea’s won held on to this week’s losses as Friday’s interest rate increase did little to assuage concern surrounding the economy. The pound remained under pressure, drifting downward as UK Prime Minister Theresa May continued efforts to win backers for her Brexit deal. Emerging-market equities and currencies dipped.

Coming Up

Trump and Chinese President Xi Jinping will meet at the G-20 summit of world leaders in Argentina that kicks off on Friday. Russia’s Vladimir Putin and Saudi Arabia’s Mohammed bin Salman are likely to discuss oil policy. Ford, Fiat Chrysler, other automakers report November US sales on Monday. New York Fed President John Williams speaks at an event on Friday. Fed Chairman Jerome Powell testifies on the economic outlook before Congress’s Joint Economic Committee next Wednesday.

These are the main moves in markets:

Stocks
The Stoxx Europe 600 Index sank 0.5% as of 07:02 New York time. Futures on the S&P 500 Index dipped 0.5%, the first retreat in a week. The MSCI All-Country World Index declined 0.2%. The MSCI Emerging Market Index fell 0.3%.

Currencies
The Bloomberg Dollar Spot Index advanced 0.2%, the largest gain in a week. The euro decreased 0.2% to $1.1368. The British pound dipped 0.3% to $1.2755. The Japanese yen declined less than 0.05% to 113.49/$.

Bonds
The yield on 10-year Treasuries decreased two basis points to 3.01%, the lowest in more than 10 weeks. Germany’s 10-year yield fell one basis point to 0.31%. Britain’s 10-year yield fell two basis points to 1.344%, the lowest in more than three months. Japan’s 10-year yield jumped one basis point to 0.092%.

Commodities
West Texas Intermediate crude decreased 1.8% to $50.53 a barrel. Gold declined 0.1% to $1 222.41 an ounce. Copper fell 0.4% to $2.78 a pound.

Source:https://www.fin24.com/Markets/International-Markets/stocks-decline-before-g-20-treasuries-edge-higher-20181130