Iran anti-money laundering law faces challenge as deadline looms:
A top Iranian constitutional body has demanded changes to anti-money laundering measures passed by parliament, state-run media said on Saturday, as Tehran nears a deadline to pass legislation to help it attract investment while facing US sanctions.
Iran has been trying to implement standards set by the Financial Action Task Force (FATF), an inter-governmental organization which underpins regimes combatting money laundering and terrorist financing. It hopes it will be removed from a blacklist that makes some foreign investors reluctant to deal with it.
In June, FATF said Iran had until October to complete the reforms or face consequences that could further deter investors from the country, which has already been hit by the return of US sanctions.
Saturday 18 August 2018
Oil rises in session, but has weekly loss on trade worries | Reuters
Oil rises in session, but has weekly loss on trade worries | Reuters:
Crude prices rose on Friday, but declined on the week on worries that oversupply would weigh on the U.S. market while trade disputes and slowing global economic growth would dampen demand for oil.
U.S. crude declined for the seventh consecutive week, and global benchmark Brent was dropped for a third week.
“One of the biggest concerns out there is that China’s demand numbers are coming down if China’s GDP growth is slowing,” said Tariq Zahir, managing member at Tyche Capital in New York.
Crude prices rose on Friday, but declined on the week on worries that oversupply would weigh on the U.S. market while trade disputes and slowing global economic growth would dampen demand for oil.
U.S. crude declined for the seventh consecutive week, and global benchmark Brent was dropped for a third week.
“One of the biggest concerns out there is that China’s demand numbers are coming down if China’s GDP growth is slowing,” said Tariq Zahir, managing member at Tyche Capital in New York.
China's top diplomat says cooperation with Iran to continue: Xinhua | Reuters
China's top diplomat says cooperation with Iran to continue: Xinhua | Reuters:
China will continue its cooperation and relations with Iran, state news agency Xinhua reported on Friday, citing a statement from Chinese State Councillor Wang Yi.
The Joint Comprehensive Plan of Action (JCPOA), the 2015 deal in which Tehran agreed to curb its nuclear work in return for the lifting of most Western sanctions, is in line with the international community’s “common interest”, the Chinese diplomat said in a phone conversation with Iranian Foreign Minister Mohammad Javad Zarif, according to Xinhua.
“We have openly indicated that we oppose the wrong practices of unilateral sanctions and ‘long-arm jurisdiction’ in international relations,” Wang Yi was quoted as saying.
China will continue its cooperation and relations with Iran, state news agency Xinhua reported on Friday, citing a statement from Chinese State Councillor Wang Yi.
The Joint Comprehensive Plan of Action (JCPOA), the 2015 deal in which Tehran agreed to curb its nuclear work in return for the lifting of most Western sanctions, is in line with the international community’s “common interest”, the Chinese diplomat said in a phone conversation with Iranian Foreign Minister Mohammad Javad Zarif, according to Xinhua.
“We have openly indicated that we oppose the wrong practices of unilateral sanctions and ‘long-arm jurisdiction’ in international relations,” Wang Yi was quoted as saying.
Saudi Aramco committed to meeting future oil demand: energy minister | Reuters
Saudi Aramco committed to meeting future oil demand: energy minister | Reuters:
Saudi state oil giant Saudi Aramco remains committed to meeting future oil demand through continued investments, the kingdom’s Energy Minister Khalid Al Falih said in a company report on Friday.
Aramco, which is slated for a public share sale, “continued to prepare itself for the listing of its shares, a landmark event the company and its board anticipate with excitement,” Al Falih, who is also chairman of Saudi Aramco, said.
Despite an improved market picture, the oil industry’s preparedness for the future remained in question as the sector had lost an estimate $1 trillion in planned investments since the start of the market downturn, Al Falih wrote.
Saudi state oil giant Saudi Aramco remains committed to meeting future oil demand through continued investments, the kingdom’s Energy Minister Khalid Al Falih said in a company report on Friday.
Aramco, which is slated for a public share sale, “continued to prepare itself for the listing of its shares, a landmark event the company and its board anticipate with excitement,” Al Falih, who is also chairman of Saudi Aramco, said.
Despite an improved market picture, the oil industry’s preparedness for the future remained in question as the sector had lost an estimate $1 trillion in planned investments since the start of the market downturn, Al Falih wrote.
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