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Ahmadinejad in touch with Medvedev
- “Dmitry Medvedev noted with satisfaction the Iranian President's positive assessment of the Russian initiative — a plan of gradually restoring faith in the Iranian nuclear programme,”
- The plan called for rewarding Tehran for every step it takes to clarify outstanding questions about its nuclear programme.
It's economic war, says Iran
- Iran said the West was waging “an economic war” through sanctions, after European diplomats said there was a preliminary agreement for an EU ban of oil from the Islamic republic.
- The West's sanctions squeeze stems from fears Iran is trying to develop an atomic bomb under cover of a nuclear programme it insists is exclusively for peaceful, civilian use.
- Iran exports around 18 percent of its oil to the EU, making the bloc the second—biggest destination after China.
- At the same time, other officials played down the impact of the ban, saying demand was so high for Iranian oil that they would have no trouble selling it elsewhere.
- Iran's leaders have said it can easily offset an EU ban by simply shifting exports to Asia.
- Oil revenues make up 80 per cent of Iran's foreign currency earnings.
Obama outlines troop cuts and also strategic shifts
- Making a rare appearance at the Pentagon to announce a “strategic review” of the defence budget, President Barack Obama spoke cautiously of his plan to trim down 490,000 troops and potentially close to $1 trillion in funding without compromising national security.
- Mr. Obama's comments suggested that the U.S. would adjust to a shifting paradigm of global power and threats, specifically including a greater weight attached to the Chinese and Iranian challenges relative to the decade-long military engagements in Afghanistan and Iraq.
- The challenges called for reshaping America's priorities in the light of the proliferation of lethal weapons and materials, the continuing impact of extremism in some regions, and most importantly the “debt problem at home that is itself a national security risk”.
India to talk oil with Trinidad & Tobago
- India's quest for gas and oil in the Caribbean will be discussed during talks between Prime Minister Manmohan Singh and his Trinidad and Tobago counterpart, Kamla Persad-Bissessar
- The first woman of Indian origin to head the government of a country, Ms. Persad-Bissessar will also be the Chief Guest at the Pravasi Bharatiya Diwas celebrations in Jaipur next week.
- Trinidad's efforts to diversify engagements with overseas companies and enlarge the Indian market to its commodities, primarily sugar.
- Trinidad & Tobago is keen on finding more markets for its commodities.
- A few Indian companies, like ArcelorMittal, have already been present for a long time while some are exploring the opportunities, such as Essar, Indraprastha Gas and Reliance. But some of them have found the Trinidad market hard to crack.
- Both countries are also looking at establishing air links to encourage greater movement of people between the two countries, including in the tourism sector, a big foreign exchange earner.
