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  • Pope Francis condemns burning of Koran – UAE newspaper

    Pope Francis condemns burning of Koran – UAE newspaper

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    DUBAI, July 3 (Reuters) – Pope Francis said the burning of the Muslim holy book, the Koran, has made him angry and disgusted and that he condemned and rejected permitting the act as a form of freedom of speech.

    “Any book considered holy should be respected to respect those who believe in it,” the pope said in an interview in the United Arab Emirates newspaper Al Ittihad, published on Monday. “I feel angry and disgusted at these actions.

    “Freedom of speech should never be used as a means to despise others and allowing that is rejected and condemned.”

    A man tore up and burned a Koran in Sweden’s capital Stockholm last week, resulting in strong condemnation from several states, including Turkey whose backing Sweden needs to gain entry to the NATO military alliance.

    While Swedish police have rejected several recent applications for anti-Koran demonstrations, courts have over-ruled those decisions, saying they infringed freedom of speech.

    On Sunday, an Islamic grouping of 57 states said collective measures are needed to prevent acts of desecration to the Koran and international law should be used to stop religious hatred.

    Reporting by Maha Eldahan; Editing by Edmund Klamann and Raju Gopalakrishnan

    Our Standards: The Thomson Reuters Trust Principles.

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  • Iran says to form naval alliance with Gulf states to ensure regional stability

    Iran says to form naval alliance with Gulf states to ensure regional stability

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    June 3 (Reuters) – Iran’s navy commander said his country and Saudi Arabia, as well as three other Gulf states, plan to form a naval alliance that will also include India and Pakistan, Iranian media reported on Saturday.

    “The countries of the region have today realized that only cooperation with each other brings security to the area,” Iran’s navy commander Shahram Irani was quoted as saying.

    He did not elaborate on the shape of the alliance that he said would be formed soon.

    Iran has recently been trying to mend its strained ties with several Gulf Arab states.

    In March, Saudi Arabia and Iran ended seven years of hostility under a China-mediated deal, stressing the need for regional stability and economic cooperation.

    Naval commander Irani said the states that will take part in the alliance also include the United Arab Emirates (UAE), Bahrain, Qatar, Iraq, Pakistan, and India.

    Saudi Arabia’s rapprochement with Iran has frustrated Israel’s efforts to isolate Iran diplomatically.

    The UAE, which was the first Gulf Arab country to sign a normalization agreement with Israel in 2020, resumed formal relations with Iran last year.

    Bahrain and Morocco later joined the UAE in establishing ties with Israel.

    Reporting by Dubai Newsroom; Editing by Toby Chopra

    Our Standards: The Thomson Reuters Trust Principles.

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  • Saudi embrace of Assad sends strong signal to US

    Saudi embrace of Assad sends strong signal to US

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    • MbS sends reminder to US on who calls the shots in region
    • Mbs a player whom Washington can neither disregard nor disavow
    • He is forging ties with other powers, reshapes foes relations
    • He reasserts Saudi place as energy giant in oil-reliant world

    May 24 (Reuters) – Once labelled a pariah, Saudi Crown Prince Mohammed bin Salman took centre stage as master of ceremonies last week when Arab states readmitted Syria to the Arab League, signaling to Washington who calls the regional shots.

    His effusive greeting of President Bashar al-Assad at the Arab summit with kissed cheeks and a warm embrace defied U.S. disapproval at Syria’s return to the fold and capped a turnabout in the prince’s fortunes spurred by geopolitical realities.

    The prince, known as MbS, seeks to reassert Saudi Arabia as a regional power by using his place atop an energy giant in an oil-dependent world consumed by the war in Ukraine.

    Shunned by Western states after the 2018 killing of journalist Jamal Khashoggi by a Saudi hit squad, the prince has now emerged as a player whom Washington can neither disregard nor disavow, but must deal with on a transactional basis.

    Skeptical of U.S. promises on Saudi security and tired of its scolding tone, MbS is instead building ties with other global powers and, regardless of Washington’s consternation, remaking his relations with their shared foes.

    His blithe confidence on the world stage was not only visible in his reception of Assad. Ukrainian President Volodymyr Zelenskiy came to the Jeddah meeting and MbS offered to mediate between Kyiv and fellow oil producer Moscow.

    To be sure Saudi Arabia still depends militarily on the United States, which saved it from possible invasion by Saddam Hussein’s Iraq in 1990, monitors Iranian military activity in the Gulf and provides Riyadh with most of its weapons.

    Still, with Washington seemingly less engaged in the Middle East and less receptive to Riyadh’s anxieties, MbS is pursuing his own regional policy with less apparent deference to the views of his most powerful ally.

    “This is a strong signal to America that ‘we’re reshaping and redrawing our relations without you’,” said Abdulaziz al-Sager, Chairman of the Gulf Research Center, of the summit.

    “He is not getting what he wants from the other side,” Sager added, saying Saudi Arabia’s ententes with regional foes were based on Riyadh’s approach to regional security.

    DIPLOMATIC OFFENSIVE

    MbS’ position strengthened last year when Western economies turned to Saudi Arabia to help tame an oil market destabilized by the war in Ukraine. It created the opportunity for MbS to launch a diplomatic offensive that included high profile summit appearances.

    That effort was aided when Washington declared MbS immune from prosecution for Khashoggi’s killing despite his being directly implicated in it by U.S. intelligence.

    A visit by U.S. President Joe Biden last July had already demonstrated Riyadh’s returning influence: The American leader left empty handed while the prince enjoyed a public display of U.S. commitment to Saudi security.

    The Saudi pivot away from reliance on the United States was meanwhile evident when China mediated this year a settlement between Riyadh and its arch regional foe Iran after years of hostility.

    The deal was not made from a position of Saudi strength: Iran’s allies had come out stronger than those of the kingdom in Iraq, Syria and Lebanon, and held most of the populated territory in Yemen.

    Still, it showed Riyadh was able to cut its losses and work with U.S. rivals and foes to shore up its regional interests such as cooling the Yemen war where Saudi forces have been bogged down since 2015.

    Meanwhile the prince has improved ties with Turkey and ended a boycott of Qatar, a neighbour he considered invading in 2017 according to diplomats and Doha officials.

    “Over the past three years, the hatchet was buried and relations were repaired,” said Saudi columnist Abdulrahman Al-Rashed in Asharq Al-Awsat newspaper.

    TRANSACTIONAL RELATIONSHIP

    A Gulf official said the new, more directly transactional, relationship with the United States had replaced the old oil-for-defence model because of what Riyadh saw as a shakier security umbrella after the Arab revolts of 2011.

    A senior State Department official said the relationship is “an important eight-decade one that spans generations, across administrations in our own country and across leaders in Saudi Arabia”.

    “We have multiple interests when it comes to our relationship with Saudi Arabia…Our policy and engagement will seek to ensure that our relationship remains sound and able to meet our shared challenges of the future.”

    Riyadh thought Washington had abandoned old allies during the revolts and might abandon the Al Saud dynasty too. At the same time it believed the U.S. pursuit of a nuclear deal with Tehran had led Washington to ignore the growing activity around the region of Iranian proxies seen by Riyadh as a threat.

    That impression has strengthened. A Saudi source close to the ruling inner circle pointed to what he saw as lax enforcement of sanctions on Iran and a drawdown in Syria, where a small U.S. contingent has denied territory to Iran’s allies.

    “I think countries in the region, as a consequence, will do what is best for them,” he said.

    Meanwhile, Riyadh was annoyed that the U.S. pulled its support for Saudi operations in Yemen, launched after Washington repeatedly urged the kingdom to take responsibility for its own security.

    Without direct American intervention or support for its own military efforts, Riyadh had little choice but to strike a deal with Iran even if that annoyed Washington, the source said.

    “This is a consequence of the U.S. action,” he added.

    Each side has a list of requests that the other is not willing to grant, the Gulf official said.

    However both sides may have little choice but to put aside their grudges.

    The kingdom may see the U.S. security umbrella as weakened, but still views it as crucial to Saudi defence. Western states have meanwhile remembered that Riyadh’s influence in a volatile oil market requires them to banish their qualms and deal with its de facto ruler and future king.

    Writing by Samia Nakhoul; Editing by Angus McDowall

    Our Standards: The Thomson Reuters Trust Principles.

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  • Attacks on Iran-linked bases in Syria will draw swift response, spokesperson says

    Attacks on Iran-linked bases in Syria will draw swift response, spokesperson says

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    BEIRUT, March 25 (Reuters) – Strikes on Iranian-linked bases in Syria would draw a quick response, an Iranian security spokesperson said on Saturday, after the reported death of 19 people in one of the deadliest exchanges between the U.S. and Iranian-aligned forces in years. read more

    “Any pretext to attack bases created at the request of the Syrian government to deal with terrorism and Islamic State elements in this country will be met with an immediate counter-response,” Keyvan Khosravi, spokesperson for Iran’s top security body, was quoted as saying by Iranian state media.

    Iran says its forces and allied fighters are in Syria at the request of Damascus, and sees U.S. forces there as occupiers.

    The death toll in U.S. air strikes on pro-Iran installations in eastern Syria has risen to 19 fighters, a Syrian war monitoring group said on Saturday.

    The U.S. carried out strikes in eastern Syria in response to a drone attack on Thursday that left one American contractor dead and another wounded along with five U.S. troops. Washington said the attack was of Iranian origin.

    The U.K.-based Syrian Observatory for Human Rights said air raids killed three Syrian troops, 11 Syrian fighters in pro-government militias and five non-Syrian fighters who were aligned with the government.

    The monitoring group’s head Rami Abdel Rahman could not specify the nationalities of the foreigners. Reuters was unable to independently confirm the toll.

    The initial exchange prompted a string of tit-for-tat strikes. Another U.S. service member was wounded, according to officials, and local sources said suspected U.S. rocket fire hit more locations in eastern Syria.

    President Joe Biden on Friday warned Iran that the United States would “act forcefully” to protect Americans.

    Iran has been a major backer of President Bashar al-Assad during Syria’s 12-year conflict.

    Iran’s proxy militias, including the Lebanese group Hezbollah and pro-Tehran Iraqi groups, hold sway in swathes of eastern, southern and northern Syria and in suburbs around the capital.

    Iran’s foreign ministry condemned the latest U.S. strikes, accusing U.S. forces of targeting “civilian sites”.

    “Iran’s military advisers have been in Syria at the request of the Syrian government to help this country fight terrorism, and shall remain by Syria’s side to help establish peace, stability and lasting security,” ministry spokesperson Nasser Kanaani told state media.

    Tehran’s growing entrenchment in Syria has drawn regular Israeli air strikes but American aerial raids are more rare. The U.S. has been raising the alarm about Iran’s drone program.

    Reporting by Maya Gebeily; additional reporting by Dubai newsroom; editing by Frances Kerry, Bernadette Baum, Michael Georgy and Giles Elgood

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  • Saudi Arabia could invest in Iran ‘very quickly’ after agreement – minister

    Saudi Arabia could invest in Iran ‘very quickly’ after agreement – minister

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    RIYADH, March 15 (Reuters) – Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said on Wednesday that Saudi investments into Iran could happen “very quickly” following an agreement to restore diplomatic ties.

    “There are a lot of opportunities for Saudi investments in Iran. We don’t see impediments as long as the terms of any agreement would be respected,” Al-Jadaan said during the Financial Sector Conference in Riyadh.

    Iran and Saudi Arabia agreed on Friday to re-establish relations and re-open embassies within two months after years of hostility, following talks in China.

    “Stability in the region is very important, for the world and for the countries in the region, and we have always said that Iran is our neighbour and we have no interest to have a conflict with our neighbours, if they are willing to cooperate,” Al-Jadaan later told Reuters in an interview.

    The hostility between the two Middle Eastern powers had endangered the stability and security of the Middle East and helped fuel regional conflicts including in Yemen, Syria and Lebanon.

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    “We have no reason not to invest in Iran, and we have no reason not to allow them to invest in Saudi Arabia. It is in our interest to make sure that both nations benefit from each others resources and competitive advantage,” Al-Jadaan told Reuters.

    “If they (Iran) are willing to go through this process, then we are more than willing to go through this process and show them they are welcome and we would be more than happy to participate in their development,” he said.

    CHINESE LEVERAGE

    The deal, brokered by China, was announced after four days of previously undisclosed talks in Beijing between top security officials from Saudi Arabia and Iran.

    China has leverage on Iran and Tehran will find it difficult to explain if it does not honour the agreement signed with Saudi Arabia in Beijing, another Saudi official told reporters, separately, on Wednesday.

    The official, who declined to be named, said China is in a unique position as it enjoys exceptional relations with both Iran and Saudi Arabia.

    “China is the first trading partner for both countries so the leverage is very important in that regard. And since we are building confidence, that commitment should be made with the presence of Chinese officials,” he said.

    Saudi Arabia cut ties with Iran in 2016 after its embassy in Tehran was stormed during a dispute between the two countries over Riyadh’s execution of a prominent Shi’ite Muslim cleric.

    The kingdom also has blamed Iran for missile and drone attacks on its oil facilities in 2019 as well as attacks on tankers in Gulf waters. Iran denied the charges.

    The most difficult topics in the talks with Iran were related to Yemen, the media, and China’s role, the official said without elaborating.

    Both sides have agreed to re-activate a 2001 security agreement, which covers cooperation in fighting drugs, smuggling and organised crime, as well as another earlier pact on trade, economy and investment.

    “Resuming diplomatic relations does not mean we are allies… Diplomatic relations are the norm for Saudi Arabia, and we should have them with everybody,” the official said.

    Additional reporting by Aziz El Yaakoubi; Writing by Clauda Tanios and Hadeel Al Sayegh; Editing by Christopher Cushing, Jon Boyle and Andrea Ricci

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  • Iran makes sweeping pledge of cooperation to IAEA before board meeting

    Iran makes sweeping pledge of cooperation to IAEA before board meeting

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    VIENNA, March 4 (Reuters) – Iran has given sweeping assurances to the U.N. nuclear watchdog that it will finally assist a long-stalled investigation into uranium particles found at undeclared sites and even re-install removed monitoring equipment, the watchdog said on Saturday.

    The International Atomic Energy Agency and Iran issued a joint statement on IAEA chief Rafael Grossi’s return from a trip to Tehran just two days before a quarterly meeting of the agency’s 35-nation Board of Governors.

    The statement went into little detail but the possibility of a marked improvement in relations between the two is likely to stave off a Western push for another resolution ordering Iran to cooperate, diplomats said. Iran has, however, made similar promises before that have yielded little or nothing.

    “Iran expressed its readiness to … provide further information and access to address the outstanding safeguards issues,” the joint statement said. A confidential IAEA report to member states seen by Reuters said Grossi “looks forward to … prompt and full implementation of the Joint Statement”.

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    Iran is supposed to provide access to information, locations and people, Grossi told a news conference at Vienna airport soon after landing, suggesting a vast improvement after years of Iranian stonewalling.

    Iran would also allow the re-installation of extra monitoring equipment that had been put in place under the 2015 nuclear deal, but then removed last year as the deal unravelled in the wake of the U.S. withdrawal from the deal in 2018 under then-President Donald Trump.

    Iran’s Atomic Energy Organization spokesperson Behrouz Kamalvandi, however, said Tehran had not agreed to give access to people.

    “During the two days that Mr. Grossi was in Iran, the issue of access to individuals was never raised,” Kamalvandi told state news agency IRNA, adding there also has been no deal regarding putting new cameras in Iran’s nuclear facilities.

    Follow-up talks in Iran between IAEA and Iranian officials aimed at hammering out the details would happen “very, very soon”, Grossi said.

    Asked if all that monitoring equipment would be re-installed, Grossi replied “Yes”. When asked where it would be re-installed, however, he said only that it would be at a number of locations.

    Reporting by Francois Murphy; Editing by Louise Heavens and David Holmes

    Our Standards: The Thomson Reuters Trust Principles.

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  • Protests break out in Iran over schoolgirl illnesses

    Protests break out in Iran over schoolgirl illnesses

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    DUBAI, March 4 (Reuters) – Worried parents protested in Iran’s capital Tehran and other cities on Saturday over a wave of suspected poison attacks that have affected schoolgirls in dozens of schools, according to Iranian news agencies and social media videos.

    The so-far unexplained illnesses have affected hundreds of schoolgirls in recent months. Iranian officials believe the girls may have been poisoned and have blamed Tehran’s enemies.

    The country’s health minister has said the girls have suffered “mild poison” attacks and some politicians have suggested the girls could have been targeted by hardline Islamist groups opposed to girls’ education.

    Iran’s interior minister said on Saturday investigators had found “suspicious samples” that were being studied.

    “In field studies, suspicious samples have been found, which are being investigated… to identify the causes of the students’ illness, and the results will be published as soon as possible,” the minister, Abdolreza Rahmani Fazli, said in a statement carried by the official news agency IRNA.

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    Sickness affected more than 30 schools in at least 10 of Iran’s 31 provinces on Saturday. Videos posted on social media showed parents gathered at schools to take their children home and some students being taken to hospitals by ambulance or buses.

    A gathering of parents outside an Education Ministry building in western Tehran on Saturday to protest over the illnesses turned into an anti-government demonstration, according to a video verified by Reuters.

    “Basij, Guards, you are our Daesh,” protesters chanted, likening the Revolutionary Guards and other security forces to the Islamic State group.

    Similar protests were held in two other areas in Tehran and other cities including Isfahan and Rasht, according to unverified videos.

    The outbreak of schoolgirl sickness comes at a critical time for Iran’s clerical rulers, who have faced months of anti-government protests sparked by the death of a young Iranian woman in the custody of the morality police who enforce strict dress codes.

    Social media posts in recent days have shown photos and videos of girls who have fallen ill, feeling nauseaous or suffering heart palpitations. Others complained of headaches. Reuters could not verify the posts.

    The United Nations human rights office in Geneva called on Friday for a transparent investigation into the suspected attacks and countries including Germany and the United States have voiced concern.

    Iran rejected what it views as foreign meddling and “hasty reactions” and said on Friday it was investigating the causes of the incidents.

    “It is one of the immediate priorities of Iran’s government to pursue this issue as quickly as possible and provide documented information to resolve the families’ concerns and to hold accountable the perpetrators and the causes,” Foreign Ministry spokesperson Nasser Kanaani told state media.

    Schoolgirls were active in the anti-government protests that began in September. They have removed their mandatory headscarves in classrooms, torn up pictures of Supreme Leader Ayatollah Ali Khamenei and called for his death.

    Reporting by Dubai newsroom
    Editing by Frances Kerry

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  • Host India doesn’t want G20 to discuss further Russia sanctions – sources

    Host India doesn’t want G20 to discuss further Russia sanctions – sources

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    BENGALURU, Feb 22 (Reuters) – India does not want the G20 to discuss additional sanctions on Russia for its invasion of Ukraine during New Delhi’s one-year presidency of the bloc, six senior Indian officials said on Wednesday, amid debate over how even to describe the conflict.

    On the sidelines of a G20 gathering in India, financial leaders of the Group of Seven (G7) nations will meet on Feb. 23, the eve of the first anniversary of the invasion, to discuss measures against Russia, Japan’s finance minister said on Tuesday.

    The officials, who are directly involved in this week’s G20 meeting of finance ministers and central bank chiefs, said the economic impact of the conflict would be discussed but India did not want to consider additional actions against Russia.

    “India is not keen to discuss or back any additional sanctions on Russia during the G20,” said one of the officials. “The existing sanctions on Russia have had a negative impact on the world.”

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    Another official said sanctions were not a G20 issue. “G20 is an economic forum for discussing growth issues.”

    Spokespeople for the Indian government and the finance and foreign ministries did not immediately respond to requests for comment.

    On Wednesday, the first day of meetings to draft the G20 communique, officials struggled to find an acceptable word to describe the Russia-Ukraine conflict, delegates of at least seven countries present in the meetings said.

    India tried to form a consensus on the words by calling it a “crisis” or a “challenge” instead of a “war”, the officials said, but the discussions concluded without a decision.

    These discussions have been rolled over to Thursday when U.S. Treasury Secretary Janet Yellen will be part of the meetings.

    Indian Foreign Minister S. Jaishankar has previously said the war has disproportionately hit poorer countries by raising prices of fuel and food.

    India’s neighbours – Sri Lanka, Pakistan and Bangladesh – have all sought loans from the International Monetary Fund in recent months to tide over economic troubles brought about by the pandemic and the war.

    U.S. Deputy Treasury Secretary Wally Adeyemo said on Tuesday that Washington and its allies planned in coming days to impose new sanctions and export controls that would target Russia’s purchase of dual-use goods like refrigerators and microwaves to secure semiconductors needed for its military.

    The sanctions would also seek to do more to stem the trans-shipment of oil and other restricted goods through bordering countries.

    In addition, Adeyemo said officials from a coalition of more than 30 countries would warn companies, financial institutions and individuals still doing business with Russia that they faced sanctions.

    Indian Prime Minister Narendra Modi’s government has not openly criticised Moscow for the invasion and instead called for dialogue and diplomacy to end the war. India has also sharply raised purchases of oil from Russia, its biggest supplier of defence hardware.

    Jaishankar told Reuters partner ANI this week that India’s relationship with Russia had been “extraordinarily steady and it has been steady through all the turbulence in global politics”.

    Additional reporting by Krishn Kaushik; Writing by Krishna N. Das; Editing by Raju Gopalakrishnan and Nick Macfie

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  • CIA chief warns against underestimating Xi’s ambitions toward Taiwan

    CIA chief warns against underestimating Xi’s ambitions toward Taiwan

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    WASHINGTON, Feb 2 (Reuters) – U.S. Central Intelligence Agency Director William Burns said on Thursday that Chinese President Xi Jinping’s ambitions toward Taiwan should not be underestimated, despite him likely being sobered by the performance of Russia’s military in Ukraine.

    Burns said that the United States knew “as a matter of intelligence” that Xi had ordered his military to be ready to conduct an invasion of self-governed Taiwan by 2027.

    “Now, that does not mean that he’s decided to conduct an invasion in 2027, or any other year, but it’s a reminder of the seriousness of his focus and his ambition,” Burns told an event at Georgetown University in Washington.

    “Our assessment at CIA is that I wouldn’t underestimate President Xi’s ambitions with regard to Taiwan,” he said, adding that the Chinese leader was likely “surprised and unsettled” and trying to draw lessons by the “very poor performance” of the Russian military and its weapons systems in Ukraine.

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    Russia and China signed a “no limits” partnership last February shortly before Russian forces invaded Ukraine, and their economic links have boomed as Russia’s connections with the West have shriveled.

    The Russian invasion had fueled concerns in the West of China possibly making a similar move on Taiwan, a democratic island Beijing says is its territory.

    China has refrained from condemning Russia’s operation against Ukraine, but it has been careful not to provide the sort of direct material support which could provoke Western sanctions like those imposed on Moscow.

    “I think it’s a mistake to underestimate the mutual commitment to that partnership, but it’s not a friendship totally without limits,” Burns said.

    As Burns spoke, news came from U.S. officials that a suspected Chinese spy balloon had been flying over the United States for a few days, and that senior U.S. officials had advised President Joe Biden against shooting it down for fear the debris could pose a safety threat.

    Burn made no mention of the episode but called China the “biggest geopolitical challenge” currently faced by the United States.

    “Competition with China is unique in its scale, and that it really, you know, unfolds over just about every domain, not just military, and ideological, but economic, technological, everything from cyberspace, to space itself as well. It’s a global competition in ways that could be even more intense than competition with the Soviets was,” he said.

    There was no immediate comment from China’s Washington embassy about the remarks from Burns or the balloon flight.

    Burns said the next six months will be “critical” for Ukraine, where Moscow has been making incremental gains in recent weeks.

    He also said Iran’s government was increasingly unsettled by affairs within the country, citing the courage of what he described as “fed up” Iranian women.

    Reporting by Michael Martina, Rami Ayyub, David Brunnstrom and Phil Stewart; Editing by Christopher Cushing

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  • Adani’s market losses top $100 bln as crisis shockwaves spread

    Adani’s market losses top $100 bln as crisis shockwaves spread

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    • Market rout deepens in Indian tycoon Adani’s shares
    • Adani Enterprises loses $26 bln in value since report
    • Falls after Adani pulled share sale, investors spooked
    • Analysts say signals confidence crisis in Indian market

    NEW DELHI/MUMBAI, Feb 2 (Reuters) – Adani’s market losses swelled above $100 billion on Thursday, sparking worries about a potential systemic impact a day after the Indian group’s flagship firm abandoned its $2.5 billion stock offering.

    Another challenge for Adani on Thursday came when S&P Dow Jones Indices said it would remove Adani Enterprises from widely used sustainability indices, effective Feb. 7, which would make the shares less appealing to sustainability-minded funds.

    In addition, India’s National Stock Exchange said it has placed on additional surveillance shares of Adani Enterprises <ADEL.NS>, Adani Ports <APSE.NS> and Ambuja Cements <ABUJ.NS>. read more

    However, Adani Group Chairman Gautam Adani is in talks with lenders to prepay and release pledged shares as he seeks to restore confidence in the financial health of his conglomerate, Bloomberg News reported on Thursday. read more

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    The shock withdrawal of Adani Enterprises’ share sale marks a dramatic setback for founder Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years but have plunged in just a week after a critical research report by U.S.-based short-seller Hindenburg Research.

    Aborting the share sale sent shockwaves across markets, politics and business. Adani stocks plunged, opposition lawmakers called for a wider probe and India’s central bank sprang into action to check on the exposure of banks to the group. Meanwhile, Citigroup’s (C.N) wealth unit stopped making margin loans to clients against Adani Group securities.

    The crisis marks an dramatic turn of fortune for Adani, who has in recent years forged partnerships with foreign giants such as France’s TotalEnergies (TTEF.PA) and attracted investors such as Abu Dhabi’s International Holding Company as he pursues a global expansion stretching from ports to the power sector.

    In a shock move late on Wednesday, Adani called off the share sale as a stocks rout sparked by Hindenburg’s criticisms intensified, despite it being fully subscribed a day earlier.

    “Adani may have started a confidence crisis in Indian shares and that could have broader market implications,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

    Adani Enterprises shares tumbled 27% on Thursday, closing at their lowest level since March 2022.

    Other group companies also lost further ground, with 10% losses at Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Transmission (ADAI.NS), while Adani Ports and Special Economic Zone shed nearly 7%.

    Since Hindenburg’s report on Jan. 24, group companies have lost nearly half their combined market value. Adani Enterprises – described as an incubator of Adani’s businesses – has lost $26 billion in market capitalisation.

    Adani is also no longer Asia’s richest person, having slid to 16th in the Forbes rankings of the world’s wealthiest people, with his net worth almost halved to $64.6 billion in a week.

    The 60-year-old had been third on the list, behind billionaires Elon Musk and Bernard Arnault.

    His rival Mukesh Ambani of Reliance Industries (RELI.NS) is now Asia’s richest person.

    Reuters Graphics

    BROADER CONCERNS

    Adani’s plummeting stock and bond prices have raised concerns about the likelihood of a wider impact on India’s financial system.

    India’s central bank has asked local banks for details of their exposure to the Adani Group, government and banking sources told Reuters on Thursday.

    CLSA estimates that Indian banks were exposed to about 40% of the $24.5 billion of Adani Group debt in the fiscal year to March 2022.

    Dollar bonds issued by entities of Adani Group extended losses on Thursday, with notes of Adani Green Energy crashing to a record low. Adani Group entities made scheduled coupon payments on outstanding U.S. dollar-denominated bonds on Thursday, Reuters reported citing sources.

    “We see the market is losing confidence on how to gauge where the bottom can be and although there will be short-covering rebounds, we expect more fundamental downside risks given more private banks (are) likely to cut or reduce margin,” said Monica Hsiao, chief investment officer of Hong Kong-based credit fund Triada Capital.

    In New Delhi, opposition lawmakers submitted notices in parliament demanding discussion of the short-seller’s report.

    The Congress Party called for a Joint Parliamentary Committee be set up or a Supreme Court monitored investigation, while some lawmakers shouted anti-Adani slogans inside parliament, which was adjourned for the day.

    ADANI VS HINDENBURG

    Adani made acquisitions worth $13.8 billion in 2022, Dealogic data showed, its highest ever and more than double the previous year.

    The cancelled fundraising was critical for Adani, which had said it would use $1.33 billion to fund green hydrogen projects, airports facilities and greenfield expressways, and $508 million to repay debt at some units.

    Hindenburg’s report alleged an improper use of offshore tax havens and stock manipulation by the Adani Group. It also raised concerns about high debt and the valuations of seven listed Adani companies.

    The Adani Group has denied the accusations, saying the allegation of stock manipulation had “no basis” and stemmed from an ignorance of Indian law. It said it has always made the necessary regulatory disclosures.

    Adani had managed to secure share sale subscriptions on Tuesday even though the stock’s market price was below the issue’s offer price. Maybank Securities and Abu Dhabi Investment Authority had bid for the anchor portion of the issue, investments which will now be reimbursed by Adani.

    Late on Wednesday, the group’s founder said he was withdrawing the sale given the share price fall, adding his board felt going ahead with it “will not be morally correct”.

    Reporting by Chris Thomas, Nallur Sethuraman, Tanvi Mehta, Ira Dugal, Aftab Ahmed, Sumeet Chatterjee, Anshuman Daga, Summer Zhen, Ross Kerber and Bansari Mayur Kamdar; Editing by Muralikumar Anantharaman, Jason Neely and Alexander Smith

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  • Iran executes British-Iranian national, UK condemns ‘barbaric’ act

    Iran executes British-Iranian national, UK condemns ‘barbaric’ act

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    • Alireza Akbari was a former Iranian deputy defence minister
    • Arrested in 2019, he was accused of spying for Britain
    • UK’s Sunak calls it ‘a callous and cowardly act’
    • Britain had said Iran must not follow through with sentence

    DUBAI/LONDON, Jan 14 (Reuters) – Iran has executed a British-Iranian national who once served as its deputy defence minister, its judiciary reported on Saturday, defying calls from London for his release after he was handed the death sentence on charges of spying for Britain.

    Britain, which had declared the case against Alireza Akbari as politically motivated, condemned the execution and said it would not stand unchallenged.

    Prime Minister Rishi Sunak called it “a callous and cowardly act carried out by a barbaric regime with no respect for the human rights of their own people”.

    The Iranian judiciary’s Mizan news agency reported the execution early on Saturday, without saying when it had taken place. Late on Friday, British Foreign Secretary James Cleverly had said Iran must not follow through with the sentence – a call echoed by Washington.

    “Alireza Akbari, who was sentenced to death on charges of corruption on earth and extensive action against the country’s internal and external security through espionage for the British government’s intelligence service … was executed,” Mizan said.

    The report accused Akbari, arrested in 2019, of receiving payments of 1,805,000 euros, 265,000 pounds, and $50,000 for spying.

    In an audio recording purportedly from Akbari and broadcast by BBC Persian on Wednesday, he said he had confessed to crimes he had not committed after extensive torture.

    Sunak said on Twitter he was “appalled by the execution”. Cleverly said in a statement it would “not stand unchallenged”. “We will be summoning the Iranian Charge d’Affaires to make clear our disgust at Iran’s actions.”

    British statements on the case have not addressed the Iranian charge that Akbari spied for Britain.

    Iranian state media broadcast a video on Thursday that they said showed that Akbari played a role in the 2020 assassination of Iran’s top nuclear scientist, Mohsen Fakhrizadeh, killed in a 2020 attack outside Tehran which authorities blamed at the time on Israel.

    In the video, Akbari did not confess to involvement in the assassination but said a British agent had asked for information about Fakhrizadeh.

    Iran’s state media often airs purported confessions by suspects in politically charged cases.

    Reuters could not establish the authenticity of the state media video and audio, or when or where they were recorded.

    Akbari was a close ally of Ali Shamkhani, now the secretary of Iran’s Supreme National Security Council, who was defence minister from 1997 to 2005, when Akbari was his deputy.

    ‘3,500 HOURS OF TORTURE’

    Reflecting Iran’s worsening ties with the West, London-Tehran relations have deteriorated in recent months as efforts have stalled to revive Iran’s 2015 nuclear pact, to which Britain is a party.

    Britain has also been critical of the Islamic Republic’s crackdown on anti-government protests, sparked by the death in custody of a young Iranian-Kurdish woman in September.

    A British foreign office minister said on Thursday that Britain was actively considering proscribing Iran’s Revolutionary Guard as a terrorist organisation but has not reached a final decision.

    Iran has issued dozens of death sentences as part of the crackdown on the unrest, executing at least four people.

    In the audio recording broadcast by BBC Persian, Akbari said he had made false confessions as a result of torture.

    “With more than 3,500 hours of torture, psychedelic drugs, and physiological and psychological pressure methods, they took away my will. They drove me to the brink of madness… and forced me to make false confessions by force of arms and death threats,” he said.

    Reporting by Dubai newsroom and Michael Holden in London; Writing by Tom Perry; Editing by William Mallard and Angus MacSwan

    Our Standards: The Thomson Reuters Trust Principles.

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  • Morocco airline cancels World Cup fans flights, citing Qatar restrictions

    Morocco airline cancels World Cup fans flights, citing Qatar restrictions

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    RABAT, Dec 14 (Reuters) – Morocco’s national airline said it was cancelling all flights it had scheduled for Wednesday to carry fans to Doha for the World Cup semi-final, citing what it said was a decision by Qatari authorities.

    “Following the latest restrictions imposed by the Qatari authorities, Royal Air Maroc regrets to inform customers of the cancellation of their flights operated by Qatar Airways,” the airline said in an emailed statement.

    The Qatari government’s international media office did not immediately respond to requests for comment.

    Royal Air Maroc had previously said it would lay on 30 additional flights to help fans get to Qatar for Wednesday night’s semi-final game against France but on Tuesday a source at a RAM travel agency said only 14 flights had been scheduled.

    The cancellation of Wednesday’s seven scheduled flights means RAM was only able to fly the seven flights on Tuesday, leaving fans who had already booked match tickets or hotel rooms unable to travel.

    RAM said it would reimburse air tickets and apologised to customers.

    The RAM spokesperson did not immediately respond to Reuters request for comment. Qatar Airways did not immediately respond to Reuters request for comment.

    Reporting by Ahmed Eljechtimi; Additional reporting by Andrew Mills; Writing by Angus McDowall; Editing by Andrew Heavens

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  • Putin discusses West’s oil price cap with Iraqi leader – Kremlin

    Putin discusses West’s oil price cap with Iraqi leader – Kremlin

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    Nov 24 (Reuters) – Russian President Vladimir Putin on Thursday discussed Western attempts to cap the price of Russian oil during a phone call with Mohammed Shia al-Sudani, the new Iraqi prime minister, the Kremlin said in a readout of the call.

    It said Putin had told Sudani that a price cap would have serious consequences for the global energy market.

    “Attempts by a number of Western countries to impose restrictions on the cost of crude oil from Russia were touched upon,” the Kremlin’s statement said.

    “Vladimir Putin stressed that such actions contradict the principles of market relations and are highly likely to lead to serious consequences for the global energy market.”

    The European Union and United States have stepped up attempts in recent days to strike an agreement on where to set a price cap on their imports of Russian oil.

    Russia and Iraq are both major oil producers and members of the OPEC+ agreement, which sets oil production levels in a bid to manage world prices.

    Writing by Jake Cordell; Editing by Kevin Liffey

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  • Exclusive: Russians, Ukrainians met in UAE to discuss prisoner swap, ammonia, sources say

    Exclusive: Russians, Ukrainians met in UAE to discuss prisoner swap, ammonia, sources say

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    RIYADH, Nov 24 (Reuters) – Representatives from Russia and Ukraine met in the United Arab Emirates last week to discuss the possibility of a prisoner-of-war swap that would be linked to a resumption of Russian ammonia exports, which go to Asia and Africa, via a Ukrainian pipeline, three sources with knowledge of the meeting said.

    The sources said the talks were being mediated by the Gulf Arab state and did not include the United Nations despite the U.N.’s central role in negotiating the ongoing initiative to export agricultural products from three Ukrainian Black Sea ports. Ammonia is used to make fertilizer.

    However the talks aim to remove remaining obstacles in the initiative extended last week and ease global food shortages by unblocking Ukrainian and Russian exports, they added.

    The sources asked not to be named in order to freely discuss sensitive matters.

    The Russian and Ukrainian representatives travelled to the UAE capital Abu Dhabi on Nov. 17 where they discussed allowing Russia to resume ammonia exports in exchange for a prisoner swap that would release a large number of Ukrainian and Russian prisoners, the sources said.

    Reuters could not immediately establish what progress was made at the talks.

    The Ukrainian ambassador to Turkey, Vasyl Bodnar, told Reuters that “releasing our prisoners of war is part of negotiations over opening Russian ammonia exports”, adding “Of course we look for ways to do that at any opportunity”. Bodnar said he was unaware if a meeting took place in the UAE.

    Putin said on Wednesday that Russian officials would work to unblock Russian fertilisers stuck in European ports and to resume ammonia exports.

    The UAE’s foreign ministry did not respond to Reuters’ request for comment.

    Lana Nusseibeh, UAE’s Assistant Minister of Foreign Affairs and International Cooperation, said Abu Dhabi remains firmly committed to help keep channels of communication open, encourage dialogue and support diplomacy to end the war in Ukraine.

    “In times of conflict, our collective responsibility is to leave no stone unturned towards identifying and pursuing paths that bring about a peaceful and swift resolution of crises,” Nusseibeh said in a statement carried by state news agency WAM.

    Russia and Ukraine’s defence and foreign ministries did not respond to Reuters’ requests for comment.

    Asked if the United Nations were involved in the talks, a spokesperson for the organisation declined to comment.

    WESTERN PRESSURE

    The export of Russian ammonia would be via an existing pipeline to the Black Sea.

    The pipeline was designed to pump up to 2.5 million tonnes of ammonia gas per year from Russia’s Volga region to Ukraine’s Black Sea port of Pivdennyi, known as Yuzhny in Russian, near Odesa for onward shipment to international buyers. It was shut down after Russia sent its troops into Ukraine on Feb. 24.

    The export of ammonia was not part of the renewal of the U.N.-backed grains corridor deal that restored commercial shipping from Ukraine.

    Last week, Rebeca Grynspan, Secretary-General of U.N. agency UNCTAD, who leads the negotiations on fertiliser, said she was optimistic Russia and Ukraine could agree to the terms for the export of Russian ammonia via the pipeline, without giving details.

    Ukraine’s President Volodymyr Zelenskiy has publicly set several conditions before allowing Russia to resume its ammonia exports via the pipeline, including a prisoner swap and reopening of Mykolaiv port in the Black Sea.

    Neither Russia nor Ukraine have released official figures on how many prisoners of war they have taken since Russia invaded in February. On Oct. 29, Ukrainian President Volodymr Zelenskiy said that since March, Russia had freed a total of 1,031 prisoners.

    Russia and Ukraine have disclosed few details about direct meetings between representatives from the two countries following the abandonment of ceasefire talks in the first few weeks following Moscow’s invasion on February 24.

    Abu Dhabi’s efforts follow in the footsteps of Saudi Arabia, which scored a diplomatic win by securing freedom for foreign fighters captured in Ukraine in September.

    The UAE, like Saudi Arabia, is a member of the OPEC+ oil alliance that includes Russia and has also maintained good ties with Moscow despite Western pressure to help isolate Russia over the invasion of Ukraine, which Moscow calls its “special military operation”.

    UAE President Mohammed bin Zayed al-Nahyan visited Moscow last month where he discussed with President Vladimir Putin the possibility of Abu Dhabi mediating for an ammonia deal, two of the sources said.

    Ukraine is a major producer of grains and oilseeds. Russia is the world’s largest wheat exporter and a major supplier of fertilisers to global markets.

    Since July, Moscow has repeatedly said its shipments of grain and fertilisers, though not directly targeted by sanctions, are constrained because sanctions make it harder for exporters to process payments or to obtain vessels and insurance.

    Reporting by Aziz El Yaakoubi in Riyadh, Pavel Polityuk in Kiev and Jonathan Saul in London, additional reporting by Jonathan Spicer; Editing by Frank Jack Daniel and Jon Boyle

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  • U.S. may skirt recession in 2023, Europe not so lucky – Morgan Stanley

    U.S. may skirt recession in 2023, Europe not so lucky – Morgan Stanley

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    TOKYO, Nov 14 (Reuters) – Britain and the euro zone economies are likely to tip into recession next year, Morgan Stanley said, but the United States might make a narrow escape thanks to a resilient job market.

    At the same time, China’s expected reopening after almost three years of COVID-19 curbs is set to lead a recovery in its own economy and other emerging Asian markets, the investment bank’s analysts said in a series of reports published on Sunday.

    “Risks are to the downside,” the reports said, projecting the global economy to grow by 2.2% next year, lower than the International Monetary Fund’s latest 2.7% growth estimate. read more

    Next year, Morgan Stanley predicts a sharp split between developed economies “in or near recession” while emerging economies “recover modestly” but said an overall global pickup would likely remain elusive. China’s economy was predicted to grow 5% in 2023, outpacing the average 3.7% growth expected for emerging markets, while the average growth in the Group of 10 developed countries was forecast at just 0.3%.

    Central banks across the globe have raised interest rates this year to curb raging inflation, and in the United States, Morgan Stanley predicted the Federal Reserve to keep rates high in 2023 as inflation remains strong after peaking in the fourth quarter of this year.

    “The U.S. economy just skirts recession in 2023, but the landing doesn’t feel so soft as job growth slows meaningfully and the unemployment rate continues to rise,” the report said, predicting a 0.5% expansion next year.

    “The cumulative effect of tight policy in 2023 spills over into 2024, resulting in two very weak years,” the report added.

    Globally too, the peak in inflation should come in the current quarter, the analysts said, “with disinflation driving the narrative next year”.

    • U.S. core inflation to fall to 2.9% at end-2023, headline inflation to 1.9%
    • Asia growth to dip to 3.4% in 1H23 before recovering to 4.6% in 2H23, fuelled by domestic demand
    • Cross-asset returns – especially in fixed income – will look much better in 2023 than in 2022, driven by cheaper starting valuations
    • High-grade fixed income to outperform global equities
    • EM and Japan stocks to outperform, with U.S. shares lagging

    Reporting by Kevin Buckland, editing by Miral Fahmy

    Our Standards: The Thomson Reuters Trust Principles.

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  • Biden and Xi clash over Taiwan in Bali but Cold War fears cool

    Biden and Xi clash over Taiwan in Bali but Cold War fears cool

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    • Biden, Xi meet for 3 hours before G20
    • Both leaders stress need to get ties back on track
    • Indonesia seeks partnerships on global economy at G20
    • Ukraine’s Zelenskiy to address G20 on Tuesday

    NUSA DUA, Indonesia, Nov 14 (Reuters) – U.S. President Joe Biden and Chinese President Xi Jinping engaged in blunt talks over Taiwan and North Korea on Monday in a three-hour meeting aimed at preventing strained U.S.-China ties from spilling into a new Cold War.

    Amid simmering differences on human rights, Russia’s invasion of Ukraine, and support of domestic industry, the two leaders pledged more frequent communications. U.S. Secretary of State Antony Blinken will travel to Beijing for follow-up talks.

    “We’re going to compete vigorously. But I’m not looking for conflict, I’m looking to manage this competition responsibly,” Biden said after his talks with Xi on the sidelines of the G20 summit in Indonesia.

    Beijing has long said it would bring the self-governed island of Taiwan, which it views as an inalienable part of China, under its control and has not ruled out the use of force to do so. It has frequently accused the United States in recent years of encouraging Taiwan independence.

    In a statement after their meeting, Xi called Taiwan the “first red line” that must not be crossed in U.S.-China relations, Chinese state media said.

    Biden said he sought to assure Xi that U.S. policy on Taiwan, which has for decades been to support both Beijing’s ‘One China’ stance and Taiwan’s military, had not changed.

    He said there was no need for a new Cold War, and that he did not think China was planning a hot one.

    “I do not think there’s any imminent attempt on the part of China to invade Taiwan,” he told reporters.

    On North Korea, Biden said it was hard to know whether Beijing had any influence over Pyongyang weapons testing. “Well, first of all, it’s difficult to say that I am certain that China can control North Korea,” he said.

    Biden said he told Xi the United States would do what it needs to do to defend itself and allies South Korea and Japan, which could be “maybe more up in the face of China” though not directed against it.

    “We would have to take certain actions that would be more defensive on our behalf… to send a clear message to North Korea. We are going to defend our allies, as well as American soil and American capacity,” he said.

    Biden’s national security adviser Jake Sullivan said before the meeting that Biden would warn Xi about the possibility of enhanced U.S. military presence in the region, something Beijing is not keen to see.

    Beijing had halted a series of formal dialogue channels with Washington, including on climate change and military-to-military talks, after U.S. House of Representatives Speaker Nancy Pelosi upset China by visiting Taiwan in August.

    Biden and Xi agreed to allow senior officials to renew communication on climate, debt relief and other issues, the White House said after they spoke.

    Xi’s statement after the talks included pointed warnings on Taiwan.

    “The Taiwan question is at the very core of China’s core interests, the bedrock of the political foundation of China-U.S. relations, and the first red line that must not be crossed in China-U.S. relations,” Xi was quoted as saying by Xinhua news agency.

    “Resolving the Taiwan question is a matter for the Chinese and China’s internal affair,” Xi said, according to state media.

    Taiwan’s democratically elected government rejects Beijing’s claims of sovereignty over it.

    Taiwan’s presidential office said it welcomed Biden’s reaffirmation of U.S. policy. “This also once again fully demonstrates that the peace and stability of the Taiwan Strait is the common expectation of the international community,” it said.

    SMILES AND HANDSHAKES

    Before their talks, the two leaders smiled and shook hands warmly in front of their national flags at a hotel on Indonesia’s Bali island, a day before a Group of 20 (G20) summit set to be fraught with tension over Russia’s invasion of Ukraine.

    “It’s just great to see you,” Biden told Xi, as he put an arm around him before their meeting.

    Biden brought up a number of difficult topics with Xi, according to the White House, including raising U.S. objections to China’s “coercive and increasingly aggressive actions toward Taiwan,” Beijing’s “non-market economic practices,” and practices in “Xinjiang, Tibet, and Hong Kong, and human rights more broadly.”

    Neither leader wore a mask to ward off COVID-19, although members of their delegations did.

    U.S.-China relations have been roiled in recent years by growing tensions over issues ranging from Hong Kong and Taiwan to the South China Sea, trade practices, and U.S. restrictions on Chinese technology.

    But U.S. officials said there have been quiet efforts by both Beijing and Washington over the past two months to repair relations.

    U.S. Treasury Secretary Janet Yellen told reporters in Bali earlier that the meeting aimed to stabilise the relationship and to create a “more certain atmosphere” for U.S. businesses.

    She said Biden had been clear with China about national security concerns regarding restrictions on sensitive U.S. technologies and had raised concern about the reliability of Chinese supply chains for commodities.

    G20 summit host President Joko Widodo of Indonesia said he hoped the gathering on Tuesday could “deliver concrete partnerships that can help the world in its economic recovery”.

    However, one of the main topics at the G20 will be Russia’s war in Ukraine.

    Xi and Putin have grown close in recent years, bound by their shared distrust of the West, and reaffirmed their partnership just days before Russia invaded Ukraine. But China has been careful not to provide any direct material support that could trigger Western sanctions against it.

    Reporting by Nandita Bose, Stanley Widianto, Fransiska Nangoy, Leika Kihara, David Lawder and Simon Lewis in Nusa Dua, and Yew Lun Tian and Ryan Woo in Beijing; additional reporting by Jeff Mason and Steve Holland in Washington; Writing by Kay Johnson and Raju Gopalakrishnan; Editing by Angus MacSwan, Grant McCool, Heather Timmons and Rosalba O’Brien

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  • Biden vows to ‘free Iran’ in West Coast campaign speech

    Biden vows to ‘free Iran’ in West Coast campaign speech

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    OCEANSIDE, Calif., Nov 3 (Reuters) – U.S. President Joe Biden on Thursday vowed to “free” Iran, and said that demonstrators working against the country’s government would soon succeed in freeing themselves.

    “Don’t worry, we’re gonna free Iran. They’re gonna free themselves pretty soon,” Biden said during a wide-ranging campaign speech in California, as dozens of demonstrators gathered outside holding banners supporting Iranian protesters.

    Biden did not expand on his remarks or specify what additional actions he would take during the remarks at MiraCosta College near San Diego.

    The White House’s National Security Council did not immediately respond to a request for comment.

    U.S. President Joe Biden speaks during a campaign fundraising event for U.S. Rep. Mike Levin (D-CA) in San Diego, California, U.S., November 3, 2022. REUTERS/Kevin Lamarque

    Seven weeks of demonstrations in Iran were ignited by the death of a 22-year-old woman, Mahsa Amini, in the custody of Iran’s morality police.

    The protests triggered by Amini’s death on Sept. 16 have shown the defiance of many young Iranians in challenging the clerical leadership, overcoming fear that has stifled dissent in the wake of the 1979 Islamic Revolution. read more

    The United States on Wednesday said it will try to remove Iran from the 45-member U.N. Commission on the Status of Women (CSW) over the government’s denial of women’s rights and brutal crackdown on protests. read more

    Iran is just starting a four-year term on the commission, which meets annually every March and aims to promote gender equality and the empowerment of women.

    Reporting by Trevor Hunnicutt, writing by Andrea Shalal; Editing by Stephen Coates

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  • Iran will not remain indifferent if proven Russia using its drones in Ukraine – official

    Iran will not remain indifferent if proven Russia using its drones in Ukraine – official

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    DUBAI, Oct 24 (Reuters) – Iran will not remain indifferent if it is proven that its drones are being used by Russia in the Ukraine war, the Iranian foreign minister said on Monday, amid allegations the Islamic Republic has supplied drones to Moscow to attack Ukraine.

    “If it is proven to us that Iranian drones are being used in the Ukraine war against people, we should not remain indifferent,” state media cited Hossein Amirabdollahian as saying.

    However, Amirabdollahian said defence cooperation between Tehran and Moscow will continue.

    Britain, France and Germany on Friday called for a United Nations probe of accusations Russia has used Iranian-origin drones to attack Ukraine, allegedly violating a U.N. Security Council resolution.

    Citing diplomats and officials, Reuters reported last week that in addition to more drones, Iran had promised to provide Russia with surface-to-surface missiles.

    Writing by Parisa Hafezi; Editing by Alex Richardson and Jonathan Oatis

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  • Saudi Arabia ‘maturer guys’ in spat with U.S., energy minister says

    Saudi Arabia ‘maturer guys’ in spat with U.S., energy minister says

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    • OPEC+ oil output cut led to U.S., Saudi spat
    • Saudi Arabia and U.S. “solid allies” – minister
    • Big Wall St turnout at flagship Saudi investment summit

    RIYADH, Oct 25 (Reuters) – Saudi Arabia decided to be the “maturer guys” in a spat with the United States over oil supplies, the kingdom’s energy minister Prince Abdulaziz bin Salman said on Tuesday.

    The decision by the OPEC+ oil producer group led by Saudi Arabia this month to cut oil output targets unleashed a war of words between the White House and Riyadh ahead of the kingdom’s Future Investment Initiative (FII) forum, which drew top U.S. business executives.

    The two traditional allies’ relationship had already been strained by the Joe Biden administration’s stance on the 2018 murder of Saudi journalist Jamal Khashoggi and the Yemen war, as well as Riyadh’s growing ties with China and Russia.

    When asked at the FII forum how the energy relationship with the United States could be put back on track after the cuts and with the Dec. 5 deadline for the expected price-cap on Russian oil, the Saudi energy minister said: “I think we as Saudi Arabia decided to be the maturer guys and let the dice fall”.

    “We keep hearing you ‘are with us or against us’, is there any room for ‘we are with the people of Saudi Arabia’?”

    Saudi Investment Minister Khalid al-Falih said earlier that Riyadh and Washington will get over their “unwarranted” spat, highlighting long-standing corporate and institutional ties.

    “If you look at the relationship with the people side, the corporate side, the education system, you look at our institutions working together we are very close and we will get over this recent spat that I think was unwarranted,” he said.

    While noting that Saudi Arabia and the United States were “solid allies” in the long term, he highlighted the kingdom was “very strong” with Asian partners including China, which is the biggest importer of Saudi hydrocarbons.

    The OPEC+ cut has raised concerns in Washington about the possibility of higher gasoline prices ahead of the November U.S. midterm elections, with the Democrats trying to retain their control of the House of Representatives and the Senate.

    Biden pledged that “there will be consequences” for U.S. relations with Saudi Arabia after the OPEC+ move.

    Princess Reema bint Bandar Al Saud, the kingdom’s ambassador to Washington, said in a CNN interview that Saudi Arabia was not siding with Russia and engages with “everybody across the board”.

    “And by the way, it’s okay to disagree. We’ve disagreed in the past, and we’ve agreed in the past, but the important thing is recognizing the value of this relationship,” she said.

    She added that “a lot of people talk about reforming or reviewing the relationship” and said that was “a positive thing” as Saudi Arabia “is not the kingdom it was five years ago.”

    FULL ATTENDENCE AT FII

    Like previous years, the FII three-day forum that opened on Tuesday saw a big turnout from Wall Street, as well as other industries with strategic interests in Saudi Arabia, the world’s top oil exporter.

    JPMorgan Chase & Co Chief Executive Jamie Dimon, speaking at the gathering, voiced confidence that Saudi Arabia and the United States would safeguard their 75-year-old alliance.

    “I can’t imagine any allies agreeing on everything and not having problems – they’ll work it through,” Dimon said. “I’m comfortable that folks on both sides are working through and that these countries will remain allies going forward, and hopefully help the world develop and grow properly.”

    The FII is a showcase for the Saudi crown prince’s Vision 2030 development plan to wean the economy off oil by creating new industries that also generate jobs for millions of Saudis, and to lure foreign capital and talent.

    No Biden administration officials were visible at the forum on Tuesday. Jared Kushner, a former senior aide to then-President Donald Trump who enjoyed good ties with Prince Mohammed, was featured as a front-row speaker.

    The Saudi government invested $2 billion with a firm incorporated by Kushner after Trump left office.

    FII organisers said this year’s edition attracted 7,000 delegates compared with 4,000 last year.

    After its inaugural launch in 2017, the forum was marred by a Western boycott over Khashoggi’s killing by Saudi agents. It recovered the next year, attracting leaders and businesses with strategic interests in Saudi Arabia, after which the pandemic hit the world.

    Reporting by Aziz El Yaakoubi, Hadeel Al Sayegh and Rachna Uppal in Riyadh and Nadine Awadalla, Maha El Dahan and Yousef Saba in Dubai; Writing by Ghaida Ghantous and Michael Geory; Editing by Louise Heavens, Mark Potter, Vinay Dwivedi, William Maclean

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  • OPEC+ JMMC agrees oil output cuts of 2 mln bpd – sources

    OPEC+ JMMC agrees oil output cuts of 2 mln bpd – sources

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    LONDON, Oct 5 (Reuters) – OPEC+ key ministers, known as the joint ministerial monitoring committee, has agreed oil production cuts of 2 million barrels per day, three OPEC+ sources said.

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    Reporting by OPEC Newsroom; editing by David Evans

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