Author: Himalaya Post

PARIS, Nov 3, 2018  – US President Donald Trump’s decision to pull the United States out of the 2015 nuclear accord with Iran and reimpose a raft of sanctions puts European businesses on the spot. While the European Union insists it will stick by the nuclear accord to allow trade to continue with Iran, European companies are wary of being caught out by the US sanctions regime and many have already cut back their presence. Here is an overview of how firms could be affected: – Auto – The sanctions introduced in August spooked the major automakers who were already cautious about their future in Iran and mindful of their much bigger business interests in the United States. Germany’s Daimler, which was teaming up with two Iranian firms to assemble Mercedes-Benz trucks, said it had decided against going ahead. Volkswagen had said last year it planned to resume business after a 17-year break but was very guarded in response to the latest US decision. VW “conforms with all the applicable national and international laws and regulations concerning exports,” a spokesman said. French automakers Renault and PSA, who make nearly half the cars sold in Iran, were cautious. PSA, behind the Peugeot, Citroen and Opel brands, said in June it was preparing to suspend activities in Iran. Renault says it intends to keep its activities in Iran but stands ready...

BEIJING, Nov. 3 – Pakistani Prime Minister Imran Khan met with his Chinese counterpart Li Keqiang in Beijing Saturday, as he seeks aid and investment from the world’s second largest economy in hopes of staving off a financial crisis. Before travelling to China — one of Pakistan’s firmest allies — Khan said he was striving to obtain financial aid from two unnamed countries after Pakistan secured $6 billion in funding from Saudi Arabia. His government has also entered talks with the International Monetary Fund over a potential bailout as it grapples with a balance of payment crisis and current account deficit. China is already a major investor in Pakistan, where the two countries are building the China-Pakistan Economic Corridor (CPEC), a multi-billion-dollar project at the heart of Chinese president Xi Jinping’s Belt and Road Initiative, an ambitious, globe-spanning trade infrastructure programme. The corridor aims to increase energy and transport links between the western Chinese region of Xinjiang and the Arabian Sea via Pakistan. However, given Pakistan’s deteriorating finances, there have been concerns in recent months that portions of the agreement may have to be scaled down. In his meeting with Li, Khan invited the Chinese premier to visit Pakistan and see for himself the difference the mega-project has made in the country. “CPEC in 2013 was just an idea. Now it is on the ground. And it has caught...

COLOMBO, Nov. 3 – Sri Lanka’s sacked prime minister Ranil Wickremesinghe has warned time is running out to avert a “bloodbath” while voicing hope that parliament will resolve a damaging constitutional crisis in the coming days. Wickremesinghe, who has been holed up at the prime minister’s official residence for more than a week as thousands of supporters gather outside, told AFP in an interview that “desperate people” could cause chaos on the Indian Ocean island. The 69-year-old was sacked out-of-the-blue on October 26 by President Maithripala Sirisena, with domineering former president Mahinda Rajapakse named in his place. However Wickremesinghe refused to accept his dismissal and has not left the sprawling colonial-era Temple Trees residence — where Buddhist monks now chant prayers outside — since. Sirisena also suspended parliament in an apparent bid to prevent opposition to his move, deepening the turmoil that has seen at least one man killed in a shooting last weekend linked to the power struggle. “We will be calling on our people not to resort to violence,” Wickremesinghe said late Friday. “But you don’t know what arises in a situation like this. “A few desperate people can start off a bloodbath.” His comments echoed the fears of parliament speaker Karu Jayasuriya who warned of bloodshed on the streets if a vote is not held by lawmakers to decide between the two leaders. Wickremesinghe, head of...