World Bulletin / News Desk
Iran dismissed a European Union oil embargo which took effect on Sunday and said it was fully prepared to counter the impact of sanctions with a $150 billion war chest of foreign reserves.
The EU ban on crude imports is part of a push by Western countries aimed at choking Iran's export earnings to try to force it to curb a nuclear programme.
"All possible options have been planned in government to counter sanctions and we are fully prepared to deal with them," Oil Minister Rostam Qasemi said in comments on the ministry's website.
Qasemi said Iranian oil was still being sold on international markets and that oil importers would be the big losers if a blockade leads to price rises.
The United States also has sanctions in place, although it has spared all 20 of Iran's major oil buyers from measures against them for dealing in Iranian crude for now.
The European Union banned new contracts for imports of Iranian crude in January, but allowed existing ones to continue until July 1. The embargo also covers transporting Iranian crude or insuring shippers who are carrying it.
Iranians lost jobs
There are signs the embargo is already having an impact on Iran's economy.
Its crude oil exports - which according to EU estimates represent some 80 percent of the government's export revenues and half of its income - have fallen by 40 percent this year. Iran used to export a fifth of its crude to EU countries.
The Iranian rial has fallen sharply and inflation is running at 20 percent. Tens of thousands of Iranians have lost their jobs and trade between Iran and Europe has halved in a year, according to Eurostat data from March.
The governor of Iran's central bank said it had built up $150 billion in foreign reserves to protect itself.
"We are implementing programmes to counter sanctions and we will confront these malicious policies," Mehr news agency quoted Mahmoud Bahmani as saying.
In three rounds of negotiations, Western powers have demanded Tehran halt its high-grade uranium enrichment activities, ship all high-grade uranium out of the country and close down a key enrichment facility.
Iran says its nuclear programme has only peaceful aims, but Western countries and nuclear-armed Israel fear Iran is developing nuclear weapons.
They were among nine organisations and three people added to the EU's Syria sanctions list, published in the bloc's Official Journal
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Talks are reportedly underway for a number of investment projects, including in pharmaceuticals and automotive assembly, but no final investment agreements are expected this week.
The yuan will be the world's third largest currency after the U.S. dollar and euro, a Chinese report predicts.
Unemployment currently stands at 12.7 percent in Kenya and affects 30 percent of the country's population
GM so far this year has recalled about 14.7 million vehicles worldwide with switch-related issues and has linked at least 16 deaths to those issues.
The deal includes hydropower and nuclear power plants in the South American country.
State-run think tank Korea Institute for Defense Analyses (KIDA) reported earlier this month that a twin-engine version of the fighter jet is expected to cost around 8.5 trillion won
Western officials have repeatedly warned Iranian counterparts over the past six months that more economic pain is a risk for an OPEC member whose oil exports have already shrunk to a fraction of what they could have been
The EU's employment commissioner said he has asked to meet with Microsoft to discuss the social impact of the layoffs.
Although China has promised to invest in Brazil for years and failed to deliver, the pace of deals is picking up with a focus on deficient infrastructure.
The financial aid would be used for rebuilding houses and public buildings, the rapid restoration of water and energy supplies and urgent assistance for those still without proper shelter.
Washington and Brussels say Moscow has been fanning separatist violence in eastern Ukraine and broadened their sanctions, sending Russian shares and the rouble currency down.
Chinese Trade Minister Gao Hucheng said his country would not sit idly by while the United States harmed the rights of Chinese companies.
Beijing claims about 90 percent of the South China Sea, whose estimated energy potential varies widely. Vietnam, the Philippines, Malaysia, Brunei and Taiwan also claim parts of the key waterway.
Trade between China and Brazil soared to $83.3 billion last year from $3.2 billion in 2002, with iron ore, soy and oil making up the bulk of Brazilian exports.