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By Nick, April 20, 2013 7:05 am

FBI Names Chechnya Russian Dzhokhar Tsarnaev As Latest At Large Boston Marathon Bomb Suspect
By: Bulov on: 20.04.2013 [01:18 ] (101 reads)

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By Nick, April 8, 2013 12:13 pm

Euro is higher right now, gaining across the board, even with the latest portugal concerns. Traders are looking for yield, and that is helping the euro right now. But there are whispers that the breakup trade could be back on the table.

Right now, investors and traders are looking for yield. Spanish and Italian bonds are in demand, and high beta currencies are gaining. This comes even as concerns about Portugal once again take center stage.

Over the weekend, a Portuguese court ruled that the wage and pension cuts to workers in the public sector are unlawful, and that has concerns about a possible problem with Portugal’s finances in focus again. A shortfall in the budget is expected, and the company might ask for a second bailout. In the meantime, calls for the resignation of PM Pedro Passos Coelho are on the rise.

Euro is higher right now against its major counterparts, but there is speculation that concerns about the periphery could pull the 17-nation currency down. The breakup trade is back on the table as Forex traders wonder if the region can hold it together.

At 14:20 GMT EUR/USD is up to 1.3023 from the open at 1.2974. EUR/GBP is up to 0.8503 from the open at 0.8473. EUR/JPY is up to 128.3315 from the open at 127.4150.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

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By Nick, February 27, 2013 9:30 am

Yousaf Butt lays waste to the magnetic-ring-sign-of-Iran-nuclear-expansion theory.

On February 13 Joby Warrick reported for the Washington Post that “Iran recently sought to acquire tens of thousands of highly specialized magnets used in centrifuge machines, according to experts and diplomats, a sign that the country may be planning a major expansion of its nuclear program that could shorten the path to an atomic weapons capability.” More:

Purchase orders obtained by nuclear researchers show an attempt by Iranian agents to buy 100,000 of the ring-shaped magnets — which are banned from export to Iran under U.N. resolutions — from China about a year ago, those familiar with the effort said. It is unclear whether the attempt succeeded.

Or as the ISIS report Institute for Science and International Security that Warrick sited concluded:

This large potential order by Iran in late 2011 for 100,000 ring magnets ready for use in IR-1 centrifuges implies an Iranian intention to greatly expand its number of these centrifuges.

Not so fast. Yousaf Butt of the James Martin Center for Nonproliferation Studies at the Monterey Institute for International Studies explains.

The magnets in question have many uses besides centrifuges and are not only, as Warrick describes them, “highly specialized magnets used in centrifuge machines.” … Why ISIS does not offer alternate and more plausible applications of these unspecialized magnets is a puzzle. … For instance, one vendor outlines some of the various possible uses in speakers, direct current brushless motors, and magnetic resonance imaging equipment.

Even more damning to the report…

As others have already noted, it seems to make little sense to order ceramic magnets that are, as ISIS describes, “almost exactly” the right dimensions. If one is intending to purchase 100,000 ceramic ring magnets for critical high-speed centrifuge applications, why not order them exactly the right size? Ceramics are almost impossible to machine due to their brittle nature and are generally ordered to the precise specifications desired.

Also fairly embarrassing…

The alleged inquiry states, “Dear Sir We are a great factory in south of Iran and for our new project we need 100.000 pcs Ferrite Barium strontium ring magnet . … we would like buy from you [sic] company. We should be glad if you supply this magnet for us.” Presumably, an attempt to source 100,000 parts related to Iran’s controversial and often secretive nuclear program would not be conducted quite so openly. [It's] also at odds with procurement best-practices, for several reasons. First, such a large order would likely drive up the market price and perhaps even signal to the supplier to choke off the supply, in hopes of obtaining a better price later. 

I’ve saved the worst for last.

The apparent manufacturer or supplier of the magnets in question, Ferrito Plastronics, is evidently a “tiny firm in a dark alley in Chennai’s electronic spare parts hub on Meeran Sahib Street.” According to the Times of India, “the Chennai firm does supply magnets. But these, avers company proprietor Bala Subramanian, are the ones used in loudspeakers, coils, and medical equipment. Besides these, there are decorative magnets for fridges.”

In other words, if you haven’t figured it out yet…

Such a firm would seem unlikely to be the optimal source for 100,000 high-quality centrifuge ring magnets.

We’ll give Professor Butt the final word.

… reporters and editors should raise the bar for the evidence underpinning stories of alleged Iranian nuclear weapons-related work.

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By Nick, February 7, 2013 10:00 am

Canadian dollar is struggling today, engaging in rangebound trading against other majors in spite of the general volatility being seen elsewhere in the currency market. The latest building permits numbers are weighing on the loonie, indicating that the economy might be struggling.

Loonie is trapped in narrow trading today, particularly against the US dollar. The latest difficulty for the Canadian dollar is that building permits issued in December fell. The value of building permits fell by 11.2 per cent — a sharp contrast to the expectations for a gain of 5 per cent. So, even though home prices rose by 0.2 per cent in December, there are plenty of signs of a slowing Canadian economy to outweigh the good.

Even so, the US dollar still isn’t showing huge gains over the Canadian dollar. Even with a favorable jobless claims report, the greenback still shows some weakness against the loonie. There’s just too little difference between the two right now. Canadian dollar might derive some support from higher oil prices later on, but overall the currency is most likely to remain rangebound for the short term.

At 14:49 GMT USD/CAD is steady at 0.9957, remaining at the opening level. EUR/CAD is down to 1.3394 from the open at 1.3464. GBP/CAD is up to 1.5652 from the open at 1.5594.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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By Nick, January 22, 2013 7:38 am

Canadian dollar is struggling today, thanks to the latest economic data. November retail sales were disappointing. Additionally, it’s not helping that oil prices can’t seem to find some solid support.

Risk appetite is in short supply today, as currency traders look to profit taking following the Bank of Japan announcement that it would put off open-ended asset purchases until 2014. This sentiment is weighing a little bit on the Canadian dollar, but a great deal of the loonie’s difficulties are coming from the latest round of economic data.

The Bank of Canada is expected to keep interest rates at a low one per cent. Additionally, the latest report from Statistics Canada puts November retail sales rising only 0.2 per cent, when many economists thought to see that they would gain more than that. Oil prices are only very slightly higher, and they have been struggling this morning. Loonie is a commodity currency that is especially sensitive to oil prices. With oil prices having difficulty, the Canadian dollar often struggles as well.

For now, there isn’t a lot to support the loonie, so it is mostly lower against its major counterparts.

At 13:47 GMT USD/CAD is up to 0.9931 from the open at 0.9929. GBP/CAD is up to 1.5756 from the open at 1.5718. CAD/JPY is down to 89.44 from the open at 90.40. EUR/CAD is up to 1.3216 from the open at 1.3213.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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By Nick, November 15, 2012 9:41 am

UK pound is struggling with the release of the latest data, but it is still maintaining the upper hand against the US dollar, which is falling as concerns about continued easing weigh on the greenback. The UK economy continues to struggle, and Mervyn King is calling for more stimulus from the Bank of England.

Bank of England Governor Mervyn King has indicated that more stimulus might be on the way. The belief that more stimulus has been bolstered by the latest data out of the United Kingdom showing that retail sales dropped. The news immediately send the pound lower against the euro, and it weakened the British currency against the US dollar.

While the pound is still down against the euro, it has regained the upper hand against the US dollar. News out of the United States, indicating that the Federal Reserve may add its own stimulus through more quantitative easing means that the greenback is weak as well. The pound is likely to continue to struggle, though, as the desire for stimulus from the Bank of England wars with PM David Cameron‘s austerity wishes.

At 15:12 GMT EUR/GBP is up to 0.8062 from the open at 0.8041. GBP/USD is up to 1.5870 from the open at 1.5841. GBP/JPY is up to 128.5650 from the open at 127.0950.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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By Nick, June 14, 2012 10:42 am

Just days before the Third U.S.-India Strategic Dialogue between the U.S. Secretary of State, Hillary Clinton, and the Indian Foreign Minister, S.M. Krishna, in Washington, D.C., an important address was given by Robert O. Blake, a U.S. State Department official, at a meeting of the Carnegie Endowment for International Peace. Mr. Blake stressed the unique importance of the U.S.-Indian bilateral relationship, not only to the two countries but to the world. It was noted that since these talks began in 2010, our strategic ties have led to an ever greater confluence of views on the important issues of our time. This address, the only indication thus far of the latest official thinking about this important Dialogue, was as significant for the issues it addressed as it was for those he failed to mention.

Most noteworthy was his emphasis on Afghanistan as the principal subject of the upcoming meeting. It was noted that past and continuing actions by both countries in this respect centered on economic and developmental goals, to be achieved through “strategic partnership” agreements signed by each government with Afghanistan. While both agreements include the training of Afghan forces, the American agreement (signed on May 1st, 2012) commits Kabul to allow the U.S. access and use of Afghan facilities beyond 2014 for purposes of “targeting the remnants of al-Qaeda” and for security and defense cooperation over the long-term. The security concern was once again emphasized in his closing remarks.

Thus, despite Blake’s focus on economic and scientific cooperation between India and the U.S., we see emerging a strong military and security theme, especially with regard to Afghanistan (a concern shared by the Indian Government). In his keynote address, Mr. Blake emphasizes Afghanistan’s security, as do the agreements signed by New Delhi (last year) and Washington (this year) with Afghanistan. This should not surprise us. After all, Afghanistan is a country which, in the public mind and in our daily news, is identified with the 10-year war being waged there, primarily by American military forces.

It must be stressed, however, that this emphasis goes far beyond the need to ensure Afghanistan’s stable and prosperous future. Indeed, its ramifications extend to Pakistan as well as Central Asia, and beyond that, to South and Southeast Asia. As Mr. Blake states in his concluding remarks, he feels encouraged by the progress made by the two governments towards broadening “our counter-terrorism and defense cooperation.” The economic goals, moreover, are to be achieved through cooperation and integration, not only bilaterally, but also along broad geographical lines, encompassing essentially all of Asia.

One might be tempted to question this as an overly ambitious scope on the part of an assistant secretary, until we hear Defense Secretary Panetta’s statement that the U.S. plans to increase its military presence in the Asia-Pacific region. Indeed, Blake goes on to praise India’s “Look East Policy” and sees the Indian Prime Minister’s visit to Myanmar in May and the signing of multiple agreements while there as an example of India “assuming a larger role in the broader Asia-Pacific.” It should be noted, however, that while the Look East Policy has included recent attempts to develop economic relations with Singapore and the Association of South East Asia Nations (ASEAN), it is a policy of long-standing, initiated in 1991, and may have little to do with the current American decision to militarize its presence in the entire Asia-Pacific region. Indeed, Mr. Panetta’s announcement was almost immediately followed by a report in the Indian press that the Minister of Defense opposed India joining the U.S. “bandwagon” on the Asia-Pacific and that the U.S. ought to rethink this policy. But while some reports indicated that the Minister of Defense was in disagreement on this issue with the Indian Foreign Minister, other reports stated that Foreign Affairs Minister Krishna had told the Chinese Vice Premier at the Shanghai Cooperation Organization summit  that “India’s relations with China are a priority in India’s foreign policy”. This could be seen as directed to the U.S. Defense Secretary whose Asia-Pacific policy is widely thought to be aimed at China.

Mr. Panetta has also figured prominently in various Asian media because of comments about Pakistan. On June 7, while in New Delhi, he warned Islamabad that Washington is “losing patience” with the Government of Pakistan, for letting its territory be used as a safe haven for those who attack American and Afghan forces and then cross back into Pakistan. He singled out the Taliban and the Haqqani network. It is believed at the highest levels of the U.S. Government that this conduct reflects long-standing official policy by Islamabad. This is what has fueled Washington’s anger with Pakistan. On top of that, the six-month blockade of NATO’s military supply route into Afghanistan has brought American patience to a breaking point.

An important issue not raised by Mr. Blake is Iran, including the question of whether America’s friends and/or interlocutors will yield to Washington’s counsel or demand to impose sanctions on Iran or face U.S. sanctions. But there has been a reversal of this policy — in the case of India. If so, it is unlikely that China alone would be singled out for sanctions. Both countries are critically important to the U.S. for a variety of reasons, some similar, some quite different. Clearly, Washington thought it best to clear the air ahead of the Strategic Dialogue.  

Moreover, as American economic power weakens, it negatively affects its political influence abroad. At a time when the economic crisis has become almost worldwide, and the U.S. is involved in numerous conflicts — open, quiet or covert — Washington can hardly afford to alienate a rising power like India, who has  been a hesitant friend at best and whose economic relationship with the U.S. is not as healthy as the U.S. — or India for that matter — would like. Nor can the U.S. alienate powerful adversaries like China, who is already unhappy with the return — in a big way — of U.S. military power in the Asia-Pacific region. Perhaps the most important conflict of interest between Washington and Beijing may be building up in the South China Sea, where China has important economic and energy interests. With U.S. military commitments being quite extensive, and the Defense Department facing severe budget cuts, Washington can hardly afford to pick a big fight with China. It is therefore likely that the threat of sanctions against China will be quietly abandoned, now that India has been exempted. If not, we may expect the Asia-Pacific region to heat up considerably.

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By Nick, May 1, 2012 5:45 pm

BEIRUT (AP) — On its towering hilltop perch, the Krak des Chevaliers, one of the world’s best preserved Crusader castles, held off a siege by the Muslim warrior Saladin nearly 900 years ago. It was lauded by Lawrence of Arabia for its beauty and has been one of the crown jewels of Syria’s tourism.

But it has fallen victim to the chaos of Syria’s uprising and the crackdown against it by President Bashar Assad’s regime. Recently, gunmen broke into the castle, threw out the staff and began excavations to loot the site, says Bassam Jammous, general director of the Antiquities and Museum Department in Damascus.

Syria’s turmoil is threatening the country’s rich archaeological heritage, experts warn.

Some of the country’s most significant sites have been caught in the crossfire in battles between regime forces and rebels. Others have been turned into military bases, raising archaeologists’ fears of damage. Regime shelling of neighborhoods where the opposition is holed up has smashed historic mosques, churches and souks, or markets. Looters have stolen artifacts from excavations and museums.

In one of the most egregious examples, shells thudded into the walls of the 12th century al-Madeeq Citadel, raising flames and columns of smoke as regime forces battled with rebels in March. The bombardment punched holes in the walls, according to online footage of the fighting.

Local activists said regime forces carried out the assault and afterward moved tanks into the hilltop castle. Later footage showed bulldozers knocking through part of the walls to create an entrance.

The government and opposition have traded blame for damage and looting of sites around the country. But a group of European and Syrian archaeologists tracking the threats through witness reports from the ground says that in several cases, government forces have directly hit historic sites and either participated in or turned a blind eye to looting.

“We have facts showing that the government is acting directly against the country’s historical heritage,” said Rodrigo Martin, a Spanish archaeologist who has led past research missions inside Syria.

What’s happening is reminiscent of Iraq’s chaos in the wake of Saddam Hussein’s 2003 fall, when Baghdad’s major museum was looted, and of Egypt, where looting has reportedly increased at archaeological sites around the country in the turmoil since longtime President Hosni Mubarak was toppled last year.

An important crossroads, Syria’s rich archaeological treasures extend over millennia. The capital, Damascus, is often claimed to be the oldest continuously inhabited city in the world. Archaeologists have uncovered cities dating back 5,000 years to the early Bronze Age, and the country is dotted with “tells,” or hills, that likely hide more such cities, still not excavated. A series of cultures have left their mark — from Biblical civilizations, Alexander the Great’s successors and the Romans to Christian Crusaders and Muslim kingdoms.

“What we know of Syrian heritage has already provided a huge quantity of information, but we can safely say that the part that has not yet been studied is even bigger,” said Martin. Each incident of destruction “is like burning a page in the book of history of mankind.”

The heritage also helped fuel tourism that was steadily rising before the crisis, giving a much-needed economic boost. More than 8.5 million tourists visited Syria in 2010, 40 percent more than the year before. Now there are virtually zero.

The nearly 2,000-year-old ruins of Palmyra, an ancient oasis city that was one of the biggest tourist draws with towering Roman colonnades and a temple to the god Baal, stand deserted. Government forces have surrounded it and the nearby town and have set up a base in a historic castle on a hilltop overlooking the site, deep in Syria’s central deserts.

In a report to the U.N. cultural agency UNESCO and the EU conservation group Euromed Heritage, Martin and the other archaeologists warned that the troops’ fortifications have damaged parts of the ruins. They say there are also reports of looting under the troops’ noses — raising the possibility they were involved.

“Many groups have attempted to conduct secret excavations, starting by the security forces,” their report said, referring to looting around the country. The archaeologists, who have set up a Facebook page to track reports of damage, say illicit digs have taken place at a number of unexcavated tells and other sites.

Besides the break-in at Krak des Chevaliers in March, gunmen have also targeted a museum in the city of Hama, making off with antiques and a priceless gold statue dating back to the Aramaic era, said Jammous, of the government’s museum agency.

Jammous denied that the army had attacked any archaeological sites and said armed rebels caused any damage.

Other sites have been endangered in the crossfire of the daily battles.

Several weeks ago, activists in the northwestern province of Idlib said, troops and dissidents battled in and around the ruins of Elba, a Bronze Age city where archaeologists in the 1960s discovered a massive trove of cuneiform tables that revolutionized their understanding of the ancient Mideast.

Government assaults on opposition stronghold cities and neighborhoods — often with shelling and heavy machine-gun fire — have also caused extensive damage.

The once bustling covered ancient souk in old Homs, famous for its unusually tall arched roof where people bargained for colorful textiles, rugs, perfumes and clothes, has been heavily damaged. Its walls are now blackened from a fire, its walkways littered with debris and shop shutters twisted and pierced with shrapnel.

Traditional Homs houses with arched doorways and inner courtyards have also been bombed.

Mosques have served as a launching pad for anti-government protests in Syria, and many have been targeted, particularly in the provinces of Daraa, birthplace of the Syrian revolution, and Homs, an opposition stronghold 80 miles (130 kilometers) north of Damascus.

Early on in the uprising, the government targeted the Daraa’s Omari Mosque, which was built during the Islamic conquest of Syria in the days of Caliph Omar ibn al-Khattab. Activists say government forces deliberately sabotaged the mosque and hid weapons inside it to prove that armed gangs were sheltering there.

Videos show the bombed-out minarets and shell-pocked facades of several mosques and churches in Homs. They include the Umm el-Zunnar church, which was built underground in A.D. 59.

In January, artillery fire struck the Sednaya Convent north of Damascus, believed to have been build in A.D. 547, in an attack the government blamed on armed groups.

“They have absolutely no respect for the country’s cultural heritage,” said activist Tarek Badrakhan, speaking via Skype from Homs’ battered Khaldiyeh district. “Mosques, citadels, the old city, they spared nothing.”

AP writer Albert Aji contributed to this report from Damascus.

Assyrian International News Agency