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Articles for tag: banking, Economic sanctions on Iran, facilitates, financing, Financing of terrorism, Iran's shadow banking network, Iranian oil sanctions, Irans, IRGC Sanctions, Military, Military sanctions on Iran, MODAFL Sanctions, network, OFAC Sanctions, Petrochemical sanctions, Risks of the global financial system, shadow, targeting, Treasury

June 26, 2024

News Desk

The US Treasury is targeting the shadow banking network that facilitates Iran’s military financing

The US Treasury Department announced on Tuesday that it has targeted a shadowy banking network that funnels money to Iran’s military. The Treasury Department said its Office of Foreign Assets Control (OFAC) is sanctioning nearly 50 entities and individuals that are multiple branches of an extensive “shadow banking” network used by Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL). and the Islamic Revolutionary Guard Corps. (IRGC) to gain illicit access to the international financial system and process the equivalent of billions of dollars by 2020. “MODAFL and the IRGC engage in various revenue-generating commercial activities, most notably the sale

June 13, 2024

News Desk

The government is targeting Rs 1,281 billion from the oil levy

Islamabad: The federal government has set an ambitious target of Rs 1,281 billion on account of petroleum levy (PL) on petroleum products for the upcoming financial year 2024-25. This projection marks an increase of Rs 321 billion over the revised estimate of Rs 960 billion for the current financial year 2023-24. While the originally budgeted PL for the current year was Rs 869 billion, the actual increase represents a 47.4% increase over the next year’s target. The government has revised the PL collection target upwards for the next financial year 2024-25 with various collections.The International Monetary Fund (IMF) report titled

May 6, 2024

News Desk

India BJP campaign videos targeting Muslims and opposition spark outrage

NEW DELHI: Cartoon videos shared by Prime Minister Narendra Modi’s party targeting the opposition Congress and the Muslim community have sparked complaints and anger as the political climate in India heats up in the middle of a six-week election. The videos, shared by the ruling Bharatiya Janata Party on social media platforms Instagram and X over the past ten days, depict the Congress giving disproportionate benefits to India’s minority Muslim community at the expense of some disadvantaged tribal and Hindu caste groups. The Congress, in a complaint to the poll-monitoring Election Commission, said on Sunday that the video was shared

April 25, 2024

News Desk

Industrialists call for action on Pakistan-Iran trade targeting $10bn

KARACHI: Welcoming the Pakistan-Iran bilateral trade target of up to $10 billion, industrialists, exporters and importers called for exploring avenues for local currency or barter trade, tapping Iran’s potential in the energy sector and resolving the issues of the Pakistan-Iran natural gas pipeline, among others, directly in the wider interest of the country. Industrialists support scaling up formal bilateral trade, highlighting its mutual benefits. They stress the need to complete the long-delayed Iran-Pakistan (IP) gas pipeline project as local industries demand cheaper gas to reduce the cost of doing business. Both Iranian President Ebrahim Raisi and Prime Minister Shehbaz Sharif

February 27, 2024

News Desk

US hits Iran with new sanctions targeting commanders, shipping

WASHINGTON: The United States targeted Iranian and Houthi commanders and a vessel that shipped more than $100 million in Iranian goods to businesses in China in sanctions announced Tuesday. Mohammad Reza Falahzadeh, deputy commander of Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), and Ibrahim al-Nashiri, a member of Yemen’s Houthi militia, were designated under the sanctions, the finance ministry said. Iran’s military has provided weapons and intelligence support to the Houthis who support the group’s attacks on international shipping in the Red Sea, the ministry said in a statement. The department named Cap Tees Shipping Co., Ltd, which owns and

February 7, 2024

News Desk

Punitive demolitions targeting Muslim properties in India

Amnesty International has published two new reports shedding light on punitive demolitions targeting Muslim properties in India, with the widespread use of bulldozers by JC Bamford Excavators Limited (JCB). The reports titled “Bulldozer Injustice in India” and “JCB’s Role and Responsibility in Bulldozer Injustice in India” detail the demolition of at least 128 properties between April and June 2022. Start of a new exhibition! Our research documents the punitive demolition of Muslim properties in at least five states with widespread use of JCB-branded bulldozers in an anti-Muslim hate campaign in India. #BulldozerInjustice — Amnesty India (@AIIndia) February 7, 2024 According

December 25, 2023

News Desk

Iran rejects US claims that Tehran is targeting a tanker off India

Iran’s foreign ministry on Monday dismissed as “worthless” Washington’s claims that a drone strike targeting a tanker off the coast of India was “launched by Iran”. The targeting of the Japanese chemical tanker came amid a flurry of drone and missile attacks by Iran-backed Yemeni Houthi rebels in the Red Sea in a show of solidarity with Palestinians in Gaza, where Israel is fighting Hamas militants. The Pentagon later openly blamed Tehran for the attack. “We declare these allegations to be completely dismissive and without merit,” Foreign Ministry spokesman Nasser Kanani said when asked about the US accusations. “Such allegations

December 15, 2023

News Desk

Andreescu is targeting the Paris Olympics

MONTREAL: Bianca Andreescu said Thursday she hopes to represent Canada at next year’s Paris Olympics, but the 2019 US Open champion ruled out playing next month’s Australian Open as she continues her recovery from a back injury. Andreescu has been sidelined with a stress fracture in her back and has not played since losing to Italian qualifier Camila Giorgi in her opening match at the Canadian Open in August. The 23-year-old said progress in her recovery has been steady but slow and she has yet to pick up a racket, pushing her expected return to action back to March or

December 14, 2023

News Desk

Israeli strikes blanket Gaza as US calls for more precise targeting

CAIRO/GAZA: Israel pounded the length of the Gaza Strip on Wednesday, killing families in their homes, even as Washington sent an envoy to encourage its ally to be more precise in its war against Hamas. Two weeks after the ceasefire collapsed, the war has entered an intense phase, with fighting raging across the Palestinian enclave and international organizations warning of an all-out humanitarian disaster. In Rafah, packed with people in makeshift tents on the southern edge of Gaza, women and men wept at the morgue where the bodies of those killed in the latest overnight airstrikes were wrapped in bloody

October 31, 2023

News Desk

Kakar condemns Israel for “disproportionately” targeting Gazans

Caretaker Prime Minister Anwaarul Haq Kakar reaffirmed Pakistan’s solidarity with the oppressed people of Palestine on Monday, calling for an immediate ceasefire. A statement from the Prime Minister’s Office, shared on X (formerly Twitter), expressed Pakistan’s concern over the ongoing violence and loss of life in Gaza. “We stand in solidarity with the oppressed people of Palestine and call for an immediate ceasefire and lifting of the blockade on Gaza. Israel’s deliberate, indiscriminate and disproportionate targeting of civilians in Gaza is contrary to all rules of decency and a flagrant violation of international law,” it said. Pakistan is deeply concerned

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