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World News

Putin warns towards crossing Russia’s ‘pink strains,’ talks up navy

Russian President Vladimir Putin will attend the expanded ministries of interior in Moscow on February 26, 2020.

Mikhail Svetlov | Getty Images

Russian President Vladimir Putin warned against provoking his country in his annual state of the nation speech on Wednesday and promised swift retaliation against anyone who crossed “red lines”.

Moscow will react “harshly”, “quickly” and “asymmetrically” to foreign provocations, Putin told an audience of top Russian officials and lawmakers, adding that he “hoped” that no foreign actor would cross Russia’s “red lines”, according to Reuters would exceed translation.

Putin also extolled the country’s planned investment in advanced military training, hypersonic weapons and ICBMs. But he also stressed that Russia wants peace and arms control agreements.

The 68-year-old head of state condemned what he called the constant tendency of international actors to blame Russia for wrongdoing and said it had become like a sport.

The comments came in the last half-hour of the 90-minute speech, which mainly focused on Russia’s fight against the coronavirus pandemic, as well as domestic economic and social problems.

The speech took place against the background of worsening tensions with the US and the EU and follows the recent imposition of sanctions against Russia by the Biden government for alleged cyber attacks, human rights violations and a Russian military build-up along the border with Ukraine.

During the address, protests took place across Russia in support of imprisoned Putin critic Alexei Navalny, who fell dangerously ill and was taken to a prison hospital after a hunger strike. The news sparked warnings from the US that there would be “consequences” if Russia let Navalny die in prison.

According to OVD-Info, an independent Russian NGO monitoring rallies, over 100 people have so far been arrested during the protests on Wednesday.

In addition, Russia has been accused of orchestrating an attack on a Czech arms dump in 2014, with the Czech Republic deporting 18 Russian diplomats in recent days.

Russia denies that two of its military intelligence agents – the same men believed to have carried out a nerve agent attack on a former spy in the UK in 2018 – carried out the Czech attack, but the news still added to the negative news flow surrounding Putin’s Russia .

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Entertainment

Lucy Liu Talks About Selecting Characters Deliberately

Lucy Liu could teach a seminar on what it is like to live in Hollywood on purpose. The Elementary level The actress met with other powerful women including Regina King, Samantha Bee, Jane Fonda, and New Mexico Governor Michelle Lujan Grisham on April 20 for a conversation with Emily’s List Seeking a Role That would Fit the Competitive Character of The industry outgrew and how the coronavirus pandemic made it feel stronger in the end.

Lucy’s work spans decades, including various iconic characters. As she told presenter Zerlina Maxwell, this range of roles and projects is by design. “Character selection is something I want to keep varied for myself as an artist,” explained Lucy. She tries to explore the world outside of her own “microcosm” and attaches great importance to being true to herself about everything. “We don’t just want to take on roles because we should do it because we represent a race or a people,” she continued, emphasizing that people should not lose the other facets of their identity because of their race.

“I didn’t know I was capable of that.”

Her focus on individuality extends to her personal life as well, when Lucy found her most powerful self last year amid the COVID-19 pandemic. She didn’t try to escape her responsibility. Instead, she was tested in new ways, such as taking care of her 5-year-old son Rockwell at home when things were shut down and taking care of her ailing mother who was hospitalized. Like many Millennials and Gen Xers, she found herself in a generational sandwich watching over young and old. “It has helped me learn what I am more capable of than ever,” she said. “I didn’t know I was capable of that.”

Lucy’s ability to adapt to time was learned as she grew older, both at home and at work. During the Emily’s List discussion, she stated that she was more comfortable and cared less about the competitiveness of women in Hollywood. “I don’t know how to be anything other than myself,” she said. Lucy doesn’t want to limit herself to being compared to others. She trusts the audience to know when she is performing authentically, even when she starts a project like she has never done before. This philosophy guides her career in 2021. “I have a feeling that my best job is yet to come.”

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Entertainment

Manolo Cardona Talks Season 2 of Netflix’s Who Killed Sara?

The Netflix series finale Who Killed Sara? We had more questions than answers, especially after that incredibly creepy cliffhanger. Whose body did Alex dig up in his back yard? Sara still alive? And if not, who killed them ?! Prior to the premiere of the show’s second season on May 19, POPSUGAR made a Zoom call with Manolo Cardona himself to discuss what the cast had in store for us next, and he assured me it was “explosive, unique and amazing” will be.

According to Cardona, the second season will be “bigger” and “better” than the first and full of action and excitement. “Sometimes it’s difficult to do a second better than the first, but in this case I think the second season of Who Killed Sara? is better. People liked the first one, but I think they’ll love the second season. “Without revealing too many details, Cardona explained that Alex will be thrown for another loop as he continues to search for answers about what really happened to Sara (Ximena Lamadrid) who was responsible for her death.” Lots of surprises for the audience “he teased. Although Cardona didn’t reveal exactly whose body was buried in Alex’s backyard, he said the discovery was a” very nice twist “on the plot.” It’s something the audience doesn’t expect, “he said.” A very important character is coming. “

“It will be amazing and full of surprises.”

There have been a lot of theories about who killed Sara – after all, that’s the name of the show. There is also a small chance that Sara is actually still alive, as viewers can never really see her body. Given the roller coaster ride this show has already done to us, I wouldn’t completely rule out that theory, and neither would Cardona. “It’s one of the ways,” he said. “There are a lot of rumors and a lot of suspicions and a lot of ideas that all fans of the show come up with. All I can say is that they will know what happened soon.” But the real question is: will we finally find out who killed Sara? “I’m sure the audience will have answers and let’s see what happens,” said Cardona shyly. “Chascas Jose Ignacio Valenzuela, he’s a great writer and he has great ideas and he has a lot of things ahead of him for this season … It’s going to be amazing and full of surprises.”

Now does that mean that the second season is over and on the way to Netflix, that the cast is already working on the third season? Well not exactly. Although Cardona would like to have another season, this has yet to be confirmed. “Hopefully we have the opportunity to do more, but let’s see,” he said. “I feel so blessed and grateful that we are currently number 1 on Netflix. It’s amazing. We have worked so hard all these years to make something local that goes global and that’s about us happens.” … Hopefully this is just the beginning. “

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Business

Pinterest Is Stated to Be in Talks to Purchase the Photograph App VSCO

SAN FRANCISCO – Pinterest has held talks to buy VSCO, a photo app that two knowledgeable people say has sparked social media madness among teenagers.

The discussions continue, said the people who refused to be identified because they were not allowed to speak publicly. A deal price could not be learned; Pinterest has a market cap of around $ 49 billion, while VSCO raised $ 90 million in funding and was most recently valued at $ 550 million. An acquisition cannot come about, people warned.

Representatives from Pinterest and VSCO (pronounced “vis-coe”) declined to comment on deal talks.

Julie Inouye, a spokeswoman for VSCO, said the company was focused on growing its business. We always meet with different companies across the creative space and we don’t discuss rumors or speculations, ”she said.

Pinterest and VSCO, which stands for Visual Supply Company, are part of a group of technology companies that have a strong focus on digital images and visual editing and are less reliant on social networking features. Pinterest, a digital bulletin board website released in 2019, allows users to discover and save images to inspire creative projects or plan important aspects of their lives, including home renovations, weddings, and meals.

VSCO, a 10 year old start-up, creates an app for editing and sharing pictures and videos. In 2019, it became popular with a Generation Z group known as the “VSCO Girls,” who were known for wearing Crocs and Hydro bottles. VSCO girls’ idea went viral, inspiring imitation, ridicule, memes, and Halloween costumes on social media.

For Pinterest, buying a once bustling start-up that was popular with younger viewers and has expertise in photo and video editing technologies could strengthen its core service, respondents said.

Since Pinterest went public, revenues have increased, although analysts had expected Pinterest to become profitable on a regular basis only in 2022. The company has also grown internationally.

During the pandemic, the company saw a surge in interest as people were locked down and more digital activity turned. Pinterest added 100 million monthly active users last year and now has a total of 450 million monthly active users.

The San Francisco company also faced social unrest last year. In December, she agreed to pay $ 22.5 million to settle a sex discrimination lawsuit and retaliation from her former chief operating officer, one of the largest publicly announced individual sex discrimination settlements. Two women employees of color who quit last year also publicly discussed their experiences with racist and sexist comments, wage inequalities and retaliation at the company.

VSCO was founded in 2011 and became known among younger users as a kind of anti-social network. The app has no likes, comments, or follower counts, so it seemed to put less pressure on users to build a fan base. VSCO also goes without advertising and instead makes money by charging people for additional features. Of the 100 million registered users, more than two million subscribers.

When VSCO girls became a cultural phenomenon in late 2019, investors’ interest in the start-up grew. But the fad has since cooled off. When the pandemic broke out, VSCO laid off 30 percent of its employees. In December, the company acquired Trash, a mobile video editing app, and planned to continue acquiring companies in 2021.

Categories
Politics

Car mileage tax might be on the desk in infrastructure talks, Buttigieg says

Transportation Secretary Pete Buttigieg said a vehicle mileage tax could be on the table in talks to fund the White House’s expected multi-trillion dollar infrastructure proposal.

Buttigieg, who spoke to CNBC’s Kayla Tausche on Friday, also claimed that President Joe Biden’s upcoming plans to rebuild the country’s roads, bridges and waterways would result in a net gain for the U.S. taxpayer, not a net expense .

“When you think of infrastructure, this is a classic example of the type of investment that comes out of that investment,” he said. “That is one of many reasons why we think this is so important. This is a job vision as well as an infrastructure vision, a climate vision and much more.”

He also discussed various potential revenue generating options to fund the project. He spoke fondly of a mileage levy that travelers would tax based on the distance of the trip rather than the consumption of gasoline.

“What is known as a vehicle mileage tax, or whatever you want to call it, could be one way of doing this,” he said.

Democrats have slowly moved away from a gasoline tax in favor of a mileage tax, while at the same time climate-friendly efforts have been made to encourage consumers to drive electric cars.

Pete Buttigieg speaks at the Senate Commerce, Science and Transportation nomination hearings to review his awaited nomination for Secretary of Transportation in Washington.

Ken Cedeno | Reuters

“I hear a lot of appetite that there are sustainable flows of funding,” said the transport minister. A mileage tax “is promising if we believe in what is known as the user pays principle: the idea that you pay part of our road costs depends on how much you drive.”

He added, “You hear a lot of ‘maybe’ here because all of these things need to be balanced and could be part of the mix.”

The Secretary of Transportation’s comments came as President Joe Biden prepares for detailed infrastructure proposals that could cost $ 3-4 trillion while on a trip to Pittsburgh next week.

In his presidency’s first press conference Thursday, Biden said rebuilding the U.S.’s physical and technological infrastructure was his next priority, which is vital not only to restore the economy but also to stay competitive with competitors like China.

Buttigieg added Friday that the White House is considering reviving Build America Bonds, a special class of municipal bonds first introduced in the Obama administration whose interest bills are funded by the US Treasury Department.

CNBC policy

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BABs show “great promise in terms of the way we use this type of funding. There have also been ideas about things like a national infrastructure bank.”

His remarks on Friday came a day after he asked Congress on Thursday to make a “generational investment” to improve the country’s roads, bridges and waterways and to tackle climate change and racial inequality.

“It is almost universally accepted that a larger recovery requires a national commitment to repair and remodel American infrastructure,” Buttigieg told the House Transportation and Infrastructure Committee.

Clarification: The heading of this story has been updated to take into account that these guidelines might be on the table in infrastructure talks.

Categories
Health

EU, UK in talks over provides after new export guidelines

Nursing staff is waiting for the vaccine against COVID 19 from AstraZeneca at the sports center of the University of CUS Turin on March 14, 2021 in Turin, Italy.

Stefano Guidi | Getty Images News | Getty Images

LONDON – Britain and the European Union try to settle a dispute over Covid-19 vaccine supplies shortly after EU officials announced stricter rules on the export of block-made shots.

The UK and the EU have been at odds for the past few weeks, with the latter complaining that London has not had the same level of reciprocity when it comes to distributing vaccines. The EU has said that since the end of January, more than 10 million cans produced in the EU have gone to the UK, but the UK has not exported any in return.

“We are all facing the same pandemic, and the third wave makes EU-UK cooperation even more important. We discussed what more we can do to promote a mutually beneficial relationship between the UK and the EU on Covid -19 to ensure. ” The UK government and the European Commission announced this in a joint statement on Wednesday.

“Given our interdependencies, we are working on specific steps that we can take in the short, medium and long term to create a win-win situation and expand the vaccine supply for all of our citizens,” said the UK and EU, adding in addition, these discussions would continue.

At the center of the recent dispute is the fact that the EU has received significantly fewer vaccines from AstraZeneca than expected, which puts further adoption at risk.

The Anglo-Swedish pharmaceutical company was expected to distribute around 90 million doses in the first quarter, but that number has since been reduced to 30 million doses.

Our export authorization mechanism is not regulated in any particular country.

Valdis Dombrovskis

EU head of trade

AstraZeneca, which developed its Covid vaccine in partnership with Oxford University, said yield problems at EU facilities have hampered production. So far, only 17 million doses have been distributed to EU countries, according to the European Center for Disease Prevention and Control.

EU leaders will hold a virtual summit on Thursday to discuss ways to improve supplies of Covid vaccines and improve the introduction of doses.

Export rules

EU countries suffered another setback after AstraZeneca cut its delivery target for the second quarter from 180 million to 70 million cans.

“I remind you that AstraZeneca has only fulfilled a small part of its agreed contractual obligations,” said Valdis Dombrovskis, EU chief of trade, at a press conference on Wednesday.

As a result, the European Commission decided to tighten the rules for the export of block-made vaccines. The EU executive said on Wednesday that in addition to checking that companies are performing their contracts, it also takes into account whether the country that receives vaccines made in the EU has a higher vaccination rate and better epidemiological situation overall, and whether the recipient nation has restrictions on shipping vaccines or raw materials to other locations.

For this reason, the UK could expect a lower number of imported Covid recordings in the future. It has a higher vaccination rate than the EU and, according to the EU Commission, does not share its vaccines with other nations.

“Our export licensing mechanism is not regulated in any particular country, but it is clear that we in the EU must also ensure that our own people are vaccinated,” said Dombrovskis.

British Prime Minister Boris Johnson said Wednesday that blocking vaccines made “no sense”.

Over the weekend, Italian authorities discovered 29 million doses of Oxford-AstraZeneca vaccines at a processing facility near Rome. AstraZeneca said in a statement that these shots were waiting for quality control and that 13 million should be shipped to low and middle income countries and the remaining 16 million doses to EU countries, with 10 million expected in the last week of March be sent.

“It is wrong to call this inventory. The process of making vaccines is very complex and time-consuming. In particular, vaccine doses have to wait for quality control clearance after the vials are filled,” AstraZeneca said in a statement.

Categories
Politics

In First Talks, Dueling Accusations Set Testy Tone for U.S.-China Diplomacy

ANCHOR – Even ahead of the Biden government’s first face-to-face meeting with senior Chinese diplomats on Thursday, American officials predicted the discussions would not go well. You were right: the traditional few minutes of opening greetings and remarks dissolved into more than an hour of very public verbal struggle, confirming the expected tone of confrontation between the geopolitical rivals.

US officials said the two days of talks would continue, but immediately accused the Chinese delegation of violating the format for the sensitive discussions that sought to find common ground amid the many points of conflict between them.

Yang Jiechi, China’s top diplomat, accused the United States of taking a “condescending” approach to the talks, saying the American delegation had no right to accuse Beijing of human rights abuses or to speak on the virtues of democracy.

At one point, he said the United States would do well to resolve its own “deep-seated” problems, particularly pointing out the Black Lives Matter movement against American racism. Second, after it appeared that the opening speech had ended and journalists were initially asked to leave the room to allow deeper discussions to begin, Mr. Yang accused the United States of inconsistent advocacy of a free press.

“I don’t think the vast majority of countries in the world would recognize the universal values ​​held by the United States or that the opinions of the United States could represent international public opinion,” Yang said through an interpreter. “And these countries would not recognize that the rules serve as the basis for international order for a small number of people.”

Secretary of State Antony J. Blinken seemed surprised, but took on a more determined tone. He opened the talks with an anodyne recitation of topics to be covered in the three roundtables over two days – from working together to fight climate change and fighting the pandemic to American concerns about Chinese trade policy and military aggression. Mr. Blinken also said that China’s human rights violations “threaten the rules-based order that sustains global stability.”

But after protracted comments from Mr. Yang, which American officials cited as violating an agreement that limited the opening speech to two minutes, Mr. Blinken asked about a dozen journalists to stand for his response.

In an implicit opposition to China, Mr Blinken said the United States had a long history of openly confronting its shortcomings “not trying to ignore them, not pretending that they didn’t exist, they under the rug, too sweep “. And he recalled a meeting between Joseph R. Biden Jr. and Xi Jinping more than a decade ago when both men who now run their respective countries were vice presidents.

“It is never a good bet to bet against America,” Mr Biden said at the time, according to Mr Blinken, who added: “That remains true to this day.”

When the journalists were again told to leave after the American response, Mr. Yang turned directly to the television cameras and said in English, “Wait.” He then began another lengthy criticism of US policy.

Within an hour, Beijing’s diplomats repeatedly criticized new economic sanctions that were imposed on 24 Chinese officials on the eve of the talks. “This is not how you should welcome your guests,” said Chinese Foreign Minister Wang Yi.

The sanctions punished Chinese officials who the Biden government said had undermined democracy in Hong Kong by rewriting the territory’s electoral laws and promoting the changes through the Communist Party-controlled legislature. Biden administration officials had previously said the sanctions were not deliberately planned to affect talks in Anchorage.

But they clearly insulted the Chinese diplomats, who they used as evidence that the diplomatic overture was not intended to establish ground rules for a bilateral understanding of each capital’s priorities, but rather to provide the United States with a platform on which to embarrass Beijing can be.

The title, which a high-ranking US official later described as “outstanding” by the Chinese for his domestic audience, left little doubt that little would be achieved with the diplomatic discussions.

Following an often conflicting strategy for dealing with China over the past four years, President Donald J. Trump’s desire for a trade deal opposes punishing Beijing for rampant abuse of minority Uyghurs, military aggression in regional waters and refusal to address the problem Address Immediately Challenges Coronavirus Outbreak – The Biden government has attempted a fresh approach.

The new policy towards China is largely based on economic and diplomatic competition, but is also ready to take turns working together or confronting Beijing if necessary. The discussions in Anchorage should provide a basis for this approach.

It is now unclear how much cooperation will be possible between the two nations, although it will be necessary to achieve a number of common goals, including limiting Iran’s nuclear program and North Korean weapon systems.

Senior government officials in Biden had previously joked that hopes of much progress in the talks were so low that it would be more efficient for both sides to simply fax about their respective topics of conversation.

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Politics

U.S. Tried to Restart Nuclear Talks With North Korea

The Biden government has tried to resume talks with North Korea over the fate of its nuclear program, but its overtures have not been returned, the White House press secretary confirmed on Monday.

Jen Psaki, the press secretary, told reporters in an afternoon briefing that “we reached out to North Korean officials” but hadn’t heard from them, and confirmed a Reuters report over the weekend.

“We have a number of channels that we can reach as always,” said Ms. Psaki. “We also focus on advising many former government officials involved in North Korea policy, including several previous administrations. We have and will continue to work with our Japanese and South Korean allies to seek input and explore new approaches. We listened to their ideas carefully. “

“Diplomacy is always our goal,” said Ms. Psaki. “Our goal is to reduce the risk of escalation. However, so far we have not received a response. “

Mr Biden took office in the face of the increasing threat of nuclear proliferation around the world, including North Korea, which has expanded its arsenal of missiles, including those that could reach the United States.

His predecessor Donald J. Trump cultivated a personal relationship with North Korean leader Kim Jong-un – including being the first American president in 70 years of conflict and conflict to meet in person with a North Korean head of state – to advance disarmament. These efforts failed. North Korea continued to develop new weapons. A North Korean official said last summer that hopes for peace with South Korea and the United States had “turned into a dark nightmare.”

Mr Biden discussed the North Korean issue with South Korean President Moon Jae-in in early February and agreed to “closely coordinate” the matter, according to a reading of the appeal by the White House.

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Politics

Biden Administration Formally Presents to Restart Nuclear Talks With Iran

WASHINGTON – The United States took a major step on Thursday to restore the Iranian nuclear deal abandoned by the Trump administration, offering to join European nations in the first substantial diplomacy with Tehran in more than four years, government officials from Biden said.

In a series of moves aimed at delivering on one of President Biden’s key election promises, the administration stepped back on the Trump administration’s efforts to restore United Nations sanctions against Iran. These efforts had separated Washington from its European allies.

At the same time, Foreign Minister Antony J. Blinken announced on Thursday morning in a call to European Foreign Ministers that the United States would work with them to restore the 2015 nuclear deal with Iran, which he described as “an important achievement of” multilateral diplomacy. “

Hours later, Enrique Mora, the European Union’s Deputy Secretary-General for Political Affairs, appealed to the original signatories of the nuclear deal to save it from a “critical moment”.

“Intensive discussions with all participants and the USA,” said Mora on Twitter. “I am ready to invite you to an informal meeting to discuss the way forward.”

However, it was unclear whether the Iranians would agree. The first barrier to business recovery can be a politically sensitive dance about who goes first. The Biden government has other goals, including expanding and deepening the deal to curb Iran’s growing missile capability and continued support for terrorist groups and the Syrian government of Bashar al-Assad.

Mr Biden has announced that he will only lift the sanctions imposed by President Donald J. Trump if Iran returns to the limits of nuclear production observed until 2019.

Under the original 2015 deal, Iran shipped 97 percent of its nuclear fuel out of the country and agreed on tough restrictions on new production, which would essentially ensure that it would take a year or more to produce enough material for a single weapon to produce. In return, the world powers lifted international sanctions that had stifled the Iranian economy. But when he took office, Mr Trump unilaterally restored American sanctions, arguing that the deal was flawed.

Iran said the United States was the first to violate the 2015 nuclear deal, and it would not be brought back into line until America reversed course and allowed it to sell oil and do banking all over the place World perform. A senior official in the Biden government said Thursday evening that closing this loophole would be a “painstaking” process.

The announcement will open a number of delicate diplomatic offers. A State Department official said the United States had no indication of whether Iran would accept the offer and warned that the prospect of a meeting was a first step in a long, difficult process to restore the nuclear deal.

The new Washington

Updated

Apr. 18, 2021, 6:10 p.m. ET

The offer comes days ahead of the Sunday date when Iran announced it would prevent international inspectors from visiting undeclared nuclear facilities and conducting unannounced nuclear site inspections if the US does not lift sanctions re-imposed by the Trump administration.

Such inspections, mandated by the nuclear deal, are vital to the understanding of the international community of Iran’s progress toward weapons capability. The State Department official said Thursday’s meeting was not specifically designed to prevent Iran from taking this step, as the United States would not offer a concession to forestall an action Iran has absolutely no reason to take .

The official also did not offer details of what proposals the United States might bring to initial meetings with Iran and the Europeans.

Sparring about who moves first will only be the first of many hurdles. And with a presidential election in Iran just four months away, it was not clear whether the country’s top leader Ayatollah Ali Khamenei and the country’s political and military leadership would fully support reintegration into the United States.

A second senior government official from Biden said the negotiations would take place if other world powers, including China and Russia, were part of them. This left the question unanswered as to whether regional powers excluded in the last agreement – Saudi Arabia, Israel and the United Arab Emirates – would play a role.

The State Department said Iran must return to full compliance with the deal before the United States lifted a series of US economic sanctions that Mr Trump has imposed on Tehran and paralyzed the Iranian economy, as the Biden administration has stressed.

Until then, the Biden government with good reason withdrew its demand last fall that the United Nations Security Council enforce international sanctions against Iran for violating the original 2015 agreement that restricted its nuclear program.

Almost every other nation had rejected the Trump administration’s insistence that the United States could invoke the so-called snap-back sanctions because it was no longer part of the deal.

In addition, the Biden government is lifting travel restrictions on Iranian officials wishing to travel to the US to attend UN meetings, said the official, who spoke on condition of anonymity before announcing the measures.

Iranian Foreign Minister Mohammad Javad Zarif said on Twitter that Tehran is waiting for American and European officials to “demand an end to Trump’s legacy of #EconomicTerrorism against Iran”.

“We will be following ACTION w / action,” tweeted Mr Zarif.

When asked whether the United States had preliminary diplomatic communication with Iran, the State Department official did not specifically respond, simply saying that the government had consulted extensively on the issue.

European officials who more than a year ago officially accused Tehran of violating the agreement by collecting and enriching nuclear fuel beyond the limits of the agreement had largely been left to cohesion. In the hope that the deal will be restored once Mr Trump resigns, officials in the UK, France and Germany have since delayed enforcing a dispute mechanism to punish Iran for repeated violations of the deal.

Categories
Business

Hyundai, Kia shares fall; say not in talks to develop Apple automobile

A Hyundai Motor logo can be seen on a glass door in a corporate branch in Seoul on July 23, 2015

Jung Yeon-Je | AFP | Getty Images

South Korean automakers Hyundai Motor and Kia Motors said Monday they were not in talks with Apple to develop an autonomous vehicle.

Hyundai Motor stock fell 6.41% on Monday morning in South Korea, while Kia Motors stock fell 13.2%. Other subsidiaries such as Hyundai Wia, Hyundai Mobis and Hyundai Glovis also fell sharply.

“Hyundai Motor is receiving requests from several companies to collaborate on the joint development of autonomous electric vehicles, but nothing has been decided as it is in the early stages,” the company said, according to a CNBC translation of a regulatory filing.

“Hyundai Motor is not in talks with Apple about autonomous vehicle development,” he added.

Subsidiary Kia Motors, the second largest automobile manufacturer in South Korea after Hyundai, submitted a similar report. The company is currently evaluating the prospect of working with “multiple companies overseas” on autonomous electric vehicles, but nothing has been decided yet.

Kia Motors also said it was not in talks with Apple.

Hyundai initially said it was in early talks with Apple last month, but later revised the statement and made no mention of the iPhone maker. This led to a surge in the shares of Hyundai and its affiliates, including Kia Motors, at the time.

This month, CNBC reported that Apple is on the verge of signing a deal with Hyundai-Kia to manufacture an Apple-branded autonomous electric vehicle at the Kia assembly plant in West Point, Georgia. Sources told CNBC’s Phil LeBeau that an agreement has not yet been reached and that Apple may ultimately decide to work separately or in addition to Hyundai with another automaker.

Stocks can keep falling

According to Sung Yop Chung, private investors have had Hyundai Motor and Kia shares valued at approximately 915.7 billion won (817 million US dollars) and 798.8 billion, respectively, since January 8th speculation about a possible collaboration with Apple Won (around $ 713 million). Regional Head of Automobiles and Components at Daiwa Capital Markets.

“After the negative sentiment from both (Hyundai Motor) and Kia’s filing this morning highlighting that there is currently no EV collaboration with Apple, worst case scenario suggests Kia’s shares could correct up to 31%” he told CNBC’s Chery Kang.

Speculation about Apple’s entry into the auto business has been rife for several years, but nothing specific has occurred.

Some Wall Street analysts see the automotive industry as a new market for Apple to grow into, but others caution against the reality of making an Apple-branded car as it could potentially mean high investments for low margins.

– CNBC’s Chery Kang contributed to this report.