Trump's decision to strike Iran will 'change history': Netanyahu
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Trump's decision to strike Iran will 'change history': Netanyahu
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CNA
an hour ago
- CNA
Japan's yen sinks as spike in crude oil overpowers safe-haven appeal
TOKYO :The Japanese yen, normally one of the most sought after safe havens in times of geopolitical stress, has dropped 2.4 per cent against the U.S. dollar and 1.4 per cent against the Swiss franc since Israel launched missile attacks against Iranian nuclear and military targets on June 13. CONTEXT Japan imports almost all its oil, meaning the spike in crude since the start of the conflict threatens to worsen the country's trade balance, diminishing the yen's appeal. When Russia invaded Ukraine on February 24, 2022, the yen weakened against the dollar on the same day and then lost some 11.5 per cent over March and April. WHY IT'S IMPORTANT Speculative positioning is still heavily skewed towards a stronger yen, potentially foreshadowing a major shift by hedge funds as they cover those positions. The yen exchange rate has a knock-on effect for Japanese stocks as well, with a weaker yen tending to support the market because it increases the value of overseas revenue for the country's heavyweight exporters. However, the effect may be short-lived because of the jump in manufacturing costs from higher energy prices. For Japan's unpopular government too, a weak yen fans inflation when people are already struggling with higher prices, particularly for rice. That's not a good omen ahead of crucial upper house elections next month. KEY QUOTES "A rise in crude oil prices causes a deterioration not only in Japan's trade balance but also its terms of trade, so it fundamentally acts to weaken the yen," Citi analysts wrote in a recent client note, while reiterating forecasts for the yen to weaken to 150 per dollar by September. With the Bank of Japan also striking a dovish posture at last week's policy meeting, the compounded downward pressure on the yen from oil's rally could be amplified, they said.
AsiaOne
an hour ago
- AsiaOne
Iran issues stark warning to Trump 'the gambler': We will end this war, World News
ISTANBUL/WASHINGTON/JERUSALEM — Iran said on Monday (June 23) that the US attack on its nuclear sites expanded the range of legitimate targets for its armed forces and called US President Donald Trump a "gambler" for joining Israel's military campaign against the Islamic Republic. Ebrahim Zolfaqari, spokesperson for Iran's Khatam al-Anbiya central military headquarters, said the US should expect heavy consequences for its actions. "Mr Trump, the gambler, you may start this war, but we will be the ones to end it," Zolfaqari said in English at the end of a recorded video statement. Iran and Israel traded air and missile strikes as the world braced for Tehran's response to the US attack on its nuclear sites over the weekend, which Trump suggested could lead to the overthrow of the Iranian government. Commercial satellite imagery indicated Saturday's attack on Iran's Fordow nuclear plant far underground had severely damaged or destroyed the site and the uranium-enriching centrifuges it housed, but its status remained unconfirmed, experts said. In his latest social media comments on the US strikes, Trump said: "Monumental Damage was done to all Nuclear sites in Iran." "The biggest damage took place far below ground level. Bullseye!!!" he wrote on his Truth Social platform. Trump earlier called on Iran to forgo any retaliation and said the government "must now make peace" or future attacks would be "far greater and a lot easier", fuelling global concern about further escalation of conflict in the Middle East. The US launched 75 precision-guided munitions including bunker-buster bombs and more than two dozen Tomahawk missiles against three Iranian nuclear sites, the chairman of the Joint Chiefs of Staff, General Dan Caine, told reporters. The UN nuclear watchdog, the International Atomic Energy Agency, said no increases in off-site radiation levels had been reported after the US strikes. Rafael Grossi, the agency's director general, told CNN that it was not yet possible to assess the damage done underground. A senior Iranian source told Reuters that most of the highly enriched uranium at Fordow had been moved elsewhere before the attack. Reuters could not immediately corroborate the claim. Tehran, which denies its nuclear programme is for anything other than peaceful purposes, launched a volley of missiles towards Israel in the aftermath of the US attack, wounding scores of people and destroying buildings in Tel Aviv. But it has not acted on its main options for retaliation, to attack US bases or choke off the 20 per cent of global oil shipments that pass through the Strait of Hormuz. Attempting to strangle the strait could send global oil prices skyrocketing, derail the world economy and invite conflict with the US Navy's massive Fifth Fleet based in nearby Bahrain. Oil prices jumped on Monday to their highest since January. Brent crude futures were up US$1.11 (S$1.43) or 1.44 per cent to $78.12 a barrel as of 6.53am GMT (2.53pm SGT). US West Texas Intermediate crude advanced $1.08 or 1.45 per cent to $74.87. [[nid:719352]]
CNA
2 hours ago
- CNA
UK aircraft carrier docks at Marina Bay Cruise Centre as part of eight month Indo-Pacific deployment
SINGAPORE: As a military band played and schoolchildren waved British and Singapore flags, British aircraft carrier HMS Prince of Wales sailed into the history books on Monday (Jun 23) as the first warship to dock at the Marina Bay Cruise Centre. Singapore is the first formal port call in the region for the carrier which is on an eight-month Indo-Pacific deployment. It is the flagship of a strike group comprising five core ships, 24 jets and 17 helicopters. Some other vessels in the strike group are docked at naval bases around Singapore. While the warship is at Marina Bay Cruise Centre, it will host Singapore officials and industry leaders from 'defence and security, trade and business, and science and research sectors', said the British High Commission in a press release. Planned activities include a "defence and security industry day" held at the carrier's hangar, as well as a friendly e-sports tournament with military personnel from the UK, Singapore and the Singaporean e-sports community competing in a 'specially installed onboard gaming facility'. Britain's Secretary of State for Science, Innovation and Technology Peter Kyle, its Vice Chief of the Defence Staff General Sharon Nesmith, and Attorney General Lord Richard Hermer will also be in Singapore during the visit. British High Commissioner to Singapore Nik Mehta said the strike group's visit symbolises the UK's 'enduring commitment' to the Indo-Pacific region and its 'strong partnership' with Singapore. 'As we celebrate 60 years of diplomatic relations between the UK and Singapore, the timing of this visit could not be more fitting,' he said. 'Through our engagements with Singaporean and regional partners over the coming days, we will strengthen our defence cooperation, explore new avenues for trade and innovation, and reaffirm our shared vision for security and prosperity across the Indo-Pacific." The British High Commission said that 'growth' is at the heart of the group's visit to Singapore. 'Events hosted on board the carrier are aimed at connecting UK and Singaporean stakeholders in the areas of defence and security, science and technology, business and investment,' said the release. A "LONG-TERM STRATEGIC POSTURE" HMS Prince of Wales has a flight deck 70m wide and 280m long – enough space for three football pitches – and is one of the British Royal Navy's two Queen Elizabeth Class aircraft carriers. The carrier set off from Britain in April for Operation Highmast, a deployment which involves around 4,000 UK military personnel, including 2,500 from the Royal Navy, 592 from the Royal Air Force, and about 900 from the British Army. The deployment involves 30 countries through exercises, operations and visits across the Mediterranean, Middle East, and the Indo-Pacific. This includes exercises with the United States, India, Singapore, and Malaysia. "The UK is one in a small group of countries with the capability to lead a deployment of this scale, demonstrating its unwavering commitment to maintaining the international rules-based system. The deployment is a further demonstration of the UK's unwavering commitment to the Indo-Pacific," said the British High Commission. "The UK is clear that the security and prosperity of the Indo-Pacific is indivisible from that of the Euro-Atlantic – and our commitment to this region is a generational mission, a long-term strategic posture."
