Latest news with #Ir
New Straits Times
2 days ago
- Business
- New Straits Times
Petronas expands digital infrastructure to boost Malaysia's E&P investment
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), through Malaysia Petroleum Management (MPM), yesterday formalised memoranda of understanding (MoUs) at Energy Asia 2025. These MoUs reflect Petronas' commitment to global collaboration and forward-looking innovation to enhance Malaysia's positioning as a high-value, agile and investment friendly upstream environment. The MoUs involve collaborations with Amazon Web Services, SLB, Halliburton, Microsoft, Accenture, Iraya Energies, Rystad Energy Advisory Asia Pacific and S&P Global Commodity Insights. These partnerships mark a significant step in Malaysia's upstream digital transformation journey, designed to accelerate investor's decision-making through advanced technologies focusing on Agentic artificial intelligence and high-performance computing. Senior Vice President of MPM, Datuk Ir Bacho Pilong, said, "At Petronas, we believe that by embracing digital intelligence and strategic partnerships, we are enhancing Malaysia's Exploration and Production (E&P) competitiveness, creating an investment environment anchored on pace, data-reliability and transparency. We are elevating our web-based E&P data platform, Petronas myPROdata to support future Malaysia Bid Rounds." He added, "These partnerships are also about reshaping the way we work, unlocking new value through technology, enabling better investment decisions and strengthening Malaysia's appeal to global energy players." Petronas remains committed to ensuring an optimal and sustainable energy supply, with MPM playing a pivotal role in managing petroleum arrangements and providing stewardship for upstream petroleum activities in Malaysia.
CNBC
2 days ago
- Business
- CNBC
How oil will react if U.S. bombs Iran and other scenarios, according to JPMorgan
U.S. or Israeli military action that leads to regime change in OPEC member Iran would have a profound impact on the global oil market, according to JPMorgan. "If history serves as a guide, further destabilization of Iran could lead to significantly higher oil prices sustained over extended periods," Natasha Kaneva, head of global commodities research at JPMorgan, told clients in a note published Wednesday. Pressure is mounting on Iran's supreme leader, Ayatollah Ali Khamenei, as President Donald Trump considers joining Israel's air campaign against the Islamic Republic's nuclear sites. Trump demanded Iran's unconditional surrender on Tuesday, threatening Khamenei's life in a social media post. Israel sought to assassinate Khamenei in the opening days of its military operation, but Trump vetoed the plan, a U.S. official told NBC News. 'Profound impact' Regime change in oil-producing nations such as Iran "can have a profound impact" on the country's oil policy, production and global prices in the short and long term, Kaneva said. Iran is the third-largest producer in OPEC and exports about 1.6 million barrels of crude per day. Eight major regime changes have occurred in major oil producing countries since 1979, with crude prices spiking about 76% at their peak compared to pre-crisis levels, according to JPMorgan. Oil prices eventually stabilized at levels about 30% higher compared to before the crisis, the bank said. Supply losses in the wake of a regime change "are challenging to recover quickly, further supporting elevated prices," Kaneva said. Oil prices, for example, spiked dramatically in the wake of the 1979 Iranian revolution that overthrew Shah Mohammad Reza Pahlavi and brought the Islamic Republic under Ayatollah Ruhollah Khomeini to power. Iran's crude oil exports plummeted by 4.8 million barrels per day by January 1979, according to JPMorgan. OPEC compensated for some of the lost supply from Iran but prices still rose, more than doubling to $34 per barrel by the middle of 1980 and causing a worldwide economic recession, according to JPMorgan. Today, Iranian crude oil production stands at 3.3 mbd, "significantly below the volumes seen before the revolution" of 1979. Fleeting spike The current spike in oil prices might not last in the absence of major political upheaval in Iran. Oil shocks in response to conflicts involving Israel are usually short lived, with prices returning to fair value fairly quickly, with the exception of the 1973 Yom Kippur war that led to the Arab oil embargo, according to JPMorgan. The risk of Iran blocking the Strait of Hormuz is "very low" because the U.S. would consider it an act of war, according to the bank. The U.S. Fifth Fleet is based in Bahrain across the Persian Gulf from Iran, tasked with protecting commercial shipping, the bank said. About one-fifth of the world's oil passes through the narrow strait between Iran and Oman. The oil market has so far remained relatively calm in response to the current Iran-Israel conflict, with prices gaining about 10% since Israel's air campaign began last Friday.
Newsweek
5 days ago
- Politics
- Newsweek
Israel Says Goal Is Not Iran Regime Change as Trump Vetoes Ayatollah Strike
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Israeli Foreign Minister Gideon Sa'ar said in an interview with CNN on Sunday said that his country's goal is not regime change even as Israel's forces expand their strikes in Iran. The admission follows the revelation that President Donald Trump had vetoed Israel's plan to target Iran's Supreme Leader Ayatollah Ali Khamenei, according to Reuters. Newsweek reached out to the U.S. Department of State for comment outside of normal business hours through submission form. Why It Matters Israel struck Iran with a wave of airstrikes overnight on Thursday U.S. time, which it described as a "preemptive" offensive based on "high-quality intelligence" that Iran was close to developing a nuclear weapon. The strikes hit a variety of Iranian targets, including military personnel and nuclear scientists, in what Israeli leadership has called "Operation Rising Lion." Israel's strikes have killed at least 406 people in Iran and wounded another 654, according to a human rights group that has long tracked the country, Washington-based Human Rights Activists. Iran's government has not offered overall casualty figures. Israel has said 14 people have been killed since Friday and 390 have been wounded, the Associated Press reported. Khamenei condemned the attacks and promised to retaliate, saying Israel had "sealed for itself a bitter and painful destiny." Iran's military vowed a "crushing response," according to the state-run IRNA news agency, and fired salvos of missiles and drones at sites and cities across Israel. Iranian officials have always denied seeking a nuclear weapon. The United States and Iran have held five rounds of negotiations regarding the country's nuclear program, with a sixth round scheduled for Sunday that ultimately did not happen as Israel and Iran each continue to carry out attacks on each other. Rocket trails are seen in the sky above the Israeli coastal city of Netanya amid a fresh barrage of Iranian missile attacks on June 15. Inset: Iranian Supreme leader Ali Khamenei during the Friday prayer... Rocket trails are seen in the sky above the Israeli coastal city of Netanya amid a fresh barrage of Iranian missile attacks on June 15. Inset: Iranian Supreme leader Ali Khamenei during the Friday prayer ceremony on October 4, 2024, in Tehran, Iran. More Jack Guez/AFP via Getty Images // Iranian Leader's Press Office - Handout/Getty Images What To Know Speaking with CNN anchor Bianna Golodryga, Sa'ar insisted that his country's goal is not to force regime change in Iran, saying, "The security Cabinet had decided on the objectives," and that regime change "was not one of the objectives." "This is for the Iranian people to decide," Sa'ar said. "We, Israel, don't see the Iranian people as our enemies. We had great relations with Iran until 1979 until the Islamic Revolution, when a very fanatic and barbaric regime came to power. And these are the people that chant 'Death to America,' 'Death to Israel.' And they put as an objective to eliminate the State of Israel." "It's not for us to decide: That's for the Iranian people to act or to do what they want to do," Sa'ar added. "We took as an objective the nuclear program, the ballistic missiles program, the elimination program. It's all things we must stop and create the conditions for moves afterwards that also will able to achieve these objectives." When asked about what kind of advanced notice the U.S. had about the attack, Sa'ar said Israel had informed the Trump administration that "we are going to act," which occurred after the U.S. and Iran had an opportunity to reach a diplomatic solution. He accused Iran of wanting to just "waste time and continue" pushing forward their nuclear plans "even during negotiations." "Iran is in a situation of non-compliance. They breach everything they were committed to," Sa'ar said, noting that Iran's foreign minister had cancelled his interview with CNN, which would have immediately followed Sa'ar's own. "After all other options are gone, we must take care of our security and of our existence. Of course, we informed the US as friends and allies that we are going to operate," he said. Meanwhile, Trump wrote in a Saturday social media post that the U.S. "had not nothing to do with the attack on Iran, tonight." Iran has said it believes the U.S. is involved. Israeli officials have reportedly asked the Trump administration to join in on efforts to attack Iran, with Iran's nuclear program having long been a focal point of U.S. and Israeli concern. Trump talked to ABC News' Rachel Scott on Sunday about the matter, saying, "We're not involved in it. It's possible we could get involved. But we are not at this moment involved." Trump Rejected Israeli Plan to Kill Khamenei Reports on Sunday from the Wall Street Journal and Reuters revealed that Israel had attempted to execute a plan to take out Khamenei, but that Trump put a stop to it. Both outlets cited unnamed senior U.S. administration officials. One of the sources told Reuters: "Have the Iranians killed an American yet? No. Until they do we're not even talking about going after the political leadership," underscoring the U.S. desire to keep distance from the conflict. An unnamed U.S. official on Sunday told CNN that Trump did indeed reject the plan to assassinate Khamenei. Israel had the chance to kill Khamenei, but Trump opposed the plan, which prevented Israel from pursuing the opportunity. A second source told the outlet that Trump's opposition comes from a desire to avoid another protracted and involved war in the Middle East. However, Israeli Prime Minister Benjamin Netanyahu during an interview on Sunday with Fox News said: "There's so many false reports of conversations that never happened, and I'm not going to get into that." He added: "But I can tell you, I think that we do what we need to do, we'll do what we need to do. And I think the United States knows what is good for the United States." Photo taken after an explosion in downtown Tehran amid Israel's two-day campaign of strikes against Iran on June 15. Photo taken after an explosion in downtown Tehran amid Israel's two-day campaign of strikes against Iran on June 15. Khoshiran/Middle East Images/AFP via Getty Images What People Are Saying President Donald Trump wrote on Truth Social: "Iran and Israel should make a deal, and will make a deal, just like I got India and Pakistan to make, in that case by using TRADE with the United States to bring reason, cohesion, and sanity into the talks with two excellent leaders who were able to quickly make a decision and STOP! Also, during my first term, Serbia and Kosovo were going at it hot and heavy, as they have for many decades, and this long time conflict was ready to break out into WAR. I stopped it (Biden has hurt the longer term prospects with some very stupid decisions, but I will fix it, again!). Another case is Egypt and Ethiopia, and their fight over a massive dam that is having an effect on the magnificent Nile River. There is peace, at least for now, because of my intervention, and it will stay that way! Likewise, we will have PEACE, soon, between Israel and Iran! Many calls and meetings now taking place. I do a lot, and never get credit for anything, but that's OK, the PEOPLE understand. MAKE THE MIDDLE EAST GREAT AGAIN!" Israeli Prime Minister Benjamin Netanyahu said in a video address on Friday: "More is on the [Tehran] regime doesn't know what hit them. They don't know [what] will hit them." What Happens Next? Israel and Iran have shown no indication of decreasing their exchange of missiles, with more to follow as the U.S. seeks de-escalation and an end to the current conflict. This article included reporting by The Associated Press.
Mint
31-05-2025
- Automotive
- Mint
The Elon Musk you did not know: From Tony Stark connection to launching a perfume
The world's richest man, Elon Musk, is well known as the owner of Tesla, the electric car maker, and SpaceX, his private space company. He also took over the social media platform Twitter, renaming it X. Until recently, Musk worked within the US government as head of the Department of Government Efficiency - known as DOGE - which was part of Donald Trump's dispensation. After nearly 130 days in the role, Musk announced his departure from the department. His time there and his close ties with Trump kept him in the headlines more than ever. But there are many lesser-known facts about the billionaire entrepreneur, according to a report by Sky news. At just 12 years old in the early 1980s, Musk created a video game called Blastar. Using coding skills he had learned from the age of nine, Musk designed a game where players used their keyboard to shoot alien spaceships. By 1984, the game was sold to PC and Office Technology magazine for $500 (£371) and appeared in their December issue. Read | Elon Musk 'willingly accepted outrageous abuse because…': Donald Trump bids DOGE head farewell | Top 10 points Musk's talent for business showed early. In 1995, at 24, he and his brother Kimbal started their first company, Zip2, which developed online city guides for newspapers. The business began with just $28,000 (£20,000) but was sold for nearly $300 million (£222 million) in 1999. Before the sale, Musk and his brother were almost broke and slept on their office floor—something Musk later repeated in Tesla's early days. He earned $22 million from the sale and bought a McLaren F1 sports car. He told CNN, 'Just three years ago I was sleeping on the office floor, and now I've got a million-dollar car.' Not all Musk's ventures have been long-lasting. In 2022, he launched a perfume called Burnt Hair, described on The Boring Company's website as 'the essence of repugnant desire.' The scent was priced at $100 (£74) a bottle and sold 10,000 bottles within hours, earning Musk a million dollars. He joked, 'With a name like mine, getting into the fragrance business was inevitable - why did I even fight it for so long!?' The perfume is no longer available on the company's website. Besides perfume, Tesla released tequila in 2020 and Musk even sold limited edition Tesla short shorts as a playful challenge to investors betting against the company. Read | Black spot near Elon Musk's eye raises speculations amid reports of drug use Before Twitter became X, Musk founded an online banking and financial service company. The platform merged in 2000 with Confinity, which was co-founded by Peter Thiel and Max Levchin, and was later renamed PayPal. Musk served as PayPal's CEO but was ousted after disputes over the company's direction. eBay bought PayPal in 2002 for $1.5 billion (£1.4 billion). In 2017, eBay sold the domain back to Musk. Read | 'Did Elon Musk get punched?' His bruised eye at Oval Office baffles netizens Musk's life inspired Hollywood. The screenwriter of Iron Man, Mark Fergus, said the character Tony Stark was partly based on Musk, alongside Donald Trump and Apple's Steve Jobs. 'Musk took the brilliance of Jobs with the showmanship of Trump. He was the only one who had the fun factor and the celebrity vibe and actual business substance,' Fergus told New York Magazine. Musk even made a cameo appearance in Iron Man 2 in 2010. Despite popular belief, Musk did not start Tesla. The company was founded in 2003 by Martin Eberhard and Marc Tarpenning. Musk was an early investor and became Tesla's fourth CEO in 2008, shortly after the first Tesla Roadster was launched. He is credited with taking Tesla onto the global stage. After buying Twitter for $44 billion in 2022 and renaming it X, Musk has been working to create an 'everything app.' He wants X to be like WeChat in China, offering messaging, payments, social media, business services and more. X's chief executive Linda Yaccarino said 2025 would be the year X 'connect [s] you in ways never thought possible,' with features like X TV, X Money, and Grok. In January, Musk announced a partnership with Visa to allow users to move money between traditional banks and an X digital wallet, making payments to friends easier.
29-05-2025
- Politics
State Department notifies Congress of reorganization plan with bigger cuts to programs and staff
WASHINGTON -- The State Department on Thursday notified Congress of an updated reorganization of the massive agency, proposing cuts to programs beyond what had previously been revealed by Secretary of State Marco Rubio and a steeper 18% reduction of staff in the U.S. The planned changes, detailed in a notification letter obtained by The Associated Press, reflect the Trump administration's push to reshape American diplomacy and scale back the size of the federal government. The proposal includes an even higher reduction of domestic staff than the 15% initially floated in April. The department also is planning to eliminate some divisions tasked with oversight of America's two-decade involvement in Afghanistan, including an office focused on resettling Afghan nationals who worked alongside the U.S. military. The letter sent to Congress by the State Department notes that the reorganization will affect more than 300 bureaus and offices 'to refocus on core U.S. foreign policy objectives and the needs of contemporary diplomacy.' The department says it's eliminating offices it describes as doing unclear or overlapping work and that Rubio 'believes that effective modern diplomacy requires streamlining this bloated bureaucracy.' The document is clear that the reorganization also is intended to eliminate programs, particularly those related to refugees and immigration as well as human rights and democracy promotion, that the Trump administration believes have become ideologically driven in a way that is incompatible with its priorities and policies. It says, without evidence, that such offices 'have proven themselves prone to ideological capture and radicalism.' Some of the bureaus set to be cut include the Office of Global Women's Issues and the State Department's diversity and inclusion efforts, which have been eliminated government-wide under Trump. The letter says the women's issues office is being eliminated to 'ensure that promoting women's rights and empowerment is a priority across the full scope of the Department's diplomatic engagement.' Efforts to cut the department's Afghan programs received immediate backlash from veterans groups and advocates who have spent the last three and a half years since the U.S. withdrawal from Afghanistan working to resettle and integrate Afghans into life in the U.S. 'This is not streamlining,' said Shawn VanDiver, a Navy veteran and head of #AfghanEvac. 'This is deliberate dismantling.' CARE, which stands for the Coordinator for Afghan Relocation Efforts, was created in October 2021 in the aftermath of the withdrawal. The office was designed to help Afghans, like interpreters who aided the U.S. military, who were eligible for resettlement in the U.S. due to their work helping America during the war. The State Department notification says its work will be 'realigned' to the Afghanistan Affairs Office. Over time, CARE was credited with streamlining visa and immigration processes that many people helping Afghans and Iraqis, who benefited from similar resettlement programs, said were overly bureaucratic, opaque and left at-risk Afghans waiting for far too long on programs specifically intended to help them. In December, then-President Joe Biden signed the National Defense Authorization Act, which included a provision authorizing the CARE office for three years, but ever since President Donald Trump took office, concerns have loomed over the office's future. 'Eliminating it — without public explanation, transition planning, or reaffirmation of mission — is a profound betrayal of American values and promises,' VanDiver added.
