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Fire at Iran's largest oil refinery kills one in country's southwest

Fire at Iran's largest oil refinery kills one in country's southwest

The Hindu5 days ago
A fire at Iran's oldest and largest refinery in the southwest killed one person, state media reported Sunday (July 20, 2025).
A leaky pump in an under-repair unit at Abadan refinery caused the fire on Saturday (July 19, 2025), killing a worker, according to the state-owned IRNA newspaper. Firefighters put out the blaze in two hours, and operations remained unaffected, the report said.
Iran's deputy parliament speaker, Ali Nikzad, confirmed Sunday (July 20, 2025) that some workers were also injured, media outlets said.
Abadan oil refinery, some 670 km from the capital Tehran, began its operation in 1912. It is the biggest in the Islamic Republic, producing about 25% of the country's fuel with more than 5,200,000 barrels of oil refined daily.
Several fires have broken out across Iran over the past week at residential and commercial buildings, with authorities saying gas leaks and electrical short-circuiting were to blame.
Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales.
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Kremlin's New Cryptocurrency: How A7A5 Could Help Russia Evade Sanctions
Kremlin's New Cryptocurrency: How A7A5 Could Help Russia Evade Sanctions

NDTV

time19 minutes ago

  • NDTV

Kremlin's New Cryptocurrency: How A7A5 Could Help Russia Evade Sanctions

Russia could be turning to a new cryptocurrency called A7A5 to allow money to flow in and out of the country and avoid Western sanctions, experts have told AFP. Multiple rounds of international sanctions have been imposed on Moscow since its February 2022 invasion of Ukraine seeking to ramp up economic pressure to halt the war. But the launch of A7A5 in February this year opened up an alternative payment method for Russian businesses and individuals to sidestep sanctions when trading with foreign partners, the UK-based non-profit Centre for Information Resilience (CIR) said in a report. A7A5 is a stablecoin -- a form of cryptocurrency backed by traditional assets -- in this case pegged to the ruble, making it harder for Western authorities to monitor than dollar-based alternatives. It was launched by a pro-Russian Moldovan oligarch and a Russian state-owned bank as "the first ever ruble-pegged stablecoin," George Voloshin from anti-money laundering group ACAMS told AFP. While it is not widely used yet, experts say its creation marks a significant step in Russia's efforts to reduce its dependence on major crypto companies -- many of which cooperate with Western governments. Russian stablecoin Since Russia was kicked out of the international banking system SWIFT and hit with asset freezes and investment bans, Moscow has already turned to crypto to sidestep financial restrictions imposed by the United States and its allies. Stablecoins are especially attractive because they are less volatile than other cryptocurrencies. People have also used cryptocurrency to donate directly to both the Ukrainian army and Russian militias, according to several analytics firms such as Elliptic. But Russia has faced a problem: USDT, the most popular stablecoin, is tied to the US dollar and controlled by a company called Tether, which cooperates with US and European authorities. Earlier this year, Tether blocked $28 million in USDT held in wallets on Garantex, Russia's largest crypto exchange, which was shut down following a global crackdown on illegal transactions. "That was a real wake-up call" for Russia, said Elise Thomas, senior investigator at CIR. "It made them think that they need their own stablecoin, they need something that they control," she added. Just before Garantex was shut down, tens of millions of dollars were moved from USDT into A7A5, according to data from crypto tracking firm Global Ledger. How it works A7A5 is backed by deposits in Promsvyazbank, a Russian bank under sanctions for its ties to the government and the military. The coin is traded on Grinex, a crypto exchange based in Kyrgyzstan -- a country seen as friendlier to Russian interests and less vulnerable to Western pressure. A7A5 is also registered in Kyrgyzstan rather than Russia because the country offers a crypto-friendly legal environment and is less exposed to "sanctions and other economic pressures," project director Leonid Shumakov said in an interview posted online. Less than six months after its launch, around $150 million is now held in A7A5. These transactions are not necessarily illegal, but they could become problematic if used by sanctioned individuals or entities to reconnect with the global financial system, warned ACAMS's Voloshin. The man behind the A7 group, which developed A7A5, is Ilan Shor, a Moldovan businessman and politician now living in Russia. Investigators found links between A7A5 and Shor's political activities in Moldova, including websites related to both sharing the same IP address. These findings have suggested that the cryptocurrency could be used as a tool for political influence. Shor and his company have already been sanctioned by the UK, and more recently by the European Union, which accused them of trying to meddle in Moldova's 2024 presidential election and its referendum on joining the EU -- all while keeping close ties with Moscow.

ITC bets on new growth engines, expands food-tech and wellness play
ITC bets on new growth engines, expands food-tech and wellness play

Mint

timean hour ago

  • Mint

ITC bets on new growth engines, expands food-tech and wellness play

New Delhi/Mumbai: Diversified conglomerate ITC Ltd is expanding its presence in new business segments such as food-tech, wellness, sustainable packaging and agri-tech platforms, as part of its broader 'ITC Next' strategy. Speaking at the company's 113th annual general meeting, chairman Sanjiv Puri said the group is building a 'future-ready portfolio' to navigate a challenging business environment. He said the environment was at a critical 'TURN'—turbulence, uncertainty, rapid change and the need for novel strategies. 'Future readiness is not merely about adapting to change, it is about anticipating, innovating and proactively shaping the future,' Puri said. ITC's food-tech vertical, which combines its packaged foods, hospitality and digital platforms, has seen a 108% compound annual growth rate over the last three years. Operating through four brands—ITC Master Chef Creations, Aashirvaad Soul Creations, Sunfeast Baked Creations and Sansho—the full-stack platform currently runs 60 cloud kitchens in five cities and is being scaled up across the country. In FY25, the company launched over 100 new products across categories such as health and nutrition, hygiene, naturals, protection and convenience. One such launch is Pranah, a range of incense sticks and scented candles focused on aromatherapy. 'Consumers are seeking new therapeutic experiences as part of their wellness pursuits,' Puri said. ITC also introduced Right Shift, a brand aimed at consumers above the age of 40, offering nutrition-based products developed using clinically proven natural ingredients and proprietary formulations. The company continues to expand its frozen foods business through the ITC Master Chef range, which includes over 80 SKUs of Indian and Western snacks, breads and seafood. Its acquisition of Prasuma has added more than 170 frozen Pan Asian food options, available in over 100 cities. ITC's expansion into niche and premium categories includes Sunfeast Baked Creations, a line of premium cookies positioned for quick commerce channels, and a Japanese Hokkaido milk-based soap bar under its Fiama brand. 'We are also introducing new brands and pursuing value-accretive acquisitions to address emerging opportunities and whitespaces,' Puri said. He added that the company is consolidating its position in the organic segment through its acquisition of 24 Mantra Organic, which operates across 1.4 lakh acres of certified farmland in 10 states and offers over 100 SKUs. It complements the earlier acquisition of Yoga Bar and the recent investment in Mother Sparsh, a player in the natural baby care space. 'These strategic acquisitions have been structured in a manner that allows ITC to gain from the entrepreneurial zeal of the founders, while leveraging ITC's institutional strengths,' Puri said. ITC said its agri-tech initiative, ITCMaars, supports over 2,050 Farmer Producer Organisations (FPOs) and 22 lakh farmers across 11 states. The platform integrates services such as AI-enabled crop advisories, image-based diagnostics, drone applications, market linkages and access to inputs and credit. To promote farming-as-a-service, ITC is working on building an ecosystem of local entrepreneurs under models such as 'drone didis'. Puri said these interventions have led to a 15–20% increase in yields and up to 30% improvement in net returns for farmers. The platform is being positioned as a long-term business opportunity, alongside its relevance to the core agri and foods segments. The company's new packaging businesses under brands such as Filo, Bioseal and Fyba are positioned as sustainable alternatives to single-use plastics. The Fyba unit in Madhya Pradesh uses renewable materials such as bamboo, bagasse and wastepaper. Puri said this vertical has grown 2.4x over FY22 levels. To address climate risk, ITC has undertaken assessments at 140 sites and across multiple value chains. Its 'climate smart agriculture' programme now covers 31 lakh acres across 100 districts, with a target of 40 lakh acres by 2030. Watershed development efforts now span 18 lakh acres, enabling estimated annual water savings of 1,400 million kilolitres. 'Climate change is expected to impact food security and livelihoods. Adaptation is now as critical as decarbonisation,' Puri said. The company last year announced plans to invest ₹ 20,000 crore over the medium term across FMCG, packaging, agri and export-linked manufacturing. More than 90% of ITC's raw material needs are now met through local sourcing. Its network of 250+ factories includes integrated consumer goods manufacturing and logistics hubs aimed at enhancing agility and reducing reliance on external supply chains. Puri said global disruptions have exposed the fragility of traditional supply networks. 'The need to build agile, diversified and localised manufacturing and supply networks is critical to enhance resilience,' he said. ITC's products now reach over 260 million Indian households and are present in over 70 global markets. 'It is our firm belief that Indian brands must adorn the global stage, but only after establishing a legacy in Bharat,' Puri added. The FMCG major is set to announce its June quarter earnings on 1 August. Analysts at Nuvama Institutional Equities indicate an overall revenue growth of 9.9% year-on-year. 'The cigarette segment is projected to see a 4% year-on-year increase in volumes, leading to a 5% rise in net revenue and a 3.4% growth in EBIT,' they said. Ebit is earnings before interest and taxes. While FMCG sales are expected to grow by 5% year-on-year, Ebit margins are likely to contract sharply by approximately 22% due to negative pricing in notebooks, which have a higher salience in Q1FY26E, as per the Nuvama report released in July. On Friday, ITC shares were marginally lower at ₹ 409.55 on the National Stock Exchange in a largely weak market.

India uses BRICS to push reforms—not to challenge the US
India uses BRICS to push reforms—not to challenge the US

The Print

time4 hours ago

  • The Print

India uses BRICS to push reforms—not to challenge the US

These nations are now challenging the hegemony of the West. Calls for de-dollarisation—reducing reliance on the US dollar in trade and finance— are becoming prominent, posing a threat to America's financial and geopolitical dominance. It gives China and Russia (and India too) a louder voice on the world stage. It fuels global economic realignment away from the dollar and Western institutions, pointing to a multipolar world order—something that US President Donald Trump doesn't support. Although forming groups of countries to promote cooperation is common globally, BRICS is more than a conventional grouping. It is a group of countries challenging the clout of the developed powers, particularly the US and European nations. In 2010, the first five members—Brazil, Russia, India, China, and South Africa—constituted 18 per cent of the global GDP. Their collective share has risen to 26.5 percent in 2025. The latest edition of the BRICS Summit was significant because all 10 member countries participated. It included Iran, Egypt, Ethiopia, and the UAE, which attended as member states for the first time at the 2024 summit in Russia, and Indonesia, which joined in early 2025 as the first Southeast Asian country in the bloc. With its expansion, the group is now known as BRICS Plus—a term first used at the 2024 summit. Trump's worries with BRICS The recent expansion of BRICS, with five new members joining, has increased the worries of the West, particularly the US. And without mincing words, Trump has started expressing his unhappiness over the developments happening in BRICS. Here are the key reasons why Trump opposes BRICS: The primary reason is that both the original members (Brazil, Russia, India, China, South Africa) and new entrants like Saudi Arabia, UAE, Egypt, Iran, and Ethiopia are openly discussing reducing reliance on the US dollar in trade and finance. Trump's long-standing 'America First' stance makes any move away from the dollar a direct challenge to U.S. economic influence and its ability to enforce sanctions. The second point that irks Trump is BRICS' geopolitical opposition to the West. BRICS increasingly positions itself as a counterweight to Western institutions like the G7, the International Monetary Fund (IMF), and the World Bank. The deepening ties between China and Russia within BRICS are seen as part of a broader anti-Western alignment. Third, Trump has consistently taken a hardline stance on China, through trade wars, tariffs, tech and investment restrictions, etc. BRICS giving China a leadership platform to challenge the US on the global stage agitates him. He views BRICS as a vehicle for China's global expansion under the guise of multipolarity. Fourth, the inclusion of Saudi Arabia and Iran gives BRICS influence over global energy markets. There is growing potential for oil trade to be conducted in non-dollar currencies (e.g., yuan or BRICS currency), which would weaken the petrodollar system—a critical pillar of US global economic power. Fifth, Trump perceives BRICS expansion as a sign that the 'Global South' is drifting away from Western influence, forming its own independent bloc. This runs contrary to Trump's vision of negotiating 'from strength,' where US dominance is unquestioned. Sixth, Trump views global influence in zero-sum terms. Any rise of a non-Western grouping that excludes the US is seen as a personal and national affront. BRICS summits that propose alternative visions for world order without US involvement are perceived as a threat to 'American prestige'—something Trump values highly. He has threatened to impose higher tariffs on countries siding with the BRICS. He has already announced the imposition of 50 per cent tariffs on Brazil. Also read: BRICS nations resist 'anti-American' label after Trump tariff threat India's pragmatic approach Although India is a member of BRICS, its approach is more nuanced, balanced, and pragmatic compared to other members. India's stance is shaped by its national interests, strategic autonomy, and growing global ambitions. While it has been trying to promote its economic interests by promoting international trade and settlements in rupee—thereby reducing dependence on dollar—India is not anti-dollar. It supports a broader effort to diversify the global financial system, reduce dependency on a single currency, and promote a multipolar world order. India has initiated bilateral trade in rupees with countries such as Russia, the UAE, Sri Lanka, and Mauritius to reduce its forex outflows. So far, more than 20 countries have opened Vostro accounts to facilitate trade settlement in domestic currencies. India backs BRICS to create alternative payment mechanisms, like using local currencies or discussions around a potential BRICS currency, but remains cautious about their practicality. India understands the dominance of the dollar in global trade and finance and has not called for its outright replacement (or de-dollarisation). Instead, it favors the coexistence of multiple reserve currencies (like the euro, the yuan, and the rupee). India does not see BRICS as an anti-US bloc. It views the grouping as a platform for reforming global institutions, not for confrontation. India supports a world with multiple power centres, where the voices of emerging economies are better represented. India has been pleading for long to bring reforms in institutions like the United Nations, IMF, and World Bank, which it believes are West-dominated and don't reflect current global realities. In this context, under India's G20 presidency, an expert group was formed to prepare a report on reforms for global financial institutions. This group was co-convened by economists Larry Summers and NK Singh. Their report focused on strengthening Multilateral Development Banks (MDBs). Guided by its own objectives, India uses BRICS to promote cooperation in technology, finance, infrastructure, and sustainable development. If the US is irked by Chinese dominance in BRICS, India too remains wary of China's influence in the bloc and rejects any behaviour that undermines its sovereignty or aligns too closely with Chinese interests. At the global level, India's balanced approach is to serve its national objectives and achieve its goals of protecting its national sovereignty. By promoting international settlements in Indian currency, reducing dependence on dollars, it's also trying to stop the de-weaponisation of dollars. India is promoting self-reliance through 'Aatmanirbhar Bharat', and discourages efforts of others (both the West and China) to weaponise global value chains. By promoting digital rupee payments, India is also trying to de-weaponise payment systems. These efforts protect our own national interest by not allowing others to dominate India. In the past, India has been able to demonstrate its clout by purchasing oil from Russia and Iran, promoting digital payments and pushing for reforms in global institutions at international fora. It's interesting that the US has not objected to these moves—perhaps looking at India as a force to balance the dominance of other countries, including China. Ashwani Mahajan is a professor at PGDAV College, University of Delhi. He tweets @ashwani_mahajan. Views are personal. (Edited by Ratan Priya)

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