Rebel News - Independent News and Analysis

Washington is worried that Iran continues to attract investment from China despite a new round of UN Security Council sanctions imposed on Tehran, a US official says.

Chinese companies were "aggressive" in investing in Iran's oil and gas fields, Joseph Christoff, head of the Government Accountability Office's international affairs and trade department, told the House Oversight and Government Reform Committee on Thursday.

The US government has lowered its estimates of the country's economic growth as it continues to struggle to recover from its worst recession since World War II.

According to the US Commerce Department, there was a 2.7-percent increase in the first quarter which was less than the 3% assessment made by the government last month.

Iran is considering an Iraqi request to import Iranian natural gas, as the two countries set a joint commission to raise cooperation in the gas sector.

"Subsequent to two-day talks between gas officials from both Iran and Iraq, a general agreement was reached on exporting Iran's natural gas to Iraq,” Mehr News Agency quoted Iran's Deputy Oil Minister Javad Oji as saying.

Iran's Oil Minister Massoud Mirkazemi says the oil-rich country has exported around 14 million tons of petrochemical products worth more than $9 billion in 2009.

Mirkazemi further pointed out that Iran, the world's fifth largest oil producer, plans to increase exports of the products by investing in new petrochemical complexes.

Israel is aiding and abetting an exiled Arab sheikh in his efforts to stage a "coup" in the Persian Gulf emirate of Ras al-Khaimeh, which is part of the United Arab Emirates, a report says.

The Israeli ambassador to Britain, Ron Prosor, has met Sheikh Khalid bin Saqr al-Qasimi, the exiled crown prince of Ras al-Khaimeh, who asked the Israeli envoy to provide help for his campaign to seize control of the strategically important Persian Gulf emirate only 40 miles from Iran, The Guardian reported on Wednesday.

US suppliers of big-ticket goods have seen orders declining for a second consecutive month in June in another sign of weakness in economy.

According to a report by the Commerce Department released on Wednesday, new orders for "manufactured durable goods" like planes, cars, refrigerators and computers, suffered a one-percent slide.

The car industry in Argentina has remained immune to the global economic crisis, maintaining an increase both in sales and in productions this year.

Argentina's car industry is clearly accelerating with a 60% increase in sales in the current year. The production rate is up 30% per annum and exports show no sign of slowing down.

Abbas is likely to tell the Arab League that he is rejecting direct negotiations at least until the period allotted indirect negotiations formally ends.

For a while now Palestinian Authority leadership and Palestinian President Abu Mazen himself have lamented to lack of progress in the indirect negotiations.

The US economy is losing speed and may enter into a long phase of measured growth that falls short of removing job market worries, analysts warn.

A monthly review released in the US on Tuesday shows unexpectedly weakened retail sales, new home construction, manufacturing and inventory building and exports, AFP reported.

BP's Tony Hayward is to step down as chief executive on October 1, with an annual severance payment package roughly equal to $1 million per year.

Under the terms of his contract, Hayward would also receive a one-year's salary, worth the equivalent of $1.620 million.