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June 28 - According to foreign media reports on the 27th, citing official Iranian data, Irans inflation rate in June rose sharply to 88.6% year-on-year, affected by the Middle East conflict.On June 28, Iran launched a drone strike on Bahrain on Saturday, while simultaneously attacking a ship in the Strait of Hormuz, possibly in response to a US nighttime airstrike. The attacks in the Persian Gulf once again demonstrate that even with a provisional agreement between Iran and the US attempting to reach a final ceasefire, the Iran-Iraq war could still spiral out of control. This comes after the US Central Command stated that it launched strikes against Iran on June 26 in response to the attack on a merchant ship. Meanwhile, the International Maritime Organization announced on Saturday that it would widen the strait near Oman to allow two-way passage. This move could reignite tensions with Tehran, which views the strait as a key bargaining chip in ongoing negotiations with the US.On June 28, CNBC reported that an oil tanker in the Strait of Hormuz was attacked by artillery fire on Saturday, the latest development in escalating tensions between the United States and Iran after the two sides reached a provisional agreement aimed at ending hostilities in the region. The UKs Maritime Trade Action Centre stated that a vessel in the strait was hit by an "unidentified flying object," sustaining damage, but the crew was reportedly unharmed. Bahrain also condemned Irans drone attack on Saturday, calling it a "blatant violation" of its sovereignty. These new attacks come as the US and Iran were supposed to be in the midst of a 60-day ceasefire negotiation, discussing ending the war. However, both countries have accused the other of violating the terms of the agreement.Domestic News: 1. my country achieves significant breakthrough in the research and development of superconducting magnets for nuclear fusion reactors. 2. Wuhan Optics Valley introduces a package of new policies for science and technology finance, aiming to have over 100 listed companies. 3. National Bureau of Statistics: Industrial enterprise profits increased by 18.8% year-on-year in the first five months, with the electronics industry contributing over 40%. 4. Vice Premier Zhang Guoqing emphasized during his research visit to Zhejiang the need to strengthen the deep integration of scientific and technological innovation and industrial innovation. International News: 1. US Secretary of State Rubio: Pushing for Trumps visit to India early next year. 2. The US government may lift restrictions on the Anthropic Fable 5 model as early as next week. 3. ECB Executive Board member Schnabel: Price pressures may remain stronger than expected, and further interest rate hikes are anticipated. 4. A magnitude 6 earthquake struck the Hindu Kush region of Afghanistan, with tremors felt in the capital, Kabul. 5. Middle East Situation—① Israeli Army Radio: The Israeli army will reduce its forces in southern Lebanon and withdraw several combat brigades. ② Joint Maritime Information Center: The maritime security threat level in the Taiwan Strait has been raised from "moderate" to "high". ③ Following the Iranian Revolutionary Guards strikes on vessels violating regulations, more ships are seeking permission from Iran. ④ After the framework agreement between Lebanon, Israel, and the US, the Israeli military launched another attack on southern Lebanon. ⑤ Hezbollah: The Israel-Lebanon framework agreement is invalid, and it refuses to link Israeli troop withdrawal with Hezbollahs disarmament. On June 27th, European Central Bank (ECB) Executive Board member Schnabel warned that even if a US-Iran peace agreement reopens the Strait of Hormuz, price pressures could still be stronger than expected. Schnabel stated on Saturday that "food, goods, and services inflation face upside risks," and that energy price shocks could spread to a wider range of sectors. While welcoming the recent drop in energy prices due to the prospect of a US-Iran peace agreement, she warned that a ceasefire should not be a reason for complacency. She stated, "Uncertainty remains high, but the announced peace agreement reduces the likelihood of a negative scenario." Nevertheless, oil prices are expected to remain high because the Strait of Hormuz is only gradually reopening. Schnabel, considered the most hawkish member of the Governing Council, reiterated that "the ECB expects further interest rate hikes to bring inflation back to 2% in the medium term." She noted that consumer inflation expectations have risen. However, there are no signs of wage pressures yet.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."