Iran currency plunge sign sanctions are biting: US

  • Hijacked plane forced to land at Bali airport, says report

    A hijacked Virgin Blue flight has landed at Indonesia's Bali airport, according to Reuters quoting Indonesia's Metro TV. MORE TO COME]]> …

  • Obama to meet Bersih, Islamic Front leaders
    Obama to meet Bersih, Islamic Front leaders

    United States President Barack Obama will meet with leaders of Malaysian civil society movements, including those from the Coalition for Free and Fair Elections (Bersih), Islamic Renaissance Front and the Bar Council during his visit to Kuala Lumpur this weekend. …

  • Two criminal systems already exist, Gerakan told

    PAS legal bureau chairperson Mohamed Hanipa Maidin was responding to Gerakan's legal notice yesterday to challenge the former's intention to submit a Bill in Parliament to implement hudud law in Kelantan. "Gerakan's allegation outlined in the notice to PAS, that implementing hudud would result in the existence of two systems of criminal justice in the country is, with due respect, an allegation that is rash and baseless. Hanipa ( right ) said "for Gerakan's information", two criminal justice …

  • Selangor set to end water rationing next week

    The Selangor menteri besar expects to lift water rationing for the state and Kuala Lumpur by next week if current efforts to pump fresh water from mining ponds continue to prove successful. "We can declare the rationing discontinued next week if these conditions prevail," MB Abdul Khalid Ibrahim told a press conference in Klang today. He said as of today, eight pumps were drawing 400 million litres per day (MLD) of fresh water from alternative sources to help fill the drying Sungai Selangor …

  • 'Court decision on PAA a victory for all Malaysians'

    Human rights defenders welcomed the Court of Appeal's landmark decision which ruled Section 9(5) of the Peaceful Assembly Act 2012 (PAA), punishing citizens who do not give 10 days' notice before they hold an assembly, to be unconstitutional, but cautioned that there were still some more kinks to be ironed out. Lawyers for Liberty executive director Eric Paulsen said that given the Court of Appeal's decision, those previously charged in lower courts over the Black505 rally and other …

  • Water price to go up 20% in Penang
    Water price to go up 20% in Penang

    Penangites can expect to pay 20% more for water under new tariff rates proposed by the state’s water operator. However, PBA Holdings Bhd chief executive officer Jaseni Maidinsa said despite the 20% increase for domestic consumers and 18.8% for trade consumers, the rates remain the lowest in the country. He said the proposed average domestic... …

The plunge of Iran's currency shows the success of the "most punishing sanctions" ever amassed by the global community seeking to halt Tehran's suspect nuclear program, a US official said Monday.

"From our perspective this speaks to the unrelenting and increasingly successful international pressure that we are all bringing to bear on the Iranian economy. It's under incredible strain," State Department spokeswoman Victoria Nuland said.

Iran's currency weakened to 34,700 to the dollar by the end of Monday's trading, according to the Mesghal.com website, a drop of 17 percent compared to the previous day's rate of 29,600.

The Mehr news agency said the rial fell 18 percent to 35,000.

The rial has lost more than 80 percent of its value compared with the end of last year, when it was worth 13,000 to the dollar.

Iran is suffering the effects of tough Western economic sanctions curbing access to its reduced oil exports, as the West seeks to force Iran to rein in its nuclear program.

"Iran is increasingly cut off from the global financial system, significant amounts of Iranian oil is also coming off the market," Nuland told journalists.

"The currency is plummeting and firms all over the world are refusing to do business with Iranian companies," she insisted.

"These are the most punishing sanctions we have ever been able to amass as an international community and they are very important for trying to get Iran's attention on the important denuclearization work."

Officials said after talks at the United Nations last week, that the European Union and United States are now set to toughen the sanctions while seeking to hold back Israel from a military strike.

The European Union will be first to step up sanctions as part of the international campaign of pressure alongside increasingly frustrating efforts to negotiate a halt to Iran's uranium enrichment.

"What we will do next is intensify sanctions," a top Western official close to talks said on the sidelines of the UN General Assembly. EU foreign ministers are to meet in Luxembourg on October 15 to discuss the measures.

"We don't think that Iran would ever have come to the P5+1 negotiating table at all if they weren't under the kind of pressure that we are talking about," Nuland added, referring to the Western powers leading talks with Iran.

The trio of European nations France, Britain and Germany, plus the United States, Russia and China -- the so-called P5+1 group -- has sought to negotiate with Iran, which denies it seeks a bomb.

Ministers from the six nations met in New York on Thursday and again called on Iran to "urgently" show the proof that its intentions are peaceful.

Follow @YahooMalaysia on LINE for daily news updates.

Comments on Yahoo pages are subject to our link to Comments Guidelines. You are responsible for any content that you post. Yahoo is not responsible or liable in any way for comments posted by its users. Yahoo does not in any way endorse or support comments made by its users.

  • 'Smaller' size keeps women loyal to men: Study IANS

    A team of researchers from the US and Kenya found that there was a strange link between the size of the penis and infidelity in a marriage. Contrary to what many men may assume, they found that men with bigger penises are more likely to have wives who cheat on them. …

  • In Disney's shadow, homeless families struggle Associated Press
    In Disney's shadow, homeless families struggle

    KISSIMMEE, Fla. (AP) — When they moved from Georgia to the theme park playground of central Florida four years ago, Anthony and Candice Johnson found work at a barbecue restaurant and a 7-Eleven. Their combined salaries nevertheless fell short of what they needed to rent an apartment, so the couple and their two children have instead been hopping among cheap motel rooms along U.S. 192. …

  • My last moments with Pa: Ramkarpal Singh The Malaysian Insider
    My last moments with Pa: Ramkarpal Singh

    A week after the tragic crash that took the lives of veteran lawyer and politician Karpal Singh and his personal aide, Michael Cornelius, his son Ramkarpal recounts the final hours with his father that fateful day. This is his story, as told to V. Anbalagan, assistant news editor. “My parents (Karpal and Gurmit) had gone to Pantai Hospital... …