<p>Saudi&nbsp;Arabia and Iran are set to open embassies in each other's capitals "within days,"&nbsp;Iran's foreign minister Hossein Amirabdollahian said on Friday (April 28) as the restoration of ties&nbsp;due to&nbsp;a China-brokered peace starts taking up an independent bilateral shape between Tehran and Riyadh.</p>

<p>The Iranian foreign minister was speaking at a news conference in the Lebanese capital Beirut.</p>

<p>Amirabdollahian, however, did not give specific dates for the reopening of the embassies.</p>

<p>The two countries agreed to restore relations on March 10 and said they would reopen embassies in each other's capitals within "two months". It appears that the establishment of a Saudi embassy in Tehran and an Iranian embassy in Riyadh may happen well before that self-imposed&nbsp;two month deadline.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/iran-saudi-arabia-restore-ties-as-china-brokered-deal-outfoxes-west-570766">Iran, Saudi Arabia restore ties as China-brokered deal outfoxes West</a></strong></p>

<p>The Iranian and Saudi embassies in the respective countries have been closed since January 2016 when Riyadh executed a prominent Saudi Shia cleric Ayatollah Sheikh Nimr Baqir al-Nimr, commonly referred to as Sheikh Nimr.</p>

<p>The closure of embassies was simply the culmination of Tehran-Riyadh bilateral turmoil that was ongoing for decades and plunged to a low in 2015&nbsp;following the intervention of Saudi Arabia and the United Arab Emirates in the Yemen war. Despite this intervention,&nbsp;the Iran-aligned Houthi movement toppled the Saudi-backed government and seized control of the capital Sana'a.</p>

<p><strong>ALSO WATCH |&nbsp;Saudi-Iran ties: a new beginning in West Asia?</strong></p>

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<p>Saudi Arabia accused Iran of providing weapons to the Houthis who attacked Saudi cities with armed drones and ballistic missiles.</p>

<p>In 2019, Riyadh accused Tehran of being responsible for an attack targeting Aramco oil facilities, which resulted in stopping half of its oil production.</p>

<p>Iran denied those accusations.</p>

<p>Iran and Saudi Arabia agreed last month to end their diplomatic row and restore diplomatic missions under a deal brokered by China.</p>

<p>"During the last phone call between the foreign ministers of Iran and Saudi Arabia on Eid al-Fitr, we agreed to work in the next coming days on the reopening of the Iranian and Saudi embassies in Tehran and Riyadh," Amirabdollahian said, according to the official Arabic translation reported by Reuters.</p>

<p>Amirabdollahian was speaking at the end of his visit to Lebanon in which he met with Lebanese officials including Hezbollah leader Sayyed Hassan Nasrallah.</p>

<p>When asked about a visit by Iranian President Ebrahim Raisi to Damascus, Amirabdollahian confirmed it, saying there was a "programme" put in place for "the near future" without indicating a specific timeframe.</p>

<p>The visit will be the first by an Iranian president to Syrian President Bashar al-Assad since war broke out in Syria in 2011.</p>

<p><em>(With inputs from agencies)</em></p>

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Saudi Arabia and Iran are set to open embassies in each other's capitals "within days," Iran's foreign minister Hossein Amirabdollahian said on Friday (April 28) as the restoration of ties due to a China-brokered peace starts taking up an independent bilateral shape between Tehran and Riyadh.

Saudi Arabia and Iran are set to open embassies in each other's capitals "within days," Iran's foreign minister Hossein Amirabdollahian said on Friday (April 28) as the restoration of ties due to a China-brokered peace starts taking up an independent bilateral shape between Tehran and Riyadh. The Iranian foreign minister was speaking at a news conference in the Lebanese capital Beirut. Amirabdollahian, however, did not give specific dates for the reopening of the embassies. The two countries agreed to restore relations on March 10 and said they would reopen embassies in each other's capitals within "two months". It appears that the establishment of a Saudi embassy in Tehran and an Iranian embassy in Riyadh may happen well before that self-imposed two month deadline. ALSO READ | Iran, Saudi Arabia restore ties as China-brokered deal outfoxes West The Iranian and Saudi embassies in the respective countries have been closed since January 2016 when Riyadh executed a prominent Saudi Shia cleric Ayatollah Sheikh Nimr Baqir al-Nimr, commonly referred to as Sheikh Nimr. The closure of embassies was simply the culmination of Tehran-Riyadh bilateral turmoil that was ongoing for decades and plunged to a low in 2015 following the intervention of Saudi Arabia and the United Arab Emirates in the Yemen war. Despite this intervention, the Iran-aligned Houthi movement toppled the Saudi-backed government and seized control of the capital Sana'a. ALSO WATCH | Saudi-Iran ties: a new beginning in West Asia? × Saudi Arabia accused Iran of providing weapons to the Houthis who attacked Saudi cities with armed drones and ballistic missiles. In 2019, Riyadh accused Tehran of being responsible for an attack targeting Aramco oil facilities, which resulted in stopping half of its oil production. Iran denied those accusations. Iran and Saudi Arabia agreed last month to end their diplomatic row and restore diplomatic missions under a deal brokered by China. "During the last phone call between the foreign ministers of Iran and Saudi Arabia on Eid al-Fitr, we agreed to work in the next coming days on the reopening of the Iranian and Saudi embassies in Tehran and Riyadh," Amirabdollahian said, according to the official Arabic translation reported by Reuters. Amirabdollahian was speaking at the end of his visit to Lebanon in which he met with Lebanese officials including Hezbollah leader Sayyed Hassan Nasrallah. When asked about a visit by Iranian President Ebrahim Raisi to Damascus, Amirabdollahian confirmed it, saying there was a "programme" put in place for "the near future" without indicating a specific timeframe. The visit will be the first by an Iranian president to Syrian President Bashar al-Assad since war broke out in Syria in 2011. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Saudi Arabia, Iran to reopen embassies in each other's capitals 'within days'

<p>John McFall of United Kingdom's Frimley town became the first para-astronaut in the world after he took his first zero gravity parabolic flight test this week on Thursday.&nbsp;</p>

<p>In the autumn of 2000, a bike accident left young John McFall without his right leg. His life changed overnight but he was not going to give up.&nbsp;</p>

<p><strong>ALSO WATCH |&nbsp;Gravitas: World's first para-astronaut John Mcfall makes maiden zero-gravity trip</strong></p>

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<p>In fact, John was only getting started twenty two years and countless Paralympic medals later, John McFall became the world's first specially-abled astronaut, appointed by the European space agency.&nbsp;</p>

<p>A doctor by profession, John graduated with a Bachelor of Medicine and Surgery (MBBS) from the Cardiff University School of Medicine in the United Kingdom.&nbsp;</p>

<p>He became a member of the Royal College of Surgeons in 2016 and is currently a Trauma and Orthopaedic Specialist Registrar working in the south of England.&nbsp;</p>

<p>In 2012, alongside his medical studies, John became a mentor for the innovative Paralympic Inspiration Programme. This project supports future paralympians in the United Kingdom.&nbsp;</p>

<p>He was also an ambassador and attaché for the International Paralympic Committee at the London 2012 Paralympic Games. &nbsp;</p>

<p>From 2014 to 2016, John was a Foundation Doctor in the British National Health Service, working in a range of medical and surgical specialities in South East Wales, UK.&nbsp;</p>

<p>Between 2016 and 2018, he completed Core Surgical Training covering General Surgery, Urology and Trauma and Orthopaedics in the Wessex deanery.</p>

<p>In 2018 John successfully secured a place on the UK’s national Trauma and Orthopaedic Specialist Registrar training programme and is currently studying for his Fellow of the Royal College of Surgeons (FRCS) exams.&nbsp;</p>

<p>John is married and has three children.&nbsp;</p>

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John McFall of United Kingdom's Frimley town became the first para-astronaut in the world after he took his first zero gravity parabolic flight test this week on Thursday.

John McFall of United Kingdom's Frimley town became the first para-astronaut in the world after he took his first zero gravity parabolic flight test this week on Thursday. In the autumn of 2000, a bike accident left young John McFall without his right leg. His life changed overnight but he was not going to give up. ALSO WATCH | Gravitas: World's first para-astronaut John Mcfall makes maiden zero-gravity trip × In fact, John was only getting started twenty two years and countless Paralympic medals later, John McFall became the world's first specially-abled astronaut, appointed by the European space agency. A doctor by profession, John graduated with a Bachelor of Medicine and Surgery (MBBS) from the Cardiff University School of Medicine in the United Kingdom. He became a member of the Royal College of Surgeons in 2016 and is currently a Trauma and Orthopaedic Specialist Registrar working in the south of England. In 2012, alongside his medical studies, John became a mentor for the innovative Paralympic Inspiration Programme. This project supports future paralympians in the United Kingdom. He was also an ambassador and attaché for the International Paralympic Committee at the London 2012 Paralympic Games. From 2014 to 2016, John was a Foundation Doctor in the British National Health Service, working in a range of medical and surgical specialities in South East Wales, UK. Between 2016 and 2018, he completed Core Surgical Training covering General Surgery, Urology and Trauma and Orthopaedics in the Wessex deanery. In 2018 John successfully secured a place on the UK’s national Trauma and Orthopaedic Specialist Registrar training programme and is currently studying for his Fellow of the Royal College of Surgeons (FRCS) exams. John is married and has three children. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Meet British doctor John McFall, world's first para-astronaut

<p>Russia's Wagner group may soon cease to exist, founder Yevgeny Prigozhin said in video remarks to a blogger on Friday. The Wagner group is a private militia group and Prigozhin, its founder, is known to be a close aide of President Vladimir Putin.</p>

<p>It was not immediately clear when Prigozhin had spoken and how serious he was being, Reuters reported.&nbsp;</p>

<p>Earlier this week, the Wagner group founder withdrew comments about the frontline he said had been a joke.</p>

<p><strong>ALSO WATCH |&nbsp;Russia Ukraine War: Russia's Wagner Group says, 'Two years till Donetsk capture'</strong></p>

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<p>In the past, the Wagner group has claimed that the regular Russian troops are not providing the required logistical support. Prigozhin has previously accused Moscow's regular armed forces of not giving his men the ammunition they need and sometimes accuses top brass of betrayal.</p>

<p>"Now, with regard to the need in general for shells at the front, what we want. Today we are coming to the point where Wagner is ending," he told Russian war blogger Semyon Pegov.</p>

<p>"Wagner, in a short period of time, will cease to exist. We will become history, nothing to worry about, things like this happen," he continued.</p>

<p>Pegov posted the clip on his Telegram channel, Reuters reported.&nbsp;</p>

<p>Prigozhin is known for his combative style in his media interviews. In one such interview, he said on Thursday that he was joking when he said his forces would stop shelling Bakhmut to allow Ukrainian forces to show the city to US journalists.</p>

<p>Prigozhin said this week his troops were suffering heavy casualties due to a lack of support from Moscow.</p>

<p>Wagner has in the past dispatched soldiers to fight in Syria and in conflicts across Africa.</p>

<p>In January, the United States formally designated Wagner as a transnational criminal organisation, freezing its assets in the United States for helping Russia's military in the Ukraine war.</p>

<p>Meanwhile, Russia captured four urban areas in the Bakhmut region, Russian Defense Ministry Spokesman Lieutenant-General Igor Konashenkov reported on Thursday. A day later, Russian missiles hit several Ukrainian cities in the central part of the East European country killing at least 25 people.</p>

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Russia's Wagner group may soon cease to exist, founder Yevgeny Prigozhin said in video remarks to a blogger on Friday. The Wagner group is a private militia group and Prigozhin, its founder, is known to be a close aide of President Vladimir Putin.

Russia's Wagner group may soon cease to exist, founder Yevgeny Prigozhin said in video remarks to a blogger on Friday. The Wagner group is a private militia group and Prigozhin, its founder, is known to be a close aide of President Vladimir Putin. It was not immediately clear when Prigozhin had spoken and how serious he was being, Reuters reported. Earlier this week, the Wagner group founder withdrew comments about the frontline he said had been a joke. ALSO WATCH | Russia Ukraine War: Russia's Wagner Group says, 'Two years till Donetsk capture' × In the past, the Wagner group has claimed that the regular Russian troops are not providing the required logistical support. Prigozhin has previously accused Moscow's regular armed forces of not giving his men the ammunition they need and sometimes accuses top brass of betrayal. "Now, with regard to the need in general for shells at the front, what we want. Today we are coming to the point where Wagner is ending," he told Russian war blogger Semyon Pegov. "Wagner, in a short period of time, will cease to exist. We will become history, nothing to worry about, things like this happen," he continued. Pegov posted the clip on his Telegram channel, Reuters reported. Prigozhin is known for his combative style in his media interviews. In one such interview, he said on Thursday that he was joking when he said his forces would stop shelling Bakhmut to allow Ukrainian forces to show the city to US journalists. Prigozhin said this week his troops were suffering heavy casualties due to a lack of support from Moscow. Wagner has in the past dispatched soldiers to fight in Syria and in conflicts across Africa. In January, the United States formally designated Wagner as a transnational criminal organisation, freezing its assets in the United States for helping Russia's military in the Ukraine war. Meanwhile, Russia captured four urban areas in the Bakhmut region, Russian Defense Ministry Spokesman Lieutenant-General Igor Konashenkov reported on Thursday. A day later, Russian missiles hit several Ukrainian cities in the central part of the East European country killing at least 25 people. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Wagner group will soon cease to exist: Founder tells war blogger

<p>India's Buddhist traditions left their trail of ascetic uniqueness in ancient Egypt. A statue of Buddha, the reverent ascetic who founded Buddhism, has been discovered in Egypt's seaport of Berenice on the Red Sea, about 900 km south of Cairo and nearly 3800 km west of ancient India's port city of Khambat in the present-day Gujarat state.&nbsp;</p>

<p>The Buddha statue, discovered by a Polish-US mission, sheds light on trade ties between larger West Asian region including ancient Egypt with ancient India.</p>

<p>The statue dates back to "the Roman era while digging at the ancient temple in Berenice," an antiquities ministry statement said on Wednesday.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/explained-was-cleopatra-really-black-a-mystery-that-will-outlive-us-all-586070">Explained: Was Cleopatra really Black? A mystery that will outlive us all</a></strong></p>

<p>The find has "important indications over the presence of trade ties between Egypt and India during the Roman era", the head of Egypt's supreme antiquities council Mostafa al-Waziri said.</p>

<p>The statue, with part of its right side and its right leg missing, measures 71 centimetres (28 inches) in height and portrays Buddha with a halo around his head and a lotus flower by his side.</p>

<p>Waziri said Berenice was one of the largest seaports in Roman-era Egypt, and was often the destination for ships from India laden with spices, semi-precious stones, textiles and ivory.</p>

<h2><strong>Ancient India's trade network with West Asia</strong></h2>

<p>Around 1200 BC, the first pepper [exported from an Indian port] appears in the Egyptian record, positively identified from the dried fruits in the nostrils of the mummy of Ramesses II, commonly known as Ramesses the Great.&nbsp;</p>

<p>This is the first indication of a trade contact between Egypt and India.</p>

<p>Ample evidence has been unearthed that tells the maritime story of trade networks between ancient Asian civilisations, the ones that flourished on the banks Ganges and Indus and the ones that prospered on the both sides of Nile river.&nbsp;</p>

<p>The Greek and Latin inscriptions engraved on the walls of a cave in the Wadi Mineh area located in the eastern desert of Egypt about 700 km south of Cairo testify to the fact that Roman traders were travelling regularly to India by the turn of the millennium.</p>

<h2><strong>Egypt's recent archaeological discoveries</strong></h2>

<p>Egypt has unveiled many major archaeological discoveries in recent years, amid attempts to revive its vital tourism industry after years of political unrest and the Covid pandemic.</p>

<p><strong>ALSO WATCH |&nbsp;WION Fineprint: Discovery that dazzled world: Egypt marks 100 years of tomb of Tutankhamun</strong></p>

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<p>However, critics say the flurry of excavations has prioritised finds that grab media attention over hard academic research.</p>

<p>The crown jewel in the government's plans is the long-delayed inauguration of the Grand Egyptian Museum at the foot of the pyramids in Giza.</p>

<p>The government plans to attract 30 million tourists a year by 2028, up from 13 million before the pandemic.</p>

<p><em>(With inputs from agencies)</em></p>

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India's Buddhist traditions left their trail of ascetic uniqueness in ancient Egypt. A statue of Buddha, the reverent ascetic who founded Buddhism, has been discovered in Egypt's seaport of Berenice on the Red Sea, about 900 km south of Cairo and nearly 3800 km west of ancient India's port city of Khambat in the present-day Gujarat state.

India's Buddhist traditions left their trail of ascetic uniqueness in ancient Egypt. A statue of Buddha, the reverent ascetic who founded Buddhism, has been discovered in Egypt's seaport of Berenice on the Red Sea, about 900 km south of Cairo and nearly 3800 km west of ancient India's port city of Khambat in the present-day Gujarat state. The Buddha statue, discovered by a Polish-US mission, sheds light on trade ties between larger West Asian region including ancient Egypt with ancient India. The statue dates back to "the Roman era while digging at the ancient temple in Berenice," an antiquities ministry statement said on Wednesday. ALSO READ | Explained: Was Cleopatra really Black? A mystery that will outlive us all The find has "important indications over the presence of trade ties between Egypt and India during the Roman era", the head of Egypt's supreme antiquities council Mostafa al-Waziri said. The statue, with part of its right side and its right leg missing, measures 71 centimetres (28 inches) in height and portrays Buddha with a halo around his head and a lotus flower by his side. Waziri said Berenice was one of the largest seaports in Roman-era Egypt, and was often the destination for ships from India laden with spices, semi-precious stones, textiles and ivory. Ancient India's trade network with West Asia Around 1200 BC, the first pepper [exported from an Indian port] appears in the Egyptian record, positively identified from the dried fruits in the nostrils of the mummy of Ramesses II, commonly known as Ramesses the Great. This is the first indication of a trade contact between Egypt and India. Ample evidence has been unearthed that tells the maritime story of trade networks between ancient Asian civilisations, the ones that flourished on the banks Ganges and Indus and the ones that prospered on the both sides of Nile river. The Greek and Latin inscriptions engraved on the walls of a cave in the Wadi Mineh area located in the eastern desert of Egypt about 700 km south of Cairo testify to the fact that Roman traders were travelling regularly to India by the turn of the millennium. Egypt's recent archaeological discoveries Egypt has unveiled many major archaeological discoveries in recent years, amid attempts to revive its vital tourism industry after years of political unrest and the Covid pandemic. ALSO WATCH | WION Fineprint: Discovery that dazzled world: Egypt marks 100 years of tomb of Tutankhamun × However, critics say the flurry of excavations has prioritised finds that grab media attention over hard academic research. The crown jewel in the government's plans is the long-delayed inauguration of the Grand Egyptian Museum at the foot of the pyramids in Giza. The government plans to attract 30 million tourists a year by 2028, up from 13 million before the pandemic. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India-Egypt ancient ties: Buddha statue's discovery points to deep civilisational links

<p>Nepal was hit by twin earthquakes during the intervening night between April 27 and April 28. Two earthquakes&nbsp;of magnitudes 4.8 and 5.9 on the Richter Scale were felt overnight. The epicentre&nbsp;of the earthquake was at Bajura's Dahakot, over 800 km northwest of Kathmandu.</p>

<p>"The first earthquake struck at 11:58 pm (local time) measuring 4.9 magnitude while at 1:30 another measuring 5.9 magnitude has been recorded," Rajesh Sharma, an official at the Seismological Center in Surkhet district of Nepal told New Delhi-based news agency&nbsp;ANI.</p>

<p>No casualties have been&nbsp;reported so far, the police said.</p>

<p>While the country has been designated as earthquake-sensitive, the twin earthquakes of 7.8 and 8.1 magnitudes that hit the country in April 2015, led to the most disastrous of all destructions in decades. It killed 8,964 people and injured 21,952 more.</p>

<p>Thousands of houses were destroyed across many districts of the country, with entire villages flattened, especially those near the epicenter.</p>

<p>Nepal lies towards the southern limit of the diffuse collisional boundary where the Indian Plate underthrusts the Eurasian Plate, occupying the central sector of the Himalayan arc, nearly one-third of the 2,400 km (1,500 mi) long Himalayas.</p>

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Nepal was hit by twin earthquakes during the intervening night between April 27 and April 28. Two earthquakes of magnitudes 4.8 and 5.9 on the Richter Scale were felt overnight.

Nepal was hit by twin earthquakes during the intervening night between April 27 and April 28. Two earthquakes of magnitudes 4.8 and 5.9 on the Richter Scale were felt overnight. The epicentre of the earthquake was at Bajura's Dahakot, over 800 km northwest of Kathmandu. "The first earthquake struck at 11:58 pm (local time) measuring 4.9 magnitude while at 1:30 another measuring 5.9 magnitude has been recorded," Rajesh Sharma, an official at the Seismological Center in Surkhet district of Nepal told New Delhi-based news agency ANI. No casualties have been reported so far, the police said. While the country has been designated as earthquake-sensitive, the twin earthquakes of 7.8 and 8.1 magnitudes that hit the country in April 2015, led to the most disastrous of all destructions in decades. It killed 8,964 people and injured 21,952 more. Thousands of houses were destroyed across many districts of the country, with entire villages flattened, especially those near the epicenter. Nepal lies towards the southern limit of the diffuse collisional boundary where the Indian Plate underthrusts the Eurasian Plate, occupying the central sector of the Himalayan arc, nearly one-third of the 2,400 km (1,500 mi) long Himalayas. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Nepal hit by twin earthquakes, tremors felt in Himalayan highlands

<p>Intel reported its largest-ever quarterly loss on Thursday, April 27 due to a sharp decline in personal-computer sales and rising competition. It's the fifth quarter in a row for the semiconductor giant when it reported falling sales and the second consecutive quarter of losses.&nbsp;</p>

<p>The quarterly results showed a staggering 133 per cent annual decline in the earnings per share. The revenue dipped nearly 36 per cent to $11.7 billion.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-government-wants-chip-makers-to-share-profits-in-return-for-subsidies-567189">US government wants chip makers to share profits in return for subsidies</a></strong></p>

<p>The company reported a net loss of $2.8 billion.&nbsp;</p>

<p>The Santa Clara, California-headquartered microprocessor-developer had reported a profit of $8.1 billion last year.&nbsp;</p>

<h2><strong>Why Intel, other chipmakers are on a losing spree?</strong></h2>

<p>There are three notable reasons behind the current plunge faced by chipmakers. They are the rising prices, a global chip glut and poor demand for hardware. All these factors have also become punishing for Intel's rival Samsung, which earlier&nbsp;on Thursday reported its worst quarterly profits in 14 years.</p>

<p>Intel's&nbsp;loss and sales collapse was slightly less disastrous&nbsp;than expectations.</p>

<p><strong>ALSO WATCH |&nbsp;World Business Watch | Netherlands plans curbs on China chip exports</strong></p>

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<p>Intel is one of the world's leading semiconductor makers&nbsp;that bring out a wide range of products, including the latest generation chips along with Taiwan's TSMC and South Korea's Samsung.</p>

<p>It was also affected by falling demand for chips that power data centres&nbsp;and is struggling to compete with Nvidia for the semiconductors that undergird ChatGPT-style generative AI, a major new and chips-hungry sector for the industry.</p>

<p>The chips industry, which also powers technology such as smartphones and cars, is well-known for its volatility, with demand and supply see-sawing with the dips and rises in the world economy.</p>

<p>Its central role in the global supply chain became clear during the height of the Covid pandemic.&nbsp;</p>

<p>Lockdowns and health restrictions diminished production out of Asia, leaving surging demand for chips unmet just as everyone turned online for work, shopping and entertainment.</p>

<p>Semiconductors have also become part of the ongoing geopolitical moment of reckoning&nbsp;between the US and China, with Washington urging allies to stop supplying China with cutting edge chips, further destabilising the sector.</p>

<p><em>(With inputs from agencies)</em></p>

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Intel reported its largest-ever quarterly loss on Thursday, April 27 due to a sharp decline in personal-computer sales and rising competition. It's the fifth quarter in a row for the semiconductor giant when it reported falling sales and the second consecutive quarter of losses.

Intel reported its largest-ever quarterly loss on Thursday, April 27 due to a sharp decline in personal-computer sales and rising competition. It's the fifth quarter in a row for the semiconductor giant when it reported falling sales and the second consecutive quarter of losses. The quarterly results showed a staggering 133 per cent annual decline in the earnings per share. The revenue dipped nearly 36 per cent to $11.7 billion. ALSO READ | US government wants chip makers to share profits in return for subsidies The company reported a net loss of $2.8 billion. The Santa Clara, California-headquartered microprocessor-developer had reported a profit of $8.1 billion last year. Why Intel, other chipmakers are on a losing spree? There are three notable reasons behind the current plunge faced by chipmakers. They are the rising prices, a global chip glut and poor demand for hardware. All these factors have also become punishing for Intel's rival Samsung, which earlier on Thursday reported its worst quarterly profits in 14 years. Intel's loss and sales collapse was slightly less disastrous than expectations. ALSO WATCH | World Business Watch | Netherlands plans curbs on China chip exports × Intel is one of the world's leading semiconductor makers that bring out a wide range of products, including the latest generation chips along with Taiwan's TSMC and South Korea's Samsung. It was also affected by falling demand for chips that power data centres and is struggling to compete with Nvidia for the semiconductors that undergird ChatGPT-style generative AI, a major new and chips-hungry sector for the industry. The chips industry, which also powers technology such as smartphones and cars, is well-known for its volatility, with demand and supply see-sawing with the dips and rises in the world economy. Its central role in the global supply chain became clear during the height of the Covid pandemic. Lockdowns and health restrictions diminished production out of Asia, leaving surging demand for chips unmet just as everyone turned online for work, shopping and entertainment. Semiconductors have also become part of the ongoing geopolitical moment of reckoning between the US and China, with Washington urging allies to stop supplying China with cutting edge chips, further destabilising the sector. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Intel posts biggest quarterly loss as PC sales drop, chip wars intensify

<p>Mark Zuckerberg's wealth increased by over $10 billion on Thursday, his third-biggest jump on record, after Facebook parent company Meta Platforms Inc. recorded a small uptick in its revenues in the first quarter of 2023.&nbsp;</p>

<p>Meta's revenue in the first three months of the year was up 3 per cent from a year ago to $28.6bn. The analysts had expected a slight decline in Meta's revenue to $27.7bn.&nbsp;</p>

<p>The Meta Platforms Inc. co-founder's mega wealth jump comes after his 'year of efficiency' pitch entailed thousands of job cuts across all Meta Platforms in the recent past.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/metas-net-income-drops-as-thousands-lose-jobs-amid-ai-race-586460">Meta's net income drops as thousands lose jobs amid AI race</a></strong></p>

<p>Meta shares rose 14 per cent after the quarterly results. It lifted Zuckerberg’s fortune to $87.3 billion and took him to the 13th spot on the Bloomberg Billionaires Index.&nbsp;</p>

<p>It's the highest the Meta chief executive officer’s wealth has been in more than a year.&nbsp;</p>

<p>Thursday’s move reversed the wealth destruction Zuckerberg experienced in 2022, when his net worth fell 57 per cent or $71 billion.</p>

<p>The billionaire used Thursday’s results to burnish his case for pressing on with investments in areas like artificial intelligence and virtual reality.&nbsp;</p>

<p><strong>ALSO WATCH |&nbsp;Big Tech Earnings: Meta in focus</strong></p>

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<p>Zuckerberg’s biggest one-day increases in net worth are $12.5 billion on February&nbsp;2, and $11 billion about a year ago.</p>

<p>Meta announced a restructuring of its staff previously leading to about 20,000 job cuts across Facebook, WhatsApp, Instagram and Reality Labs.&nbsp;</p>

<h2><strong>We are becoming more efficient: Mark Zuckerberg</strong></h2>

<p>After the release of Meta’s quarterly results, Zuckerberg hailed the ‘good quarter’ company had and expressed optimism for Artificial Intelligence-related prospects of the company.</p>

<p>"Our Artificial Intelligence work is driving good results across our apps and business. We are also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision."</p>

<h2><strong>World's richest persons at present</strong></h2>

<p>Of the ten richest persons in the world, eight [ranking 2 to 9] belong to the United States. French luxury clothing magnate Bernard Arnault continues to be the richest person on the planet with $195 billion net worth. Arnault is followed by Elon Musk [$171 billion], Jeff Bezos [$126 billion], Bill Gates [$121 billion], Warren Buffett [$110 billion], Larry Ellison [$108 billion], Steve Ballmer [$103 billion], Sergey Brin [$95.3 billion] and Francoise Bettencourt Meyers [$88.9 billion].</p>

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Mark Zuckerberg's wealth increased by over $10 billion on Thursday, his third-biggest jump on record, after Facebook parent company Meta Platforms Inc. recorded a small uptick in its revenues in the first quarter of 2023.

Mark Zuckerberg's wealth increased by over $10 billion on Thursday, his third-biggest jump on record, after Facebook parent company Meta Platforms Inc. recorded a small uptick in its revenues in the first quarter of 2023. Meta's revenue in the first three months of the year was up 3 per cent from a year ago to $28.6bn. The analysts had expected a slight decline in Meta's revenue to $27.7bn. The Meta Platforms Inc. co-founder's mega wealth jump comes after his 'year of efficiency' pitch entailed thousands of job cuts across all Meta Platforms in the recent past. ALSO READ | Meta's net income drops as thousands lose jobs amid AI race Meta shares rose 14 per cent after the quarterly results. It lifted Zuckerberg’s fortune to $87.3 billion and took him to the 13th spot on the Bloomberg Billionaires Index. It's the highest the Meta chief executive officer’s wealth has been in more than a year. Thursday’s move reversed the wealth destruction Zuckerberg experienced in 2022, when his net worth fell 57 per cent or $71 billion. The billionaire used Thursday’s results to burnish his case for pressing on with investments in areas like artificial intelligence and virtual reality. ALSO WATCH | Big Tech Earnings: Meta in focus × Zuckerberg’s biggest one-day increases in net worth are $12.5 billion on February 2, and $11 billion about a year ago. Meta announced a restructuring of its staff previously leading to about 20,000 job cuts across Facebook, WhatsApp, Instagram and Reality Labs. We are becoming more efficient: Mark Zuckerberg After the release of Meta’s quarterly results, Zuckerberg hailed the ‘good quarter’ company had and expressed optimism for Artificial Intelligence-related prospects of the company. "Our Artificial Intelligence work is driving good results across our apps and business. We are also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision." World's richest persons at present Of the ten richest persons in the world, eight [ranking 2 to 9] belong to the United States. French luxury clothing magnate Bernard Arnault continues to be the richest person on the planet with $195 billion net worth. Arnault is followed by Elon Musk [$171 billion], Jeff Bezos [$126 billion], Bill Gates [$121 billion], Warren Buffett [$110 billion], Larry Ellison [$108 billion], Steve Ballmer [$103 billion], Sergey Brin [$95.3 billion] and Francoise Bettencourt Meyers [$88.9 billion]. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Zuckerberg's wealth soars by record $10bn after Meta's post-layoff quarterly results

<p>Two of Britain's biggest transport unions have called fresh strikes in May, including on the days of the Eurovision Song Contest and FA Cup finals. The strikes have been called after the rail workers rejected the latest pay deal from train operators.&nbsp;</p>

<p>The National Union of Rail, Maritime and Transport Workers (RMT), which has more than 83,000 members from almost every sector of Britain's transport industry, said it would launch strikes across 14 train operators on Saturday, May 13. On the same day, Liverpool will host Eurovision's main event on behalf of Ukraine currently at war with Russia.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/uk-festive-travel-set-to-take-a-hit-amid-planned-rail-strikes-in-december-540854">UK festive travel set to take a hit amid planned rail strikes from next week</a></strong></p>

<p>The RMT claimed that the train operators had "torpedoed" the negotiating process while the operators' side (the Rail Delivery Group) said that they were "blindsided by the strike.</p>

<p>Other than the RMT, the train drivers' union Aslef has called strikes on May 12, May 31 and on June 3, the day of FA Cup final.</p>

<h2><strong>What do workers want?</strong></h2>

<p>The workers want higher wages to combat growing inflation in Britain. This involves one year's pay increase followed by a second year's pay increase. The RMT members are looking for a "negotiated settlement" but they have not specified how much pay rise they expect.</p>

<h2><strong>What do train operators want?</strong></h2>

<p>Train operators would partially accept the demands of transport unions if such unions cease to exist.&nbsp;</p>

<p>A statement explaining its position read: "Following further discussions between the union and RDG [Rail Delivery Group], the employer issued a clarification on the offer RMT has been considering."</p>

<p>"The RDG is now saying they would only implement the first-year payment of 5 per cent if the union terminated its industrial mandate, meaning no further strike action could take place."</p>

<p>"Stage 2 discussions which are part of the offer made by the employer would then have to begin without the union having any industrial leverage at the negotiating table."</p>

<p><strong>ALSO WATCH |&nbsp;UK: 40,000 rail union workers on strike, services paralysed</strong></p>

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<p>The last rail strike on 18 March meant only 40 per cent&nbsp;to 50 per cent&nbsp;of trains could run as workers across 14 train operators staged a walked out.</p>

<p>The ongoing dispute has affected services since June last year.</p>

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Two of Britain's biggest transport unions have called fresh strikes in May, including on the days of the Eurovision Song Contest and FA Cup finals. The strikes have been called after the rail workers rejected the latest pay deal from train operators.

Two of Britain's biggest transport unions have called fresh strikes in May, including on the days of the Eurovision Song Contest and FA Cup finals. The strikes have been called after the rail workers rejected the latest pay deal from train operators. The National Union of Rail, Maritime and Transport Workers (RMT), which has more than 83,000 members from almost every sector of Britain's transport industry, said it would launch strikes across 14 train operators on Saturday, May 13. On the same day, Liverpool will host Eurovision's main event on behalf of Ukraine currently at war with Russia. ALSO READ | UK festive travel set to take a hit amid planned rail strikes from next week The RMT claimed that the train operators had "torpedoed" the negotiating process while the operators' side (the Rail Delivery Group) said that they were "blindsided by the strike. Other than the RMT, the train drivers' union Aslef has called strikes on May 12, May 31 and on June 3, the day of FA Cup final. What do workers want? The workers want higher wages to combat growing inflation in Britain. This involves one year's pay increase followed by a second year's pay increase. The RMT members are looking for a "negotiated settlement" but they have not specified how much pay rise they expect. What do train operators want? Train operators would partially accept the demands of transport unions if such unions cease to exist. A statement explaining its position read: "Following further discussions between the union and RDG [Rail Delivery Group], the employer issued a clarification on the offer RMT has been considering." "The RDG is now saying they would only implement the first-year payment of 5 per cent if the union terminated its industrial mandate, meaning no further strike action could take place." "Stage 2 discussions which are part of the offer made by the employer would then have to begin without the union having any industrial leverage at the negotiating table." ALSO WATCH | UK: 40,000 rail union workers on strike, services paralysed × The last rail strike on 18 March meant only 40 per cent to 50 per cent of trains could run as workers across 14 train operators staged a walked out. The ongoing dispute has affected services since June last year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UK rail workers' planned strikes set to hammer Eurovision, FA Cup finals

<p>Germany is likely to put limits on export of chemicals to China that are used to manufacture semiconductors. The move is seen as part of the government's efforts to reduce its economic exposure to the world's second largest economy, Bloomberg news reported on Thursday.</p>

<p>The move is currently in the early stages of discussion in Berlin's corridors of power.&nbsp;</p>

<h2><strong>What does it mean?</strong></h2>

<p>Such a move could damage Berlin's ties with Beijing as Chancellor Olaf Scholz's government continues to press for fairer market access while viewing China as a strategic rival.</p>

<p>If Germany pressed ahead with the curbs, it would be following partner countries of the European Union that have taken similar steps. These steps are seen to have been taken&nbsp;with a view to cut China off from certain supplies for micro-chip making.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/intel-posts-biggest-quarterly-loss-amid-us-china-semiconductor-wars-586816">Intel posts biggest quarterly loss as PC sales drop, chip wars intensify</a></strong></p>

<p>The government in the Netherlands, home to semiconductor equipment makers ASM International and ASML Holding, last month laid out plans to further restrict exports of semiconductor technology to protect national security, joining the US effort to curb chip exports to China.</p>

<h2><strong>How would such a move&nbsp;come into being?</strong></h2>

<p>The quickest and most practical way to implement the export controls would be to put the respective goods and services on Germany's national dual-use list, one of the people cited by&nbsp;Bloomberg said.</p>

<p><strong>ALSO WATCH |&nbsp;Gravitas Plus: Who's winning the Chip War?</strong></p>

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<p>Germany's economy minister Robert Habeck had in March suggested that Berlin could impose export restrictions to China to prevent Germany from losing its technological edge.</p>

<p><em>(With inputs from agencies)</em></p>

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Germany is likely to put limits on export of chemicals to China that are used to manufacture semiconductors. The move is seen as part of the government's efforts to reduce its economic exposure to the world's second largest economy, Bloomberg news reported on Thursday.

Germany is likely to put limits on export of chemicals to China that are used to manufacture semiconductors. The move is seen as part of the government's efforts to reduce its economic exposure to the world's second largest economy, Bloomberg news reported on Thursday. The move is currently in the early stages of discussion in Berlin's corridors of power. What does it mean? Such a move could damage Berlin's ties with Beijing as Chancellor Olaf Scholz's government continues to press for fairer market access while viewing China as a strategic rival. If Germany pressed ahead with the curbs, it would be following partner countries of the European Union that have taken similar steps. These steps are seen to have been taken with a view to cut China off from certain supplies for micro-chip making. ALSO READ | Intel posts biggest quarterly loss as PC sales drop, chip wars intensify The government in the Netherlands, home to semiconductor equipment makers ASM International and ASML Holding, last month laid out plans to further restrict exports of semiconductor technology to protect national security, joining the US effort to curb chip exports to China. How would such a move come into being? The quickest and most practical way to implement the export controls would be to put the respective goods and services on Germany's national dual-use list, one of the people cited by Bloomberg said. ALSO WATCH | Gravitas Plus: Who's winning the Chip War? × Germany's economy minister Robert Habeck had in March suggested that Berlin could impose export restrictions to China to prevent Germany from losing its technological edge. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Germany may restrict export of semiconductor supplies to China: Report

<p>India's defence minister Rajnath Singh on Thursday took a hard line on the persistent boundary row with China over Beijing's&nbsp;incursion attempts to&nbsp;the Indian side of Line of Actual Control (LAC).</p>

<p>While meeting his Chinese counterpart General Li Shangfu, Rajnath stressed that bilateral ties between India and China have eroded, and that any form of bilateral engagement between New Delhi and Beijing would be a function of peace and tranquility along the Line of Actual Control.</p>

<p>Li’s visit to India is the first visit by a Chinese defence minister after the June 2020 Galwan clash following which the&nbsp;bilateral ties between India and China plunged to the lowest.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/us-intelligence-warns-of-risky-confrontation-between-india-and-china-at-lac-570015">US intelligence warns of risky confrontation between India and China at LAC</a></strong></p>

<p>Twenty Indian soldiers and an unspecified number of Chinese troops were killed in the seven-hour deadly conflict near Patrolling Point 14 in Galwan Valley in northernmost India's Ladakh region. The Chinese PLA’s casualties were twice as many as Indian Army’s though Beijing officially claimed that only four Chinese soldiers were killed.</p>

<p><strong>ALSO WATCH |&nbsp;India-China Clash: Faceoff between Indian and Chinese troops in Arunachal's Tawang</strong></p>

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<p>A defence ministry statement said that Singh told Li that all issues at the Line of Actual Control (LAC) needed to be resolved in accordance with existing bilateral agreements and commitments.</p>

<p>The two ministers held a bilateral meeting on the eve of the Shanghai Cooperation Organisation (SCO) defence ministers'&nbsp;meeting on Friday.</p>

<p>"The Raksha Mantri [defence minister]&nbsp;categorically conveyed that development of relations between India and China is premised on prevalence of peace and tranquility at the borders," the statement said. "He reiterated that violation of existing agreements has eroded the entire basis of bilateral relations and disengagement at the border will logically be followed with de-escalation."</p>

<p>The defence ministers' meet took place days after the Indian Army and the Chinese People's Liberation Army (PLA) held the 18th round of talks to ease prolonged tensions along the Line of Actual Control (LAC) in eastern Ladakh.&nbsp;</p>

<p>India does not consider its current boundaries with China as&nbsp;international border.</p>

<p>The unresolved international boundary, with roots in imperial British cartographic blunders, is called Line of Actual Control in India's north and McMahon Line in the northeast, named after a British administrator Henry McMahon who led the effort to finalise the boundary question with the then-Chinese rulers in 1914.</p>

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India's defence minister Rajnath Singh on Thursday took a hard line on the persistent boundary row with China over Beijing's incursion attempts to the Indian side of Line of Actual Control (LAC).

India's defence minister Rajnath Singh on Thursday took a hard line on the persistent boundary row with China over Beijing's incursion attempts to the Indian side of Line of Actual Control (LAC). While meeting his Chinese counterpart General Li Shangfu, Rajnath stressed that bilateral ties between India and China have eroded, and that any form of bilateral engagement between New Delhi and Beijing would be a function of peace and tranquility along the Line of Actual Control. Li’s visit to India is the first visit by a Chinese defence minister after the June 2020 Galwan clash following which the bilateral ties between India and China plunged to the lowest. ALSO READ | US intelligence warns of risky confrontation between India and China at LAC Twenty Indian soldiers and an unspecified number of Chinese troops were killed in the seven-hour deadly conflict near Patrolling Point 14 in Galwan Valley in northernmost India's Ladakh region. The Chinese PLA’s casualties were twice as many as Indian Army’s though Beijing officially claimed that only four Chinese soldiers were killed. ALSO WATCH | India-China Clash: Faceoff between Indian and Chinese troops in Arunachal's Tawang × A defence ministry statement said that Singh told Li that all issues at the Line of Actual Control (LAC) needed to be resolved in accordance with existing bilateral agreements and commitments. The two ministers held a bilateral meeting on the eve of the Shanghai Cooperation Organisation (SCO) defence ministers' meeting on Friday. "The Raksha Mantri [defence minister] categorically conveyed that development of relations between India and China is premised on prevalence of peace and tranquility at the borders," the statement said. "He reiterated that violation of existing agreements has eroded the entire basis of bilateral relations and disengagement at the border will logically be followed with de-escalation." The defence ministers' meet took place days after the Indian Army and the Chinese People's Liberation Army (PLA) held the 18th round of talks to ease prolonged tensions along the Line of Actual Control (LAC) in eastern Ladakh. India does not consider its current boundaries with China as international border. The unresolved international boundary, with roots in imperial British cartographic blunders, is called Line of Actual Control in India's north and McMahon Line in the northeast, named after a British administrator Henry McMahon who led the effort to finalise the boundary question with the then-Chinese rulers in 1914. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India tells China peace along borders will define bilateral ties

<p>The United States added new sanctions on the Federal Security Service of the Russian Federation (FSB) and Iran's Islamic Revolutionary Guard Corps (IRGC) for taking "hostage" Americans such as Wall Street Journal reporter arrested in Moscow last month.&nbsp;</p>

<p>The FSB is&nbsp;main successor intelligence agency to the Soviet Union's KGB.</p>

<p>The United States is "showing that one cannot engage in this sort of awful behavior of using human beings as pawns, as bargaining chips, without paying consequences," a senior US official was quoted as saying by news agency AFP.</p>

<p>The US Treasury also placed sanctions on four top officials of the IRGC intelligence body.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/kremlin-says-wsj-reporter-violated-russian-law-after-us-designates-detention-wrongful-581424">Kremlin says WSJ reporter 'violated' Russian law after US designates detention 'wrongful'</a></strong></p>

<p>"Today’s action targets senior officials and security services in Iran and Russia that are responsible for the hostage-taking or wrongful detention of US nationals abroad," said Treasury Under Secretary of the Brian Nelson in a statement.</p>

<p>Both the FSB and IRGC have already been hit with punitive measures by the US State and Treasury Departments in the past.</p>

<h2><strong>Latest US sanctions on Russia, Iran: What do they mean?</strong></h2>

<p>The new sanctions reportedly underscore Washington's view that its adversaries are detaining foreign nationals to extract political benefits.</p>

<p>"The use of human beings as political pawns, as bargaining chips, detained by governments but on false pretenses, is a practice that seems to be trending in the wrong direction," the aforementioned official further told AFP.</p>

<p>Applying sanctions aims "to promote accountability for the culprits, and by doing so, to prevent and deter the next set of cases from arising in the first place," the official said.</p>

<p>The sanctions came a month after Russia detained Wall Street Journal reporter Evan Gershkovich, charging him with spying.</p>

<h2><strong>American citizens detained by&nbsp;Iran and Russia</strong></h2>

<p>The United States is seeking the release of Evan Gershkovich, and that of Paul Whelan, a former US Marine arrested in Russia in 2018 and sentenced to prison two years later for alleged spying.</p>

<p><strong>ALSO WATCH |&nbsp;Russia charges WSJ reporter Evan Gershkovich with spying</strong></p>

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<p>Last year in prisoner swaps the US secured the release from Russia of basketball star Brittney Griner, jailed on drugs charges and another former Marine, Trevor Reed, imprisoned for assaulting a Russian police officer.</p>

<p>At least three US citizens are being held in Iranian prisons, including businessman Siamak Namazi, held in Tehran's Evin prison since 2015.</p>

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The United States added new sanctions on the Federal Security Service of the Russian Federation (FSB) and Iran's Islamic Revolutionary Guard Corps (IRGC) for taking "hostage" Americans such as Wall Street Journal reporter arrested in Moscow last month.

The United States added new sanctions on the Federal Security Service of the Russian Federation (FSB) and Iran's Islamic Revolutionary Guard Corps (IRGC) for taking "hostage" Americans such as Wall Street Journal reporter arrested in Moscow last month. The FSB is main successor intelligence agency to the Soviet Union's KGB. The United States is "showing that one cannot engage in this sort of awful behavior of using human beings as pawns, as bargaining chips, without paying consequences," a senior US official was quoted as saying by news agency AFP. The US Treasury also placed sanctions on four top officials of the IRGC intelligence body. ALSO READ | Kremlin says WSJ reporter 'violated' Russian law after US designates detention 'wrongful' "Today’s action targets senior officials and security services in Iran and Russia that are responsible for the hostage-taking or wrongful detention of US nationals abroad," said Treasury Under Secretary of the Brian Nelson in a statement. Both the FSB and IRGC have already been hit with punitive measures by the US State and Treasury Departments in the past. Latest US sanctions on Russia, Iran: What do they mean? The new sanctions reportedly underscore Washington's view that its adversaries are detaining foreign nationals to extract political benefits. "The use of human beings as political pawns, as bargaining chips, detained by governments but on false pretenses, is a practice that seems to be trending in the wrong direction," the aforementioned official further told AFP. Applying sanctions aims "to promote accountability for the culprits, and by doing so, to prevent and deter the next set of cases from arising in the first place," the official said. The sanctions came a month after Russia detained Wall Street Journal reporter Evan Gershkovich, charging him with spying. American citizens detained by Iran and Russia The United States is seeking the release of Evan Gershkovich, and that of Paul Whelan, a former US Marine arrested in Russia in 2018 and sentenced to prison two years later for alleged spying. ALSO WATCH | Russia charges WSJ reporter Evan Gershkovich with spying Last year in prisoner swaps the US secured the release from Russia of basketball star Brittney Griner, jailed on drugs charges and another former Marine, Trevor Reed, imprisoned for assaulting a Russian police officer. At least three US citizens are being held in Iranian prisons, including businessman Siamak Namazi, held in Tehran's Evin prison since 2015. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US sanctions target 'hostage taking' by Russia and Iran

<p>Argentina on Wednesday stepped up its efforts to de-dollarise its crisis-ridden economy as Buenos Aires announced that it will begin paying for Chinese imports in yuan instead of dollars.&nbsp;</p>

<p>While the move is seen in context of country's immediate need to save its dwindling dollar reserves, the Argentines have long deemed the US dollar as the one that drives their counterparts across the country "crazy", according to an Al Jazeera report published in September 2019.</p>

<p>This is because the Argentines make crucial transactions such as the ones in real estate, with dollars. &nbsp;</p>

<p>In April, Argentina aims to pay around $1 billion of Chinese imports in yuan instead of dollars. Thereafter around $790 million of monthly imports will be paid in yuan, a government statement said.</p>

<h2><strong>Argentina's steps to decrease its dependence on US dollar</strong></h2>

<p>In November last year, Argentina expanded a currency swap with China by $5 billion, in an effort to increase its yuan reserves.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/brics-common-currency-soon-india-china-step-up-to-counter-us-dollars-dominance-578660">BRICS common currency soon? India, China step up to counter US dollar's dominance</a></strong></p>

<p>That agreement allowed Argentina "to work on the possibility" of advancing the rate of imports with yuan-denominated import orders being authorised in 90 days rather than the standard 180 days.</p>

<h2><strong>Immediate effects of the decision</strong></h2>

<p>The decision aims to ease the outflow of dollars, Argentina's Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors.</p>

<p>The decision comes as the South American nation battles critical levels in its dollar reserves amid a sharp drop in agricultural exports caused by a historic drought, as well as political uncertainty ahead of elections this year.</p>

<h2><strong>From tryst to wanted separation: Argentina's relationship with the US dollar</strong></h2>

<p>The US dollar is pretty much part of the human side of daily Argentine&nbsp;lifelines. It is&nbsp;often used as punchline of jokes, the theme of memes, and even as part of characters' sarcastic undertone in locally-made films. &nbsp;</p>

<p><strong>ALSO WATCH |&nbsp;Gravitas Plus: Who decides the value of your currency? Find out</strong></p>

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<p>In 1958, the then-President Arturo Frondizi implemented a so-called "Stabilisation Plan". This plan led to liberalisation of the market and included Argentina’s first agreement with the International Monetary Fund (IMF).&nbsp;</p>

<p>However, soon after market's liberalisation, the Buenos Aires' agreement with the IMF sent the Argentine currency peso into free fall.&nbsp;</p>

<p>The government announced a holiday for the Argentine exchange market for 12 days.</p>

<p>When the stock operations resumed in January 1959, the dollar became the currency that people began perceiving as currency of prosperity instead of their own peso.</p>

<p>The dollar became the lens through which people learned to evaluate what was happening around them, Al Jazeera reported in September 2019.&nbsp;</p>

<p>Analogies like "the price of beef loin is in the clouds – it costs as much as the dollar" helped glue this understanding. After that, families turned to the greenback to shield their savings.</p>

<p>That pattern persists to this day.</p>

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Argentina on Wednesday stepped up its efforts to de-dollarise its crisis-ridden economy as Buenos Aires announced that it will begin paying for Chinese imports in yuan instead of dollars.

Argentina on Wednesday stepped up its efforts to de-dollarise its crisis-ridden economy as Buenos Aires announced that it will begin paying for Chinese imports in yuan instead of dollars. While the move is seen in context of country's immediate need to save its dwindling dollar reserves, the Argentines have long deemed the US dollar as the one that drives their counterparts across the country "crazy", according to an Al Jazeera report published in September 2019. This is because the Argentines make crucial transactions such as the ones in real estate, with dollars. In April, Argentina aims to pay around $1 billion of Chinese imports in yuan instead of dollars. Thereafter around $790 million of monthly imports will be paid in yuan, a government statement said. Argentina's steps to decrease its dependence on US dollar In November last year, Argentina expanded a currency swap with China by $5 billion, in an effort to increase its yuan reserves. ALSO READ | BRICS common currency soon? India, China step up to counter US dollar's dominance That agreement allowed Argentina "to work on the possibility" of advancing the rate of imports with yuan-denominated import orders being authorised in 90 days rather than the standard 180 days. Immediate effects of the decision The decision aims to ease the outflow of dollars, Argentina's Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors. The decision comes as the South American nation battles critical levels in its dollar reserves amid a sharp drop in agricultural exports caused by a historic drought, as well as political uncertainty ahead of elections this year. From tryst to wanted separation: Argentina's relationship with the US dollar The US dollar is pretty much part of the human side of daily Argentine lifelines. It is often used as punchline of jokes, the theme of memes, and even as part of characters' sarcastic undertone in locally-made films. ALSO WATCH | Gravitas Plus: Who decides the value of your currency? Find out × In 1958, the then-President Arturo Frondizi implemented a so-called "Stabilisation Plan". This plan led to liberalisation of the market and included Argentina’s first agreement with the International Monetary Fund (IMF). However, soon after market's liberalisation, the Buenos Aires' agreement with the IMF sent the Argentine currency peso into free fall. The government announced a holiday for the Argentine exchange market for 12 days. When the stock operations resumed in January 1959, the dollar became the currency that people began perceiving as currency of prosperity instead of their own peso. The dollar became the lens through which people learned to evaluate what was happening around them, Al Jazeera reported in September 2019. Analogies like "the price of beef loin is in the clouds – it costs as much as the dollar" helped glue this understanding. After that, families turned to the greenback to shield their savings. That pattern persists to this day. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Argentina moves away from US dollar for trade in Chinese currency

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