Oil Company (NIOC) and financial transactions with the Centra

India is developing the Chabahar port in Iran to improve connectivity with Afghanistan and Central Asia. The US state department subsequently designated Iran as a state sponsor of terror since 1984.4 billion barrels of oil annually — and saved over 70 billion on its annual oil import bill in 2015-17. New Delhi can revive this arrangement. It will also damage the country’s trade balance and may force the government to bring back subsidies on petroleum products like diesel and petrol, which could throw India’s fiscal and trade deficit out of control. In October 2017, the US Congress voted 423-2 authorising the US president to impose new sanctions on Iran for testing ballistic missiles. Diesel is also the primary fuel for transport in India, so an increase in diesel prices will also impact other commodities where transport costs are significant. | AMIT BHANDARI AND KUNAL KULKARNI power strips Published: May 13, 2018, 6:14 am IST Updated: May 13, 2018, 6:14 am IST India is developing the Chabahar port in Iran to improve connectivity with Afghanistan and Central Asia. It will damage the country’s trade balance, and may force the government to bring back subsidies on petroleum products such as diesel and petrol, as happened from 2004-14. In November 2016, the US Congress voted 419-1 to reauthorise the 1996 Iran Sanctions Act for 10 years.

This can throw India’s fiscal and trade deficit out of control. In the JCPOA, which was concluded in July 2015 between Iran and six global powers — US, China, Russia, France, UK and Germany — Iran agreed to restrict its nuclear programme in return for relief from crippling economic sanctions.On Tuesday, May 8, US President Donald Trump fulfilled an election promise that will end up costing India billions of dollars in costlier oil imports.What has the JCPOA done?Iran has massive reserves of oil and natural gas, but produces much below its potential because sanctions have kept away investors and customers.8 million barrels per day in early 2018. The direct impact will be felt in costlier oil imports for India. Simultaneously, India also needs to work on long-term programmes to curb its dependence on imported oil.1 million barrels/day from the 2014 level, to 3. This was one of the factors responsible for bringing down the price of oil from over 100/barrel in 2014 to below 50/barrel in the subsequent years.How will India be affected?The increase in oil prices will hurt India considerably. This once again makes it tougher for buyers such as India to pay for Iranian crude oil — as happened in the past. Chabahar port is also the hub for the International North South Corridor that India wants to develop for better connectivity with Central Asia and Russia, and as a counter to China’s Belt & Road Initiative. With renewed sanctions on financial transactions with Iran, the Chabahar port effort will slow down and impact Afghanistan’s stability.Amit Bhandari is Fellow

Iranian president Hassan Rouhani holds hands with President Ram Nath Kovind and Prime Minister Narendra Modi at Rashtrapati Bhavan, New Delhi, on February 17. Higher price of oil will also trickle down to the end consumers — making diesel, petrol and air-travel more expensive.The reimposition of sanctions on Iran is one of the factors pushing up prices and contributing to this unhappy situation.India must also show its resolve by moving ahead with proposed investments in Iran. This trade was handled by the government-owned UCO Bank, which has no overseas exposure, and was less vulnerable to US sanctions. Even while the JCPOA was in force, Iran continued to remain under US sanctions which imposed significant constraints on its economy, some of which date back to the 1979 Islamic Revolution, when the US embassy staff were taken hostage. Iran has the world’s largest reserves of natural gas, which cannot reach energy hungry markets such as India because of sanctions and adverse geography.6/barrel. This is a re-run of US sanctions on Russia; and a blow to India, which relies on Russia for high-tech defence hardware and technology.What can India do?India cannot walk away from its commitments to an important regional partner on account of US sanctions. This was an enormous relief for India, which imports 1.

Considering those lopsided Congressional votes, a US rethink on restoring Iran sanctions appears unlikely in the near future. For India, this is the perfect storm. One way to use this natural gas is to convert it into fertiliser, which can be transported easily. This burden will eventually fall on consumers, in the form of higher prices and on taxpayers, in form of higher subsidies on critical products. With Iran under sanctions, INSTC too will be affected.What the US withdrawal means?Trump’s decision will bring petroleum-related transactions with National Iranian Oil Company (NIOC) and financial transactions with the Central Bank of Iran under US sanctions in 180 days (by November). In an oil market with increasingly tight supply, this is sure to push up prices.Trump ‘tore up’ the Iran nuclear deal, also known as the JCPOA (Joint Comprehensive Plan of Action). During 2016-17, India imported oil at 47. Money owed to Iran was held in a Rupee account with UCO Bank and used by Iran to purchase goods from India. Adding Iran sanctions to this mix compounds the problem. Iran may be forced to cut down its oil production — as it had to do pre-2015, hurting global oil supply. However, these amounts are too large to be solely absorbed by the government or its oil companies. So India will have to live with this reality for the foreseeable future. With JCPOA in force, Iran could freely export its petroleum and increase its oil production by 1. This project can help Iran find markets for its gas and India to address its need for food security. Simultaneously, poor economic policies have pushed major oil exporter Venezuela to the brink as oil production is down by 40 per cent. India’s state-owned Rashtriya Chemicals and Fertilizers had proposed earlier to set up a fertilizer plant in Iran.How can India safeguard its own interests?In the past, India bypassed the sanctions on Iran partly by moving the oil trade to Indian Rupees

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Can Samsung come back While the company has suffered

"Initially, the Note 7 got glowing reviews for its size, features and big battery capacity.Samsung Electronics said this week that it would stop making the Note 7 for good, after first recalling some devices and then recalling their replacements, too." But he believes Samsung should emphasize quality and rigorous testing when it promotes future models.As one of the world's largest tech conglomerates, Samsung can afford to discontinue the Note 7, which was not its biggest-selling phone."The company is the most popular maker of Android phones and the world's leading smartphone maker, selling over 77 million phones in the second quarter of 2016."The improved product does not have the same defect. "Samsung's best, latest technologies are all in the Note 7," Park said. It waited a week before advising consumers to stop using the affected devices. Now the company is struggling to figure out what exactly is wrong. Now, like the makers of Tylenol, Ford Pintos and other products that faced crises in the past, it must try to restore its relationship with customers as it repairs damage to its brand.On Wednesday, the company slashed its forecast for third-quarter profit to 5.".The fiasco of Samsung's fire-prone Galaxy Note 7 smartphones - and its stumbling response to the problem - has left consumers from Shanghai to New York reconsidering how they feel about the South Korean tech giant and its products. IST Samsung needs to win back consumers&Power Cords Suppliers039; trust by the time it launches its next high-end phone.

After the first reports of overheating devices, it offered replacements, but not refunds.Jacobs, the Georgetown reputation expert, says Samsung will need to do more than that. "This is a truly difficult problem. It offered to replace the devices.Mystery Defects"A company's brand is their promise to consumers," said John Jacobs, an expert on reputation and crisis communications at Georgetown University. Samsung's claims about fixing the problem are no longer reliable."Ultimately they did the right thing, which was to announce a full recall," said Jan Dawson, a tech industry analyst with Jackdaw Research."Kim Young Woo, a tech analyst at SK Securities, believes Samsung could accelerate the launch of the S8 to make up for abandoning the Note 7, but it cannot afford to start from scratch, and it has to find the cause of the overheating. "They have that time to come up with a convincing story and a set of actions that will reassure customers that when they buy an S8, it's going to be safe.A brief history of fireSamsung, South Korea's biggest company by far, announced a global recall of the devices last month. "If you break that promise, you lose the customers, you lose their loyalty.2 trillion won (4.6 billion), down from the 7.

Samsung's initial recall had a rocky start.Breathing RoomSamsung needs to win back consumers' trust by the time it launches its next high-end phone, the Galaxy S8, likely early next year, Dawson said. While the cost of recalling devices and halting production will be enormous, it makes far more than that every quarter on sales of components for smartphones and computers. If Samsung's full financial results due later this month are in line with that forecast, Samsung will log its lowest quarterly profit in two years. When potential customers contemplate future Samsung products, he said, "you don't want them having that worry in the back of their mind.Park has long argued that Note 7's problems appeared to be more than a simple battery defect. But he warned Samsung's profits may suffer because it will need to offer substantial discounts and other promotions to boost sales of the S7 and other models.But South Korea's safety agency says a new, still unidentified problem with the replacement devices makes them also likely to overheat."Now they've got to demonstrate why potential buyers shouldn't worry about future Samsung devices," Dawson said.But analysts say the new, unexplained Note 7 problems will still inevitably hurt.The Note 7 has cutting-edge features like an electronic stylus and an iris-scanning security feature seemingly suited for a James Bond movie. After the first reports of overheating devices, it offered replacements, but not refunds. # Samsung needs to win back consumers' trust by the time it launches its next high-end phone. And critics complained that some retailers didn't have up-to-date information until Samsung made a coordinated announcement with the US Consumer Product Safety Commission."They want to be known, two years from now, as a company that can be trusted," he said. But when the replacement devices ran into trouble too, he added: "That all goes out the window.

"If it releases the next phone, it has to use the technologies in the Note 7."You're thinking, 'Do I have to turn it in Is it going to blow up '" she said.South Korean safety regulators says they are examining components other than the batteries to try to puzzle out why even the replacement phones Samsung made using different batteries are so fire prone. Hahm Young-kyu, a 43-year-old South Korean office worker in Seoul whose wife is still using the Note 7, exclaims in frustration that the manufacturer tried to "cover up" the Note 7's failings.Samsung shares plunged as much as 8 per cent in Seoul, their biggest one-day drop since the 2008 financial crisis, after the company apologized for halting sales of the Note 7. It was Samsung's mistake to have underestimated it," he said. It said a subtle manufacturing error in the batteries made the phones prone to catch fire. But in the prized US market, it lags behind Apple, whose iPhone models are more popular, according to International Data Corp.Can Samsung come back While the company has suffered a "big setback," IDC analyst Ryan Reith said, "My guess is it won't do a lot of damage" to its overall share of the market. That's why we think there is a new defect," said Oh Yu-cheon, a senior official at the Korean Agency for Technology and Standards."They have to comprehensively check everything from the very basics, outside the battery and inside the phone," said Park Chul Wan, a former director of the next generation battery research center at the state-owned Korea Electronics Technology Institute.Some consumers blame Samsung for not dealing decisively with the issue.8 trillion won estimate it released Friday

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