US grants Iraq 45-day waiver over Iran sanctions to import gas, electricity: US Embassy

An employee turns a valve at the Hammar Mushrif new Degassing Station Facilities site inside the Zubair oil and gas field, north of the southern Iraqi province of Basra. (File/AFP)
Updated 10 November 2018

US grants Iraq 45-day waiver over Iran sanctions to import gas, electricity: US Embassy

  • The current temporary waiver is conditional on Iraq not paying Iran for imports in US dollars
  • Iraq central bank officials said in August that the country’s economy is so closely linked to Iran that Baghdad would ask Washington for exemptions from some of the sanctions

BAGHDAD: Iraq can continue to import natural gas and energy supplies from Iran for a period of 45 days, the United States has said, several days after reimposing sanctions on Tehran’s oil sector.
“The United States has given Iraq a temporary relief from the sanctions for 45 days to continue purchasing natural gas and electricity from Iran,” the US Embassy in Iraq said in a video published on its official Facebook page on Thursday.
“This relief gives Iraq time to start taking steps toward energy independence,” the video said.
Iraq central bank officials said in August that the country’s economy is so closely linked to Iran that Baghdad would ask Washington for exemptions from some of the sanctions.
The current temporary waiver is conditional on Iraq not paying Iran for imports in US dollars.
Sanctions, which had been lifted under a 2015 nuclear deal negotiated by President Barack Obama’s administration and five other world powers, were reimposed on Nov 5.
They cover 50 Iranian banks and subsidiaries and more than 200 persons and vessels in its shipping sector, as well as targeting Tehran’s national airline, Iran Air, and more than 65 of its aircraft.


Innovation jobs flocking to a handful of US cities

Updated 09 December 2019

Innovation jobs flocking to a handful of US cities

  • Economists fear job clustering could have a “destructive” influence on society

WASHINGTON: A new analysis of where “innovation” jobs are being created in the US paints a stark portrait of a divided economy where the industries seen as key to future growth cluster in a narrowing set of places.

Divergence in job growth, incomes and future prospects between strong-performing cities and the rest of the country is an emerging focus of political debate and economic research. It is seen as a source of social stress, particularly since President Donald Trump tapped the resentment of left-behind areas in his 2016 presidential campaign.

Research from the Brookings Institution released on Monday shows the problem cuts deeper than many thought. Even cities that have performed well in terms of overall employment growth, such as Dallas, are trailing in attracting workers in 13 industries with the most productive private sector jobs.

Between 2005 and 2017, industries such as chemical manufacturing, satellite telecommunications and scientific research flocked to about 20 cities, led by well-established standouts San Francisco, Seattle, San Jose, Boston and San Diego, the study found. Combined, these mostly coastal cities captured an additional 6 percent of “innovation” jobs — some 250,000 positions.

Companies in those industries tend to benefit from being close to each other, with the better-educated employees they target also attracted to urban amenities.

Brookings Institution economist Mark Muro said he fears the trend risks becoming “self-reinforcing and destructive” as the workforce separates into a group of highly productive and high-earning metro areas and everywhere else.

Even though expensive housing, high wages, and congestion have prompted some tech companies to open offices outside of Silicon Valley, those moves have not been at scale. Most US metro areas are either losing innovation industry jobs outright or gaining no share, Muro wrote.

Over this decade, “a clear hierarchy of economic performance based on innovation capacity had become deeply entrenched,” Muro and co-author Rob Atkinson, president of the Information Technology and Innovation Foundation, wrote in the report. Across the 13 industries they studied, workers in the upper echelon of cities were about 50 percent more productive than in others.

For much of the post-World War Two period labor was more mobile, and the types of industries driving the economy did not cluster so intensely, a trend that started reversing around 1980.

Concerns that the US is separating effectively into two economies has sparked support for localized efforts to spread the benefits of economic growth.

The Federal Reserve has flagged it as a possible risk to overall growth, and some of the presidential candidates running for office in 2020 have rolled out proposals to address it. One aim of Trump’s decision to impose tariffs on imports from China and elsewhere is to revive ailing areas of the country.