In brief: Obama levies new sanctions on Iran
WASHINGTON – The Obama administration on Thursday hit Iran with more sanctions designed to hinder the country’s nuclear and ballistic missile programs.
The Treasury Department announced new financial sanctions against 11 companies affiliated with the Iranian defense ministry, Revolutionary Guard Corps and national shipping line as well as a university, all for actions they took to support the programs. Several of the firms are already subject to U.S. and European sanctions.
Treasury also slapped penalties on four men, including an Austrian national and three Iranians, for similar activity.
“Iran today is under intense, multilateral sanctions pressure, and we will continue to ratchet up the pressure so long as Iran refuses to address the international community’s well-founded concerns about its nuclear program,” said David Cohen, Treasury’s undersecretary for terrorism and financial Intelligence.
The sanctions freeze any assets that the firms and individuals may have in U.S. jurisdictions and bar Americans from doing business with them.
China’s economy hits three-year low
BEIJING – China’s economic growth slowed to a new three-year low in the latest quarter as exports and consumer spending weakened.
The world’s second-largest economy grew by 7.6 percent in the three months ending in June over a year earlier, down from the previous quarter’s 8.1 percent, data showed today. That was the lowest since the first quarter of 2009 during the depths of the global financial crisis.
Export growth has fallen steadily amid anemic global demand and Chinese domestic consumer spending has weakened despite government stimulus measures that include two interest rate cuts since the start of June.
Analysts expect growth to rebound in the second half of the year but the slowdown raises the threat of job losses and tensions at a politically difficult time for the ruling Communist Party. It is trying to enforce calm ahead of a planned once-a-decade handover of power to younger leaders.