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The government of Pakistan is considering a proposal to start using the Chinese yuan in trade with China, according to the Interior Minister Ahsan Iqbal, as quoted by Pakistan’s English-language daily Dawn. “We are examining the use of yuan instead of the US dollar for trade between the two countries,” the minister told the media after the official launch of the Long Term Plan (LTP) for the China-Pakistan Economic Corridor (CPEC).

ilateral trade between Pakistan and China was worth $13.8 billion in 2015 to 2016, a decade after the countries signed a free trade agreement. Pakistan will continue to use the rupee domestically, according to Iqbal.The LTP includes cooperation between the countries in energy, information network infrastructure, road and rail connections, trade and industrial parks, tourism, agriculture, and poverty alleviation. The plan will be implemented in three phases, the first ending in 2020, followed by another in 2025, with completion in 2030.

Under the plan, the countries intend to develop multi-level cooperation and strengthen policy coordination, as well as establish and improve the cross-border credit system and financial services. Karachi and Beijing are also planning to enhance currency swap arrangements and create a bilateral payment and settlement system.

Australian military aircraft will no longer fly combat operations over Iraq, the Defence Minister Marise Payne announced on Friday."The Australian government has determined we will bring home our six Super Hornet strike aircraft from the Middle East, marking the end of Australia's air strike operations in Iraq and Syria," she said."We can be immensely proud of the contribution our Hornet crews have made to the fight against Daesh. There's no doubt our air strike operations have made a difference."The Australian military's Air Task Group consisted of six F/A-18 fighter jets, an E-7A Wedgetail surveillance plane and KC-30A refuelling aircraft.

The United States tripled the number of air strikes on Yemen in 2017 compared with last year.The Pentagon said on Wednesday that the US has dropped 120 bombs on militants in the impoverished country this year. According to a report by the Council on Foreign Relations, the US dropped 34 bombs on Yemen in 2016 and 58 in 2015.The US largely targeted militants from al-Qaeda and the Islamic State (IS) group, but also caused civilian casualties.

Russian President Vladimir Putin has made history today, when he endorsed the creation of a soon to be unveiled CryptoRouble, the world’s first cryptocurrency endorsed by a state. Russian monetary experts and political leaders have recently begun engaging in a debate which pitted monetary conservatives against monetary radicals. Most Russian officials agreed that allowing the use of western designed (though not western state endorsed) cryptocurrencies such as Bitcoin, was not compatible with Russian financial security concerns. China, for example, reached a similar conclusion about existing cryptocurrencies. In Russia, the debate then quickly evolved into to a question over what role if any, a government and central bank should have in respect of cryptocurrencies. Conservatives argued that the entire process of blockchain cryptocurrency technology should not be accepted as a legal alternative to traditional state issued notes, while radicals argued for the creation and regulation of a uniquely Russian cryptocurremcy. The radials have clearly won and appear to have been embraced by President Putin.

BEIRUT, LEBANON (3:42 P.M.) – Moments ago, reports came in that Russian Ground Forces troops entered the Koneko Gas Field and its attached company headquarters area in eastern Deir Ezzor province at the invitation of Kurdish-led forces. The information, disseminated by Syrian military reports, claims that an agreement has been brokered between Russia and the US-backed Syrian Democratic Forces whereby the Syrian government will be allowed to assume control over the gas field. If true, then the scope of any backdoor agreements reached between Moscow and Washington regarding the transfer of energy assets held by Kurdish-led militias back to the rightful ownership of the Damascus government may yet encompass wider dimensions (i.e. future transfers) – although there is absolutely no evidence to suggest this is in fact the case.

Nonetheless, the unexpected transfer of the Koneko Gas Field by the SDF to the Syrian government does now raise questions as to whether or not the hitherto competition between the Syrian Arab Army and Kurdish-led militias to seize control of the much larger Al-Omar Oil Field from ISIS further south is still on.

en years ago today, I informed Gordon England, then the Deputy Secretary of Defense, that I could no longer serve as chief prosecutor for the military commissions at Guantanamo Bay. I requested immediate reassignment to another post and, within an hour, my request was approved. Soon after, I received an order not to speak to anyone about why I quit.Here’s why I quit. Earlier that day, I had been handed an order, signed by England, that reorganized the chain of command, effective immediately. The order had placed Air Force Brig. Gen. Thomas W. Hartmann above me, and it had placed William J. Haynes II, the general counsel of the Department of Defense, above Hartmann.Haynes, you might recall, signed the infamous torture memo — the one authorizing enhanced interrogation at Guantanamo that was approved by former Defense Secretary Donald Rumsfeld.

Hartmann had arrived a few months before, in July 2007, to serve as chief counsel to the official overseeing the military commissions. He was anxious to get convictions and wanted me to use all evidence, regardless of how it was acquired. For two years, my policy had been that the prosecution would not use evidence obtained by torture, because evidence obtained by torture is tainted. By the end of his first month, Hartmann had already tried to challenge this well-established fact. When I learned that two men who sanctioned torture were above me in the chain of command, I concluded that I could not ensure fair trials for the detainees at Guantanamo. Nor could I put my head down and ignore the fact that the United States employed a practice it had long condemned.I wish I could say that, in the following decade, the U.S. recovered from the shock of the Sept. 11 terrorist attacks, recognized the errors it made and regained its legal and moral standing on the issue of torture. That would be fake news.

The United Socialist Party of Venezuela won at least 17 of the 23 governorships, also garnering 54 percent of the vote. U.S. Ambassador to the United Nations, Nikki Haley, cast doubt on the results of Venezuela's Regional Elections where candidates from the governing Socialist Party won a vast majority of seats, claiming the vote was not "free and fair." 

The United Socialist Party of Venezuela, or PSUV won at least 17 of the 23 governorships, also garnering 54 percent of the vote. The PSUV candidate for Bolivar state, where no official results have been declared yet, also claimed victory. Turnout was 61.14 percent in Sunday's polls, with ballots cast at 13,559 polling stations nationwide. Venezuelan President Nicolas Maduro said it was the highest turnout in 15 years - more than 10 million people voted.

Prior to the vote, the U.S. State Department issued a statement questioning the "fairness of the electoral process" in Venezuela, and expressing "great concern that the regime will not permit the presence of independent international electoral observers." Over 1,300 national and international observers, including opposition appointed auditors, were on hand for the Oct. 15 vote. An audit of the vote will also be held, election officials confirmed Monday. The U.S.-backed opposition meanwhile, has stated they would not recognize the results that have been reported by the head of the National Electoral Council (CNE), Tibisay Lucena. "We do not recognize the results offered by Tibisay Lucena," said opposition coalition MUD campaign chief Gerardo Blyde. Blyde said the results are not reflective of those being tracked by his party. He also accused the electorate of misrepresenting the location of the polling stations in a bid to confuse voters.

According to Russia’s Defense Ministry, the US State Department has finally admitted that the infamous Al Nusra Front, which controls Syria’s Idlib Governorate through the umbrella terrorist group HTS and is still thought to be a front for al-Qaeda, “not only has, but uses chemical weapons against civilians.” “The Hayat Tahrir al-Sham terrorist group (HTS), linked to Jabhat al-Nusra, which uses ‘small and heavy arms, improvised explosive devices, and chemical weapons’, operates in that province [Idlib]. This is the first official recognition by the [US] State Department not simply of the presence, but, I emphasize, the use of chemical weapons by Jabhat al-Nusra terrorists in that part of Syria to commit terrorist attacks, about which we repeatedly warned,” Russian Defense Ministry spokesman Maj. Gen. Konashenkov said. Igor Konashenkov also recalled that in Idlib province, “only one case of the use of chemical weapons is known — in Khan-Sheikhun.”

“However, the US accused government troops of [conducting] this chemical attack. And those who [actually] organized it, they called a “moderate opposition,” Konashenkov said.

The Israeli government has approved a plan setting aside $72 million to fighting the campaign to boycott the Jewish state. The plan, which would entail the largest monetary investment yet by Israel specifically toward combating the Boycott, Divestment and Sanctions campaign, was announced last week to cabinet ministers and approved as an executive order after none of them objected, the Ynet news site reported Friday.

It calls for setting up a not-for-profit organization whose board will be made up of government officials and donors from abroad, the report said. The board will oversee the first major “civil-society infrastructure servicing the State of Israel and the pro-Israel community in the fight against the de-legitimization of Israel,” the notice sent to ministers read. The $75 million budget will come partly from the government and partly from Jewish donors and communities abroad, the report said. It did not say when the new organization would become operational or even established formally.

While such activities today formally fall under the purview of the Ministry of Foreign Affairs, privatizing them would allow for quicker and more flexible action unconstrained by government bureaucracy and legal limitations on third party services, that require tenders when carried out by the government, the announcement explained. The new organization will, however, be subject to review by the state.

Russia’s President Vladimir Putin assured the Syrian counterpart Bashar Assad that Russia will continue assisting Syria in protection of the country’s sovereignty, unity and territory integrity, the Kremlin said. "In his message of greetings to the President of the Syrian Arab Republic Bashar al-Assad, the President of Russia expressed hope that in 2018 the situation in Syria would continue changing for the better," the Kremlin said. "Mr Putin noted that defeating terrorists and rapidly bringing the situation in the Syrian Arab Republic back to normal would be in the best interests of the whole world and would improve security in the Middle East." "In addition, Mr Putin confirmed Russia’s commitment to assisting the Syrian Arab Republic in upholding its state sovereignty, unity and territorial integrity, and promoting a political settlement and economic recovery," the Kremlin added.

The United States on Monday warned it was ready to act in Syria if needed to end chemical attacks and “inhuman suffering” as it pushed for a new 30-day ceasefire in Eastern Ghouta at the United Nations Security Council The US ambassador [Nikki Haley] recalled that President Donald Trump had ordered missile strikes on a Syrian air base in April last year in retaliation for a sarin gas attack blamed on President Bashar al-Assad’s forces.

“We also warn any nation that is determined to impose its will through chemical attacks and inhuman suffering, most especially the outlaw Syrian regime: the United States remains prepared to act if we must,” Haley said. The Russian military at least is taking the threat seriously. The chief of Russia’s armed forces has issued a warning of his own: Moscow is ready to respond if lives of the Russian servicemen are endangered, including by strikes on Damascus, head of Russia’s General Staff Valery Gerasimov said. “There are many Russian advisers, representatives of the Russian Center for Reconciliation of Opposing Sides and [Russian] servicemen in Damascus and at Syrian defense facilities,” Gerasimov stated. In case lives of Russian military personnel are put in danger, the Russian Armed Forces will respond with certain measure to both “missiles” and “lauchers” which are delivering these projectiles.

What Gerasimov is saying here is two-fold: Any strikes in and around Damascus would almost certainly endanger Russian military personnel. If that were to happen, the Russian military will take measures against any missiles, and also against launch vehicles delivering the payload. Meaning, the Russians won’t be passively absorbing US strikes. Instead they will use their potent anti-air defenses, including against any manned aircraft.

Russian financial institutions and firms are ready to work without SWIFT's interbank cash transfer services, according to Deputy Prime Minister Arkady Dvorkovich. “Certainly, it is unpleasant, as it will prove a stumbling block for companies and banks, and will slow down work. It will be inevitable to deploy some aged technologies for information transfer and calculations. However, the companies are technically and psychologically ready for the shutdown as this threat was repeatedly voiced,” Dvorkovich said, as quoted by TASS.He added that the measure may have a negative impact on corporations working in the US and Europe.

The potential disconnection of Russia from SWIFT has been under discussion since 2014, when the EU and the US introduced the first round of international penalties against Moscow over alleged involvement in the Ukraine crisis and the reunification with Crimea.At the time, the European Parliament called for strong actions against Russia, including expelling the country from money transfer services. However, the Society for Worldwide Interbank Financial Telecommunication regarded the recommendations as violating rights and damaging for businesses.

In 2017, Russia’s Central Bank Governor Elvira Nabiullina told President Vladimir Putin that the banking sector had been provided with all the necessary conditions for operating lenders and payment systems in case of disconnection from SWIFT. According to the regulator, 90 percent of ATMs in Russia were ready to accept the Mir payment system, a domestic version of Visa and MasterCard.The Mir payment system was introduced in 2015 after clients of several Russian banks (SMP Bank, InvestCapitalBank, Russia Bank and Sobinbank) were unable to use Visa and MasterCard due to the sanctions.

One month ago, the bond market and political pundits did a double take when according to the latest Treasury International Capital report, Russia had liquidated virtually all of its US Treasury holdings, selling off the bulk of its US government bonds in just two months, March and April.

And with the US threatening to impose a new set of "crushing" sanctions on Russia, including in retaliation for the alleged Novichok nerve gas attack in the UK, Russia not only intends to continue liquidating its US holdings, but to significantly reduce its reliance on the US Dollar. Speaking in an interview for the Rossiya 1 TV channel, Finance Minister Anton Siluanov said that Russia "aims to keep reducing its investments in American securities" following new U.S. sanctions and said that the "US dollar is becoming an unreliable tool for payments in international trade." The minister also hinted at the possibility of using national currencies instead of the dollar in oil trade. "I do not rule it out. We have significantly reduced our investment in US assets. In fact, the dollar, which is considered to be the international currency, becomes a risky tool for payments," Siluanov noted.