Iran Makes Friends

www.ozy.com [OZY]( OZY A Modern Media Company Share This Sh*t January 13, 2023 Share This Sh*t [The drop]( BUSINESS ROUND-UP Mali turns to Iran for financing, while American investors prepare for deeper losses in technology and other stocks. Africa Tatira Zwinoira from Harare, Zimbabwe [@tati_tatira]( Mali Turns to Iran for Economic Lifeline Mali is strengthening ties with Iran’s “emerging economy” as it seeks to shore up international support amid continued ostracization by Western countries. Following a coup in 2020 and another in 2021, Western nations have [withdrawn]( military support from Mali until it reestablishes democratic elections. This withdrawal has led the country to seek support elsewhere. We want to strengthen relations with the Islamic Republic of Iran. - Mali’s Ambassador to Iran, Mohammed Maiga “In the scientific and political circles of Africa, Iran is known as one of the emerging economies, and from this point of view, we want to strengthen relations with the Islamic Republic of Iran,” said Mali’s Ambassador to Iran, Mohammed Maiga, to Iran’s President Ebrahim Raisi. This new alliance comes amid [plans]( by the Iranian government to expand trade with West African nations in agricultural products, minerals, and construction materials, among other areas. Iran has also prioritized commercial involvement with the African region as part of its own development plan. Mali has already [cozied up]( to Russia, who last November signaled it would provide $100 million of food, fertilizer and fuel shipments to the West African country. “We believe that African countries, with regard to their rich reserves and resources, as well as human resources, will be able to achieve more development and progress through independence without the interference of Westerners,” Iranian President Ebrahim Raisi [said]( during a televised appearance with the Malian ambassador. Mali’s Chamber of Commerce and Industry did not respond to OZY’s request for comment on the viability of Iran as an international partner. Americas Investors Pick Up Options to Hedge Against Tech Losses More investors are getting into options trading following news that Facebook (also known as Meta Platforms), Amazon, Apple, Netflix and Google (owned by Alphabet Inc.) lost over $3.1 trillion in combined value last year. Contracts known as “put options” grant the holder the right, but not the requirement, to sell an agreed-upon quantity of a specific stock or other asset at an agreed-upon price until the contract’s expiration date. Thus, options can serve as a hedge against a particular stock falling in value. The uptick in options trading comes as Morgan Stanley warns that U.S. stocks this year could drop as much as 22%. (Sources: [The Wall Street Journal](, [Bloomberg]() More investors are getting into options trading following news that Facebook, Amazon, Apple, Netflix and Google lost over $3.1 trillion in value last year. Options can serve as a hedge against a particular stock falling in value. Europe 1 In the UK, Don’t Call for Help: Ambulance Workers Strike Ten thousand U.K. ambulance workers hit the picket line on Wednesday as trade unions continue to put pressure on the government to raise wages after negotiations fell through on Monday. Strikes have been held by nurses, ambulance and rail workers, while teachers plan to strike later this month, as salaries have failed to keep pace with steep inflation. According to Rachel Harrison, national secretary of the GMB union, no concrete offer was made by the government during negotiations on Monday, and unions will only call off strikes after the government raises wages to match the rising cost of living. Prime Minister Rishi Sunak told reporters during a visit to a health facility on Monday that the government sought wage adjustments “anchored in what’s reasonable, what’s responsible, what’s affordable for the country.” (Source: [Reuters]() Strikes have been held by nurses, ambulance and rail workers, while teachers plan to strike later this month, as salaries have failed to keep pace with steep inflation. 2 Russian Oil Plummets as Sanctions Kick In Last Friday saw Russia’s Urals grade crude oil, its largest petroleum export, trading at $37.80 per barrel against a global benchmark of $78.57 as European sanctions kicked in. “A key driver of price has [probably]( been the lost European market, because it put Russia at the mercy of a tiny pool of large buyers, most notably China and India,” Bloomberg reported. (Sources: [Bloomberg](, [Reuters]() NOW STREAMING FROM OZY STUDIO Asia 1 Chinese Citizens Prepare to Travel Beijing’s immigration offices were flooded with queues of citizens looking to renew their passports as the government removed COVID-19 border restrictions on Sunday, Reuters reported. Following three years of strict policies to prevent the spread of the virus, recent protests forced the government to do away with most such restrictions. A year before the pandemic, China was the world’s largest spender on international tourism, with such outlays totaling [$255 billion]( in 2019. On Monday, China’s currency and stock markets both opened higher as investors bet that reopening the economy would boost China’s $17 trillion gross domestic product, which recently has seen its slowest growth in over 50 years. (Source: [Reuters]() China’s currency and stock markets both opened higher as investors bet that reopening the economy would boost China’s $17 trillion gross domestic product, which recently has seen its slowest growth in over 50 years. 2 Indonesia and Malaysia Will Fight Palm Oil ‘Discrimination’ The governments of Indonesia and Malaysia will work together to combat “discrimination” against palm oil, as these two countries are the world’s largest producers of a commodity whose production has been linked to deforestation. Indonesian President Joko Widodo announced this bilateral partnership after meeting with Malaysian Prime Minister Anwar Ibrahim on Monday. This announcement comes as the European Union seeks to phase out palm oil-based fuels by 2030. (Source: [Reuters]() COMMUNITY CORNER What other issues or regions of the world would you like to read more about on OZY? 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