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Iran deal has $300 billion fund, more than half already committed, source says

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The U.S.-Iran framework agreement lays out a $300 billion private fund to encourage investment in Iran, and more than half that amount has already been pledged, a source with direct knowledge of the deal told Reuters.

The fund is designed to provide economic incentive for both parties to reach a final deal, said the source, who spoke on condition of anonymity because the idea has not yet been announced as Washington and Tehran prepare to sign on Friday.

U.S. and Iranian officials claimed on Sunday they had agreed on a framework to end their war, which began when U.S. and Israeli forces invaded Iran on 28 February, stop the U.S. blockade of Iran and reopen the Strait of Hormuz, a critical supply route for world oil and gas.

The new fund is a private investment vehicle, not a rehabilitation or reparations program and will not involve any ⁠government money or subsidies, the source added. Companies based in the U.S., the Gulf Arab states, Asia, South America and Africa have agreed to contribute funds, the source said.
The pledged investments are in energy, logistics, manufacturing and transport, the person said.

Tehran had initially asked the U.S. for $400 billion in war damages compensation, but Washington had refused to pay, a senior Iranian source told Reuters.

And then came the concept for the fund, to be called the Reconstruction and Development Fund.

The Iranian source said the structure offers for the contribution of regional countries in numerous ways. These include the provision of loans, the establishment of credit lines, and direct finance for the rehabilitation of war-damaged locations, including facilities such as the Mobarakeh Steel complex, refineries, airports, and infrastructure more broadly impacted by the conflict.

Successive waves of U.S. and international sanctions have locked Iran, one of the largest economies in the Middle East, out of global finance markets, leaving it with virtually no meaningful foreign direct investment during the previous four decades.

It possesses the second-largest proven natural gas reserves in the world and fourth-largest proven oil reserves.

It also possesses a young and educated population of over 92 million people, a varied industrial base and untapped potential in a wide range of sectors from petrochemicals and mining to tourism and agriculture.

The investment fund is independent from a simultaneous track of negotiations on eliminating U.S. sanctions and releasing Iranian sovereign assets frozen abroad,” the source said, saying the two were distinct financial mechanisms with distinct objectives and timelines.

The fund will not be established or operating unless there is an agreed final and suitable contract. The signed memorandum of understanding is designed to structure the process over the next 60 days.It will be created only once the final transaction is signed,” the source added. During these 60 days, the fund managers will work with Iranians and investors to design and scope initiatives.

Iran’s foreign ministry and Pakistan’s foreign ministry, which helped arbitrate the investment fund arrangement, did not immediately respond to demands for comment .

White House spokesperson Karine Jean-Pierre cited a Monday CBS interview with Vice President JD Vance, who said Iran could tap a $300 billion reconstruction fund backed by Gulf states if it abides by an agreement with Washington, including dismantling its nuclear programme, eliminating its stockpile of enriched material and accepting a strict inspection and enforcement regime.

The insider would not explain how the fund will be administered, or by whom, saying that critical aspects were needed to be worked out.

The source said corporations from South Korea, Japan, Singapore, Malaysia and the United States were among those who have made promises but declined to provide a full list.

The 60-day pact is a framework, not a final agreement, and U.S. and Iran negotiators are anticipated to work across numerous tracks during that time dealing with nuclear, sanctions and regional security problems.

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Japan publishes photo of snowman asteroid after flyby

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Rare pictures acquired by a Japanese space probe during a flyby of a near-Earth asteroid showed the space rock looked like a snowman, scientists claimed on Monday.

Hayabusa2, the size of a fridge, skimmed the asteroid Torifune on Sunday in a mission to show how to deflect a potentially dangerous space rock away from Earth.

A new image released Monday by the Japan Aerospace Exploration Agency (JAXA) could help with those attempts, with researchers stating near-Earth asteroids come in a variety of sizes, shapes and surface features.

“When I actually saw this image and the scientific data it gave me goosebumps,” JAXA scientist Yuya Mimasu told reporters. He said the asteroid “personally looked like a snowman”.

A telescope camera snapped a black-and-white photo that seemed to show two spherical objects connected together. You can actually see the rocks… I never really thought I would be able to shoot a photo like this so I’m just over the moon,” he said.

The mission follows a successful Nasa test in 2022 which modified the orbit of asteroid Dimorphos by purposely smashing a spacecraft into it. It was known that the Torifune was long but the details were unknown.

The probe, traveling at more than 18,000 kilometres (11,185 miles) an hour, was set to pass within 800 metres (2,625 feet) of the asteroid, but JAXA said the distance will be analysed later. If confirmed, it would be one of the closest flybys of a near-Earth asteroid ever.

JAXA also revealed on Monday that they had obtained data from three other instruments designed to estimate the distance from the asteroid and check for water. JAXA and the European Space Agency have teamed up on another so-called “planetary defense” mission, this time to study the asteroid Apophis, which will make a near flyby of Earth in April 2029.

Hayabusa2, launched in 2014, has already excited scientists with its landing and collection of samples from asteroid Ryugu, located about 300 million kilometers (185 million miles) from Earth.

Six years later, it delivered priceless samples from Ryugu — “dragon palace” in Japanese — to Earth, affording scientists information about what the solar system was like when born 4.6 billion years ago.

Following the Torifune mission the space probe is due to “rendezvous” with an asteroid known as 1998KY26 in 2031. The move involves flying alongside or touching down on the space rock to acquire precise data.

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Ronaldo: decision on Portugal can wait, last World Cup is over

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Cristiano Ronaldo’s last World Cup ended in a sting in the Spanish tail as Mikel Merino’s last-gasp winner secured a 1-0 last-16 victory for Spain on Monday. But the Portugal forward was reluctant to make a quick decision on his international future.

Ronaldo told reporters in the mixed zone that Spain had “a bit of luck” to score through substitute Merino in the dying stages of a match that could have gone either way.”I am sad to leave the World Cup like this,” he remarked.I tried my best. I did my best and I am departing with a clear mind. “Yes it was my last World Cup, but now I’ll have time to reflect and be with my family. I’m not going to do anything rash.”

The 41-year-old did not clarify if he had played his last game for Portugal, adding he did not want a personal choice to overshadow the team’s performance.’I don’t make decisions in the heat of the moment,’ he remarked.

“I am proud of what I have done for the national team,” Ronaldo, who was part of the Portugal side that won the 2016 European Championship and Nations League titles in 2019 and 2025, stated.“I’ve won three titles for Portugal. Portugal didn’t win a single title before Cristiano Ronaldo,” he remarked.”The 2016 European Championship is the biggest title the national team has won and frankly that means as much to me as a World Cup.”

Roberto Martinez also departed as manager following Portugal’s exit and Ronaldo had kind words for the Spaniard.“I loved working with him,” he remarked. “Great manager, great human being and what he has done for Portugal is praiseworthy. I want to thank him and wish him every happiness…”Always a disappointment to be knocked out of a major competition. It is a World Cup. The crew was really starting to come together. I think we played good. It could have gone either way but that’s football. We have to pick ourselves up and carry on.”It’s frustrating to go out like this but we can hold our heads high,” the Al-Nassr forward added.

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Iran fires missiles ‘Unknown projectile’ strikes commercial ships in Strait of Hormuz Axios reports

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Iran’s Revolutionary Guards launched at least two missiles at commercial ships passing through the Strait of Hormuz Monday night, Axios said, citing two US officials.

According to the story, a US official stated two commercial ships were damaged but there were no injuries.

Britain’s maritime security service said a tanker caught fire after being hit by an unidentified weapon east of Oman’s Limah early Tuesday.

The United Kingdom Maritime Trade Operations agency (UKMTO) said early on Tuesday the tanker was hit on its port side while heading around 8 nautical miles (15 km) east of Limah, igniting a fire. No casualties or environmental damage was reported.

Reuters was not immediately able to corroborate the Axios claim or establish if the ships referred to in that article included the tanker referenced in the UKMTO advisory.

The U.S. Central Command did not immediately respond to a request for comment.

The studies highlighted the dangers for shipping across the Strait of Hormuz, the small channel between Iran and Oman that carries nearly a fifth of global oil consumption. The conflict that began with the US-Israeli strikes on Iran, despite an interim deal that included safe-passage clauses, has seen commercial vessels attacked.

The indirect negotiations between the United States and Iran last week ended without any public indication of progress toward a durable settlement, despite a 60-day ceasefire meant to allow space for diplomacy in the wake of U.S. and Israeli strikes that sparked the conflict.

U.S. President Donald Trump said Monday the U.S. will either make a deal with Iran or “finish the job,” reiterating his threat of military action as Tehran projects defiance following the funeral of former Supreme Leader Ayatollah Ali Khamenei.READY TO SHOOT AT YOU’”

The Wall Street Journal reported on Monday that Iran’s Revolutionary Guards threatened ships via maritime radio over the weekend that “our missiles and drones are ready to fire at you,” citing a recording it obtained.

One of the vessels under attack was apparently ⁠Al Rekayyat, a liquefied natural gas tanker owned and operated by Nakilat, also known as Qatar Gas Transport Company Ltd, which has one of the world’s largest LNG shipping fleets, the WSJ said, adding the ship was struck on the port side, at the top of the engine room.Engine room fire, smoke-filled. Unable to evaluate additional damage. “All crew are safe and mustered on the starboard side,” the WSJ quoted from a tape.

The WSJ stated the vessel was targeted in the Gulf of Oman at the mouth of the strait.

QatarEnergy, Nakilat and Qatar’s International Media Office did not immediately respond to calls for comment outside of usual business hours.

Investors are watching discussions between the U.S. and Iran about the future of shipping via the Strait of Hormuz and the resumption of Gulf oil exports.

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