Washington, Aug 11: President Donald Trump likes to say that he started his war with Iran after 50 years of economic pressure had failed to stop its nuclear weapons ambitions — but he’s now betting that another financial squeeze can bring an end to that war.

The Trump administration is hoping that months of bombing have pushed Iran’s economy to a breaking point that will force its leadership to cave to demands to end its nuclear program and fully reopen the Strait of Hormuz to oil and natural gas tankers.

The president on Monday said that since Iran is seeking compensation as part of any peace talks, he now intends to demand the same for the US side. It’s part of a larger pivot this weekend by Trump to argue that Iran is now on the cusp of financially collapsing, even though it has already endured decades of financial sanctions, which are often a longer-term strategy rather than an immediate tool of warfare that can halt a conflict.

The shift comes as US stockpiles of key weapons have dwindled and as stop-start talks seem again to have stalled. But Trump insists the pressure can lead to a breakthrough.

“Yeah, they can make trouble, but they’re broke,” Trump told reporters. “They have no money. You know, Iran is broke, totally broke. And, they’re not paying their soldiers. They have inflation of 300%.”

Inflation is running high in Iran, although Trump’s estimates were higher than what administration officials have been citing to reporters. But the prospect of a longer war also carries inflation risks for other nations, including the US — where the war and higher gasoline prices are unpopular.

Crude oil prices climbed on Monday as investors interpreted Trump’s comments as a sign that fewer ships would be traversing the Strait of Hormuz, continuing to limit global supplies of gasoline, jet fuel, natural gas and other forms of energy. The Iran war largely closed the waterway involved in shipping roughly 20% of global oil supplies before the conflict — and attempts to reopen the strait have been short-lived as it has become a source of leverage for the Iranians in negotiations.

Iran does not appear to be publicly intimidated by the prospect of more financial sanctions.

“Whenever Washington proves itself incapable of pursuing diplomacy, it retreats into sanctions; and whenever those sanctions fail to produce results, it simply increases the dose,” said Esmaeil Baqaei, spokesman for Iran’s Foreign Ministry, on social media. “The real risk is that American politicians, clinging to this bad habit, will instead strangle their own remaining chances of a less humiliating exit from a crisis of their own making.”

The White House has called this Operation Economic Fury’

The president didn’t say what additional financial pressure would be applied, but the administration has since April 16 been engaged in what it calls “ Operation Economic Fury ” against Iran. Treasury Secretary Scott Bessent called this component the “financial equivalent” of a bombing campaign as the countries that buy oil from Iran or bank with it could be sanctioned.

But one problem with this pivot is that the sanctions are unable to bite as quickly as the impact of the largely shuttered strait, said Richard Nephew, a senior research scholar at Columbia University who helped direct Iran sanctions strategy in the Obama administration.

Nephew stressed that the value of sanctions as a tool is limited because Trump has not articulated clear strategic goals for the war, at times stressing that it can’t have a nuclear weapon, then emphasizing the strait and then talking about ballistic missiles. Instead, Trump has engaged in a massive series of aerial assaults and a level of destruction that has not produced the quick end that he initially promised.

“Economic pressure is a possible element in his strategy, but he’s yet to explain the purpose,” Nephew said. “Trump has systematically weakened his own hand through his inadequate use of force, inarticulate elucidation of an objective, and vacillation on negotiations.”

Still, the sanctions and the ongoing US naval blockade of Iranian ports give the US economic and financial leverage, said Juan Zarate, a deputy national security adviser in the George W. Bush administration. Zarate said the US sanctions threatening third-party countries doing business with Iran also have an impact. But these things take time, he noted.

“The ultimate question will be how far the United States is willing to go to constrict Iran’s oil trade and threaten third countries with severe sanctions — and whether it has the patience to test whether the economic pain will change the regime’s behavior,” Zarate said.

Past presidents used sanctions. Trump has said they didn’t go far enough

Trump’s latest pivot to economic issues with Iran is something of a flip-flop. Trump has long derided past presidents who used sanctions to limit Iran’s economic ability to pay for its military and nuclear development. In a speech last week in Las Vegas, he defended the bombing, missiles and drone attacks that began on Feb. 28 by indicating that the sanctions from previous administrations that date back to November 1979 had failed to succeed.

“It’s been 47 years, but really, it’s been 50 years because they’ve been saying 47 for three years, it’s been 50 years,” Trump said. “And no other president has done what you should have done a long time ago, because Iran cannot have a nuclear weapon, can’t have it.”

The Iranian economy has suffered gravely because of the war, with the International Monetary Fund estimating the overall economy shrinks by 5.4% and the Iranian government recently reporting an annual inflation rate of 88.6%. The US Treasury Department said average loadings of Iranian oil have decreased from 1.8 million barrels per day before the war to less than 500,000 barrels per day over the past month.

The US economy — the world’s largest — has continued to grow, but inflation is elevated and borrowing costs have risen in ways that have hurt Trump’s popularity and led to disapproval of the Iran war.

A senior US official, insisting on anonymity to discuss strategy, said the US military has set back Iran’s ability to produce, sell and ship oil and other energy resources. The administration sees the naval blockade of the strait and sanctions as effective and views Trump as having additional options that can be cranked harder in the weeks and months ahead.

Trump is essentially arguing that US voters are better able to tolerate any economic inconveniences than Iranians, who have been in a state of economic hardship for years.

“It’s not just what the military can do — we’ve got the most powerful economy in the world as well,” Defense Secretary Pete Hegseth said Monday in a joint appearance with Bessent. “And when you’ve got a motivated treasury secretary who can pull a lot of levers because he knows how to do it, you can put a lot of pressure on adversaries.”

New York, Aug 11: A US court has dismissed with prejudice the criminal charges against Adani Group chairman Gautam Adani and his nephew, bringing to an end nearly two years of proceedings in an alleged fraud and bribery case.

The US District Court for the Eastern District of New York granted the Justice Department’s Rule 48(a) motion to dismiss the indictment against Gautam Adani, Sagar Adani and former Adani Green CEO Vneet Jaain. The counts covered securities-fraud conspiracy, wire fraud conspiracy, and securities fraud.

Judge Nicholas Garaufis allowed the Justice Department’s motion after seeking additional explanations from prosecutors over their decision to abandon the case. A dismissal with prejudice permanently closes the criminal proceedings and bars the charges from being refiled, but does not amount to a judicial finding on the underlying allegations.

The criminal case originated in November 2024, when US prosecutors alleged that Gautam Adani, Sagar Adani, former AGEL Chief Executive Officer Vneet Jaain and others were involved in a conspiracy to pay USD 250 million in bribes to Indian government officials to secure solar power contracts projected to generate more than USD 2 billion in after-tax profits over two decades.

Prosecutors also alleged that investors were misled while the group raised more than USD 3 billion through loans and bond issuances in US markets.

The Adani Group consistently denied the criminal allegations, describing them as baseless and maintaining that it had acted in accordance with applicable laws and regulatory requirements.

The SEC’s separate civil action has also been resolved through the final judgment against Gautam Adani, under which he consented to the order without admitting the allegations. The final judgment also requires Adani to pay a USD 6 million civil penalty to the SEC within 30 days.

In its submissions before the court, the Trump administration said continuing the prosecution no longer served the interests of justice, citing significant jurisdictional and evidentiary challenges, the predominantly Indian nature of the alleged conduct, the fact that Indian authorities had examined the matter, the absence of identified investor losses and broader public-interest considerations.

The DoJ also stated that the indictment, unsealed in November 2024 during the closing weeks of the previous Biden administration, had little realistic prospect of proceeding to trial and appeared to have been a politically motivated “name and shame” exercise orchestrated by the outgoing administration.

In dismissing the charges against Adani, Garaufis said he was satisfied that Adani’s November 2024 promise to invest USD 10 billion in the United States did not factor into the Justice Department’s decision, and acknowledged that judges’ role in reviewing federal prosecutors’ decisions to drop charges was limited.

Adani welcomed the decision “with humility and deep respect for the judicial process.”

“Throughout this challenging period, our faith in truth, fairness and the rule of law remained unwavering. My deepest gratitude to those who never lost faith in us, in the system and in India’s capacity for justice. We will continue doing what matters: building for our nation, creating value that outlasts us and serving a purpose larger than ourselves. That is our commitment,” he said in a post on X.

Before approving the request, Judge Nicholas Garaufis directed the DoJ to publicly explain its reasons for seeking dismissal and required the defendants to file sworn declarations confirming there had been no promise, offer, quid pro quo or undisclosed agreement connected with the decision.

In his sworn declaration, Gautam Adani categorically denied the existence of any promise, offer, quid pro quo or undisclosed agreement relating to the DoJ’s decision. After reviewing the government’s submissions and the sworn declarations, the court accepted the motion and permanently dismissed the case.

The dismissal means the criminal proceedings concluded before trial. No witnesses were examined, no evidence was tested in court, and no judicial findings were made on the underlying criminal allegations.

The proceedings unfolded against the backdrop of heightened global scrutiny of the Adani Group following allegations made by now shuttered short seller Hindenburg Research in January 2023. The report triggered a sharp sell-off in Adani Group stocks, erasing more than USD 150 billion in market value at its lowest point.

The group has consistently rejected those allegations and maintained that it complied with all applicable laws and disclosure requirements.

The court found that the DOJ had met the legal requirements for dismissal on one ground: its argument that alleged statements about Adani Green’s anti-bribery policies and corporate compliance could amount to “inactionable puffery” – broad statements that investors could not reasonably rely on – creating legal risks for the prosecution.

The judge rejected or found insufficient several other reasons advanced by the government. These included the argument that the alleged misconduct occurred almost entirely in India and therefore presented significant US securities-law jurisdictional risks. The court noted that the indictment itself alleged that investors committed funds in the United States and that the transactions involved the US financial system.

The court also found that the government’s argument concerning the absence of sophisticated-investor deception did not provide sufficient support, while noting it did not need to reach that issue because the puffery rationale was sufficient to dismiss the three counts.

The dismissal was with prejudice, meaning the three charges cannot simply be brought again. The court said there was no concern about prosecutorial harassment because the government had requested dismissal with prejudice and the appearing defendants had consented to it.

Bogota (Colombia), Aug 10: A powerful 7.4 magnitude earthquake struck western Colombia on Monday, killing at least 111 people, damaging hundreds of buildings and leaving many trapped under debris while their loved ones and rescue workers searched through rubble.

Colombia’s President Abelardo de la Espriella said at least 87 people were injured and declared an emergency to expedite funding for the quake recovery while saying he would visit the disaster zone.

“We aren’t going to leave people alone. They are in our hearts, and we are going to tend to people with our full determination,” he said.

The epicentre was in San Jose Del Palmar, a community of about 4,800 people in the Choco region, about 250 miles (400 kilometres) west of Bogota, the US Geological Survey said. The quake was also felt in neighbouring Ecuador and Panama, though minimal damage was reported there.

The quake ravaged cities across the west of the country, including Pereira, Quibdo, Cali and Manizales.

Residents and search teams picked through the rubble of collapsed buildings amid concerns by authorities of aftershocks. Colombia’s interior minister said more than 20 municipalities across the country had been hit.

Colombia’s Pacific region around the quake’s epicentre lies along the “Ring of Fire”, the line of seismic faults encircling the Pacific Ocean where most of the world’s earthquakes occur. The Pacific, particularly the Choco region, is one of the poorest regions in the country. Nestled in the dense jungle, much of Choco is highly rural and only reachable by boat or plane, which may pose a problem for authorities in assessing the wider toll.

Most powerful quake in the last decade, authorities say

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Jorge Moncayo, a 64-year-old taxi driver in Cali, said he saw plumes of dust shoot up across the city as buildings collapsed. Residents and rescue workers were searching the rubble for survivors.

“My entire house shook. I’ve never lived through such a powerful earthquake,” he said. “We’re thanking God we’re alive.”

Before the president gave the latest death toll of at least 111 people, local officials had confirmed that at least 40 people were killed in the Risaralda region, where the hard-hit city of Pereira is located, and 27 people in the Valle del Cauca region, where Colombia’s third-biggest city, Cali, is located. At least three of those killed in Valle del Cauca were children, the governor said.

Authorities also confirmed nine people were killed in Choco, two more in the Caldas region and a 73-year-old in the Antioquia region.

Colombia’s Geological Service said Monday that it had been “the highest magnitude earthquake registered in Colombia in the last decade” and that it had been followed by two 2.8 and 4.8 magnitude aftershocks. Authorities also reported that flights were suspended in the airports of Manizales, Quibdo, Armenia, Cartago, Buenaventura and Pereira.

The earthquakes left many in the Andean nation unnerved after two back-to-back quakes devastated neighbouring Venezuela in late June, destroyed hundreds of buildings and killed more than 5,000 people. At the same time, the quake brought down buildings in Colombia, and desperate families in Venezuela continued to search the ruins for the bodies of their loved ones.

In Pereira, photos and videos published by local media showed pieces of the airport ceiling falling down on travellers taking shelter and screaming, and people running through rubble in a panic.

Pereira’s mayor, Mauricio Salazar, told a local radio station that at least 18 people had died and that many more were trapped under “a massive quantity of collapsed buildings.”

In nearby Manizales, a city in the coffee-producing mountains of Colombia, one of the towers of the neo-Gothic cathedral collapsed and fell on the nave. Jorge Eduardo Rojas, the mayor of Manizales, asked residents to stay outside in case of aftershocks.

Authorities in the rural state of Choco, the epicentre of the quake, reported injured people and damaged buildings in the capital, but provided few details.

In Cali, a city of 2 million people, Mayor Alejandro Eder said that residents were trapped in at least 19 buildings that had collapsed.

Powerful quakes are rare in Colombia, where smaller quakes are common

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Small earthquakes, known as “temblores,” are common in central and western Colombia, but those above 6.0 magnitude are rare. In 1999, a 6.2 magnitude quake near the city of Armenia killed more than 1,100 people.

Colombia’s newly inaugurated President Abelardo de la Espriella said Monday that he had personally taken charge of the government’s response to the emergency in San Jose del Palmar following the earthquake.

“You are not alone. The state is present and taking action,” he said.

Response to the earthquake presents the first major challenge to de la Espriella, a Trump ally who was sworn in as president over the weekend.

Messages of support rolled in from leaders across the Americas, including Mexico, Brazil, Ecuador, El Salvador and the United States.

“The Trump administration is closely monitoring the large earthquake that struck Colombia and stands ready to support the people of Colombia,” US Secretary of State Marco Rubio wrote in a post on X.

A number of countries offered aid, and the UN deputy spokesman, Farhan Haq, said, “We stand ready to help as needed.”