Hassan Nasrallah, the head of Lebanon's Shiite movement Hezbollah, announced the delivery of Iranian fuel during a televised speech on August 19. AFP
Hassan Nasrallah, the head of Lebanon's Shiite movement Hezbollah, announced the delivery of Iranian fuel during a televised speech on August 19. AFP
Hassan Nasrallah, the head of Lebanon's Shiite movement Hezbollah, announced the delivery of Iranian fuel during a televised speech on August 19. AFP
Hassan Nasrallah, the head of Lebanon's Shiite movement Hezbollah, announced the delivery of Iranian fuel during a televised speech on August 19. AFP

Hezbollah leader: Iranian tanker carrying fuel oil to sail for Lebanon today


Aya Iskandarani
  • English
  • Arabic

The "first of several shipments" of Iranian fuel oil sets sail for Lebanon on Thursday, Hezbollah leader Hassan Nasrallah said.

Lebanon is in the midst of a severe fuel shortage that has caused long queues at petrol stations and power cuts for as much as 22 hours a day.

Iran has been under US sanctions for decades. Countries and individuals importing fuel from Tehran could also face sanctions.

Hezbollah supporters hold up pictures of Iran's supreme leader Ayatollah Ali Khamenei, left, the late commander of Iraq's Popular Mobilisation Forces Abu Mahdi Al Muhandis, second left, Abdel-Malek Al Houthi, the leader of Yemen's Shiite rebels, second right, and Hezbollah leader Hassan Nasrallah. AP
Hezbollah supporters hold up pictures of Iran's supreme leader Ayatollah Ali Khamenei, left, the late commander of Iraq's Popular Mobilisation Forces Abu Mahdi Al Muhandis, second left, Abdel-Malek Al Houthi, the leader of Yemen's Shiite rebels, second right, and Hezbollah leader Hassan Nasrallah. AP

“The first ship which will sail from Iran will be loaded with the needed commodities. All arrangements are finalised. It will set sail within hours to Lebanon. It will be followed by others,” Mr Nasrallah said.

Later on Thursday, Iran's semi-official Nournews reported that a group of Lebanese Shiite businessmen bought the fuel.

"The shipments are considered their property from the moment of loading” said the news website, which is close to Iran's Supreme National Security Council.

Lebanon's economic collapse caused the shortage of fuel and other essential imported goods.

The leader of the Iran-backed group announced the shipment in a speech to mark the occasion of Ashura, the most important religious holiday for Muslim Shiites.

During Ashura Shiites commemorate the death of Imam Hussein, the grandson of the Prophet Mohammed, at the Battle of Karbala in present-day Iraq in the 7th century.

The speech was broadcast live to thousands of supporters on giant screens in Hezbollah's stronghold in Beirut's southern suburbs.

“The first ship to Lebanon will carry fuel oil because it is vital to hospitals... and we tell the Americans and Israelis that the ship will be considered as Lebanese territory from the moment it sets sail,” he told the cheering crowds.

A Hezbollah spokesperson told The National the ship would take at least 10 to 15 days to reach Beirut

Mr Nasrallah announced the departure of the ship "to reassure people", she said. "Any attack on the ship will be considered an attack on Lebanese soil."

Lebanon's three-time prime minister Saad Hariri, who has close ties to Iran's regional rival Saudi Arabia, accused Hezbollah of treating Lebanon like an Iranian province.

The Shiite group was founded by Iran's Revolutionary Guard in 1982 and has been funded and armed by them since then. Hezbollah is the only Lebanese militia that was allowed to keep its weapons arsenal after Lebanon's civil war ended in 1990 and holds great sway over politics.

Mr Hariri also accused Iran of interfering in Lebanon's government formation, a process that has dragged on for more than a year as political leaders bicker over their share of ministerial portfolios.

"These decisions will double people's economic misery and pave a highway to hell," Mr Hariri said.

He added that Iranian ships will bring sanctions to the country, similar to the US sanctions on Venezuela, which has also received shipments of Iranian fuel.

Lebanon’s economy has been collapsing for the past two years as political leaders fail to implement the reforms needed to access billions of dollars in debt relief and loans from international lenders.

The central bank's dwindling foreign currency reserves have impeded imports of essential goods such as fuel and medicine, which are subsidised.

The fuel crisis has hit hospitals, bakeries and other essential services which say they could be forced to close.

A spokesperson for Lebanese President Michel Aoun said Tehran had yet to inform Beirut of the arrival of a fuel oil tanker.

“We have not taken any practical steps, Lebanon has not received any formal information from Iranian authorities about any fuel ship,” he told The National.

Mr Nasrallah said the logistics for fuel shipments from Iran were finalised. He mentioned last week that Hezbollah could bring in the fuel while bypassing the central bank to avoid breaching US sanctions.

He said Iran assured him it would stand by Lebanon and blamed the Lebanese government and American influence for the lack of response to the Iranian offer.

Mr Aoun's office said on Thursday that the US had granted Lebanon a waiver from possible sanctions to allow it to get electricity from Jordan via Syria.

Doing business with the Syrian regime, or individuals linked to it, is punishable under the Caesar Act.

“It took time but the Americans told us electricity can be supplied to Lebanon through Syria and this will not be considered a violation of the siege on Syria,” the president’s spokesperson said.

Washington will help provide Egyptian gas to Jordan to produce electricity, which will be channeled to Lebanon via regime-held Syria, the president’s statement said.

The US will also “facilitate the transfer of Egyptian gas through Jordan and Syria to northern Lebanon”.

The US embassy in Lebanon declined to comment.

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

The specs: 2019 Infiniti QX50

Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)

INDIA SQUAD

Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)

ATP WORLD No 1

2004 Roger Federer

2005 Roger Federer

2006 Roger Federer

2007 Roger Federer

2008 Rafael Nadal

2009 Roger Federer

2010 Rafael Nadal

2011 Novak Djokovic

2012 Novak Djokovic

2013 Rafael Nadal

2014 Novak Djokovic

2015 Novak Djokovic

2016 Andy Murray

2017 Rafael Nadal

2018 Novak Djokovic

2019 Rafael Nadal

Mobile phone packages comparison

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

  • September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
  • October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
  • October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
  • November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
  • December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
  • February 2, 2018 Bodytree will host its 4th annual yoga market.

Premier Futsal 2017 Finals

Al Wasl Football Club; six teams, five-a-side

Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Tips%20for%20holiday%20homeowners
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What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Result:

1. Cecilie Hatteland (NOR) atop Alex - 31.46 seconds

2. Anna Gorbacheva (RUS) atop Curt 13 - 31.82 seconds

3. Georgia Tame (GBR) atop Cash Up - 32.81 seconds

4. Sheikha Latifa bint Ahmed Al Maktoum (UAE) atop Peanuts de Beaufour - 35.85 seconds

5. Miriam Schneider (GER) atop Benur du Romet - 37.53 seconds

6. Annika Sande (NOR) atop For Cash 2 - 31.42 seconds (4 penalties)

Results

6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)

7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby

7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby

8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass

8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby

9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson

Inside%20Out%202
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EKelsey%20Mann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Amy%20Poehler%2C%20Maya%20Hawke%2C%20Ayo%20Edebiri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4.5%2F5%3C%2Fp%3E%0A
AGL AWARDS

Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)

Updated: August 20, 2021, 7:28 AM