Iranian President Ebrahim Raisi delivers a speech during the Shanghai Co-operation Organisation summit in Dushanbe, Tajikistan. Reuters
Iranian President Ebrahim Raisi delivers a speech during the Shanghai Co-operation Organisation summit in Dushanbe, Tajikistan. Reuters
Iranian President Ebrahim Raisi delivers a speech during the Shanghai Co-operation Organisation summit in Dushanbe, Tajikistan. Reuters
Iranian President Ebrahim Raisi delivers a speech during the Shanghai Co-operation Organisation summit in Dushanbe, Tajikistan. Reuters

Iran joins expanding Asian security body led by China and Russia


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Iran joined a rapidly expanding Central Asian security body led by Russia and China on Friday, calling on the countries in the Shanghai Co-operation Organisation to help it form a mechanism to avert sanctions imposed by the West.

The body, formed in 2001 as a forum for Russia, China and ex-Soviet states in Central Asia, expanded four years ago to include India and Pakistan with a view to playing a bigger role as counterweight to western influence in the region.

In a sign of its growing influence, the body's summit in Tajikistan was the first appearance abroad of Iran's new hard-line president, Ebrahim Raisi, since he took office in August.

Mr Raisi hailed the opportunity that membership would provide for Iran, as a country along China's Belt and Road route, to join important trade links across Eurasia. Iranian television described Iran's membership as giving it access to markets across the continent.

In his speech to members, Mr Raisi compared sanctions on Iran to terrorism and said the organisation should design a mechanism that helps Tehran avert them.

Russia and China, along with several western countries, are parties of a 2015 agreement between Iran and world powers under which Tehran agreed to curb its nuclear programme in return for the lifting of sanctions.

Washington abandoned that deal in 2018 and unilaterally reimposed financial sanctions. Negotiations this year to revive it have been stalled since Mr Raisi's election.

“Nothing can stop Iran's peaceful nuclear activities that are within the framework of international regulations,” Mr Raisi said. “Diplomacy is only effective when all parties adhere to it. Threats and pressure tie diplomacy’s hands and render it ineffective.”

The group also discussed Afghanistan, which borders five of the groups' nine members.

China's President Xi Jinping urged “relevant parties” in Afghanistan to eradicate terrorism and promised to provide more help to the war-torn nation. The hard-line Taliban took control of Afghanistan a month ago, leaving many to fear for the future of women's minority rights.

China, which has pledged aid and Covid-19 vaccine doses to Afghanistan, has said the US and its allies have a duty to supply the war-torn nation with economic and humanitarian aid.

Uzbek President Shavkat Mirziyoyev called for talks between the bloc and the Taliban and for efforts to prevent the rise of extremism.

Unfreezing Afghan assets, he said, could help achieve those goals.

“Considering the humanitarian situation, we propose looking into the possibility of lifting the freeze on Afghanistan's accounts in foreign banks,” he said.

HWJN
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Haircare resolutions 2021

From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.

1. 'I will seek consultation from professionals'

You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.

2. 'I will tell my hairdresser when I’m not happy'

Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.

3. ‘I will treat my hair better out of the chair’

Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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.

UAE currency: the story behind the money in your pockets
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RESULTS
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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Updated: September 17, 2021, 2:58 PM