The Boeing 747 has been detained at Argentina's main airport in Buenos Aires since June 8. AP Photo
The Boeing 747 has been detained at Argentina's main airport in Buenos Aires since June 8. AP Photo
The Boeing 747 has been detained at Argentina's main airport in Buenos Aires since June 8. AP Photo
The Boeing 747 has been detained at Argentina's main airport in Buenos Aires since June 8. AP Photo

Israel praises Argentina for grounding cargo plane with Iranian crew


  • English
  • Arabic

Israel has praised Argentina for detaining a Venezuelan cargo plane that included Iranian crew, saying the flight showed Tehran was trying to expand its influence in South America.

Washington also made clear it was keeping close tabs on the investigation into the Boeing 747, which was loaded with automotive parts and raised questions because its 19-member crew was unusually large for a cargo plane.

In a statement on Thursday, the Israeli Embassy commended the “fast action” by Argentine authorities who “identified in real time the potential threat” posed by the aircraft, which has been grounded at Argentina’s main airport outside Buenos Aires since June 8.

Israel “is particularly worried” about Iranian airlines “that are dedicated to arms trafficking and the transfer of people and equipment for the Quds Force, which are under sanctions by the United States for being involved in terrorist activities”, the embassy said.

“The recent events provide evidence of the repeated attempts by the Islamic Republic of Iran, through the Revolutionary Guard and the Quds Force, to continue consolidating its influence throughout the world, including South America, as a base for terrorist actions in the continent,” the embassy added.

The US ambassador to Argentina also commented on the case.

“We are following with great interest the judicial and law enforcement investigations into the crew and the plane and thank the investigative efforts of Argentine authorities to clear up the situation,” Marc Stanley said in a statement released to local media.

Police confiscate documents during a raid at the Buenos Aires hotel where the crew were staying. AP Photo
Police confiscate documents during a raid at the Buenos Aires hotel where the crew were staying. AP Photo

Argentine authorities have seized the passports of the five Iranians and 14 Venezuelan crew members on the plane. It is operated by Venezuela’s state-owned Emtrasur line, a subsidiary of Conviasa, which is under US sanctions.

Increasing the international impact of the case, Venezuela on Thursday evening harshly criticised Uruguay for not allowing the plane to land in Montevideo to refuel.

The plane’s crew sought to fly to Montevideo on June 8 but had to return to Buenos Aires after Uruguayan authorities refused entry into its airspace, according to a report by Argentina’s Transportation Ministry. It was then that the plane was grounded by Argentine authorities.

Uruguay’s “regrettable action” could have “caused a tragedy, cost human lives and damage to both nations”, Venezuela said in a statement. It added that it “demands explanations about this terrible event from the Uruguayan government”.

Before it was sold to Emtrasur a year ago, the plane was owned by Mahan Air of Iran, which the US government has sanctioned for allegedly aiding the Quds Force and terrorist activities.

Law enforcement officers on Tuesday searched the hotel where the crew members were staying. Argentine authorities say they have not found any irregularities in the crew.

The plane reportedly loaded automotive parts in Mexico and stopped in Venezuela before arriving in Argentina.

The large crew had earlier raised suspicions in Paraguay, where the plane landed last month in Ciudad del Este, close to the Argentina and Brazil borders, Paraguay’s interior minister Federico Gonzalez told a local radio station on Tuesday. He said the plane was there from May 13 to 16.

Mr Gonzalez said Paraguay alerted intelligence agencies in the region about the plane and its crew.

Argentina suffered two terrorist attacks in its capital that judicial investigators have blamed on Iran — a 1992 explosion at the Israeli embassy and a deadly bombing at a Jewish organisation in 1994. Iran has denied any involvement.

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

RESULTS

6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.

7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.

8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.

8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.

9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.

'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

The specs

Price, base / as tested Dh135,000

Engine 1.6L turbo

Gearbox Six speed automatic with manual and sports mode

Power 165hp @ 6,000rpm

Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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.”

MATCH INFO

Newcastle 2-2 Manchester City
Burnley 0-2 Crystal Palace
Chelsea 0-1 West Ham
Liverpool 2-1 Brighton
Tottenham 3-2 Bournemouth
Southampton v Watford (late)

RESULTS

Manchester United 2

Anthony Martial 30'

Scott McTominay 90 6' 

Manchester City 0

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

MATCH INFO

Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)

Russia 0

If you go

The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.

The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).

When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.

MATCH INFO

 

Maratha Arabians 107-8 (10 ovs)

Lyth 21, Lynn 20, McClenaghan 20 no

Qalandars 60-4 (10 ovs)

Malan 32 no, McClenaghan 2-9

Maratha Arabians win by 47 runs

 

 

Updated: June 17, 2022, 7:25 AM