International Atomic Energy Agency director general Rafael Grossi gestures as he wears a mask during a meeting with head of Iran's Atomic Energy Organisation, Ali Akbar Salehi, in Tehran. Image: Reuters
International Atomic Energy Agency director general Rafael Grossi gestures as he wears a mask during a meeting with head of Iran's Atomic Energy Organisation, Ali Akbar Salehi, in Tehran. Image: Reuters
International Atomic Energy Agency director general Rafael Grossi gestures as he wears a mask during a meeting with head of Iran's Atomic Energy Organisation, Ali Akbar Salehi, in Tehran. Image: Reuters
International Atomic Energy Agency director general Rafael Grossi gestures as he wears a mask during a meeting with head of Iran's Atomic Energy Organisation, Ali Akbar Salehi, in Tehran. Image: Reute

IAEA chief is in Tehran ahead of a Tuesday ultimatum over sanctions relief


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Despite concerns raised by the UN, Iran is expected to move ahead with curtailing the International Atomic Energy Agency's ability to monitor its nuclear programme.

In an effort to keep its surveillance cameras on at Iran’s nuclear sites, director general of the IAEA, Rafael Grossi is in Tehran and held a number of high-level meetings on Sunday, including with the head of Iran’s Atomic Energy Organisation, Ali Akbar Salehi.

Ahead of his visit, Mr Grossi said that he is aiming to ensure "essential verification activities … this is in everybody's interest". However, the Iranian government has said that it will cut off access to the cameras used by the UN, in adherence with its parliament's decision. Last December, Iran's parliament passed a bill that suspends part of the UN inspections of its nuclear sites if European countries do not provide sanctions relief by this Tuesday.

Iran's Ambassador and Permanent Representative to International Organizations in Vienna, Kazem Gharibabadi said on Sunday, Iran and the IAEA “held fruitful discussions based on mutual respect”, without providing further details.

Mr Grossi was due to meet Iranian Foreign Minister Javad Zarif, according to Iranian state news agency, IRNA.

Mr Zarif said in an interview with Iranian state-owned TV station Press TV, that after Iran’s parliament voted to stop adhering to the IAEA’s additional protocol, authorities “are required by law not to provide the tapes of those cameras”. It is unclear if that means the cameras will actually be turned off, however Mr Zarif insisted “the IAEA certainly will not get footage from those cameras”.

Mr Zarif reiterated the Iranian position of expecting US sanctions to be removed before negotiating a return to the 2015 nuclear accord with world powers, which Washington withdrew from under President Donald Trump. The US under Mr Trump had been implementing a policy of "maximum pressure" since 2018 to drive Iran back to the negotiating table to address areas of concern, including its proxy militias in the Middle East region and its ballistic missile programme.

“They haven’t changed their policy … the US is addicted to sanctions, to pressure, to bullying”, he said. He added that President Joe Biden and his administration “have come to the conclusion that maximum pressure led to maximum failure”.

Meanwhile, the Sunday Times reported that the Biden administration is likely to remove sanctions on Iran. "Sanctions relief is definitely coming, not today or tomorrow but it is coming", according to a US national security source speaking to the Sunday Times.

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Raheem Sterling 35', 49'

Ferran Torres 65'

 

 

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Day 2 at the Gabba

Australia 312-1 

Warner 151 not out, Burns 97,  Labuschagne 55 not out

Pakistan 240 

Shafiq 76, Starc 4-52

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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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