Iran says it is 'not required' to comply with nuclear inspection request as talks falter


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The UN nuclear watchdog has demanded an immediate reply from Iran on whether it would extend a monitoring agreement that expired overnight on Friday.

This prompted an Iranian envoy to say that Tehran was under no obligation to provide an answer.

Iran should engage the IAEA without further delay

The agreement continued the International Atomic Energy Agency's collection of data on some of Tehran's activities, cushioning the blow of Iran's decision in February to reduce co-operation with the agency.

"An immediate response from Iran is needed in this regard," the IAEA said in a statement that summarised a report by its chief Rafael Grossi to its 35-nation Board of Governors.

Mr Grossi wrote to Iran last week "to understand Iran's position regarding the possible continued collection, recording and retention of data", the report said.

As of Friday, Iran had not indicated if it intended to maintain the arrangement, it said.

Iran's ambassador to the IAEA, Kazem Gharibabadi, "said that Iran was not required to comply" with the IAEA head's request, Iran's semi-official news agency Tasnim reported.

Washington believes Tehran should engage the IAEA immediately, said a US State Department official.

Failure to do so would contradict Iran's stated desire for both to resume compliance with the 2015 Joint Comprehensive Plan of Action nuclear deal as soon as possible, said the official.

"Iran should engage the IAEA without further delay to ensure appropriate measures remain in place so the IAEA's continuity of knowledge on JCPOA monitoring can be readily re-established," the US official said on condition of anonymity.

Iran and the US have been holding indirect talks on reviving the 2015 nuclear deal between Tehran and major powers that imposed restrictions on Tehran's nuclear activities in exchange for lifting international sanctions.

The Vienna talks, which began in April, are now in a pause that had been expected to last until early July, but failure to extend the monitoring accord could throw those negotiations into disarray.

"Regarding the IAEA, this remains a serious concern," US Secretary of State Antony Blinken said.

"The concern has been communicated to Iran and needs to be resolved."

The US abandoned the deal under former president Donald Trump in 2018 and re-imposed harsh US sanctions, prompting Iran to respond by breaching many of its restrictions.

Significant differences with Iran 

One of Iran's moves to reduce compliance was its February decision to end the deal's extra IAEA monitoring of some nuclear activities.

The temporary agreement continued that monitoring and a one-month extension ended overnight.

Officials on all sides have said there are major issues to resolve before the nuclear deal can be revived.

"We still have significant differences with Iran," Mr Blinken said, adding that he hoped a resumption of talks in the coming days could settle them.

"We are just not there yet."

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  • Melania Trump - personalised Anya Hindmarch handbag
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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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MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

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Company info

Company name: Entrupy 

Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

Based: New York, New York

Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.  

Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius. 

Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place. 

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Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

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Engine: 2.0-litre turbocharged four-cylinder

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Conservative MPs who have publicly revealed sending letters of no confidence
  1. Steve Baker
  2. Peter Bone
  3. Ben Bradley
  4. Andrew Bridgen
  5. Maria Caulfield​​​​​​​
  6. Simon Clarke 
  7. Philip Davies
  8. Nadine Dorries​​​​​​​
  9. James Duddridge​​​​​​​
  10. Mark Francois 
  11. Chris Green
  12. Adam Holloway
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  14. Anne-Marie Morris
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  16. Jacob Rees-Mogg
  17. Laurence Robertson
  18. Lee Rowley
  19. Henry Smith
  20. Martin Vickers 
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