Iran may have dealt a "fatal blow" to chances of reviving the 2015 Iran nuclear deal by removing International Atomic Energy Agency monitoring equipment, the agency's director general Rafael Grossi said.
Iran told the UN's nuclear watchdog it planned to remove equipment, including 27 IAEA cameras — "basically all" the monitoring equipment installed under the 2015 deal, Mr Grossi said.
It leaves a window of opportunity of three to four weeks to restore at least some of the monitoring that is being scrapped, or the IAEA will lose the ability to piece together Iran's most important nuclear activities, he said.
"I think this would be a fatal blow (to reviving the deal)," Mr Grossi said of what would happen if that window went unused.
Iran spoke of retaliation if the IAEA's 35-nation board of governors passed a resolution drafted by the US, France, Britain and Germany criticising Tehran for its continued failure to explain uranium traces found at undeclared sites.
The resolution was passed by a large majority late on Wednesday.
A confidential IAEA report to member states on Thursday evening seen by Reuters said IAEA inspectors had removed cameras at two sites and placed them in storage under IAEA seals there.
'Not on death watch'
US officials, speaking on condition of anonymity, said even after the three or four-week period, Iran could still provide additional information to allow for the nuclear deal's revival.
"We are not on death watch (for the next) three to four weeks," said a senior US official.
The official said the deal could be resurrected, although the longer Iran withheld access the more transparency it would have to give the IAEA.
Indirect talks between Iran and the US on reviving the 2015 deal have been stalled since March.
"You think we would retreat from our positions if you pass a resolution at the (IAEA) board of governors? In the name of God and the great nation of Iran, we will not back off a single step from our positions," Iranian President Ebrahim Raisi said.
Since then-president Donald Trump pulled Washington out of the deal and re-imposed sanctions against Tehran in 2018, Iran has breached many of the deal's limits on its nuclear activities. It is enriching uranium to close to weapons-grade.
Western powers said it is getting closer to being able to sprint towards making a nuclear bomb. Iran denies wanting to.
France, Britain and Germany, the so-called E3, condemned Iran's actions on Thursday and urged it fully resumes its co-operation with the watchdog and end its nuclear escalation.
"These actions only aggravate the situation and complicate our efforts to restore full implementation of the JCPoA. They also cast further doubt on Iran’s commitment to a successful outcome," the E3 said in a statement that did not include the US, like on Wednesday.
Washington issued a separate statement, stopping short of condemning Iran's actions and urging Iran to choose diplomacy and de-escalation.
Iran has been keeping the data recorded by the extra monitoring equipment since February of last year, meaning the IAEA can only hope to access it at a later date. Mr Grossi said it was not clear what would happen to that data now.
He said more than 40 IAEA cameras would keep operating as part of the core monitoring in Iran that predates the 2015 deal.
SHAITTAN
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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.”
Heather, the Totality
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Canongate
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: Hyundai Ionic Hybrid
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Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar