Ali Bagheri Kani took the reins as acting foreign minister of Iran after the death of his predecessor, Hossein Amirabdollahian. AFP
Ali Bagheri Kani took the reins as acting foreign minister of Iran after the death of his predecessor, Hossein Amirabdollahian. AFP
Ali Bagheri Kani took the reins as acting foreign minister of Iran after the death of his predecessor, Hossein Amirabdollahian. AFP
Ali Bagheri Kani took the reins as acting foreign minister of Iran after the death of his predecessor, Hossein Amirabdollahian. AFP

UN offers nuclear inspection deal to Iran's new leadership


Tim Stickings
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The UN's atomic watchdog says it is willing to make a deal on inspections with Iran's new leadership that could renew nuclear diplomacy with Tehran.

Rafael Grossi, the head of the International Atomic Energy Agency, has spoken to Iran's acting chief diplomat since a helicopter crash killed president Ebrahim Raisi and foreign minister Hossein Amirabdollahian on May 19.

Mr Grossi told the IAEA's ruling board on Monday that Iran had agreed to resume talks postponed by a mourning period.

Under an agreement, the IAEA could be given wider access to nuclear centres in Iran, which is increasing its stockpile of enriched uranium.

Britain, France and Germany have submitted a wide-ranging draft resolution against Iran to the UN nuclear watchdog's 35-nation board of governors to be voted on this week, Reuters reported later on Monday.

The European powers are pushing for the resolution despite US concerns that the move could lead Iran to respond by escalating its nuclear activities.

Although Iran denies seeking a nuclear weapon, the IAEA says it cannot confirm its intentions are peaceful while its monitoring is incomplete.

Alarm bells have been rung at the IAEA's Vienna headquarters by a recent Iranian warning that its nuclear doctrine could change if it is threatened by Israel.

IAEA chief Rafael Grossi addressed the agency's board of governors in Vienna on Monday. AFP
IAEA chief Rafael Grossi addressed the agency's board of governors in Vienna on Monday. AFP

Iran has also indicated that it will respond if the US and European powers push a new resolution through the IAEA's board condemning Tehran's activities.

Mr Grossi said that any wider resumption of talks, such as a new version of the 2015 deal that lifted sanctions on Iran, would need the IAEA to have full oversight.

Iran has openly stopped complying with limits on its nuclear activity since the US pulled out of the Joint Comprehensive Plan of Action in 2018.

Obstruction by Tehran means the agency is "now, in some areas, guessing" as to Iran's use of centrifuges and other nuclear activities, Mr Grossi said.

It is hoped that "at some point there will be a return to diplomacy, a return to a general framework, call it JCPOA version two, or version three, or any other name", he said.

"For that to happen, the agency will have to be able to say what the basis is, and what I have been explaining to my Iranian counterparts is that if I am not able, I won’t.

"I will not sign on any report saying that Iran has a number of centrifuges, or parts for centrifuges, if I cannot see [them]."

Iran denies seeking a nuclear weapon but the IAEA says it needs more information to verify its intentions. AFP
Iran denies seeking a nuclear weapon but the IAEA says it needs more information to verify its intentions. AFP

The IAEA is also pressing Iran to explain the presence of uranium particles at two undeclared sites, Varamin and Turquzabad.

The board was told there had been "no progress" on that front due to Iran failing to provide "technically credible explanations".

Mr Grossi visited Tehran in early May to discuss how the IAEA could have "more access, more visibility" at Iranian sites.

A team of IAEA technical experts was sent to Tehran last month to discuss further details but had to pack its bags after the helicopter crash on May 19.

The crash in heavy fog in north-west Iran killed the president, the foreign minister, and two other officials as well as bodyguards and flight crew.

Mr Grossi said he had told Iran's acting Foreign Minister Ali Bagheri Kani of the IAEA's desire to "continue working" in a call last Friday.

The IAEA hopes its inspectors could "have more cameras, have more online systems, have perhaps more frequency of visits, have visits to places that we are not visiting at the moment", he said. "This is the idea."

Wonka
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Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

Company%20profile
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Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Updated: June 03, 2024, 10:23 PM