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The US Navy on Sunday accused an Iranian warship of ignoring distress calls sent by a burning civilian vessel in the Red Sea.
The Ukrainian-owned, Polish-operated MV Verbena has been on fire since Thursday, when it was struck by two missiles fired by the Iran-backed Houthi rebels in Yemen. The crew abandoned the ship on Saturday, after failing to contain the blaze, and were rescued by another civilian vessel.
“MV Anna Meta responded to render assistance. Anna Meta has recovered the mariners and is transporting them to safety,” US Central Command said.
The Houthis have carried out hundreds of attacks on commercial ships in the Red Sea since November, claiming to be acting in support of Hamas and demanding that Israel ends its war in Gaza. About 12 per cent of global trade passes across the Red Sea.
An Iranian warship, the IRIN Jamaran, was about 14km away from the Verbena when it sent a distress signal, but did not respond, Centcom said.
“The Iranian frigate IRIN Jamaran was eight nautical miles from MV Verbena and did not respond to the distress call," it said.
"This continued malign and reckless behaviour by the Iranian-backed Houthis threatens regional stability and endangers the lives of mariners across the Red Sea and Gulf of Aden. Centcom will continue to act with partners to hold the Houthis accountable and degrade their military capabilities.”
Under the 1982 UN Convention on the Law of the Sea, any ship, whether civilian or military, must make an effort to assist endangered sailors.
"Every State shall require the master of a ship flying its flag, in so far as he can do so without serious danger to the ship, the crew or the passengers...to render assistance to any person found at sea in danger of being lost," the treaty says.
The Jamaran has a maximum speed of 30 knots, so could have reached the Verbena in minutes. The ship was struck about 160km east of Aden, said the Joint Maritime Information Centre, which co-ordinates between military and commercial shipping.
The Verbena was sailing from Songkhla, Thailand, to the Italian city of Venice, ship tracking data compiled by Bloomberg shows.
Red Sea trade slump
Shipping traffic in the Red Sea is down by about 70 per cent compared with the start of December. One of the countries hit hardest by the Red Sea crisis is Egypt, which normally earns about $8 billion a year from Suez Canal transit fees.
On June 12, the Houthis attacked the Tutor, a Greek-owned coal carrier, near the Yemeni port of Hodeidah, causing severe flooding and damage to the engine room. The attack left the vessel unable to manoeuvre.
US naval forces rescued most of the crew of the Tutor on Saturday.
A helicopter from the US aircraft carrier Dwight D. Eisenhower airlifted the crew out on Saturday, the US navy said, adding that one civilian sailor remained missing.
"The Verbena is sinking in the Gulf of Aden … the Tutor is at risk of sinking in the coming hours," Houthis military spokesman Yahya Saree said on Saturday, repeating the group's threat to launch attacks on ships tied to companies that do business with Israel.
The US and UK have launched a campaign to combat Houthi missiles and drones with air strikes on Yemen, known as Operation Prosperity Guardian. Several allied countries have provided logistical and intelligence support in the operations.
An EU naval mission, Operation Aspides, is also helping to intercept Houthi drones and missiles.
Centcom said it destroyed two sea drones Friday, as well as seven radar systems used by the Houthis to launch attacks on ships.
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
Torque: 389Nm @ 2,500rpm
Fuel economy, combined: 10.7L / 100km
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)