Five months after US President Donald Trump reimposed sanctions on Iranian oil exports, Washington's tough measures are paying off. Brian Hook, US special representative for Iran, has announced that the sanctions have already denied the Iranian regime more than $10 billion in oil revenues. And with Mr Trump's decision on Wednesday not to renew waivers for importers of Iranian oil, that figure will continue to grow. From the beginning of May, countries that purchase Iranian oil, such as China, South Korea, Turkey and India, will face punitive action of their own. Before the reimposition of sanctions, Iran was one of the world's leading oil producers, with close to four million barrels per day. However, as one US Senator, Republican Tom Cotton, said this week: "Going forward, the proper amount of oil exports from Iran is zero."
This will further hobble Iran's economy – and with good reason. No country has done more to destabilise the Middle East and meddle in the affairs of its neighbours than Iran. From Lebanon's Hezbollah to the Houthis in Yemen – and a host of militia groups in Iraq and Syria – Tehran has waged a campaign of disruption across the region. The flawed 2015 nuclear deal, brokered by Barack Obama and subsequently ended by Mr Trump, freed up billions of dollars for the regime in Tehran. Far from spending these revenues on services, opportunities and growth for its impoverished people, the Iranian regime funnelled it into its overseas adventures. That is why US sanctions are so important – not to harm the Iranian people but to compel their leaders to change their ways. In the words of Saudi Foreign Minister Ibrahim Al Assaf: "The US's decision is necessary to ensure that Iran halts its destabilising influence across the Middle East." It is encouraging that sanctions are leaving their mark on the Iranian regime. True to form, rather than reconsidering its approach, the Iranian parliament last week passed a bill branding all US military personnel as terrorists.
Mr Trump is sometimes accused of lacking nuance in his policy positions. Not so on Iran. Having designated the Iranian Revolutionary Guard Corps – the paramilitary group formed following the 1979 Islamic Revolution to defend hardline Iranian clerics – as a terrorist organisation, complete with a stringent sanctions regime, the Trump administration this week granted exemptions to those who deal with it. The designation represents tough action against Tehran’s primary weapon of destabilisation. However, the exemptions will ensure that US allies in Iraq and Lebanon – where the IRGC is most active – will not face the full weight of American penalties. This is a shrewd move, and part of a holistic strategy by the Trump administration to rein in the worst excesses of the Iranian regime. The hope is that Tehran will see the error of its ways and begin to prioritise its people, rather than expensive foreign adventures.
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
CREW
Director: Rajesh A Krishnan
Starring: Tabu, Kareena Kapoor Khan, Kriti Sanon
Rating: 3.5/5
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
The specs: 2018 Maserati Ghibli
Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
The five pillars of Islam
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Top 10 most competitive economies
1. Singapore
2. Switzerland
3. Denmark
4. Ireland
5. Hong Kong
6. Sweden
7. UAE
8. Taiwan
9. Netherlands
10. Norway
Scores
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now