MV Amina, an Iranian-flagged cargo ship, off the Sri Lanka coast. The eight Indian crew members on board had no inkling they were trapped on the frontline of the West’s economic war against Iran.
MV Amina, an Iranian-flagged cargo ship, off the Sri Lanka coast. The eight Indian crew members on board had no inkling they were trapped on the frontline of the West’s economic war against Iran.
MV Amina, an Iranian-flagged cargo ship, off the Sri Lanka coast. The eight Indian crew members on board had no inkling they were trapped on the frontline of the West’s economic war against Iran.
MV Amina, an Iranian-flagged cargo ship, off the Sri Lanka coast. The eight Indian crew members on board had no inkling they were trapped on the frontline of the West’s economic war against Iran.

Indian sailors return home after harrowing voyage on sanctioned Iranian ship


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CHENNAI // The eight Indian crew members on board the MV Amina had no inkling they were trapped on the front line of the West's economic war against Iran.

All experienced seamen, they joined the Iranian-flagged cargo ship last year. Within months, they were caught up in a fight to prevent the ship fleeing to international waters to escape port arrest in Sri Lanka. Having disobeyed the captain's orders to weigh anchor, their courage turned to fear.

"The captain taunted us that if you fall in the water I will give a report that says that you tried to commit suicide," said 42-year-old Jesuraj, a foreman of the ship, speaking after he and the others eventually made their way home.

"We had a lifeboat on standby and were ready to escape if required. We slept with our life jackets."

For a few miserable weeks, this was life on the sharp edge of a sanctioned regime that has battered the Iranian economy and squeezed the shipping fleet it relies on for commerce, cutting off funds that the West alleges could be ploughed into expensive nuclear arms programmes.

The Indians left the ship after authorities intervened, returned their confiscated passports and took them ashore in Sri Lanka.

Subsequently, the Amina was fired on by Sri Lanka's navy when it tried to make another getaway.

"We weren't able to sleep at night," said Harpreet Singh Sahota, 25, who worked as a helmsman on the Amina. "We felt paranoid and threatened all the time. We were desperate to get off the ship," he said.

The Amina was one of four ships ordered taken over by Germany's DVB Bank for defaulting on a loan, all of them dry bulk carriers mainly used for Iran's food grain imports.

Two of the other ships ordered repossessed by DVB are anchored off Iran, while the fourth has been held in the northern Chinese port of Qinhuangdao.

According to court documents in Singapore, Islamic Republic of Iran Shipping Lines (IRISL), Iran's biggest cargo carrier, owes DVB Bank more than $50 million after it halted monthly loan repayments for the four Panamax dry bulk carriers in October 2011.

Revenues of IRISL and other Iranian ship operators are being squeezed by the effects of the sanctions.

All this was unknown at the time to the Indian crew members aboard the Amina.

The Indians said the food was also the worst they had ever eaten aboard a ship, and there was not enough of it.

"Even the Iranian crew didn't like the food and they prayed that they reach Iran safely without dying of hunger along the way," said Anand Nalla, a 39-year-old engineer from Andhra Pradesh.

The eight Indians came aboard the ship at Luhua Shan, the Chinese island port near Shanghai, from early to late 2012, joining 16 Iranian crew members.

At first, everything seemed normal.

But the new crew came to learn that the ship had been waiting for months to get new cargo. Many foreign companies have severed ties to Iranian shipping, scared that they could lose contracts with US businesses if they help Tehran get around the sanctions.

The ship changed its name in October, when the ship was anchored at Luhua Shan. Jesuraj, who for this story only wanted to reveal his first name, was given the task of erasing the ship's previous name, MV Shere.

IRISL has tried to dodge sanctions by changing its flags and setting up front companies, the US Treasury and the EU have said.

Still unable to secure any cargo, the Amina's owners ordered the captain to leave China. It set sail for Iran with an empty hold on November 18.

The ship stopped off the Sri Lankan coast in early December to wait for Iranian soldiers to join it to protect it from Somali pirates in the Arabian Sea.

It waited for the soldiers 11.3 nautical miles off the port of Galle.

But on the morning of December 14, instead of a boat carrying Iranian soldiers, a large Sri Lankan navy ship sped towards them. On it were officials of the Colombo High Court, who boarded the ship to announce its arrest and stuck two notices on the boat. They were acting on a court order obtained by DVB Bank for unpaid loans.

The Sri Lankan authorities confiscated the crewmen's passports and service documents, a fact that, according to Mr Sahota, the captain initially tried to conceal from the Indians.

That is when the Indians panicked. They were worried that the Iranians would attempt to break the arrest and escape home, and they were scared that, once in Iran, they could face arrest or worse for disobeying their captain's orders.

One evening, the captain asked the Iranian crew members to try the engine, a normal check ahead of setting sail, which unnerved the Indians.

Ignoring the Indians' protests, the captain then gave orders to weigh anchor. But the eight Indians rushed to prevent the 16 Iranians from doing so and threatened to drop the second anchor if the captain tried to move into international waters.

Soon after the ship was arrested, Jesuraj's blood pressure started rising and he developed chest pains. But the captain refused to let him go ashore.

Amid simmering tensions, the Indians made frantic calls from their mobile phones to friends and relatives, asking them to get the Indian government to intervene.

"It was like hell and we were tense all the time," said Nalla.

Eventually, after Indian media aired their phone conversations pleading for help, the Indian Embassy in Sri Lanka contacted them. Their passports were released, and pressure was put on the captain to let them go.

Not long after they had left, the Sri Lankan navy fired warning shots to prevent the Amina from leaving. But a week later the Iranians headed out to sea.

The Amina subsequently vanished from tracking systems off India's south-west coast. But then, last Friday, tracking data showed that it had arrived back in Bandar Abbas, Iran, dropping anchor near two of the other ships that DVB Bank has tried to seize.

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Name: Colm McLoughlin

Country: Galway, Ireland

Job: Executive vice chairman and chief executive of Dubai Duty Free

Favourite golf course: Dubai Creek Golf and Yacht Club

Favourite part of Dubai: Palm Jumeirah

 

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Consoles: PC, PlayStation 4/5, Xbox Series X/S

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Power: 727hp

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Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

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Results:

5pm: Handicap (PA) | Dh80,000 | 1,600 metres

Winner: Dasan Da, Saeed Al Mazrooei (jockey), Helal Al Alawi (trainer)

5.30pm: Maiden (PA) | Dh80,000 | 1,600m

Winner: AF Saabah, Tadhg O’Shea, Ernst Oertel

6pm: Handicap (PA) | Dh80,000 | 1,600m

Winner: Mukaram, Pat Cosgrave, Eric Lemartinel

6.30pm: Handicap (PA) | Dh80,000 | 2,200m

Winner: MH Tawag, Richard Mullen, Elise Jeanne

7pm: Wathba Stallions Cup Handicap (PA) | Dh70,000 | 1,400m

Winner: RB Inferno, Fabrice Veron, Ismail Mohammed

7.30pm: Handicap (TB) | Dh100,000 | 1,600m

Winner: Juthoor, Jim Crowley, Erwan Charpy

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

The specs
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  • Torque: 760nm
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Specs

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Range: Up to 610km

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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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24: Legacy — PTSD;

Superstore and NCIS: New Orleans — wheelchair-bound

Taken and This Is Us — cancer

Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)

Grey’s Anatomy — prosthetic leg

Scorpion — obsessive compulsive disorder and anxiety

Switched at Birth — deafness

One Mississippi, Wentworth and Transparent — double mastectomy

Dragons — double amputee

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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

Results

2.15pm: Maiden (PA) Dh40,000 1,200m

Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).

2.45pm: Maiden (PA) Dh40,000 1,200m

Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.

3.15pm: Handicap (PA) Dh40,000 2,000m

Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.

3.45pm: Handicap (PA) Dh40,000 1,000m

Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.

4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.

Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.

54.45pm: Handicap (PA) Dh40,000 1,700m

Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Awar Qalb

Director: Jamal Salem

Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

MATCH INFO

Barcelona 2
Suarez (10'), Messi (52')

Real Madrid 2
Ronaldo (14'), Bale (72')

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UAE currency: the story behind the money in your pockets
Profile of VoucherSkout

Date of launch: November 2016

Founder: David Tobias

Based: Jumeirah Lake Towers

Sector: Technology

Size: 18 employees

Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake

Investors: Seed round was self-funded with “millions of dollars” 

Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt

Date started: January 2017, app launched November 2017

Based: Dubai, UAE

Sector: Private/Retail/Leisure

Number of Employees: 18 employees, including full-time and flexible workers

Funding stage and size: Seed round completed Q4 2019 - $1m raised

Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels

Haircare resolutions 2021

From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.

1. 'I will seek consultation from professionals'

You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.

2. 'I will tell my hairdresser when I’m not happy'

Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.

3. ‘I will treat my hair better out of the chair’

Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.

UAE currency: the story behind the money in your pockets