A possible breakthrough in bringing Iran back into the 2015 nuclear agreement and getting the US to lift sanctions is possible within “the next days or a week”, the EU’s foreign affairs representative said.
Talks were now at “critical juncture” in reviving the deal, Josep Borrell said in Brussels.
He spoke after a virtual meeting of the EU’s Foreign Affairs Council in which US Secretary of State Antony Blinken had his first discussion with European ministers.
Mr Borrell said to prevent Iran’s continued nuclear developments it was necessary to bring back full implementation of the Joint Comprehensive Plan of Action and for the US to lift sanctions.
“This is the only way forward and is in the interest of global and regional security,” he said.
“I can tell you that intense diplomatic contacts are ongoing, including with the US.
"As JCPOA co-ordinator, it is my job to help to create the space for diplomacy and to find a solution … and I hope at the next stage there will be news.”
Mr Borrell said that “in the next days or week, we could prove that working together delivers results in this field”.
While Mr Blinken gave no indication that the US was yet willing to lift sanctions as a first move to halt Iran’s nuclear programme, he called for an accord that would “lengthen and strengthen” the 2015 deal.
On Monday he said he was pleased the US and European partners shared the same objectives regarding Iran.
“President Biden has been clear for some time that if Iran returns to compliance with its obligations under the nuclear agreement, the United States would do the same thing,” Mr Blinken said.
The US now has an invitation from the EU for an informal meeting of the Joint Commission of the Iran nuclear agreement.
The US, European partners, Russia, China and Iran have all been invited, and Mr Blinken said the US intended to be there.
“If it happens, would be the opening steps on a diplomatic path to seeing if we can resolve this issue,” he said.
Mr Blinken said that if Iran co-operated, the US would work with its partners to improve the nuclear agreement and confront other challenges posed by Iran, such as its destabilising activities in the region and its ballistic missile programme.
He said the US had made no upfront concessions, but that its policy towards Iran under the Trump administration had not produced results and that the problem had worsened.
“Iran is now much closer to being able to produce on short order enough fissile material for a nuclear weapon,” Mr Blinken said.
The US does not feel it has given up its leverage over Iran because all of the original sanctions are still in place.
“In fact, our leverage has now increased because we’re now, once again, on the same page with our European partners,” Mr Blinken said.
“Because they very much disagreed with the United States pulling out of the nuclear agreement, they were expending most of their energy on trying to keep the agreement alive, not in exerting pressure on Iran for some of the other egregious actions that it takes in the region and beyond.
“We’re now all in the same place and we’re united in purpose, and that’s a very powerful thing.”
While EU officials expect negotiations to be arduous, Washington has already indicated that it is willing to send its special envoy, Rob Malley, to meet Iranian officials.
Although US sanctions are hurting the Iranian economy, at an estimated cost of $150 billion, the regime still appears to be unyielding in its demand for them to be lifted before discussions.
“The US will not be able to rejoin the nuclear pact before it lifts sanctions,” Iran’s Foreign Minister, Javad Zarif, said on Sunday.
Mr Blinken will know that today’s discussions on Iran are going to be a significant foreign policy test of President Joe Biden’s administration.
Unpicking the sanctions, some imposed for Iran’s support of terrorism, will be challenging at home with Republicans and some Democrats strongly opposed to compromise.
Domestic politics are at play on both sides. There is a presidential election in Iran in June and with Iranian discontent over the economic hardship and Covid-19, the regime is likely to want to offer some relief to the people.
While supreme leader Ayatollah Ali Khamenei has publicly portrayed an uncompromising message, the economic and political realities may make Iran more flexible.
The potential for compromise has been helped after the nuclear watchdog, the IAEA, agreed to temporary measures for the next three months to offset Iran's decision to restrict access to inspectors.
But Iran has stated that from tomorrow it will halt snap UN nuclear work inspections.
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UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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
In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
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