A handout picture provided by the Iranian presidency on September 11, 2019 shows President Hassan Rouhani chairing a cabinet meeting in the capital Tehran. AFP
A handout picture provided by the Iranian presidency on September 11, 2019 shows President Hassan Rouhani chairing a cabinet meeting in the capital Tehran. AFP
A handout picture provided by the Iranian presidency on September 11, 2019 shows President Hassan Rouhani chairing a cabinet meeting in the capital Tehran. AFP
A handout picture provided by the Iranian presidency on September 11, 2019 shows President Hassan Rouhani chairing a cabinet meeting in the capital Tehran. AFP

Hassan Rouhani says US 'warmongering' against Iran will fail

Iran said the sacking of US National Security Adviser John Bolton would not bring it back to the table

The National

September 11, 2019

  • English
  • Arabic

President Hassan Rouhani said Wednesday that the United States would fail with its "warmongering" and said that Iran was ready to further reduce its nuclear commitments in response.

"The Americans must understand that bellicosity and warmongering don't work in their favour. Both … must be abandoned," Mr Rouhani told a meeting of his Cabinet, according to the government's Twitter account.

"The United States should understand that militancy has no profit and must abandon its policy of maximum pressure on Iran … Iran's commitments to the nuclear deal is proportional to other parties and we will take further steps if necessary."

He was referring to a wave of sanctions placed on the Iranian economy by the US since it withdrew from the nuclear agreement signed with world powers in 2015.

One of the key US hawks on Iran, John Bolton, was sacked by US President Donald Trump late on Tuesday, but Iran said that it would not change Tehran's dealings with Washington.

"The departure of US National Security Adviser John Bolton from President Donald Trump's administration will not push Iran to reconsider talking with the US," state news agency Irna quoted Tehran's UN envoy Majid Takhteravanchi as saying.

He said there was no room for talks with the US while sanctions against Iran remain in place, Irna reported.

Mr Trump tweeted on Tuesday that he told Bolton on Monday night that his services were no longer needed at the White House. He says Mr Bolton submitted his resignation on Tuesday morning.

Mr Trump tweeted that he "disagreed strongly" with many of Mr Bolton's suggestions, "as did others in the administration".

Iran claimed credit for Mr Trump's dismissal of his hawkish national security adviser Mr Bolton.

An adviser to President Hassan Rouhani said Mr Bolton's departure was the result of Iran's resistance to Trump's maximum pressure campaign.

The adviser Hesameddin Ashena said in a tweet that the move is a sign of the pressure campaign's failure and proof that Iran is able to "manage" US policies on Iran.

Mr Trump and Mr Bolton disagreed on numerous issues, including over the president's willingness to consider meeting Mr Rouhani.

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.”

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea
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UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

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