Iranian Navy boats take part in maneuvers during the "Velayat-90" navy exercises in the Strait of Hormuz in southern Iran on January 3, 2012, the end day of ten-day war games. Ebrahim Noroozi/AFP Photo
Iranian Navy boats take part in maneuvers during the "Velayat-90" navy exercises in the Strait of Hormuz in southern Iran on January 3, 2012, the end day of ten-day war games. Ebrahim Noroozi/AFP Photo
Iranian Navy boats take part in maneuvers during the "Velayat-90" navy exercises in the Strait of Hormuz in southern Iran on January 3, 2012, the end day of ten-day war games. Ebrahim Noroozi/AFP Photo
Iranian Navy boats take part in maneuvers during the "Velayat-90" navy exercises in the Strait of Hormuz in southern Iran on January 3, 2012, the end day of ten-day war games. Ebrahim Noroozi/AFP Phot

Iran hardliners accuse Rouhani of halting missile test


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Tehran // Hardline Iranian politicians accused their moderate president of halting a missile exercise yesterday, a day after the navy said it sent warships to the Atlatic.

The state news agency reported that 24 members of parliament said the Supreme National Security Council, headed by Hassan Rouhani, the president, stopped the annual test and did not approve its budget.

The MPs also accused the foreign minister Mohammad Javad Zarif of preventing foreign experts to assist Iran with its missile technology, the semi-official Mehr news agency reported.

Western officials in the past have accused Iran of obtaining missile technology from North Korea.

Iran denies the charge.

Hardliners are at odds with Mr Rouhani and Mr Zarif over their policy of outreach to the West. Iran struck a deal with the US and five other world powers over its nuclear programme in November. The deal requires Tehran to take six practical steps to scale-back its programme.

In return, Tehran would receive relief from international sanctions that have crippled its economy.

Since the deal was struck, the Rouhani administration has been on a charm offensive, sending Mr Zarif on a tour of the Arabian Gulf in an attempt ease worries over the nuclear deal.

Iran’s supreme leader, Ayatollah Ali Khamenei, who holds the true power in the Islamic Republic, renewed his confidence in Mr Rouhani on Saturday, demanding tolerance from opponents who have criticised him over talks with world powers on Tehran’s controversial nuclear programme.

Despite the recent conciliatory overtures, the Iranian navy said on Saturday that a number of warships had been ordered to approach US maritime borders as a response to the stationing of US vessels in the Gulf, the semi-official Fars news agency reported.

“Iran’s military fleet is approaching the United States’ maritime borders, and this move has a message,” Admiral Afshin Rezayee Haddad said.

Adm Haddad, described as commander of the navy’s northern fleet, said the vessels had started their voyage towards the Atlantic via “waters near South Africa”.

Fars reported the plan was part of “Iran’s response to Washington’s beefed up naval presence” in the Gulf.

The Fars report, which carried no details of the vessels, could not be confirmed independently.

In Washington, a US defence official, cast doubt on any claims that the Iranian ships were approaching US maritime borders. But the official added that “ships are free to operate in international waters”.

The US and its allies regularly stage naval exercises in the Gulf, saying they want to ensure freedom of navigation in the waterway through which 40 per cent of the world’s seaborne oil exports passes.

US military facilities in the region include a base for its Fifth Fleet in Bahrain.

Iran sees the Gulf as its own backyard and believes it has a legitimate interest in expanding its influence there.

Iranian officials have often said Iran could block the Strait of Hormuz if it came under attack over its nuclear programme, and the Western war games are seen in the region as an attempt to deter any such move.

Fars said the Iranian navy had been developing its presence in international waters since 2010, regularly launching vessels in the Indian Ocean and the Gulf of Aden to protect Iranian ships from Somali pirates operating in the area.

* Reporting by Associated Press and Reuters

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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Wales 1

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Man of the Match: Dan James (Wales)

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Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages

Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”  

Favourite food: “I'm a vegetarian, so I can't get enough of salad.”

Favourite film:  “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”

Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”

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Uefa Champions League quarter-final, second leg (first-leg score)

Porto (0) v Liverpool (2), Wednesday, 11pm UAE

Match is on BeIN Sports

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Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

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Types of policy

Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.

Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.

Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.

Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.

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  • NGO Blumont runs camp management for the UN
  • One of the nine official (UN recognised) camps in the region
SPECS

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