Iran's nuclear announcement seen as chest-puffing bluster



Iran's announcement of plans to build 10 new uranium enrichment facilities is chest-puffing bluster and a show of resolve by the president for a domestic and international audience, analysts said yesterday. By raising the stakes in the nuclear standoff, Mahmoud Ahmadinejad was "leapfrogging" the opposition at home amid political turmoil over his disputed re-election, a senior European former diplomat to Tehran who requested anonymity, said.

The head of Iran's nuclear programme, Ali Akbar Salehi, said yesterday that the plans to boost uranium enrichment capacity were retaliation for a resolution passed by the United Nations nuclear monitor last week. A demand by the International Atomic Energy Agency (IAEA) that Iran mothball a nuclear facility near Qom and halt enrichment "prompted the government to approve the plan", Mr Salehi said. "The West apparently does not want to understand Iran's message of peace."

The plan, unveiled by Mr Ahmadinejad's cabinet on Sunday, envisages Iran increasing its production of enriched uranium to up to 300 tonnes a year from just one tonne last year. Another senior Iranian official said yesterday that Tehran saw little benefit from its membership in the Nuclear Non-Proliferation Treaty. Mr Ahmadinejad was attacked across the political spectrum for initially appearing to welcome a two-month-old UN-brokered deal designed to allay concerns that Iran's nuclear programme is aimed at weapons development.

For Iran to build 10 industrial-scale enrichment plants would mean overcoming huge technical and economic hurdles: some experts say that no new sites could reasonably be expected to come on line for 20 to 30 years. Gary Sick, a leading Iran specialist at New York's Columbia University, said the uranium enrichment expansion plans were a "classic" and "blustery" response to the IAEA by Mr Ahmadinejad. "It is also the kind of ante-raising that one might expect in a negotiating game of 'chicken'," he wrote on his blog, Gary's Choices.

But the former diplomat said there was also a "strategic logic to setting up one or two more facilities after the Qom site got rumbled". He said in an interview: "This announcement could be a cover for something more that they're already working on." The Iranian plans were swiftly condemned internationally. Britain, France and Germany warned that Tehran would face more sanctions if it kept defying world powers. France said Iran was being a "bit childish", but warned Tehran was "playing a dangerous game".

Both the western powers and Iran left the door open to negotiations. The West has said new sanctions would not be considered before the end of the year. France, one of Iran's toughest critics, said Tehran should be given a "last chance" in talks over its nuclear programme, but must heed the IAEA warnings. In Iran, Ali Larijani, the influential parliamentary speaker, said the nuclear dispute could still be resolved through talks and that a diplomatic solution was in the West's interests. His remarks came with a thinly veiled warning that Iran could withdraw from the non-proliferation treaty. "I believe that their moves are harming the NPT the most - now whether you are a member of the NPT or pull out it has no difference."

By quitting the NPT, however, Iran would betray nuclear weapons ambitions - which Tehran denies having - and could provoke a pre-emptive attack by Israel and possibly the United States. Other Iranian officials have said Tehran has no intention to leave the NPT, under which its nuclear sites are subject to regular IAEA inspections. To blunt the threat of sanctions, Iran cannot alienate such countries as China, Brazil, Turkey and Egypt, "which have given it some moral support provided it keeps its nose clean with the IAEA", the European former diplomat said.

Tehran was furious that China and Russia, its nominal allies, had joined western powers in endorsing the IAEA resolution. Moscow said it was "seriously concerned by the latest statements of the Iranian leadership", but tried to cool tempers yesterday. "There is still good scope to continue co-operation," said the Russian energy minister, Sergei Shmatko, during a visit to Tehran. Russia also plans to start up a long-delayed nuclear power reactor at Bushehr in March, Reuters reported, citing sources closely involved in the project. That could calm Iran's anger with Moscow.

Tehran remains suspicious, however, that Russia, which began building the Bushehr plant in 1995, is using it as a lever with Iran and as a bargaining chip in dealing with the West. Even if Iran's plans to expand its uranium enrichment are more symbolic than realistic, its escalation of the nuclear standoff makes it increasingly difficult for Moscow and Beijing to help stave off further sanctions. The Iranian move also gives fuel to hawks in Israel and in Washington, where opponents of Barack Obama, the US president, have criticised his policy of outreach to the Islamic republic.

Iran's critics question why Tehran wants to produce huge amounts of low-enriched uranium when its only nuclear station, in Bushehr, is still under construction and its fuel will be supplied by Russia. "Why announce - a programme to build 10 new uranium enrichment facilities when Iran doesn't have one single nuclear reactor to burn such fuel?" the French foreign minister, Bernard Kouchner, asked. @Email:mtheodoulou@thenational.ae

The rules of the road keeping cyclists safe

Cyclists must wear a helmet, arm and knee pads

Have a white front-light and a back red-light on their bike

They must place a number plate with reflective light to the back of the bike to alert road-users

Avoid carrying weights that could cause the bike to lose balance

They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians

Company profile

Company: Zywa
Started: 2021
Founders: Nuha Hashem and Alok Kumar
Based: UAE
Industry: FinTech
Funding size: $3m
Company valuation: $30m

The biog

Mission to Seafarers is one of the largest port-based welfare operators in the world.

It provided services to around 200 ports across 50 countries.

They also provide port chaplains to help them deliver professional welfare services.

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.”

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

MATCH INFO

Norwich City 0 Southampton 3 (Ings 49', Armstrong 54', Redmond 79')

COMPANY PROFILE:

Name: Envision
Started: 2017
Founders: Karthik Mahadevan and Karthik Kannan
Based: The Netherlands
Sector: Technology/Assistive Technology
Initial investment: $1.5 million
Current number of staff: 20
Investment stage: Seed
Investors: 4impact, ABN Amro, Impact Ventures and group of angels

The story in numbers

18

This is how many recognised sects Lebanon is home to, along with about four million citizens

450,000

More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps

1.5 million

There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m

73

The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association

18,000

The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme

77,400

The number of people believed to be affected by the current nationality law, according to the 2009 UN study

4,926

This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee

Engine: 80 kWh four-wheel-drive

Transmission: eight-speed automatic

Power: 402bhp

Torque: 760Nm

Price: From Dh280,000

The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia

Grand Slam Los Angeles results

Men:
56kg – Jorge Nakamura
62kg – Joao Gabriel de Sousa
69kg – Gianni Grippo
77kg – Caio Soares
85kg – Manuel Ribamar
94kg – Gustavo Batista
110kg – Erberth Santos

Women:
49kg – Mayssa Bastos
55kg – Nathalie Ribeiro
62kg – Gabrielle McComb
70kg – Thamara Silva
90kg – Gabrieli Pessanha