European Union foreign policy chief Javier Solana, left, is pictured the with Iran's top nuclear negotiator Saeed Jalili prior to talks on Tehran's nuclear programme in presence of the US Under-secretary of State William Burns, on July 19 in Geneva.
European Union foreign policy chief Javier Solana, left, is pictured the with Iran's top nuclear negotiator Saeed Jalili prior to talks on Tehran's nuclear programme in presence of the US Under-secretShow more

Iran's nuclear programme 'not discussed'



The possible suspension of uranium enrichment by Tehran was not discussed at a weekend meeting of major countries in Geneva, Iran's nuclear negotiator Saeed Jalili said on his return today. Iran faces a two-week deadline to give a final answer to world powers seeking a breakthrough in the nuclear crisis, after talks with the EU foreign policy chief ended in stalemate. "The question of suspending enrichment was not discussed in Geneva, there were discussions on the different parties' approach to the continuation of the negotiations, their setting and their calendar," the official news agency IRNA quoted him as saying.

Mr Jalili and the EU's top diplomat Javier Solana hailed their latest talks as "constructive" but Mr Solana lamented that Tehran had still not given a final response. The Iranian President Mahmoud Ahmadinejad described the talks as a "step forward" in the nuclear standoff, which has raised fears of regional conflict and sent oil prices spiralling. Mr Solana, who presented Iran with a major package aimed at ending the standoff on behalf of world powers last month, said he was waiting for a decision from Tehran on an initial deal to start pre-negotiations.

This would see world powers promising not to impose further UN Security Council resolutions against Tehran, in exchange for Iran not installing any more uranium-enriching centrifuges, he said. "We have not got an answer to the most important issue... we are looking forward to an answer to these questions in a couple of weeks," said Mr Solana. Mr Jalili said today: "We agreed to work on this question and to resume the discussions in two weeks. We put forward a precise plan and a road map for the pursuit of the negotiations."

In a major development, the Geneva talks were also attended by the third most senior diplomat from the United States, William Burns, the first time Washington has had direct contact over the nuclear standoff with Tehran. However, the United States warned Iran would face "confrontation" - an implicit warning of further sanctions - if it failed to suspend uranium enrichment, which the West fears could be used to make a nuclear weapon.

Iran has already been hit by three sets of UN sanctions over its refusal to suspend uranium enrichment, while the United States and European Union have imposed unilateral measures against its banks. Iranian officials have repeatedly said they have no intention of freezing enrichment - the key demand of world powers for ending the crisis. Iran denies seeking nuclear weapons, insisting its programme is designed to provide energy for its growing population when its reserves of fossil fuels run out.

*AFP

LIST OF INVITEES

Shergo Kurdi (am) 
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

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Monday's results
  • UAE beat Bahrain by 51 runs
  • Qatar beat Maldives by 44 runs
  • Saudi Arabia beat Kuwait by seven wickets
SPECS

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Power: 181hp

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Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

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.”

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

The five pillars of Islam