This file photo from 2019 shows an Iranian flag at Bushehr nuclear power plant in Iran. AFP
This file photo from 2019 shows an Iranian flag at Bushehr nuclear power plant in Iran. AFP
This file photo from 2019 shows an Iranian flag at Bushehr nuclear power plant in Iran. AFP
This file photo from 2019 shows an Iranian flag at Bushehr nuclear power plant in Iran. AFP

UN nuclear watchdog tells Iran to allow site inspections


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The UN nuclear watchdog’s board has called on Iran to stop denying inspectors access to two sites in the first censure of its kind for eight years.

The ruling by the International Atomic Energy Agency’s 35-nation board of governors raises pressure on Iran to co-operate but will anger China, which warned even a mild rebuke could unravel global efforts to contain the spread of nuclear weapons.

Iran called the resolution "unconstructive and disappointing", claiming in a foreign ministry statement that it had "the highest level of co-operation with the IAEA".

The ruling came as the foreign ministers of Britain, France and Germany met and repeated their opposition to US tactics.

The Europeans continue to believe the American strategy of putting maximum pressure on Iran will not resolve the differences.
"We have stated unequivocally our regret and concern at the decision by the United States to withdraw... and to re-impose sanctions on Iran," a statement issued via the UK Foreign Office said.
It added: "We firmly believe that any unilateral attempt to trigger UN sanctions snapback would have serious adverse consequences...

“We are convinced that we must address shared concerns about Iran’s nuclear program, its ballistic missile program and its destabilising regional activities in the long term.”

They remain signed up to the 2015 nuclear deal along with China. President Donald Trump pulled the United States out of the Joint Comprehensive Plan of Action in 2018.

Gemany, France and Britain triggered a dispute mechanism in January because of continued Iranian violations of the agreement designed to prevent Tehran from securing nuclear weapons.

The resolution by the board of the nuclear agency tells Iran to let inspectors into the sites mentioned in two reports because they could still host undeclared nuclear material or traces of it.

The text “calls on Iran to fully co-operate with the agency and satisfy the agency's requests without any further delay, including by providing prompt access to the locations specified by the agency”, according to Reuters.

Saudi Arabia welcomed the IAEA board's resolution in a statement issued by the kingdom’s ambassador to Austria, the Wam news agency reported.

Due the pandemic the IAEA Board of Governors meeting was held as a video conference. EPA
Due the pandemic the IAEA Board of Governors meeting was held as a video conference. EPA

Iran has been blocking access to the site for months. Even though the sites in question are not thought to be directly relevant to Iran's current nuclear programme, the agency says it needs to know if activities going back almost two decades have been properly declared and all materials accounted for.

The rebuke was the first of its kind since 2012 but was opposed by China and Russia, another signatory to the deal in a sign of further unravelling of the troubled agreement.

China submitted a five-page statement to the IAEA in Vienna on Thursday, saying the reprimand could demolish “the entire global non-proliferation regime”.

“The root causes of this situation lie in the unilateral and bullying practices of the US,” Beijing envoy Wang Qun said.

Mr Wang said that if the resolution were to pass, it could also mean the end of the 2015 nuclear agreement between Iran and world powers.

France, Britain and Germany are opposed to isolating Iran and believe that the country is likely to return to the negotiating table only when it sees immediate and tangible benefits.

The three countries triggered the deal’s dispute mechanism to try to bring Iran back into compliance after its regular flouting of limits imposed in the agreement.

Tehran had suspended all limits on production of enriched uranium that can be used to make not reactor fuel, but also nuclear weapons.

The UK’s Dominic Raab and his German and French counterparts, Heiko Maas Jean-Yves Le Drian, also discussed China’s proposed new security law in Hong Kong.

Wonka
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Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

Company%20profile
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Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.