The US Secretary of State Mike Pompeo warned Iran on Thursday to cease all nuclear-related activities after Tehran announced plans for three rocket launches in coming months.
While Iran’s defence ministry said it planned to launch Space Launch Vehicles (SLVs), these incorporate technology that is virtually identical to that used in ballistic missiles, including in intercontinental ballistic missiles (ICBMs), Mr Pompeo said in a statement.
“The United States has continuously cautioned that ballistic missile and SLV launches by the Iranian regime have a destabilising effect on the region and beyond,” Mr Pompeo said, adding that an ICBM with a range of 10,000 kilometres could reach the US.
“The United States will not stand by and watch the Iranian regime’s destructive policies place international stability and security at risk,” he said.
France, Germany, the United Kingdom have also expressed deep concern.
“Such actions would once again demonstrate Iran’s defiance of UN Security Council Resolution 2231, which calls upon the Iranian regime not to undertake any activity related to ballistic missiles capable of delivering nuclear weapons,” Mr Pompeo said.
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Read more: US 'won't stand' for Iran's ballistic missile tests
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Resolution 2231 endorsed the 2015 deal between world powers and Iran under which sanctions on Tehran were lifted in exchange for restrictions being placed on its nuclear programme. Washington pulled out of the deal last year, citing Iran's missile activity as a factor, and reimposed sanctions to block it oil sales.
“We advise the regime to reconsider these provocative launches and cease all activities related to ballistic missiles in order to avoid deeper economic and diplomatic isolation,” Mr Pompeo said.
The economic embargo has decreased the value of Iran’s currency and raised annual inflation fourfold to nearly 40 per cent in November.
“The Iranian regime is the world’s foremost state sponsor of terror and has proliferated missiles and related technology to its proxies around the Middle East, further flouting UNSCR 2231,” Mr Pompeo said.
According to Mr Pompeo's statement, the Iranian regime test-fired a medium range ballistic missile capable of carrying multiple warheads on December 1, and the commander of its Islamic Revolutionary Guard Corps (IRGC) aerospace force has said Iran tests 40 to 50 ballistic missiles every year.
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Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
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Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
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- Use unique usernames and passwords while enabling multi-factor authentication.
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- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
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Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
KILLING OF QASSEM SULEIMANI
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Simon Waldman: Cautious Israel keeping a low profile
Rashmee Roshan Lall: Sound of silence in South Asia
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
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The specs
BMW M8 Competition Coupe
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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.”
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Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
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