US President Donald Trump is reportedly planning to decertify the Iran nuclear deal. Yuri Gripas/ Reuters
US President Donald Trump is reportedly planning to decertify the Iran nuclear deal. Yuri Gripas/ Reuters

After de-certification, fight over Iran nuclear deal goes to US Congress



Donald Trump’s highly anticipated announcement on Thursday to decertify the Iran nuclear deal has already moved the debate away from the White House.

The US Congress and European quarters will now determine the path forward on sanctions and the ultimate fate of the deal. also known as the joint comprehensive plan of action (JCPOA).

Mr Trump's decertification of the deal, first reported by the Washington Post, should not come as a surprise.

The US President has never run out of adjectives in describing his opposition to the JCPOA.

"An embarrassment", "horrible", and "worst deal ever" are all terms he used in attacking the deal before and after he took office. Twice this year, according to the New York Times, Mr Trump was agonised about certifying the agreement every 90 days as required by US law. Now that he will decertify, Mr Trump will no longer have to repeat the 90-day-process again.

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Trump to ‘decertify’ Iran nuclear deal

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Instead, the debate will be moved to Congress who will have 60 days to decide whether to reimpose sanctions on Iran related to its nuclear program that were waived after the agreement.

European ambassadors have been crisscrossing Pennsylvania Avenue, meeting with members of Congress to agree on a path forward that would ultimately the deal. The Trump administration according to one US official who spoke to The National is hoping that by not certifying the deal, and without pulling out of the agreement, the Europeans would use the 60-day time frame (before Congress decides on sanction) to strengthen the agreement especially in the areas of ballistic missile defence and sunset clause. National Security Adviser HR McMaster called the agreement “incomplete”.

CNN reported this week that US Secretary of State Rex Tillerson and Senate Foreign Relations Committee Chair Bob Corker “were spearheading efforts to amend US legislation regarding Iran to shift focus away from the nuclear issue -- a move that could allow the US to stay in the multilateral...and also push back against Iran's other destabilizing behavior.”

In his speech on Thursday, Mr Trump is expected to address Iran's regional behaviour. According to Bloomberg, the US President may go as far as designating Iran's powerful Revolutionary Guard as terrorist organisation. One source in close contact with the administration told The National that "Congress has directed the administration to use the Treasury department's 13224 [terror list], but they [White House] may decide to also go the Foreign Terrorist organization (FTO) route." An FTO designation is harsher in labeling and economic consequences than the Treasury listing, and would put the IRGC in the same camp with Hizbollah and Al-Qaeda already on that list.

Inside the administration, the decertification bolsters the profile of US ambassador to the UN Nikki Haley who called the deal “flawed” and "not in US national security interest" in a speech at the American Enterprise Institute last month. Two lines that Mr Trump is expected to use on Thursday. Mr Tillerson had pushed to certify the deal back in July.

For now, Mr Trump will get the relief he wants from terminating the certification process as Congress carries the water for the administration on the tougher questions of how to navigate the talks with European allies, and the ultimate fate of the deal.

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

'Doctor Strange in the Multiverse Of Madness' 

   

 

Director: Sam Raimi

 

Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams

 

Rating: 3/5

 
if you go

The flights 

Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning. 

The trains

Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.

The hotels

Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.

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.”

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

Diriyah%20project%20at%20a%20glance
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