Experts say an imminent return isn't likely, with Iran's presidential elections due to take place on June 18 and with growing pressure on the Biden administration to avoid granting Tehran a sizeable sanctions relief package. EPA
Experts say an imminent return isn't likely, with Iran's presidential elections due to take place on June 18 and with growing pressure on the Biden administration to avoid granting Tehran a sizeable sanctions relief package. EPA
Experts say an imminent return isn't likely, with Iran's presidential elections due to take place on June 18 and with growing pressure on the Biden administration to avoid granting Tehran a sizeable sanctions relief package. EPA
Experts say an imminent return isn't likely, with Iran's presidential elections due to take place on June 18 and with growing pressure on the Biden administration to avoid granting Tehran a sizeable s

US and Iran inch closer to nuclear agreement but timetable uncertain


Joyce Karam
  • English
  • Arabic

A fourth round of indirect negotiations between the US and Iran currently under way in Vienna could narrow the differences on sanctions relief and financial incentives for Tehran, but they are unlikely to produce an imminent return to the 2015 nuclear deal.

When asked on Friday if Tehran is serious about the ongoing talks, US President Joe Biden left the ball in Iran's court.

"Yes, but how serious and what they're prepared to do is a different story. But we're still talking," he said.

US officials leading those negotiations concurred, stressing the decision to return to the Joint Comprehensive Plan of Action (JCPOA) under a compliance-for-compliance formula is up to Tehran.

“If Iran makes the political decision that it genuinely wants to return to the JCPOA as the JCPOA was negotiated, then it could be done relatively quickly and implementation could be relatively swift. But we don’t know if that – if Iran has made that decision,” a senior US official involved in the talks said on Thursday.

Experts, however, do not see such a return as imminent, with presidential elections due to take place on June 18 and with growing pressure on the Biden administration to avoid granting Tehran a sizeable sanctions relief package.

"The growing domestic concerns in Washington and especially Tehran make an immediate breakthrough less probable," Henry Rome, a senior Iran expert at the Eurasia Group, told The National.

“Iranian negotiators are hamstrung by maximalist demands from Supreme Leader Ali Khamenei and an increasingly volatile political environment at home.”

This maximalist position was on display in Vienna on Friday.

According to European officials, Washington offered to lift oil and banking sanctions on Iran, but the country's deputy foreign minister, Abbas Araghchi, said it was “still not enough”.

"Negotiations will continue until Tehran achieves all its demands,” he said.

Still, Mr Rome argued that having Iran under the negotiations tent in Vienna was far preferable to “entering a blackout” period.

Alex Vatanka, the director of the Iran programme at the Middle East Institute, saw both the US and Iran as playing to their domestic audiences while being in agreement on the need and the benefits of returning to the deal.

"All the signs we are getting from Vienna suggest that the broad framework allowing the United States to rejoin the 2015 nuclear deal is falling into place," Mr Vatanka told The National.

“The question is really only about the timing of the announcement of a new agreement.”

For the Biden team, the deliberate downplaying of a return to the deal is “aimed to protect the administration against criticism from anti-Iran hawks in and outside Congress,” Mr Vatanka said.

Senior Republican senators are already warning the administration against granting Iran broad sanctions relief.

“If Biden lifts sanctions on Iran, they will use the money that will generate to build weapons and support terrorists who kill Americans,” Marco Rubio, a senator from Florida, tweeted on Thursday.

But any such relief would take time, Mr Vatanka explained.

“Given that there are some 1,500 sanctions on Iran, the two negotiating teams have to examine each sanction to establish if it is consistent with or inconsistent with the 2015 nuclear deal,” he said.

Former president Donald Trump's administration significantly expanded sanctions on Iran – especially those related to terrorism and human rights breaches.

Those measures have made it harder for the Biden administration to remove them without a change in Iranian behaviour.

The%20specs
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UAE currency: the story behind the money in your pockets
THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

The specs: Volvo XC40

Price: base / as tested: Dh185,000

Engine: 2.0-litre, turbocharged in-line four-cylinder

Gearbox: Eight-speed automatic

Power: 250hp @ 5,500rpm

Torque: 350Nm @ 1,500rpm

Fuel economy, combined: 10.4L / 100km

Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

FIXTURES

Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)

Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)

Friday, February 1
Final, Zayed Sports City Stadium (6pm)

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Try out the test yourself

Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer

Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer

Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer

The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania. 

Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

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Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press 

Zayed%20Centre%20for%20Research
%3Cp%3EThe%20Zayed%20Centre%20for%20Research%20is%20a%20partnership%20between%20Great%20Ormond%20Street%20Hospital%2C%20University%20College%20London%20and%20Great%20Ormond%20Street%20Hospital%20Children%E2%80%99s%20Charity%20and%20was%20made%20possible%20thanks%20to%20a%20generous%20%C2%A360%20million%20gift%20in%202014%20from%20Sheikha%20Fatima%20bint%20Mubarak%2C%20Chairwoman%20of%20the%20General%20Women's%20Union%2C%20President%20of%20the%20Supreme%20Council%20for%20Motherhood%20and%20Childhood%2C%20and%20Supreme%20Chairwoman%20of%20the%20Family%20Development%20Foundation.%3C%2Fp%3E%0A