• Ayatollah Khomeini speaks to followers on February 1, 1979. The revolution brought Khomeini to power and students seized the US embassy in Tehran, beginning the 444-day hostage crisis. AP
    Ayatollah Khomeini speaks to followers on February 1, 1979. The revolution brought Khomeini to power and students seized the US embassy in Tehran, beginning the 444-day hostage crisis. AP
  • Iranian students climb over the wall of the US embassy in Tehran on November 4, 1979. AFP
    Iranian students climb over the wall of the US embassy in Tehran on November 4, 1979. AFP
  • Iranian protesters are held back from the gates of the US embassy in Tehran on November 5, 1979. AP
    Iranian protesters are held back from the gates of the US embassy in Tehran on November 5, 1979. AP
  • Blindfolded US hostages and their Iranian captors outside the US embassy in Tehran, Iran, 1979. Reuters
    Blindfolded US hostages and their Iranian captors outside the US embassy in Tehran, Iran, 1979. Reuters
  • An American hostage being paraded before the cameras by his Iranian captors. Getty
    An American hostage being paraded before the cameras by his Iranian captors. Getty
  • Four American hostages held in Iran listen to the latest demands for their release on December 25, 1980. AP
    Four American hostages held in Iran listen to the latest demands for their release on December 25, 1980. AP
  • President Jimmy Carter announces new sanctions against Iran in retaliation for taking US hostages on April 7, 1980. Reuters
    President Jimmy Carter announces new sanctions against Iran in retaliation for taking US hostages on April 7, 1980. Reuters
  • Mr Carter and his vice president, Walter Mondale, on their way to meet about the Iran hostage crisis in 1979. Getty
    Mr Carter and his vice president, Walter Mondale, on their way to meet about the Iran hostage crisis in 1979. Getty
  • Freed US hostages upon their return from Iran after being held for 444 days. Getty
    Freed US hostages upon their return from Iran after being held for 444 days. Getty
  • Air Force Lt Col David Roeder, left, and Col Thomas Schaefer greet supporters as they arrive at Andrews Air Force Base. Getty
    Air Force Lt Col David Roeder, left, and Col Thomas Schaefer greet supporters as they arrive at Andrews Air Force Base. Getty
  • Mr Carter at a press conference in the White House, April 1980. AP
    Mr Carter at a press conference in the White House, April 1980. AP
  • A woman walks in front of the former US embassy in Tehran in 2021. AFP
    A woman walks in front of the former US embassy in Tehran in 2021. AFP

The Iranian hostage crisis and the end of Jimmy Carter's presidency


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On November 4, 1979, thousands of Iranian protesters overran the US embassy in Tehran and took dozens of Americans hostage, marking the start of a lengthy crisis that came to define Jimmy Carter's single term as president.

Events leading up to the storming of the embassy had been decades in the making and were rooted in long-standing US support for Mohammed Reza Pahlavi, Shah of Iran.

Many Iranians condemned Washington's support of the autocratic shah and his “westernising” of the country.

In 1979, the shah was overthrown following years of brutality and corruption, and hardline Islamist Ayatollah Ruhollah Khomeini took power.

Mr Carter's administration permitted the shah to enter the US so he could undergo cancer treatment in New York - a decision that only exacerbated anti-American sentiments in Iran.

Carter's legacy



Resentment boiled over on November 4, 1979, as throngs of militarised Iranian students broke into the US embassy and took 66 people hostage. Fourteen people were released over the following weeks and months, but 52 remained in detention.

With the 1980 presidential election looming, Mr Carter's administration was under intense pressure to secure the release of the hostages.

US news programmes beamed the crisis into American living room each night and kept a running tally of the number of days the hostages were detained.

The US cut diplomatic relations with Iran in 1980 after negotiations to secure the release of the hostages broke down, and a rescue mission authorised by the president failed and led to the deaths of eight American commandos.

It was a political disaster for Mr Carter, as Americans lost confidence in the Democratic president. He lost his re-election bid exactly one year after the crisis started, to California governor Ronald Reagan.

Mr Carter would later write in his memoir that the final weeks of his presidency were marked by a manic effort to secure their release.

On January 20, 1981, on the 444th day of the hostage crisis, Mr Carter was waiting for Iran to release the hostages as the US awaited the inauguration of Mr Reagan.

Mr Carter was informed after the inauguration that planes carrying the remaining US detainees had departed Tehran.

For Mr Reagan, who received word of their release not longer after he was inaugurated, it would be the first announcement he made as president.

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How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • 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.
10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
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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.”

Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

'The Sky is Everywhere'

Director:Josephine Decker

Stars:Grace Kaufman, Pico Alexander, Jacques Colimon

Rating:2/5

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A Prayer Before Dawn

Director: Jean-Stephane Sauvaire

Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai

Three stars

Sukuk

An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.

Have you been targeted?

Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:

1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.

2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.

3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.

4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.

5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.

Updated: December 30, 2024, 10:54 AM