A shopkeeper waits for customers as a woman wearing a face mask to help protect against the new coronavirus, walks at the Tehran's Grand Bazaar, Iran. AP
A shopkeeper waits for customers as a woman wearing a face mask to help protect against the new coronavirus, walks at the Tehran's Grand Bazaar, Iran. AP
A shopkeeper waits for customers as a woman wearing a face mask to help protect against the new coronavirus, walks at the Tehran's Grand Bazaar, Iran. AP
A shopkeeper waits for customers as a woman wearing a face mask to help protect against the new coronavirus, walks at the Tehran's Grand Bazaar, Iran. AP

US accuses Iran of 'scam' strategy in seeking coronavirus sanctions relief


Joyce Karam
  • English
  • Arabic

The Trump administration on Monday accused Iran of a scam in which it is trying to obtain sanctions relief for the coronavirus pandemic, which would enable Tehran to increase its spending on “terror operations".

Washington is ignoring calls from Iran to lift sanctions as the coronavirus cases there soar above 60,000, of which more than 3,700 have died.

“Iran’s slick foreign influence campaign to obtain sanctions relief is not intended for the relief or health of the Iranian people, but to raise funds for its terror operations,” State Department spokeswoman Morgan Ortagus said.

Ms Ortagus accused Tehran of spending more than $16 billion (Dh58.77bn) to fund its terror proxies abroad while Iranian healthcare services remained woefully underfunded.”

She said that sanctions were not stopping aid getting to Iran.

The US had offered Iran “unconditional humanitarian aid” without sanctions relief, but the leadership in Tehran rejected the offer again on Monday.

  • A nurse adjusts tiny face shield for a newborn baby to protect from new coronavirus at the newborn nursery of the hospital in Samutprakarn province, central Thailand. AP
    A nurse adjusts tiny face shield for a newborn baby to protect from new coronavirus at the newborn nursery of the hospital in Samutprakarn province, central Thailand. AP
  • Members of the medical staff hold palm tree branches at the emergency unit of the Molinette Hospital on Palm Sunday, during the coronavirus disease (COVID-19) outbreak, in Turin, Italy. REUTERS
    Members of the medical staff hold palm tree branches at the emergency unit of the Molinette Hospital on Palm Sunday, during the coronavirus disease (COVID-19) outbreak, in Turin, Italy. REUTERS
  • A motorist rides through a disinfection tunnel during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus in Chennai. AFP
    A motorist rides through a disinfection tunnel during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus in Chennai. AFP
  • Employees of the Lantz funeral company, wearing face masks as protective measures, pull the coffin of a victim of the COVID-19 at an hospital in Mulhouse, eastern France. AFP
    Employees of the Lantz funeral company, wearing face masks as protective measures, pull the coffin of a victim of the COVID-19 at an hospital in Mulhouse, eastern France. AFP
  • Christian devotees stand in circles marked on the ground to maintain social distancing as they hold palm branches to celebrate a Palm Sunday event at the Christian neighborhood during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus, in Islamabad. AFP
    Christian devotees stand in circles marked on the ground to maintain social distancing as they hold palm branches to celebrate a Palm Sunday event at the Christian neighborhood during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus, in Islamabad. AFP
  • Afghan four-year old Ahmad Yosuf plays with a Spiderman toy in the yard of his house as kindergartens continue to be closed due to the fear of coronavirus outbreak in Kabul, Afghanistan. EPA
    Afghan four-year old Ahmad Yosuf plays with a Spiderman toy in the yard of his house as kindergartens continue to be closed due to the fear of coronavirus outbreak in Kabul, Afghanistan. EPA
  • A woman wearing a protective mask holds a hydrangea at a greenhouse of the Saracino garden centre in Aprilia, Italy. EPA
    A woman wearing a protective mask holds a hydrangea at a greenhouse of the Saracino garden centre in Aprilia, Italy. EPA
  • A man walks his dog in front of the Eiffel Tower in Paris on the twentieth day of a lockdown in France aimed at curbing the spread of COVID-19. AFP
    A man walks his dog in front of the Eiffel Tower in Paris on the twentieth day of a lockdown in France aimed at curbing the spread of COVID-19. AFP
  • A man plays with a football on Eastgate Street in a near-deserted Chester city centre in north-West England as the warm weather tests the nationwide lockdown to combat the novel coronavirus pandemic. AFP
    A man plays with a football on Eastgate Street in a near-deserted Chester city centre in north-West England as the warm weather tests the nationwide lockdown to combat the novel coronavirus pandemic. AFP
  • Municipal workers disinfect the streets of La Paz as a preventive measure to slow the spread of the novel coronavirus, COVID-19. AFP
    Municipal workers disinfect the streets of La Paz as a preventive measure to slow the spread of the novel coronavirus, COVID-19. AFP
  • Residents take part in a socializing hour in the courtyard of their apartment complex while keeping a social distance during the global outbreak of the coronavirus disease (COVID-19), in Pasadena, California, U.S. REUTERS
    Residents take part in a socializing hour in the courtyard of their apartment complex while keeping a social distance during the global outbreak of the coronavirus disease (COVID-19), in Pasadena, California, U.S. REUTERS
  • An aerial view shows less than usual passersby seen at a pedestrian crossing at Ginza shopping and amusement district after Tokyo Governor Yuriko Koike urged Tokyo residents to stay indoors in a bid to keep the coronavirus disease (COVID-19) from spreading, in Tokyo, Japan. REUTERS
    An aerial view shows less than usual passersby seen at a pedestrian crossing at Ginza shopping and amusement district after Tokyo Governor Yuriko Koike urged Tokyo residents to stay indoors in a bid to keep the coronavirus disease (COVID-19) from spreading, in Tokyo, Japan. REUTERS
  • The Ruby Princess, with only crew onboard, docks at Port Kembla, Wollongong, Australia. A criminal investigation will be launched into how cruise line operator Carnival Australia was allowed to disembark Ruby Princess passengers in Sydney, resulting in several deaths and COVID-19 outbreaks throughout the country. EPA
    The Ruby Princess, with only crew onboard, docks at Port Kembla, Wollongong, Australia. A criminal investigation will be launched into how cruise line operator Carnival Australia was allowed to disembark Ruby Princess passengers in Sydney, resulting in several deaths and COVID-19 outbreaks throughout the country. EPA
  • Employees of LG Twins broadcast their intra-team game played for fans at a empty Jamshil baseball stadium, as South Koreans take measures to protect themselves against the spread of coronavirus (COVID-19) in Seoul, South Korea. Getty Images
    Employees of LG Twins broadcast their intra-team game played for fans at a empty Jamshil baseball stadium, as South Koreans take measures to protect themselves against the spread of coronavirus (COVID-19) in Seoul, South Korea. Getty Images

The sanctions do not target medical equipment but they affect Iran’s ability to finance such imports.

The US is accusing Iran of spending funds that are meant to be allocated towards health on militias.

“In 2018, Iran withdrew an estimated $2.5bn from its National Development Fund for increased defence spending," the State Department said.

"In 2019, Iran withdrew $1.5bn from the fund for other military expenses."

It accused supreme leader Ayatollah Ali Khamenei of intervening in the parliamentary budget process "and on March 19 increased funding for the Islamic Revolutionary Guard Corps by 33 per cent over [President Hassan] Rouhani’s original budget request".

But calls mounted on Monday in Europe and among former US policymakers to offer Iran sanctions relief.

"Just as the Covid-19 pandemic has upended every aspect of the global economy and of human lives and health, it has drastically changed the impact of a US policy designed for a different purpose and conditions," 24 current and former diplomats said in a statement, The Washington Post reported.

Former vice president Joe Biden, the Democratic front-runner challenging US President Donald Trump in this year's elections, supported these calls.

“The United States should take steps to offer what relief we can to those nations hardest hit by this virus, including Iran, even as we prioritise the health of the American people,” Mr Biden said last week.

Meanwhile in Iran, the government has resisted a full lockdown to stop the spreading and reopened ministries on Monday:

Iran has the highest number of cases of coronavirus in the Middle East and North Africa region.

The years Ramadan fell in May

1987

1954

1921

1888

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.”

Essentials

The flights
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MATCH INFO

Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)

Mumbai Indians won by three runs

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

RESULTS

6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m

Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).

7.05pm Handicap (TB) $135,000 (Turf) 1,000m

Winner Almanaara, Dane O’Neill, Doug Watson.

7.40pm Handicap (TB) $175,000 (D) 1,900m

Winner Grand Argentier, Brett Doyle, Doug Watson.

8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m

Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.

8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m

Winner Gladiator King, Mickael Barzalona, Satish Seemar.

9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m

Winner Universal Order, Richard Mullen, David Simcock.

The specs: 2018 Ford Mustang GT

Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm​​​​​​​
​​​​​​​Fuel economy, combined: 10.3L / 100km

Earth under attack: Cosmic impacts throughout history

4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon

- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.

50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater

1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.  

1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.

1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.

-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.

THE SPECS

Engine: 1.5-litre, four-cylinder turbo

Transmission: seven-speed dual clutch automatic

Power: 169bhp

Torque: 250Nm

Price: Dh54,500

On sale: now

The years Ramadan fell in May

1987

1954

1921

1888