The Houthi rebels' lifeline to the global Swift banking system has been restored after the internationally recognised Yemeni government reversed sanctions against the group.
Earlier this month, the government-controlled Central Bank of Yemen revoked the licences of six banks for not relocating from the Houthi-controlled capital Sanaa to Aden, cutting them off from the international banking system.
But under a deal signed between the Yemeni government and the Iran-backed Houthi on Tuesday, UN special envoy Hans Grundberg said, the warring sides agreed to cancel “all recent decisions and procedures against banks by both sides and refrain in the future from any similar decisions or procedures”.
"Swift is sovereign property that belongs to the internationally recognised government and given that the banks traditionally based their headquarters in Sanaa, the Houthis controlled the banking sector, while the government controls the license to operate internationally," senior researcher at the Sanaa Centre for Strategic Studies Abdulghani Al Iryani told The National.
"As in everything else, the Houthis have instruments of power and the government has the legitimacy."
The Yemeni government had earlier ordered banks in Sanaa to move their headquarters to Aden but some banks refused.
"The Houthis told them, 'if you transfer to Aden, we'll arrest your staff and confiscate your assets'. The government then sent letters blocking the banks that refused to transfer and basically revoking their access to the Swift system, which means that they turned them into local money changers," Mr Al Iryani said.
In June, the UN warned of the "potentially catastrophic ramifications" in Yemen if the Houthi-controlled areas were cut off from Swift as it would further weaken an already struggling economy in the country that has been mired in conflict for years.
Importance of Swift
The return of Swift banking services in all parts of Yemen is “significant for the country’s economy,” as it enables international transactions and remittances “which are crucial for Yemen’s economic stability,” Hani Abuagla, senior market analyst at XTB Mena, told The National.
“With Swift, Yemeni banks can process cross-border transactions more efficiently, potentially stabilising the Yemeni rial and reducing economic disparities between regions. Importantly, Swift provides better access to global markets, which is vital, given Yemen’s severe shortages of essential goods.”
Based in Belgium since its founding in 1973, the Society for Worldwide Interbank Financial Telecommunication, better known as Swift, is a member-owned co-operative that serves as an intermediary and executor of financial transactions between thousands of banks in more than 200 countries.
It is governed by a 25-member board and the organisation is overseen by G10 central banks, as well as the European Central Bank.
Swift processes transactions worth trillions of dollars everyday. It acts as a messaging system for banks, processing payment requests and keeping a record of them in secure servers in Europe and the US.
More than 11,000 institutions sent an average of 44.8 million messages a day through the Swift network in 2022, up 6.6 per cent compared to the previous year, according to its website.
"Without Swift access, Yemeni banks would have trouble handling international transactions, leading to liquidity problems and financial instability that would have worsened humanitarian situation in the country," Mr Abuagla added.
Trade would be impeded, causing shortages and rising prices for essential goods such as food and medical supplies, she said. Humanitarian aid would struggle to reach those in need, exacerbating food insecurity and limiting other services.
"If banks in Sanaa and other areas controlled by the Houthi de facto authorities are cut off from international financial institutions and networks, we will lose the ability to transfer the funds required to sustain humanitarian lifesaving operations," UN aid operations director Edem Wosornu told the Security Council in June.
The UN has warned that more than half of Yemen's population of about 18 million requires humanitarian assistance while more than two million children could face acute malnutrition.
Yemen’s economy continues to suffer amid regional tensions and the ongoing conflict in the country.
Yemen's gross domestic product is projected to shrink by 1 per cent in 2024, following a 2 per cent contraction in 2023 and a modest growth of 1.5 per cent in 2022, according to a recent World Bank report.
The economic outlook for the beleaguered country remains uncertain amid the continued regional conflict as well as fiscal pressures facing its economy.
“The recent monetary de-escalation will partially roll-back the short-term worsening of business and humanitarian conditions in Yemen, reviving internal trade and restoring remittance flows,” Pat Thaker, editorial director for the Middle East and Africa at the Economist Intelligence Unit, told The National.
“However, continued monetary bifurcation resulting from entrenched economic hostilities stretching back throughout the course of the civil conflict, including a fundamental split within the Central Bank of Yemen, will ensure economic performance remains extremely poor in the medium-term.”
The Houthis took over Sanaa in 2014, and the Yemeni government called on Saudi Arabia and its allies to form a joint coalition to help it reclaim power.
Although fighting had largely subsided in April 2022 through a UN-brokered ceasefire, several major outstanding issues remained preventing a comprehensive deal from being signed by the warring parties.
As part of the agreement, flights would resume between Sanaa and Amman in Jordan on Thursday after they had been suspended in September.
Daily flights to Egypt and India will also begin, per the agreement.
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
RESULT
Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')
Killing of Qassem Suleimani
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
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KILLING OF QASSEM SULEIMANI
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
In 2018, the ICRC received 27,756 trace requests in the Middle East alone. The global total was 45,507.
There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.
More than 540,000 individuals approached the ICRC in the Middle East asking to be reunited with missing loved ones in 2018.
The total figure for the entire world was 654,000 in 2018.
Crime%20Wave
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Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
KILLING OF QASSEM SULEIMANI
Zayed Sustainability Prize
More on Quran memorisation:
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
