US sanctions on a large Iranian shipping company and its subsidiary came into effect on Monday, as relations continued to simmer between Tehran and Washington.
The sanctions, announced by the US State Department in December last year, are on the Islamic Republic of Iran Shipping Lines and its Shanghai subsidiary, E-Sail Shipping Company.
US Secretary of State Mike Pompeo said on Monday that the action against the companies was in line with an executive order against proliferators of weapons of mass destruction and their supporters.
After a 180-day grace period to allow firms who worked with the two companies to find alternative shipping methods, the sanctions came into effect.
“IRISL has repeatedly transported items related to Iran’s ballistic missile and military programmes and is also a long-standing carrier of other proliferation-sensitive items, including Nuclear Suppliers-Group controlled items,” Mr Pompeo said.
“Despite Iran’s claims that it will never develop nuclear weapons and associated delivery systems, the Iranian regime has continued to pursue and procure proliferation-sensitive items in violation of UN Security Council Resolution 2231."
He urged the international community to “take notice of Iran’s continued deception”.
“These designations serve as a clear warning that anyone doing business with or otherwise supporting IRISL or E-Sail are exposed to potential sanctions and risk contributing to Iran’s proliferation-sensitive programmes, including its nuclear and missile programmes," Mr Pompeo said.
“We urge government authorities worldwide to investigate all IRISL and E-Sail activity in your ports and territorial seas and take appropriate action to put a halt to it.
"The world must be vigilant and take action to prevent Iran from acquiring proliferation-sensitive items that further threaten regional stability and security."
The sanctions on the company and its subsidiary were reintroduced and were in place before the 2015 nuclear deal signed between Iran and world powers.
US President Donald Trump pulled out of the deal in 2018. Germany, France, Britain, China and Russia remain committed to it.
Most parties to the deal have generally been supportive in maintaining it, but Iran has continued to increase its stockpile of enriched uranium to support its nuclear capabilities.
Increasing nuclear capabilities
UN watchdog the International Atomic Energy Agency warned on Friday that Tehran continued to breach the deal.
The agency reported that Iran had also been continuing to enrich uranium to a purity of 4.5 per cent, higher than the 3.67 per cent allowed under the nuclear deal.
Alireza Jafarzadeh, deputy director of the Washington office of the National Council of Resistance of Iran, said that the reports by the IAEA are "a clear indication that Tehran never abandoned its nuclear weapons programme", despite the nuclear deal.
Mr Jafarzadeh revealed the existence of the nuclear sites in Natanz and Arak in August 2002, which led to the IAEA inspections of Iranian nuclear sites.
"This regime should have never been allowed any enrichment capabilities, nor provided any ability to do nuclear-related research and development under any pretexts," he told The National.
“All pathways of the Iranian regime to fissile material must be irreversibly blocked and the ballistic missile programme, the purpose of which is to carry a nuclear warhead, must be entirely dismantled.
“The Iranian regime must be immediately referred to the UN Security Council for significant non-performance, triggering the snapback of all UN sanctions on the Iranian regime."
Relations have been fraught between Tehran and Washington in recent months, with attacks on ships in the Gulf and on US army bases in neighbouring Iraq.
Tehran has not claimed responsibility for most of the attacks but the US has blamed them on Iran-backed militias in Iraq.
Washington has in recent months imposed sanctions on different Iranian companies and those that deal with Iranian businesses.
On May 18, Washington blacklisted Shanghai Saint Logistics, a Chinese company, for providing services to Iranian airline Mahan Air, accusing it of "carrying gold from Venezuela’s vaults back to Iran”.
More from Rashmee Roshan Lall
OPENING FIXTURES
Saturday September 12
Crystal Palace v Southampton
Fulham v Arsenal
Liverpool v Leeds United
Tottenham v Everton
West Brom v Leicester
West Ham v Newcastle
Monday September 14
Brighton v Chelsea
Sheffield United v Wolves
To be rescheduled
Burnley v Manchester United
Manchester City v Aston Villa
'Hocus%20Pocus%202'
%3Cp%3EDirector%3A%20Anne%20Fletcher%3Cbr%3E%3Cbr%3EStars%3A%20Bette%20Midler%2C%20Sarah%20Jessica%20Parker%2C%20Kathy%20Najimy%3Cbr%3E%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
UAE currency: the story behind the money in your pockets
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
