UN Security Council to meet on Iran missile test

Agencies
December 4, 2018

United Nations, Dec 4: The UN Security Council will meet behind closed doors on Tuesday at the request of France and Britain after they accused Iran of test-firing a medium-range missile at the weekend, diplomats said.

The United States said the missile launch on Saturday was a violation of a UN resolution that endorsed the 2015 Iran nuclear deal, from which Washington has withdrawn.

That resolution calls on Iran to refrain from testing missiles capable of carrying a nuclear weapon.

France said it was concerned by the test-firing with the foreign ministry describing it as “provocative and destabilising” and “does not conform” with UN resolution 2231 on the Iran deal.

British Foreign Secretary Jeremy Hunt called the missile test “provocative, threatening and inconsistent” with the resolution and said Britain was determined “that it should cease.”

Iran has long maintained that its missile program is defensive in nature and not aimed at ensuring the delivery of a nuclear weapon, a stance supported by Russia at the Security Council.

Washington’s Iran envoy Brian Hook urged the European Union to slap sanctions that target Tehran’s missile program as US Secretary of State Mike Pompeo traveled to Brussels for talks with European partners.

The United States decided in May to withdraw from the 2015 nuclear deal and reimpose sanctions on Iran, to the dismay of its Europeans allies.

The nuclear deal provides for a lifting of sanctions against Iran in return for curbs on its nuclear activities.

The remaining five signatories to the nuclear deal — Britain, China, France, Germany and Russia — have backed an EU effort to set up a special payment system in a bid to maintain trade and business ties with Iran.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 24,2020

Dubai, Apr 24: The UAE reported 525 new COVID-19 cases on Friday. The Ministry of Health and Prevention said the total number of confirmed cases in the UAE is now 9,281.

MOHAP reported 8 deaths taking the total number of deaths in the country to 64. 123 recoveries have also been announced.

According to the Ministry of Health and Prevention, the latest cases were detected through its intensified investigation and examination procedures.

The ministry conducted over 32,000 additional COVID-19 tests among citizens and residents.

The ministry offered its sincere condolences to the families of the deceased. It also wished a speedy recovery to all patients and called upon the general public to strictly adhere to preventative measures out of concern for the health and safety of all.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 5,2020

Abu Dhabi, May 5: The overall real GDP (gross domestic product) of the United Arab Emirates is estimated to have grown by 1.7 percent in 2019, the country’s central bank said in a statement on Monday carried by WAM.

"The UAE hydrocarbon sector is estimated to have exhibited a growth of 3.4 percent in 2019. However, non-oil activities advanced at a softer pace growing by 1.0 percent. As a result, overall real GDP is estimated by FCSA (Federal Competitiveness and Statistics Authority) to have grown by 1.7 percent in 2019," said the financial regulator in its Annual Report 2019.

"The spread of COVID-19 is expected to impact trade and supply chain movements, coupled with travel restrictions which paves way for high volatility in capital markets and commodity prices. While the outbreak is expected to negatively affect the global and domestic economies, it is still early to gauge the scale of the economic fallout," the report added.

The report noted that the higher hydrocarbon output, as well as growth in non-hydrocarbon economic activity, supported the pace of the country's overall economic growth in 2019.

"Meanwhile, the fading effect of VAT, the appreciating Dirham, lower energy prices and decline in rents pushed inflation in negative territory. However, the employment rate registered a steady rebound. Looking ahead, the economic outlook for 2020 remains uncertain owing to the COVID-19 outbreak," the report elaborated.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.