US calls for global 'coalition' to counter Iran

Al Jazeera
December 15, 2017

Dec 15: The US ambassador to the UN has called for an international coalition to counter Iran's influence in the Middle East, while accusing the country of "fanning the flames of conflict" in the region.

Nikki Haley, standing in front of what she said were the remnants of Iranian-made weapons, said the US has found evidence that Iranian ballistic missiles were transferred to, and used by, the Houthi rebel group in Yemen, a violation of Tehran's international obligations.

"In this warehouse is concrete evidence of illegal Iranian weapons proliferation gathered from direct military attacks on our partners in the region," Haley said during a news conference in a military hangar near Washington, DC on Thursday.

The US is going to "build a coalition to really push back against Iran and what they're doing", Haley said, without going into specifics.

She said the recovered pieces of the weapon came from a missile "fired by Houthi militants from Yemen into Saudi Arabia", a staunch US ally in the region.

Haley said markings on the missile proved it was made in Iran. "These are Iranian made, these are Iranian sent, and these were Iranian given," she said.

Al Jazeera could not independently verify the ambassador's claims.

Reuters news agency said Iran denied supplying the Houthi rebels with such weapons and described the arms Haley displayed on Thursday as "fabricated".

On Twitter, Javad Zarif, Iran's foreign minister, responded by posting side-by-side photos of Nikki Haley and Colin Powell, US ambassador to the UN during the George Bush administration.

Powell told the UN that Iraq had "weapons of mass destruction", a claim that built the case for the US invasion of Iraq in 2003 and was later disproven.

"When I was based at the UN, I saw this show and what it begat," Zarif said in his tweet.

War of words

Haley's comments come amid a war of words between Iran and its regional rival, Saudi Arabia, over several issues in the region.

Last month, the Saudi government accused Iran of committing an "act of war" after it said the Houthi rebels had fired a missile towards the international airport near Riyadh.

On December 1, Saudi Arabia said it had "intercepted" a second missile launched by the same Yemeni group.

A Saudi-led coalition is waging a military campaign against the Houthi rebels, causing a dire humanitarian crisis in Yemen.

Saudi Arabia welcomed Haley's comments on Thursday, saying it condemned "the Iranian regime for its flagrant violations of the international resolutions and norms", according to the Saudi Press Agency.

The UAE, which is part of the Saudi-led coalition, said the evidence provided by the US "leaves no doubt about Iran's flagrant disregard for its #UN obligations, and its role in the proliferation and trafficking of weapons in the region".

"The #UAE calls on the global community to more forcefully address the threat posed by #Iran," the UAE ministry of foreign affairs said on Twitter.

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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.

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Agencies
March 15,2020

Riyadh, Mar 15: Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.

These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi Tadawul market last December.

Aramco posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, Monday's statement said.

"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins," it said.

The company also made $1.6 billion of impairment provisions for losses associated with Sadara Chemical Company, an Aramco subsidiary.

"2019 was an exceptional year for Saudi Aramco. Through a variety of circumstances -- some planned and some not -- the world was offered unprecedented insight into Saudi Aramco's agility and resilience," CEO Amin Nasser said.

"Our unique scale, low costs, and resilience came together to deliver both growth and world-leading returns, while also maintaining our position as one of the world's most reliable energy companies," Nasser said.

The earnings for last year are not affected by the coronavirus outbreak or the ongoing price war between Saudi Arabia and Russia that has sent oil prices crashing.

Aramco said it will distribute dividends worth $73.2 billion for 2019 but based on its commitments under the IPO, its dividends for the next five years starting this year will be at least $75 billion.

It said its capital spending last year dropped to $32.8 billion from $35.1 billion in 2018.

The company expects capital spending, which is expenditure on projects, to be between $25 billion and $30 billion this year "in light of current market conditions and recent commodity price volatility."

But it said that capital expenditure for 2021 and beyond is currently under review.

The results were announced amid a price war between Saudi Arabia and Russia after they failed to agree on additional output cuts to support prices dented by the outbreak of the coronavirus pandemic.

"The recent COVID-19 outbreak and its rapid spread illustrate the importance of agility and adaptability in an ever-changing global landscape," Nasser said.

The kingdom said last week Aramco will pump 12.3 million barrels of oil per day, boosting output by at least 2.5 million bpd.

It also announced plans to raise production capacity from 12 million bpd to 13 million bpd.

Forecasts for future crude prices and demand are also bleak.

In its latest monthly report, the Organization of Petroleum Exporting Countries lowered its forecast for global average daily demand by 0.92 million barrels to 99.73 million barrels.

Saudi Arabia is also in the midst of a royal purge that saw King Salman's brother and nephew detained after sources said they were accused of plotting a palace coup to unseat the crown prince, heir to the Saudi throne.

Aramco shares rallied immediately after the listing on December 11, rising by 19 percent to 38 riyals ($10.1) and temporarily lifting the company's valuation above the $2 trillion mark, which was sought by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler.

But as oil prices tumble, Aramco shares have lost 29 percent from its highest point, slipping below the listing price.

On Thursday, Aramco's market value dropped to around $1.55 trillion, but it still remains the world's largest publicly listed company.

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News Network
April 26,2020

Dubai, Apr 26: Saudi Arabia reported 1223 new cases of coronavirus, bringing the total number of infections in the country to 17522, the Ministry of Health announced on Sunday (April 26).

Meanwhile, the ministry reported 142 recoveries today, with total recoveries in the kingdom at 2357. There are 115 cases in intensive care.

The ministry also confirmed 3 deaths, bringing the total number of deaths in the kingdom to 139.

Saudi King Salman Bin Abdul Aziz has ordered the partial lifting of a curfew imposed due to the new coronavirus across the country while keeping a 24-hour lockdown in the holy city of Mecca, the Saudi news agency SPA reported Sunday. The partial lifting of the restriction started Sunday from 9am until 5pm and will continue until May 14, the agency added.

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