Saudis say will defend themselves, as Trump warns Iran

Agencies
May 20, 2019

Dubai, May 20: Saudi Arabia does not want war but will not hesitate to defend itself against Iran, a top Saudi diplomat said Sunday after the kingdom's energy sector was targeted this past week amid heightened tensions in the Persian Gulf.

US President Donald Trump, meanwhile, warned Iran that it will face destruction if it seeks a fight, while Iranian officials said their country isn't looking for war. Trump spoke after a rocket hit near the US Embassy in Baghdad.

Adel al-Jubeir, the Saudi minister of state for foreign affairs, spoke a week after four oil tankers— two of them Saudi — were targeted in an alleged act of sabotage off the coast of the United Arab Emirates and days after Iran-allied Yemeni rebels claimed a drone attack on a Saudi oil pipeline.

"The kingdom of Saudi Arabia does not want war in the region and does not strive for that... but at the same time, if the other side chooses war, the kingdom will fight this with all force and determination and it will defend itself, its citizens and its interests," al-Jubeir told reporters.

On Sunday night, the US military command that oversees the Mideast confirmed an explosion outside the US Embassy compound in Baghdad and said there were no U.S. or coalition casualties.

A State Department spokesman, who spoke on condition of anonymity, said that "a low-grade rocket did land within the International Zone near the US Embassy." The spokesman said that "attacks on US personnel and facilities will not be tolerated and will be responded to in a decisive manner" and added that the US will hold "Iran responsible if any such attacks are conducted by its proxy militia forces or elements of such forces."

Earlier, after initial reports of the attack, Trump tweeted a warning to Iranian leaders: "If Iran wants to fight, that will be the official end of Iran. Never threaten the United States again!" Trump tweeted.

A senior Iranian military commander was quoted as saying his country is not looking for war, in comments published in Iranian media on Sunday.

Fears of armed conflict were already running high after the White House ordered warships and bombers to the region earlier this month to counter an alleged, unexplained threat from Iran. The US also has ordered nonessential staff out of its diplomatic posts in Iraq.

Trump had appeared to soften his tone in recent days, saying he expected Iran to seek negotiations with his administration. Asked on Thursday if the US might be on a path to war with Iran, the president answered, "I hope not." Sunday night's apparent rocket attack was the first such incident since September, when three mortar shells landed in an abandoned lot inside the Green Zone.

Iraqi military spokesman Brig Gen Yahya Rasoul told The Associated Press that a Katyusha rocket fell near the statue of the Unknown Soldier, less than a mile from the US Embassy. He said that the military was investigating the cause but that the rocket was believed to have been fired from east Baghdad. The area is home to Iran-backed Shiite militias.

As tensions escalate between the US and Iran, there have been concerns that Baghdad could once again get caught in the middle , just as it is on the path to recovery. The country hosts more than 5,000 US troops, and is home to powerful Iranian-backed militias, some of whom want those US forces to leave.

The US Navy said Sunday it had conducted exercises in the Arabian Sea with the aircraft carrier strike group ordered to the region to counter the unspecified threat from Iran. The Navy said the exercises and training were conducted Friday and Saturday with the USS Abraham Lincoln aircraft carrier strike group in coordination with the US Marine Corps, highlighting US "lethality and agility to respond to threat," as well as to deter conflict and preserve US strategic interests.

The current tensions are rooted in Trump's decision last year to withdraw the US from the 2015 nuclear accord between Iran and world powers and impose wide-reaching sanctions, including on Iranian oil exports that are crucial to its economy. Iran has said it would resume enriching uranium at higher levels if a new nuclear deal is not reached by July 7. That would potentially bring it closer to being able to develop a nuclear weapon, something Iran insists it has never sought.

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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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News Network
June 16,2020

New Delhi, Jun 16: Congress president Sonia Gandhi on Tuesday demanded a rollback of hike in fuel prices, saying the government's decision to increase the prices of petrol and diesel during the coronavirus crisis is "wholly insensitive" and "ill-advised".

The government is doing nothing short of "profiteering off its people" when they are down and out, she said in a letter to Prime Minister Narendra Modi.

Petrol and diesel prices were hiked for the 10th day in a row on Tuesday.

"I am deeply distressed that in these exceedingly difficult times since the beginning of March, the government has taken the wholly insensitive decision to increase petrol and diesel prices on no less than ten separate occasions," Gandhi said in her letter.

She accused the government of earning an additional revenue of nearly Rs 2.6 lakh crore through these "ill-advised" hikes in excise duty and increase in prices of petrol and diesel.

"I urge you to roll back these increases and pass on the benefit of low oil prices directly to the citizens of this country.

"If you wish for them to be 'self-reliant' then do not place financial fetters on their ability to move forward," the Congress president said.

Gandhi also urged the government to use its resources to put money directly into the hands of those in need in these times of severe hardship.

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Agencies
July 29,2020

New Delhi, Jul 29: Coronavirus infections in India continue to mount as the country's total case tally crossed the 15-lakh mark.

India added 48,513 fresh cases in 24 hours, taking the total tally to over 15.3 lakh, according to the Health Ministry’s 8 a.m. update on July 29.

Key Figures

Total number of confirmed coronavirus cases: 15,31,669
Active cases: 5,09,447
Cured/discharged/migrated: 9,88,029
Deaths: 34,193
Number of fresh cases in 24 hours: 48,513
One-day recoveries: 35,175
One-day deaths: 768
India’s coronavirus epidemic is growing at the fastest pace in the world, increasing 20% over the last week, according to Bloomberg’s Coronavirus Tracker. Maharashtra, Tamil Nadu, Andhra Pradesh and Karnataka are among the states where the maximum number of daily cares are being reported.

Fresh cases continued to come in at a heightened pace, hovering just below 50,000 for the last six days.

Moderna Inc.’s vaccine candidate against Covid-19 protected against the virus in a trial that inoculated 16 monkeys, an encouraging step on the path to a defense for humans against the pandemic. Pfizer Inc., however, is preparing for the novel coronavirus to endure, leading to long-term demand for a seasonal shot to protect against Covid-19.

“There is a likely scenario that either the vaccine’s immunity will not be lasting forever,” said Chief Executive Officer Albert Bourla in an interview Tuesday, “or that the virus will mutate, or that the virus will find ways to come back again and again.”

Even as the transmission rate of Covid-19 remains high in India, the pace of recovery has risen too. On Wednesday, India reported its third day of over 35,000 recoveries.

Global Update

Flare-ups in virus cases from Hong Kong to Europe are proving difficult for policy makers to wrangle. The U.S. neared 150,000 deaths from Covid-19, even as daily infections slowed in some hard-hit states. China reported 101 new cases, up from 68 a day earlier, with 98 of the total from local infections, mostly in Xinjiang.

Philippine health authorities warned that hospitals and infirmaries risk getting overwhelmed.

Globally, confirmed Covid-19 cases have topped 16.6 million with over 658,000 dead.

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