Shangri-La Dialogue: Prof Philippe Le Corre on French President Emmanuel Macron's keynote speech
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CNA
4 minutes ago
- CNA
European powers tell UN they are ready to reimpose Iran sanctions
PARIS: Britain, France and Germany have told the United Nations they are ready to reimpose UN-mandated sanctions on Iran over its nuclear programme if no diplomatic solution is found by the end of August, according to a joint letter obtained by AFP. The letter to UN Secretary-General Antonio Guterres and the UN Security Council says the three European powers are "committed to use all diplomatic tools at our disposal to ensure Iran does not develop a nuclear weapon" unless Tehran meets the deadline. The foreign ministers from the so-called E3 group threaten to use a "snapback mechanism" that was part of a 2015 international deal with Iran that eased UN Security Council sanctions. Under the deal, which terminates in October, any party to the accord can restore the sanctions. All three have stepped up warnings to Iran about its suspension of cooperation with the UN nuclear watchdog, the International Atomic Energy Agency. That came after Israel launched a 12-day war with Iran in June, partly seeking to destroy its nuclear capability. The United States staged its own bombing raid during the war. "We have made clear that if Iran is not willing to reach a diplomatic solution before the end of August 2025, or does not seize the opportunity of an extension, E3 are prepared to trigger the snapback mechanism," foreign ministers Jean-Noel Barrot of France, David Lammy of Britain and Johann Wadephul of Germany said in the letter. All three countries were signatories to the 2015 Joint Comprehensive Plan of Action with the United States, China and Russia that offered the carrot and stick deal for Iran to slow its enrichment of uranium needed for a nuclear weapon. President Donald Trump pulled the United States out of the accord in 2018 during his first term and ordered new sanctions. The European countries said they would stick to the accord. But their letter sets out engagements that the ministers say Iran has breached, including building up a uranium stock more than 40 times the permitted level under the 2015 deal. "The E3 remain fully committed to a diplomatic resolution to the crisis caused by Iran's nuclear programme and will continue to engage with a view to reaching a negotiated solution. "We are equally ready, and have unambiguous legal grounds, to notify the significant non-performance of JCPOA commitments by Iran ... thereby triggering the snapback mechanism, should no satisfactory solution be reached by the end of August 2025," the ministers wrote in the letter first reported by the Financial Times. END OF COOPERATION The United States had already started contacts with Iran, which denies seeking a weapon, over its nuclear activities. But these were halted by the Israeli strikes in June on Iran's nuclear facilities. Even before the strikes, the international powers had raised concerns about the lack of access given to IAEA inspectors. Iran halted all cooperation with the IAEA after the strikes, but it announced that the agency's deputy chief was expected in Teheran for talks on a new cooperation deal. Iran's Foreign Minister Abbas Araghchi sent a letter to the UN last month saying that the European countries did not have the legal right to restore sanctions. The European ministers called this allegation "unfounded".
CNA
an hour ago
- CNA
Insurance software firm Sapiens to be bought by Advent for $2.5 billion
Israeli software provider Sapiens International said on Wednesday that it will be acquired by Advent International for $2.5 billion in cash, as the U.S. private equity firm zeros in on the insurance industry amid an AI boom. The deal comes months after Advent entered exclusive negotiations to acquire Paris-based Kereis, the largest broker for housing protection insurance in France, from Bridgepoint. AI-powered software applications are being used by insurers to reduce costs. "Insurers are increasingly turning to technology to help unlock growth and profitability... We will work with the company (Sapiens) to accelerate investment into technology innovation, AI, and customer centricity," Douglas Hallstrom, a director at Advent, said in a statement. Sapiens' shareholders will receive $43.50 per share in cash, a premium of about 47.5 per cent over its last close of $29.50 on the Nasdaq on Tuesday. It will become a privately held company after the deal closes, the company said. Sapiens' existing shareholder Formula Systems will retain a minority stake in the company, it added. "Formula will continue to retain ownership in Sapiens and is excited to partner with Advent to accelerate the transition to AI and SaaS (Software as a Service)," Guy Bernstein, CEO at Formula, said. Earlier this month, Advent failed to acquire British scientific instruments maker Spectris after the latter decided against proceeding with the private equity firm's 4.8 billion pound ($6.48 billion) buyout proposal, days after backing rival suitor KKR's offer. ($1 = 0.7402 pounds)
Straits Times
7 hours ago
- Straits Times
France, Germany, UK willing to reinstate sanctions on Iran, FT reports
France's President Emmanuel Macron and Britain's Prime Minister Keir Starmer meet with Germany's Chancellor Friedrich Merz (not pictured) on the sidelines of the two-day NATO's Heads of State and Government summit, in The Hague, Netherlands June 24, 2025. Ludovic Marin/Pool via REUTERS/File Photo France, Germany, and the United Kingdom have told the United Nations they are ready to reinstate sanctions on Iran if it does not return to negotiations with the international community over its nuclear programme, the Financial Times reported on Tuesday. The foreign ministers of the so-called E3 group wrote to the U.N. on Tuesday to raise the spectre of "snapback" sanctions unless Iran takes action, the report added citing a letter seen by the newspaper. "We have made it clear that if Iran is not willing to reach a diplomatic solution before the end of August 2025, or does not seize the opportunity of an extension, E3 are prepared to trigger the snapback mechanism," the ministers said in the letter, according to the report. The E3's warning comes after "serious, frank and detailed" talks with Iran in Istanbul last month, the first face-to-face meeting since Israeli and U.S. strikes on the country's nuclear sites. Reuters could not immediately verify the report. The UK, France and Germany governments did not immediately respond to Reuters' requests for comment. REUTERS
