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Miami Herald
20-05-2025
- Business
- Miami Herald
Iran's Khamenei says nuclear deal is unlikely in rebuke to Trump
Iranian Supreme Leader Ayatollah Ali Khamenei said negotiations with the U.S. over his country's nuclear program are unlikely to result in a deal and called the Trump administration's latest demands on Iran "outrageous." Speaking at an event to commemorate the death of former Iranian President Ebrahim Raisi on Tuesday, Khamenei said "there were indirect negotiations during his time as well. Needless to say, there was no result. We don't think these negotiations will yield results now either. We don't know what will happen." The comments are the latest sign that U.S. President Donald Trump's efforts to fast track deals to resolve some of the world's most destabilizing crises and conflicts - from Russia's war in Ukraine to Israel's in the Gaza Strip - are floundering. Benchmark Brent oil jumped then pared its gains following the comments, which were the most pessimistic by the Islamic Republic's top decision maker since indirect talks started in April. Trump has threatened Iran with military action if it doesn't make a deal with the U.S. Khamenei's statement was also a direct repudiation of Trump's claim last week that Iran and the U.S. were "getting close to maybe doing a deal" and that Iran "has sort of agreed to the terms." The two countries are trying to resolve years of animosity and strike a deal that will contain Iran's nuclear activity in exchange for relief from U.S. sanctions that have severely hobbled the OPEC-member's oil exports and broader economy. Over the past week, Iran's ability to enrich uranium has emerged as the major sticking point between the two sides, with the U.S. insisting that Tehran abandons production altogether. Under the terms of the defunct 2015 nuclear deal that Trump scuttled in his first term, Iran was able to enrich uranium but with stringent caps on its purity levels and quantities. Those limits have been significantly breached by Iran since 2019, about a year after Trump withdrew from the landmark accord and started imposing severe sanctions on the Islamic Republic. Trump's Special Envoy Steve Witkoff, who's leading the U.S. side of the negotiations, said on Sunday that Iran cannot be allowed to enrich uranium at all because it means the country has the technical potential to weaponize its atomic activity in the future. Iran insists it has no intention of pursuing nuclear arms. Last week a top adviser to Khamenei, Ali Shamkhani, told NBC news that Tehran is willing to limit enrichment as part of a deal. But officials have repeatedly said that retaining some capacity is non-negotiable in order to fuel its nuclear power plant. "No one is waiting for this or that party's permission. The Islamic Republic has its own policies, its own approach, and it follows its own path," Khamenei said, adding that the U.S. "should "try not to talk nonsense." ---------- -With assistance from Patrick Sykes. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
20-05-2025
- Business
- Yahoo
Iran's Khamenei Says Nuclear Deal Is Unlikely in Rebuke to Trump
(Bloomberg) -- Iranian Supreme Leader Ayatollah Ali Khamenei said negotiations with the US over his country's nuclear program are unlikely to result in a deal and called the Trump administration's latest demands on Iran 'outrageous.' America, 'Nation of Porches' NJ Transit Train Engineers Strike, Disrupting Travel to NYC NJ Transit Makes Deal With Engineers, Ending Three-Day Strike NYC Commuters Brace for Chaos as NJ Transit Strike Looms Speaking at an event to commemorate the death of former Iranian President Ebrahim Raisi on Tuesday, Khamenei said 'there were indirect negotiations during his time as well. Needless to say, there was no result. We don't think these negotiations will yield results now either. We don't know what will happen.' The comments are the latest sign that US President Donald Trump's efforts to fast track deals to resolve some of the world's most destabilizing crises and conflicts — from Russia's war in Ukraine to Israel's in the Gaza Strip — are floundering. Benchmark Brent oil jumped then pared its gains following the comments, which were the most pessimistic by the Islamic Republic's top decision maker since indirect talks started in April. Trump has threatened Iran with military action if it doesn't make a deal with the US. Khamenei's statement was also a direct repudiation of Trump's claim last week that Iran and the US were 'getting close to maybe doing a deal' and that Iran 'has sort of agreed to the terms.' The two countries are trying to resolve years of animosity and strike a deal that will contain Iran's nuclear activity in exchange for relief from US sanctions that have severely hobbled the OPEC-member's oil exports and broader economy. Over the past week, Iran's ability to enrich uranium has emerged as the major sticking point between the two sides, with the US insisting that Tehran abandons production altogether. Under the terms of the defunct 2015 nuclear deal that Trump scuttled in his first term, Iran was able to enrich uranium but with stringent caps on its purity levels and quantities. Those limits have been significantly breached by Iran since 2019, about a year after Trump withdrew from the landmark accord and started imposing severe sanctions on the Islamic Republic. Trump's Special Envoy Steve Witkoff, who's leading the US side of the negotiations, said on Sunday that Iran cannot be allowed to enrich uranium at all because it means the country has the technical potential to weaponize its atomic activity in the future. Iran insists it has no intention of pursuing nuclear arms. Last week a top adviser to Khamenei, Ali Shamkhani, told NBC news that Tehran is willing to limit enrichment as part of a deal. But officials have repeatedly said that retaining some capacity is non-negotiable in order to fuel its nuclear power plant. 'No one is waiting for this or that party's permission. The Islamic Republic has its own policies, its own approach, and it follows its own path,' Khamenei said, adding that the US 'should 'try not to talk nonsense.' --With assistance from Patrick Sykes. (Updates with more details, background and context.) Why Apple Still Hasn't Cracked AI Anthropic Is Trying to Win the AI Race Without Losing Its Soul Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race ©2025 Bloomberg L.P.
Bloomberg
25-04-2025
- Politics
- Bloomberg
Gabon's Top Court Affirms Junta Leader Nguema's Election Win
Gabon's top court said military leader Brice Oligui Nguema won the country's first elections since he overthrew the government almost two years ago. Nguema garnered 94.9% of the April 12 poll to lead the OPEC-member nation, the Constitutional Court said on Friday. His main challenger, former Prime Minister Alain Claude Bilie-By-Nze got 3.1%, it said. Voter turnout was 70.1%, according to the court.
Yahoo
29-03-2025
- Business
- Yahoo
Kuwait Is Set to Allow Banks to Offer Mortgages for the First Time
(Bloomberg) -- Kuwait is preparing to allow banks to offer mortgages for the first time, a move that could reshape the oil-rich nation's financial landscape. New York Subway Ditches MetroCard After 32 Years for Tap-And-Go LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style Amtrak CEO Departs Amid Threats of a Transit Funding Pullback NYC Plans for Flood Protection Without Federal Funds The legislation is expected to be passed soon by the Council of Ministers, according to people familiar with the matter. The move would unlock a market that could eventually reach a value of $65 billion, implying a 40% expansion in lenders' credit portfolios, according to the people, who declined to be identified as the information is private. Traditionally, mortgages were neither allowed nor regulated, as policymakers feared the political repercussions of foreclosures on citizen-owned homes. Instead, the government has a public housing program for married citizens to receive a highly-subsidized house or a plot with a low-interest loan. But the system has been buckling under a backlog of 103,000 requests and handover rates suggesting a decade-long wait, prompting the government to plan significant changes to the system. Government officials couldn't be reached for comment on Friday, a public holiday in the country. Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region. Kuwait's oil wealth has propelled it into the ranks of the world's richest countries, but years of policy paralysis have meant the nation has lagged its more ambitious peers in the Middle East. The long-awaited law could provide a 'structured framework that enhances home financing accessibility for eligible citizens,' said Abdulla Al Sumait, acting group chief executive officer at Al Ahli Bank of Kuwait. 'We see this as a transformative step.' The introduction of the mortgage law would come 10 months after Kuwait's emir suspended parliament for up to four years, effectively clearing the way for the government — headed and appointed by the ruling Al-Sabah family — to pass key bills. Just days earlier, the cabinet approved a draft decree that paves the way for the OPEC-member state to sell international debt for the first time in eight years. Those moves have already led to optimism in markets. Kuwaiti stocks are outpacing their Gulf peers this year, with banks driving the rally — Boubyan Bank KSCP, Burgan Bank SAK and Warba Bank KSCP are all up 17% or more. The pent up demand for housing means that mortgages, even with significant regulatory limitations, could significantly boost Kuwaiti lenders' profitability, according to Justin Alexander, director of Khalij Economics and an analyst for consultant GlobalSource Partners. It could also spur foreign interest in banking stocks. There's currently 4.7 billion dinars ($15.3 billion) of foreign investments in Kuwaiti banks, representing 15% of the sector. 'This opportunity goes beyond the direct impact from housing finance, considering the magnitude of infrastructure investments needed to develop new residential areas to meet the growing demand for housing in Kuwait,' said Shaikha Al-Bahar, deputy group CEO at National Bank of Kuwait SAKP. What Bloomberg Intelligence Says... The legislative amendments could potentially include mortgage durations, state subsidies, interest rate caps, and regulatory limits such as debt service ratio. Accelerating mortgage market could stimulate construction sector, potentially driving domestic credit growth to high single digits over the medium term. - Salome Skhirtladze, Europe Middle East and Africa financials analyst. Untapped Market The mortgage law is expected to spur a real-estate expansion over many years. 'It should increase project awards to create infrastructure and new cities, and increase housing starts,' said Jaap Meijer, head of research at Arqaam Capital in Dubai. Behind the scenes, the government is lining up other changes. Officials have activated a new law for urban development and the Public Authority for Housing Welfare recently signed a consulting services contract to develop three residential sites with over 5,000 housing units. 'Kuwait offers much,' said Bader Al-Saif, an assistant professor at Kuwait University and an associate fellow at Chatham House. 'It's an untapped market when compared to its immediate neighbors.' A New 'China Shock' Is Destroying Jobs Around the World Tesla's Gamble on MAGA Customers Won't Work How TD Became America's Most Convenient Bank for Money Launderers One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream The Real Reason Trump Is Pushing 'Buy American' ©2025 Bloomberg L.P. Sign in to access your portfolio
Zawya
17-02-2025
- Business
- Zawya
Iraq starts first phase of school construction under Eduba PPP programme
Iraq announced on Sunday the start of construction of new school buildings under the first phase of the Eduba Programme, a public-private partnership (PPP) initiative led by the Iraq Development Fund (IDF). The programme, launched in late 2024, is designed to tackle the OPEC-member's pressing need for school infrastructure. Prime Minister Mohammed Shia Al-Sudani officially launched, via video conference, the construction of schools in Baghdad (Sabaa Qsoor), Babylon (Hayy Al-Hisn in Al-Mahaweel district), Basra (Al-Anbari area in Al-Hartha district), Muthanna (Al-Halayjia area in Al-Rumaitha district), and Anbar (Ameriyat Al-Somoud in Al-Fallujah district). In an official post, he acknowledged the cooperation of various entities in preparing land for the school projects, noting that Iraq requires approximately 10,000 school buildings and that traditional construction methods alone cannot meet these demands. The first phase of Eduba involves the construction of 600 schools, which will be built and maintained by the private sector under a 10-year Build-Lease-Transfer (BLT) model, according to past statements. In an interview with Al Majalla magazine in November 2024, IDF's director Mohammed al-Najjar said they are planning to mobilise almost $4 billion in private funds to build the schools on government land and lease them back to the government. In February 2024, a report by the official Iraqi News Agency (INA) named Singapore-based Meinhardt and Turkey's Yerim Contracting among the 12 private companies appointed for the first phase of Eduba. (Writing by Majda Muhsen; Editing by Anoop Menon)
