Oil prices slip as Trump announces two-week pause on Iran action
Traders grasp at the hope of a diplomatic solution as Iran's Foreign Minister meets his European counterparts
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The National
13 minutes ago
- The National
Has Europe given Iran an impossible nuclear ultimatum?
European negotiators have insisted Iran must accept that it cannot enrich uranium as part of its nuclear programme, so that peace can return to the Middle East, experts told The National. It is understood that Iran has been agreeable to limiting enrichment to 3.67 per cent, which is the standard level required for civilian nuclear reactors and was part of the previous nuclear agreement. But even this amount is unacceptable to the three European countries, Britain, France and Germany, currently holding talks with Iran in Geneva. 'The Europeans have now started insisting on zero as well, which the Iranians have said is going to be a non-starter,' said Darya Dolzikova, an expert on nuclear proliferation at the Rusi think tank. Iran has engaged in years of brinkmanship by defying international inspectors to enrich uranium to near weapons-grade level. Until the Israeli attacks of the last week, the threat of an assault on its installations seemed to have 'lacked some credibility for the Iranians'. In recent days the regime has appeared to accept the 3.67 per cent figure as a negotiating position, the same amount agreed under the 2015 JCPOA nuclear agreement. For any deal to last it will have to be signed off by US President Donald Trump who has also insisted on zero enrichment, said Richard Pater, director of Bicom, the Anglo-Israeli think tank. 'It all depends on whether 3.67 is acceptable to Trump or whether he's insisting on no enrichment whatsoever,' he said. 'But it's also this question of whether Trump will accept that [3.67 per cent] to get the big peace deal that he wants. Israel will then have no choice but to acquiesce to the American position.' Ms Dolzikova also argued that the Iranians would not agree to a deal that 'doesn't involve the United States as they are the critical players'. But Israel itself has insisted that it will not back down until Iran completely ends its nuclear programme and has made clear that any uranium enrichment on Iranian soil is something that it will not accept. Hasan Al Hasan, a nuclear expert at the International Institute for Strategic Studies, suggested that the 3.67 per cent figure was now redundant as 'there is no indication that Israel is in a mood to negotiate'. Having achieved near total freedom of action in the skies, Israel was likely to 'press ahead with its maximalist war objectives of eliminating Iran's nuclear and missile programmes and perhaps even regime change'. He added that Mr Trump's announcement that he would make no decision on joining the attacks - that would benefit from America's massive bunker-busting bombs - for the next two weeks was a signal for Israel to 'get the job done' in that period. But there is also a question whether within that fortnight window Israel, without US bombs, has the capability to destroy Iran's nuclear facilities. 'Israel is obviously probably more bullish right now and looking for the removal of the whole nuclear project in its entirety, but it remains to be seen whether that's in their gift,' said Ms Dolzikova. There is also a fear that if 3.67 per cent is agreed by Iran then it might in secret enrich uranium, and conduct a nuclear weaponisation programme viewing it as the only effective deterrent. 'If the regime survives this, then 3.67 per cent gives them another basis with which to start again,' said Mr Pater. 'Israel is under no illusion the Iranians given the chance, will do it all over again.'
Zawya
15 minutes ago
- Zawya
Saudi: New SAMA rules limit credit card fees: 3% cash withdrawal, 2% foreign purchases, free e-wallet top-ups
RIYADH — The Saudi Central Bank (SAMA) announced on Thursday updated rules for the issuance and operation of credit cards, aimed at lowering costs for customers and increasing levels of disclosure and transparency. The new regulations will take effect within 30 to 90 days. Among the key updates, credit card issuers must notify customers of any changes in fees via SMS, with customers allowed to terminate their agreement within 14 days of receiving the notice. E-wallet top-ups via credit cards are now free of charge. For cash withdrawals below SR2,500, fees are capped at 3% of the transaction amount. For withdrawals of SR2,500 or more, fees are limited to a maximum of SR75. International purchases will now carry a 2% fee of the transaction value. Customers are also permitted to deposit additional amounts above their credit limit and withdraw them at any time without incurring charges. SAMA worked with global payment companies to assess and reduce associated transaction costs, as part of its mission to enhance Saudi Arabia's digital payment ecosystem and provide a diverse array of payment options for customers and visitors. Transparency measures now require issuers to notify customers immediately of any financial transactions and to send account statements via SMS. Issuers must also provide tools for customers to estimate rewards and international charges before making a purchase. Regarding repayment, customers may pay off their full outstanding balance without incurring late fees, with a mandatory grace period of at least 25 days. The regulations also unify disclosure templates for all fees, charges, and benefits within credit card agreements, promoting greater clarity for consumers. Previously, cash withdrawals carried fees of SR75 for transactions up to SR5,000 and 3% of the transaction amount for amounts over SR5,000, with a maximum fee of SR300. The new cap of SR75 for larger transactions offers more favorable terms. International transactions are now subject to a clear 2% fee, and additional charges include SR25 for invalid transaction disputes and account statement requests. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
15 minutes ago
- Zawya
Mohammed bin Rashid announces changes to UAE government
Following consultations and approval of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, announced today changes to the UAE government. His Highness Sheikh Mohammed bin Rashid said, 'Following consultations with my brother, His Highness the President, and with his approval, we announce today changes to the UAE government as follows: establishment of a Ministry of Foreign Trade in the UAE government and appointment of Dr. Thani Al Zeyoudi as Minister of Foreign Trade, and renaming the Ministry of Economy to Ministry of Economy and Tourism led by Abdullah bin Touq Al Marri.' He added, 'We also announce that the National Artificial Intelligence System will be adopted as an advisory member in the Council of Ministers, the Ministerial Development Council, and all boards of federal entities and government companies starting from January 2026 to support decision-making in these councils, conduct real-time analyses of their decisions, provide technical advice, and enhance the efficiency of government policies adopted by these councils across all sectors.' His Highness Sheikh Mohammed bin Rashid said, "The world is undergoing a comprehensive transformation phase… scientifically... economically... and socially... our goal is to prepare today for the coming decades... our goal is to ensure continued prosperity and dignified life for future generations."
