WASHINGTON: The United States on Monday imposed sanctions on Iran’s Islamic Revolutionary Guard Corps (IRGC) Cooperative Foundation and senior Iranian officials, stepping up pressure on Tehran over its crackdown on protests.
The move, taken in coordination with Britain and the European Union, is the latest Washington response to the Iranian deadly clampdown on unrest after the death of young Iranian Kurdish woman Mahsa Amini in morality police custody in September.
The protests by Iranians from all walks of life mark one of the boldest challenges to the ruling theocracy since the 1979 Islamic Revolution. Iran accuses Western powers of fomenting the unrest, which security forces have met with deadly violence.
Monday’s action targets a “key economic pillar of the IRGC, which funds much of the regime’s brutal suppression; as well as senior security officials coordinating Tehran’s crackdown at the national and provincial levels,” the US Treasury Department said in a statement.
Iran’s mission to the United Nations in New York did not immediately respond to a request for comment.
The Treasury described the IRGC Cooperative Foundation as an economic conglomerate established by senior officials of the group to manage its investments and presence in sectors of Iran’s economy.
The Treasury accused the IRGC Cooperative Foundation of having become “a wellspring of corruption and graft” and said funds from it have supported the IRGC’s military adventures abroad.
The IRGC Cooperative Foundation was previously designated by Washington under different sanctions authorities, but was designated under a human rights authority in Monday’s action.
Washington accused the IRGC of continuing to aggressively crack down on peaceful demonstrations and said it has played “a leading role in suppressing protests through extensive human rights abuses.”
Also targeted in Monday’s action were five of the IRGC Cooperative Foundation’s board members, Deputy Minister of Intelligence and Security Naser Rashedi, and four senior IRGC commanders in Iran, the Treasury said.
“Along with our partners, we will continue to hold the Iranian regime accountable so long as it relies upon violence, sham trials, the execution of protesters, and other means of suppressing its people,” the Treasury’s Under Secretary for Terrorism and Financial Intelligence, Brian Nelson, said in the statement.
Monday’s action freezes any US assets of those designated and generally bars Americans from dealing with them. People who engage in certain transactions with those targeted also risk being hit with sanctions.
Britain imposed sanctions on more Iranian individuals and entities on Monday over the country’s “brutal repression” of its people. The European Union also introduced new sanctions against Iran on Monday for a “brutal and disproportionate use of force” against protesters.
US hits Iran with new sanctions over crackdown on protests
https://arab.news/nqhqv
US hits Iran with new sanctions over crackdown on protests
- US Treasury Department in a statement said it designated the IRGC Cooperative Foundation
- Also targeted were five of its board members, the deputy minister of intelligence and security, and four senior IRGC commanders in Iran
Saudi e-commerce thrives as sales using Mada cards reach $3.76bn in February
RIYADH: Saudi e-commerce sales using Mada cards reached SR14.11 billion ($3.76 billion) in February – an annual increase of 25 percent, the Kingdom’s central bank has revealed.
This figure includes transactions through online shopping, in-app purchases and e-wallets, and excludes transactions by Visa, MasterCard and other credit cards.
The number of e-commerce transactions also increased by 44 percent on a year-on-year basis to reach more than 84 million in February.
The shift in consumer behavior post-COVID-19, supported by regulatory reforms, robust internet infrastructure, and the continuous advancement of sophisticated e-commerce businesses, has been key drivers of the shift away from cash.
In the past three years, online sales in Saudi Arabia surged by almost 60 percent across various categories, with significant growth seen in media products, apparel, and footwear segments, according to the American International Trade Administration in a January commercial guide.
Additionally, the average spend per e-commerce user in the Kingdom rose by over 50 percent.
The organization anticipates continuous growth, projecting Saudi Arabia to reach 33.6 million e-commerce users by 2024, marking a 42 percent increase from 2019.
Factors contributing to this growth include the country’s 97 percent smartphone penetration rate, high mobile broadband subscriptions, and ranking as the 10th country globally for internet speed.
Moreover, 72 percent of Saudis over the age of 15 possess bank accounts highlighting the readiness of the population for digital transactions and online commerce.
The organization emphasized the prevalence of local platforms and the introduction of new entrants like Amazon Prime, which debuted in January 2021.
Other contributing factors include the government’s initiatives to enhance the sector’s regulatory framework, aimed at bolstering confidence among Saudis and encouraging the use of its platforms, with a focus on protecting consumers and businesses alike.
However, the organization also highlighted challenges for this sector, particularly the need to strengthen cyber-security measures to counter malicious emailing, which poses risks such as phishing scams exposing sensitive information like passwords, financial details, and personal data.
The shift to online shopping became apparent in the wake of the COVID-19 pandemic, significantly altering consumer behavior and impacting traditional retail outlets. The rise of e-commerce has proven essential, providing digital access to products and enabling businesses to adapt to changing market trends and consumer preferences.
This trend is reflected in data from the Kingdom’s central bank, also known as SAMA, showing a remarkable surge in e-commerce sales. In 2020, at the onset of the pandemic, sales increased by 279 percent, soaring from SR10.25 billion in 2019 to nearly SR39 billion.
This momentum continued in 2021 with a further annual rise of approximately 91 percent, reaching SR74 billion, and a subsequent increase of 65 percent in 2022 to SR123 billion. By the end of 2023, e-commerce sales through Mada cards had reached SR157 billion, underscoring the sector’s robust growth.
According to data from the German e-commerce database website, the top five online retailers in Saudi Arabia’s e-commerce sector for 2023 are jarir.com, nahdionline.com, amazon.sa, extra.com, and namshi.com.
Jarir.com leads the market with revenues of $452.8 million in 2023, followed by nahdionline.com with $330.1 million in sales, and amazon.sa with $328.5 million.
These top three online retailers collectively account for a market share of 38.7 percent among the top 100 stores in the Kingdom’s e-commerce market, as reported by the database.
The ranking is based on the top stores by net sales in the market for the year 2023.
According to a 2023 Deloitte Digital report, these companies are utilizing data and analytics to gain deeper insights into their customer base, tailoring their offerings to better meet their needs.
The Kingdom has come a long way from a population initially lacking trust in online retailers, limited payment options, and product diversity, to now holding the potential to become a thriving e-commerce market, according to the firm.
This transformation is particularly supported by the Saudi government’s implementation of various initiatives aimed at boosting the digital economy’s contribution to the Kingdom’s gross domestic product.
The adaptability of the regulatory framework and its adjustments to market dynamics have created an environment conducive to the growth of e-commerce and the flourishing of innovative technologies.
As the industry evolves, new payment methods are emerging, prompting the central bank to establish a sandbox for testing and regulating these innovations. This serves as a crucial platform for the industry to experiment with and adopt new technologies.
Additionally, the Communications, Space, and Technology Commission introduced a dedicated sandbox for delivery applications, streamlining operations and enhancing efficiency for e-commerce businesses.
Regulatory initiatives have facilitated the entry of major players like STC, and partnerships such as Aramco’s collaboration with Google Cloud have further supported and provided infrastructure for all participants in the e-commerce ecosystem, Deloitte added.
Furthermore, the establishment of free zones has played a pivotal role in simplifying logistics and expediting the movement of goods, thus bolstering Saudi Arabia’s e-commerce landscape.
Deloitte forecasts a remarkable surge in the sector, with a projected market volume of $23.46 billion by 2027. Additionally, the number of e-commerce users in the Kingdom is expected to reach 34.5 million by 2025, with user penetration increasing from 66.7 percent in 2023 to 74.7 percent by 2027.
Dubai’s historic Euroleague Basketball winners now head to Berlin
- Adidas Next Generation Tournament Qualifier took place for the first time at Coca-Cola Arena from March 22-24
- Ratiopharm Ulm emerged victorious to secure a spot at the 2024 ANGT finals in Berlin from May 24-26
DUBAI: The Euroleague Basketball Adidas Next Generation Tournament made history in Dubai as the first such contest at the Coca-Cola Arena from March 22 to 24, and now Berlin beckons for the winners in May.
The event marked a significant milestone in Dubai’s basketball scene, featuring eight teams representing over 25 nationalities, with Dubai contributing nine, including the local heroes Falcons Academy.
Ratiopharm Ulm clinched victory over Zalgiris Kaunas 89-84 in the final to secure a spot in the final four in Berlin from May 24 to 26, while Adidas Next Generation Team finished third. Ratiopharm Ulm’s Noah Essengue was awarded the title of Most-Valued Player.
The tournament in Dubai — hosted by Falcons Academy — marked the first time a qualifier has been hosted in the Middle East, and outside of continental Europe. This has highlighted Dubai’s growing involvement in the global basketball sports arena.
The tournament featured a three-point shootout and slam-dunk contest and was sponsored by DMCC, La Gazzetta dela Sport, Phoenix Capital, Nirvana Tourism, MARCA, and the longstanding partnership with adidas spanning over a decade.
The tournament also received significant support from the Dubai Sports Council, the UAE Basketball Association, Dubai Holding and the Coca-Cola Arena.
Oil Updates — Crude rises more than $1 a barrel on tighter supply outlook
NEW YORK: Oil prices jumped more than $1 a barrel on Thursday, closing out the month higher on the prospect of OPEC+ staying the course on production cuts, ongoing attacks on Russia’s energy infrastructure and a falling US rig count tightening crude supplies, according to Reuters.
Brent crude futures for May settled at $87.48 a barrel, its highest level since Oct. 27, after gaining $1.39, or 1.6 percent. The more actively traded June contract settled at $87 a barrel, rising $1.58, with the May contract expiring on Thursday.
US West Texas Intermediate crude futures for May delivery settled at $83.17 a barrel, rising $1.82, or 2.2 percent.
On the week, Brent rose 2.4 percent and WTI gained about 3.2 percent. Both benchmarks finished higher for a third consecutive month.
In the prior session, oil prices had come under pressure from last week’s unexpected rise in US crude oil and gasoline inventories, driven by an increase in crude imports and sluggish gasoline demand, according to Energy Information Administration data.
However, the crude stock increase was smaller than the build projected by the American Petroleum Institute, and analysts noted the increase was lower than expected for the time of year.
“We ... expect US inventories to rise less than normal in reflection of a global oil market in a slight deficit,” SEB analyst Bjarne Schieldrop said. “This will likely hand support to the Brent crude oil price going forward.”
US refinery utilization rates, which rose 0.9 percentage point last week, also supported prices.
The oil and gas rig count, an early indicator of future output, also fell by three to 621 in the week to March 28, according to energy services firm Baker Hughes.
The US economy, meanwhile, grew faster than previously estimated in the fourth quarter. Gross domestic product increased at a 3.4 percent annualized rate from the previously reported 3.2 percent pace, the Commerce Department’s Bureau of Economic Analysis said.
“The strength in the stock market suggests strong forward earnings that are, in turn, hinting at a surprisingly strong US economy conducive toward better than expected energy product demand,” said Jim Ritterbusch of energy consultancy Ritterbusch and Associates.
Inflation data also affirmed the case for the US Federal Reserve to hold off on cutting its short-term interest rate target, a Fed governor said on Wednesday, but he did not rule out trimming rates later in the year.
“The market is converging on a June start to cuts for both the Fed and the European Central Bank,” JPMorgan analysts said in a note. Lower interest rates typically support oil demand.
Investors will watch for cues from a meeting next week of the Joint Monitoring Ministerial Committee of producer group the Organization of Petroleum Exporting Countries.
Increased geopolitical risk has raised expectations of possible supply disruption, but OPEC+ is unlikely to make any oil output policy changes until a full ministerial gathering in June.
Attacks by Ukraine on Russian energy infrastructure have also boosted the sentiment around global crude supplies tightening and helped to support oil prices, said Again Capital LLC partner John Kilduff.
“It’s a prime target, and they appear to have not heeded the ask by the Biden administration to not attack Russian energy infrastructure,” Kilduff said.
Pakistan reviewing proposal for resumption of trade with India — Foreign Office
- Pakistan suspended trade with India after New Delhi’s revocation of special autonomy of Indian-administered Kashmir in 2019
- The rift has since impacted businesses on both sides who previously traded in textiles, agricultural products and medical supplies
ISLAMABAD: Pakistan’s Foreign Office said on Thursday it was reviewing a proposal from the business community to resume trade with India.
Pakistan downgraded its diplomatic relations and suspended bilateral trade with India after New Delhi’s revocation of the special constitutional status of Jammu and Kashmir in August 2019.
The geopolitical rift between the two countries has since impacted businesses on both sides who previously benefited from cross-border trade in textiles, agricultural products and medical supplies.
Speaking at a weekly press briefing, Foreign Office spokesperson referred to a statement by Foreign Minister Ishaq Dar and said the business community had expressed in review of trade with India.
“Examination of such proposals is a regular exercise in the Government of Pakistan, including the Ministry of Foreign Affairs, where we continue to consider all such requests and assess our policy,” she said.
Baloch, however, clarified that there was no change in Pakistan’s position at present.
The Muslim-majority Himalayan region of Kashmir has been a flashpoint between Pakistan and India since their independence from the British rule in 1947.
Both countries rule parts of the Himalayan territory, but claim it in full and have fought three wars over the disputed region.
Philippines observes Good Friday with crucifixions and whippings
- The extreme acts are frowned upon by the Catholic Church in the Philippines and health experts
SAN FERNANDO, Philippines: Catholic zealots in the Philippines re-enacting the last moments of Jesus Christ were nailed to wooden crosses while others whipped themselves bloody in extreme displays of religious devotion on Good Friday.
While most Filipinos went to church or spent the holiday with family, thousands gathered in villages around San Fernando city, north of Manila, to watch men punish themselves in a bid to atone for their sins or seek miracles from God.
Dozens of bare-chested flagellants wearing black shrouds and crowns made of vines walked barefoot through dusty, narrow streets, rhythmically flogging their backs with strips of bamboo tied to ropes, their blood soaking the top of their trousers and spattering onlookers.
Some lay face down on the ground to be whipped and beaten by others, razor blades sometimes used to draw blood.
“This is for my son, an epileptic,” said Joel Yutoc, who has his 13-year-old son’s name tattooed across his chest.
Yutoc, 31, said his son had not had seizures in the eight years since he began taking part in the Good Friday floggings.
The whippings are the opening act of street plays performed by devout residents.
In San Juan village, a short, wiry man with wild, white hair playing the role of Jesus Christ and two others were dragged by neighbors dressed as Roman centurions to a raised mound where wooden crosses lay on the ground.
As spectators filmed on their mobile phones, three-inch nails were driven into the men’s palms and the crosses were hoisted upright.
Several minutes later the crosses were lowered to the ground and the nails pulled out.
“I will keep doing this while I’m alive, for as long as my body is able to do it. That is my vow,” said retired fisherman Wilfredo Salvador, 67, who began playing the role of Jesus Christ in the mock crucifixions 16 years ago following a mental breakdown.
“This is nothing. Sometimes it heals after a day and I am able to wash dishes and bathe,” Salvador said of his wounds.
San Juan homemaker Marilyn Lovite, 41, said she watches the gruesome re-enactment every year to “learn about the suffering of Christ.”
“If you were to merely read it in the Bible you would not really understand. In action it is clearer for us to see how he suffered for us,” the mother-of-four said.
Ten people were nailed or strung up on crosses at three crucifixion sites, San Fernando city councillor Reginaldo David told reporters.
At the biggest event, veteran performer Ruben Enaje, 63, had his hands and feet nailed to a cross for the 35th time in his role as Jesus Christ.
Enaje remained nailed up for more than 10 minutes as storm clouds gathered overhead. It began to rain as he was carried on a stretcher to a medical tent where his wounds were bandaged.
“I feel no pain in my hands but my body as a whole feels sore,” Enaje said.
“The Passion Play was longer this year because we lengthened the script. Maybe that was why my body feels sore.”
Enaje said this year might be his last appearance as Jesus.
“I can’t say if I will still be able to do it again next year because my body feels like it is about to give in,” he said.
The extreme acts are frowned upon by the Catholic Church in the Philippines and health experts.
The Philippine health department urged the public this week to “avoid acts or rites that lead to physical wounds and injuries.”
“We join the pastoral guidance of our faith leaders, guiding all toward religious practices that are safe and healthy,” it said in a statement.
But for devotees like 23-year-old Ian Bautista, who has been taking part in the floggings since he was 15 and is one of four flagellants in his family, the suffering was for a good cause.
“It’s for my mother,” Bautista said, explaining that she had surgery for an ovarian cyst on Monday and that he believed taking part would help her recovery.
“It’s painful but I will do this until my body gives up.”