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Dubai’s DP World boss removed from post after pressure over Epstein

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Dubai port giant DP World said on Friday its chairman and chief executive Sultan Ahmed Bin Sulayem had resigned, an announcement that followed mounting pressure over his alleged ties to Jeffrey Epstein.

Bin Sulayem, one of the Middle East’s most prominent business figures, is among the highest-profile executives to face scrutiny and be removed from senior roles following the recent release of the Epstein files, Reuters reported.

Dubai’s ruler on Friday also issued a decree appointing a new chairman for Dubai’s Ports, Customs and Free Zone Corporation, one of several roles previously held by Bin Sulayem.

Members of the U.S. Congress said Bin Sulayem’s name appeared in documents published by the U.S. Department of Justice, prompting renewed questions over his past interactions with Epstein, a convicted sex offender. Reuters was not able to independently verify the allegations in the files.

MOUNTING PRESSURE

Pressure had been building on the Emirati logistics firm after two organisations, the UK development finance agency and Canada’s second-largest pension fund, said this week they would suspend all new investment with DP World over Bin Sulayem’s alleged Epstein ties.

On Friday the UK agency, British International Investment, welcomed DP World’s decision and said it looked forward to continuing “our partnership to advance the development of key African trading ports”.

Canada’s La Caisse said in a statement that “the company took the appropriate measures”. It said it would “move quickly to work with DP World’s new leadership to continue our partnership on port projects around the world”.

DP World appointed Essa Kazim as chairman of its board of directors and Yuvraj Narayan as group chief executive officer, Dubai Media Office reported earlier.

Kazim currently serves as governor of the Dubai International Financial Centre, while Narayan, who joined DP World in 2004 and most recently served as deputy CEO, has held several senior roles in the company.

GLOBAL FALLOUT FROM EPSTEIN FILES

The resignation of Bin Sulayem follows the departure of other prominent figures in business and politics from top jobs across the globe as the fallout from the files expands.

Goldman Sachs (GS.N), opens new tab general counsel Kathy Ruemmler said she will resign this summer over the ties, the Financial Times reported on Thursday, while at least three members of British Prime Minister Keir Starmer’s administration stepped down after the appointment of Peter Mandelson as ambassador to the U.S. threw the government into crisis.

The Epstein files, among millions published by the U.S. Department of Justice, suggest a close relationship with Bin Sulayem for more than a decade after Epstein’s conviction in 2008 on prostitution charges involving an underage girl.

The documents include emails and text messages that appear to show discussions between Epstein and Bin Sulayem about business, conversations about sex and plans to visit Epstein’s Caribbean island.

The documents show the late disgraced financier’s web of relationships with prominent people in politics, finance, academia and business. Being named in the files is not evidence of criminal activity.

Epstein was found dead in a New York jail cell where he was being held on sex-trafficking charges in August 2019. His death was ruled as suicide by hanging.

PROMINENT FIGURE IN BUSINESS HUB DUBAI

Bin Sulayem, a prominent figure in Dubai and the wider Middle East, was one of the names behind the emirate’s growth into the region’s business and tourism hub.

Some of his ventures included establishing Nakheel, the real estate developer behind Dubai’s famous palm-shaped islands, as well as contributing to the creation of commodities exchange DMCC.

A frequent speaker at the World Economic Forum and other global business gatherings, he most notably oversaw DP World’s transformation into one of the world’s largest port and logistics operators.

The company says it handles around 10% of global container traffic with operations spanning countries including Canada, Peru, India and Angola.

DP World also sponsors a leading professional golf tour in Europe and has been a logistics partner for McLaren’s Formula 1 racing team since 2023.

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Trump says he does not regret Iran war despite potential impact on midterm elections

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U.S. President Donald Trump says he does not regret launching the war against Iran, despite its potential impact on the November midterm elections.

In an interview with Fox News host Laura Ingraham, Trump said that if given the choice again, he would take the same course of action, adding that he does not believe in the word “regret.”

Trump also dismissed suggestions that some of his supporters had become upset or demoralized over the war, saying they were proud that he was preventing Iran from obtaining a nuclear weapon.

He also reiterated his claim that the war would end immediately after the midterm elections, saying, “It ends right after the election.”

The conflict and the resulting rise in oil and gas prices have become a major political issue for Republicans ahead of the elections.

The United States and Israel launched attacks on Iran on February 28, while Iran responded with strikes on Israel and Gulf states hosting U.S. military bases. The fighting has reportedly killed thousands and displaced millions.

Trump has cited the weakening of Iran’s nuclear capabilities as one of the main objectives of the war. Iran, however, says its uranium-enrichment program is peaceful and maintains that it does not possess nuclear weapons.

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Trump touts $5,000 payout if Republicans win as Vance waits in wings

It was not immediately clear how the $5,000 payments ​would work or whether they would be legal. The proposal would likely cost more than $1 trillion, with approximately 270 million ⁠U.S. adults, and could require the approval of Congress.

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President Donald Trump capped the first day of his Republican Party’s first-ever midterm convention by proposing to pay every U.S. adult a $5,000 “Trump dividend” if his ​party wins November’s congressional elections.

Trump delivered the extraordinary overture during a primetime speech that lasted nearly two hours and firmly placed him at the ‌center of the midterm campaign at a time when his sagging approval ratings could weigh on Republicans’ chances, Reuters reported.

Vice President JD Vance will give the keynote address on Thursday night, though Trump is scheduled to make closing remarks to bring the made-for-television two-day event in Dallas to an end.

With Trump constitutionally barred from seeking a third term, Vance’s speech could serve as an early audition ​for the 2028 presidential election and offer clues about how he would lead a party reshaped by Trump.

It was not immediately clear how the $5,000 payments ​would work or whether they would be legal. The proposal would likely cost more than $1 trillion, with approximately 270 million ⁠U.S. adults, and could require the approval of Congress.

The convention’s focus on Trump – some Republicans have dubbed it “Trumpapalooza” – amounts to a risky bet that he can mobilize ​the voters who carried him to the presidency two years ago, despite opinion polls showing his popularity is at an all-time low.

But it remains to be seen whether ​his campaign-style speech will appeal to the critical swing voters who have drifted away from Trump’s party amid growing dissatisfaction with the cost of living and the war on Iran.

‘PRETEND THAT I’M ON THE BALLOT’

“I’m asking you to pretend that I’m on the ballot,” Trump said, a line that may have pleased Democratic campaign strategists just as much as MAGA voters.

Republican efforts ​got a boost from an unlikely source on Wednesday, when Democratic U.S. Senator John Fetterman appeared in a pretaped video segment introducing his “great friend,” fellow Pennsylvania Senator Dave ​McCormick, a Republican.

Fetterman said he would always “reject the extremes in socialism,” a comment that is likely to bolster Republican attacks on Democrats as too left-wing. Fetterman, who has increasingly broken ‌with his ⁠fellow Democrats, has nevertheless rejected speculation that he might leave the party.

Some vulnerable Republicans in tough races, perhaps mindful of tying themselves too closely to the unpopular Trump, elected to skip the affair, including Senator Dan Sullivan of Alaska and Senator Susan Collins of Maine.

DEMOCRATS PORTRAYED AS ‘SOCIALISTS’ AND ‘COMMUNISTS’

While Republican officials had described the convention as an opportunity to tout Trump’s policies, most speakers focused on attacking Democrats as extreme on topics such as transgender women in sports and border security – political red meat ​for core Trump supporters.

Alabama state Representative Ernie ​Yarbrough, a convention attendee, said Trump ⁠needs to give voters a clearer sense of how long the war in Iran could last.

“People want to feel like we’re not getting stuck in an endless cycle,” he said.

Trump defended his decision to attack Iran, saying he acted to prevent ​Tehran from developing a nuclear weapon. He also promised that oil prices would drop “as soon as we win the ​war with Iran,” which ⁠he vowed would happen soon.

But the conflict shows little sign of ending more than six months after the U.S. and Israel launched strikes on Iran, and analysts have said Iran’s nuclear program has not been eliminated. Iran denies seeking a nuclear weapon.

Before Trump took the stage, a parade of speakers called Democrats “socialists” and “communists,” echoing one of Trump’s favorite ⁠attack lines. ​Democrats are “dangerous, radical and weird,” said Senator Tim Scott of South Carolina, the chairman of the ​party’s Senate campaign arm.

The stakes are high for both parties. With the elections less than two months away, Republicans face the prospect of losing control of at least one chamber of Congress, with public ​polling showing Democrats more motivated to vote and Trump’s approval ratings deeply underwater.

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US Treasury ratchets up pressure on Iran with sweeping new aviation sanctions

Treasury Secretary Scott Bessent last week warned that airlines were possible sanctions targets along with digital assets and the maritime industry.

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The United States on Tuesday issued 36 Iran-related sanctions targeting the country’s aviation sector and other companies as part of a broad ​push to escalate economic pressure on Tehran as the war in the Middle East has moved into a seventh month, Reuters reported.

The U.S. Treasury ‌Department said the action was aimed at grounding Iran’s Mahan Air, which was already sanctioned by the U.S. and the European Union, and expanding sanctions to all other Iranian airlines. The sanctions also took aim at covert front companies, cargo handlers, foreign intermediaries and deceptive trans-shipment routes that Washington says Iran relies on to obtain U.S.-origin aircraft and sensitive technology.

The Treasury instructed financial institutions to report any procurement networks ​supporting Iran’s aviation industry, while designating firms in Turkey, the United Arab Emirates, Malaysia and Kazakhstan that it said had helped Iran’s airlines operate and Tehran ​acquire U.S.-origin aircraft and sensitive technology.

Treasury’s Office of Foreign Assets Control also suspended three Iran-related aviation authorizations that allowed overflights and permitted ⁠non-U.S. airlines to fly U.S.-origin or U.S.-controlled commercial aircraft into Iran.

Miad Maleki, a former senior Treasury official and fellow at the Foundation for Defense of Democracies, ​said the suspension would hit air traffic from Dubai, Doha and Istanbul, shutting Tehran’s main gateways to regional trade and finance. OFAC’s action also closes previous ​carve-outs that allowed transport of safety parts, fuel and emergency repairs, he said.

Tuesday’s actions marked a sharp escalation of the Trump administration’s renewed push to squeeze Iran’s economy and pressure Tehran to loosen its chokehold on the Strait of Hormuz. A U.S. naval blockade and tougher sanctions are curbing Iran’s oil exports, restricting access to foreign currency and exposing growing strains in the economy.

Treasury ​said any foreign firm or individual aiding Iranian airlines through aircraft transfers, cargo services or general sales agent support would face serious consequences.

Treasury Secretary Scott Bessent last week warned that airlines were possible sanctions targets along with digital assets and the maritime industry.

”Under Operation Economic Outcast, we promised severe consequences for ‌those providing ⁠financial lifelines to the Iranian regime,” Bessent said in a statement on Tuesday. “Let this be a warning to anyone doing business with Iran’s remaining airlines, all of which we sanctioned today: You are at risk of being cut off from the global financial system.”

On Tuesday, Treasury designated 27 Iranian airlines, as well as several firms based in Turkey and the United Arab Emirates for helping Mahan Air secure at least three Boeing B-777 aircraft this summer that had been retired ​elsewhere, read the report.

It hit UAE-based Egyptian citizen Ibrahim ​Ali Mohamed Mohamed Mahran, the chief ⁠executive of ECT Aviation Support, as well as the British unit of the firm.

OFAC also imposed sanctions on two firms based in Turkey and Malaysia that it said had serviced Mahan Air’s international flights and coordinated cargo shipments.

The U.S. ​Treasury has repeatedly targeted global networks supporting Mahan Air. In July, Treasury designated six entities and individuals in China, ​India, Russia and Iran, ⁠including several firms that act as sales agents for the airline. Washington first sanctioned Mahan in 2011 over support it provided to Iran’s Islamic Revolutionary Guard Corps.

In 2020, Washington imposed sanctions on a China-based company it accused of acting on behalf of Mahan Air.

Brett Erickson, managing principal of Obsidian Risk Advisors, said the latest moves ⁠were significant.

“The ​United States is using sanctions to effectively blockade Iran’s aviation sector from the rest of the ​world,” he said. “That represents a major expansion of the economic war, with foreseeable consequences for civilian travel, commerce, supply chains and Iran’s ability to sustain their strained economy.”

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