The International Atomic Energy Agency (IAEA) reported on Thursday that it is aware of the plans of the United States and Saudi Arabia to approach it with a request to conduct verification work regarding their discussed nuclear cooperation deal. However, the request from these countries has not yet been received.
In its statement, the International Atomic Energy Agency expressed its readiness to receive such a verification request and to work jointly with the US and KSA to ensure the implementation of the agreed measures.
The UAE has launched the Jaywan card to simplify daily financial transactions for residents. This domestic payment system offers personalized solutions and bonuses tailored to local needs while strengthening the UAE's payment infrastructure and global connectivity.
The system is managed by Al Etihad Payments, a subsidiary of the Central Bank of the UAE. The Jaywan card is intended to be a widely accepted method of payment for purchases, online transactions, and travel. Users can use Jaywan cards to withdraw cash from ATMs, make in-store purchases, and shop online, making them convenient for daily expenses. The system also supports contactless payments and plans to expand into digital wallets such as Apple Pay, Google Pay, and Samsung Pay.
UAE residents will be able to pay with the card when buying groceries, ordering taxis, or paying utility bills, similar to how they use other bank cards in the country.
Currently, the scheme provides debit and prepaid cards, with the issuance of credit cards planned for the future. Residents need to contact their participating bank to apply for a card. The main goal of this initiative is to offer a fast, secure, and easy-to-use payment tool that promotes the development of the UAE's national payment ecosystem.
One of the attractive aspects of this scheme is the range of benefits available to premium cardholders. Owners of the premium Jaywan card can take advantage of special offers at over 150 stores and service providers in sectors such as tourism, hospitality, shopping, entertainment, dining, as well as healthcare and wellness.
Security is a critical element of this system. The measures employed are designed to protect users when making payments both in physical stores and online. Jaywan utilizes globally recognized security technologies.
The card is designed for both domestic and international use, and its implementation plans to ensure acceptance in over 100 countries. This means residents can use the same card for local purchases and spending during foreign vacations, reducing the need to have multiple different payment products.
According to information published by the Central Bank of the UAE, eleven financial institutions are ready to issue Jaywan cards. These include: First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Sharjah Islamic Bank (SIB), Emirates NBD, Bank of Baroda, Citi, Emirates Islamic, Commercial Bank of Dubai (CBD), Botim, MBank, and Al Ansari Exchange. Other banks, exchange houses, and fintech companies are expected to join the scheme in subsequent phases.
For most residents, the Jaywan card is valuable due to its combination of everyday usability, reliability, and bonus programs. In addition to supporting routine spending, online shopping, and travel, premium users receive extra privileges, including lounge access, travel insurance, and retail discounts. Thus, the scheme contributes to achieving the UAE's goal of strengthening the national payment infrastructure and expanding locally focused payment solutions.
The United States announced on Thursday the imposition of new tariffs on 60 trading partners. These measures are being introduced due to issues related to forced labor and replace an expiring global levy that was previously implemented this year by US President Donald Trump.
These duties, which take effect on Friday, range from 10 to 12.5 percent and affect major economies such as China, India, and the European Union. A representative from U.S. Customs, Jameson Green, stated that the US has maintained a ban on importing goods produced by forced labor for nearly a century and strictly enforces it, emphasizing that it is time for other trading partners to do the same.
The Trump administration sought to restore the president's tariff barrier after the Supreme Court invalidated several of his duties in February, which weakened his ability to arbitrarily impose high fees. Following this unsuccessful move, Trump used various authorities to reintroduce a 10 percent import tariff, but this temporary levy was only valid for 150 days and expired on Friday. Now, new duties, initially proposed in June, are replacing it, and these are considered more resilient to legal challenges.
According to the announcement on Thursday, economies that have either implemented a ban on importing goods produced by forced labor or have committed to doing so fall under a lower rate of 10 percent. These countries include Canada, the EU, India, and the United Kingdom. Meanwhile, China, Japan, South Korea, and dozens of other countries were deemed worthy of the higher rate of 12.5 percent.
However, the EU, Taiwan, Japan, South Korea, and Switzerland receive some mitigation, consistent with trade agreements they previously concluded with the United States. The new tariffs drew sharp condemnation from the targeted countries. Japanese government representative Minoru Kihara expressed Tokyo's regret over these tariffs, noting that the higher rate is based solely on the absence of a ban on imported products made with forced labor.
Australian Trade Minister Don Farrell called the tariffs 'unjustified,' arguing that they 'contradict our free trade agreement and must be revoked.' A US official told journalists that goods already subject to industry tariffs, such as steel and aluminum, will not be affected, and certain types of energy products and fertilizers, as well as goods covered by the US-Mexico-Canada Free Trade Agreement, will also be exempted.
Washington is separately investigating 16 economies regarding excess industrial capacity, which could lead to additional tariffs. Experts warn that this could ultimately result in different rates for different countries. According to trade lawyer Greta Paish, the Trump administration's move to introduce a baseline tariff while maintaining the threat of further duties allows it to maintain influence over trading partners.
She added that this also encourages countries to adhere to previously concluded trade agreements. According to Paish, former senior advisor to the U.S. Trade Representative's Office, now a partner at Wiley Rein, officials aim for their incoming tariffs to be robust in case of litigation.
Josh Lipsky of the Atlantic Council told AFP that this increases the likelihood that they will remain in force throughout Trump's term, signaling the largest global economy's shift towards greater protectionist policies. He also noted that the revival of tariffs increases government revenue.
The latest wave of measures followed shortly after the implementation of a 25 percent tariff on various Brazilian goods, as Washington accused the Latin American giant of unfair trade practices. This week, Trump also ordered the introduction of new 50 percent tariffs on many Canadian products, citing Ottawa's 'discriminatory treatment' of American alcohol, automobiles, and dairy products. Lipsky noted that the Canadian tariffs, taking effect in a month, rely on an unproven legal position, demonstrating that Trump has other tools for rapid application. He concluded that US tariff deals are 'still fragile.' Nevertheless, the EU, having signed a trade agreement, expects Washington to 'honor the commitments outlined in the EU-US Joint Statement.'
Despite the South African Reserve Bank (SARB) keeping the base lending rate at 10.5% on Thursday, the Monetary Policy Committee (MPC) indicated that the future direction of interest rates remains highly uncertain.
Although the central bank's main forecast suggests that rates will remain relatively stable until inflation returns to the 3% target, the MPC also presented scenarios where borrowing costs could rise again this year or begin to fall sooner than expected.
The MPC vote concluded with a four-to-two majority in favor of maintaining rates unchanged, with two members preferring a 25 basis point hike. SARB Governor Lesetja Kganyago stated that the current policy, following a 0.25 percentage point increase in May, is 'appropriate for now,' and that future decisions will be made 'at each meeting' as economic conditions change.
The bank noted that while the inflation forecast has 'slightly improved' since the May meeting, inflation still exceeds the target level, and risks remain skewed towards increases. Overall inflation is expected to be above 4% until the start of next year, largely driven by rising fuel prices, while services inflation was described as 'problematic.' The bank also recorded an increase in inflation expectations across all groups surveyed by the Bureau of Economic Research.
Johann Els, Senior Economist at PSG, noted that the statement was noticeably less aggressive than he had anticipated, despite increased risks associated with higher oil prices and the Middle East conflict. Els emphasized that SARB views higher oil prices and the Middle East conflict as risk scenarios rather than incorporating them into its baseline forecast. Furthermore, the bank lowered its oil price assumptions and reduced its inflation forecast from 4.4% to 4% compared to the previous meeting.
However, Els also pointed out that the higher June inflation than expected leads him to forecast average inflation closer to 4.2% this year. The MPC also acknowledged that the economy has lost momentum since the last meeting due to weakening consumer and business confidence, high fuel prices, and uncertainty affecting growth.
It was noted that households have been affected by increased fuel costs, and municipal issues have become a constraint on economic activity. Christof Kruger, Head of Fixed Income Trading at Prescient Securities, believes these growth concerns played a significant role in the decision to keep rates unchanged. Kruger stated that 'the current hold is SARB's choice for growth, not orthodoxy.' He added that while textbooks would prescribe a hike at 5% inflation, SARB decided that the risk of excessive tightening outweighs the risk of expectation, given the slowdown in the second and third quarters, weak consumer confidence, and an uncontrollable supply shock.
Despite the decision to maintain rates, the Reserve Bank made it clear that further tightening remains likely. The bank modeled a scenario where inflation expectations continue to rise, leading to wage increases and core inflation, requiring another interest rate hike this year and a longer period of restrictive monetary policy. A second scenario showed that persistently high oil prices could lead to a similar outcome.
Conversely, a more favorable oil price outlook would allow inflation to return to the target level faster and create opportunities for rate cuts by the end of the year. Dr. Elna Mulman, Head of Macroeconomic Research at Standard Bank Group, noted that the central bank's message is that both outcomes remain possible. Mulman concluded: 'Therefore, it is not impossible that we will see an interest rate hike later this year, depending on how these inflation risks develop.' She also added that the Reserve Bank currently considers rates appropriate, and its model suggests the possibility of rate cuts starting late this year.
