Latest news with #Iran-IraqWar
Time of India
2 days ago
- Business
- Time of India
UK billionaire declares ‘Britain has gone to hell,' lists $337m London estate on sale and moves to Dubai
The UK abolished the non-dom tax status in April, prompting a record number of billionaires, including Fredriksen, to leave/ image: Source: Jeff Gilbert/Alamy Stock Photo via Llyod's List TL;DR UK billionaire John Fredriksen is leaving Britain due to the Labour government's abolition of non-dom tax status. He's putting his £250 million Chelsea estate, The Old Rectory, up for sale. Fredriksen is relocating his business operations and residence to Dubai, UAE. His departure follows the closure of his London firm Seatankers and reflects rising billionaire exits triggered by UK tax reforms. A £13.7 Billion Departure: Why John Fredriksen Left London Behind The United Kingdom is losing millionaires and billionaires at a record pace, and now, one of its most high-profile residents has joined the exodus. J ohn Fredriksen, once the UK's ninth-richest man, has left London, shut down key business operations, and put his prized Chelsea mansion, The Old Rectory, up for sale for a staggering £250 million ($337 million). The trigger? A sweeping overhaul of Britain's tax policy targeting the global elite. In a blunt interview earlier this month with Norwegian business outlet E24 , Fredriksen did not mince words: 'Britain has gone to hell, like Norway,' he said. 'The entire Western world is on its way down.' Who Is John Fredriksen? At 81, John Fredriksen is one of the world's most influential shipping magnates. Born in Oslo and now a Cypriot national, he built his vast empire in oil tankers during the Iran-Iraq War of the 1980s. Over the decades, he expanded into offshore drilling, LNG shipping, dry bulk, gas, and aquaculture. Fredriksen first left Norway in 1978 over its aggressive tax regime and settled in the UK, where he was long seen as a quiet but formidable presence in London's business circles. In 2001, he purchased The Old Rectory , a 30,000-square-foot Georgian manor in Chelsea, for £37 million. The estate, which includes 10 bedrooms, a ballroom, and two acres of private gardens, has become one of the most valuable homes in Britain. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo He famously turned down a £100 million offer from Roman Abramovich in 2004. According to Forbes , Fredriksen was recently ranked the 136th-richest person in the world, with an estimated net worth of $17.3 billion. Why He's Leaving: The End of the 'Non-Dom' Era Fredriksen's exit was set in motion earlier this year, when the UK's Labour government abolished the non-domicile (non-dom) tax status, a historic tax arrangement dating back to 1799. The policy had long allowed wealthy foreigners living in the UK to pay tax only on their British income, shielding offshore earnings. But in April 2025, under Chancellor Rachel Reeves, the non-dom policy was scrapped. Alongside that came other tax hikes: Higher National Insurance contributions for employers Tighter inheritance tax rules A 15% VAT on private school fees For global billionaires with complex financial footprints like Fredriksen, this marked a turning point. '[The UK is] starting to remind me more and more of Norway,' Fredriksen told E24. 'People should get up and work even more, and go to the office instead of having a home office.' Soon after, he closed the London headquarters of Seatankers Management, one of his private shipping firms. Reports in Forbes noted that more than a dozen domestic staff were let go from his Chelsea estate. The Mansion: Putting a £250 Million Landmark on the Market Fredriksen's property, The Old Rectory, is not just any home. Built in the 1720s, it once belonged to the rector of Chelsea parish church. After a full refurbishment in the 1990s, it was bought in 1995 by Greek shipping magnate Theodore Angelopoulos for £22 million. Fredriksen acquired it six years later for £37 million. Now, two decades on, it's being quietly shopped to ultra-wealthy buyers with an asking price of £250 million. If sold at that value, it would be one of the most expensive private residential sales in UK history. He's Not Alone: The Wealth Drain from the UK Fredriksen's move is not an isolated case. According to Henley & Partners, a global citizenship advisory firm: The UK lost 10,800 millionaires in 2024, a 157% rise from the year before. In 2025, it's projected to lose 16,500 millionaires, more than any other country globally. These individuals are expected to take £66 billion in investable wealth with them. According to The Telegraph, other billionaires who have already left, or are preparing to, include: Richard Gnodde , Goldman Sachs vice-chairman Lakshmi Mittal, steel magnate Ian and Richard Livingstone , property tycoons Christian Angermayer and Nassef Sawiris, owner of Aston Villa (The Telegraph, Forbes) According to the Sunday Times Rich List, Britain now has 156 billionaires, down from 165 in 2024, the sharpest drop in the list's 37-year history. Why the UAE? A New Magnet for Global Wealth Fredriksen's new base, the United Arab Emirates, is more than just a tax-friendly destination. It's now one of the world's fastest-growing wealth hubs. According to Henley & Partners: The UAE is set to receive 9,800 new millionaires in 2025, more than any country in the world. These new residents will bring in an estimated $63 billion in wealth. Over the last decade, the UAE has seen a 98% increase in its millionaire population. That growth is second only to Montenegro, whose millionaire population rose by 124%, followed by Malta (87%), the United States (87%), and China (74%). Why are so many choosing Dubai and Abu Dhabi? Zero income and capital gains taxes Stable political climate and pro-business regulation World-class infrastructure for aviation, banking, logistics, and technology Attractive Golden Visa programs and flexible residency schemes Strong networks for family offices, private equity, and shipping For billionaires like Fredriksen, Dubai offers a full-service platform to run a global enterprise with fewer political and regulatory hurdles. And socially, the city is now home to a thriving ecosystem of financiers, tech founders, luxury developers, and shipping magnates. Fredriksen, who is now spending most of his time in the UAE, is reportedly preparing to hand over greater control of his empire to his twin daughters, Cecilie and Kathrine Fredriksen, both of whom already serve on boards of several family companies. Whether this transition marks a new chapter for the Fredriksen empire or a broader rewriting of elite capital flows, one thing is clear: Dubai is rising, and London is watching. FAQs: Q. Why is John Fredriksen leaving the UK? Because of the end of non-dom tax status and new tax burdens introduced by the Labour government. Q. Where is he moving to? To Dubai, in the United Arab Emirates, where he plans to oversee his global business empire. Q. What's happening to his UK property? He's selling The Old Rectory in Chelsea for £250 million, one of Britain's most expensive homes. Q. Why did he choose Dubai? Dubai offers zero income tax, investor-friendly policies, and a fast-growing hub for global wealth and business.
United News of India
5 days ago
- Politics
- United News of India
India participates in plenary of Australia Group on its 40th anniversary year
New Delhi, July 18 (UNI) India participated in the plenary of the Australia Group, a key multilateral export control regime, from July 14-18 on its 40th Anniversary year. The MEA spokesperson in a post on X said that India is an active participant of the Australia Group. 'India participated in the Australia Group Plenary from 14-18 July 2025 on its 40th Anniversary year. 'India is an active participant of the Australia Group, a key multilateral export control regime that contributes to the international non-proliferation architecture on chemical & biological weapons & related items.' The Australia Group was established in 1985 after Iraq's use of chemical weapons during the Iran-Iraq War. It is an important platform for international cooperation in preventing the spread of chemical and biological weapons through harmonized export controls and information sharing. The 40th anniversary plenary meeting of the Australia Group was held in Sydney, Australia. Australia is the chair and manages the secretariat for the Australia Group. India joined the group in January 2018. The group now has 43 members, including Australia, New Zealand, the European Commission, all 27 member states of the European Union, United Kingdom, the United States, Canada, India, Ukraine, and Argentina. The name comes from Australia's initiative to create the group. Australia manages the secretariat. UNI RN
Middle East Eye
03-07-2025
- Politics
- Middle East Eye
After ceasefire, Iran is preparing for the long war with Israel
An uneasy US-brokered ceasefire between Israel and Iran has ended a 12-day exchange of strikes, with Israeli Prime Minister Benjamin Netanyahu declaring victory. It marked one of the shortest wars of the 21st century. Yet Iran, too, has claimed victory, much like it did at the end of the Iran-Iraq War from 1980 to 1988, the longest conventional war of the 20th century, when then-Iraqi President Saddam Hussein also declared victory. In both cases, Iran was the target of attack and framed the conflicts as "imposed wars" (jang-e tahmili), arguing that they were launched with a "green light" from the United States. Also in both cases, Iran paired its declaration of victory with a posture of strategic patience (sabr-e rahbordi) - a doctrine of restraint aimed at shifting the balance over time. After the Iran-Iraq War, it waited, letting time and circumstance play to its advantage. It was ultimately the US, not Iran, that dismantled Saddam's weapons of mass destruction during the 1991 Gulf War and later overthrew him entirely in 2003. From Tehran's perspective, the same strategic patience principle is being applied again today. The current ceasefire, while publicly welcomed, is widely seen - especially in Iran's political and military circles - as a tactical pause rather than a sustainable peace. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Strategic pause For Iran, the ceasefire with Israel serves a clear strategic purpose. In line with its long-standing approach of strategic patience, time is a resource. Iran will recalibrate its nuclear strategy, expand regional alliances, and test the limits of international resolve. During this period, Iranian planners are expected to re-examine their deterrence doctrines, potentially including asymmetric naval capabilities and cyber operations, while crafting a long-term retaliatory posture. In line with its long-standing strategy of strategic patience, Iran sees time as a resource to recalibrate its nuclear posture, expand alliances, and test global resolve Time provides Tehran with critical breathing room to: first, restructure its leadership; second, replenish its arms; and third, plan an international diplomatic offensive. In June 1981, the Islamic Republican Party was bombed, killing its secretary-general, Mohammad Beheshti and 74 high-ranking officials. That same month, Iran lost one of its most influential military commanders, Mostafa Chamran, on the front lines with Iraq. In August 1981, Iran's newly elected president, Mohammad-Ali Rajai and Prime Minister Mohammad-Javad Bahonar were assassinated in a bombing at the prime minister's office in Tehran. The attack was carried out by the Mujahideen-e Khalq (MEK). This armed opposition group had turned against the Islamic Republic and allied itself with Saddam's regime during the Iran-Iraq War. The bomb was planted by Masoud Keshmiri, an MEK operative who had infiltrated the government posing as a security official. The explosion killed eight high-ranking officials, including the president, prime minister, the chief of national police, senior military advisers, and members of the Supreme National Security Council, making it one of the deadliest acts of internal sabotage in the early years of the war. Nevertheless, despite the loss, Iran was still able to launch a counter-attack that expelled all Iraqi forces from Iranian soil. Rebuilding and rearming On the morning of Friday, 13 June 2025, Israel launched its most extensive military operation against Iran to date. Its strikes went far beyond nuclear and missile facilities, targeting senior military commanders and scientists. Among those assassinated were Major General Mohammad Bagheri, Iranian Revolutionary Guard Corps commander Hossein Salami, and aerospace chief Amir Ali Hajizadeh, along with several nuclear scientists and military officials. Yet Iran was still able to mount missile attacks against Israel, overwhelming its vaunted anti-missile defence system. Iran can now shift its focus towards rebuilding and rearming. The war depleted Iran's short- and medium-range missile stockpiles and damaged its missile-launching infrastructure, much of which was targeted in the initial waves of Israeli and US strikes. In this new phase of calm, Iran is expected to prioritise the replenishment and modernisation of its missile arsenal, including newer classes such as the Fattah and Kheibar Shekan hypersonic missiles, while bolstering its air defences to anticipate any future surprise attacks. One of the most critical lessons Iran has drawn from this recent war is that victory in a modern conflict is not achievable without a capable and advanced air force. While Iran's reliance on missile and drone-based deterrence showcased some tactical strengths, it also exposed a critical vulnerability: such systems alone are fragile when confronted with advanced aerial and electronic warfare capabilities. To address this strategic gap, Iran is now expected to urgently pursue the acquisition of Russia's S-400 air defence systems and Su-35 fighter jets. Follow Middle East Eye's live coverage of the Israel-Palestine war Simultaneously, Chinese combat aircraft, such as the J-10 and the fifth-generation J-20, which demonstrated their capabilities in the recent India-Pakistan standoff, are being seriously considered. Beyond these platforms, Iranian military planners have acknowledged another significant deficiency: the lack of airborne early warning systems. Even the most advanced ground-based air defence becomes severely limited without Airborne Warning and Control Systems (Awacs), which are essential for real-time detection and coordination. Thus, the acquisition of Awacs aircraft from China or Russia has become an urgent priority in Tehran's defence modernisation agenda. Beyond the battlefield Iran is also laying the groundwork for a legal and diplomatic counteroffensive. Iranian officials have already announced their intention to submit a comprehensive complaint to the International Court of Justice, holding both Israel and the US responsible for initiating an undeclared war and violating Iranian sovereignty by targeting nuclear facilities protected under international law. Until this legal process reaches a stage of formal recognition and judgment, Tehran has made it clear that it will not return to the nuclear negotiation table. By allowing Israel to bomb Iran, Trump is pushing Tehran to go nuclear Read More » This pivot away from negotiations is not a sign of retreat, but a calculated manoeuvre. Meanwhile, another crucial variable remains hidden from international view: Iran's president has signed a law suspending cooperation with the International Atomic Energy Agency under Director-General Rafael Grossi, citing biased oversight and political pressure. Prior to the war, and unbeknownst to most intelligence services, Tehran had reportedly transferred large quantities of enriched uranium from Fordow and Natanz to undisclosed secure locations. These reserves remain untouched by US and Israeli strikes, as no radiation was reported in Iran - indicating the stockpile was most likely undamaged. Iran could also choose not to disclose the whereabouts of these uranium stockpiles, using them as a strategic deterrence lever in future confrontations or negotiations. In light of all these factors, the current ceasefire is not a resolution - it is a chapter in a much larger, unfinished story. Iran's actions, both during and after the war, underscore a coherent and disciplined doctrine: absorb the blow, retaliate with calibrated precision, and use time as a tool of power. Strategic patience, for Tehran, is not passive restraint; it is a form of long-term psychological and political warfare. Whether the ceasefire holds or shatters under the weight of unresolved tensions will depend not just on missiles or negotiations, but on which side better understands the value of time. The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of Middle East Eye.
Middle East Eye
02-07-2025
- Politics
- Middle East Eye
Under fire: Iran between pride and exhaustion
It was just past midnight on 12 June when I was jolted awake by a deafening noise. The explosions came in waves - long, continuous, terrifying. At first, I was frozen, disoriented. Then came the sharp crack of anti-aircraft guns, more explosions, and the roar of fighter jets flying alarmingly low. My mind struggled to make sense of it - until one chilling thought hit me: 'Dear God… it's happened - the thing we prayed would never come.' I reached for my phone, frantically scrolling through news feeds. For hours, there was nothing. Just silence. Then the alerts came. I was right. Reports confirmed targeted strikes, deadly sabotage, and the killing of dozens of senior Iranian military commanders and nuclear scientists. The unthinkable was unfolding. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters As morning light crept across Tehran, it revealed scenes even our worst fears hadn't prepared us for: high-rise towers reduced to rubble, dozens of civilians dead, and a grim truth printed across every headline: Israel had launched an all-out war on Iran. For the next 12 nights, the persistent whirr of Israeli drones filled the skies overhead, underscored by the steady staccato of anti-aircraft fire. The sudden, surreal announcement from Donald Trump warning residents to evacuate Tehran, a city of over 10 million, triggered a chaotic exodus as terrified families fled in panic. But many of us stayed, and we endured. A city in shock A fragile ceasefire was declared on 24 June, halting the fighting - for now. But the calm feels more like a pause than a resolution. Iran remains in shock. The streets may be quieter, but a lingering sense of dread remains that the conflict could erupt again at any moment. Israel's failure to subdue Iran shows it can no longer dictate the regional order Read More » Despite the painful memory of the Iran-Iraq War, Iranians were utterly unprepared for the return of a large-scale conflict. There were no functioning air-raid sirens, no public shelters, and no emergency protocols. The promise of 'resistance' and 'strategic depth' - repeated by clerics and military commanders - had failed to translate into meaningful civilian protection. At night, families across Tehran and other cities went to bed not with a sense of safety, but with a fragile hope that Israeli bombs would spare their homes. That hope was repeatedly shattered, as strikes hit homes, hospitals, ambulances, and even a prison complex. In fact, the gulf between the government's defiant slogans and the people's defencelessness had never felt so wide. 'We had no shelters, no alarms, nowhere to go. Every night we went to bed hoping the bombs wouldn't fall on our roof,' said Mahshid, a mother of two in central Tehran. As destruction mounted, the government responded by tightening security: shutting down the internet, erecting checkpoints, and trying to prevent unrest, or perhaps trying to avoid further surprises from the enemy. 'We had no shelters, no alarms, nowhere to go. Every night we went to bed hoping the bombs wouldn't fall on our roof - Mahshid, Tehran State media projected a curated image of calm: triumphant headlines, military resolve, even claims of having shot down Israeli F-35 jets. But beneath that façade, the real story unfolded through encrypted chats and underground news channels. Despite near-total censorship, people shared images of destroyed neighbourhoods, civilian casualties, and expressions of rage, sorrow, and disbelief. Many residents found little comfort in official statements. The government's reassurances rang hollow. The disconnect between rhetoric and reality deepened the public's sense of isolation and betrayal. 'The money that should have gone to defence was spent in Syria, Lebanon, and elsewhere. And now we have no real air defence,' said Hamed, a father in western Tehran. 'All we wanted was to live a quiet life' The Israeli strikes caused massive destruction. Despite claims of targeting only military sites, civilian neighbourhoods bore the brunt. Even when Israel issued evacuation warnings, strikes often followed just minutes later, leaving no time or safe place to escape. Many fled, their cars lined up along the highways stretching across the city, waiting for the next phase of the war. They had no choice. The final night before the ceasefire felt like hell had descended upon us. I remember my sister calling me in the middle of the night, crying, and imploring, 'Dadashi (meaning dear brother in Persian), please don't go to work tomorrow. The Israelis have issued a warning saying they will bomb your area.' We didn't have to wait long. Two loud explosions rattled our windows shortly afterwards. I rushed to check on my sick and fragile elderly mother. Israel had bombed a residential area near us. Just hours earlier, missiles had struck Evin Prison, killing dozens: guards, prisoners, administrative workers, and visiting family members. A man rests near a damaged car after sweeping debris from a building damaged in recent Israeli strikes in Tehran on 26 June 2025, following a ceasefire with Israel (AFP) 'The Israeli beasts have shown their true face again,' said Mohammed, a civil servant, referencing the wars in Gaza and Lebanon. 'We never thought we'd see this in our own capital.' The man spoke from a place of quiet desperation: the fear of losing not only loved ones but also the fragile stability he'd built over years - a modest home, savings, a life carved out under constant economic pressure and suffocating sanctions. His words echoed the silent anxiety gripping many Iranians who are neither part of the fight nor represented by the slogans broadcast daily. For younger Iranians - already burdened by unemployment and restrictions - the war has become just another chapter in a life marked by crisis. 'We were never part of their rhetoric,' said Hamed, a businessman. 'I never followed news from Gaza or Lebanon. All we wanted was to live a quiet life. Now Israel is right above my head.' Anger, pride, a fragile ceasefire In the days following the ceasefire, state media hailed the conflict as a 'strategic victory' over the 'Zionist enemy'. Tehran's billboards were quickly covered with slogans like 'Strength and Victory' alongside images of fallen commanders, martyrs, and economic symbols of Israel in ruin. Speeches and rallies echoed the Islamic Revolutionary Guard Corps slogan: 'Fingers remain on the trigger.' 'Almost everyone in Tehran knows someone affected,' said Sedigeh, an environmental activist. 'A son on the front, a neighbour wounded, a cousin whose home was destroyed.' 'They hit our cities, but we hit back. We're angry, but we're also proud. We showed them we're not weak' - Reza But behind the slogans, the people feel exhausted. Public criticism of the establishment remains dangerous - mostly whispered in private chats and anonymous posts, but the frustration is unmistakable. Some hard-liners, meanwhile, criticised the government for agreeing to a ceasefire at all. In their eyes, the war should have gone further. Many Iranians feel caught between an unrelenting external enemy backed by the West and a ruling establishment whose rigid ideology has dragged the country to the brink. Still, a sense of survival prevails. For many, the goal now is not revenge - but endurance. 'We need to protect Iran, not just with missiles, but with wisdom,' said Hesam, a journalist. 'We played a game, conceded 10 goals, and scored two. And we're calling that a win?' For him, the war revealed long-standing failures: economic decay, international isolation, and a nuclear policy that keeps inviting disaster. 'Until the nuclear issue is resolved, we'll never see peace. Declaring victory is delusional,' Hesam said. Iranian press photographers take shots of an office in Evin prison, which was destroyed in Israeli strikes in northern Tehran, 1 July 2025 (Reuters) In fact, one belief that unites many patriotic Iranians is that Israel is determined to disintegrate and destroy Iran. Therefore, the survival and unity of the country - not slogans or vengeance - must now be our ultimate goal, and we must do everything to achieve it. While the conflict may have temporarily ended, the trauma lingers. Social media channels now offer mental health resources, PTSD support groups, and advice on coping with post-war anxiety. And yet, alongside the bitterness, there's pride. Despite the destruction, many saw Iran's response - missile attacks on Israeli territory and the downing of drones - as a testament to national resilience. In fact, for people clinging to anything that resembled order, these moments offered a fragile but vital sense of hope: that Iran had not yet been rendered defenceless, and that its armed forces was still fighting for the homeland. 'They hit our cities, but we hit back,' said Reza, a retired bank clerk. 'We're angry, but we're also proud. We showed them we're not weak.'
Hindustan Times
29-06-2025
- Business
- Hindustan Times
‘Britain has gone to hell': Why one of UK's richest billionaires left London and moved to UAE
The ninth richest billionaire in the United Kingdom has decided to move his business out of London to the UAE, after claiming that "Britain has gone to hell." Norwegian shipping tycoon John Fredriksen is the latest in a growing exodus of wealthy individuals from the UK capital, according to a report by E24. The 81-year-old billionaire, who owns one of London's most prestigious private homes, The Old Rectory in Chelsea, is worth $18 billion.(X/@ed_fin) The 81-year-old billionaire, who owns one of London's most prestigious private homes, The Old Rectory in Chelsea, is worth $18 billion. Fredriksen now runs his business empire from the United Arab Emirates. Speaking to E24, he openly criticised the UK's economic direction: 'It's starting to remind me more and more of Norway. Britain has gone to hell, like Norway. I try to avoid Norway as much as I can," he said. He also took aim at the UK's trade policies, particularly in relation to US President Donald Trump, calling them "completely hopeless." Fredriksen added, 'The entire Western world is on its way down. People should get up and work even more, and go to the office instead of having a home office." He is among several rich Londoners who exited the UK following the end of the non-dom tax regime, which had allowed foreign-born businessmen to shield overseas assets and income from UK taxes. Who is John Fredriksen? Born in Oslo to a welder, John Fredriksen left Norway in 1978 and carved out a fortune in the oil industry. He began his career trading oil in 1960s Beirut and moved into shipping in the 1970s, acquiring his first tankers. His wealth surged during the Iran-Iraq War in the 1980s, when he became the world's largest owner of oil tankers, controlling a fleet of more than 70 vessels. Fredriksen is the father of twin daughters, Kathrine and Cecilie, and his family holds major stakes in oil rigs and salmon farming. In 2001, he purchased the mansion in Chelsea for £37 million, which today is valued at up to £250 million, making it one of the most expensive private homes in the UK. The ten-bedroom estate features a ballroom, indoor pool, and tennis court. A billionaires exodus Apart from Fredriksen, several other wealthy Norwegians have also left London this year, according to E24. This includes billionaires Helene Odfjell and Peter T Smedvig, who left amid a broader millionaire exodus following the UK's abolition of the non-dom tax status on April 6. The end of tax exemptions on overseas assets and trusts has sparked concern among the ultra-rich. Steel tycoon Lakshmi Mittal is also reportedly leaving London due to the end of the tax exemptions, the Standard UK reported. A report predicts the UK will lose 16,500 high-net-worth individuals in 2025, the highest of any country.
