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Iran-Saudi ties restored

Iran and Saudi Arabia have agreed to resume diplomatic relations under an agreement mediated by China, after days of intense negotiations between the secretary of Iran’s Supreme National Security Council and his Saudi counterpart in Beijing. Tehran and Riyadh will restore diplomatic ties within two months and re-open embassies in respective countries. Iran’s Foreign minister Hossein Amir-Abdollahian says, renewing ties offers great potential for the two countries and the region, as well as the Muslim world. China called the restoration of Iran-Saudi Arabia ties a major good piece of news in the current turbulent world, adding that it was a victory for dialog and peace. The Saudi National Security Advisor has also welcomed the rapprochement. The United Nations, Iraq, Qatar, and the UAE have all hailed the resumption of ties between the two West Asian nations. Lebanon’s Hezbollah resistance movement described it as a good development. Yemen’s Ansarallah movement said that Tehran-Riyadh relations will help enhance regional security. The US, however, downplayed the agreement as President Joe Biden is following his predecessor’s agenda to push for Israel’s ties with Arab states. Meanwhile, the agreement between Saudi Arabia and Iran also angered Israel. Former Israeli Prime Minister Naftali Bennet said Tel Aviv’s attempts to isolate Iran have suffered a fatal blow.

US bank failure

The United States has suffered its second-biggest bank collapse in the country’s history. Silicon Valley Bank, the 16th-largest bank in the US, failed after depositors hurried to withdraw money over concerns of a liquidity crisis. It was the second biggest bank failure after the collapse of Washington Mutual in 2008. Nearly half of the American technology and healthcare companies that went public last year after getting early funding from venture capital firms were Silicon Valley Bank customers. Moreover, a large number of start-ups will not be able to make payroll at some point in the next month if they cannot access their money. The bank was closed on Friday. Authorities say all insured depositors will have access to their deposits. However, nearly 90 percent of the bank’s 175 billion dollars in deposits are uninsured, and their fate hangs in balance. 

BBC presenter sacked

Veteran BBC sports presenter, Gary Lineker, has been suspended from his position over his criticism of the UK government’s refugee policies. The state-funded broadcaster took the decision after government officials demanded action over the presenter’s comments. Lineker, who previously hosted refugees in his own home, had reacted to a video posted by the British Home office announcing the government’s “stop the boats policy”. He called the move "beyond awful." Under its new policy, London would prevent asylum seekers from coming into the country and would instead deport them either back to their own countries or to Rwanda. The decision against Lineker, who is also a former England football captain, has been met with widespread criticism. Outgoing Scottish First Minister, Nicola Sturgeon described the move against Lineker as undermining free speech in the face of political pressure.

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