• A man faces a row of police holding a burnt upside-down US flag as protesters gather in downtown Los Angeles. AFP
    A man faces a row of police holding a burnt upside-down US flag as protesters gather in downtown Los Angeles. AFP
  • A couple poses with a sign as protesters gather in downtown Los Angeles. AFP
    A couple poses with a sign as protesters gather in downtown Los Angeles. AFP
  • A demonstrator kneels in front of a row of police officers as protesters gather in downtown Los Angeles on May 27, 2020. AFP
    A demonstrator kneels in front of a row of police officers as protesters gather in downtown Los Angeles on May 27, 2020. AFP
  • The Third Police Precinct has become the site of an ongoing protest after the police killing of George Floyd. Getty Images via AFP
    The Third Police Precinct has become the site of an ongoing protest after the police killing of George Floyd. Getty Images via AFP
  • A man has milk poured over he face after he was affected by a chemical irritant used by Minneapolis police during protests. Minnesota Public Radio via AP
    A man has milk poured over he face after he was affected by a chemical irritant used by Minneapolis police during protests. Minnesota Public Radio via AP
  • Four Minneapolis police officers have been fired after a video taken by a bystander was posted on social media showing Floyd's neck being pinned to the ground by an officer as he repeatedly said, "I can't breathe". Getty Images via AFP
    Four Minneapolis police officers have been fired after a video taken by a bystander was posted on social media showing Floyd's neck being pinned to the ground by an officer as he repeatedly said, "I can't breathe". Getty Images via AFP
  • A white police officer was caught on a bystander's video pressing his knee into the neck of African-American man George Floyd, who later died at a hospital, in Minneapolis, Minnesota. Reuters
    A white police officer was caught on a bystander's video pressing his knee into the neck of African-American man George Floyd, who later died at a hospital, in Minneapolis, Minnesota. Reuters
  • Protesters gather near the Minneapolis Police third precinct to watch a construction site burn. REUTERS
    Protesters gather near the Minneapolis Police third precinct to watch a construction site burn. REUTERS
  • A protester adds wood to a fire barricade on 26th Ave S near the Minneapolis Police third precinct after a white police officer was caught on a bystander's video pressing his knee into the neck of African-American man George Floyd. Reuteres
    A protester adds wood to a fire barricade on 26th Ave S near the Minneapolis Police third precinct after a white police officer was caught on a bystander's video pressing his knee into the neck of African-American man George Floyd. Reuteres
  • A number of businesses and homes were damaged as the area has become the site of an ongoing protest after the police killing of George Floyd. Getty Images via AFP
    A number of businesses and homes were damaged as the area has become the site of an ongoing protest after the police killing of George Floyd. Getty Images via AFP
  • Fire fighters work to put out a blaze at a factory near the Third Police Precinct on May 27, 2020 in Minneapolis, Minnesota. Getty Images via AFP
    Fire fighters work to put out a blaze at a factory near the Third Police Precinct on May 27, 2020 in Minneapolis, Minnesota. Getty Images via AFP
  • Police and firefighters arrive to the looted Cubs store on 26th Ave S. Reuters
    Police and firefighters arrive to the looted Cubs store on 26th Ave S. Reuters
  • Firefighters work to contain a blaze at a construction site in Minneapolis. Reuters
    Firefighters work to contain a blaze at a construction site in Minneapolis. Reuters

Looting erupts during angry US protests over police killing of black man


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Demonstrators gathered on Wednesday for a second night of protests over the killing of a handcuffed black man by a policeman in the US city of Minneapolis. A bystander's video showed a police officer pressing his knee into the neck of George Floyd, 46, who died in hospital following the incident on Monday.

The officer, along with three others involved in the apprehension of Floyd, were dismissed from the police department and the FBI has opened an investigation.

Late on Wednesday, hundreds of protesters filled streets near the scene of the deadly encounter for a second day, some clashing with riot police who fired tear gas into the crowds and lobbed concussion grenades while demonstrators responded with rocks, water bottles and other projectiles.

Local television news footage taken from a helicopter flying over the area showed dozens of individuals looting a Target store, running out with armloads of clothing and shopping carts filled with merchandise.

Minneapolis police chief Medaria Arradondo cautioned protesters to remain peaceful.

President Donald Trump in a tweet called Floyd's death "sad and tragic", as outrage spread across the country.

"I would like those officers to be charged with murder, because that's exactly what they did," Bridgett Floyd, his sister, told NBC television.

"They murdered my brother.... They should be in jail for murder."

Minneapolis Mayor Jacob Frey said he could not understand why the officer, who held his knee to Floyd's neck until the 46-year-old restaurant worker went limp, has not been arrested.

"Why is the man who killed George Floyd not in jail? If you had done it, or I had done it, we would be behind bars right now," Mr Frey said.

"Based on what I saw, the officer who had his knee on the neck of George Floyd should be charged," he said.

The case was seen as the latest example of police brutality against African Americans, which gave rise six years ago to the Black Lives Matter movement.

Floyd had been detained on a minor charge of allegedly using a counterfeit $20 bill to make a purchase at a convenience store.

In the video taken on the phone of a bystander, policemen hold him to the ground while one presses his knee to Floyd's neck.

"Your knee in my neck. I can't breathe.... Mama. Mama," Floyd pleaded.

He grew silent and motionless, unable to move even as the officers told him to "get up and get in the car".

He was taken to hospital where he was later declared dead.

Calls for justice came from around the country.

Democratic presidential candidate Joe Biden said the FBI needs to thoroughly investigate the case.

"It's a tragic reminder that this was not an isolated incident, but part of an ingrained systemic cycle of injustice that still exists in this country," Mr Biden said.

"We have to ensure that the Floyd family receive the justice they are entitled to."

Democratic senator Kamala Harris called the policeman's use of his knee on Floyd's neck "torture."

"This is not new, it has been going on a long time... what our communities have known for generations, which is discriminatory implementation and enforcement of the laws," she said.

"He was begging to be able to breathe," she said. "It was a public execution."

The protests evoked memories of the riots in Ferguson, Missouri, in 2014 after a policeman shot dead a young African-American man suspected of robbery, as well as the case of New Yorker Eric Garner, who was detained by police for illegally selling cigarettes and filmed being held in an illegal chokehold by police that led to his death.

"How many more of these senseless excessive-force killings from the people who are supposed to protect us can we take in America?" said civil rights lawyer Ben Crump, who was retained by Floyd's family.

Mr Crump pointed out that the arrest involved a minor, non-violent crime, and there was no sign, as police initially claimed, that Floyd resisted arrest.

"There is no reason to apply this excessive fatal force," Mr Crump said.

"That has to be the tipping point. Everybody deserves justice.... We can't have two justice systems, one for blacks and one for whites."

Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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UAE currency: the story behind the money in your pockets
'The Lost Daughter'

Director: Maggie Gyllenhaal

Starring: Olivia Colman, Jessie Buckley, Dakota Johnson

Rating: 4/5

Previous men's records
  • 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
  • 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
  • 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
  • 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
  • 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
  • 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
  • 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
  • 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
  • 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
  • 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.

 

 

SPECS
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