Wall Street gave up some gains on Friday but still recorded its best week so far this year, with tech stocks driving significant gains across the major indices.
The S&P 500 fell 0.1 per cent from a record high to close at 5,234.18. The Dow Jones Industrial Average dropped 0.8 per cent to 39,475.90, while the Nasdaq Composite rose 0.2 per cent to 16,428.82 to add to its record.
Chipmaker Nvidia's shares settled 3.12 per cent higher at $942.89 per share. Alphabet Inc’s class 'C' shares closed 2.04 per cent up at $151.77.
Micron Technology’s shares surged 14 per cent on Thursday and ended the week slightly higher after the company’s second-quarter profit beat market expectations amid a surge in artificial intelligence adoption.
Apple’s shares ended Friday’s session 0.53 per cent higher after experiencing a decline earlier in the week because of a lawsuit filed by the US Department of Justice accusing the company of monopolising the smartphone market.
In the lawsuit, filed on Thursday in the District of New Jersey, the Justice Department said Apple had used its market power to extract more money from consumers, publishers, and others.
Electric carmaker Tesla’s stock fell 1.15 per cent to $170.83 on the week's last day of trading. The company’s shares have has lost about a third of their value this year on slowing electric vehicle demand growth.
After gaining 48 per cent on its first day of trading in New York on Thursday, Reddit's stock settled 8.8 per cent lower at $46 a share.
Meanwhile, global financial markets were supported by an unexpected interest rate cut by Switzerland's central bank on Thursday.
The move signalled that major central banks might take independent action on interest rates, rather than waiting for cues from the US Federal Reserve.
“Now, if the Swiss could kick off the pivot party, it is because inflation in Switzerland has been easier to fight for the [Swiss National Bank] thanks to the traditionally strong franc,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
“But the fact the Swiss jumped into the water raised the expectation that the others will join ‘soon’,” she added.
Goldman Sachs Research expects the Fed – as well as the European Central Bank, the Bank of England, and the Bank of Canada – to begin cutting rates in June.
Earlier in the week, the Fed left its target rate unchanged at 5.25 to 5.50 per cent, but said it expected to cut rates three times this year.
“The committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably towards 2 per cent,” Fed chairman Jerome Powell said.
The US economy is still poised for a soft landing – meaning a return to 2 per cent inflation without a recession, Goldman Sachs said.
“Recent growth and employment numbers have reinforced our economists' view that the supply-demand imbalances in the economy are abating,” the investment bank added.
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
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Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
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The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
