A person wearing a protective mask touches a statue of a lion in front of the HSBC's headquarters in Hong Kong on Thursday. Damaged and defaced during tumultuous protests at the start of this year, the two bronze lion statues standing guard outside HSBC's main office in Hong Kong, made their return to the public. Bloomberg
A person wearing a protective mask touches a statue of a lion in front of the HSBC's headquarters in Hong Kong on Thursday. Damaged and defaced during tumultuous protests at the start of this year, the two bronze lion statues standing guard outside HSBC's main office in Hong Kong, made their return to the public. Bloomberg
A person wearing a protective mask touches a statue of a lion in front of the HSBC's headquarters in Hong Kong on Thursday. Damaged and defaced during tumultuous protests at the start of this year, the two bronze lion statues standing guard outside HSBC's main office in Hong Kong, made their return to the public. Bloomberg
A person wearing a protective mask touches a statue of a lion in front of the HSBC's headquarters in Hong Kong on Thursday. Damaged and defaced during tumultuous protests at the start of this year, th

HSBC's iconic lions return to bank's Hong Kong office


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Damaged and defaced during tumultuous protests at the start of this year, the two bronze lion statues standing guard outside HSBC’s main office in Hong Kong have made their return to the public.

The lions, nicknamed “Stephen” and “Stitt,” were unveiled on Thursday following an almost 10-month restoration project after they were splashed with spray paint and partly set ablaze during a mass march at the start of this year.

“Stephen and Stitt have watched over HSBC Main Building for 85 years,” Peter Wong, the bank’s Asia Pacific chief executive officer, said in a statement. “Through good times and bad, they have been an enduring part of Hong Kong’s story.”

Anti-government protests rocked the city for months last year, but have all but disappeared after a new security law and strict social distancing rules were put in place to prevent the spread of the coronavirus.

The two lions – animals the Chinese believe bring good fortune and prosperity to those they guard – were first placed to watch over its Shanghai office in 1923. They were replicated in 1935 and shipped to Hong Kong, where one was named “Stephen” – after A.G. Stephen, who commissioned the sculptures and served as the bank’s chief manager from 1920 to 1924 – and the other “Stitt,” after G.H. Stitt, its then-manager in Shanghai.

HSBC, which counts Hong Kong as its biggest market, has been caught in a tough spot. The attack on the lions came after the bank closed an account linked to the city’s anti-government movement in November. It has also seen some of its branches attacked.

The lender also this year publicly endorsed China’s new security law, drawing further ire from activists in the city.

The London-based lender’s relationship with China has become increasingly tense over its role in the US investigation of Huawei Technologies.

China is crucial in HSBC chief executive Noel Quinn’s plan to boost profits. Mr Quinn is speeding up shakeup of its global operations, pivoting further into Asia as the lender's European operations lose money and it struggles with ballooning bad debt and low interest rates.

  • People take a selfie photograph with a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong, China. Bloomberg
    People take a selfie photograph with a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong, China. Bloomberg
  • A man takes a photo of a lion statue outside HSBC bank headquarters building in Hong Kong. AFP
    A man takes a photo of a lion statue outside HSBC bank headquarters building in Hong Kong. AFP
  • People touch a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
    People touch a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
  • People pose for a photo next to a lion statue outside HSBC bank headquarters building in Hong Kong. AFP
    People pose for a photo next to a lion statue outside HSBC bank headquarters building in Hong Kong. AFP
  • A man poses for a photo next to a lion statue outside HSBC bank headquarters building in Hong Kong. AFP
    A man poses for a photo next to a lion statue outside HSBC bank headquarters building in Hong Kong. AFP
  • A worker cleans a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
    A worker cleans a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
  • A person stands for a photograph next to a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
    A person stands for a photograph next to a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
  • A person stands next to a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
    A person stands next to a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
  • A pedestrian walks past a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
    A pedestrian walks past a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
  • Pedestrians past a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
    Pedestrians past a statue of a lion in front of the HSBC Holdings Plc headquarters building in Hong Kong. Bloomberg
Pathaan
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Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
HEADLINE HERE
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  • That's about it
RESULT

Leeds United 1 Manchester City 1
Leeds:
 Rodrigo (59')
Man City: Sterling (17')

Man of the Match: Rodrigo Moreno (Leeds)

Schedule
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Friday’s fixture

6.15pm: Al Wahda v Hatta

6.15pm: Al Dhafra v Ajman

9pm: Al Wasl v Baniyas

9pm: Fujairah v Sharjah

.

More from Armen Sarkissian
Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

The specs

Engine: 3.0-litre 6-cyl turbo

Power: 435hp at 5,900rpm

Torque: 520Nm at 1,800-5,500rpm

Transmission: 9-speed auto

Price: from Dh498,542

On sale: now

Results

1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000

2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000

3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

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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

What is safeguarding?

“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.

Nancy 9 (Hassa Beek)

Nancy Ajram

(In2Musica)

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Intercontinental Cup

Namibia v UAE Saturday Sep 16-Tuesday Sep 19

Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
The specs: 2018 Jaguar F-Type Convertible

Price, base / as tested: Dh283,080 / Dh318,465

Engine: 2.0-litre inline four-cylinder

Transmission: Eight-speed automatic

Power: 295hp @ 5,500rpm

Torque: 400Nm @ 1,500rpm

Fuel economy, combined: 7.2L / 100km

ESSENTIALS

The flights 

Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes. 

Where to stay 

The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.

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Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business