A Nepalese mountain guide has broken his own record for the most summits of the world's highest peak.
Kami Rita, 51, a Sherpa, successfully scaled Mount Everest on Friday. It was the veteran mountaineer's 25th trip to the peak of the mountain.
Rita is also one of the first climbers to reach the new altitude – 0.86 metres higher – of the world's highest mountain. It was officially changed last year, after Nepal and China jointly announced an updated height of 8,848.86 metres.
Joined by 11 other Sherpas, all Nepalese, Rita and his team were tasked with fixing ropes on the mountain's icy passes to allow other climbers to attempt to reach the summit of Everest later this month.
As part of a team from Seven Summit Treks, under the management of Expedition Operators of Nepal, the Sherpas reached the summit of the 50-million-year-old mountain at 6pm on Friday.
"I may have achieved my lifelong dream of climbing Everest for the 25th time, but there is much more to go. This marks the beginning of a new era," Rita wrote on Instagram.
The Sherpa has been climbing Everest for 27 years, having first ascended in 1994. On Saturday, he wrote on Facebook that he and the team had made it successfully back to base camp.
Nicknamed Thapke, Rita has a Guinness World Record for the most summits of Everest, which he was awarded on May 21, 2019, after tackling the mountain for the 24th time. That achievement came less than a week after his 23rd summit of Everest on May 15, 2019.
The global pandemic has meant the mountaineer had to wait two years to be able to make his 25th record-breaking summit attempt. With the ropes now in place, however, the 2021 summit route is officially open.
Mount Everest was closed to climbers last year because of coronavirus. This year, Nepal has issued a limited number of climbing permits for those hoping to summit the peak. To date, more than 400 permits have been issued to foreigners planning to climb Everest's southern side.
The north side, which is located in China, remains largely restricted, with only a handful of permits being issued and strict Covid-19 testing measures in place.
Bahraini prince eyes Everest summit
Among the mountaineers hoping to scale the world's highest summit this year is Bahraini Prince Mohamed Hamad Mohamed Al Khalifa.
The royal is part of a team of 16 climbers and 30 Sherpa guides planning to reach the mountain's peak.
Prince Mohamed has already summited Mount Manaslu (8,163 metres) and Mount Lobuche (6,119 metres) in the Himalayas, during the pandemic. The outdoor enthusiast transported 2,000 doses of the Oxford-AstraZeneca coronavirus vaccine to Nepal in March.
Covid-19 on the world's highest mountain
The pandemic has also reached Mount Everest. Last week, mountaineers and authorities at Everest base camp confirmed to the BBC that they had seen a rising number of climbers with Covid-19 symptoms and an increase in positive tests.
Nepalese authorities have not verified the information, but the country is battling a second wave of infections. Kathmandu Valley and several other districts are currently under lockdown to try to slow the spread of the virus.
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Specs
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THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
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Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
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
UAE currency: the story behind the money in your pockets
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
SPEC%20SHEET
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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
