Lebanon explosion: at least 28 killed in fuel tanker blast in Akkar


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An oil tanker explosion killed at least 27 people and injured 79 others in the impoverished northern Lebanese governorate of Akkar, the Health Ministry and Lebanese Red Cross said.

The explosion happened at a time of widespread fuel shortages, when much of the country is without electricity and long queues form at petrol stations.

Central Bank Governor Riad Salameh had announced a few days ago that fuel subsidies would be lifted.

The Lebanese Army has opened an investigation into the incident and President Michel Aoun summoned the Supreme Defence Council to discuss a response.

"At around 2am on Sunday, a fuel tanker that had been seized earlier by the army to distribute to the people exploded at an open area used for storing crushed stones in the village of Tleil in Akkar, leaving casualties among civilians and military personnel," the army said on its website.

It said it had arrested the son of the man who owned the land where the incident took place. The suspect was identified only by his initials in the army statement and his father's whereabouts were unknown.

A mob gathered at the man's home breaking windows and setting fire to his property. He is believed to have owned the fuel that exploded.

Hundreds of Akkar residents went to the site of the explosion and burnt the owner's lorry, the National News Agency reported.

Akkar governorate, on the border with Syria, is one of the poorest areas of Lebanon.

The explosion heaped more misery on a country struck by an economic crisis and severe fuel shortages that crippled hospitals and caused power cuts that last up to 22 hours a day.

Videos of the explosion seen on social media show a fire consuming metal scraps.

"Look at how the people are burning," a man can be heard saying in one video shared by a local news outlet.

"Our teams have transported 20 dead bodies ... from the fuel tanker explosion in #AKKAR to hospitals in the area," the Lebanese Red Cross said on Twitter.

Yassine Metlej, an employee at an Akkar hospital, said it received at least seven bodies and dozens of burn victims.

"The corpses are so charred that we can't identify them," he told AFP. "Some have lost their faces, others their arms."

He said the hospital had to turn away most of the injured because it was unable to treat severe burns.

Mohammad, an employee at a nearby hospital, said more than 30 injured people had arrived seeking treatment, but were turned away.

"They all have burns," he said.

They were turned away because the hospital is not equipped to treat them, Mohammad said.

Others were treated 25 kilometres away at Al Salam Hospital in the northern city of Tripoli, the only health centre in the region that can care for burn victims.

"The fear of losing fuel oil, medicines and supplies necessary to treat the injured is our concern now," Lebanon’s Health Minister Hamad Hassan said on Monday.

Electricity, fuel and medicine shortages have weighed heavily on Lebanese hospitals and impeded their ability to function normally.

Turkey took in on Sunday three patients with severe burns for treatment, while Kuwait sent 7.5 tonnes of medical aid to Lebanon.

Dire fuel shortage

Lebanon, hit by a financial crisis described by the World Bank as one of the worst since the 1850s, has been tackling soaring poverty, a plummeting currency and dire fuel shortages.

On Saturday, the Lebanese Army said it seized thousands of litres of petrol and diesel that distributors were stockpiling.

Fuel shortages have left many with only two hours of electricity a day, while several hospitals have recently given warning that they may have to close because of power cuts.

Mr Aoun has ordered security forces to pursue rescue operations and ensure the injured had access to urgent medical treatment.

Mr Aoun later told warned against politicizing the incident to create tensions.

"During the last session, I presented a report on the situation in the north, specifically activities undertaken by extremist groups to create chaos and security instability," Mr Aoun told the supreme defence council before the meeting started, urging security agencies to coordinate their efforts.

His remarks drew criticism from former prime minister Saad Hariri, who dismissed the president's claims about radical groups in the area and called on the latter to step down, blaming him for the economic crisis engulfing the country.

Earlier in the day, Hariri drew similarities between the Akkar and Beirut explosions.

"The Akkar massacre is not different from the port massacre," he said on Twitter.

"If this was a country that respects its people, its officials would resign, from the president to the very last person responsible for this neglect."

Prime minister-designate Najib Mikati said victims of the blast fell prey to those "who have exploited the fuel crisis to achieve illegal profits".

He vowed to crack down on the smuggling and illegal storage of fuel.

"It's a new black and bloody dawn in the history of Lebanon and the Lebanese people," Parliament Speaker Nabih Berri said in a statement carried by NNA.

He offered his condolences to the victims' families and the Lebanese Army, which reportedly lost several soldiers in the explosion.

Health Minister Hamad Hassan ordered hospitals to provide treatment for victims of the blast at the Health Ministry's expense while several countries pledged to dispatch medical aid.

Caretaker prime minister Hassan Diab said that Egypt, Turkey and Iraq have offered medical aid. Jordan also said it was sending assistance.

The Akkar explosion comes less than two weeks after Lebanon marked the first anniversary of a blast at Beirut's port last August that killed more than 200 people.

On August 4, 2020, a haphazardly stored stock of ammonium nitrate fertiliser exploded and left large parts of the capital looking like a war zone.

It was one of history's largest non-nuclear explosions.

In the year since, no officials have been held to account for that blast.

Despite a worsening economic crisis, political wrangling has delayed the formation of a new government after the last Cabinet resigned following the port explosion.

International donors have pledged hundreds of millions of dollars in humanitarian aid to Lebanon. But the money is conditional on the formation of a new government prepared to spearhead reforms, and on the resumption of talks with the International Monetary Fund.

 

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Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

ENGLAND SQUAD

For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.

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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
David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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.”

Stamp%20duty%20timeline
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Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

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

SPECS
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COMPANY%20PROFILE
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The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

Updated: November 21, 2021, 9:37 AM