Dutch politician Wopke Hoekstra has been reappointed as the EU's climate tsar with a new brief emphasising “clean growth”.
Mr Hoekstra said climate action should move “closer together” to economic growth as he was nominated for a five-year term by European Commission president Ursula von der Leyen. She named her new team on Tuesday after a fraught back-and-forth with the 27 EU capitals, who put forward one candidate each.
Spain's Teresa Ribera will also have a hand in the EU's Green Deal agenda as vice president overseeing a “clean, just and competitive transition”. But Mr Hoekstra, who was the EU's top negotiator at the Cop28 summit in the UAE, will remain its diplomatic frontman on climate change.
His title has been changed from Commissioner for Climate Action to Commissioner for Climate, Net Zero and Clean Growth. Mr Hoekstra stepped into the role last year after fellow Dutchman Frans Timmermans stepped down to run in national elections.
A key task for the new commission will be agreeing an EU-wide greenhouse gas emissions target for 2040. Ms von der Leyen is pushing for an ambitious 90 per cut in emissions compared to 1990 levels, although some proposals have been watered down amid protests by farmers that also shook up Dutch politics.
Green candidates lost almost a quarter of their seats at June elections to the European Parliament, while Ms von der Leyen's European People's Party campaigned on “less bureaucracy” and green policies that “promote economic prosperity and food security”.
Mr Hoekstra, a former Dutch minister of finance and foreign affairs, said he was “honoured and humbled” to take on the new brief. “To tackle climate change and enhance our economy, it is essential to bring the two closer together,” he said.
Setting out each commissioner's role, Ms von der Leyen said the climate tsar “will continue to work on implementation and adaptation, on climate diplomacy and decarbonisation, and he will also be responsible for taxation”.
Ms von der Leyen has named “prosperity, security and democracy” as the themes of her second term, with economic competitiveness a key focus. Former European Central Bank chief Mario Draghi warned of a long-term trend of sluggish growth in a major report last week.
Ms von der Leyen's new team also includes the first EU defence commissioner, namely Lithuania's former prime minister Andrius Kubilius, as she seeks a more muscular role for the bloc after Russia's invasion of Ukraine brought war to its doorstep.
Also appointed for the first time is a commissioner for the Mediterranean, Dubravka Suica, who has been asked to “develop our shared interests with the region”. Czech politician Jozef Sikela is in charge of EU investment in developing countries.
Estonia's ex-prime minister Kaja Kallas, who has built an image as a pro-Ukraine hardliner, succeeds Josep Borrell as the EU's high representative for foreign affairs. Marta Kos of Slovenia will have an enlargement brief covering Ukraine's bid for EU membership. Austria's Magnus Brunner will oversee migration, including a controversial new asylum pact meant to share out new arrivals beyond front-line countries such as Italy and Greece.
Ms Ribera will oversee the “clean, just and competitive transition” as one of six executive vice presidents. Ms Kallas is a second, while a third is France's Stephane Sejourne, who has been handed an industrial strategy beat.
Mr Sejourne was a last-minute replacement for France's current commissioner Thierry Breton, who lost out in a tug-of-war with Ms von der Leyen and accused her of “questionable governance” in a terse resignation letter on Monday.
Finland's Henna Virkkunen will be vice president for tech issues, while Romania's Roxana Minzatu has been given a jobs and skills portfolio and Italy's Raffaele Fitto will oversee regions and cities. New roles for the 20 regular commissioners include a crisis management brief given to Belgian Foreign Minister Hadja Lahbib.
Former Brexit negotiator Maros Sefcovic of Slovakia takes on two roles managing trade and internal EU relations, while Latvia's Valdis Dombrovskis is in charge of both economic policy and a “simplification” drive recommended by Mr Draghi.
Hungary's Oliver Varhelyi has been handed a health role, Cyprus's Costas Kadis will handle fisheries, Portugal's Maria Luís Albuquerque takes on financial services, Sweden's Jessika Roswall is in charge of water and the environment, and Poland's Piotr Serafin will draw up the EU budget. Bulgaria's Ekaterina Zaharieva will oversee research and innovation, Ireland's Michael McGrath is responsible for justice and the rule of law, Luxembourg's Christophe Hansen is tasked with managing agriculture, Malta's Glenn Micallef will work on youth and sport, and Greece's Apostolos Tzitzikostas is the EU's new man on transport and tourism.
A push for gender balance ended with 11 women in the 27 positions, which Ms von der Leyen said was an improvement from the six initially chosen. She also sought geographic balance with an east-west split of commission vice presidents.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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The%C2%A0specs%20
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Stage result
1. Jasper Philipsen (Bel) Alpecin-Fenix 4:42:34
2. Sam Bennett (Irl) Bora-Hansgrohe
3. Elia Viviani (Ita) Ineos Grenadiers
4. Dylan Groenewegen (Ned) BikeExchange-Jayco
5. Emils Liepins (Lat) Trek-Segafredo
6. Arnaud Demare (Fra) Groupama-FDJ
7. Max Kanter (Ger) Movistar Team
8. Olav Kooij (Ned) Jumbo-Visma
9. Tom Devriendt (Bel) Intermarché-Wanty-Gobert Matériaux
10. Pascal Ackermann (Ger) UAE Team Emirate
Meydan race card
6.30pm: Maiden Dh 165,000 1,600m
7.05pm: Handicap Dh 185,000 2,000m
7.40pm: Maiden Dh 165,000 1,600m
8.15pm: Handicap Dh 190,000 1,400m
8.50pm: Handicap Dh 175,000 1,600m
9.25pm: Handicap Dh 175,000 1,200m
10pm: Handicap Dh 165,000 1,600m
Iran's dirty tricks to dodge sanctions
There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.
1 Going Dark
A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.
2. Ship-to-Ship Transfers
A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.
3. Fake Destinations
Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.
4. Rebranded Barrels
Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.
* Bloomberg
PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
The%20specs
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LIKELY TEAMS
South Africa
Faf du Plessis (captain), Dean Elgar, Aiden Markram, Hashim Amla, AB de Villiers, Quinton de Kock (wkt), Vernon Philander, Keshav Maharaj, Kagiso Rabada, Morne Morkel, Lungi Ngidi.
India (from)
Virat Kohli (captain), Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Rohit Sharma, Ajinkya Rahane, Hardik Pandya, Dinesh Karthik (wkt), Ravichandran Ashwin, Bhuvneshwar Kumar, Ishant Sharma, Mohammad Shami, Jasprit Bumrah.
MORE ON CORONAVIRUS & THE ECONOMY
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
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
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.