• Ekrem Imamoglu, Istanbul mayor and the Republican People's Party candidate, after claiming victory in Istanbul, Turkey. AFP
    Ekrem Imamoglu, Istanbul mayor and the Republican People's Party candidate, after claiming victory in Istanbul, Turkey. AFP
  • Mr Imamoglu addresses his supporters in front of the Istanbul Metropolitan Municipality in Istanbul, Turkey. Reuters
    Mr Imamoglu addresses his supporters in front of the Istanbul Metropolitan Municipality in Istanbul, Turkey. Reuters
  • Opposition Republican People's Party supporters celebrate outside the main municipality building following municipal elections across Turkey, in Istanbul. AFP
    Opposition Republican People's Party supporters celebrate outside the main municipality building following municipal elections across Turkey, in Istanbul. AFP
  • Turkey's main opposition party claimed big election victories in the main cities of Istanbul and Ankara. AFP
    Turkey's main opposition party claimed big election victories in the main cities of Istanbul and Ankara. AFP
  • Mr Imamoglu's supporters celebrate the closing of the polls in the local elections in Istanbul, Turkey. EPA
    Mr Imamoglu's supporters celebrate the closing of the polls in the local elections in Istanbul, Turkey. EPA
  • Turkish President and leader of Justice and Development Party Recep Tayyip Erdogan with his wife Emine Erdogan after the local elections in Ankara. AFP
    Turkish President and leader of Justice and Development Party Recep Tayyip Erdogan with his wife Emine Erdogan after the local elections in Ankara. AFP
  • Supporters of Justice and Development Party cheer as Mr Erdogan delivers a speech after the elections, in Ankara. AFP
    Supporters of Justice and Development Party cheer as Mr Erdogan delivers a speech after the elections, in Ankara. AFP
  • Ankara's Mayor and Republican People's Party candidate Mansur Yavas, waves to supporters in Ankara. AFP
    Ankara's Mayor and Republican People's Party candidate Mansur Yavas, waves to supporters in Ankara. AFP
  • A man holds a portrait of Mr Yavas in Ankara. AFP
    A man holds a portrait of Mr Yavas in Ankara. AFP
  • Supporters of Mr Yavas listen to his victory speech in Ankara, Turkey. AFP
    Supporters of Mr Yavas listen to his victory speech in Ankara, Turkey. AFP

Turkey local elections: President Erdogan accepts defeat in 'turning point'


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Opposition mayors in Istanbul and Ankara claimed victory in Turkey's local elections on Sunday, delivering a surprise election defeat to President Recep Tayyip Erdogan.

He later accepted their gains, calling the vote a “turning point”, as his ruling Justice and Development Party (AKP) lost in key battlegrounds Ankara and Istanbul.

With 96 per cent of ballot boxes opened, Istanbul's Republican People's Party (CHP) mayor Ekrem Imamoglu said he had seen off the challenge of Mr Erdogan's candidate by more than one million votes.

“We have won the election,” Mr Imamoglu declared. “Tomorrow is a new spring day for our country.”

Large crowds filled the square outside the Istanbul city headquarters waving Turkish flags and lighting torches to celebrate the result.

The CHP also retained the capital with Mayor Mansur Yavas saying “the elections are over, we will continue to serve Ankara”.

Mr Yavas was leading with 58.6 per cent of the vote against 33.5 per cent for his AKP opponent from 46.4 per cent of ballot boxes opened. The CHP was also ahead in Izmir, Turkey's third city and a party stronghold.

Both Mr Imamoglu and Mr Yavas are members of the pro-secular nationalist Republican People's Party or CHP. Mr Erdogan's AKP lost control of both cities in a surprise victory for the country’s embattled opposition in 2019, which ushered in fresh crackdowns on his opponents, and was followed by Mr Erdogan's re-election as president in 2023.

Sixty-one million people were eligible to vote in the local elections across the country.

The vote was taking place after years of economic gloom, with the country having suffered 70 per cent inflation and a fall in industrial output. But in recent months, the economy has returned to modest growth and youth unemployment dipped around a percentage point to nine per cent last year, significantly below a lot of European countries, but still near double digits.

There were reports of violence in separate incidents across the country, despite the Interior Minister Ali Yerlikaya earlier announcing that 594,000 security personnel had been posted to ensure the vote goes smoothly.

The state-owned Anadolu reported that armed groups clashed in south-eastern Turkey, with at least one person killed and 11 more injured. It added that another 16 were injured in a clash in Sanliurfa, also in Turkey's restive south-east, where Kurdish separatist groups have a strong presence.

The election was seen as crucial for Mr Erdogan's plans to usher in a new national constitution that would allow him to rule beyond 2028, analysts say.

Observers say many governing party supporters could have chosen not to go to the polls in protest of the economic downturn that has left many struggling to pay for food, utilities and rent.

Mr Imamoglu ran in the poll without the support of some of the parties that helped him to victory in 2019.

Both the pro-Kurdish Peoples’ Equality and Democracy Party and the nationalist IYI Party fielded their own candidates in the race, which risked siphoning away votes from Mr Imamoglu.

A six-party opposition alliance led by CHP disintegrated after it failed to oust Mr Erdogan in last year's election, unable to capitalise on the economic crisis and the government's initially poor response to last year's devastating earthquake that killed more than 53,000 people.

Meanwhile, a new religious-conservative party, the New Welfare Party, or YRP, was appealing to voters who have been disillusioned with Mr Erdogan’s handling of the economy and was expected to draw some votes away from his candidates.

In Turkey's mainly Kurdish-populated south-east, the DEM Party was expected to win many of the municipalities but it's unclear whether it would be allowed to retain them. In previous years, Mr Erdogan’s government removed elected pro-Kurdish mayors from office for alleged links to Kurdish militants and replaced them with state-appointed trustees.

Agencies contributed to this report

Match info:

Manchester City 2
Sterling (8'), Walker (52')

Newcastle United 1
Yedlin (30')

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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

Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

The biog

Name: Marie Byrne

Nationality: Irish

Favourite film: The Shawshank Redemption

Book: Seagull by Jonathan Livingston

Life lesson: A person is not old until regret takes the place of their dreams

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

INDIA SQUAD

Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)

TOP 5 DRIVERS 2019

1 Lewis Hamilton, Mercedes, 10 wins 387 points

2 Valtteri Bottas, Mercedes, 4 wins, 314 points

3 Max Verstappen, Red Bull, 3 wins, 260 points

4 Charles Leclerc, Ferrari, 2 wins, 249 points

5 Sebastian Vettel, Ferrari, 1 win, 230 points

SERIES INFO

Schedule:
All matches at the Harare Sports Club
1st ODI, Wed Apr 10
2nd ODI, Fri Apr 12
3rd ODI, Sun Apr 14
4th ODI, Sun Apr 16

UAE squad
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed

Zimbabwe squad
Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura

Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

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.”

Company%20profile
%3Cp%3ECompany%20name%3A%20Shipsy%3Cbr%3EYear%20of%20inception%3A%202015%3Cbr%3EFounders%3A%20Soham%20Chokshi%2C%20Dhruv%20Agrawal%2C%20Harsh%20Kumar%20and%20Himanshu%20Gupta%3Cbr%3EBased%3A%20India%2C%20UAE%20and%20Indonesia%3Cbr%3ESector%3A%20logistics%3Cbr%3ESize%3A%20more%20than%20350%20employees%3Cbr%3EFunding%20received%20so%20far%3A%20%2431%20million%20in%20series%20A%20and%20B%20rounds%3Cbr%3EInvestors%3A%20Info%20Edge%2C%20Sequoia%20Capital%E2%80%99s%20Surge%2C%20A91%20Partners%20and%20Z3%20Partners%3C%2Fp%3E%0A

Florence and the Machine – High as Hope
Three stars

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Updated: April 01, 2024, 6:35 AM