Many of Turkey's big cities have struggled with water shortages. AFP
Many of Turkey's big cities have struggled with water shortages. AFP
Many of Turkey's big cities have struggled with water shortages. AFP
Many of Turkey's big cities have struggled with water shortages. AFP


There's still time for Turkey to improve its spotty climate record


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November 08, 2021

The Paris climate accords are set to go into effect this week in Turkey, the last of the G20 states to embrace the world’s main climate pact and commit to net-zero carbon emissions by 2053. So why did Recep Tayyip Erdogan, Turkey's President, decide against attending the ongoing Cop26 climate conference in Glasgow?

The official reason was "security concerns", but even as Turkey steps into the international community of global warming warriors, it sees fit to keep one foot in humanity’s eco-unfriendly past. That’s the climate change cha-cha-cha Mr Erdogan has spent much of his career perfecting.

As Istanbul mayor in the mid-1990s, he warned that a third bridge over the Bosphorus would be the death of the city. But as the nation’s leader some years later, he approved its construction, and the destruction of some of Istanbul’s last forests, then spoke at the 2016 opening of Sultan Selim Bridge.

That megaproject was part of Mr Erdogan’s $200 billion construction-led infrastructure agenda, which, for about a decade, helped spur economic growth. To counter complaints about the resulting environmental damage – most notably during the nationwide Gezi protests in mid-2013 – the government embarked on a record-setting tree-planting campaign.

Since taking power in 2002, the government of the Justice and Development Party (AKP) says it has planted more than 4bn trees and hopes to reach 7bn by 2023. And last week, Mr Erdogan laid out plans to establish more than 400 national gardens, including at Istanbul’s former Ataturk Airport, and green 66 million square metres of land.

But Turkey's forestry union chief said last year that up to 90 per cent of government-planted saplings have died due to lack of rainfall or being planted at the wrong time of year. And earlier this year, Turkey’s Mediterranean coast saw its most devastating wildfires in decades and sea slime choked ports across Istanbul and the Marmara Sea, with a top Turkish ecologist citing rapid urbanisation, deforestation, runoff and soil erosion as key factors in both.

Many big cities have struggled with water shortages over the past year, as persistent drought has left Turkey water-stressed. Dozens of new mines and dams – such as the massive Ilisu Dam, which required the submersion of an ancient village and opened this past Saturday – have imperilled ecosystems across the country. Yet, minutes after the Turkish Parliament ratified the Paris Agreement last month, legislators approved a bill making the country eligible for nuclear waste transfer, potentially turning Turkey, as one columnist put it, "into a nuclear waste dump".

Of course, amid economic troubles and a lingering pandemic, determining energy and climate policies these days is complicated business. Consider that on the sidelines of the most important climate conference in years – at which US President Joe Biden called on the oil and gas industry to reduce harmful emissions – US Secretary of State Anthony Blinken urged US allies to increase oil and gas production.

Turkey's President Erdogan is absent from this year's Cop26 climate summit in Glasgow, Scotland. AFP
Turkey's President Erdogan is absent from this year's Cop26 climate summit in Glasgow, Scotland. AFP
Turkey’s leading forestry union says the vast majority of government-planted saplings are dead

With Morgan Stanley expecting gas prices to rise 40 per cent by 2030, Turkey’s recent natural gas discovery in the Black Sea is likely to take on greater import. Yet, a new report from several European NGOs urges Turkey to end coal subsidies and make its fossil fuel companies responsible for their emissions, embracing the “polluter pays” principle.

Offering a progressive counter to Mr Erdogan, Istanbul Mayor Ekrem Imamoglu, who is widely seen as a top presidential challenger, will attend the Glasgow summit to speak on two panels as an urban sustainability expert. His experience battling the environmental impact of government decisions – such as its $20bn canal meant to bisect the city’s European side – may have earned him the invites.

Skipping out on Cop26 may have already put Ankara in a hole. Turkey is among the more than 130 countries that signed onto the first big initiative to come out of Glasgow, a commitment to end deforestation by 2030. Yet, it is not among the nearly 100 countries joining the UK-India plan to link the world’s green power grids and spur faster roll-out of low-carbon technologies. Nor is Turkey among the 90 countries that signed onto the EU-US initiative to cut methane emissions 30 per cent by 2030.

Turkey’s agricultural production has fallen sharply in recent years, and its farmers are deep in debt, as I detailed in August. Just last week, a Greek climate scientist predicted further decreases in farm output across the eastern Mediterranean region. Ankara would thus have been wise to join the US and the UAE, two states with which it has sought better ties of late, in investing billions to boost agricultural innovation and climate adaptation.

The world has made some progress on climate in recent years, reducing the expected temperature increase by the end of this century from a cataclysmic 4°C to a merely devastating 3°C. Much still needs to be done, and Glasgow may be, as US climate envoy John Kerry put it, the "last best hope for the world to get its act together".

Citing what’s known as climate debt, Ankara believes developed states shoulder the greatest burden when it comes to saving the planet. “Whoever savagely exploited natural resources needs to make the largest contribution to the fight against climate change,” Mr Erdogan told the UN in September.

But China overtook the US as the world’s largest emitter of greenhouse gases back in 2006, and developing states such as Turkey have been exploiting resources for decades. At some point, Ankara will need to acknowledge its exploitative policies and fully join the global fight against climate change, rather than going halfway and passing the blame.

For the welfare of Turkish citizens let’s hope it’s sooner rather than later.

Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

WHAT ARE NFTs?

     

 

    

 

   

 

Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.

 

An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.

 

This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.

 
Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206.5-litre%20V12%20and%20three%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C015hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C500Nm%20(estimate)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Early%202024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh2%20million%20(estimate)%3C%2Fp%3E%0A
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

Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

HEADLINE HERE
  • I would recommend writing out the text in the body 
  • And then copy into this box
  • It can be as long as you link
  • But I recommend you use the bullet point function (see red square)
  • Or try to keep the word count down
  • Be wary of other embeds lengthy fact boxes could crash into 
  • That's about it
Fixtures and results:

Wed, Aug 29:

  • Malaysia bt Hong Kong by 3 wickets
  • Oman bt Nepal by 7 wickets
  • UAE bt Singapore by 215 runs

Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman

Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal

Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore

Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong

Thu, Sep 6: Final

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

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

Checks continue

A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.

Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.

Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
Updated: November 08, 2021, 4:00 AM