In this file photo taken on October 1, 2019 a vehicle passes an anti-Brexit pro-Irish unity billboard seen from the Dublin road in Newry, Northern Ireland. AFP
In this file photo taken on October 1, 2019 a vehicle passes an anti-Brexit pro-Irish unity billboard seen from the Dublin road in Newry, Northern Ireland. AFP
In this file photo taken on October 1, 2019 a vehicle passes an anti-Brexit pro-Irish unity billboard seen from the Dublin road in Newry, Northern Ireland. AFP
Wednesday marked the 100th anniversary of the enactment of a British law that allowed the partition of Ireland, then under UK control, into two spheres – Northern Ireland and Southern Ireland, with the latter eventually becoming the Irish Free State.
The 1920 Act, as it is commonly known, was introduced to provide for the "better government" of Ireland. It brought no such thing. It was eventually repealed in 1998 with the Good Friday Agreement, which put an end to the decades-long conflict in Northern Ireland between the Unionists and Nationalists, and made way for a devolved system of government there.
Next year's planned centennial commemorations for Northern Ireland, which got its own parliament after the act, are likely to spur further division. In the context of Brexit, the distancing of Northern Ireland from the UK is newly set in train. An existential question of how the Protestant/Loyalist and the Catholic/Nationalist communities share the space moves into a new phase.
Seamus Heaney photographed in 1995, the year he won the Nobel Prize for literature.
On Thursday, the EU-UK trade deal confirmed Northern Ireland as a place apart. Yet, Thursday's outcome cannot be a settled set-up for its residents.
There has been plenty of attention given to the Scottish resentment of the pact and the threat to the integrity of the UK. However, it is Northern Ireland that has already entered an unprecedented hybrid status.
A careful read of the UK customs advice on future commerce with the EU reveals a new code for all transactions starting with the letters "GB" – or Great Britain – as opposed to "UK". As a whole, the UK encompasses Northern Ireland.
Letters matter. Northern Ireland trade remains in the EU’s Customs Union while also included in the UK economy.
A century on from the last big shift, Belfast is ripe for another historical upheaval. How the 100 years of the Northern Ireland campaign goes down in 2021 is crucial to the future, not just the past.
So far the signs are not good.
The government there is currently planning celebrations to mark the centenary of its establishment. The institutional dynamic of the celebrations is that there is something for everyone to be happy about. But Northern Ireland does anniversaries badly.
This is because its history is built on divisions. To give an example, Titanic Belfast – a monument to the city's maritime heritage on the site where the RMS Titanic was built – was launched in 2012 as a showcase for tourism. Events marking the centenary of the ship's commissioning and tragic sinking in 1912 centred on a new museum and sought to capitalise on the success of the eponymous Hollywood movie.
A 15-tonne steel sign is lowered into place in front of the Titanic building in Belfast. PA Wire/Press Association Images
However, many in the north did not share the view of the Titanic that was being whipped up by the marketeers. Catholics remembered that the liner was built in the East Belfast docks, a Protestant-majority area, and set sail amid "No Pope here" banners. This fact is even taught in Catholic schools. Titanic was a symbol of Unionist pride at the time of the Ulster Covenant, a landmark Protestant protest movement that laid the ground for the 1920 Act following the First World War.
For the 2021 campaign, the Northern Ireland Office – the Whitehall department that oversees the region – in tandem with the devolved, power-sharing government, has picked out notable Northern Irish figures. One of those chosen is Seamus Heaney, the poet and winner of the Nobel Prize in Literature.
On one level he is an obvious choice. On another level the use of his portrait is attempted appropriation.
During his lifetime, Heaney was scrupulous to avoid direct political interventions. It was a tough choice. Both sides tried to entangle him. But Heaney refused – to the point of snubbing known gunmen. The Oxford University Press included him in an anthology of best British poets. But Heaney was having none of it.
The great Northern Irish footballer George Best, seen here in Manchester United colours, was either British or Irish depending on how he performed. Reuters
There is a common joke that when public figures such as George Best, Liam Neeson and Alex Higgins were winners, they were British. When they did something wrong, the headline writers made them Irish.
Heaney’s poetry grows out of the land, slow-changing traditions and the timeless myths that shaped him. The visitors' museum in his native village is tellingly named "Homeplace". That place is in Northern Ireland. But one of the state's founding fathers described it as a "Protestant Parliament and Protestant State". In other words, Heaney, a Catholic, had no part in it.
To the Oxford publishers in 1982, Heaney outlined his loyalties with a small bit of verse. “Be advised, my passport’s green/No glass of ours was ever raised/To toast the Queen”.
A Nationalist leader recycled the quote this month in protest against Heaney’s inclusion in the centenary campaign. Unionists were outraged. One leader pointed out that Heaney had toasted Queen Elizabeth at the state reception in Dublin Castle when she made a visit in 2011. In the context of the 1998 peace deal, Unionists see objections to the portrait of Heaney as contrary to the spirit of inclusiveness that it sought to foster.
A general view shows night falling on the city of Londonderry, Northern Ireland. The country remains divided between Catholics and Protestants. Reuters
The Union is exposed in areas viewed as settled issues for the last quarter of its troubled 100 years
British Prime Minister Boris Johnson set up the centenary commemorations after his first Brexit deal with Brussels undermined the Unionists. But his government is not neutral on the Union – a departure from the position of former prime ministers John Major, Tony Blair and David Cameron.
Theoretically, Northern Ireland could gain doubly from Mr Johnson’s successful effort to reposition the UK’s trading relationship with Europe. In contrast, the Union is also exposed in areas viewed as settled issues for the last quarter of its troubled 100 years.
Economic opportunities amount to just one of these issues. Culture is another. Loyalty is a third.
History is the ever-present factor. The binary choice that was offered a century ago has again been exposed as inadequate. The north and south are the products of that act. At some point, both will equally have to accept fundamental change in order to move on.
Damien McElroy is London bureau chief at The National
Individuals must register on UAE Drone app or website using their UAE Pass
Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
Upload the training certificate from a centre accredited by the GCAA
Submit their request
What are the regulations?
Fly it within visual line of sight
Never over populated areas
Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
Users must avoid flying over restricted areas listed on the UAE Drone app
Only fly the drone during the day, and never at night
Should have a live feed of the drone flight
Drones must weigh 5 kg or less
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
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
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.