US President Donald Trump and Australian Prime Minister Scott Morrison shake hands during a visit to a plant opening in Wapakoneta, Ohio, last September. AFP
US President Donald Trump and Australian Prime Minister Scott Morrison shake hands during a visit to a plant opening in Wapakoneta, Ohio, last September. AFP
US President Donald Trump and Australian Prime Minister Scott Morrison shake hands during a visit to a plant opening in Wapakoneta, Ohio, last September. AFP
In April, Australia's Prime Minister Scott Morrison had a telephone call with US President Donald Trump, during which the two leaders apparently discussed their shared belief that China must be held responsible for the coronavirus pandemic. Afterwards, Mr Morrison put renewed impetus behind an initiative for Australia to take a lead role in co-ordinating an international inquiry into its origins – a quest viewed in Beijing, with good reason, as having China firmly in its sights.
"Why Morrison decided to pursue such an intervention immediately after a call to the White House remains a mystery," Tony Walker, a professor at La Trobe University in Melbourne, commented in the South China Morning Post newspaper last month. In the annals of Australian foreign policy, he wrote, "this may well go down as one of the more questionable forays into international diplomacy".
The consequences have since been unfolding, with potentially dire results for Australia. Soon after the phone call, China suspended imports from four Australian meat producers, instantly slashing 20 per cent off the country’s beef trade with China. The following month, Beijing announced anti-dumping and anti-subsidy duties of 80.5 per cent on Australian barley. The tariffs are for five years, and could mean Australian farmers losing half a billion US dollars a year.
People walk past signage for Australian universities in Melbourne last week, as Canberra rejected Beijing's claims that students should be 'cautious' in choosing to study in Australia. AFP
More recently, China’s Education Ministry issued an advisory notice warning its citizens that it may be unsafe for them to study in Australia, due to what it called insufficient control of the virus and “multiple discriminatory incidents against Asians”. This is serious. Australian universities took in nearly 450,000 foreign students last year, almost 40 per cent of whom came from China. The sector relies on overseas visitors for a quarter of its funding.
There are many other ways in which Beijing can impact Canberra. For as its official Trade and Investment Commission puts it: “China is Australia’s number one export market, our largest source of international students, our most valuable tourism market, a major source of foreign direct investment and our largest agricultural goods market.”
In some sectors the reliance on Chinese markets has been near total; in early 2020, China was buying 95 per cent of all the spiny lobsters Australian fishermen were catching – a figure one might have expected to provide food for thought.
But Mr Morrison is standing firm, saying last week that Australia would “never be intimidated by threats” and that he would not respond to “coercion from wherever it comes”. His countrymen appear to be behind him, with a recent poll showing 79 per cent of voters favouring his calls for an investigation into the origins of the virus, and 59 per cent wanting relations with the US to be prioritised over those with China.
A farmer harvests grass seeds in a field in this aerial photograph taken over a farm near Gunnedah, New South Wales, Australia, on last month. Australia’s call for a probe into the origins of the virus have further strained ties. Beijing has labeled calls for the investigation "politically motivated," warning of a potential consumer boycott of Australian products. Bloomberg
Cows walk through a field during a cattle drive at a farm in Gunnedah, New South Wales, last month. A growing number of Australia's primary producers are mulling the potential for a further tightening of restrictions on Australia's agricultural exports by China. Bloomberg
A farmer herds Black Angus cows during a cattle drive in this aerial photograph taken over a farm in Gunnedah. A growing number of Australia's primary producers are mulling the potential for a further tightening of restrictions on Australia's agricultural exports by China. Bloomberg
A student reads while sitting on a ledge at the Quadrangle of the University of Sydney, Australia May 2, 2017. International students are expected to begin returning to Australia next month despite Chinese warnings of pandemic-related racism, the Australian prime minister said on Friday, June 12, 2020. (Paul Miller/AAP Image via AP)
Office buildings and the Bank of China logo are seen amidst the easing of the coronavirus disease restrictions in the Central Business District of Sydney, Australia. Reuters
People wearing face masks to protect against the new coronavirus ride past the Australian Embassy in Beijing last week. China is advising its citizens not to visit Australia, citing racial discrimination and violence against Asians, in what appears to be Beijing's latest attempt to punish the country for advocating an investigation into the coronavirus pandemic. AP Photo
US Secretary of State Mike Pompeo, second left, alongside American and Australian officials during a news conference in Sydney. The two countries agreed to seek a probe into the outbeak of Covid-19. Bloomberg
University of Queensland student and activist Drew Pavlou, centre, takes part in a protest in support of Hong Kong, outside the Chinese consulate in Brisbane, Australia, last month. EPA
Pro democracy Hong Kong protesters gather outside the electorate office of Victorian Premier Daniel Andrews in Melbourne, Australia, last month. EPA
The Commanding Officer of HMAS Parramatta, Commander Anita Nemarich, waves at USS America in the South China Sea last month. Australia is a member of the so-called Quadrilateral Security Dialogue. Reuters
Scott Morrison seems to be clinging to the notion that Australia should be America's "deputy sheriff" in the region, a somewhat subservient designation
But as Dennis Richardson, a former top defence official and Australian ambassador to Washington, has pointed out, this approach "puts at risk more than $100 billion of exports that will impact on living standards of Australians". He thinks the Morrison administration is paying too much attention to what La Trobe's Professor Walker calls "a China-obsessed national security establishment" rather than to "advisers who actually know something about China".
No one disputes that the world needs to work out how to avoid another pandemic, and that includes drawing whatever lessons possible from this one. The Chinese reaction to Mr Morrison's stance on this and related matters may also seem excessive to some. But that reaction partly stems from Mr Morrison's desperation to appear as close as possible to Mr Trump, taking every opportunity to back him up and follow his lead, including in his tirades against China; and this at a time when people who once served the US leader and tried to do their best for him, such as the former defence secretary James Mattis, have given up on his increasingly erratic Presidency.
Australian troops on their tour of duty in Vietnam during the summer of 1965. Getty Images
Mr Morrison seems to be clinging to the notion that Australia should be America’s “deputy sheriff” in the region, a somewhat subservient designation that was nonetheless embraced by the former Australian prime minister John Howard when George W Bush was in the White House. Such a one-sided relationship goes way further back than then, of course. Witness Australia’s ill-advised participation in the Vietnam War when, by contrast, Britain’s then premier Harold Wilson politely but firmly refused then US president Lyndon Johnson’s request for British combat troops.
That was half a century ago, though, and even by Mr Howard’s time it was thoroughly outdated. Geopolitically and economically Australia no longer towered above countries to its north, many of which were distinctly ambivalent about an island-state whose leadership too often gave the impression of thinking that the white man still held sway. Others in the region were not impressed, making plain that Australia had to have a rethink if it wanted to be accepted as a friend and partner in the Asia-Pacific.
As Malaysia’s then prime minister, Dr Mahathir Mohamad, said in 2002: “Australia has to choose whether it's an Asian country or a western country. If you take the position of being a deputy sheriff to America, you cannot very well be accepted by the countries of this region.”
Dr Mahathir had huge respect throughout the developing world and had been a highly forthright voice in the region for more than two decades. He punched above Malaysia’s weight, but ultimately he did not helm a major state. Australia could afford not to answer his question at that time. But now it is China that is asking it, and Canberra can duck it no more.
So far, Mr Morrison has given the wrong answer. Australia may never be a truly Asian, as opposed to a western, country. But it can and should try to be both. Mr Morrison would be advised to consider that before he continues to sing from the same songsheet as the US President, whose behaviour has done much to put the lie to any lingering myths of western superiority.
Sholto Byrnes is a commentator and consultant in Kuala Lumpur and a corresponding fellow of the Erasmus Forum
Tamkeen's offering
Option 1: 70% in year 1, 50% in year 2, 30% in year 3
Option 2: 50% across three years
Option 3: 30% across five years
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Send “thenational” to the following numbers or call the hotline on: 0502955999
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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
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
When: The one-off Test starts on Friday, May 11 What time: Each day’s play is scheduled to start at 2pm UAE time. TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
INFO
What: DP World Tour Championship When: November 21-24 Where: Jumeirah Golf Estates, Dubai Tickets:www.ticketmaster.ae.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Game Of Thrones Season Seven: A Bluffers Guide
Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.
The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.
Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Kopa Trophy (Best player under 21 – Men’s) Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s) Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year Sarina Wiegman (England)
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.”
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
Mobile phone packages comparison
Sole survivors
Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.