• TOPSHOT - India's Shardul Thakur celebrates after the dismissal of South Africa's Temba Bavuma (not seen) during the second day of the second Test cricket match between South Africa and India at The Wanderers Stadium in Johannesburg on January 4, 2022. (Photo by PHILL MAGAKOE / AFP)
    TOPSHOT - India's Shardul Thakur celebrates after the dismissal of South Africa's Temba Bavuma (not seen) during the second day of the second Test cricket match between South Africa and India at The Wanderers Stadium in Johannesburg on January 4, 2022. (Photo by PHILL MAGAKOE / AFP)
  • Shardul Thakur picked up seven wickets at the Wanderers Stadium. AFP
    Shardul Thakur picked up seven wickets at the Wanderers Stadium. AFP
  • Shardul Thakur dismissed South Africa's Lungi Ngidi for his seventh wicket of the innings. AFP
    Shardul Thakur dismissed South Africa's Lungi Ngidi for his seventh wicket of the innings. AFP
  • Mohammed Shami, right, and KL Rahul check on South Africa's Duanne Olivier after he was hit on the arm. AFP
    Mohammed Shami, right, and KL Rahul check on South Africa's Duanne Olivier after he was hit on the arm. AFP
  • South Africa batsmen Temba Bavuma, centre, and Kyle Verreynne during the second day of the second Test. AFP
    South Africa batsmen Temba Bavuma, centre, and Kyle Verreynne during the second day of the second Test. AFP
  • South Africa's Keegan Petersen scored a defiant fifty at the Wanderers in Johannesburg. AP
    South Africa's Keegan Petersen scored a defiant fifty at the Wanderers in Johannesburg. AP
  • Keegan Petersen celebrates his maiden Test half century. Getty
    Keegan Petersen celebrates his maiden Test half century. Getty
  • Keshav Maharaj is bowled by India's Jasprit Bumrah. AFP
    Keshav Maharaj is bowled by India's Jasprit Bumrah. AFP
  • There was controversy on Tuesday as wicketkeeper Rishabh Pant took a catch of Rassie van der Dussen that did not look clear in replays. Reuters
    There was controversy on Tuesday as wicketkeeper Rishabh Pant took a catch of Rassie van der Dussen that did not look clear in replays. Reuters
  • South Africa bowler Duanne Olivier celebrates the dismissal of India's Mayank Agarwal. AFP
    South Africa bowler Duanne Olivier celebrates the dismissal of India's Mayank Agarwal. AFP

Shardul Thakur takes seven wickets for India to leave Johannesburg Test on knife edge


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India seamer Shardul Thakur produced career-best bowling figures of 7-61 to emerge as the unlikely bowling hero for India in the second Test against South Africa on Tuesday.

On a day once again dominated by bowlers, it was the unheralded Thakur who brought India back into the match, helping dismiss South Africa for 229 in reply to India's 202 at the Wanderers in Johannesburg.

India had limited bowling resources throughout the day after fast bowler Mohammed Siraj's hamstring injury — picked up on the opening day — restricted his quota of overs and effectiveness.

It looked like South Africa would capitalise on the injury to India's frontline quick, with Keegan Petersen (62) and then Temba Bavuma (51) looking to dominate on a pitch with variable bounce.

But it was the golden arm of Thakur that kept India in the contest. Thakur got the breakthrough early when he had captain Dean Elgar caught behind for 28 after the batsman had survived a hostile first hour from Jasprit Bumrah and Mohammed Shami.

Petersen — who displayed the best technique of all batsmen in the match — brought up his first Test half century but then followed his captain back to the dressing room when he was caught in the slips off Thakur for 62.

Rassie van der Dussen went cheaply off the last ball of the first session — caught behind off Thakur by the wicketkeeper. However, television replays suggested the ball might have fallen short before being claimed by Rishabh Pant. But the umpires decided there was no conclusive evidence that the catch fell short and the dismissal stood.

Bavuma and Kyle Verreyne put on a 60-run partnership after lunch before the latter was trapped lbw for 21 by the bowler of the day. Thakur, 30, then bagged his fifth wicket when he had Bavuma caught down the leg side.

The seamer picked up the final wicket of Lungi Ngidi to finish with the best return by an Indian bowler in a Test against South Africa.

The visiting batsmen then went on the attack in the final 20 overs of the day, racing to 85-2 to earn a valuable 58-run lead on a pitch where extreme variable bounce resulted in almost every batsmen getting hit.

Cheteshwar Pujara (35) and Ajinkya Rahane (11) were together at stumps, and now face the task of not only fortifying India's lead but also their vulnerable spots in the batting line-up.

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.”

Results

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)

5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel

5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi

6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud

7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel

7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard

SPECS
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Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Awar Qalb

Director: Jamal Salem

Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

Best Foreign Language Film nominees

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The biog

Mission to Seafarers is one of the largest port-based welfare operators in the world.

It provided services to around 200 ports across 50 countries.

They also provide port chaplains to help them deliver professional welfare services.

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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 specs

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Power: 502hp at 7,600rpm

Torque: 637Nm at 5,150rpm

Transmission: 8-speed dual-clutch auto

Price: from Dh317,671

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

PAKISTAN SQUAD

Pakistan - Sarfraz Ahmed (captain), Azhar Ali, Fakhar Zaman, Imam-ul-Haq, Babar Azam, Shoaib Malik, Mohammad Hafeez, Haris Sohail, Faheem Ashraf, Shadab Khan, Mohammad Nawaz, Mohammad Amir, Hasan Ali, Aamer Yamin, Rumman Raees.

Results
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Breast cancer in men: the facts

1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.

2) Symptoms can include a lump, discharge, swollen glands or a rash. 

3) People with a history of cancer in the family can be more susceptible. 

4) Treatments include surgery and chemotherapy but early diagnosis is the key. 

5) Anyone concerned is urged to contact their doctor

 

Updated: January 04, 2022, 4:03 PM