NBA All-Star Kevin Durant praised his teammates after claiming a game-high 29 points to lead the United States to a 87-82 victory over France for a "beautiful" fourth straight Olympic men's basketball gold.
The Americans started slowly but earned a 22-18 lead after the first quarter and were 44-39 ahead at halfway, then survived some nervous late moments to prove the doubters wrong.
Gregg Popovich's team had headed to Tokyo after defeats to Nigeria and Australia in lead-up exhibition matches, sparking questions around their global dominance.
They then crashed to seventh-ranked France in their opening group game, their first defeat at an Olympics since 2004 in Athens.
But spearheaded by Durant, they steadied the ship and began gelling, with a French team led by NBA stars Rudy Gobert, Evan Fournier and Nicolas Batum unable to repeat their feat in the final.
Durant was once again the US backbone as he joined Carmelo Anthony as a three-time title-winner, after being part of the triumphant teams in 2012 and 2016.
He had already reinforced his stature by surpassing his fellow great during group play to become their all-time leading Olympic points-scorer.
"This one feels good because we went through a lot," said the 32-year-old, who is poised to sign a four-year, $198 million contract extension with the Brooklyn Nets, according to his manager.
"We had a lot of first-time guys on the team, new experience for everyone on the team, Covid, the kind of bubble we were in, no fans, no-one expecting us to lose.
"We heard it all over the past few weeks about our team. To fight through this adversity against a great team like these guys... to come together so fast - it was beautiful to see, it was beautiful to be a part of."
Durant scored 30 points in each of his last two gold-medal games, and nearly matched that again, proving how crucial he is ito the team.
He ended with three assists and six rebounds while Boston Celtic guard Jayson Tatum racked up 19 points and seven rebounds. Utah Jazz centre Gobert and the Celtics' Fournier both sank 16 points to lead the way for France.
"Our goal was to push them as far as possible in this game. Unfortunately we did a couple of mistakes at the end of the third quarter and beginning of the fourth quarter," said French coach Vincent Collet.
"We were turning it over a few times because we changed the way we played a little bit.
"We were insisting a lot on the inside game and suddenly we started dribbling the ball and driving to find the kick. We did it two or three times well, but you know there will be some turnovers and against USA, that is what hurt us the most and denied us."
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THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
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Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
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
UAE currency: the story behind the money in your pockets
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
