Larry Ellison, the Oracle Corporation chief executive, is embraced after Oracle Team USA won the fourth race of the America's Cup. Eric Risberg / AP Photo
Larry Ellison, the Oracle Corporation chief executive, is embraced after Oracle Team USA won the fourth race of the America's Cup. Eric Risberg / AP Photo
Larry Ellison, the Oracle Corporation chief executive, is embraced after Oracle Team USA won the fourth race of the America's Cup. Eric Risberg / AP Photo
Larry Ellison, the Oracle Corporation chief executive, is embraced after Oracle Team USA won the fourth race of the America's Cup. Eric Risberg / AP Photo

Oracle Team USA in strong position to win the America's Cup


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SAN FRANCISCO // Oracle Team USA's heart-stopping victory in Race 4 of the America's Cup may have saved the event as well as the syndicate's chances to retain the oldest trophy in international sports.

Jimmy Spithill, the skipper, aggressively sailed Oracle's 72-foot catamaran to an eight-second victory against Emirates Team New Zealand in the fog, wind and salt spray on San Francisco Bay on Sunday.

Oracle Team USA, owned by software billionaire Larry Ellison, hopes the victory helps swing the momentum and allows it to learn a thing or two about what it is going to take to defeat a strong Kiwi team.

One of those things is home-water advantage.

The finish line of the five-leg course is just a few hundred yards off America's Cup Park on Pier 27-29 on the Embarcadero.

The end of the pier is packed with fans on race days, many of them waving New Zealand and American flags. On Saturday, police closed off access to the area when the crowd reached about 3,500.

Spithill wants the fans to know that the sailors can hear them cheering as the races end and the boats fly across the line on hydrofoils.

"There's something about the home court advantage, and it's very hard to put a value on, but it makes a difference," said Spithill, an Australian who lives in San Diego with his American wife and their two young boys.

"The more people we can get behind us, the more good energy they can send our way. It affects the guys on board and it lifts them. We want to keep the Cup here. We want to keep it on the bay. These guys don't," he said, referring to skipper Dean Barker and the rest of the New Zealand team. "They want to take it all the way down to New Zealand, which is a long way away. So we need to use that advantage. We need all the people from San Francisco and the US to get behind us."

The Race 4 victory came after Oracle - which has only two Americans on its 11-man crew - let the Kiwis come from behind to win Race 3.

Oracle trails the best-of-17 series 3 to minus-1. The syndicate was docked two points in the biggest cheating scandal in the regatta's history.

That means Oracle needs to win 10 more races to keep the Auld Mug. Team New Zealand needs to win six more to sweep the trophy away to the Royal New Zealand Yacht Squadron, which held it from 1995-2003.

Races 5 and 6 are scheduled for Tuesday.

On Monday, an attorney for banished Oracle wing sail trimmer Dirk de Ridder filed an appeal with the review board of the International Sailing Federation (ISAF) seeking to have his client reinstated. An international jury banned de Ridder from the America's Cup for his role in illegally modifying boats in warmup regattas last year and earlier this year.

Attorney Terry Anderlini, a former commodore of the St. Francis Yacht Club, said he believes the ISAF constitution trumps the America's Cup protocol, which forbids appeals of jury decisions.

"The rights of these sailors are more important than the America's Cup," Anderlini said. "You can't just rush this thing along because you've got an event going on and you want a decision before the gun goes off. You just can't take their livelihood away like this without justice and fairness."

Monday was a lay day. Oracle was out on the bay working on improving its performance upwind, where Team New Zealand has shown better boat speed.

"It was good to get out there and work on a couple of things," said Oracle Team USA CEO Russell Coutts, who won the first two of his four America's Cups as skipper of Team New Zealand in 1995 and 2000. "We've got to improve our upwind performance. We were out there working on a bit of that and our tacking. We made some progress."

The Kiwis showed better speed upwind in winning Saturday's first two races. Oracle sailed better upwind in Race 4, in part by engaging Team New Zealand less and protecting the favored side.

One of the keys so far has been being the first cat to round the first mark in a sprint across the wind just inside the Golden Gate Bridge. That helps it control the race from there.

Team New Zealand got there first in both races Saturday and Oracle got their first in both races Sunday.

The fourth race result "doesn't change anything for us," Barker said. "We certainly knew coming into this event that it was going to be very, very close. To predict that you'd make it through either way to zero, I think, would be a bit cold. We know that we've got to be on our game to keep winning races. We've got to win a lot more points. There are certainly things we need to do better."

Being winless in four races would have been a massive setback for Oracle. This regatta has already been blemished by the death of British sailor Andrew Simpson in Artemis Racing's capsize on May 9, only three teams being entered in the challenger series and the cheating scandal in which Oracle was caught illegally modifying boats in warmup regattas last year and earlier this year.

The win in Race 4 was "huge", Spithill said.

"A lesser team probably would have crumbled in the fourth race," he said. "This team is very, very good under pressure and they will just fight the whole way to the end."

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Real estate tokenisation project

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.

Where to buy art books in the UAE

There are a number of speciality art bookshops in the UAE.

In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show. 

In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.

In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.

Company%20profile
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Arctic Monkeys

Tranquillity Base Hotel Casino (Domino) 

 

What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate

The%20Roundup%20%3A%20No%20Way%20Out
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RESULTS

5pm: Maiden | Dh80,000 |  1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

5.30pm: Handicap |  Dh80,000 |  1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel

6pm: Handicap |  Dh80,000 |  2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle

6.30pm: Handicap |  Dh85,000 |  2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel

7pm: Shadwell Farm for Private Owners Handicap |  Dh70,000 |  2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi

7.30pm: Handicap (TB) |  Dh100,000 |  1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly

Children who witnessed blood bath want to help others

Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.

As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.

Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.

“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”

Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.

“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”

Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.

RESULTS

6.30pm Handicap (TB) $68,000 (Dirt) 1,200m

Winner Canvassed, Par Dobbs (jockey), Doug Watson (trainer)

7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m

Winner Dubai Future, Frankie Dettori, Saeed bin Suroor

7.40pm UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m

Winner Mouheeb, Ryan Curatolo, Nicholas Bachalard

8.15pm Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m

Winner Secret Ambition, Tadhg O’Shea, Satish Seemar

9.50pm Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m

Winner Topper Bill, Richard Mullen, Satish Seemar

9.25pm Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m

Winner Man Of Promise, William Buick, Charlie Appleby

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

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HUNGARIAN GRAND PRIX RESULT

1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India  1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps

 

Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books

Champions parade (UAE timings)

7pm Gates open

8pm Deansgate stage showing starts

9pm Parade starts at Manchester Cathedral

9.45pm Parade ends at Peter Street

10pm City players on stage

11pm event ends

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

Spain drain

CONVICTED

Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.

Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.

Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.

 

SUSPECTED

Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.

Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.

Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.

Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.

Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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