Spanish boat Mapfre led the Volvo Ocean Race fleet out of Newport, Rhode Island, on Sunday and into the most challenging of the remaining three legs through the North Atlantic.
For the tight-knit professional offshore racing community, the stage will always be remembered for the 2005-06 race when a Dutch sailor, Hans Horrevoets, drowned after being washed overboard at night.
Later on the same leg, his crew of ABN AMRO TWO, rescued the sailors of rivals Movistar shortly before the Spanish team’s boat sank mid-Atlantic.
The skipper of that Movistar crew, Bouwe Bekking, 51, is now heading the 2014-15 campaign of third-placed Team Brunel.
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In-port: Abu Dhabi finish third at Newport to reclaim top spot of Volvo Ocean Race in-port standings
He is more aware than most of the potential dangers of a nine-day, 2,800-nautical mile 4,815km) seventh leg from Newport to Lisbon, Portugal, that will involve whales, ocean debris, busy shipping lanes and wildly fluctuating weather.
Abu Dhabi Ocean Racing, skippered by Ian Walker, lead the race by six points from Chinese surprise challengers, Dongfeng Race Team. When asked what his priority was from leg seven, however, Walker replied simply: “Easy — to arrive safely in Lisbon.”
The in-form Mapfre, headed by 2004 Athens Olympic gold medallist Iker Martinez, are 13 points off the lead in fifth place and unlikely to threaten Abu Dhabi or Dongfeng for the overall prize in the 41-year-old competition.
But on Saturday, they dominated the Newport in-port race and they followed up on Sunday by giving a masterclass of inshore racing to the fleet before exiting Newport first into the open seas.
The forecast is for light winds over the next 24 hours before stronger gusts and the Gulf Stream are expected to give the fleet a very bumpy ride.
After reaching Lisbon, the boats will have a short stopover before tackling the final two legs of the nine-month marathon which ends in Gothenburg, Sweden, on June 27 after 38,739 nautical miles (71,745km).
Volvo Ocean Race standings:
1. Abu Dhabi Ocean Racing (UAE) 11 pts
2. Dongfeng Race Team (CHN) 17
3. Team Brunel (NED) 21
4. Team Alvimedica (TUR/USA) 24
5. MAPFRE (ESP) 24
6. Team SCA (SWE) 35
7. Team Vestas (DEN) 44
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Brief scores
Toss India, chose to bat
India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)
India won by 26 runs on Duckworth-Lewis Method
The specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
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
RESULTS
Men – semi-finals
57kg – Tak Chuen Suen (MAC) beat Phuong Xuan Nguyen (VIE) 29-28; Almaz Sarsembekov (KAZ) beat Zakaria Eljamari (UAE) by points 30-27.
67kg – Mohammed Mardi (UAE) beat Huong The Nguyen (VIE) by points 30-27; Narin Wonglakhon (THA) v Mojtaba Taravati Aram (IRI) by points 29-28.
60kg – Yerkanat Ospan (KAZ) beat Amir Hosein Kaviani (IRI) 30-27; Long Doan Nguyen (VIE) beat Ibrahim Bilal (UAE) 29-28
63.5kg – Abil Galiyev (KAZ) beat Truong Cao Phat (VIE) 30-27; Nouredine Samir (UAE) beat Norapat Khundam (THA) RSC round 3.
71kg – Shaker Al Tekreeti (IRQ) beat Fawzi Baltagi (LBN) 30-27; Amine El Moatassime (UAE) beat Man Kongsib (THA) 29-28
81kg – Ilyass Hbibali (UAE) beat Alexandr Tsarikov (KAZ) 29-28; Khaled Tarraf (LBN) beat Mustafa Al Tekreeti (IRQ) 30-27
86kg – Ali Takaloo (IRI) beat Mohammed Al Qahtani (KSA) RSC round 1; Emil Umayev (KAZ) beat Ahmad Bahman (UAE) TKO round
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
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