A fire burns in the grass near Bumbalong, south of the Australian capital, Canberra, February 1, 2020. AP Photo/Rick Rycroft, File
A fire burns in the grass near Bumbalong, south of the Australian capital, Canberra, February 1, 2020. AP Photo/Rick Rycroft, File
A fire burns in the grass near Bumbalong, south of the Australian capital, Canberra, February 1, 2020. AP Photo/Rick Rycroft, File
A fire burns in the grass near Bumbalong, south of the Australian capital, Canberra, February 1, 2020. AP Photo/Rick Rycroft, File

UN says 2020 among three hottest years on record


James Reinl
  • English
  • Arabic

Last year was among the three hottest years on record and it rivalled 2016 as the hottest yet, the UN's World Meteorological Organisation said on Thursday.

UN Secretary General Antonio Guterres said the WMO’s analysis of five data sets showed again how climate change was the greatest threat facing mankind.

It was “another stark reminder of the relentless pace of climate change, which is destroying lives and livelihoods across our planet", Mr Guterres said.

In 2020, the planet endured sustained heat and bush fires in Siberia, low levels of Arctic sea ice and a record-breaking Atlantic hurricane season.

In the US, natural disasters cost the economy a record $22 billion, the WMO said.

Governments are not reducing emissions of carbon dioxide and other heat-trapping gases fast enough to meet targets agreed to in 2015 in Paris, the UN said.

  • A large diesel spill in the Ambarnaya River outside Norilsk. AFP
    A large diesel spill in the Ambarnaya River outside Norilsk. AFP
  • More than 2,000 hectares of forest were alight over a large area of Krasnoyarsk region, Russia. AP
    More than 2,000 hectares of forest were alight over a large area of Krasnoyarsk region, Russia. AP
  • The islands of San Andres, Providencia and Santa Catalina were hit by Hurricane Iota, the strongest to affect the country since records are kept. Getty
    The islands of San Andres, Providencia and Santa Catalina were hit by Hurricane Iota, the strongest to affect the country since records are kept. Getty
  • Submerged houses in Cagayan province, north of Manila, on November 14, 2020, days after Typhoon Vamco hit parts of the country bringing heavy rain and flooding. AFP
    Submerged houses in Cagayan province, north of Manila, on November 14, 2020, days after Typhoon Vamco hit parts of the country bringing heavy rain and flooding. AFP
  • Typhoon Vamcobattered the Philippines causing widespread flooding and destruction in areas still reeling from the effects of Super Typhoon Goni. Getty
    Typhoon Vamcobattered the Philippines causing widespread flooding and destruction in areas still reeling from the effects of Super Typhoon Goni. Getty
  • A freak sandstorm sweeping over Polatli, in Ankara, Turkey . AFP
    A freak sandstorm sweeping over Polatli, in Ankara, Turkey . AFP
  • Queensland Fire and Emergency Services worked to contain a bushfire that has been burned on Fraser Island for six weeks, and is now threatening areas with 1,000-year-old trees. Getty
    Queensland Fire and Emergency Services worked to contain a bushfire that has been burned on Fraser Island for six weeks, and is now threatening areas with 1,000-year-old trees. Getty
  • The Silverado Fire burns along the 241 State Highway in Irvine, California. AP
    The Silverado Fire burns along the 241 State Highway in Irvine, California. AP
  • Residents evacuate their flooded homes in Gresik, East Java on December 15, 2020, as the rainy season brings floods to many areas in Jakarta and Java.AFP
    Residents evacuate their flooded homes in Gresik, East Java on December 15, 2020, as the rainy season brings floods to many areas in Jakarta and Java.AFP
  • Cars drive along the Golden Gate Bridge under an orange smoke filled sky at midday in San Francisco, California on September 9, 2020. AFP
    Cars drive along the Golden Gate Bridge under an orange smoke filled sky at midday in San Francisco, California on September 9, 2020. AFP
  • A rare lightning storm crackles over Mitchell's Cove in early morning in Santa Cruz, California in August. AP
    A rare lightning storm crackles over Mitchell's Cove in early morning in Santa Cruz, California in August. AP
  • Vehicles drive through a flooded road after heavy monsoon rains, in Karachi, Pakistan. AP
    Vehicles drive through a flooded road after heavy monsoon rains, in Karachi, Pakistan. AP
  • This year has seen record Atlantic hurricanes and western wildfires, devastating floods in Asia and Africa and a hot, melting Arctic. AP
    This year has seen record Atlantic hurricanes and western wildfires, devastating floods in Asia and Africa and a hot, melting Arctic. AP
  • Flood waters move on the street, in Pensacola, Florida after the passing of Hurricane Sally in September 2020. AP Photo
    Flood waters move on the street, in Pensacola, Florida after the passing of Hurricane Sally in September 2020. AP Photo
  • The A-68A iceberg that broke away from the Larsen C Ice Shelf in Antarctica in 2019 is on a collision course with South Georgia island. Reuters
    The A-68A iceberg that broke away from the Larsen C Ice Shelf in Antarctica in 2019 is on a collision course with South Georgia island. Reuters
  • Floating ice in front of the Apusiajik Glacier in south-eastern Greenland. AFP
    Floating ice in front of the Apusiajik Glacier in south-eastern Greenland. AFP

The Paris accord aimed to keep global warming to less than 2°C above pre-industrial times and to strive to limit temperature increases to 1.5°C.

So far, temperatures have risen by 1.2°C and the planet is already “witnessing unprecedented weather extremes in every region and on every continent", Mr Guterres said.

“We are headed for a catastrophic temperature rise of 3°C to 5°C this century,” he said.

“Making peace with nature is the defining task of the 21st century.”

The WMO compiled data from the US National Oceanic and Atmospheric Administration, Nasa’s Goddard Institute for Space Studies, the UK’s Met Office Hadley Centre, the University of East Anglia’s Climatic Research Unit and other sources.

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

The specs

Engine: 4-litre twin-turbo V8

Transmission: eight-speed PDK

Power: 630bhp

Torque: 820Nm

Price: Dh683,200

On sale: now

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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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

COMPANY%20PROFILE
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Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

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

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Baldur's%20Gate%203
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Starfield
%3Cp%3EDeveloper%3A%20Bethesda%20Game%20Studios%0D%3Cbr%3EPublisher%3A%20Bethesda%20Softworks%0D%3Cbr%3EConsole%3A%20PC%2C%20Xbox%0D%3Cbr%3ERelease%20date%3A%202023%3C%2Fp%3E%0A

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

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