Leaders of Arab Coalition praise UAE’s fighters

The rotation of UAE troops in Yemen showed a high level of professionalism, the spokesman for the Saudi-led Arab Coalition said on the day the country’s first contingent of soldiers arrived home to a heroes’ welcome.

“The Saudi-led Arab Coalition forces are advancing towards their key targets, which are ensuring security, stability of Yemen and reinstating the legitimate government, securing the southern borders with Saudi Arabia,” Brig Ahmed Al Assiri told Sky News Arabia.

“Day after day, governorates are being brought back under the state authority and the legitimate government.”

So far, 70 per cent of Yemen has been taken back from the Iran-backed Houthi rebels, he said.

With their presence growing stronger, the coalition continues to fight for control of Taez, Yemen’s third-largest city.

“The coalition forces have first won the battle of Marib and the focus is now on Taez, which is seeing daily fighting between the forces of the legitimate government, backed by the coalition air strikes, and the Houthi militia and forces loyal to the deposed president [Ali Abdullah] Saleh,” Brig Al Assiri said.

“The stage is set and the forces are ready to achieve victory soon in the southern city.”

As the coalition moves ever closer to its goal, the leaders of the UAE should be credited with enabling the liberation of Marib, said Brig Musallam Al Rashidi, head of the Force to Liberate Marib.

The UAE military commander also paid thanks to Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, for being in direct and continuous contact with the personnel in Yemen.

newsdesk@thenational.ae

Virtual banks explained

What is a virtual bank?

The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.

What’s the draw in Asia?

Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.

Is Hong Kong short of banks?

No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.

Liverpool's all-time goalscorers

Ian Rush 346
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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.

- Abdullah Ishnaneh, Partner, BSA Law