Brazen attempts to smuggle gold on flights from Dubai continue to be foiled by customs officials.
Authorities in Chennai, India, intercepted 2.5kg of gold granules hidden in four containers of instant orange drink Tang on Monday.
The haul was worth an estimated Dh600,000 ($163,345) and arrived in a postal parcel delivered on air freight.
On the same day, Chennai customs recovered bundles of gold paste worth an estimated Dh200,000.
The package was concealed in the underwear of a passenger arriving on an Air India morning flight from Dubai.
Just 24 hours earlier, the same customs authority found 251 grams of gold with a value of around Dh60,000 hidden in a vacuum cleaner.
A passenger had taken the appliance on a flight from Dubai in the hope of evading import duties.
No taxes are paid when gold is exported from the UAE, but passengers travelling with gold to India are required to declare larger volumes.
Male passengers can bring in up to 20 grams of gold worth 50,000 rupees ($688) duty free, while women are allowed 40 grams.
Larger quantities must be declared at customs and import duty fees equivalent to 10.75 per cent of the gold's value paid to the Indian government.
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
Arabian Gulf Cup FINAL
Al Nasr 2
(Negredo 1, Tozo 50)
Shabab Al Ahli 1
(Jaber 13)
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Venue: Sharjah Cricket Stadium
Date: Sunday, November 25
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
