• New Zealand's Jacinda Ardern speaks at a press conference. Her country was ranked as the best place to be in the coronavirus pandemic, with life largely back to normal even without a vaccine. Bloomberg
    New Zealand's Jacinda Ardern speaks at a press conference. Her country was ranked as the best place to be in the coronavirus pandemic, with life largely back to normal even without a vaccine. Bloomberg
  • Commuters walk to work through the packed Shinagawa railway station in Tokyo on 24 November, 2020. Japan has seen a winter surge but the country of 120 million has just 300 people in intensive care. EPA
    Commuters walk to work through the packed Shinagawa railway station in Tokyo on 24 November, 2020. Japan has seen a winter surge but the country of 120 million has just 300 people in intensive care. EPA
  • Pupils eat their lunch on desks with plastic partitions in Taipei, Taiwan. The country shut down the island nation of 23 million before cases could spread from mainland China. But it has failed to secure a deal to buy any of the advanced vaccines. Sam Yeh / AFP
    Pupils eat their lunch on desks with plastic partitions in Taipei, Taiwan. The country shut down the island nation of 23 million before cases could spread from mainland China. But it has failed to secure a deal to buy any of the advanced vaccines. Sam Yeh / AFP
  • NC Dinos players pose after winning baseball's Korean Series Game Six on November 24, 2020 in Seoul, South Korea. South Korea's contact tracing was so sophisticated that tracers used bank card payments and CCTV to track down Covid carriers. Han Myung-Gu / Getty Images
    NC Dinos players pose after winning baseball's Korean Series Game Six on November 24, 2020 in Seoul, South Korea. South Korea's contact tracing was so sophisticated that tracers used bank card payments and CCTV to track down Covid carriers. Han Myung-Gu / Getty Images
  • Shoppers wearing masks are pictured in a market in Helsinki, Finland. The country has the lowest infection rate in Europe. AP
    Shoppers wearing masks are pictured in a market in Helsinki, Finland. The country has the lowest infection rate in Europe. AP

New Zealand leads Covid-19 resilience rankings with UAE in top 20


Rory Reynolds
  • English
  • Arabic

New Zealand led a study into how resilient each country is to the coronavirus pandemic, with UAE ranked in the top 20.

The Pacific nation topped a list of 53 nations into a Bloomberg report titled the 'Best and Worst Places to Ride Out Covid'.

Japan and Taiwan were close behind in second and third, followed by South Korea and Finland.

Languishing at the bottom of the chart was Mexico, Argentina, Peru, Belgium and Czech Republic.

The report's authors found advanced economies like the US and UK, ranked by pre-2020 measures as the most prepared for a pandemic, have "repeatedly been overwhelmed by infections and face a return to costly lockdowns".

They looked at cases, fatality rate, the severity of lockdown, GDP growth forecasts and healthcare coverage, among other metrics.

'Back to normal life'

New Zealand had just two cases per month per 100,000 population, and 5 deaths per million people.

"New Zealanders are basically living in a world without Covid," Bloomberg's authors wrote in the report, which is available in full here.

"The nation has seen just a handful of infections in the community in recent months and live music and large-scale social events are back on."

It noted that although its tourism industries have suffered, Prime Minister Jacinda Ardern's government already has two vaccine deals in place, including the ready-to-go Pfizer / BioNTech shot.

'Lightning fast' contact tracing teams

Japan was second best-placed having dealt with outbreaks of tuberculosis in recent years and already had a health centre staffed with contact tracers who were quickly redeployed. In contrast, many countries hired untrained personnel with often chaotic results.

Even as cases rise in the winter, the country of 120 million had just 330 seriously-ill patients when the study was released.

That compared to France, with half its population, which has about 5,000 in intensive care.

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Early on, Japan sewed up four vaccine deals for its huge and ageing population.

Taiwan's response was equally fast and the island nation of 23 million shut borders as cases spread from Wuhan on the mainland.

Apps advised its population which shops stocked masks and listed locations were cases had been reported.

As with New Zealand, it has gone more than 200 days without a single locally-transmitted case - but has so far failed to secure a deal for a far-along vaccine.

In South Korea, ranked no.4, contract tracers even combed through credit card records and CCTV footage to track down clusters. Experience of tackling Mers in 2015 and Sars in 2003 proved vital.

For the UAE, Bloomberg positively noted the current 'lockdown' measures are low compared to many countries. It had 371 cases per 100,000 people per month and 56 deaths per one million people, similar to Finland and Norway.

They also noted the Emirates already has access to one vaccine - China's Sinopharm shot that was trialled in Abu Dhabi.

As with many countries, the UAE faces a negative GDP growth of 6.6 per cent for 2020, similar to New Zealand at 6.1 per cent and Singapore at 6 per cent.

Does type of government matter in fight against pandemic?

Authors questioned whether the under-performance of some of the world's most prominent democracies - including the United States, UK and India, against major non-democracies such as China and Vietnam - meant different systems of government impacted how pandemics could be tackled.

But eight out of the top 10 in its list were democracies and success appeared to rely on gaining the trust and willing compliance of its people, not on the type of government a country had.

That said, Western Europe is now in the throes of a ferocious wave that’s forced governments to impose new lockdowns. The containment achieved in the spring was undone by the easing of restrictions, allowing the virus to be seeded again by summer vacationers.

Belgium has the worst overall mortality rate of the 53 economies after the virus ripped through aged-care homes.

The UK, Italy and France have all seen cases and fatalities soar over recent months, with France’s stricter lockdown pushing it down in the ranking. France’s positive test rate rose to more than 20 per cent at the start of November from around 1 per cent in July. After imposing a new lockdown on Oct. 30, the rate has fallen to below 12 per cent as of Nov. 23.

Pilloried initially for eschewing lockdowns, Sweden is now scored relatively highly on nearly all of Bloomberg’s metrics, ranking 16th overall.

Inequality matters

Alan Lopez, director of University of Melbourne's global burden of disease group, said countries with less inequality had fared best.

"If you look at Japanese society, the Scandinavian societies, there's very little inequality and a lot of discipline in them," he said in a note attached to the study.

"That would translate into a more cohesive response by the country and that's why they're up there at the top."

Bloomberg scored countries with economies valued at more than $200 billion.

The findings were a snapshot and not a final verdict.

"Still, the gap that has opened up between those economies at the top and those at the bottom is likely to endure, with potentially lasting consequences in the post-Covid world."

UAE FIXTURES

October 18 – 7.30pm, UAE v Oman, Zayed Cricket Stadium, Abu Dhabi
October 19 – 7.30pm, UAE v Ireland, Zayed Cricket Stadium, Abu Dhabi
October 21 – 2.10pm, UAE v Hong Kong, Zayed Cricket Stadium, Abu Dhabi
October 22 – 2.10pm, UAE v Jersey, Zayed Cricket Stadium, Abu Dhabi
October 24 – 10am, UAE v Nigeria, Abu Dhabi Cricket Oval 1
October 27 – 7.30pm, UAE v Canada, Zayed Cricket Stadium, Abu Dhabi

October 29 – 2.10pm, Playoff 1 – A2 v B3; 7.30pm, Playoff 2 – A3 v B2, at Dubai International Stadium.
October 30 – 2.10pm, Playoff 3 – A4 v Loser of Play-off 1; 7.30pm, Playoff 4 – B4 v Loser of Play-off 2 at Dubai International Stadium

November 1 – 2.10pm, Semifinal 1 – B1 v Winner of Play-off 1; 7.30pm, Semifinal 2 – A1 v Winner of Play-off 2 at Dubai International Stadium
November 2 – 2.10pm, Third place Playoff – B1 v Winner of Play-off 1; 7.30pm, Final, at Dubai International Stadium

How they line up for Sunday's Australian Grand Prix

1 Lewis Hamilton, Mercedes

2 Kimi Raikkonen, Ferrari

3 Sebastian Vettel, Ferrari

4 Max Verstappen, Red Bull

5 Kevin Magnussen, Haas

6 Romain Grosjean, Haas

7 Nico Hulkenberg, Renault

*8 Daniel Ricciardo, Red Bull

9 Carlos Sainz, Renault

10 Valtteri Bottas, Mercedes

11 Fernando Alonso, McLaren

12 Stoffel Vandoorne, McLaren

13 Sergio Perez, Force India

14 Lance Stroll, Williams

15 Esteban Ocon, Force India

16 Brendon Hartley, Toro Rosso

17 Marcus Ericsson, Sauber

18 Charles Leclerc, Sauber

19 Sergey Sirotkin, Williams

20 Pierre Gasly, Toro Rosso

* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice

The Programme

Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson

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The Lowdown

Kesari

Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra

 

While you're here

Rainbow

Kesha

(Kemosabe)

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
MATCH INFO

Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai

Mountain%20Boy
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zainab%20Shaheen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Naser%20Al%20Messabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%203%2F5%3C%2Fp%3E%0A
Profile of Tarabut Gateway

Founder: Abdulla Almoayed

Based: UAE

Founded: 2017

Number of employees: 35

Sector: FinTech

Raised: $13 million

Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

Straightforward ways to reduce sugar in your family's diet
  • Ban fruit juice and sodas
  • Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
  • Give young children plain yoghurt with whole fruits mashed into it
  • Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
  • Don’t eat dessert every day 
  • Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
  • Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
  • Read food labels if you really do feel the need to buy processed food
  • Eat everything in moderation
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

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.”

25%20Days%20to%20Aden
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Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

HER%20FIRST%20PALESTINIAN
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THE TWIN BIO

Their favourite city: Dubai

Their favourite food: Khaleeji

Their favourite past-time : walking on the beach

Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll

The specs: 2019 Aston Martin DBS Superleggera

Price, base: Dh1.2 million

Engine: 5.2-litre twin-turbo V12

Transmission: Eight-speed automatic

Power: 725hp @ 6,500pm

Torque: 900Nm @ 1,800rpm

Fuel economy, combined:  12.3L / 100km (estimate)

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

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Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)