Live updates: follow the latest news on Russia-Ukraine
President Vladimir Putin ordered Russian nuclear forces to be put on alert on Sunday in a serious escalation of tension in response to economic sanctions and what he called the “aggressive statements” of leading Nato powers.
The Russian leader told his senior defence officials to put nuclear deterrent forces in “special regime of combat duty” after four days of air and ground attacks on Ukraine’s cities and strategic areas using conventional warfare.
The comments came as Ukrainian President Volodymyr Zelenskyy’s office said the two sides would meet at an unidentified site on the border of Belarus.
Russia flew a delegation to the country hours earlier.
The US said the nuclear escalation was part of a pattern of behaviour seen in Mr Putin previously. Before the assault, he had warned nations he would retaliate harshly if they intervened in the conflict and mentioned the country’s status as a nuclear power.
Nato secretary-general Jens Stoltenberg told CNN: “This is dangerous rhetoric. This is a behaviour which is irresponsible.”
EU foreign ministers were meeting this evening to discuss further arms for Ukraine and adopting further “tough” economic sanctions, said Josep Borrell, the bloc’s chief foreign minister.
On Sunday, German Chancellor Olaf Scholz said his country had committed another €100 billion for its military, the latest of several pledges to step up his country’s response to the Russian threat. He told a special session of the Bundestag the investment was needed “to protect our freedom and our democracy”.
It was not known what the impact of Mr Putin’s nuclear order would be because land and submarine-based nuclear forces are on alert at all times.
If he is raising the nuclear combat readiness of his bombers or ordering more ballistic missile submarines to sea, the US might feel compelled to respond in kind, said Hans Kristensen, a nuclear analyst at the Federation of American Scientists.
“President Putin is continuing to escalate this war in a manner that is totally unacceptable,” said the US ambassador to the UN, Linda Thomas-Greenfield. “And we have to continue to condemn his actions.”
Max Bergmann, a former US State Department official, called Mr Putin’s talk predictable but dangerous sabre rattling.
“Things could spiral out of control,” said Mr Bergmann, now a senior fellow at the Centre for American Progress, a think tank.
The view was echoed by a senior defence official who told Reuters: “It’s .... putting in play forces that, if there’s a miscalculation, could make things much, much more dangerous.”
Videos posted on Ukrainian media showed Russian troops and military vehicles moving into the country’s second city of Kharkiv, which has a population of 1.4 million.
Russian forces blew up a gas pipeline, prompting the government to warn people to cover their windows with damp cloth or gauze as protection from smoke.
Huge explosions were heard early on Sunday in Kiev but the capital of 2.8 million people was relatively quiet during the day during a strict 39-hour curfew.
Residents remained inside their homes, in underground garages and subway stations in anticipation of a major assault. Those out during the curfew could be considered as saboteurs, said the mayor of Kiev, former boxer Vitali Klitschko.
Ukrainians have volunteered to help defend the capital Kiev and other cities, taking guns distributed by authorities and preparing firebombs to fight the Russian forces. Ukraine is also releasing prisoners with military experience who want to fight for the country, authorities said.
Mr Klitschko said there was no plan to evacuate the capital if Russian troops managed to take it.
“We can't do that, because all ways are blocked,” he said. “Right now we are encircled.”
The number of casualties is unclear. Ukraine’s health minister reported on Saturday that 198 people, including three children, had been killed and more than 1,000 others injured. Russia has not given any casualty figures.
Since Russia launched attacks on Ukraine, about 368,000 people have fled the country, according to the UN Refugee agency. Many have moved into neighbouring countries including Romania, Poland, Hungary and Moldova.
The UN has estimated the conflict could produce as many as four million refugees, depending how long it continues.
The economic impact of the crisis continued to reverberate with European nations and Canada moving to shut their airspace to Russian aircraft. The US is considering similar action but is yet to make a final decision.
Energy giant BP also said that it would exit its 19.75 per cent stake in Russian oil company Rosneft amid growing pressure from the British government since the invasion.
The decision to abandon the Rosneft holding will result in charges of up to $25 billion at the end of the first quarter, BP said in a statement.
BP acquired its Rosneft shareholding in 2013 as part of the $12.5 billion sale of a stake in TNK-BP.
BP chief executive Bernard Looney and his predecessor, Bob Dudley, will step down from the Rosneft board.
“Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink BP’s position with Rosneft,” Mr Looney said.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
MORE ON TURKEY'S SYRIA OFFENCE
Disposing of non-recycleable masks
- Use your ‘black bag’ bin at home
- Do not put them in a recycling bin
- Take them home with you if there is no litter bin
- No need to bag the mask
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
INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.
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.”
More coverage from the Future Forum
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Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Desert Warrior
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Rating: 3/5