Live updates: follow the latest news on Russia-Ukraine
British Foreign Secretary Liz Truss will tell the UN Human Rights Council that Russia must be isolated on the international stage in punishment for killing “Ukrainians indiscriminately”.
Ms Truss is due to address a meeting of the council in Geneva on Tuesday after the “unprovoked Russian invasion of Ukraine”, the Foreign Office said.
She is expected to tell the council that Russian President Vladimir Putin has “blood on his hands” and that he has broken international law by sending troops into Ukraine.
The comments are due to be made 24 hours after Moscow suggested it had put its Russian nuclear deterrent on high alert in response to unspecified comments made by Ms Truss.
While in Switzerland, she is also due to meet other foreign ministers and the UN High Commissioner for Refugees, Filippo Grandi.
Ms Truss is expected to tell the UN council: “The consequences of Vladimir Putin’s unjustified aggression are horrific. Russian troops are laying siege to once peaceful cities.
“Tanks are tearing through towns while missiles barrage homes and hospitals. There is blood on his hands, not just of innocent Ukrainians but the men he sent to die.
“Putin is violating international law, including the UN charter. He is violating human rights on an industrial scale and the world will not stand for it.
“There are no shades of grey to this conflict. It is about right and wrong. This is Vladimir Putin’s unprovoked war against a sovereign nation. There can be no apologising or excusing it.
“I urge nations to condemn Russia’s appalling actions and to isolate it on the international stage.”
Ms Truss will discuss the Ukrainian conflict with foreign ministers including Canada’s Melanie Joly, the Czech Republic’s Jan Lipavsky, Danish minister Jeppe Kofod and Poland’s Zbigniew Rau.
She will also hold talks with Martin Griffiths, UN undersecretary general for humanitarian affairs and emergency relief co-ordinator.
British Prime Minister Boris Johnson will also pursue diplomatic efforts on Tuesday as he is due to visit Poland and Estonia.
Downing Street said Mr Johnson was looking to use his trip to “first hand” find out “what more we can be doing and how we can be working closely together” with both countries.
He will also speak with Nato Secretary General Jens Stoltenberg while in eastern Europe.
“I will visit Poland and Estonia, two countries that are acutely affected by the current crisis in Ukraine," Mr Johnson said.
"We have shared values that are more important than ever to protect, as the humanitarian situation gets worse.
“Alongside all our international allies, the UK will continue to bring maximum pressure to bear on Putin’s regime to ensure he feels the consequences of his actions in Ukraine.
"We speak with one voice when we say, 'Putin must fail'.”
Mr Johnson also spoke to G7 and other world leaders on Monday about the situation in Ukraine.
They agreed to “pursue every avenue to ensure that Putin fails”, Downing Street said.
“The Prime Minister stressed the need for countries to continue supporting the Ukrainian government, including with the provision of defensive weapons," a Downing Street spokeswoman said.
“He also underlined the need for an international response to the emerging humanitarian crisis, including through supporting Ukraine’s neighbours to deal with large numbers of Ukrainians escaping violence in the country.
“The prime minister welcomed the unity of message and action between countries in recent days in response to Russia’s invasion.
“He stressed the need to continue applying pressure on Putin’s regime, including on Swift, with sanctions and with trade restrictions.
"The prime minister commended the progress over the weekend with all G7 countries agreeing to remove Russian banks from Swift."
Earlier on Tuesday, Ms Truss laid out plans blocking customers of all Russian banks from accessing any services in the UK.
She told Parliament that three more Russian banks would be added to the government’s sanctions list, and that new legislation will also affect Russia’s largest bank, Sberbank.
She said the move was designed to stop three million Russian companies from having access to any foreign investment from the UK.
“Global giants like Gazprom will no longer be able to issue debt or equity in London,” Ms Truss said.
“[We want] a situation where they can’t access their funds, their trade can’t flow, their ships can’t dock and their planes can’t land."
Selected banks will also be cut from the Swift international money transfer system, as politicians look to announce a total ban from Russian banks using the service.
The three named banks immediately added to the sanctions list are Russia’s national development bank, VEB; the third largest privately owned financial institution in Russia, Sovcombank; and one of Russia’s largest commercial banks, Otkritiye.
Meanwhile, Ukraine said it would launch its own "war bonds" to raise funds and analysts suggested Russia could default on its loan obligations as a result of the economic squeeze on the country.
Earlier in the day, UK Chancellor Rishi Sunak said the government would match new sanctions imposed by the US and the EU over the weekend by preventing Russian central banks from accessing cash in the UK.
The move by the UK, the US and the EU means the Russian Central Bank, National Wealth Fund and Ministry of Finance will struggle to access cash reserves.
It led to the rouble dropping more than 20 per cent against the dollar and it could have fallen further if not for the central bank raising interest rates from 9.5 per cent to 20 per cent on Monday.
Deutsche Bank strategist Jim Reid said the moves were turning the conflict into a “financial war”.
“Not only are most Russian banks now to be excluded from Swift but the Russian Central Bank’s reserves have now been effectively frozen," Mr Reid said.
“At the last recorded data in June 2021, Russia had around $630bn of foreign reserves", most of which is probably still in G10 banks and central banks.
“This is in effect a financial war now,” he said.
Central banks typically hold reserves overseas in dollars and other major global currencies.
The sanctions mean Moscow has no access to those funds, which the central banks could have used to prop up the country’s currency.
They also cannot issue new government bonds to raise fresh money because international investors are unable, or unlikely, to take on Russian debt.
“These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine," Mr Sunak said.
“We are announcing this action in rapid co-ordination with our US and European allies to move in lockstep once more with our international partners, to demonstrate our steadfast resolve in imposing the highest costs on Russia and to cut her off from the international financial system so long as this conflict persists."
The new rules also stop anyone in the UK processing any financial deals or transactions for the Russian central bank and wealth funds or various Russian banks.
It stops Russian companies from raising fresh money from international investors to refinance debt – although few are in desperate need to renew their bonds, which typically run for several years before needing to be repaid.
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Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
Sholto Byrnes on Myanmar politics
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
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
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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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.”
Scoreline
Swansea 2
Grimes 20' (pen), Celina, 29'
Man City 3
Silva 69', Nordfeldt 78' (og), Aguero 88'