In a previous incident, India's INS Sumitra rescued 19 crew members and a ship from Somalian pirates in January. Photo: India Navy
In a previous incident, India's INS Sumitra rescued 19 crew members and a ship from Somalian pirates in January. Photo: India Navy
In a previous incident, India's INS Sumitra rescued 19 crew members and a ship from Somalian pirates in January. Photo: India Navy
In a previous incident, India's INS Sumitra rescued 19 crew members and a ship from Somalian pirates in January. Photo: India Navy

Pirates board Bangladeshi ship off coast of Somalia


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Armed men boarded a Bangladeshi ship nearly 1,000km off the coast of Somalia, security agencies reported on Tuesday.

The bulk commodity carrier Abdullah was carrying cargo to the UAE from Mozambique. About 20 armed men boarded the ship from two boats, security company Ambrey Analytics said.

Bangladeshi broadcaster Somoy TV posted an image that appeared to show a small boat approaching the larger vessel.

The ship’s owner, SR Shipping Ltd., said it was carrying coal. Ship-tracking data compiled by Bloomberg shows the Abdullah slowed to a standstill in the Indian Ocean before turning round. It is now heading in the direction of the Somalian coast.

“We’re waiting for communications with the pirates. The ship is being controlled by the pirates near the Somali coast,” Mehrul Karim, chief executive of SR Shipping, said in a phone interview. “All the sailors are alive and in good health.”

The United Kingdom Maritime Trade Operations (UKMTO) agency also flagged the boarding incident and advised vessels to transit with caution. UKMTO did not specify that it was Somalian pirates who boarded the ship.

The attack is the most recent sign that Somalian pirates are active again in the Indian Ocean.

Global shipping routes have been disrupted by tensions in the Red Sea, where Yemen's Houthi rebels have vowed to continue attacks on commercial ships that they say are in retaliation for Israel's war in Gaza.

Major shipping companies have been forced to send cargo vessels on a much longer route round southern Africa, driving up the costs of global shipping.

Somalian pirates now appear to be seeking to capitalise on this disruption, with a rise in attacks reported since late 2023.

At the end of last year, the first hijacking in the waters off Somalia took place since 2017.

Indian navy commandos boarded the Liberia-flagged ship MV Lila Norfolk in early January after it had been ambushed by pirates off the coast of Somalia. All 21 of the crew, including 15 Indian citizens, were rescued.

In December, pirates seized the Malta-flagged MV Ruen and its 18 crew.

Naval forces operating in the area have published warnings that two piracy groups have been working in the Indian Ocean.

- With reporting from agencies

Schedule:

Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles

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%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
England 12-man squad for second Test

v West Indies which starts Thursday: Rory Burns, Joe Denly, Jonny Bairstow, Joe Root (captain), Jos Buttler, Ben Stokes, Moeen Ali, Ben Foakes, Sam Curran, Stuart Broad, Jimmy Anderson, Jack Leach

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

UAE currency: the story behind the money in your pockets
MATCH INFO

Uefa Champions League semi-final, second leg
Real Madrid (2) v Bayern Munich (1)

Where: Santiago Bernabeu, Madrid
When: 10.45pm, Tuesday
Watch Live: beIN Sports HD

Key recommendations
  • Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
  • Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
  • Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
  • More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.

Bournemouth 0

Manchester United 2
Smalling (28'), Lukaku (70')

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

UAE currency: the story behind the money in your pockets
PLAY-OFF%20DRAW
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Results:

2.15pm: Handicap (PA) Dh60,000 1,200m.

Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).

2.45pm: Maiden (PA) Dh60,000 1,200m.

Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.

3.15pm: Conditions (PA) Dh60,000 2,000m.

Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.

3.45pm: Maiden (PA) Dh60,000 1,700m.

Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.

4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.

Winner: Mystique Moon, Sam Hitchcott, Doug Watson.

4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.

Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.

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

Updated: March 12, 2024, 5:17 PM