UN Secretary General Antonio Guterres said his organisation was struggling financially. Reuters
UN Secretary General Antonio Guterres said his organisation was struggling financially. Reuters
UN Secretary General Antonio Guterres said his organisation was struggling financially. Reuters
UN Secretary General Antonio Guterres said his organisation was struggling financially. Reuters

UN seeks to raise $600 million to avert humanitarian crisis in Afghanistan


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The UN will meet in Geneva on Monday to raise more than $600 million for Afghanistan, warning of a humanitarian crisis there following the Taliban takeover.

Even before the seizure of Kabul last month, half of the country's population – about 18 million people – was dependent on aid. That figure looks set to increase owing to drought and shortages of cash and food, Reuters reported UN officials and aid groups as saying.

UN Secretary General Antonio Guterres said his organisation is struggling financially.

"At the present moment the UN is not even able to pay its salaries to its own workers," he said on Friday.

The Geneva conference will be attended by top UN officials including Mr Guterres, the head of the International Committee of the Red Cross Peter Maurer, as well as dozens of government representatives, including German Foreign Minister Heiko Maas.

  • The UAE sent an aircraft carrying emergency food and medical aid to Afghanistan in September 2021. All photos: Wam
    The UAE sent an aircraft carrying emergency food and medical aid to Afghanistan in September 2021. All photos: Wam
  • The UAE plane carried urgent medical and food aid to Afghanistan as part of its contribution to provide the basic and necessary needs of thousands of Afghan families.
    The UAE plane carried urgent medical and food aid to Afghanistan as part of its contribution to provide the basic and necessary needs of thousands of Afghan families.
  • The aid will help meet the basic needs of thousands of Afghan families, especially the most vulnerable groups such as women, children and the elderly.
    The aid will help meet the basic needs of thousands of Afghan families, especially the most vulnerable groups such as women, children and the elderly.
  • The urgent assistance comes within the framework of the humanitarian role played by the UAE to provide full support to Afghan people in the current circumstances.
    The urgent assistance comes within the framework of the humanitarian role played by the UAE to provide full support to Afghan people in the current circumstances.
  • The aid was sent on September 3, 2021, to assist thousands of Afghan families, especially the most vulnerable, such as women, children and the elderly.
    The aid was sent on September 3, 2021, to assist thousands of Afghan families, especially the most vulnerable, such as women, children and the elderly.

The UN High Commissioner for Refugees, Filippo Grandi, arrived in Kabul on Monday to assess the situation.

"During my visit I will assess the country’s acute humanitarian needs and the situation of 3.5 million displaced Afghans," Mr Grandi said on Twitter.

About a third of the $606m being sought would be used by the UN World Food Programme, which found that 93 per cent of the 1,600 Afghans it surveyed in August and September were not consuming enough food, mostly because they could not get access to cash to pay for it.

"It's now a race against time and the snow to deliver life-saving assistance to the Afghan people who need it most," WFP deputy regional director Anthea Webb said. "We are quite literally begging and borrowing to avoid food stocks running out."

The World Health Organisation, another UN agency that is part of the appeal, wants to shore up hundreds of health centres at risk of closure after donors backed out.

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Iraq 1-0 UAE

Iraq Hussein 28’

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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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

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

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)

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- Three wins in past 10 starts
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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

Updated: September 13, 2021, 8:11 AM