• People stand on higher ground on a road damaged by the floodwater after heavy rain in Nagaon district, in the north-eastern state of Assam, India. Reuters
    People stand on higher ground on a road damaged by the floodwater after heavy rain in Nagaon district, in the north-eastern state of Assam, India. Reuters
  • People ferry their cattle to a safer place through a flooded field. Reuters
    People ferry their cattle to a safer place through a flooded field. Reuters
  • Army soldiers evacuate villagers after heavy rains in the Hojai district of Assam. AFP
    Army soldiers evacuate villagers after heavy rains in the Hojai district of Assam. AFP
  • At least nine people including a 4-year-old child have died in floods and landslides this week, after unusually heavy rain pummelled several parts of India. AFP
    At least nine people including a 4-year-old child have died in floods and landslides this week, after unusually heavy rain pummelled several parts of India. AFP
  • Villagers wade across a flooded road. AFP
    Villagers wade across a flooded road. AFP
  • A man pushes his bicycle along a damaged road in Nagaon, Assam. Weather forecasters have issued a warning of more torrential rain. AFP
    A man pushes his bicycle along a damaged road in Nagaon, Assam. Weather forecasters have issued a warning of more torrential rain. AFP
  • Cattle are led from the severe flooding. AFP
    Cattle are led from the severe flooding. AFP
  • Children make their way on a raft past homes in a flooded area. AFP
    Children make their way on a raft past homes in a flooded area. AFP
  • The state’s disaster management officials told media that at least 400,000 people were affected by the flooding, with many of them having been displaced. AFP
    The state’s disaster management officials told media that at least 400,000 people were affected by the flooding, with many of them having been displaced. AFP
  • Train and road transport services were adversely affected, making it harder for officials to send aid to remote areas. AFP
    Train and road transport services were adversely affected, making it harder for officials to send aid to remote areas. AFP

Mumbai rains bring gridlock to India's financial centre


Taniya Dutta
  • English
  • Arabic

Heavy rains pounded Mumbai on Tuesday, bringing traffic to a standstill and inundating low-lying areas.

The regional weather officer has predicted heavy to very heavy rainfall for the next three days.

Eknath Shinde, Maharashtra state’s new Chief Minister, said personnel from the National Disaster Response Force had been sent to take people from at-risk areas to safer places.

Floods bring traffic chaos to Mumbai. Photo: EPA
Floods bring traffic chaos to Mumbai. Photo: EPA

TV footage showed gridlock across India's commercial centre as roads were flooded. Many train stations remained inundated, forcing commuters to wade through knee-deep water.

A subway in Andheri, west Mumbai, was closed after it became waterlogged. The upscale area of Colaba recorded 117 millimetres of rainfall in the past 24 hours.

The India Meteorological Department issued an orange alert — a warning for heavy rainfall — in coastal regions of the state and neighbouring Karnataka and Kerala for the coming days.

“Widespread rainfall with thunderstorm/lightning very likely over Marathwada and North Interior Karnataka during next 5 days ...”, the agency said.

The weather office has also predicted heavy rains in Himalayan Kashmir, Punjab, Uttarakhand and the capital, Delhi.

The heavy rains come amid a monsoon that is covering the country this week.

Children wade through a flooded street during heavy rain in Mumbai on Tuesday. Photo: EPA
Children wade through a flooded street during heavy rain in Mumbai on Tuesday. Photo: EPA

The monsoon usually enters India's mainland from Kerala around June 1 and then gradually moves north-west, covering the entire subcontinent over the next three months.

The country receives about 75 per cent of its rainfall during this period.

India’s agriculture depends heavily on the monsoon as it irrigates more than half of the crop-growing areas. The amount of rainfall determines not just agricultural output but also the country's economy and trade.

Although the rains came as a relief from a prolonged, record-breaking heatwave, it has also caused landslides and flooding.

In north-eastern Assam state, nearly 200 people have been killed in flooding and landslides since May.

As many as 47 people, including soldiers, were killed when a landslide triggered by heavy rain collapsed a railway unit that was being built in neighbouring Manipur state earlier this week.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm
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The specs: 2018 BMW X2 and X3

Price, as tested: Dh255,150 (X2); Dh383,250 (X3)

Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)

Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)

Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)

Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)

Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)

Super Bowl LIII schedule

What Super Bowl LIII

Who is playing New England Patriots v Los Angeles Rams

Where Mercedes-Benz Stadium in Atlanta, United States

When Sunday (start time is 3.30am on Monday UAE time)

 

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Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

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

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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Sun jukebox

Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)

This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.

Elvis Presley, Mystery Train (1955)

The B-side of Presley’s final single for Sun bops with a drummer-less groove.

Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)

Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.

Carl Perkins, Blue Suede Shoes (1956)

Within a month of Sun’s February release Elvis had his version out on RCA.

Roy Orbison, Ooby Dooby (1956)

An essential piece of irreverent juvenilia from Orbison.

Jerry Lee Lewis, Great Balls of Fire (1957)

Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.

The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

The specs: 2018 Bentley Bentayga V8

Price, base: Dh853,226

Engine: 4.0-litre twin-turbo V8

Transmission: Eight-speed automatic

Power: 550hp @ 6,000pm

Torque: 770Nm @ 1,960rpm

Fuel economy, combined: 11.4L / 100km

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

While you're here
Updated: July 05, 2022, 6:50 PM