China to review Ai Weiwei tax case

BEIJING // Chinese authorities agreed to review a fine imposed on a firm linked to the controversial artist Ai Weiwei, who has said the Dh8.8 million penalty is an effort by the government to stifle his activism.

"They have two months to review the case. If we are not satisfied with the results, we can bring the case to court," said Pu Zhiqiang, a lawyer for Fake Cultural Development, a firm founded by Ai but registered to his wife.

Ai - whose activism has made him a thorn in the side of China's communist authorities - disappeared into custody for 81 days last year as police rounded up dissidents and lawyers amid online calls for Arab Spring-style protests in China.

Upon his release in June, the artist was charged with tax evasion linked to Fake Cultural Development.

The Beijing tax bureau subsequently issued a bill for 15 million yuan in alleged back taxes in November, giving the artist 15 days to pay it or hand over an 8.45 million yuan guarantee.

Ai was able to pay the guarantee - needed by law to challenge the charge - because of a wave of donations from supporters.

Last week, Ai's lawyers handed in a 9,000-word document requesting the review, pointing out inconsistencies with the case, including unregulated police involvement in Ai's detention and violations of China's tax code.

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

Score

Third Test, Day 1

New Zealand 229-7 (90 ov)
Pakistan

New Zealand won the toss and elected to bat

4. Shahada

5. Zakat

Zayed Sustainability Prize

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MATCH INFO

Uefa Champions League semi-final, first leg

Bayern Munich 1
Kimmich (27')

Real Madrid 2
Marcelo (43'), Asensio (56')

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.

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How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE