A powerful typhoon damaged buildings, flooded roads and knocked out power to thousands of homes in South Korea on Monday after battering southern Japanese islands and leaving more than 20 people injured.
On Monday morning, initial assessments suggested the storm had done less damage than feared, though hundreds of thousands of homes were left without power across much of Japan's southern Kyushu island.
The storm, carrying top sustained winds of up to 126 kilometres (78 miles) per hour, was headed north from a southern city of Ulsan, after landing on a nearby shore on Monday morning, South Korea's weather agency said.
High winds have already cut power to almost 5,000 households in the southern tip of the Korean Peninsula, including the resort island of Jeju, which has reported more than 473 mm (19 inches) of rainfall since Saturday.
Officials have evacuated almost 1,000 people, while more than 300 flights across 10 airports, including Jeju International Airport, have been cancelled. Entries to national parks and some national train services have been suspended, the country's safety ministry added.
Haishen, which means "sea god" in Chinese, approached the southeastern coast of South Korea, packing sustained winds of up to 144 kph (89 mph).
The storm slammed Okinawa and other islands over the weekend with heavy rain, rough waves and high tides.
The Fire and Disaster Management Agency said Monday that at least 20 people, including two seriously, were injured in several southern prefectures. As of Monday morning, about half a million homes were still out of power.
Haishen is the second typhoon in less than two weeks to take a similar path through southern Japan and the Korean Peninsula. Typhoon Maysak last week injured dozens of people and damaged homes and other buildings.
A livestock cargo ship capsized and sank off Japan's coast during stormy weather as Maysak passed. Two of its 43 crew members were rescued and one body was recovered before the search was halted because of Haishen. The ship was transporting 5,800 cows from New Zealand to China.
North Korea, which bore the brunt of both Maysak and Typhoon Bavi a week earlier, is also in Haishen's trajectory with the storm expected to draw near the port city of Chongjin late Monday.
Live footage on state TV, a rarity that has now been broadcast for three weeks, showed trees shaking and waves rising in Tongchon county in Gangwon province bordering the South. The state broadcaster reported that all Tongchon residents had been evacuated.
North Korea's agriculture sector is particularly vulnerable to severe weather, and this summer's storms and floods have raised concerns over the country's tenuous food situation.
North Korean leader Kim Jong Un on Saturday toured coastal areas hit by Maysak, and ordered party members to join the recovery effort.
THE SPECS
Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor
Transmission: nine-speed automatic
Power: 429hp
Torque: 520Nm
Price: Dh360,200 (starting)
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
The specs
Engine: 2.0-litre 4-cylinder turbo hybrid
Transmission: eight-speed automatic
Power: 390bhp
Torque: 400Nm
Price: Dh340,000 ($92,579
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
Killing of Qassem Suleimani
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
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