The situation in Jammu and Kashmir should be resolved peacefully between India and Pakistan's leaders, diplomats at the UN urged on Friday, during a closed doors session of the Security Council where China took an unusually high-profile stance.
Having called the meeting on Pakistan's behalf, China's ambassador to the United Nations told reporters that the Himalayan region was “already very tense and very dangerous” and there was a need to “discard a zero-sum game mentality”.
Around the same time US President Donald Trump spoke by telephone with Pakistan Prime Minister Imran Khan, urging talks with India.
“The president conveyed the importance of India and Pakistan reducing tensions through bilateral dialogue regarding the situation in Jammu and Kashmir,” White House deputy press secretary Hogan Gidley said in a statement.
But at the UN in New York a divide between China, a strong supporter of Pakistan, and India was evident following a one-hour meeting, the first for the council over Jammu, a Hindu-majority area, and the more Muslim Kashmir, in decades.
“It's obvious that the constitutional amendment by India has changed the status quo in Kashmir, causing tension,” said Zhang Jun, referring to Indian Prime Minister Narendra Modi's decision on August 5 to strip autonomy from its portion of the territory.
“China opposes any unilateral action that complicates the situation and we call upon the relevant parties to exercise restraint,” said Mr Zhang, urging a negotiated solution.
But the recently appointed Chinese ambassador added: “India's action has also challenged China's sovereign interests and violated a bilateral agreement in the border area. China is seriously concerned.”
In response, Syed Akbaruddin, India's ambassador to the UN, accused the Chinese representative of trying to pass off his statement as being representative of the council and the broader international community, describing Kashmir as “an internal matter”.
“If there are issues, they will be discussed, they will be addressed by our courts; we don’t need international busybodies to try and tell us how to run our lives. We are a billion-plus people,” said Mr Akbaruddin.
China, which holds a permanent seat on the 15-member council, rarely calls such meetings but did so at the request of Pakistan, whose UN ambassador, Maleeha Lodhi, described Friday’s consultations as “the first and not the last step”.
“The fact that this meeting took place is testimony to the fact that this is an internationally recognised dispute,” she said. “The people of Jammu and Kashmir may be locked up but their voices were heard today at the United Nations.”
The council adopted several resolutions in 1948 and in the 1950s on the dispute between India and Pakistan over the region, including one which says a plebiscite should be held to determine the future of Kashmir.
Another resolution calls upon both sides to “refrain from making any statements and from doing or causing to be done or permitting any acts which might aggravate the situation”.
UN peacekeepers have been deployed since 1949 to observe a ceasefire between India and Pakistan in Jammu and Kashmir.
The council did not agree on a statement after Friday's meeting, but diplomats told The National there was a preference for India and Pakistan to resolve the problem bilaterally, without the UN becoming further involved.
“Only China and a couple of other countries wanted a joint statement,” one diplomat said. “But we think it is too early to do that. This was the first meeting and we needed to hear about what has happened. Making a statement so quickly could send the wrong signal to the parties involved.”
Before the council met Russia's deputy permanent representative to the UN, Dmitry Polyanskiy, also called for India and Pakistan to hold their own discussions. “We favour a bilateral track,” he said.
Kashmir has long been a flashpoint in ties between India and Pakistan, which both have nuclear arms. UN Secretary-General Antonio Guterres has called on the two countries to refrain from any steps that could affect Jammu and Kashmir’s special status.
Telephone and internet links were cut and public assembly banned just before Mr Modi revoked the special status under the Indian constitution of Jammu and Kashmir earlier this month. Before the council met an Indian official said authorities would begin restoring some telephone lines in the region on Friday night.
The specs
Engine: 2.0-litre four-cylinder turbo
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Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
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Hidden killer
Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.
The World Health Organisation estimates it affects about 30 million people each year and that about six million die.
Of those about three million are newborns and 1.2 are young children.
Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.
Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu.
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
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The%20specs
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How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
SPECS
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FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Result
Arsenal 4
Monreal (51'), Ramsey (82'), Lacazette 85', 89')
West Ham United 1
Arnautovic (64')
MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Freezer tips
- Always make sure food is completely cool before freezing.
- If you’re cooking in large batches, divide into either family-sized or individual portions to freeze.
- Ensure the food is well wrapped in foil or cling film. Even better, store in fully sealable, labelled containers or zip-lock freezer bags.
- The easiest and safest way to defrost items such as the stews and sauces mentioned is to do so in the fridge for several hours or overnight.
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km