epa07273065 British Prime Minister Theresa May (R) and Prime Minister Shinzo Abe of Japan (L) react as they meet children in Twickenham stadium in London, Britain, 10 January 2019. The Prime Ministers met kids from a 'CBRE all schools programme' which is a RUF initiative to help children from states schools to play more rugby. EPA/FACUNDO ARRIZABALAGA
epa07273065 British Prime Minister Theresa May (R) and Prime Minister Shinzo Abe of Japan (L) react as they meet children in Twickenham stadium in London, Britain, 10 January 2019. The Prime MinistersShow more

Brexit on the brink as Theresa May resists demand for plan B



Theresa May is planning to give parliament just 90 minutes to debate an alternative route to the British exit from the European Union, an official said on Thursday as fears grew over the risks posed by political deadlock over the deal.

Parliament has moved to take control over the shape of Brexit currently scheduled for the end of March. The loss of control over the process by the government has increased the odds that Brexit could be postponed, adding to economic uncertainty, or could be pre-empted by a general election.

Following defeat on a vote that set a three day deadline for Mrs May to propose an alternative if the Withdrawal Agreement she sealed with Brussels is defeated on January 15, Mrs May said a so-called Plan B motion would be tabled on Monday, January 21.

Sterling fell on the foreign exchanges on Thursday as uncertainty grows over how the crisis can be resolved. Traders said the range of negative outcomes was growing, weighing on the already beleaguered currency, which fell to $1.27.

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Meanwhile the Labour leader Jeremy Corbyn used a keynote speech in northern England, a stronghold of the movement to leave Europe, to demand a new election.

The opposition leader is threatening a confidence vote in Mrs May's minority government if she loses the vote. He said his party would fight on a manifesto promise for a negotiated Brexit. He added that could mean an extension of the  Article 50 provisions for leaving the EU if it came to power.

“An extension would be a possibility because there needs to be time to negotiate” with the EU, Mr Corbyn said. A newly elected Labour government would be “right against the clock.”

Downing St hosted the Japanese prime minister Shinzo Abe, who was given a lunch of roast beef stuffed with treacle, on Thursday, hoping to shore up support from a key investor. The Japanese leader has warned that a no-deal Brexit would destroy European supply chains and trigger an exodus of Japanese industries.

At a joint press conference with Theresa May, Mr Abe expressed "total support" for the deal Ms May has negotiated.

"We truly hope that a no-deal Brexit will be avoided, and in fact that is the whole wish of the whole world," he said.

The two leaders said they had agreed to build on Japan's deal with the EU to create an  "ambitious bilateral arrangement" post-Brexit.

“It is the strong will of Japan to further develop this strong partnership with the UK, to invest more into your country and to enjoy further economic growth with the UK" said Mr Abe.

In the latest set-back for Mrs May, moderate cabinet ministers such as the business secretary Greg Clark have hinted at resignation should the government end up presiding over a no-deal Brexit.

“We need to act to avoid a no-deal because I don’t think there is anything remotely like a majority in Parliament that will tolerate this,” he said.

What the government will do next if -- as expected -- she loses the crucial vote will be determined by the crisis atmosphere in the aftermath. A string of amendments could emerge for a second referendum or in support of a Norway-style alignment with the EU single market and customs union.

For the pound the big concern in the meantime is that the hard-Left Labour leader could take advantage.

"The idea that we could have a Corbyn government, with nationalisation policies that could mean more borrowing, a more expansionary and populist fiscal stance would be negative for the budget deficit and therefore for the pound," said Jane Foley, a Rabobank strategist.

"Although the threat of a messy Brexit has been around for a while, it starts to become far more tangible when you see data like this," she added.

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
COMPANY%20PROFILE
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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

JAPAN SQUAD

Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa

Company profile

Date started: January, 2014

Founders: Mike Dawson, Varuna Singh, and Benita Rowe

Based: Dubai

Sector: Education technology

Size: Five employees

Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.

Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

Company%20profile%20
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THE%20STRANGERS'%20CASE
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The specs

Engine: 0.8-litre four cylinder

Power: 70bhp

Torque: 66Nm

Transmission: four-speed manual

Price: $1,075 new in 1967, now valued at $40,000

On sale: Models from 1966 to 1970

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

The specs

A4 35 TFSI

Engine: 2.0-litre, four-cylinder

Transmission: seven-speed S-tronic automatic

Power: 150bhp

Torque: 270Nm

Price: Dh150,000 (estimate)

On sale: First Q 2020

A4 S4 TDI

Engine: 3.0-litre V6 turbo diesel

Transmission: eight-speed PDK automatic

Power: 350bhp

Torque: 700Nm

Price: Dh165,000 (estimate)

On sale: First Q 2020