Live updates: follow the latest news on Russia-Ukraine
The defence minister leading Ukraine’s resistance against the Russian invasion is a former lawyer and ex-Soviet paratrooper who once helped to overturn a disputed presidential election victory by a Kremlin-friendly candidate.
Appointed only four months ago, Oleksii Reznikov has used his prominent role to publicise harrowing accounts of alleged Russian atrocities in Ukraine and to rally the country’s population to resist the onslaught.
Like President Volodymyr Zelenskyy, he has lobbied European politicians to back up their warm words towards Ukraine with more military aid to help fend off Russia’s tanks, including in addresses to a Nato summit on Wednesday and the European Parliament on Thursday.
“Now is the time of trials for our generations. And we are passing them with dignity,” he said in a rallying cry to Ukraine’s people this week.
Mr Reznikov, who is 55 and was born in Lviv in western Ukraine, spent two years in the 1980s serving in the Airborne Parachute Troops of what was then the Soviet air force, and is known to be an amateur skier and scuba diver.
After leaving the military, he completed a law degree in Lviv that would later throw him into the heart of a political crisis in post-Soviet Ukraine.
A contentious presidential vote in 2004 saw Russia-friendly candidate Viktor Yanukovych narrowly defeat opposition leader Viktor Yushchenko, who claimed he was poisoned during a campaign marred by claims of intimidation.
The result led to protests and was ultimately annulled by Ukraine’s Supreme Court in a case successfully argued by Mr Reznikov, leading to a re-run which was won by Mr Yushchenko.
After moving into politics, Mr Reznikov was a senior official in the Kyiv city government and represented Ukraine on a delegation of regional authorities to the Council of Europe.
When Mr Zelenskyy came to power in 2019, he appointed Mr Reznikov as a negotiator in Ukraine’s sensitive talks with Russia, France and Germany, a four-way grouping known as the Normandy format.
Mr Reznikov, later named deputy prime minister, claimed success in agreeing a ceasefire in the disputed Donbass region in eastern Ukraine, but accused Russia of lacking willingness to end the war and the truce ultimately failed to hold.
The Normandy format and the associated Minsk peace accords were meant to find a negotiated solution to the conflict but both sides accused each other of failing to implement them.
By the time Mr Reznikov was moved to the defence ministry in November 2021, Russia was starting to amass troops on Ukraine’s border in a build-up that sent tension spiralling again.
Like Mr Zelenskyy and other top officials, Mr Reznikov sought to calm fears of an invasion and told Ukraine’s population as late as early February that there was no need to pack suitcases or flee the country.
But once Russia did invade on February 24, he was thrust into the role of organising Ukraine’s resistance and told Russian forces as they began losing tanks and aircraft: “Welcome to hell.”
In near-daily updates he has spoken of his outrage at Russia’s onslaught and his pride in a Ukrainian resistance which western officials say has succeeded in slowing down the invasion.
Burning enemy helicopters and funerals for Russian soldiers were a “demonstration of what is now happening to the occupying forces,” he said in an address on Wednesday.
“Many challenges still lie ahead,” he said. “The enemy will hurt us, destroy a part of the things we love. But every day we are taking a step to crush this enemy and live freely.”
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HAJJAN
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Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
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Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
The five pillars of Islam
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
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
Barings Bank
Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal.
Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson.
Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine