• Ukrainian President Volodymyr Zelenskyy, centre, surrounded by ambassadors of different countries and UN officials, visits a port as grain is loaded on to a Turkish ship, close to Odesa. AP
    Ukrainian President Volodymyr Zelenskyy, centre, surrounded by ambassadors of different countries and UN officials, visits a port as grain is loaded on to a Turkish ship, close to Odesa. AP
  • A Turkish Polarnet cargo ship is loaded with Ukrainian grain. AP
    A Turkish Polarnet cargo ship is loaded with Ukrainian grain. AP
  • A security officer stands next to the ship 'Navi-Star' which sits full of grain as it waits to sail from Odesa. AP
    A security officer stands next to the ship 'Navi-Star' which sits full of grain as it waits to sail from Odesa. AP
  • Mr Zelenskyy, centre, at the port. AP
    Mr Zelenskyy, centre, at the port. AP
  • The first shipment of Ukrainian grain left the port of Odesa, bound for Tripoli in Lebanon, Infrastructure Minister Oleksandr Kubrakov said. AP
    The first shipment of Ukrainian grain left the port of Odesa, bound for Tripoli in Lebanon, Infrastructure Minister Oleksandr Kubrakov said. AP
  • An ear of wheat adorns the vest of a Ukrainian soldier. AP
    An ear of wheat adorns the vest of a Ukrainian soldier. AP
  • A dockyard worker watches as barley is mechanically poured into a 40,000-tonne ship at a Ukrainian agricultural exporter's terminal in the city of Nikolaev. Reuters
    A dockyard worker watches as barley is mechanically poured into a 40,000-tonne ship at a Ukrainian agricultural exporter's terminal in the city of Nikolaev. Reuters
  • A farmer harvests his field 10 kilometres from the front line, where fierce battle continues between Ukrainian troops and Russian invaders in the Dnipropetrovsk region, Ukraine. AP
    A farmer harvests his field 10 kilometres from the front line, where fierce battle continues between Ukrainian troops and Russian invaders in the Dnipropetrovsk region, Ukraine. AP
  • Serhiy, a farmer, shows grain in his barn in the village of Ptyche in Donetsk region. AP
    Serhiy, a farmer, shows grain in his barn in the village of Ptyche in Donetsk region. AP
  • Serhiy shows a mound of grain in his barn. AP
    Serhiy shows a mound of grain in his barn. AP
  • A burning field caused by the fighting at the front line in the Dnipropetrovsk region of Ukraine. AP
    A burning field caused by the fighting at the front line in the Dnipropetrovsk region of Ukraine. AP
  • A farmer tends to his grain stock near the front line in Dnipropetrovsk. AP
    A farmer tends to his grain stock near the front line in Dnipropetrovsk. AP
  • Harvesting in Dnipropetrovsk, with a crater left by a Russian rocket in the foreground. AP
    Harvesting in Dnipropetrovsk, with a crater left by a Russian rocket in the foreground. AP
  • Smoke rises in the background during fierce battle on the front line, while the harvest continues. AP
    Smoke rises in the background during fierce battle on the front line, while the harvest continues. AP
  • Ukraine hopes its vast grain stocks can be exported around the world as soon as possible, despite the continuing war with Russia. AP
    Ukraine hopes its vast grain stocks can be exported around the world as soon as possible, despite the continuing war with Russia. AP

Ukraine's first grain shipment since war began heads for Lebanon


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A cargo ship carrying 26,000 tonnes of Ukrainian corn left the port of Odesa early on Monday, in the first such voyage since a deal was signed to reopen a vital shipping lane in the Black Sea.

The Razoni is bound for Lebanon, one of the countries in need of Ukrainian grain, and another 16 ships are waiting to help ease a global food crisis.

The UN said millions of people were on the brink of severe hunger because of the blockage, with more circuitous routes by road and rail proving only partially satisfactory.

UN Secretary-General Antonio Guterres said the cargo was carrying "two commodities in short supply ... corn and hope", and that the grain shipments “bring much-needed stability and relief to global food security, especially in the most fragile humanitarian contexts.”

Ukrainian Foreign Minister Dmytro Kuleba called it a "day of relief for the world, especially for our friends in the Middle East, Asia and Africa, as the first Ukrainian grain leaves Odesa after months of Russian blockade".

Western diplomats said they were watching closely to see whether Russia upholds its promises to the UN and Turkey that it will facilitate safe passage of the grain, which were called into doubt when missiles hit Odesa after the deal was signed.

“These ships must receive safe passage. There must be no repeat of Russia’s shelling of the port of Odesa," said UK Foreign Secretary Liz Truss. ""Russia has felt the full weight of global pressure and the eyes of the whole world will now be watching."

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Turkey said the ship was due to arrive in Istanbul on Tuesday, where it will be boarded for inspections under the terms of the deal. Officials have set up a co-ordination centre in the city as part of the agreement.

Mevlut Cavusoglu, Turkey's Foreign Minister, said he hoped the shipments would "continue without interruptions and problems... we hope that the agreement will lead to a ceasefire and lasting peace".

But the restart was marred by the death of a Ukrainian agricultural tycoon, Oleksiy Vadatursky, who was killed in a missile strike on Mykolaiv on Sunday.

"It is exactly such people, such companies, our Ukrainian south that have guaranteed the world's food security. It has always been so. And it will be so again," President Volodymyr Zelenskyy said.

Ukraine and Russia, two of the world's biggest agricultural exporters, blame each other for food exports grinding to a standstill during the five-month war.

Moscow is accused by western powers of bombarding grain warehouses.

Ukraine wants to generate revenue from exports just as much as other countries, such as Lebanon, want the imports, with Kyiv predicting that it could gain about $1 billion in foreign exchange from unblocking the ports of Odesa, Chornomorsk and Pivdenny.

The Turkish Defence Ministry said that the shipment would arrive in Lebanon within days. The Razoni sails under the flag of Sierra Leone.

"The ship Razoni has left the port of Odesa bound for Tripoli in Lebanon," the Turkish ministry said in a statement. "It is expected in Istanbul on August 2. It will then continue its journey after it has been inspected in Istanbul."

Lebanon is facing a major wheat shortage as the government struggles to cover subsidies for importers to buy grain on international markets because of the rising price and the country's four-year economic crisis.

Other vessels will follow, respecting the maritime corridor and the formalities in line with the agreement reached with Russia on July 22, the defence ministry said.

A Turkish cargo ship loading Ukrainian grain in a port in the Odesa region, Ukraine. July 29, 2022. AP
A Turkish cargo ship loading Ukrainian grain in a port in the Odesa region, Ukraine. July 29, 2022. AP

Turkey opened a co-ordination centre in Istanbul on Wednesday to monitor the exports. The centre is staffed by civilian and military officials from the two warring parties and delegates from Turkey and the UN.

Their primary assignment involves monitoring the safe passage of Ukrainian grain ships along established routes and looking for banned weapons on the way into and out of the Black Sea.

The drop in deliveries from two of the world's biggest grain exporters is contributing to a surge in prices that makes food imports prohibitively expensive for some of the world's poorest countries.

The UN estimates that nearly 50 million people are facing acute hunger as a direct consequence of the war that broke out after Russian forces entered Ukraine on February 24.

Wheat prices fell sharply hours after the grain shipment agreement was signed.

About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

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.
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

2020 Oscars winners: in numbers
  • Parasite – 4
  • 1917– 3
  • Ford v Ferrari – 2
  • Joker – 2
  • Once Upon a Time ... in Hollywood – 2
  • American Factory – 1
  • Bombshell – 1
  • Hair Love – 1
  • Jojo Rabbit – 1
  • Judy – 1
  • Little Women – 1
  • Learning to Skateboard in a Warzone (If You're a Girl) – 1
  • Marriage Story – 1
  • Rocketman – 1
  • The Neighbors' Window – 1
  • Toy Story 4 – 1
The biog

Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.

His advice to anyone starting out in business is to have no fear as life is about taking on challenges.

“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.

"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”

Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.

He relaxes by spending time with his family at home, and enjoying his wife’s India cooking. 

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.

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Terminal High Altitude Area Defense (THAAD)

What is THAAD?

It is considered to be the US' most superior missile defence system.

Production:

It was first created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

To protect high-value strategic sites, such as airfields or population centres.

Range:

THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.

Creators:

Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.

UAE and THAAD:

In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ESupy%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EDani%20El-Zein%2C%20Yazeed%20bin%20Busayyis%2C%20Ibrahim%20Bou%20Ncoula%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EFood%20and%20beverage%2C%20tech%2C%20hospitality%20software%2C%20Saas%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%20%3C%2Fstrong%3EBootstrapped%20for%20six%20months%3B%20pre-seed%20round%20of%20%241.5%20million%3B%20seed%20round%20of%20%248%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EBeco%20Capital%2C%20Cotu%20Ventures%2C%20Valia%20Ventures%20and%20Global%20Ventures%3C%2Fp%3E%0A
UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

Fire and Fury
By Michael Wolff,
Henry Holt

The specs

Engine: 3.0-litre flat-six twin-turbocharged

Transmission: eight-speed PDK automatic

Power: 445bhp

Torque: 530Nm

Price: Dh474,600

On Sale: Now

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

Company Profile

Name: JustClean

Based: Kuwait with offices in other GCC countries

Launch year: 2016

Number of employees: 130

Sector: online laundry service

Funding: $12.9m from Kuwait-based Faith Capital Holding

The Good Liar

Starring: Helen Mirren, Ian McKellen

Directed by: Bill Condon

Three out of five stars

Tickets

Tickets for the 2019 Asian Cup are available online, via www.asiancup2019.com

RESULTS

5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,600m
Winner: Samau Xmnsor, Abdul Aziz Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Ottoman, Szczepan Mazur, Abdallah Al Hammadi
6pm: Maiden (PA) Dh 70,000 (D) 1,800m
Winner: Sharkh, Patrick Cosgrave, Helal Al Alawi
6.30pm: Handicap (PA) Dh 85,000 (D) 1,800m
Winner: Yaraa, Fernando Jara, Majed Al Jahouri
7pm: Handicap (PA) Dh 70,000 (D) 2,000m
Winner: Maaly Al Reef, Bernardo Pinheiro, Abdallah Al Hammadi
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: Jinjal, Fabrice Veron, Ahmed Al Shemaili
8pm: Handicap (PA) Dh 70,000 (D) 1,000m
Winner: Al Sail, Tadhg O’Shea, Ernst Oertel

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

Updated: August 01, 2022, 3:50 PM