UK Prime Minister Boris Johnson opened the G7 summit on Friday with a warning that countries must learn from their mistakes as they rebuild their economies after the pandemic.
Mr Johnson welcomed world leaders to the English coast as the summit got under way, with talks focusing on the economic outlook.
He told them it was vital not to "repeat the mistake of the last great crisis, the last great economic recession in 2008, when the recovery was not uniform across all parts of society".
"What risks being a lasting scar is that inequalities may be entrenched and we need to make sure that as we recover, we level up across our societies," he said.
Leaders including US President Joe Biden posed for a "family photo" on the beach at Carbis Bay, Cornwall, in a symbolic show of solidarity in their first in-person meeting since the start of the pandemic.
Both Queen Elizabeth II and Prince Charles also met the G7 leaders, with the Prince of Wales encouraging countries to "build back better" while also focusing on the fight against climate change.
On the sidelines, Mr Johnson discussed Iran and Libya in bilateral talks with G7 leaders to follow his discussions with Mr Biden on Thursday.
With Mr Biden on a mission to restore Washington's global standing and Mr Johnson looking to project British leadership after Brexit, both used the eve of the summit to make pledges on vaccine donation before G7 talks on the subject began.
The three-day summit is expected to end with an agreement to share one billion vaccine doses around the world by the end of 2022.
Health campaigners including former UK prime minister Gordon Brown said the target did not go far enough.
"If the best G7 leaders can manage is to donate one billion vaccine doses, then this summit will have been a failure," said Anna Marriott, health policy manager at Oxfam.
The summit began with tension in the air after leaders of the EU and France voiced frustration with Britain due to a standoff over Northern Ireland, which threatens to overshadow the summit.
EU leaders say they will confront Mr Johnson on the subject, while French President Emmanuel Macron told London that “nothing was renegotiable” on the contentious Northern Ireland Protocol.
The five EU leaders at the meeting – representing France, Germany, Italy and two top EU institutions – held a private meeting before the welcome ceremony to co-ordinate strategy.
Mr Johnson sought to play down the controversy by insisting that the UK, EU and US were all in agreement on protecting the peace deal at the heart of the dispute.
Britain said the leaders would discuss sharing technology and strengthening free trade to restore economic prosperity.
They will endorse the agreement made by finance ministers last week to establish a global minimum corporation tax, a senior White House official said.
Washington said a plan was on the table to reallocate $100 billion from the International Monetary Fund's war chest to help countries that are struggling to cope with the pandemic.
Mr Johnson said leaders would talk about how to build greener and fairer economies and suggested that economies could be rebuilt in a "more gender-neutral and perhaps a more feminine way".
The UK on Friday announced it was pledging £430 million ($608m) of new development aid for the World Bank-backed Global Partnership for Education (GPE).
Leaders were to hear from a special Gender Equality Advisory Council, which is recommending targeted pandemic recovery measures that take into account the needs of women and girls.
Former BBC journalist and council chairwoman Sarah Sands was to speak remotely to the leaders gathered at the Carbis Bay Hotel.
“Women and girls have astonishing potential. We challenge the G7 to unleash it,” she said before her address.
In bilateral discussions, Mr Johnson discussed China and Iran with Mr Trudeau and thanked him for his leadership after Iran shot down a Ukrainian plane last year, with many on-board Canadian citizens and residents.
They said the summit would be a "pivotal moment" for G7 leaders to "make concrete progress on major world issues".
In separate talks, Mr Johnson and Italian Prime Minister Mario Draghi promised to support a lasting ceasefire in Libya to "provide the foundation for a long-term peaceful democratic transition".
Royal charm offensive
After the first day of talks, Britain mounted a diplomatic charm offensive by drafting in senior members of the royal family for an evening reception.
Queen Elizabeth II, the Prince of Wales and the Duchess of Cornwall, and the Duke and Duchess of Cambridge all attended the event at the Eden Project tropical garden.
At dinner, leaders were served traditional Cornish food including local cheeses and fish caught off the nearby coast.
In a dinner address, Prince Charlies said the pandemic provided "a crystal clear example" of how the global community can tackle crises when it comes together.
He urged the assembled leaders to adopt the same multilateralism in tackling the vexing problem of climate change.
"Ladies and gentlemen, we are doing it for the pandemic, so if you don’t mind me saying so, we must also do it for the planet," he said.
He cited his Sustainable Markets Initiative as a pathway for reconciling the interests of the planet and big finance by bringing together 300 global chief executives in a "coalition of the willing".
Earlier, the Duchess of Cambridge and US first lady Jill Biden visited an academy for young children in Cornwall.
Suga seeks support for Olympics
The summit is the first G7 meeting for Mr Biden, Mr Draghi and Japanese Prime Minister Yoshihide Suga, and almost certainly the last for German Chancellor Angela Merkel.
Before leaving Tokyo, Mr Suga said he would seek support for his determination to hold a “safe and secure” Olympic Games beginning on July 23.
He said he would have “frank discussions” with G7 leaders on “regional issues” as well as Covid-19, climate change and the economy.
Japan wants the UK’s support in establishing a “free and open Indo-Pacific”, a region where Britain is looking to extend its influence after Brexit.
Vaccine diplomacy
The UK has invited four guests – South Africa, South Korea, India and Australia – who will be formally welcomed on Saturday.
South Africa says it will lobby in favour of an intellectual property waiver on vaccines in order to boost global production.
The US and France support the waiver, but Britain backs an EU counterproposal and Germany opposes the idea.
Rich nations are under pressure to share more doses with the world and redress a major imbalance in vaccination rates.
In terms of doses administered so far, the imbalance between the G7 and the planet's low-income countries, as defined by the World Bank, is 73 to one.
Mr Macron called for drugmakers to donate some of their doses directly to complement donations by governments.
“Donations of doses by states have to be supplemented by donations of doses by pharmaceutical companies,” he said.
Welcoming Mr Biden's move to donate 500 million doses, he said the EU needed to have "at least the same level of ambition".
Ms Merkel and Mr Trudeau put their names to an article on Thursday that called for the G7 to meet 55 per cent of the costs of the global ACT-A plan for treatments and vaccines.
G7 leaders “have a choice – fight the virus alone and potentially lose, or fight it together and win,” the article said.
Mr Biden emphasised the vaccine issue after meeting Mr Johnson on Thursday, calling it a “major focus” of the G7.
The US president said his agenda for the G7 included treating climate change as a security threat and investing in high-quality infrastructure and health care around the world.
He called for establishing new “norms of conduct” in cyberspace to deal with threats such as ransomware attacks.
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
More from Neighbourhood Watch
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
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
RESULTS
Bantamweight title:
Vinicius de Oliveira (BRA) bt Xavier Alaoui (MAR)
(KO round 2)
Catchweight 68kg:
Sean Soriano (USA) bt Noad Lahat (ISR)
(TKO round 1)
Middleweight:
Denis Tiuliulin (RUS) bt Juscelino Ferreira (BRA)
(TKO round 1)
Lightweight:
Anas Siraj Mounir (MAR) bt Joachim Tollefsen (DEN)
(Unanimous decision)
Catchweight 68kg:
Austin Arnett (USA) bt Daniel Vega (MEX)
(TKO round 3)
Lightweight:
Carrington Banks (USA) bt Marcio Andrade (BRA)
(Unanimous decision)
Catchweight 58kg:
Corinne Laframboise (CAN) bt Malin Hermansson (SWE)
(Submission round 2)
Bantamweight:
Jalal Al Daaja (CAN) bt Juares Dea (CMR)
(Split decision)
Middleweight:
Mohamad Osseili (LEB) bt Ivan Slynko (UKR)
(TKO round 1)
Featherweight:
Tarun Grigoryan (ARM) bt Islam Makhamadjanov (UZB)
(Unanimous decision)
Catchweight 54kg:
Mariagiovanna Vai (ITA) bt Daniella Shutov (ISR)
(Submission round 1)
Middleweight:
Joan Arastey (ESP) bt Omran Chaaban (LEB)
(Unanimous decision)
Welterweight:
Bruno Carvalho (POR) bt Souhil Tahiri (ALG)
(TKO)
COMPANY%20PROFILE
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23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
Company%20profile
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The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
SPEC%20SHEET
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