France's President Emmanuel Macron said the UK cannot keep its coveted financial sector access to the European Union after Brexit unless it continues to play by the bloc's rules, but the leaders also pledged closer cooperation on defence, security and borders. Peter Nicholls/ AP
France's President Emmanuel Macron said the UK cannot keep its coveted financial sector access to the European Union after Brexit unless it continues to play by the bloc's rules, but the leaders also pledged closer cooperation on defence, security and borders. Peter Nicholls/ AP
France's President Emmanuel Macron said the UK cannot keep its coveted financial sector access to the European Union after Brexit unless it continues to play by the bloc's rules, but the leaders also pledged closer cooperation on defence, security and borders. Peter Nicholls/ AP
France's President Emmanuel Macron said the UK cannot keep its coveted financial sector access to the European Union after Brexit unless it continues to play by the bloc's rules, but the leaders also

UK and French leaders agree security deal, disagree on Brexit


  • English
  • Arabic

The leaders of Britain and France met on Thursday against a military backdrop to pledge closer cooperation on defence, security and borders after Britain leaves the European Union.

But President Emmanuel Macron also delivered a firm message: the UK cannot keep coveted access to the EU for its financial sector after Brexit unless it continues to play by the bloc's rules once it leaves.

"The choice is on the British side, not on my side," Macron said at a joint news conference with British Prime Minister Theresa May.

"If you want access to the single market — including the financial services —- be my guest," he said. "But it means that you need to contribute to the budget and acknowledge European jurisdiction."

The future of Britain's financial sector — which employs more than 1 million people — is a key issue as Britain and the EU hammer out details of their relationship after Brexit. EU officials warn the UK it can't hang on to the benefits of membership without accepting its responsibilities, including free movement of people.

Mrs May said Britain would be leaving the single market, but wanted a free-trade deal with the bloc covering both goods and services.

She said London "will continue to be a major global financial centre" after Brexit.

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The visit, Mr Macron's first to Britain since he won the French presidency in May 2017, was aimed at strengthening security and intelligence ties between nations that are both neighbours and historic rivals, and building goodwill as Britain negotiates its exit from the EU.

The venue — the Sandhurst military academy southwest of London — was selected as a signal that the relationship between western Europe's two biggest military powers won't be weakened once the UK leaves the EU in March 2019.

Mrs May treated the French leader to a pub lunch of crab and duck breast, followed by a serving of British military pomp. Mr Macron was greeted at Sandhurst troops from the Coldstream Guards in grey coats and bearskin hats.

Amid a sudden hailstorm, Mr Macron and Mrs May inspected the honour guard before taking a salute from soldiers on horseback.

Senior ministers from the two countries attended the one-day meeting, and signed agreements on everything from space exploration to tackling online extremism.

In a significant gesture, Mrs May offered millions to ease French annoyance over a 2003 deal that placed British border controls in the northern French port of Calais. The town has become a magnet for migrants hoping to reach Britain, and the accord puts the burden of blocking their entry to the UK on France.

Alongside a new treaty aimed at better management of their joint border, Britain agreed to pay £44.5 million (Dh227m) for fences, security cameras and other measures in Calais and nearby English Channel ports. France also wants Britain to take in more migrants from Calais, especially unaccompanied children.

Mrs May pointedly declined to give a number of migrants that Britain would take when asked by journalists at a joint press conference. Instead she stressed the need to clamp down on people smugglers and take other measures to stop migrants from getting to Calais.

Mr Macron said the treaty would mean "smarter and more efficient management of the border" and a faster, more humane processing system for migrants.

The UK also said it will send three Royal Air Force Chinook helicopters and dozens of personnel to join France's military mission against Islamic militants in Africa's Sahel region. France has led efforts to fight Al Qaeda and ISIL-linked extremist groups in the vast region south of the Sahara desert.

The leaders of the five main UK and French spy agencies also met for the first time, as the two countries seek to increase intelligence-sharing. France and Britain have both faced a string of violent attacks by extremists inspired or directed by ISIL.

In a boost to Mr Macron, Britain is throwing its backing behind the European Intervention Initiative, a multinational European military force that the French president has proposed. He also wants a common European defence budget and security doctrine.

In return, France will send troops to join a UK-led NATO battle group in Estonia in 2019, aimed at countering an increasingly assertive Russia.

Mr Macron also came with the news that France will loan Britain the Bayeux Tapestry, an 11th-century panorama depicting the Norman conquest of England. It will go on display at an unspecified British venue in 2022.

Mr Macron said that despite Brexit, "we are facing common challenges and sharing the same destiny."

"We are somehow making a new tapestry together," he said.

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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The Farewell

Director: Lulu Wang

Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma

Four stars

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La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

Indika
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Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
MATCH INFO

RB Leipzig 2 (Klostermann 24', Schick 68')

Hertha Berlin 2 (Grujic 9', Piatek 82' pen)

Man of the match Matheus Cunha (Hertha Berlin

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Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag
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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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.”

UAE currency: the story behind the money in your pockets
BRIEF SCORES

England 228-7, 50 overs
N Sciver 51; J Goswami 3-23

India 219, 48.4 overs
P Raut 86, H Kaur 51; A Shrubsole 6-46

England won by nine runs

Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
The biog

Name: Fareed Lafta

Age: 40

From: Baghdad, Iraq

Mission: Promote world peace

Favourite poet: Al Mutanabbi

Role models: His parents 

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Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

Intercontinental Cup

Namibia v UAE Saturday Sep 16-Tuesday Sep 19

Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27

LA LIGA FIXTURES

Friday (UAE kick-off times)

Levante v Real Mallorca (12am)

Leganes v Barcelona (4pm)

Real Betis v Valencia (7pm)

Granada v Atletico Madrid (9.30pm)

Sunday

Real Madrid v Real Sociedad (12am)

Espanyol v Getafe (3pm)

Osasuna v Athletic Bilbao (5pm)

Eibar v Alaves (7pm)

Villarreal v Celta Vigo (9.30pm)

Monday

Real Valladolid v Sevilla (12am)

 

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

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