Rescuers evacuate people following a gas leak incident at an LG Polymers plant in Visakhapatnam. AFP
Rescuers evacuate people following a gas leak incident at an LG Polymers plant in Visakhapatnam. AFP
Rescuers evacuate people following a gas leak incident at an LG Polymers plant in Visakhapatnam. AFP
Rescuers evacuate people following a gas leak incident at an LG Polymers plant in Visakhapatnam. AFP

World

From India's deadly gas leak to an ISIS cell in Afghanistan: non-coronavirus news you may have missed

Iraq's Parliament confirms new prime minister after weeks of deadlock and Israel's Benjamin Netanyahu is clear to form a government despite corruption charges

The National

May 08, 2020

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India gas leak: at least 11 dead and hundreds ill

At least 11 people have been killed and several hundred taken to hospital after a gas leak at a chemicals plant in Visakhapatnam city on the east coast of India, police said on Thursday.

They said the gas leaked from two 5,000-tonne tanks that were unattended  because of India's coronavirus lockdown, in place since late March.

Police said at least 11 people died and between 300 and 400 were taken to hospital after the leak at the plant, which is owned by South Korean battery maker LG Chemical.

Afghan forces break ISIS-Haqqani cell blamed for Sikh temple attack

Afghanistan's intelligence agency said it had broken a joint cell of militants from ISIS and Haqqani, who carried out the deadly raid on a Sikh temple in Kabul and other recent attacks.

Five militants were killed and eight arrested when security forces stormed two hideouts of the cell, one in Kabul and the other outside the capital, the National Directorate of Security said.

At least 25 people were killed when gunmen stormed the temple in Kabul on March 25 as worshippers were offering morning prayers.

Iraqi Parliament confirms Mustafa Al Kadhimi as new Prime Minister

  • Mustafa Al Kadhimi delivers a speech after being confirmed as the new Iraqi prime minister. EPA
    Mustafa Al Kadhimi delivers a speech after being confirmed as the new Iraqi prime minister. EPA
  • 'I urge all political actors to come together around a national programme to serve Iraq's interests,' Mr Al Kadhimi said. EPA
    'I urge all political actors to come together around a national programme to serve Iraq's interests,' Mr Al Kadhimi said. EPA
  • More than 250 members attended the session in Baghdad and accepted 15 ministers while rejecting five – those for trade, justice, culture, agriculture and migration. AFP
    More than 250 members attended the session in Baghdad and accepted 15 ministers while rejecting five – those for trade, justice, culture, agriculture and migration. AFP
  • The speaker of Iraq's parliament Mohammed Al Halbousi meets Iraqi Prime Minister Mustafa Al Kadhimi. Reuters
    The speaker of Iraq's parliament Mohammed Al Halbousi meets Iraqi Prime Minister Mustafa Al Kadhimi. Reuters
  • Members of the Iraqi parliament gather before the vote. Reuters
    Members of the Iraqi parliament gather before the vote. Reuters
  • The speaker of Iraq's parliament Mohammed Al Halbousi receives Iraqi Prime Minister-designate Mustafa Al Kadhimi before the vote. Reuters
    The speaker of Iraq's parliament Mohammed Al Halbousi receives Iraqi Prime Minister-designate Mustafa Al Kadhimi before the vote. Reuters
  • The speaker of Iraq's parliament Mohammed Al Halbousi receives Iraqi Prime Minister-designate Mustafa Al Kadhimi before the vote. Reuters
    The speaker of Iraq's parliament Mohammed Al Halbousi receives Iraqi Prime Minister-designate Mustafa Al Kadhimi before the vote. Reuters
  • Mr Al Kadhimi's government must tackle an economic crisis brought on by oil price crashes, and cope with the coronavirus pandemic.
    Mr Al Kadhimi's government must tackle an economic crisis brought on by oil price crashes, and cope with the coronavirus pandemic.
  • Mr Al Kadhimi said the government he was trying to form 'has to be up to the crisis' and that he rejected 'any pressure aimed at undermining the state'.
    Mr Al Kadhimi said the government he was trying to form 'has to be up to the crisis' and that he rejected 'any pressure aimed at undermining the state'.

The Iraqi Parliament voted on Wednesday night to approve the government of Mustafa Al Kadhimi, ending weeks of political deadlock.

More than 250 members attended the session in Baghdad and voted in 15 ministers while rejecting five – those for trade, justice, culture, agriculture and migration.

"My Cabinet has earned Parliament’s support and we will work to earn the trust and support of the Iraqi people," Mr Al Kadhimi tweeted.

Israel's Supreme Court clears Benjamin Netanyahu to form government despite corruption charges

Prime Minister Benjamin Netanyahu was indicted in January on charges of bribery, fraud and breach of trust. He denies any wrongdoing in all three cases.
Prime Minister Benjamin Netanyahu was indicted in January on charges of bribery, fraud and breach of trust. He denies any wrongdoing in all three cases.

Prime Minister Benjamin Netanyahu’s indictment on corruption charges does not disqualify him from forming a government, Israel’s top court said on Wednesday.

In its ruling against opposition petitioners, the Supreme Court also found Mr Netanyahu’s unity government deal with his election rival Benny Gantz was not against the law, dismissing arguments that it unlawfully shielded him in a corruption trial.

The ruling removes a legal hurdle to the coalition government that right-wing Mr Netanyahu and centrist Mr Gantz plan to swear in next week, after three inconclusive elections in the past year.

COMPANY%20PROFILE
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MATCH INFO

Uefa Champions League, Group C
Liverpool v Red Star Belgrade
Anfield, Liverpool
Wednesday, 11pm (UAE)

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Directed by Sam Mendes

Starring Dean-Charles Chapman, George MacKay, Daniel Mays

4.5/5

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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'Nightmare Alley'

Director:Guillermo del Toro

Stars:Bradley Cooper, Cate Blanchett, Rooney Mara

Rating: 3/5

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

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

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.”

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

Jumanji: The Next Level

Director: Jake Kasdan

Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas 

Two out of five stars 

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

Anxiety and work stress major factors

Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.

A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.

Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.

One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.

It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."

Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.

“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi. 

“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."

Daniel Bardsley

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Women & Power: A Manifesto

Mary Beard

Profile Books and London Review of Books 

The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
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