Australians of Chinese descent are reporting a significant increase in hostility directed towards them as the country confirmed its ninth case of coronavirus, with several more suspected, on Friday.
There is a significant population of people of Chinese descent or origin in Australia, accounting for more than 1.2 million of Australia's 25m citizens. In Sydney, the country’s biggest city, almost 5 per cent of the population is of Chinese descent or origin.
The complaints about fear and suspicion being directed at people Chinese appearance range from insensitive jokes to biased press coverage.
“Today a patient made jokes about not shaking my hand because of coronavirus. In front of my team," Rhea Liang, a surgeon and educator in Queensland, wrote on Twitter.
“I have not left Australia. This is not sensible public health precautions. This is racism,” she said.
In Western Australia, the supermarket giant Woolworths received a complaint that a staff member at their store in Port Hedland removed a customer who appeared to be of east Asian descent and refused entry to others, claiming it was to prevent the spread of the virus.
The witness who filed the complaint, who did not want to be named, told The National that the incident, which happened on Thursday evening, was "horrible".
“The seafarers are in town, and they come in to Woolworths for supplies. I noticed a guy of Asian descent lining up to buy his groceries when one staff member got right in his face and started yelling ‘out out… I told you you’ve got to get out’ and the guy dropped his groceries and went out,” she said.
“He had two friends with him and when one tried to enter the store the same staff member said ‘no, you guys can’t come in here’. Later I was lining up at the checkout and that staff member was telling the story to another customer, saying he had ‘kicked out those Chinese boat people, they were coughing on everything’, like he was a hero,” she said.
“I wanted to stand up for those people but I was so shocked… I filed a complaint that night.”
The witness, who is a Port Hedland local, said a Woolworths employee phoned her the following day to say that security camera footage confirmed that the staff member had been in the wrong.
A Woolworths spokesman told The National that the company was "conducting a full investigation into the incident" and would "take appropriate action to address it in line with our workplace policies".
“We want everyone to feel welcome in our stores and sincerely regret this wasn't the case on this occasion,” he said.
The novel coronavirus was first detected in the central Chinese city of Wuhan in late December and has killed more than 200 people and infected nearly 10,000 since then. The World Health Organisation declared the outbreak a global health emergency on Thursday.
A petition calling on Australian newspapers The Daily Telegraph and the Herald Sun to apologise for aspects of their coverage of the outbreak had received almost 53,000 signatures on Friday.
The petition, started by Wendy Wong, noted that the Herald Sun headline "Chinese virus pandamonium", with "panda" highlighted in the misspelling of pandemonium, inappropriately identified the coronavirus virus with a race.
Ms Wong said the Daily Telegraph's use of the phrase "China kids stay home" in a headline was "downright offensive and unacceptable race discrimination" that created a "high risk of discrimination against the Aussie kids with Chinese background at school".
Both had an "inestimable negative impact" on the Chinese community, she wrote in her petition.
Meanwhile the Australian government has come under fire for plans to quarantine possibly hundreds of Australians returning from China on an island almost 2,000 kilometres north-west of the Western Australia Coast. They will be housed in an immigration detention centre on Christmas Island that was previously used for asylum seekers, Home Affairs Minister Peter Dutton said.
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.”
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Off-roading in the UAE: How to checklist
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
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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
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The five pillars of Islam
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.