• The New York Stock Exchange in Lower Manhattan on the first day that traders are allowed back on to the floor of the exchange on May 26, 2020 in New York City. Getty Images via AFP
    The New York Stock Exchange in Lower Manhattan on the first day that traders are allowed back on to the floor of the exchange on May 26, 2020 in New York City. Getty Images via AFP
  • A face mask hangs on a fence in front of the New York Stock Exchange in New York. EPA
    A face mask hangs on a fence in front of the New York Stock Exchange in New York. EPA
  • The NYSE floor, known worldwide for an anarchic atmosphere with traders shouting orders over one another, has been closed since mid-March due to the coronavirus outbreak. Fewer traders will be allowed back at a given time for now in order to support six-feet social distancing requirements and they also must wear masks. AP
    The NYSE floor, known worldwide for an anarchic atmosphere with traders shouting orders over one another, has been closed since mid-March due to the coronavirus outbreak. Fewer traders will be allowed back at a given time for now in order to support six-feet social distancing requirements and they also must wear masks. AP
  • New York mayor Andrew Cuomo looks over the floor of the New York Stock Exchange on Tuesday as he rings the opening bell. New York Stock Exchange via AP
    New York mayor Andrew Cuomo looks over the floor of the New York Stock Exchange on Tuesday as he rings the opening bell. New York Stock Exchange via AP
  • Traders wearing masks work on the first day of in-person trading since the closure during the outbreak of the coronavirus disease on the floor at the New York Stock Exchange. Reuters
    Traders wearing masks work on the first day of in-person trading since the closure during the outbreak of the coronavirus disease on the floor at the New York Stock Exchange. Reuters
  • New York Governor Andrew Cuomo speaks inside the New York Stock Exchange after ringing the opening bell. Reuters
    New York Governor Andrew Cuomo speaks inside the New York Stock Exchange after ringing the opening bell. Reuters
  • Officials on Tuesday began removing dozens of people who have been sleeping at the city's airport during the coronavirus pandemic. AP
    Officials on Tuesday began removing dozens of people who have been sleeping at the city's airport during the coronavirus pandemic. AP
  • A worker wears protective equipment after assisting a customer select her purchases from curb-side at The Loop fashion and shoe store as businesses slowly begin to reopen in Yonkers city, New York. AP
    A worker wears protective equipment after assisting a customer select her purchases from curb-side at The Loop fashion and shoe store as businesses slowly begin to reopen in Yonkers city, New York. AP
  • A nurse holds her back as she walks down a hallway in the Covid-19 Intensive Care Unit at Harborview Medical Centre. AP, File
    A nurse holds her back as she walks down a hallway in the Covid-19 Intensive Care Unit at Harborview Medical Centre. AP, File
  • President Donald Trump holds a face mask in his left hand as he speaks during a tour of Ford's Rawsonville Components Plant that has been converted to factory making personal protection and medical equipment. AP
    President Donald Trump holds a face mask in his left hand as he speaks during a tour of Ford's Rawsonville Components Plant that has been converted to factory making personal protection and medical equipment. AP
  • Vin Norton gets a haircut by barber Cristian Lopez at Barber Walter's barbershop, as they both wear masks out of concern for the coronavirus. AP
    Vin Norton gets a haircut by barber Cristian Lopez at Barber Walter's barbershop, as they both wear masks out of concern for the coronavirus. AP
  • People get free Covid-19 tests without showing ID, doctor's note or symptoms at a drive-through and walk up coronavirus testing centre at Barcroft Community Centre in the Arlington, Virginia. AFP
    People get free Covid-19 tests without showing ID, doctor's note or symptoms at a drive-through and walk up coronavirus testing centre at Barcroft Community Centre in the Arlington, Virginia. AFP
  • Health workers prepare to give people free Covid-19 tests without asking to show ID, doctor's note or symptoms at a drive-through and walk up Coronavirus testing centre at Barcroft Community Centre in the Arlington, Virginia. AFP
    Health workers prepare to give people free Covid-19 tests without asking to show ID, doctor's note or symptoms at a drive-through and walk up Coronavirus testing centre at Barcroft Community Centre in the Arlington, Virginia. AFP

Coronavirus: 100,000 die of Covid-19 in US as Trump wages Twitter wars


Joyce Karam
  • English
  • Arabic

The US surpassed 100,000 deaths on Wednesday, a sobering milestone in its fight against the coronavirus pandemic.

Three months after the first death was reported from Covid-19 in the US on February 29, the pandemic has infected nearly 1.7 million people in the country and taken the lives of 100,047, a tracker run by the Johns Hopkins University reported.

It also means that almost one in every three deaths around the world occurred in America.

More people have died in the US of Covid-19 than the number of soldiers the country lost in the Vietnam, Afghanistan and Iraq wars combined.

Even with US health officials warning since March that the country was on course to hit 100,000 fatalities, the milestone reinforced the effect that the pandemic has had on the country, with no vaccine yet in sight.

Close to 39 million people have lost their jobs in the US and unemployment is now close to 14.7 per cent, Kevin Hassett, a White House economic adviser, told CNN last week.

It is the largest and fastest rise in jobless figures for decades.

Robert Redfield, director of the Centres for Disease Control, tweeted on May 15 that based on 12 different models, the death toll will continue to climb amid fears of a second wave in September.

But even with the grim reality, US President Donald Trump appeared more focused on assailing his opponents on social media than unifying the country.

Mr Trump's Twitter tirades have increased in recent days, with attacks on former Democratic candidate Hillary Clinton, Democratic nominee Joe Biden, his former attorney general Jeff Sessions and the governors of California and North Carolina.

He has attacked MSNBC host Joe Scarborough, mail voting and even his most supportive mainstream TV station, Fox News.

Mr Trump's offensive rejected any blame for the number of deaths or accusations he refused to act early during the pandemic.

A study by Columbia University this month projected that at least 36,000 lives could have been saved if the lockdowns were imposed earlier.

At the weekend, Mr Trump attacked the prominent university behind the study.

"Columbia is a liberal, disgraceful institution to write that because all the people that they cater to were months after me. They said we shouldn't close it," he told Sinclair media.

Mr Trump is showing increasing concern that the death toll and economic downturn may cost him the election against Mr Biden on November 3.

National and swing states polls give the Democratic candidate an edge five months before the vote begins.

The Trump administration's messages, mainly blaming China and the World Health Organisation, have not improved polling numbers.

A Fox News poll last week showed voters have more trust in Mr Biden on health care than Mr Trump, by a 17-point-margin.

On Covid-19, the Democrat is ahead by 9 points and in relations with China by 6 points.

These numbers are also starting to worry Republicans running for the Senate in swing states such as Arizona and North Carolina, where Mr Trump's popularity dip is hurting them.

But with some states gradually reopening and the stock market showing signs of recovery, Mr Trump and his campaign are hoping the pandemic and their handling of the crisis may be far behind them by November.

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

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
Pros%20and%20cons%20of%20BNPL
%3Cp%3E%3Cstrong%3EPros%3C%2Fstrong%3E%0D%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EEasy%20to%20use%20and%20require%20less%20rigorous%20credit%20checks%20than%20traditional%20credit%20options%0D%3C%2Fli%3E%0A%3Cli%3EOffers%20the%20ability%20to%20spread%20the%20cost%20of%20purchases%20over%20time%2C%20often%20interest-free%0D%3C%2Fli%3E%0A%3Cli%3EConvenient%20and%20can%20be%20integrated%20directly%20into%20the%20checkout%20process%2C%20useful%20for%20online%20shopping%0D%3C%2Fli%3E%0A%3Cli%3EHelps%20facilitate%20cash%20flow%20planning%20when%20used%20wisely%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cstrong%3ECons%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EThe%20ease%20of%20making%20purchases%20can%20lead%20to%20overspending%20and%20accumulation%20of%20debt%0D%3C%2Fli%3E%0A%3Cli%3EMissing%20payments%20can%20result%20in%20hefty%20fees%20and%2C%20in%20some%20cases%2C%20high%20interest%20rates%20after%20an%20initial%20interest-free%20period%0D%3C%2Fli%3E%0A%3Cli%3EFailure%20to%20make%20payments%20can%20impact%20credit%20score%20negatively%0D%3C%2Fli%3E%0A%3Cli%3ERefunds%20can%20be%20complicated%20and%20delayed%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ECourtesy%3A%20Carol%20Glynn%3C%2Fem%3E%3C%2Fp%3E%0A
The specs: 2019 Mercedes-Benz C200 Coupe


Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

The specs

The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
 

Zimbabwe v UAE, ODI series

All matches at the Harare Sports Club

  • 1st ODI, Wednesday, April 10
  • 2nd ODI, Friday, April 12
  • 3rd ODI, Sunday, April 14
  • 4th ODI, Sunday, April 16

Squads:

  • UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
  • Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
%3Cp%3EDirectors%3A%20Joaquim%20Dos%20Santos%2C%20Kemp%20Powers%2C%20Justin%20K.%20Thompson%3Cbr%3EStars%3A%20Shameik%20Moore%2C%20Hailee%20Steinfeld%2C%20Oscar%20Isaac%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
ELECTION%20RESULTS
%3Cp%3EMacron%E2%80%99s%20Ensemble%20group%20won%20245%20seats.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20second-largest%20group%20in%20parliament%20is%20Nupes%2C%20a%20leftist%20coalition%20led%20by%20Jean-Luc%20Melenchon%2C%20which%20gets%20131%20lawmakers.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20far-right%20National%20Rally%20fared%20much%20better%20than%20expected%20with%2089%20seats.%3C%2Fp%3E%0A%3Cp%3EThe%20centre-right%20Republicans%20and%20their%20allies%20took%2061.%3C%2Fp%3E%0A
The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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.”

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.0%20twin-turbo%20inline%20six-cylinder%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Eeight-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E600Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh450%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A

THE SPECS

Aston Martin Rapide AMR

Engine: 6.0-litre V12

Transmission: Touchtronic III eight-speed automatic

Power: 595bhp

Torque: 630Nm

Price: Dh999,563

MATCH INFO

Quarter-finals

Saturday (all times UAE)

England v Australia, 11.15am 
New Zealand v Ireland, 2.15pm

Sunday

Wales v France, 11.15am
Japan v South Africa, 2.15pm