• A large diesel spill in the Ambarnaya River outside Norilsk. AFP
    A large diesel spill in the Ambarnaya River outside Norilsk. AFP
  • More than 2,000 hectares of forest were alight over a large area of Krasnoyarsk region, Russia. AP
    More than 2,000 hectares of forest were alight over a large area of Krasnoyarsk region, Russia. AP
  • The islands of San Andres, Providencia and Santa Catalina were hit by Hurricane Iota, the strongest to affect the country since records are kept. Getty
    The islands of San Andres, Providencia and Santa Catalina were hit by Hurricane Iota, the strongest to affect the country since records are kept. Getty
  • Submerged houses in Cagayan province, north of Manila, on November 14, 2020, days after Typhoon Vamco hit parts of the country bringing heavy rain and flooding. AFP
    Submerged houses in Cagayan province, north of Manila, on November 14, 2020, days after Typhoon Vamco hit parts of the country bringing heavy rain and flooding. AFP
  • Typhoon Vamcobattered the Philippines causing widespread flooding and destruction in areas still reeling from the effects of Super Typhoon Goni. Getty
    Typhoon Vamcobattered the Philippines causing widespread flooding and destruction in areas still reeling from the effects of Super Typhoon Goni. Getty
  • A freak sandstorm sweeping over Polatli, in Ankara, Turkey . AFP
    A freak sandstorm sweeping over Polatli, in Ankara, Turkey . AFP
  • Queensland Fire and Emergency Services worked to contain a bushfire that has been burned on Fraser Island for six weeks, and is now threatening areas with 1,000-year-old trees. Getty
    Queensland Fire and Emergency Services worked to contain a bushfire that has been burned on Fraser Island for six weeks, and is now threatening areas with 1,000-year-old trees. Getty
  • The Silverado Fire burns along the 241 State Highway in Irvine, California. AP
    The Silverado Fire burns along the 241 State Highway in Irvine, California. AP
  • Residents evacuate their flooded homes in Gresik, East Java on December 15, 2020, as the rainy season brings floods to many areas in Jakarta and Java.AFP
    Residents evacuate their flooded homes in Gresik, East Java on December 15, 2020, as the rainy season brings floods to many areas in Jakarta and Java.AFP
  • Cars drive along the Golden Gate Bridge under an orange smoke filled sky at midday in San Francisco, California on September 9, 2020. AFP
    Cars drive along the Golden Gate Bridge under an orange smoke filled sky at midday in San Francisco, California on September 9, 2020. AFP
  • A rare lightning storm crackles over Mitchell's Cove in early morning in Santa Cruz, California in August. AP
    A rare lightning storm crackles over Mitchell's Cove in early morning in Santa Cruz, California in August. AP
  • Vehicles drive through a flooded road after heavy monsoon rains, in Karachi, Pakistan. AP
    Vehicles drive through a flooded road after heavy monsoon rains, in Karachi, Pakistan. AP
  • This year has seen record Atlantic hurricanes and western wildfires, devastating floods in Asia and Africa and a hot, melting Arctic. AP
    This year has seen record Atlantic hurricanes and western wildfires, devastating floods in Asia and Africa and a hot, melting Arctic. AP
  • Flood waters move on the street, in Pensacola, Florida after the passing of Hurricane Sally in September 2020. AP Photo
    Flood waters move on the street, in Pensacola, Florida after the passing of Hurricane Sally in September 2020. AP Photo
  • The A-68A iceberg that broke away from the Larsen C Ice Shelf in Antarctica in 2019 is on a collision course with South Georgia island. Reuters
    The A-68A iceberg that broke away from the Larsen C Ice Shelf in Antarctica in 2019 is on a collision course with South Georgia island. Reuters
  • Floating ice in front of the Apusiajik Glacier in south-eastern Greenland. AFP
    Floating ice in front of the Apusiajik Glacier in south-eastern Greenland. AFP

The Paris Climate Agreement explained


Taylor Heyman
  • English
  • Arabic

US President Joe Biden is expected to sign many executive orders to reverse some of Donald Trump’s most controversial policies.

To begin his ground-breaking set of environmental policies, he will move to rejoin the 2015 Paris Climate Agreement.

What you need to know.

What is the Paris Climate Agreement?

Almost every country signed the Paris Agreement – 195 nations and the EU.

It was signed on December 12, 2015, after two weeks of wrangling at the Paris Conference of the Parties to the UN Framework Convention on Climate Change, or Cop21.

It is the first binding multilateral agreement on climate change and came into force in November 2016.

The accord sets a target of limiting warming of the planet to 2ºC above pre-Industrial Revolution levels, while aiming for an even more ambitious goal of 1.5ºC.

What did signatories promise?

Each nation that signed up committed to specific climate goals for their country, called nationally determined contributions.

The UK and Japan committed to net-zero carbon emissions by 2050.

There is also a system for developed countries, by far the worst polluters, to assist developing nations in mitigating the effects of climate change.

A new batch of national goals came into force at the end of 2020 and were supposed to stretch nations even further to cut carbon emissions.

But only 44 countries and the EU met this deadline and many of the contributions or targets stayed the same as in 2015 – some were even reduced.

There is no penalty for leaving the agreement but the US is the only nation to do so.

When did the US leave?

Donald Trump announced his intention to pull the US out of the agreement on June 1, 2017, saying it disadvantaged the US.

“The Paris Climate Accord is simply the latest example of Washington entering into an agreement that disadvantages the United States to the exclusive benefit of other countries, leaving American workers – who I love – and taxpayers to absorb the cost in terms of lost jobs, lower wages, shuttered factories and vastly diminished economic production,” he said at the time.

When the US signed the deal, it committed to cut climate pollution by between 26 per cent and 28 per cent from 2005 levels.

The decision to pull out by the world’s second-largest greenhouse gas emitter behind China was widely criticised.

Shortly after the US dropped out, Syria signed up, making the US the only country in the world that was not a signatory.

What else is Biden planning for the environment?

The journey back to setting an example on climate change is going to be an arduous one after four years of scientists being pilloried and environmental legislation withdrawn.

"We got off track very severely for the last four years with a climate denier in the Oval Office," John Podesta, an adviser to former president Barack Obama who helped to craft the 2015 Paris Agreement, told Reuters.

"We enter the international arena with a credibility deficit."

Nevertheless, Mr Biden and Vice President Kamala Harris have bold plans.

There will be a sweeping order to review all of Mr Trump's actions weakening climate change protection and the revocation of a vital permit for TC Energy's Keystone XL oil pipeline project from Canada.

There will also be a moratorium on oil and gas leasing in the Arctic National Wildlife Refuge, which Mr Trump's administration recently opened to development.

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

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

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
Company%20Profile
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MO
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Company%20profile
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What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

At a glance

- 20,000 new jobs for Emiratis over three years

- Dh300 million set aside to train 18,000 jobseekers in new skills

- Managerial jobs in government restricted to Emiratis

- Emiratis to get priority for 160 types of job in private sector

- Portion of VAT revenues will fund more graduate programmes

- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government

6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m

Winner Bella Fever, Dane O’Neill (jockey), Mike de Kock (trainer).

7.05pm Handicap $135,000 (T) 1,400m

Winner Woven, Harry Bentley, David Simcock.

7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m

Winner Fore Left, William Buick, Doug O’Neill.

8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m

Winner Rusumaat, Dane O’Neill, Musabah Al Muhairi.

8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m

Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.

9.25pm Handicap $135,000 (T) 1,800m

Winner Art Du Val, William Buick, Charlie Appleby.

10pm Handicap $135,000 (T) 1,400m

Winner Beyond Reason, William Buick, Charlie Appleby.

UAE%20medallists%20at%20Asian%20Games%202023
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GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900