British soldiers on manoeuvres in Estonia during Nato exercise Bold Dragon alongside Estonian, Danish and French forces. PA
British soldiers on manoeuvres in Estonia during Nato exercise Bold Dragon alongside Estonian, Danish and French forces. PA
British soldiers on manoeuvres in Estonia during Nato exercise Bold Dragon alongside Estonian, Danish and French forces. PA
British soldiers on manoeuvres in Estonia during Nato exercise Bold Dragon alongside Estonian, Danish and French forces. PA

UK's James Heappey rejects Lavrov's 'bravado' over Third World War threat


Paul Carey
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Live updates: follow the latest news on Russia-Ukraine

A British defence minister dismissed a warning by Russian foreign minister Sergey Lavrov that there was a “real” danger of a Third World War as the West sends more arms to Ukraine.

Armed forces minister James Heappey said on Tuesday he did not think there was an imminent threat of escalation in the war in Ukraine, dismissing Mr Lavrov's comments as “bravado".

He was responding to comments Mr Lavrov made overnight in which he accused Nato of engaging in a proxy battle against Russia by arming Ukraine, saying this had created a serious and real risk of nuclear war.

In a marked escalation of Russian rhetoric, Mr Lavrov was asked on state television about the importance of avoiding a Third World War and whether the current situation was comparable to the 1962 Cuban Missile Crisis.

“The risks now are considerable,” Mr Lavrov said, according to the ministry's transcript of the interview.

“I would not want to elevate those risks artificially. Many would like that. The danger is serious, real. And we must not underestimate it,” Mr Lavrov said.

“Nato, in essence, is engaged in a war with Russia through a proxy and is arming that proxy. War means war.”

In response, during the morning media round, Mr Heappey told BBC Television: “Lavrov's trademark over the course of 15 years or so that he has been the Russian foreign secretary has been that sort of bravado. I don't think that right now there is an imminent threat of escalation".

Russian Foreign Minister Sergey Lavrov speaks during a news conference in Moscow. AP Photo
Russian Foreign Minister Sergey Lavrov speaks during a news conference in Moscow. AP Photo

“What the West is doing to support its allies in Ukraine is very well calibrated … Everything we do is calibrated to avoid direct confrontation with Russia.”

He told Sky News: “Sergey Lavrov might also reflect that the reason there is a war in Ukraine right now is because Russia rolled over the borders of a sovereign country and started to invade their territory.

“All of this noise from Moscow about somehow their attack on Ukraine being a response to Nato aggression is just utter, utter nonsense.”

Forty countries will hold emergency talks in Germany on Tuesday on bolstering the defence of Ukraine, which the US Pentagon chief believes “can win” against Russia if given the necessary means and backing.

France is delivering Caesar cannons with a range of 40 kilometres and Britain has provided Starstreak anti-air missiles and tanks.

Germany will officially approve the delivery of Gepard anti-aircraft systems to Ukraine, a senior politician from one of the ruling coalition parties said on Tuesday.

Secretary of Defence Lloyd Austin speaks alongside Ukrainian Defence Minister Oleksii Reznikov during a meeting at the US Air Base in Ramstein, Germany. EPA
Secretary of Defence Lloyd Austin speaks alongside Ukrainian Defence Minister Oleksii Reznikov during a meeting at the US Air Base in Ramstein, Germany. EPA

Johannes Vogel, of the liberal Free Democrats, confirmed a report in daily newspaper Sueddeutsche Zeitung that Defence Minister Christine Lambrecht is set to offer the weapons at Tuesday's meeting with allies at the US Ramstein Air Base in Germany.

German Chancellor Olaf Scholz, who has faced criticism at home and abroad for his government's failure to deliver heavy weapons to Ukraine, has pledged anti-tank and anti-aircraft weapons from German military stocks, which he described however as “defensive weapons.”

The meeting called by the US at its Ramstein airbase in south-western Germany is “focused on doing things to generate additional capability and capacity for the Ukrainian forces”, said Defence Secretary Lloyd Austin following his visit to Kyiv on Sunday.

“We believe that they can win if they have the right equipment, the right support,” Mr Austin said.

The US is already the biggest supplier of international military aid to Ukraine.

Kyiv is seeking heavy artillery and tanks to repel Russian forces trying to seize complete control of its vast southern plains and the eastern region of Donbas.

The meeting is also aimed at ensuring Ukraine's security in the longer term once the war is over.

Mr Heappey said that while Nato had been reinforcing its eastern flank, it was not, as an organisation, providing military aid.

  • UN Secretary General Antonio Guterres visits Borodyanka, near Kyiv, where Russian forces are accused of killing civilians. AFP
    UN Secretary General Antonio Guterres visits Borodyanka, near Kyiv, where Russian forces are accused of killing civilians. AFP
  • Children play in the wreckage of a Russian armoured vehicle in Lukashivka, Chernihiv region, northern Ukraine. The village has been retaken by Ukrainian forces. EPA
    Children play in the wreckage of a Russian armoured vehicle in Lukashivka, Chernihiv region, northern Ukraine. The village has been retaken by Ukrainian forces. EPA
  • A cyclist passes a destroyed building in Derhachi village, near besieged city Kharkiv, in north-eastern Ukraine. AFP
    A cyclist passes a destroyed building in Derhachi village, near besieged city Kharkiv, in north-eastern Ukraine. AFP
  • Burnt-out wreckage of a tank in Kolychivka village, Chernihiv region, northern Ukraine. EPA
    Burnt-out wreckage of a tank in Kolychivka village, Chernihiv region, northern Ukraine. EPA
  • A Ukrainian flag flies in a park in Kramatorsk, Donetsk region, eastern Ukraine. A rocket attack on the city railway station earlier in April killed at least 50 people. AFP
    A Ukrainian flag flies in a park in Kramatorsk, Donetsk region, eastern Ukraine. A rocket attack on the city railway station earlier in April killed at least 50 people. AFP
  • Russian President Vladimir Putin addresses a meeting of MPs in St Petersburg. EPA
    Russian President Vladimir Putin addresses a meeting of MPs in St Petersburg. EPA
  • Youngsters Faddei and Oleksandr play in front of a church damaged during Russia's invasion of Ukraine, in the Chernihiv region. Reuters
    Youngsters Faddei and Oleksandr play in front of a church damaged during Russia's invasion of Ukraine, in the Chernihiv region. Reuters
  • A demonstrator turns emotional as she attends a rally in Kyiv demanding a humanitarian corridor to rescue civilians from Mariupol. Reuters
    A demonstrator turns emotional as she attends a rally in Kyiv demanding a humanitarian corridor to rescue civilians from Mariupol. Reuters
  • A Ukrainian Sukhoi Su-25 releases decoy flares as it provides air support to Ukrainian ground forces near central city of Yampil. AFP
    A Ukrainian Sukhoi Su-25 releases decoy flares as it provides air support to Ukrainian ground forces near central city of Yampil. AFP
  • An officer from National Guard of Ukraine surveys weapons left behind by Russian troops in Chernobyl. AFP
    An officer from National Guard of Ukraine surveys weapons left behind by Russian troops in Chernobyl. AFP
  • Mr Putin attends a meeting with UN Secretary General Antonio Guterres in Moscow. Reuters
    Mr Putin attends a meeting with UN Secretary General Antonio Guterres in Moscow. Reuters
  • Members of a team from the International Atomic Energy Agency carry equipment as they arrive at the Chernobyl nuclear power plant, in Chernobyl, Ukraine. AP
    Members of a team from the International Atomic Energy Agency carry equipment as they arrive at the Chernobyl nuclear power plant, in Chernobyl, Ukraine. AP
  • Ukrainian troops fire rockets from the city of Popasna, near Luhansk. EPA
    Ukrainian troops fire rockets from the city of Popasna, near Luhansk. EPA
  • Lithuanian musician Darius Mazintas plays a piano in front of the Central House of Culture destroyed during Russia's invasion, in the town of Irpin, outside Kyiv. Reuters
    Lithuanian musician Darius Mazintas plays a piano in front of the Central House of Culture destroyed during Russia's invasion, in the town of Irpin, outside Kyiv. Reuters
  • Ukrainian refugees Julia, second left, 32, and Miroslava, left, 11, walk away with relatives who received them after they crossed into Poland from Ukraine at the Dorohusk border. AFP
    Ukrainian refugees Julia, second left, 32, and Miroslava, left, 11, walk away with relatives who received them after they crossed into Poland from Ukraine at the Dorohusk border. AFP
  • Russian Foreign Minister Sergey Lavrov meets Mr Guterres in Moscow. AFP
    Russian Foreign Minister Sergey Lavrov meets Mr Guterres in Moscow. AFP
  • US Chairman of the Joint Chiefs of Staff Gen Mark Milley, left, US Secretary of Defence Lloyd Austin, second left, and Ukrainian Minister of Defence Oleksii Reznikov, right, attend the Ukraine Security Consultative Group meeting at Ramstein airbase in Ramstein-Miesenbach, Germany. Getty Images
    US Chairman of the Joint Chiefs of Staff Gen Mark Milley, left, US Secretary of Defence Lloyd Austin, second left, and Ukrainian Minister of Defence Oleksii Reznikov, right, attend the Ukraine Security Consultative Group meeting at Ramstein airbase in Ramstein-Miesenbach, Germany. Getty Images
  • Smoke rises from an oil terminal hit by fire in Bryansk, Russia. AP
    Smoke rises from an oil terminal hit by fire in Bryansk, Russia. AP
  • People take pictures by the wreckage of a Russian military vehicle, in the village of Rusaniv, Kyiv region. Reuters
    People take pictures by the wreckage of a Russian military vehicle, in the village of Rusaniv, Kyiv region. Reuters
  • Smoke rises above the Azovstal Iron and Steel Works plant amid fighting in Mariupol, Ukraine. Reuters
    Smoke rises above the Azovstal Iron and Steel Works plant amid fighting in Mariupol, Ukraine. Reuters
  • People carry a large Ukrainian flag as they attend a rally to mark the 77th anniversary of Liberation Day in Milan, Italy. The day remembers Italians who fought against the Nazis and Mussolini's troops during the Second World War. EPA
    People carry a large Ukrainian flag as they attend a rally to mark the 77th anniversary of Liberation Day in Milan, Italy. The day remembers Italians who fought against the Nazis and Mussolini's troops during the Second World War. EPA
  • A Ukrainian soldier looks at a Russian ballistic missile's booster stage that fell in a field in Bohodarove, eastern Ukraine. AFP
    A Ukrainian soldier looks at a Russian ballistic missile's booster stage that fell in a field in Bohodarove, eastern Ukraine. AFP
  • People watch as a residential building burns after Russian bombardment in Kharkiv, Ukraine. AP
    People watch as a residential building burns after Russian bombardment in Kharkiv, Ukraine. AP
  • Ukraine's President Volodymyr Zelenskyy meets US Secretary of State Antony Blinken and US Defence Secretary Lloyd Austin. Reuters
    Ukraine's President Volodymyr Zelenskyy meets US Secretary of State Antony Blinken and US Defence Secretary Lloyd Austin. Reuters
  • Russian President Vladimir Putin attends the Orthodox Easter service at the Cathedral of Christ the Saviour in Moscow. EPA
    Russian President Vladimir Putin attends the Orthodox Easter service at the Cathedral of Christ the Saviour in Moscow. EPA
  • A young girl in front of people carrying a huge Ukrainian flag during a peaceful demonstration entitled 'Solidarity with Ukraine' in Krakow, Poland. Reuters
    A young girl in front of people carrying a huge Ukrainian flag during a peaceful demonstration entitled 'Solidarity with Ukraine' in Krakow, Poland. Reuters
  • A boy stands next to a wrecked vehicle in front of an apartment damaged during the conflict in the southern port city of Mariupol. Reuters
    A boy stands next to a wrecked vehicle in front of an apartment damaged during the conflict in the southern port city of Mariupol. Reuters
  • This satellite image from Planet Labs PBC shows damage at the Azovstal steelworks in Mariupol, Ukraine. AP
    This satellite image from Planet Labs PBC shows damage at the Azovstal steelworks in Mariupol, Ukraine. AP
  • A Ukrainian man rides in front of a destroyed building in Kharkiv which had been shelled by the Russians. EPA
    A Ukrainian man rides in front of a destroyed building in Kharkiv which had been shelled by the Russians. EPA
  • A Ukrainian Territorial Defence fighter in a shelter with an Easter Cake near Kharkiv. Ukrainians mark Orthodox Easter today. EPA
    A Ukrainian Territorial Defence fighter in a shelter with an Easter Cake near Kharkiv. Ukrainians mark Orthodox Easter today. EPA
  • Residents receive Easter cakes and apples handed out by pro-Russian troops on Easter Day at the Svyato-Troitsky Church in the southern port city of Mariupol. Reuters
    Residents receive Easter cakes and apples handed out by pro-Russian troops on Easter Day at the Svyato-Troitsky Church in the southern port city of Mariupol. Reuters
  • A woman photographs the scene of yesterday's shelling in the southern Ukraine city of Odesa. Eight people were killed, including a three-month child, and about 20 were wounded. EPA
    A woman photographs the scene of yesterday's shelling in the southern Ukraine city of Odesa. Eight people were killed, including a three-month child, and about 20 were wounded. EPA
  • A military chaplain blesses Ukrainian soldiers on the occasion of Orthodox Easter not far from the city of Izyum in Kharkiv. EPA
    A military chaplain blesses Ukrainian soldiers on the occasion of Orthodox Easter not far from the city of Izyum in Kharkiv. EPA
  • An internally displaced man walks with dogs in the Palace of Culture, which was damaged by shelling in Rubizhne, eastern Ukraine. AFP
    An internally displaced man walks with dogs in the Palace of Culture, which was damaged by shelling in Rubizhne, eastern Ukraine. AFP
  • Tulips grow next to a building destroyed by shelling in Rubizhne. AFP
    Tulips grow next to a building destroyed by shelling in Rubizhne. AFP
  • Internally displaced people wait to receive food inside a factory that has been turned into a shelter, in Severodonetsk. AFP
    Internally displaced people wait to receive food inside a factory that has been turned into a shelter, in Severodonetsk. AFP
  • Members of the Ukrainian Red Cross carry a woman, 92, to an ambulance from a bunker at a factory in Severodonetsk. AFP
    Members of the Ukrainian Red Cross carry a woman, 92, to an ambulance from a bunker at a factory in Severodonetsk. AFP
  • Ambulance workers move an injured Ukrainian serviceman to a hospital in Donetsk. AP
    Ambulance workers move an injured Ukrainian serviceman to a hospital in Donetsk. AP
  • A woman sits inside a subway station that has been turned into a shelter, on the outskirts of second largest Ukrainian city, Kharkiv. AFP
    A woman sits inside a subway station that has been turned into a shelter, on the outskirts of second largest Ukrainian city, Kharkiv. AFP
  • Residents shelter in a subway station in Kharkiv. AFP
    Residents shelter in a subway station in Kharkiv. AFP
  • Anastasiya Kryvoho attends a candlelight vigil for Ukraine on the Orthodox Holy Saturday, in Toronto, Canada. Reuters
    Anastasiya Kryvoho attends a candlelight vigil for Ukraine on the Orthodox Holy Saturday, in Toronto, Canada. Reuters
  • Ukrainian President Volodymyr Zelenskyy addresses a press conference with international media in an underground metro station in Kyiv. AFP
    Ukrainian President Volodymyr Zelenskyy addresses a press conference with international media in an underground metro station in Kyiv. AFP
  • Firefighters work at the scene of a fire after shelling in Kharkiv, Ukraine. EPA
    Firefighters work at the scene of a fire after shelling in Kharkiv, Ukraine. EPA
  • A family from Myrne, a town occupied by Russian forces, wait to register with police at an evacuation point for people fleeing from Mariupol, Melitopol and surrounding towns. Getty Images
    A family from Myrne, a town occupied by Russian forces, wait to register with police at an evacuation point for people fleeing from Mariupol, Melitopol and surrounding towns. Getty Images
  • Oleksandr, 25, meets his parents Olga, 49, and Oleksandr, 50, who fled from the Russian-occupied village of Lyubimivka, at the evacuation point in Zaporizhzhia. EPA
    Oleksandr, 25, meets his parents Olga, 49, and Oleksandr, 50, who fled from the Russian-occupied village of Lyubimivka, at the evacuation point in Zaporizhzhia. EPA
  • Residents walk near a damaged military vehicle in an area controlled by Russian-backed separatist forces in Mariupol. AP
    Residents walk near a damaged military vehicle in an area controlled by Russian-backed separatist forces in Mariupol. AP
  • A heavily damaged apartment building in Horenka. Getty Images
    A heavily damaged apartment building in Horenka. Getty Images
  • Residents wrapped in blankets stand near their houses damaged by Russian shelling in Odesa. AP
    Residents wrapped in blankets stand near their houses damaged by Russian shelling in Odesa. AP
  • A Ukrainian flag is installed on top of a gob pile in Lysychans, eastern Ukraine. AFP
    A Ukrainian flag is installed on top of a gob pile in Lysychans, eastern Ukraine. AFP
  • A Ukrainian soldier rests at a checkpoint in Severodonetsk. AFP
    A Ukrainian soldier rests at a checkpoint in Severodonetsk. AFP

“The donor community is not Nato,” Mr Heappey said. “The donor effort is something that has been brought together by countries that are yes, many of them are from Nato, but others are from beyond … it is not Nato that is doing the military aid.”

Moscow describes its actions a “special operation” to disarm Ukraine and protect it from fascists. Ukraine and the West say this a false pretext for an unprovoked war of aggression by President Vladimir Putin.

Mr Heappey said it was completely legitimate for Ukraine to strike Russian logistics lines and fuel supplies and he acknowledged the weapons the international community was now providing had the range to be used in Russia.

The minister went on to say that Mr Putin’s push to claim some kind of victory before the May 9 victory parade was causing “military unsound” decisions to be made.

He told the BBC: “The fact that he has directed that the military outcome must be secured by May 9 will mean that commanders, even though they will know from all their command and staff training it is absolute folly to launch an offensive before you’ve massed all of your combat power and that they’re giving away whatever advantage they may have won and there’s been incredibly bad weather in the Donbas over the last week or two, which means the ground is not conducive right now to the manoeuvre of heavy army, that Putin’s political pressure and the hubris that he’s shown, his desire to stand there on the steps of the Kremlin on May 9 and be a hero, means that thousands of Russian lives are going to be lost and the Russians are going to hand over the numerical advantage that they should have.”

Meanwhile, the British Ministry of Defence said on Tuesday that Russian forces had taken the Ukrainian city of Kreminna in the Luhansk region after days of street-to-street fighting.

“The city of Kreminna has reportedly fallen and heavy fighting is reported south of Izium as Russian forces attempt to advance towards the cities of Sloviansk and Kramatorsk from the north and east,” the British military said in a tweet. It did not say how it knew the city, 575 kilometres south-east of the capital, Kyiv, had fallen. The Ukrainian government did not immediately comment.

Mr Heappey told BBC Television: "Lavrov's trademark over the course of 15 years or so that he has been the Russian foreign secretary has been that sort of bravado. I don't think that right now there is an imminent threat of escalation". PA
Mr Heappey told BBC Television: "Lavrov's trademark over the course of 15 years or so that he has been the Russian foreign secretary has been that sort of bravado. I don't think that right now there is an imminent threat of escalation". PA

About 15,000 Russian troops have been killed in the 61 days since the full-scale invasion of Ukraine was launched, according to the UK.

Defence Secretary Ben Wallace also told MPs on Monday that more than 2,000 of Russia’s armoured vehicles have either been destroyed or captured as he outlined further UK support for Ukraine to help defend its territory.

With Russia switching its attention to further occupying the Donbas region in the south-east, Mr Wallace confirmed a “small number” of Stormer armoured vehicles fitted with anti-air missile launchers will be given to Ukraine.

Making a statement to the House of Commons, Mr Wallace said: “It is our assessment that approximately 15,000 Russian personnel have been killed during their offensive.

“Alongside the death toll are the equipment losses and in total a number of sources suggest that to date over 2,000 armoured vehicles have been destroyed or captured.

“This includes at least 530 tanks, 530 armoured personnel carriers and 560 infantry fighting vehicles.

“Russia has also lost over 60 helicopters and fighter jets.”

Mr Wallace said Ukrainian forces have been using Starstreak high-velocity and low-velocity anti-air missiles for more than three weeks.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Ballon d’Or shortlists

Men

Sadio Mane (Senegal/Liverpool), Sergio Aguero (Aregentina/Manchester City), Frenkie de Jong (Netherlans/Barcelona), Hugo Lloris (France/Tottenham), Dusan Tadic (Serbia/Ajax), Kylian Mbappe (France/PSG), Trent Alexander-Arnold (England/Liverpool), Donny van de Beek (Netherlands/Ajax), Pierre-Emerick Aubameyang (Gabon/Arsenal), Marc-Andre ter Stegen (Germany/Barcelona), Cristiano Ronaldo (Portugal/Juventus), Alisson (Brazil/Liverpool), Matthijs de Ligt (Netherlands/Juventus), Karim Benzema (France/Real Madrid), Georginio Wijnaldum (Netherlands/Liverpool), Virgil van Dijk (Netherlands/Liverpool), Bernardo Silva (Portugal/Manchester City), Son Heung-min (South Korea/Tottenham), Robert Lewandowski (Poland/Bayern Munich), Roberto Firmino (Brazil/Liverpool), Lionel Messi (Argentina/Barcelona), Riyad Mahrez (Algeria/Manchester City), Kevin De Bruyne (Belgium/Manchester City), Kalidou Koulibaly (Senegal/Napoli), Antoine Griezmann (France/Barcelona), Mohamed Salah (Egypt/Liverpool), Eden Hazard (BEL/Real Madrid), Marquinhos (Brazil/Paris-SG), Raheem Sterling (Eengland/Manchester City), Joao Félix(Portugal/Atletico Madrid)

Women

Sam Kerr (Austria/Chelsea), Ellen White (England/Manchester City), Nilla Fischer (Sweden/Linkopings), Amandine Henry (France/Lyon), Lucy Bronze(England/Lyon), Alex Morgan (USA/Orlando Pride), Vivianne Miedema (Netherlands/Arsenal), Dzsenifer Marozsan (Germany/Lyon), Pernille Harder (Denmark/Wolfsburg), Sarah Bouhaddi (France/Lyon), Megan Rapinoe (USA/Reign FC), Lieke Martens (Netherlands/Barcelona), Sari van Veenendal (Netherlands/Atletico Madrid), Wendie Renard (France/Lyon), Rose Lavelle(USA/Washington Spirit), Marta (Brazil/Orlando Pride), Ada Hegerberg (Norway/Lyon), Kosovare Asllani (Sweden/CD Tacon), Sofia Jakobsson (Sweden/CD Tacon), Tobin Heath (USA/Portland Thorns)

 

 

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank 

Global institutions: BlackRock and KKR

US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.

KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.

 

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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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

The specs

BMW M8 Competition Coupe

Engine 4.4-litre twin-turbo V8

Power 625hp at 6,000rpm

Torque 750Nm from 1,800-5,800rpm

Gearbox Eight-speed paddleshift auto

Acceleration 0-100kph in 3.2 sec

Top speed 305kph

Fuel economy, combined 10.6L / 100km

Price from Dh700,000 (estimate)

On sale Jan/Feb 2020
 

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

Madrid Open schedule

Men's semi-finals

Novak Djokovic (1) v Dominic Thiem (5) from 6pm

Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm

Women's final

Simona Halep (3) v Kiki Bertens (7) from 8.30pm

The specs: 2018 Jeep Compass

Price, base: Dh100,000 (estimate)

Engine: 2.4L four-cylinder

Transmission: Nine-speed automatic

Power: 184bhp at 6,400rpm

Torque: 237Nm at 3,900rpm

Fuel economy, combined: 9.4L / 100km

Major matches on Manic Monday

Andy Murray (GBR) v Benoit Paire (FRA)

Grigor Dimitrov (BGR) v Roger Federer (SUI)

Rafael Nadal (ESP) v Gilles Muller (LUX)

Adrian Mannarino (FRA) Novak Djokovic (SRB)

Updated: April 26, 2022, 8:50 AM