• UN Secretary General Antonio Guterres, Ukrainian Infrastructure Minister Oleksandr Kubrakov, Turkish President Recep Tayyip Erdogan and Turkish Defence Minister Hulusi Akar attend a signing ceremony in Istanbul, Turkey. Reuters
    UN Secretary General Antonio Guterres, Ukrainian Infrastructure Minister Oleksandr Kubrakov, Turkish President Recep Tayyip Erdogan and Turkish Defence Minister Hulusi Akar attend a signing ceremony in Istanbul, Turkey. Reuters
  • Ukrainian Infrastructure Minister Oleksandr Kubrakov, seated, at the signing ceremony. Reuters
    Ukrainian Infrastructure Minister Oleksandr Kubrakov, seated, at the signing ceremony. Reuters
  • UN Secretary General Antonio Guterres, left, Russia's Defence Minister Sergei Shoigu, second left, Turkish President Recep Tayyip Erdogan, seated, second right, and Turkish Defence Minister Hulusi Akar at the signing ceremony. Reuters
    UN Secretary General Antonio Guterres, left, Russia's Defence Minister Sergei Shoigu, second left, Turkish President Recep Tayyip Erdogan, seated, second right, and Turkish Defence Minister Hulusi Akar at the signing ceremony. Reuters
  • Mr Guterres speaks during the signing ceremony. Reuters
    Mr Guterres speaks during the signing ceremony. Reuters
  • Mr Guterres and Mr Erdogan sit at the start of the signature ceremony for an agreement on the safe transportation of grain and foodstuffs from Ukrainian ports. AFP
    Mr Guterres and Mr Erdogan sit at the start of the signature ceremony for an agreement on the safe transportation of grain and foodstuffs from Ukrainian ports. AFP
  • Mr Erdogan speaks at the signing ceremony. Reuters
    Mr Erdogan speaks at the signing ceremony. Reuters
  • Mr Guterres and Turkish Foreign Minister Mevlut Cavusoglu stand together on the day of the deal signing in Istanbul. Reuters
    Mr Guterres and Turkish Foreign Minister Mevlut Cavusoglu stand together on the day of the deal signing in Istanbul. Reuters
  • Roman Abramovich attends the ceremony in Istanbul. Reuters
    Roman Abramovich attends the ceremony in Istanbul. Reuters
  • Mr Guterres said the deal would clear the way for grain shipments from three Ukrainian ports; Odesa, Chernomorsk and Yuzhny, stabilising runaway prices on the global market. Reuters
    Mr Guterres said the deal would clear the way for grain shipments from three Ukrainian ports; Odesa, Chernomorsk and Yuzhny, stabilising runaway prices on the global market. Reuters
  • The UN chief said a co-ordination centre would be set up in Istanbul to manage Black Sea traffic. Reuters
    The UN chief said a co-ordination centre would be set up in Istanbul to manage Black Sea traffic. Reuters
  • A Turkish national flag, a Russian national flag, a United Nations flag and a Ukrainian national flag in Istanbul, before the deal was signed. AFP
    A Turkish national flag, a Russian national flag, a United Nations flag and a Ukrainian national flag in Istanbul, before the deal was signed. AFP

Western powers demand quick action in allowing Ukraine to ship grain


Simon Rushton
  • English
  • Arabic

Western powers praised the agreement between Ukraine and Russia to re-open Black Sea shipping lanes to grain shipments.

The US, EU and UK said the world will be watching to ensure Russia’s words are followed by action after the UN and Turkey helped to broker the deal.

International aid agencies and diplomats expect grain to start fully flowing by the middle of August, but market analysts said the situation will not change quickly.

“We fully expect the implementation of today's arrangement to commence swiftly to prevent the world's most vulnerable from sliding into deeper insecurity and malnutrition,” White House spokesman John Kirby said.

“We're hopeful that this is going to make a difference. But we're clear-eyed about it.”

UK Foreign Secretary Liz Truss, one of the two Conservative leaders competing to replace outgoing prime minister Boris Johnson, said London “will be watching to ensure Russia's actions match its words”.

She praised the efforts of Turkey and the UN, saying Russian President Vladimir Putin's “barbaric invasion of Ukraine has meant some of the poorest and most vulnerable people in the world are at risk of having nothing to eat”.

“It is vital that Ukrainian grain reaches international food markets, and we applaud Turkey and the UN secretary general for their efforts to broker this agreement,” she said. “The UK and our allies have been pushing hard to reach this point.

“Now this agreement must be implemented, and we will be watching to ensure Russia's actions match its words. To enable a lasting return to global security and economic stability, Putin must end the war and withdraw from Ukraine.”

The EU also called for the deal's “swift implementation” as European Commission President Ursula von der Leyen praised the team that brokered the deal.

“Russia's illegal invasion of Ukraine has left millions at risk of hunger. Today's Istanbul agreement is a step in the right direction. We call for its swift implementation,” EU foreign policy chief Josep Borrell said.

UN Secretary General Antonio Guterres called it “a beacon of hope” for millions of hungry people who have faced huge increases in food costs.

“Today, there is a beacon on the Black Sea. A beacon of hope …, possibility … and relief in a world that needs it more than ever,” he said.

US wheat futures fell more than 5 per cent on Friday to their lowest level since February, traders said.

Dr Stephen Flynn, professor of political science and director of the Global Resilience Institute at Northeastern University in Boston, said that while the deal is important, it “will not change things overnight in terms of grains availability around the world’s markets”.

“The challenges … are huge,” he said. “The backlog of 22 million tons to be cleared is only the first part … the complexity of being able to move shipping in and out of areas like with minefields and with inspection agreements is not going to be nimble.”

Two African presidents who met on Friday both had bigger hopes for the deal.

“I’m pleased to note that President Putin has decided to sign this proposal made by Turkey and the UN which will allow 20 million tons of Ukrainian wheat to be released,” said Ivory Coast's President Alassane Ouattara.

“I indicated before to President (Volodymyr) Zelenskyy that I wished for the supply to be prioritised towards the African continent because of the fragility of the economies and the social situation in many countries.”

Cyril Ramaphosa, President of South Africa, said the agreement had taken far too long to reach because “that conflict has put a stop to the importation or exportation of grain, fertilisers and other foodstuffs like wheat to various other parts of the world.

“Would this be seen as signalling something that could amount to the end of that conflict? I would like to believe that, yes, we should hopefully see it in that regard,” he said.

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

SPECS
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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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UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Liz%20Truss
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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

England squads for Test and T20 series against New Zealand

Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes

T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

COMPANY%20PROFILE
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Updated: July 23, 2022, 11:13 AM