Queen Elizabeth II dies - follow the latest news as the world mourns
Prince Harry chose to remember Queen Elizabeth II's "infectious smile" as he paid tribute to his late grandmother, thanking her for her "sound advice" and describing her as a "guiding compass".
In a statement released on Monday, which is understood to have been held back a day out of respect for the anniversary of the September 11 attacks in the US, the Duke of Sussex also said he wanted to honour his father at the start of his reign as King Charles III.
Referring to the queen as "Granny", he said it made him smile to know that she has been reunited with "grandpa", the late Duke of Edinburgh who died last year.
He also revealed that the Queen shared precious moments with his children just a few months before her death.
The prince described how the queen hugged Archie, three, and Lilibet, 15 months, likely when the family visited the UK in June to attend the queen’s platinum jubilee celebrations.
At the time, it was not known if the Sussexes had met privately with the queen during their stay at their Frogmore cottage home close to Windsor Castle.
“In celebrating the life of my grandmother, Her Majesty The Queen — and in mourning her loss ― we are all reminded of the guiding compass she was to so many in her commitment to service and duty," Harry said.
“She was globally admired and respected. Her unwavering grace and dignity remained true throughout her life and now her everlasting legacy.
“Let us echo the words she spoke after the passing of her husband, Prince Philip, words which can bring comfort to all of us now: ‘Life, of course, consists of final partings as well as first meetings.'”
He added: “Granny, while this final parting brings us great sadness, I am forever grateful for all of our first meetings ―from my earliest childhood memories with you, to meeting you for the first time as my Commander-in-Chief, to the first moment you met my darling wife and hugged your beloved great-grandchildren.
“I cherish these times shared with you, and the many other special moments in between. You are already sorely missed, not just by us, but by the world over.
“And as it comes to first meetings, we now honour my father in his new role as King Charles III. Thank you for your commitment to service. Thank you for your sound advice.
“Thank you for your infectious smile. We, too, smile knowing that you and grandpa are reunited now, and both together in peace.”
The queen and Duke of Edinburgh saw Archie at Windsor Castle a few days after he was born in May 2019 but it was thought the Queen had not held Lilibet, who was born last June.
Her great-granddaughter was named after her – taking her childhood nickname.
The statement came two days after the duke and his wife Meghan, the Duchess of Sussex, joined the new Prince and Princess of Wales at Windsor Castle on Saturday.
The princes have a well-documented troubled relationship but the death of their grandmother saw the pair shelve their differences when, with their wives, they viewed floral tributes left to the late queen.
It is understood Prince William invited his brother to join them in meeting well-wishers outside the castle as an “important show of unity”.
Two years have passed since the four were together side by side in public, during the 2020 Commonwealth Day church service. On Saturday, they appeared at ease driving off together with William at the wheel of a Range Rover after their walkabout lasted a little more than 40 minutes.
During their walkabout, the Duchess of Cambridge told children who had gathered to lay flowers that her son, Prince Louis, had responded to the death of the queen by saying: "At least granny is with great grandpa now."
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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SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
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Results
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
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Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Company%20profile
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THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now