'The fact that the UK government is even considering this tells us exactly how out of touch with reality they are,' Greta Thunberg said. Getty Images
'The fact that the UK government is even considering this tells us exactly how out of touch with reality they are,' Greta Thunberg said. Getty Images
'The fact that the UK government is even considering this tells us exactly how out of touch with reality they are,' Greta Thunberg said. Getty Images
'The fact that the UK government is even considering this tells us exactly how out of touch with reality they are,' Greta Thunberg said. Getty Images

Greta Thunberg joins UK protest against oilfield approval


Simon Rushton
  • English
  • Arabic

Climate activist Greta Thunberg joined demonstrators in London to protest against the planned development of the Rosebank oil and gas field.

They want the British government to abolish development of the Rosebank site, believed to be the UK’s largest undeveloped oil and gas field.

Ms Thunberg urged ministers to be on the “right side of history” as she protested outside the offices of UK Energy Security Secretary Grant Shapps.

He is expected to decide soon on whether to approve the development, 130km north-west of the Shetland Isles, and believed to be capable of producing up to 500 million barrels of oil.

“The fact that the UK government is even considering this tells us exactly how out of touch with reality they are,” Ms Thunberg said.

“All the record-breaking heatwaves and the extreme weather events we’ve seen during the summer is just the beginning of a rapidly escalating existential crisis.

“We will be seeing much more of this. This is not the new normal – it will continue to escalate and get worse until we start to take real action. And that’s why we need to do it now before it gets even worse.”

It comes amid concerns from climate campaigners that Prime Minister Rishi Sunak is considering watering down some of his government’s environmental policies.

The party’s sole success in three July by elections was when they won Uxbridge and South Ruislip running on a campaign against expansion into the constituency of London’s ultra-low emissions zone by Labour Mayor Sadiq Khan.

After the July by election, their majority was only 495, down from 7,210 for the seat’s departing MP, former prime minister Boris Johnson.

But some right-wing Tories have used the win to urge Mr Sunak to rethink the UK’s net-zero commitments.

Mr Sunak has said he wants a “proportionate and pragmatic” approach to achieving net zero amid cost-of-living pressures.

Ms Thunberg warned that any such approach would be foolhardy.

“To believe that you can focus on one crisis without also addressing the other is so very short-sighted thinking,” she said.

“We seem to be physically incapable of having more than one thought in our head at the same time right now. And that’s very, very dangerous.

“You have to be on the right side of history. We are many who are judging you and who are watching you.

“If you think that you can just get away with a few more years, a few more months of continued business as usual to maximise short-term profits, then you are very wrong and history will judge you very poorly.”

Match info

Australia 580
Pakistan 240 and 335

Result: Australia win by an innings and five runs

Copa del Rey

Barcelona v Real Madrid
Semi-final, first leg
Wednesday (midnight UAE)

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

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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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

RACE CARD

6.30pm: Al Maktoum Challenge Round-3 – Group 1 (PA) $65,000 (Dirt) 2,000m

7.05pm: Handicap (TB) $65,000 (Turf) 1,800m

7.40pm: Meydan Classic – Listed (TB) $88,000 (T) 1,600m

8.15pm: Nad Al Sheba Trophy – Group 3 (TB) $195,000 (T) 2,810m

8.50pm: Dubai Millennium Stakes – Group 3 (TB) $130,000 (T) 2,000m

9.25pm: Meydan Challenge – Listed Handicap (TB) $88,000 (T) 1,400m

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

SPECS
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THE BIO:

Sabri Razouk, 74

Athlete and fitness trainer 

Married, father of six

Favourite exercise: Bench press

Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn

Power drink: A glass of yoghurt

Role model: Any good man

Wallabies

Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.

Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.

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
UAE rugby season

FIXTURES

West Asia Premiership

Dubai Hurricanes v Dubai Knights Eagles

Dubai Tigers v Bahrain

Jebel Ali Dragons v Abu Dhabi Harlequins

UAE Division 1

Dubai Sharks v Dubai Hurricanes II

Al Ain Amblers v Dubai Knights Eagles II

Dubai Tigers II v Abu Dhabi Saracens

Jebel Ali Dragons II v Abu Dhabi Harlequins II

Sharjah Wanderers v Dubai Exiles II

 

LAST SEASON

West Asia Premiership

Winners – Bahrain

Runners-up – Dubai Exiles

UAE Premiership

Winners – Abu Dhabi Harlequins

Runners-up – Jebel Ali Dragons

Dubai Rugby Sevens

Winners – Dubai Hurricanes

Runners-up – Abu Dhabi Harlequins

UAE Conference

Winners – Dubai Tigers

Runners-up – Al Ain Amblers

More from Armen Sarkissian
MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Aayan%E2%80%99s%20records
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Updated: July 28, 2023, 9:46 PM