President Joe Biden called the US-South Korea alliance “a linchpin of peace, stability and prosperity” during a visit on Friday to a Samsung semiconductor complex as he seeks to bolster supply chains that reduce reliance on China.
“I’ve just seen how this plant makes the most advanced semiconductor chips in the world,” Mr Biden said following a tour of the facility, his first stop after landing in Seoul on a five-day visit to South Korea and Japan.
During the trip, Mr Biden’s first to Asia as president, he will meet regional leaders in a bid to firm up support for helping Ukraine fend off Russia’s invasion and countering security threats posed by China and North Korea, which may conduct its first nuclear test since 2017 with Mr Biden nearby.
“The alliance between the Republic of Korea and United States of America is a linchpin of peace, stability, and prosperity for a region of the world that we seek,” Mr Biden said.
Mr Biden’s message was pitched towards the promise of a better tomorrow, yet was also aimed at US voters amid political challenges at home, such as inflation driven higher by the chip shortage, as he tries to show that his administration is delivering on economic growth.
The president's visit came as polling released on Friday by the Associated Press-NORC Centre for Public Affairs Research found Mr Biden’s US approval rating to be at 39 per cent, the lowest of his presidency.
The survey also found deepening pessimism about the economy and the state of the country.
About two in 10 adults in the US say the country is headed in the right direction or described the economy as good, down from about three in 10 in April.
South Korean President Yoon Seok-youl, who took office May 10, joined Mr Biden at the event and said that “based on advanced technology and supply chain co-operation”, he’d seek to upgrade US-South Korea relations “into an economic-security alliance”.
Mr Biden renewed his call for the US Congress to pass a broad China competition bill that includes $52 billion in funding for domestic semiconductor research and manufacturing.
The White House has often used the continuing global semiconductor shortage and its impact on inflation as arguments for approval of the massive subsidies programme.
But analysts say the shortage will last through 2023 and the domestic supply of chips coming online will not meaningfully alleviate the crunch.
Mr Biden touted plans for new US investment that Samsung announced late last year. The company chose Texas as the site of an advanced chip plant set to break ground this year, with a target to kick off operations in the second half of 2024.
“These little chips are the key to propelling us into the next era of humanity’s technological development,” Mr Biden said.
Meanwhile, Hyundai Motor Group announced plans to invest about $5.4bn to build its first dedicated full electric vehicle and battery manufacturing facilities in the US.
The company said it would break ground on the Georgia site in 2023. It is expected to begin commercial operations in 2025 with an annual capacity of 300,000 EV units, the car manufacturer said in a statement.
The South Korean auto group said it expects the plant to create 8,100 jobs.
Hyundai Motor Group, which sells cars under the Hyundai and Kia brands, already owns operates two American assembly plants in Montgomery, Alabama, and in West Point, Georgia.
Mr Biden was scheduled to attend a weekend event with the motor group's chairman to discuss “Hyundai’s decision to invest in a new electric vehicle and battery manufacturing facility” in the area, the White House said.
Agencies contributed to this report
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The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
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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
MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
HOW TO WATCH
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if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
More on Palestine-Israeli relations
MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
