The US government on Wednesday said it was working to “move quickly and push as many resources” into Hawaii as it reels from ongoing destructive and deadly fires.
“This is going to be a very long and hard recovery. But our federal, state and local partners are working around the clock to help all of those who have been impacted by this disaster,” Federal Emergency Management Agency administrator Deanne Criswell said at a White House press briefing.
“As he always does, President [Joe] Biden directed me to move quickly and push as many resources into the area so we can help people as soon as possible that were impacted.”
The death toll from the fires that scorched Maui climbed past 110 on Wednesday as the country began identifying victims.
Hawaii's Governor Josh Green said 110 people were confirmed dead and that 38 per cent of the disaster area has been searched.
“It makes us heartbroken,” Mr Green said at a news conference.
The County of Maui said 13 DNA profiles had been obtained from fatalities, and an additional 41 DNA profiles have been obtained by family members of missing people.
Of the 106 confirmed fatalities, only two victims' identities have been released. The Maui Police Department identified them as Robert Dyckman, 74, and Buddy Jantoc, 79. Both men were Lahaina residents.
Three other victims have been identified, although their names have not yet been released.
Fema said it has sent at least 140 workers to assist in search-and-recovery operations as well as additional canine search teams to supplement and relieve those already there.
“We're working carefully to search the affected areas thoroughly and compassionately while respecting all of the cultural sensitivities,” Ms Criswell said.
Mr Biden and his wife Jill will travel to Maui on Monday to meet first responders and survivors, as well as federal, state and local officials, a statement from White House press secretary Karine Jean-Pierre said.
“I know when the President travels, he's going to be able to bring hope,” Ms Criswell added.
Meanwhile, authorities are trying to find shelter for the thousands of displaced people whose homes were destroyed by the blazes.
Mr Green said hundreds of hotel rooms had already been secured to shelter people, with hundreds more rooms made available from holiday rentals and Airbnb properties.
“We can house everybody who’s struggling, who’s suffering and also who’s helping us respond,” Mr Green said.
Fema has given out $2.3 million in assistance to families and launched a transitional shelter assistance programme to help support the state's fire relief housing scheme.
The White House said Fema has also supplied Hawaiians with meals and water, cots, blankets and shelter supplies that are being distributed by the County of Maui.
Maui County said 85 per cent of the Lahaina fire was contained as of Tuesday evening. The Pulehu/Kihei fire was at 100 per cent containment.
Hurricane-force winds fanned the flames that were sparked last week, resulting in major blazes that forced residents to flee into the ocean. The cause of the fires remains under investigation.
Destroyed by the wildfires was the historic town of Lahaina, once the capital of the kingdom of Hawaii.
The Lahaina fire had burnt through 878 hectares and more than 2,200 structures were damaged or destroyed.
“More than the visual impact of the burn landscape, it's the level of devastation from this fire and the feeling of loss of from such a culturally rich community,” Ms Criswell said.
“That was really palpable everywhere that I went and all the people of Hawaii are in mourning.”
Insured property losses are estimated at $3.2 billion, according to catastrophe modelling firm Karen Clark & Company. More than 3,000 total structures were impacted by the fire, KCC reported.
Most of the buildings that were damaged were residential. The high proportion of wood frames and older construction likely contributed to the damage, KCC reported.
Fema estimated that it would cost $5.52 billion to rebuild Lahaina, although its commissioner said it was “far too early to tell” what the total cost will be.
Mr Green said it would take “many years” to rebuild the historic town.
The White House said on Wednesday that the federal government would provide 100 per cent reimbursement “for the emergency work that's being done for a period of 30 days within the first 120 days at the governor's choosing”, Ms Criswell said.
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
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Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
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
UAE currency: the story behind the money in your pockets
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
SPEC%20SHEET
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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)