Women console each other after digging through the rubble of a home destroyed by the wildfire in Lahaina, Hawaii. AP
Women console each other after digging through the rubble of a home destroyed by the wildfire in Lahaina, Hawaii. AP
Women console each other after digging through the rubble of a home destroyed by the wildfire in Lahaina, Hawaii. AP
Women console each other after digging through the rubble of a home destroyed by the wildfire in Lahaina, Hawaii. AP

US rushes resources to Maui fire victims as Hawaii mourns 110 dead


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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.

  • Hawaii Governor Josh Green, centre, speaks to reporters during a tour of wildfire damage in Lahaina, Hawaii. AP
    Hawaii Governor Josh Green, centre, speaks to reporters during a tour of wildfire damage in Lahaina, Hawaii. AP
  • A church service at King's Cathedral in Kahului on the island of Maui, Hawaii. AP
    A church service at King's Cathedral in Kahului on the island of Maui, Hawaii. AP
  • Volunteers load supplies on to a boat bound for West Maui at the Kihei boat landing. AP
    Volunteers load supplies on to a boat bound for West Maui at the Kihei boat landing. AP
  • A tree, uprooted by high winds, rests on the ground as a Maui County firefighter extinguishes a fire. AFP
    A tree, uprooted by high winds, rests on the ground as a Maui County firefighter extinguishes a fire. AFP
  • Donated clothes pile up in Lahaina. AP
    Donated clothes pile up in Lahaina. AP
  • An American Red Cross worker stands at the entrance of the War Memorial Stadium, which is being used as a shelter for displaced Lahaina inhabitants in Kahului. EPA
    An American Red Cross worker stands at the entrance of the War Memorial Stadium, which is being used as a shelter for displaced Lahaina inhabitants in Kahului. EPA
  • Kamuela Kawaakoa, 34, and his six-year-old son, stand under a tarpaulin with donations for those affected by the wildfire. AFP
    Kamuela Kawaakoa, 34, and his six-year-old son, stand under a tarpaulin with donations for those affected by the wildfire. AFP
  • Hawaii stevedores and other volunteers prepare donations in Hawaii. Reuters
    Hawaii stevedores and other volunteers prepare donations in Hawaii. Reuters
  • The Ganer family survey the ruins of their home on Malolo Place, western Maui, Hawaii, after a wildfire that killed 67 people. AFP
    The Ganer family survey the ruins of their home on Malolo Place, western Maui, Hawaii, after a wildfire that killed 67 people. AFP
  • Damage to Lahaina on Maui island, Hawaii, on August 11, 2023, after a wildfire. AP
    Damage to Lahaina on Maui island, Hawaii, on August 11, 2023, after a wildfire. AP
  • Damage to Kula in the Upcountry region of Maui island, Hawaii, after a wildfire. AP
    Damage to Kula in the Upcountry region of Maui island, Hawaii, after a wildfire. AP
  • Lahaina on Maui island, Hawaii, after the wildfire. AP
    Lahaina on Maui island, Hawaii, after the wildfire. AP
  • Burnt grasslands in the Upcountry region of Maui island extend almost as far as the eye can see. AP
    Burnt grasslands in the Upcountry region of Maui island extend almost as far as the eye can see. AP
  • A wildfire burns in Kihei, Hawaii. Thousands of residents raced to escape homes on Maui as blazes swept across the island. AP Photo
    A wildfire burns in Kihei, Hawaii. Thousands of residents raced to escape homes on Maui as blazes swept across the island. AP Photo
  • Waiola Church and the adjacent Hongwanji Mission are engulfed in Lahaina. AP
    Waiola Church and the adjacent Hongwanji Mission are engulfed in Lahaina. AP
  • Smoke and flames have become a familiar sight across Maui. AP
    Smoke and flames have become a familiar sight across Maui. AP
  • Several communities were forced to evacuate as the dry season and strong winds made for dangerous fire conditions. AP
    Several communities were forced to evacuate as the dry season and strong winds made for dangerous fire conditions. AP
  • Passengers try to rest at Kahului Airport as they leave Maui. AFP
    Passengers try to rest at Kahului Airport as they leave Maui. AFP
  • Flights off the island were delayed and cancelled leaving thousands of passengers were stranded at Kahului Airport. AFP
    Flights off the island were delayed and cancelled leaving thousands of passengers were stranded at Kahului Airport. AFP
  • This handout videograb courtesy of Richard Olsten shows smoke billowing from destroyed buildings in Maui. AFP
    This handout videograb courtesy of Richard Olsten shows smoke billowing from destroyed buildings in Maui. AFP
  • Smoke rises above Lahaina in this handout photo courtesy of Carter Barto via Facebook. AFP
    Smoke rises above Lahaina in this handout photo courtesy of Carter Barto via Facebook. AFP
  • Smoke billows as wildfires driven by high winds destroy a large part of Lahaina. Reuters
    Smoke billows as wildfires driven by high winds destroy a large part of Lahaina. Reuters
  • Boats docked at Lahaina as smoke streams from wildfires in the Hawaii town in Maui. Reuters
    Boats docked at Lahaina as smoke streams from wildfires in the Hawaii town in Maui. Reuters
  • Smoke obscures the old Lahaina courthouse. Reuters
    Smoke obscures the old Lahaina courthouse. Reuters
  • A boat burns off the scorched waterfront after wildfires fanned by the winds of a distant hurricane spread. Reuters
    A boat burns off the scorched waterfront after wildfires fanned by the winds of a distant hurricane spread. Reuters
  • Wildfires are destroying one of the most popular tourist areas in Hawaii. Reuters
    Wildfires are destroying one of the most popular tourist areas in Hawaii. Reuters
  • People watch as smoke and flames fill the air from raging wildfires on Front Street in downtown Lahaina. AP
    People watch as smoke and flames fill the air from raging wildfires on Front Street in downtown Lahaina. AP
  • People wait on the side of the road to return to west Maui after evacuations were ordered. Reuters
    People wait on the side of the road to return to west Maui after evacuations were ordered. Reuters
  • Wildfires are seen across Maalaea Harbour. Reuters
    Wildfires are seen across Maalaea Harbour. Reuters
  • At least six people have been killed in Maui, the mayor said. Reuters
    At least six people have been killed in Maui, the mayor said. Reuters

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.

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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

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.”

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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
 

Updated: August 17, 2023, 5:38 AM