Developers in India who fail to abide by the orders of the quasi-judicial appellate tribunal face jail sentence, according to the approved the Real Estate (Regulation and Development) Bill, 2015.

The new bill states that such developers will be faced with a three-year imprisonment or a fine equal to 10 per cent of project cost or both.

Post representations from developer associations, the new bill also provides for imprisonment of real estate agents and buyers who don’t follow the orders of the appellate tribunal. They may face jail term of one year or five per cent of the apartment cost or both.

The bill was approved by the Indian Union Cabinet on Wednesday, thus opening the way to set up a regulator for the real estate sector. In fact, Dubai has already established a real estate regulatory, the Real Estate Regulatory Agency, in 2007. Other Gulf Cooperation Council countries are understood to be weighing the idea of setting up such an agency.

Furthermore, the bill provides for compulsory disclosure of all real estate project details by developers, mandates registration of projects and real estate agents with the state level Rera and a second tier for adjudication of disputes, moistly the state Appellate Tribunal.

The revised draft now covers under its ambit all residential and commercial projects over 500 square metres area or with a minimum of eight apartments as against the earlier project size of 1,000 square metres land area or 12 apartments or more.

Developers will have to keep 70 per cent of the project cost, which includes the land cost, in a dedicated account. They will have to pay interest to home buyers for any default or delays at the same rate they charge them and will be liable for structural defects for five years, instead of two years earlier.

=Project guarantee in Dubai

In Dubai, it is mandatory for all developers to deposit all the monies in escrow account, pay 100 per cent of the land cost and give a 20 per cent of the value of the project as bank guarantee. All this is to ensure the project can be completed on time.

The regulatory authorities will promote a single-window system of clearances for real estate projects. This will likely speed up construction work that now lags because of delays in getting permissions.

The Indian Express quoted a  Ministry of Urban Development official saying industry figures show that the residential realty market alone sees an annual investment of Rs3.50 lakh crore and about one million new home buyers every year.

“There are 17,000 real estate projects that are in progress in 26 major urban agglomerations in the country. These will all come under the ambit of the proposed Bill,” the newspaper said.
 

After the recent fuel price deregulation reforms, Younis Haji Al Khouri, undersecretary at the UAE Ministry of Finance, revealed earlier this week that the GCC states have agreed on key issues for implementing VAT in the region.

The International Monetary Fund (IMF), among other international bodies, has been advising the UAE and the rest of the GCC countries to introduce taxation among several options for the government to strengthen their revenue base in order to minimise dependence on the fluctuating global oil price.

The 'low' rate of VAT as advised by the IMF is being generally seen as at or around 5 per cent.

Even as the IMF maintains that the UAE economy is resilient to low oil prices and sluggish global growth thanks to its fiscal buffers and safe haven status, the agency is suggesting the government to undertake additional reforms to boost its finances.

Primary among those suggestions are imposing a value-added tax, imposing an excise duty on the sale of automobiles, as well as a decrease in the corporate income tax levels but applying it to a much broader base.

Read: 5% VAT, 15% tax on cars: IMF advice to UAE

With agreements having been reached by members of the GCC on certain aspects of the VAT systems, the big question now is ‘when’ and not ‘if’ VAT will be implemented, and, importantly, by which country (or countries) first.

“The timeframe for implementation has still not been confirmed – however governments in the region are facing deficit budgets over the short- to medium-term due to the low oil price environment. Policymakers will be prompted to introduce the VAT regime sooner rather than later,” Finbarr Sexton - Mena Indirect Tax Leader at EY, told this website.

Is personal income tax 'on the table' too?

According to Stuart Halstead, Indirect Tax Leader at Deloitte Middle East, it isn’t just VAT that’s on the table right now but also personal income tax even as he maintains that introducing personal income tax would be the most challenging.

“Personal taxes offer a real challenge to the ‘tax free’ branding of the UAE and much of the GCC. For that reason alone, we would suggest that a near-term introduction of such taxes is very unlikely. Again though, it is difficult to predict how budgets will be funded in the long term and so such measures would, we feel, always be ‘on the table’ for discussion,” he told Emirates 24|7 in e-mailed comments.

And while Deloitte’s Halstead sees personal income tax as unlikely but not impossible, EY’s Sexton says introduction of taxation in the form of VAT should keep personal income tax concerns at bay – at least for the moment.

“Personal tax is not on the tax agenda of the UAE at present and is unlikely to be on the horizon in the near future. Introduction of indirect taxes in the guise of VAT is a tax on consumers and ultimately individuals will bear the cost of VAT as opposed to most businesses that will be in a position to recover input VAT against VAT on sales and services charged to consumers,” he says.

What is VAT, how much may be imposed, and when

The IMF maintains that VAT, which is a kind of consumption tax that the end-customer pays while purchasing a product, “would serve well as a low rate-broad base tax.”

“The VAT rate is likely to be a low rate of 5 per cent, which is consistent with the recommendation of the IMF,” says EY’s Sexton.

“It is important that there is an adequate lead time to allow companies to prepare their systems, train staff and staff up for the introduction of the VAT regime. Finance ministries will similarly need to staff up and implement sophisticated IT systems to deal with VAT collection and taxpayer monitoring and audits.  A typical VAT implementation period would be 18 to 24 months – so the timeline for implementation may be 2018 or latest 2019,” Sexton maintains.

“VAT is generally viewed as the most stable revenue source, which has the least detrimental effects on investments,” states the IMF.

“In such a macro-fiscal environment as in the UAE, a low rate, for example 5 per cent, VAT could be considered,” it notes.

“Our understanding of the broader economic drivers in the region and our experience of recent implementations of the tax globally would suggest a low rate with very few exceptions (i.e., it would have a broad base). Many commentators (including the IMF) have suggested rates in the region of 3-5 per cent initially, which appear sensible,” says Deloitte’s Halstead.

“A broad-based consumption tax such as VAT would raise revenue proceeds at a low efficiency cost. At the same time, its equity implications would be relatively insignificant in such a macro-fiscal environment as in the UAE, where taxes are minimal and government expenditures are financed by oil revenue,” the IMF notes.

However, while the initial VAT rate may be ‘low,’ experts maintain that a gradual increase over time or even a higher introductory tax rate cannot be completely ruled out.

“Whilst the debt, cash and other fiscal performance measures that we often examine when attempting to establish an estimate would not necessarily demand a higher rate at this time, it shouldn’t be ruled out completely. Indeed, following implementation the rate may well increase over time to help governments balance growing budget requirements although we would expect any rate changes to be signalled well in advance,” added Deloitte’s Halstead.

Nevertheless, VAT will give a “significant and positive boost” to the tax administration, the IMF says.

VAT: What will be exempted

The multilateral agreements among GCC states appear to be those which are designed, primarily, to ensure that certain social-economic distortions often associated with VAT are minimised, says Deloitte. In particular, removing VAT from food products (94 items have been identified), healthcare and education would appear to reflect a broad desire to ensure that these vital household expenditure items are not directly impacted by a VAT in the GCC, the consultancy states.

“The indications from recent reports are that there is an intention amongst GCC members to implement the tax across the region within 3 years of formal agreement being reached on certain key principles (only a few of which remain to be settled). The UAE MoF has repeatedly said that it would give businesses between 18-24 months to prepare for implementation once a decision to implement has been reached. On that basis it may well be that the UAE implements the tax as part of a first wave of countries,” says Halstead.

Businesse or consumers - who will shoulder the burden of tax?

The impact of the new tax/es on corporates and end users will not be huge, believe experts, and VAT’s impact on business should only be compliance-related, they say.

“The introduction of VAT is likely to result in increased administrative and compliance burdens as well as additional costs. Accounting and other IT systems will also be required to be able to deal with the additional demands created by new VAT laws and regulations. Companies entering into medium to long term contracts will need to look carefully at their commercial terms and conditions to ensure that the introduction of a VAT regime is provided for,” says EY’s Sexton.

“Businesses play a vital role in the success of a VAT system; in essence they play the role of tax collector, charging, collecting and then remitting the sums collected to the tax authority at the appropriate time. In many cases businesses do not suffer an additional tax cost associated with VAT – in theory, the tax is one on consumption, not on businesses,” adds Deloitte’s Halstead.

“That being said, there is an administrative burden that businesses will have to bear and to that end proper preparation is key. For example, we have a simple checklist for businesses that highlights over [50] questions that need to be answered positively in order for a business to be ready. Businesses may also have to take the cash-flow impact of VAT into their day to day activities – an issue of particular importance for those involved in major projects with tight margins,” he notes.

“For individuals there will be cost inflation on products and services purchased,” EY’s Sexton says.

“Individuals are the ones that generally bear the cost (partially or wholly) of a VAT. At a low rate, the impact on consumers is likely to be relatively benign and of course businesses may themselves mitigate the impact further by absorbing some of the VAT charge into existing profit margins,” adds Deloitte’s Halstead.

“Importantly, there are clear signals from the GCC that they are attempting to tackle some of the potentially regressive aspects of the tax by removing the VAT charge from certain food items, healthcare and educational services. These is good news for those spending heavily on those items,” he notes.

Corporate income tax plus VAT?

In addition, analysts maintain that even as the IMF has suggested a broadening of corporate tax base in the UAE to include local firms (currently, a corporate income tax of 20 per cent is levied only on foreign banks in Dubai), logistics of implementation would suggest that this may not happen simultaneously with the introduction of VAT.

“It is unlikely that VAT and corporate tax would be introduced simultaneously in the UAE – introduction of both these tax regimes represents a major challenge for any country, and with the UAE having no pre-existing taxpayer database, there is much to achieve in coming years and many challenges to be overcome,” says Sexton.

Deloitte’s Halstead agrees that it is unlikely, but is quick to add that such a move should not be completely ruled out.

“Although the corporate tax regime in the UAE is relatively limited at this time we can foresee certain structural challenges associated with any extensive broadening of the existing corporate tax base or any rate increases. Nevertheless, that is not to say that such a measure should be necessarily ruled out absolutely,” he says.

“Indeed, many corporates generating profits in the UAE may well be paying tax on those earnings back ‘home’ wherever that may be; capturing a portion of that tax here in the UAE might not actually increase their overall global tax burden at all and there is of course international pressure to extend corporate tax bases in countries with traditional low tax regimes,” he adds.

“One other aspect worth highlighting is that simultaneous introduction of two taxes requires the alignment and delivery of two programmes of related but different implementation paths, whereas separation might reduce the overall risk,” Halstead claims.

“Looking beyond the UAE there have been examples of the expansion of corporate taxes although in most cases that is against the background of an already extensive corporate tax regime that has been in place for many years,” he explains.

Current tax structure in UAE

As of now, the UAE’s tax structure as stated by the IMF report is as follows:

 * A corporate income tax of 20 per cent is levied on foreign banks in Dubai;

 * A local municipal property tax of 5 per cent of the rental value;

 * A 10 per cent local hotel tax on hotel services;

 * The GCC’s common external tariff (a general rate of 5 per cent, 50 per cent on alcohol, and 100 per cent on tobacco) applied locally;

 * Select fees on government services (applied by the federal and Dubai governments).

Excise duty on passenger vehicles

In addition, the IMF noted earlier this year in August that taxing passenger cars may also be under consideration to boost UAE government revenues. “Excises on passenger vehicles could also be considered for raising non-oil revenue,” it maintains.

“Automobiles impose a number of costs on society. These costs include direct costs such as the cost of maintaining and expanding a network of roads, and indirect costs such as productivity losses due to traffic jams and health costs because of increased pollution,” it explains.

“Imposing an excise tax on automobiles would shift costs associated with the usage of automobiles to the owners. Ad valorem tax of 15 per cent would yield 0.6 per cent of non-hydrocarbon GDP,” the IMF states, adding that “gains from excises on tobacco and alcohol would be insignificant”.

Broader base for corporate income tax

According to the agency, a corporate income tax with broader coverage but lower rates would raise additional revenue and would be seen as more equitable by foreign investors.

It suggests halving the corporate income tax rate from the current 20 per cent but applying it to all non-free zone entities.

“The tax rate could be lowered to 10 per cent from the current 20 per cent and the coverage could be broadened by including all companies (foreign, domestic, GCC) except for those located in free economic zones. In addition, a broadened corporate income tax, if applied to unincorporated companies, could provide some progressivity in taxation and would lessen the need to introduce a general income tax on individuals,” it notes.

“This measure is estimated to yield 4.1 per cent of non-hydrocarbon GDP,” the IMF reckons.

(Image via Shutterstock)

An Oregon Lottery winner took more than three months to claim his $6.4 million Megabucks jackpot.

But the lucky man had good reason for being late — he lives in Iraq.

The man cashed in Dec. 1 at lottery headquarters in Salem, said Chuck Baumann, the Oregon Lottery spokesman. He elected to take his millions in 25 annual instalments of $256,000 minus taxes.

Though the Lottery generally prohibits winners from remaining anonymous, officials have honored the man's request to keep his identity secret. Baumann said it's because the winner is concerned about his safety back home.

"He made it very clear that the amount of money he had won here would certainly put him and his family in harm's way," Baumann said.

The winner bought the ticket for the Aug. 24 drawing through an online lottery agent based overseas.

Baumann said it's his educated guess that the agent has people deployed across the world to go into retailers and buy lottery tickets. He said its employee for Oregon games must be in Bend, the city where the winning ticket was purchased.

The winning numbers were: 15, 27, 32, 39, 44 and 45. Baumann said he asked the man how he chose them. The man's English, though not bad, wasn't great, and he didn't provide a clear-cut answer.

"He covered his eyes with his arm, and then poked at numbers in the air," Baumann recalled.

Though the man bought his ticket via the Internet, he had the actual ticket when he arrived in Oregon's capital city.

Why wouldn't the person who bought the ticket in Bend quit his job and cash the ticket, rather than hand it off to the Iraqi man?

"That thought has certainly occurred to a lot of people here," Baumann said. "But obviously (the website) has some checks and balances."

The man, whose win was first reported by Willamette Week, is believed to the first person from outside the U.S. to win the Oregon Megabucks jackpot. Baumann said the Lottery has no restrictions on foreigners winning prizes or buying tickets through an online agent.

"There are federal laws that apply to Internet gambling that don't apply to the Oregon Lottery," he said. "We have no rules about that because we don't sell online — the Lottery itself."

Emirates’ passengers will be able to fly the longest flight in the world to Panama City with Emirates at special pre-launch fares. Travellers can enjoy a direct daily flight from Dubai to Panama City from February 1, 2016.

Fares start at Dh7,205 in Economy Class, and Business Class fares from Dh20,525 to Panama City. The offer is valid for booking from today for outbound travel between February 1, 2016, to March 23, 2016.

Special fares to other 12 cities are also going for special rates as follows:

    Bogota: Economy Class from Dh7,605; Business Class from Dh24,005

    Cancun: Economy Class from Dh7,255; Business Class from Dh27,955

    Caracas: Economy Class from Dh7,705; Business Class from Dh21,005

    Guatemala City: Economy Class from Dh7,335; Business Class from Dh21,245

    Havana: Economy Class from Dh7,205; Business Class from Dh20,475

    Kingston: Economy Class from Dh7,515; Business Class from Dh20,785

    Lima: Economy Class from Dh8,605; Business Class from Dh20,005

    Medellin: Economy Class from Dh7,605; Business Class from Dh24,005

    Mexico City: Economy Class from Dh7,305; Business Class from Dh28,005

    Quito: Economy Class from Dh7,205; Business Class from Dh25,615

    San Jose: Economy Class from Dh7,425; Business Class from Dh21,335

    Santo Domingo: Economy Class from Dh7,425; Business Class from Dh20,695

Travellers can also connect to via Panama City to over 25 cities across the Caribbean, Central and South America with Copa Airlines.

Throughout the journey including the connecting flights, Emirates passengers travelling in all classes will benefit from a generous baggage allowance of 30kg in Economy Class and 40kg in Business Class.

 

Gold rates for December 11, 2015

Weekly Gold Rates 

   
Get retail Gold and Forex rates with Emirates 24|7 

Rates will be updated twice daily

Emirates 24|7 brings you the daily Dubai gold rate (22k, 24k, 21k and 18k), as well as currency exchange rates, including the Indian rupee, Pakistani rupee, Philippine peso, Sri Lankan rupee, sterling pound, euro and may more against the UAE dirham (US dollar).

The rates for 24 carat, 22 carat, 21 carat, 18 carat and Ten Tola (TT) Bar (11.6638038 gram) will be updated four times a day to keep them fresh and relevant for buyers of gold bars and gold jewellery in the UAE.

The update times for Retail Gold Rate in Dubai will be at 9.30am, 2.30pm, 5pm and 8pm (unless there is drastic fall or rise in the international rate).

On Saturdays, the gold rates will be updated at 9.30am and this rate will stay static through Saturday and Sunday until the international market reopens on Monday.

Please note that the retailers add making charges separately to the quoted rate of gold.

The Retail Gold Rate in Dubai is being supplied by the Dubai Gold and Jewellery Group.

Foreign Exchange Rates

The Foreign Exchange Rates of major currencies will be updated twice each working day at around 8:30am and 3:30pm.

These will cover both the Remittance Rates [for sending money] and the Currency Notes Rates [for buying and selling of currency notes].

The Foreign Exchange Rates are being supplied by UAE Exchange.

A Dubai real estate firm building a $6 billion golf complex with  Donald Trump on Thursday stripped the property of his name and image amid a backlash over the U.S. presidential candidate's proposal to ban all Muslims from entering the United States.

A combination picture shows the signboard before (top) and after the removal of the Trump International Golf Club portion at the Akoya by Damac development in Dubai December 10, 2015. (REUTERS)

UAE developer Damac Properties had initially said it would stand by Trump, even as another of the billionaire's Middle East partners, the Lifestyle chain of department stores, halted sales of his "Trump Home" line on Wednesday in protest at his comments.

A spokesman for Damac, Niall McLoughlin, declined to comment on why Trump's image had been removed from a billboard outside the project construction site, along with that of his daughter, Ivanka Trump.

The Akoya by Damac project will include a Trump-branded golf course, gated island community and spa. Trump is also building a second golf course, the Tiger Woods-designed Trump World Golf Club, at another Damac property in Dubai, Akoya Oxygen.

An advertising billboard outside the Akoya by Damac development had shown Trump in a red hat swinging a golf club against a backdrop of a lush green golf course.

By Thursday, the image had gone, a Reuters photographer said.

An adjacent photo of Trump's daughter Ivanka, an executive vice president for his Trump Organization firm, was also removed from the billboard.

Gold letters spelling out "Trump International Gold Club," affixed to a landscaped stone wall at the entrance to the project site, were also removed later in the day, according to the Reuters photographer.

An Egyptian court has given death sentence to a young man for raping an 80-year-old woman to death.

The 25-year-old man tied the old woman’s legs and hands and then forced her to wear a red lingerie belonging to her daughter and then raped her to death, reported Al Youm Al Sabea’a newspaper.

A resident of Nasr city, the victim’s daughter said she and her daughter visited the mother daily because she was unable to move due to her age. 

On the day of the incident, the daughter went to change the old woman’s clothes in the morning and returned to her home. Later in the day when the victim’s grand daughter returned from school, she went to see her grandma.

On entering her grand mother’s house, she started screaming hysterically and ran back to her mother.

“When she opened the door of my mother’s house, she found my mother asleep on her bed and beside her was a young man. I called my brother and sister and we went to mom's house,” the victim’s daughter said.

“My sister and I stood outside the house as we were scared while my brother entered the apartment and began screaming. We also rushed to my mother’s room where we found her hands and legs tied. There were also traces of beating and torture on her body.”

She said her mother was wearing a red night dress which belonged to her as she used to wear it when spent the night with her mother.

The accused was handed over to police.  During interrogation, he admitted that he had entered the victim’s house through the window of the toilet.

He disclosed that he hit on the victim’s head with an iron bar and then chained her feet and hands before raping her to death.

The North Cairo Criminal Court ruled death by hanging to the accused.

It's been just a week that 'Bigg Boss 9' has gone on air and the real drama hasn't taken off.

But Mandana Karimi has emerged as the darling of the social media in no time, of all the contestants, Karimi has been creating ruckus inside and outside the house.

Iranian-Indian model's marital status grabbed headlines after reports of her apparent marriage with model Lalit Tehlan got out.

The model first came to India in 2008 from Hong-Kong and soon became a big name in Delhi's fashion circles.

It was then that designer Rohit Bal introduced her to Lalit Tehlan (Kumar). The couple dated for few years and news of impending wedding was doing the rounds.

Pic: ABP Live TV

According to the marriage certificate that has surfaced, Mandana and Lalit got married on February 18, 2011.

Mandana's birth name is Manizhe Karimi, which is the same name on the certificate and her Twitter handle.

If reports are to be believed, the whole marriage was a sham to procure work permit in India for her.

So Mandana resorted to this quick trick in her early days.

The Arya Samaj marriage arrangement between Tehlan and Karimi was naturally short-lived after a work permit was obtained.

Facebook

With all these rumours floating around, Mandana is soon becoming the most popular contestant on the show.

A good looking belle as a contestant is the most delightful thing for the reality show like 'Bigg Boss'. In this season, we have more than half a dozen lovely ladies who are trying to make a mark, but, Mandana has already taken the front seat by confidently remaining in front of the cameras.

She is always hooked in front of the mirror ensuring that she looks pretty and rest of the time gets embroiled in shooting from the mouth.

The news of her alleged secret marriage with Lalit Tahlan has taken the world of Twitter and Facebook by storm. The catfights are yet another reason that the social networking sites are abuzz with her name.

The actress will be seen opposite Tusshar Kapoor in the comic caper 'Kya Kool Hai Hum 3'.

She also appeared in a cameo in Ranbir Kapoor starrer 'Roy' and was seen in a supporting role in Vikram Bhatt's 'Bhagg Johnny'.

When a man old enough to be a grandfather, allegedly got married to a 12-year-old, there were stark reactions from people who happened to be upon the scene on a street in Lebanon. 

When people passed by the child bride and her grey-haired groom as the 'couple' were busy posing for photographs near the seaside, people actually stopped by - some to offer congratulations, others to berate the man for daring to take up a child bride.

The little 'bride' was enveloped in a white gown and veil, which seemed too big for her small size.

While the video was just a stunt by a charity group called KAFA, to highlight the issue of underage weddings in Lebanon, the mixed reaction from the people was a revelation.

One man threatened to overthrow the groom into the nearby sea. While another asked him: 'Is she yours? Congratulations'.

A few passersby asked the girl if she really wanted to marry the old man.

Even the man playing the part of wedding photographer was criticised, reports Yahoo Australia.

Last year AFP reported that the government in Lebanon was trying to wrest control of marriage laws from powerful religious sects.

An Egyptian man pulled his two-year-old granddaughter from her mother’s arms while she was asleep and raped her, prompting the mother to kill her daughter to avert a scandal, newspapers in the Arab country reported on Thursday.

The 59-year-old grandfather, identified as Faraj, waited for his daughter Merfat, 23, to go to bed before pulling her daughter out of bed and raping her in his room at their house in the East-central town of Sohag.

Newspapers said the mother, after discovering what happened, drowned her daughter in a water bucket to avert a scandal in the conservative countryside town.

Police arrested the mother and her father on murder and rape charges, they added.

Colombo - Sri Lanka police have begun an investigation to arrest a person who had deceived a girl by claiming to be her bridegroom-to-be.

The girl in fact was to marry the accused person’s cousin in Kandy, ‘Lankadeepa’ reported.

Police said the young woman, who was since been hospitalised, was visited by the groom’s parents only, where both parties had agreed for the marriage and decided to meet again to fix a date for the wedding ceremony.

A few days later, the suspect posing as her future groom, called her on her mobile and said his parents were against their marriage and that they should go somewhere faraway to live.

In her complaint to the police, she had stated that the said the call had given her a great shock as she had great hopes of becoming a bride.

The victim then went to meet the suspect, who took her to a hotel in Kandy where they had spent few days together.

It was then she realised that she had been deceived and lodged the police complaint after escaping him, police said.

Investigations continue.

Youth commits suicide on his birthday

A youth had committed suicide by hanging himself inside his bedroom on his 29th birthday having written a note saying, ‘I love you though I die and I cannot live without you’, ‘Rivira’ reported.

The victim was a 29-year-old youth working as a carpenter and a resident of Ariyawansa Avenue in Kantalai.

Giving evidence before the Kantalai coroner, his parents stated that their son came home fully drunk on Friday around 11pm and retired to his room.

On the day of the incident, when they peeped through the window of his room from outside, the parents saw him hanging on a cross-bar with a rope and found the note written on his bed.

Gold rates for December 12, 2015

Weekly Gold Rates 

   
Get retail Gold and Forex rates with Emirates 24|7 

Rates will be updated twice daily

Emirates 24|7 brings you the daily Dubai gold rate (22k, 24k, 21k and 18k), as well as currency exchange rates, including the Indian rupee, Pakistani rupee, Philippine peso, Sri Lankan rupee, sterling pound, euro and may more against the UAE dirham (US dollar).

The rates for 24 carat, 22 carat, 21 carat, 18 carat and Ten Tola (TT) Bar (11.6638038 gram) will be updated four times a day to keep them fresh and relevant for buyers of gold bars and gold jewellery in the UAE.

The update times for Retail Gold Rate in Dubai will be at 9.30am, 2.30pm, 5pm and 8pm (unless there is drastic fall or rise in the international rate).

On Saturdays, the gold rates will be updated at 9.30am and this rate will stay static through Saturday and Sunday until the international market reopens on Monday.

Please note that the retailers add making charges separately to the quoted rate of gold.

The Retail Gold Rate in Dubai is being supplied by the Dubai Gold and Jewellery Group.

Foreign Exchange Rates

The Foreign Exchange Rates of major currencies will be updated twice each working day at around 8:30am and 3:30pm.

These will cover both the Remittance Rates [for sending money] and the Currency Notes Rates [for buying and selling of currency notes].

The Foreign Exchange Rates are being supplied by UAE Exchange.

Prince Harry has beat off stiff competition from a string of handsome Hollywood stars to be crowned the World's Most Eligible Bachelor.

The 31-year-old royal has followed in the footsteps of George Clooney, who had taken the top spot for three years' running prior to his marriage last year to lawyer Amal Alamuddin, after he was voted the most desirable single man in a new poll carried out by Crown Clinic in Manchester.

Hair transplant surgeon, Asim Shahmalak, from Crown Clinic said: "It's no surprise that Prince Harry is the world's most eligible bachelor - we all love him because he is a fun guy who doesn't take life too seriously. He is also seriously handsome, particularly since growing his ginger beard."

Sinking into second was former One Direction star Zayn Malik, 22, while hunky Leonardo DiCaprio, 41, managed to climb into third, just ahead of Ed Sheeran, 24, in fourth.

Twitter founder Jack Dorsey, 38 - who previously dated supermodel Lily Cole - was the highest place businessman as he came in at fifth, while Jake Gyllenhaal, 34, came sixth.

Seventh place went to Michael Fassbender, 34, as Henry Cavill, 32, managed to swipe the eighth position on the list.

Zayn's former band mate Harry Styles, 21, who is known for being a bit of a ladies' man, surprisingly dropped into ninth place, while James Franco, 37, rounded off the list in tenth.

The results were gathered from a poll of 1,000 women who were asked by Britain's leading hair transplant centre to rank the five most important characteristics - apart from being single - when assessing a bachelor's eligibility.

Japan should craft an ‘integrated’ immigration policy to cope with its shrinking population, or risk losing out to an ageing China in competition for vital foreign workers, the cabinet minister for administrative reform said recently.

Prime Minister Shinzo Abe has made raising Japan's rock-bottom birth rate a priority and wants to focus on drawing more women and elderly into the workforce to fill gaps rather than on immigration, a contentious topic in a society where many pride themselves on cultural and ethnic homogeneity.
 
Forecasts based on current trends expect the population to fall below 100 million in 2048 and to about 87 million by 2060, when 40 per cent of people will be 65 or older. Abe wants to hold the line at 100 million by 2060, a fifth below current levels.
 
"Even if you magically increased the birth rate by tomorrow, still it would take these babies 20 years to grow, so we really need to do something about the labour market," Taro Kono, appointed in October, told Reuters in an interview.
 
"People talk about getting more women (and) ... more senior people to stay in the labour market. We obviously have to do both, and that still will not be enough," added Kono, known before joining the cabinet as an outspoken critic of some government policies.
 
Kono said given the ‘psychological barriers’ to immigration among the Japanese public, the policy debate would take time.
 
But unless Japan begins to tackle the issue, it will lose out to China, itself facing an ageing, shrinking population.
 
The World Bank said in a report this week that East Asia was ageing faster than any other region.
 
"Are we competitive enough to pull good foreign workers to this country? I have some doubt about it," the US-educated Kono, 52, said in fluent English.
 
"Think about China. They will soon start getting old and need a lot of care workers and they will start sucking in all the foreign workers, and then it's going to be fierce competition."
 
Kono said that the government was taking some steps to open up to foreign workers in sectors such as construction, nursing and domestic help, but an overall policy was needed.

"We probably need some kind of integrated policy in the future. That's what I call immigration policy or foreign workers policy - integrated, not just piece by piece," he said.

(Shutterstock)

Shah Rukh Khan; his on-screen leading lady, Kajol; co-stars Varun Dhawan and Kriti Sanon… so what’s the real Dubai plan, we asked the Bollywood superstar.

Apart from the duo addressing UAE media amidst a promotional blitzkrieg for their upcoming 'Dilwale' SRK did let us in to his after event plans.

"The UAE holds its own in front of other markets for Indian films. But Dubai is additionally special because I love spending time here. 

"In the three days we are here, I want to take Kajol, Varun and Kriti and show them my beach house on The Palm," sais SRK.

The Kajol chemistry

Aside from featuring Shah Rukh as the lead, the movie reunites the money-spinning on-screen pair of the actor with Kajol.

Quizzed about living up to their past successes Shah Rukh stated: "There is no pressure about working with Kajol. We have never worked together in terms of living out a legacy.

"Many have grown up watching our movies, people like Rohit Shetty, and it’s an honour to see they've kept the dignity intact."

A giggly Kajol added: "Shah Rukh and I banter with each other in the same manner we did two decades ago. We don't take ourselves seriously, and that's important.

"We just have great fun working together. That's really the secret to our success and that makes it enjoyable to watch."

The Civil Defense Department in Al Ain urged campers to abide by the mandatory prevention and safety measures while camping.
This stems out of the Department's keenness to promote community partnership, raise public awareness, achieve security and safety, and provide a safe environment for everyone.
As the winter season witnesses an increased number of family trips in the wilderness; Lieutenant Colonel Mohammad Saeed Al Neyadi, Acting Head of the Al Ain Civil Defense Department, emphasised the importance of implementing and complying with the designated security and safety measures.

Charcoal
The Acting Head of the Al Ain Civil Defense Department additionally advised campers to choose a charcoal of quality, and one that does not emit sparks.

Fire extinguishers
He said that campers should always have fire extinguishers with them, and to always extinguish the fire before going to sleep.
Should a fire occur without an extinguisher nearby, Lieutenant Colonel Al Neyadi urged campers to use water and sand, or other raw materials, and call for help.
The Acting Head of the Al Ain Civil Defense Department reiterated his appeal to the public to comply with the requirements of prevention and public safety while camping.

Stay away from…
Moreover, he advised them to stay away from mountainous, rugged and flooded areas in order to preserve their lives and to protect lives and property. “Remember to always listen to the advice from the police forces prior to and during the camping trip, and never hesitate to ask for help,” he said.

Lieutenant Colonel Al Neyadi called upon families to observe the conditions and instructions issued by the competent entities while camping.
"These instructions include choosing the appropriate location for camping, buying quality tents made of fire-resistant fabrics, and placing fire pits in an area away from flammable materials, like carpets, and surrounding them with sand,” he said.

Saudi billionaire Prince Al Waleed bin Talal, the wealthiest man in the Arab World, launched a virulent attack on US Presidential candidate Donald Trump over his anti-Islam comments, saying he is a shame on the United States.

“You are a shame not only on the Republicans party but to entire America…..pull out of the presidential race because you will never win,” the Prince said on his Twitter page, according to the Saudi Ajel Arabic language daily.

Trump’s comments, in which he called for banning Muslims from entering the US, have triggered angry reactions in many countries.
 

Colombo - As revealed by Mirihana police, a married senior executive of a private company married a 24-year-old lady director of another company was accosted by his ‘first’ wife while on his honeymoon..

His wife stormed the hotel at dawn the last week, with several others and handed over the couple to the police, ‘Lankadeepa’ reported.

The new bride only then came to know that she had wedded a married man.

The wedding took place at a five-star hotel in Colombo with a gold necklace and a ring that reportedly came from Dubai.

The man told police he hired a woman to pose as his mother at the ceremony.

The groom told his actual wife that he was attending a friend’s marriage ceremony when he dressed up to leave home in a luxury car.

Police said the man, aged 36, is a father of two children aged 10 and 4.

The ‘second’ wife’s father, who was a wealthy businessman, assured the man SLR10 million in cash and a luxury two-storied house as dowry.

Mirihana police are investigating.

Son kills father for harassing mother

A 15-year-old son, who could not tolerate his mother being harassed by drunken father, killed him with a knife at Badulla last week, ‘Gossip C Lanka’ reported.

Police said the boy’s mother, who had returned to the country a few weeks ago after employment abroad, had been harassed by the man since her arrival and the agitated son had killed him with a manna knife around 9.30pm on November 26.

The victim had been identified as, Rengasamy Sivakumar (39), a resident of Unagollawatta in Agurumale division of Hali-ela.

Badulla police are investigating.

It was a night that celebrated Bollywood superstar Shah Rukh Khan and his 'Diwale' team as FilmFare Middle East magazine marked its fifth birthday against the glittering backdrop of the Dubai International Film Festival (Diff).

"The love that Dubai gives me over the years, and the love for my team 'Dilwale', I want to thank Dubai from the bottom of my heart for making me the star that I am today," he said, after being felicitated for his contribution to Indian cinema.

"This is special for me. I joke and I make light of matters, but whenever any work, any felicitation that is conferred upon me, I take it as the recognition of the work that I have done for 25 years, and I promise you all that I will keep working hard.

"Trying to make movies that somehow, in a small way touch your lives, and make you feel happy."

Video: Sneha May Francis

Amid screams from his loyal fans, SRK took to the stage with his celebrated on-screen lover Kajol, who was also felicitated at the event, to enthral the audience with their new romantic track 'Gerua'. While the younger pair in the movie, Varun Dhawan and Kriti Sanon were called in for a couple dance-off, SRK and Kajol proved undefeated in romance.

Despite clocking the hours for their packed 'Diwale' promotion in Dubai, SRK and his team fought fatigue and stayed for an hour, entertaining energetically.

The couple even re-enacted their iconic romantic scene from 'Diwale Dulhania Le Jayenge', leaving the crowd mesmerised. But it wasn’t easy, with SRK revealing how romancing Kajol is the toughest because she breaks into giggles every time there's an intense intimate scene to film.

Video: Sneha May Francis

The pair also swayed to the tunes of Varun and Kriti's track 'Manma Emotion Jaage', before calling it a night.

The magazine also honoured four more celebrated faces in the movie world – British-Emirati filmmaker Ali Mostafa, Malayalam star Nivin Pauly, pop star Bappi Lahiri and Pakistani actor Fawad Khan.

After receiving his memento Mostafa broke into Hindi, announcing his desire to make a Bollywood film to loud cheer from the crowd.

Disco King Bappi Lahiri, who performed his hit numbers on stage, expressed his gratitude for the honour. He topped it with his love for Dubai, announcing, "I always feel Dubai's my second home."

It wasn't just the honour, with Nivin winning a fan moment. "Shah Rukh-ji, I'm a huge, huge fan of yours. Right now I'm standing in front of you, and I can't feel happier. We are just waiting to see you and Kajol ma'am onscreen, and the magic once again."

Fawad, who was unable to attend the ceremonies due to bad health, sent a video clip apologizing for his absence.

Bollywood actress Parineeti Chopra had to paddle through the 'fat' jibes since her debut in 2012 as a lead actress.

After years of body-shaming Parineeti debuted her brand new toned self on social media last week.

Instagram: Parineeti

Her pictures took Twitter by storm and industry colleagues gushing over her fab look flooded her timeline with much-deserved compliments.

It took her nine months to drop the extra kilos and gain her now-sculpted body.

Soon after she posted photos showing her newly ‘fit self’ off, Parineeti Chopra began trending on Twitter. She wrote, "THIS IS MY BODY and I'm proud of it! Took me 9 months to look this way. But I'm still work in progress!! Will look better with time :)."

The actress revealed the secret behind her transformation in a special photoshoot 'Built That Way' on twitter.
 
"So here goes!! The most special shoot of my life :) #BuiltThatWay," shared Parineeti.

Instagram: Parineeti

Instagram: Parineeti
 
Her dislike for routine gym sessions lead her to Kalaripayattu, a traditional form of martial arts which originated in south of India, Kerala.

Kalaripayattu may not make one lose weight faster but it promises greater flexibility, fitness and strength.

Parineeti also attended a detox centre to cleanse her body of all toxins in Austria for a week.

Instagram: Parineeti

Instagram: Parineeti

The actress, who once was known for chubby figure and was often advised some weight loss techniques, showed everyone how to do it.

Instagram: Parineeti

The actress pulled up her socks and determined to lose weight. And with her sheer efforts and hard work, the 'Ishaqzaade' actress has shed oodles of weight and got that oh-so-sexy figure, which now everyone is talking about.
 
But it wasn't easy for her to reach where she is now. It was her dedication, will power and determination that has brought Chopra here.

Instagram: Parineeti

Twitter: Parineeti