It was at the Expo 2010 Shanghai that I encountered Song Hongbing's bookThe Currency War. I was with a few Chinese acquaintances, introduced to me by mutual friends because they had access to the expo.
Busloads of Chinese tourists were everywhere, led by loudspeaker-toting guides. People standing in the long lines that snaked around the hot pavilions created by countries including the UAE, UK, US, France, Canada and Denmark, had to wait for up to five hours to gain entry.
For some reason, the UAE's pavilion was known by the locals as the Wave, even though it is actually modelled on undulating sand dunes. My guide explained that it had to do with the Chinese penchant for auspicious sounding words like "double happiness" and "joy luck".
Tourists from the Anhui and Sichuan provinces particularly admired the reddish-gold roof. My own favourite was the UK pavilion, which looked like a cross between a blob and a porcupine.
The Chinese pavilion, naturally, towered above everything else although it was pretty much impossible to get inside. The only way to bypass the queues was to weasel your way into the VIP lounges, beg and plead using every press pass you could procure.
The Four Seasons where I stayed had room rates priced along with tickets to the expo. Every hotel in Shanghai had bumped up rates and yet ran at full capacity. Last week at least, it felt like the city was the centre of the world.
Just as the Olympics were Beijing's "coming out" moment, the expo, which ends this month, is Shanghai's.
The famous Bund area in central Shanghai was closed for almost two years to get it ready for the expo. That is like closing Piccadilly, Fifth Avenue, the Champs Elysees - or Mahatma Gandhi Road in my own city. There, you don't just shut downtown for a couple of years to dig a tunnel, widen roads and move a lighthouse.
But China can do this. In the today's world, it seems China can do anything. As my new Chinese friends were in finance, I brought up the currency situation. Why did Guido Mantega, Brazil's finance minister, have to go and say it, I asked, thereby exacerbating an already tense situation.
When the Chinese raised their eyebrows, I elaborated. Wasn't it Mr Mantega who said the world was in a "currency war" last month?
Oh, no, said my friends. Mr Mantega didn't coin that phrase. A Chinese writer did. And then one of the gentlemen, who I will call Mr Chen, pulled out Hongbing's book. The writing was in Chinese but the cover had an English subtitle that clearly read The Currency War.
Mr Chen needed to make recommendations to his bosses about the worsening currency situation and was looking for options. Between you and me, he said, China needs to find a way out without losing face.
Naturally, I was interested. What was the way out, I asked Mr Chen, who looked thoughtful. Clearly, China is being made a scapegoat, he said finally. Look around the world. Colombia, Israel, Switzerland, Japan - lots of countries are devaluating their currencies, so much so that even western publications are calling it competitive devaluation. Then why is China being targeted?
It is clear, Mr Chen continued in the measured tones of a bureaucrat, that the US has mismanaged its economy. The infallible Alan Greenspan, as some seem to think of him, turned out to have clay feet and his successors are no better. Rather than fixing its economic woes, the US prefers to point fingers at China, Mr Chen said.
The US government, at least for now, appears to be backing off. Last week, the US Treasury department, after issuing ultimatums and threats, decided to postpone its report on whether China is manipulating the yuan.
Jon Huntsman, the US ambassador to China who is a fluent Mandarin speaker and an expert on the country, said the aggressive stance by the US was driven equally by domestic politics as global trade worries.
In a town hall meeting that was broadcast in Beijing, Mr Huntsman said US pressure on China was partly driven by the upcoming mid-term elections in November.
Here is my own take on the situation: the escalating currency wars are a symptom of China's increasing dominance on the world stage.
The problem is the US is unwilling to accept China's self-confidence and China has not learned to negotiate gracefully. The watching world, for now, is still coming to terms with the Chinese superpower and its way of doing things.
The US has to learn that it cannot play hardball with China and expect this old civilisation but relatively new country to back down. China has to learn that being an economic superpower is different from being a statesman. Being a statesman involves wisdom, temperance and tone.
Ancient China espoused this culture of humility. Modern China would do well to relearn its lessons.
By the same token, the West cannot browbeat a country as diverse and different as China and simply expect the Chinese government to fall into line. It should approach China with respect rather than distrust; it should learn to appreciate the fundamental differences between eastern and western values.
As Mr Huntsman said, the US and China must be able to reach "a cruising altitude of mutual respect and equality".
Shoba Narayan is a Bangalore-based journalist and the author of Monsoon Diary
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Honeymoonish
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The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
Company%20profile
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Health Valley
Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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