Anyone studying the current travails of the Conservative Party could be forgiven for referencing Shakespeare, for thinking there really is something rotten in the kingdom.
In short order, we’ve had: an allegation of Islamophobia; “Partygate” including the holding of an indoor birthday gathering for the Prime Minister when such occasions were banned; the awarding of lucrative PPE contracts to favoured friends; the resignation of a government minister over the handling of fraudulent Covid loans; and accusations of blackmail against MPs who do not toe the line.
According to the idiom, the fish rots from the head. Boris Johnson is the Conservative leader; the chairman is Ben Elliot.
The nephew of Prince Charles, Elliot, 46, is co-founder and director of Quintessentially, the global “lifestyle management” firm that offers a range of services to its rich clients. Whatever you want, it will provide it – within reason and the boundaries of the law, of course.
Elliot is also no stranger to claims of playing fast and loose. His concierge company has reached a settlement with a client who accused it of “false advertising” and “fraud”.
The client, Californian businessman Christopher Grey, paid £5,500 ($7,425) to become a Quintessentially member. Grey turned to Elliot’s organisation for assistance in acquiring a European “golden visa” that grants residency or citizenship to wealthy investors.
On its advice, his company bought a one-bedroom property in Lisbon for £510,000 and then transferred it to himself, which it said would qualify him automatically for the visa.
It was wrong – the property could not be transferred to him for visa purposes, nor could it be rented out. He sued. Quintessentially refuted his claim and said it settled for reasons of expediency.
Last year, Quintessentially’s Manhattan landlords accused its New York operation of “continuous failure and refusal to pay rent” and breaking the terms of its lease. Quintessentially disputes the claim and maintains the rent is up to date.
In a separate case, the New York State Workers’ Compensation Board served Quintessentially with a final notice of a penalty for its alleged failure to provide medical insurance and compensation for lost income for those injured at work or with long-term disabilities. Here, Quintessentially denies receiving the notice and says it could not therefore respond to the charge, but it was untrue to say it had not provided insurance cover.
In another, American Express was pursuing Quintessentially for unpaid credit card bills, for purchases including wine and taxi rides booked through Uber. Amex had to go to court in New York over the $45,000 debt and won. Quintessentially’s explanation was that the credit card bills were going to an unoccupied address.
Then there was the late-filed financial report disclosing Elliot’s company had made accounting errors of more than £7m and paid £1.4m in dividends it should not have made to shareholders.
Signs of change in Britain
It says something about the Tories that their chairman should be someone who assists the wealthy in getting visas.
Equally, though, it could be seen as a sign of how Britain has changed. In the past, such a senior establishment figure, one charged with fund-raising for the party of capitalism, would be drawn from the higher echelons of the City or manufacturing industry. The UK economy today is one slanted towards services, in which the urbane, charming, impossibly well-connected Elliot, despite these travails, is something of a star – he is seeking offers for Quintessentially of up to £170m.
To be fair to Elliot, some of these cases beset many businesses in his field and ever since he became Tory chairman, Quintessentially’s affairs have become a matter of heightened media and political focus.
One episode that is harder to explain, though, is that concerning Mohamed Amersi. A Tory donor, Amersi, a British lawyer and deals fixer, was a client of Quintessentially. In return for a fee, Elliott arranged for the ambitious, multi-millionaire Amersi to meet his uncle, Prince Charles, and he duly became a trustee of the Prince’s Trust. A formal honour for Amersi appeared likely.
Amersi also set his sights on the Conservative Middle East Council, run by Charlotte Leslie, the former Tory MP. She alleges that Amersi tried to use his influence to take over the group, which promotes UK-Middle East relations.
When he was rebuffed, Amersi set up his own body, Comena, to rival Leslie’s. Last week, in the Commons, ex-Tory Cabinet minister David Davis said how Carl Hunter, a Tory adviser, “engaged in bullying and egregious behaviour” towards Leslie.
Details of taped calls between Hunter and Leslie were leaked. Hunter told her she needed to “consider being able to walk the dog at night” if she refused to apologise to Amersi, and “you’re looking into a world of pain on this … If you are not careful this will keep you up at night, monopolise your life, for as long as it lasts.”
Leslie has complained to the police about the calls. Amersi denies knowing about them or that Hunter was working on his behalf. Hunter maintained he did not recollect saying she should not go out at night and that he was trying to help Leslie.
This was the same David Davis MP who last week stood up in the Commons at Prime Minister’s Questions and said to Johnson: “In the name of God, go.”
Amersi calls what Elliot supplies “access capitalism”. The Conservative Party, it seems, is still the party of capitalism, of sorts.
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
UAE currency: the story behind the money in your pockets
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
Teaching in coronavirus times
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
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Company%20profile
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THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
Jiu-jitsu calendar of events for 2017-2018:
August 5:
Round-1 of the President’s Cup in Al Ain.
August 11-13:
Asian Championship in Vietnam.
September 8-9:
Ajman International.
September 16-17
Asian Indoor and Martial Arts Games, Ashgabat.
September 22-24:
IJJF Balkan Junior Open, Montenegro.
September 23-24:
Grand Slam Los Angeles.
September 29:
Round-1 Mother of The Nation Cup.
October 13-14:
Al Ain U18 International.
September 20-21:
Al Ain International.
November 3:
Round-2 Mother of The National Cup.
November 4:
Round-2 President’s Cup.
November 10-12:
Grand Slam Rio de Janeiro.
November 24-26:
World Championship, Columbia.
November 30:
World Beach Championship, Columbia.
December 8-9:
Dubai International.
December 23:
Round-3 President’s Cup, Sharjah.
January 12-13:
Grand Slam Abu Dhabi.
January 26-27:
Fujairah International.
February 3:
Round-4 President’s Cup, Al Dhafra.
February 16-17:
Ras Al Khaimah International.
February 23-24:
The Challenge Championship.
March 10-11:
Grand Slam London.
March 16:
Final Round – Mother of The Nation.
March 17:
Final Round – President’s Cup.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
More from Neighbourhood Watch:
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
More on Turkey's Syria offence
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UAE currency: the story behind the money in your pockets
AUSTRALIA SQUAD
Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Glenn Maxwell, Ben McDermott, Kane Richardson, Steve Smith, Billy Stanlake, Mitchell Starc, Ashton Turner, Andrew Tye, David Warner, Adam Zampa
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
