Philippines typhoon toll rises, hundreds missing


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NEW BATAAN, Philippines // The number of people dead or missing after a typhoon devastated parts of the southern Philippines has jumped to nearly 900 after families and fishing companies reported losing contact with more than 300 fishermen at sea, officials said today.

The fishermen from southern General Santos city and nearby Sarangani province left a few days before Typhoon Bopha hit the main southern island of Mindanao on Tuesday, triggering flash floods that killed about 600, civil defence chief Benito Ramos said.

Ramos said the fishermen were headed to the Spratly Islands in the South China Sea and to the Pacific Ocean. He said there has been no contact from them for a week.

"We have declared them missing," he said. "Maybe they are still alive."

Ramos said they may have sought shelter on the many small islands in the Spratlys and the Celebes Sea, and lost battery power and have not been able to call.

He said the coast guard, navy and fishing vessels have launched a search.

After slamming into the southern Philippines, the typhoon moved out to sea but then veered back toward the country's northwest on Saturday, prompting worries of more devastation. As of late Sunday, however, it had begun to dissipate and weaken into a low pressure area as it moved farther into the South China Sea, about 105 kilometres west of the Philippines' Ilocos Norte province.

Rescuers continued searching for bodies or signs of life under tons of fallen trees and boulders in the worst-hit town of New Bataan, where rocks, mud and other rubble destroyed landmarks, making it doubly difficult to search places where houses once stood.

Hundreds of refugees, rescuers and aid workers took a break today to watch the Manny Pacquiao-Juan Manuel Marquez fight on a big TV screen, only to be dismayed by their hero's sixth-round knockout.

Elementary school teacher Constancio Olivar said people fell silent when Pacquiao, who comes from the southern Philippines where the storm hit, fell heavily to the canvas and remained motionless for some time.

"It was like a double blow for me - this disaster and this defeat," said Olivar, whose house was destroyed in the storm. "We were all crestfallen. Everyone fell silent, stunned. It was like we saw a tsunami."

Nearly 400,000 people, mostly from Compostela Valley and nearby Davao Oriental province, have lost their homes and are crowded inside evacuation centres or staying with relatives.

President Benigno Aquino III declared a state of national calamity on Friday, which allows for price controls on basic commodities in typhoon-affected areas and the quick release of emergency funds.

Officials said today that 316 people were killed in Compostela Valley, including 165 in New Bataan, and 301 in Davao Oriental. More than 45 people were killed elsewhere. Nearly 900 are missing, including the fishermen and 440 from New Bataan alone.

Davao Oriental authorities imposed a curfew there and ordered police to guard stores and shops to prevent looting.

The typhoon destroyed about 18 per cent of the banana plantations in Mindanao, causing losses estimated at 12 billion pesos ($300 million), according to Stephen Antig, executive director of the Pilipino Banana Growers and Exporters Association.

The Philippines is the world's third-largest banana producer and exporter, supplying international brands such as Dole, Chiquita and Del Monte.

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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

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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

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  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

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