British Prime Minister Boris Johnson’s grip on power was loosening by the minute on Wednesday amid more resignations of once-loyal MPs who now distance themselves from his leadership.
Seven members of his team quit the government before Prime Minister's Questions began at noon, following 10 departures on Tuesday evening.
By Wednesday evening, the tally had reached 38. The resignations started with Rishi Sunak and Sajid Javid, who delivered broadsides at Mr Johnson as they quit their Cabinet posts. Both said they could no longer tolerate the sense of scandal that has followed Mr Johnson for months.
In the face of growing opposition, Mr Johnson projected an air of defiance when he appeared before MPs in the House of Commons on Wednesday afternoon.
While the new Chancellor of the Exchequer Nadhim Zahawi was touring broadcasters, trying to present a united front on Wednesday, Will Quince resigned as Children and Families Minister.
Mr Quince said he could not accept being sent out to defend Mr Johnson on television with inaccurate information over the Chris Pincher row.
Mr Pincher held a government role but stepped down after being accused of groping two male MPs. It then emerged that there had been a string of allegations against him, with Downing Street struggling to give a convincing version of events.
Laura Trott then quit as a ministerial aide, saying “trust in politics is — and must always be — of the utmost importance, but sadly in recent months this has been lost”.
Schools Minister Robin Walker followed, saying the government has been “overshadowed by mistakes and questions about integrity”.
Treasury Minister John Glen was next. “I can no longer reconcile my commitment to the role” with “the complete lack of confidence I have in your continuing leadership of our country”, he said.
Home Office Minister Victoria Atkins resigned, saying she had given Mr Johnson the benefit of the doubt at each turn, but he had made “the contortions impossible”.
Parliamentary Private Secretary Felicity Buchan and agriculture undersecretary Jo Churchill were next to step down.
Departures on Tuesday included trade envoy to Morocco Andrew Murrison, Tory party vice chairman Bim Afolami, Solicitor General Alex Chalk, and junior ministers Jonathan Gullis, Saqib Bhatti, and Nicola Richards.
Another, Virginia Crosbie, told Mr Johnson: “You cannot be trusted to tell the truth. You can serve this country one last time by leaving office.”
Theodora Clarke resigned as a trade envoy, saying as one of the party’s new female MPs she took allegations of sexual misconduct very seriously and his handling of the Pincher affair had shown a “severe lack of judgment”.
Other Cabinet members, including Foreign Secretary Liz Truss and Defence Secretary Ben Wallace — two likely contenders for the leadership — continue to back Mr Johnson, aides said.
Jacob Rees-Mogg, a doggedly loyal cabinet ally, dismissed the resignations as “little local difficulties”.
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Resignations at a glance — 38
Sajid Javid, Health Secretary
Rishi Sunak, Chancellor
Bim Afolami, vice chairman
Jonathan Gullis, aide
Saqib Bhatti, aide
Nicola Richards, aide
Virginia Crosbie, aide
Theo Clarke, trade envoy
Alex Chalk, Solicitor General
Will Quince, Children’s Minister
Laura Trott, aide
Robin Walker, Schools Minister
John Glen, Treasury Minister
Victoria Atkins, Home Office Minister
Felicity Buchan, aide
Jo Churchill, Environment Minister
Stuart Andrew, Housing Minister
Claire Coutinho, parliamentary private secretary to the Treasury
Selaine Saxby, aide
David Johnson, parliamentary private secretary at the Department for Education
Kemi Badenoch, Minister for Levelling Up Communities and Equalities
Julia Lopez, Data Minister
Mims Davies, Employment Minister
Lee Rowley, Industry Minister
Neil O’Brien, levelling up minister
Alex Burghart, Skills Minister
Craig Williams, parliamentary private secretary to the Treasury
Fay Jones, parliamentary private secretary to the Department for Environment, Food and Rural Affairs
Mark Logan, parliamentary private secretary to the Northern Ireland Office
Rachel Maclean, parliamentary under-secretary of state for safeguarding at the Home Office
Mike Freer, parliamentary under-secretary of state for exports at the Department for International Trade
Mark Fletcher, parliamentary private secretary at the Department for Business, Energy and Industrial Strategy
Sara Britcliffe, parliamentary private secretary at the Department for Education
Ruth Edwards, parliamentary private secretary at the Scottish Office
Peter Gibson, parliamentary private secretary at the Department for Trade
David Duguid, trade envoy
James Sunderland, parliamentary private secretary at the Department for Environment, Food and Rural Affairs
_________________________________
Johnson defiant as he faces MPs
Mr Johnson sought to deflect attention away from the Pincher scandal at Prime Minister's Questions.
In an effort to give the impression it was business as usual in No 10, he opened the session by focusing on his administration's implementation of “the biggest tax cut for a decade” to help households struggling under the cost-of-living crisis.
Mr Johnson was flanked on the Tory front bench by loyalist Dominic Raab and the new chancellor Mr Zahawi.
Opposition leader Sir Keir Starmer held nothing back in his criticism of Mr Johnson's handling of the Pincher saga, going into graphic detail with the account of one of his accusers.
“I accept that is not easy listening, but it is a reminder to all those propping up this prime minister just how serious this situation is,” the Labour leader said.
“He knew the accused minister had previously committed predatory behaviour but he promoted him to a position of power anyway. Why?”
Mr Johnson responded by saying “very serious complaints” against Mr Pincher remain under investigation and it is “absolutely true” that a complaint was raised about the MP's behaviour before he was given a high position in the current administration.
“I greatly regret that he continued in office, and I have said that,” Mr Johnson said. “I have said that before. I have said that before, but it is now a subject of an independent investigation, and that is the right thing.”
Sir Keir lambasted Mr Johnson for sending his allies to defend “his decision to promote a sexual predator”.
He added that it was no longer enough for Mr Johnson to be replaced by another Tory MP as prime minister, and instead insisted it was time for the ruling Conservatives to be removed from power.
The Scottish National Party’s leader in Westminster, Ian Blackford, drew laughs when he said the prime minister was just a few days ago “dreaming of a third term” in Downing Street. He said it was nothing short of a “minor miracle” that Mr Johnson was still in power.
“A few weeks ago I compared the prime minister to Monty Python’s Black Knight, actually turns out I was wrong. He’s actually the dead parrot,” Mr Blackford said.
Conservative MP Gary Sambrook’s call for Mr Johnson to step down prompted a round of applause within the chamber.
“In an attempt to boost morale in the tea room, the prime minister said at a table that there were seven people — MPs — in the Carlton Club last week, and that one of them should have tried to intervene to stop Chris [Pincher] from drinking so much,” Mr Sambrook said.
“As if that wasn’t insulting enough to the people who did try to intervene that night and also to the victims — that drink was the problem.”
“The prime minister is constantly trying to deflect from the issue, always try to blame other people for mistakes,” he said. “There is at least nothing left for him to do other than to take responsibility and resign.”
After MPs erupted into a round of applause, Speaker Sir Lindsay Hoyle reprimanded them as clapping in the chamber is discouraged.
Mr Johnson vowed to “keep going” as prime minister despite growing opposition among his own MPs.
He faced hours of questions from the leaders of the Commons' most powerful committees, who include some of his most virulent critics in the Tory ranks.
Much of the focus will be on the Pincher affair.
Days of shifting explanations had followed the resignation of the deputy chief whip, a position intended to keep MPs' behaviour in check. Downing Street at first denied Mr Johnson knew of prior allegations against Mr Pincher when appointing him in February.
But by Tuesday, that defence had collapsed after a former top civil servant said Mr Johnson, as foreign minister, was told in 2019 about another incident.
The Pincher affair was the “icing on the cake” for Mr Sunak and Mr Javid, Tory MP Andrew Bridgen, a Johnson critic, told Sky News.
“I and a lot of the party now are determined that he will be gone by the summer break time [starting on July 22]: the sooner the better.”
Rishi Sunak throws in the towel
Mr Sunak's departure in particular, in the middle of policy differences over a cost-of-living crisis sweeping Britain, was bad news for Mr Johnson.
In his resignation letter, he said “the public rightly expect government to be conducted properly, competently and seriously”.
“I believe these standards are worth fighting for and that is why I am resigning,” Mr Sunak wrote to Mr Johnson.
Mr Javid preceded Mr Sunak at the Treasury before quitting over an earlier dispute with Mr Johnson.
He wrote that the prime minister's survival in last month's no-confidence vote gave him the opportunity to show “humility, grip and new direction”.
“I regret to say, however, that it is clear to me that this situation will not change under your leadership — and you have therefore lost my confidence, too.”
_____________________________________
Boris Johnson's rollercoaster career — in pictures
_____________________________________
Mr Johnson, 58, has been embroiled in several scandals, above all the Partygate affair, in which he was fined by police for breaking his own coronavirus lockdown restrictions in Downing Street.
He still faces a parliamentary inquiry into whether he lied to MPs over the lockdown-breaching parties in Downing Street.
On Wednesday, Mr Zahawi hinted at reversing a planned rise in corporation tax as part of the effort to restore trust between the leadership and Tory MPs.
But the Cabinet reshuffle does not appear to have persuaded Mr Johnson’s critics to hold fire.
Minister who defended PM on TV quits over 'inaccurate' briefing
Mr Quince was one of the ministers sent on the airwaves to defend Mr Johnson’s position over Mr Pincher, who quit as deputy chief whip after allegedly assaulting two men while drunk at a London club.
The prime minister later acknowledged he had previously been informed of allegations against Mr Pincher dating to 2019 and said he regretted keeping him in government beyond that point.
Mr Quince said he had received a “sincere apology” from Mr Johnson for being sent out with an “inaccurate” briefing about the prime minister’s knowledge of events.
But “I have no choice but to tender my resignation” as “I accepted and repeated those assurances in good faith”.
The prime minister’s authority had already been damaged by a confidence vote in which 41 per cent of his own MPs withdrew their support in June.
The loss of crunch by-elections in Tiverton and Honiton and Wakefield later that month led to the resignation of party chairman Oliver Dowden, while there is still lingering anger over coronavirus lockdown-busting parties in Downing Street.
Tory MPs are also uneasy about the government’s high spending, high taxing approach following the pandemic.
Mr Zahawi sought to reassure Conservatives that “nothing is off the table” when questioned about possibly cancelling the planned increase in corporation tax from 19 per cent to 25 per cent in April 2023.
“I will look at everything. There’s nothing off the table. I want to be one of the most competitive countries in the world for investment,” he told Sky News.
“I know that boards around the world, when they make investment decisions, they’re long term, and the one tax they can compare globally is corporation tax. I want to make sure that we are as competitive as we can be while maintaining fiscal discipline.”
Mr Zahawi toured the broadcast studios after Mr Quince's resignation and told ITV’s Good Morning Britain: “He felt let down, clearly. All I would say to my colleagues is, people don’t vote for divided teams.”
But the chancellor said he believed the prime minister had integrity and was “determined to deliver for this country”.
Company%C2%A0profile
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Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
UAE currency: the story behind the money in your pockets
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
The five pillars of Islam
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
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Global state-owned investor ranking by size
1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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New schools in Dubai
RESULTS
5pm Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner AF Nashrah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm Maiden (PA) Dh70,000 (D) 1,400m
Winner Mutaqadim, Riccardo Iacopini, Ibrahim Al Hadhrami.
6pm Maiden (PA) Dh70,000 (D) 1,600m
Winner Hameem, Jose Santiago, Abdallah Al Hammadi.
6.30pm Maiden (PA) Dh70,000 (D) 1,600m
Winner AF Almomayaz, Sandro Paiva, Ali Rashid Al Raihe.
7pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Dalil Al Carrere, Fernando Jara, Mohamed Daggash.
7.30pm Handicap (TB) Dh70,000 (D) 1,000m
Winner Lahmoom, Royston Ffrench, Salem bin Ghadayer.
8pm Handicap (PA) Dh70,000 (D) 1,000m
Winner Jayide Al Boraq, Bernardo Pinheiro, Khalifa Al Neyadi.
Kibsons%20Cares
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
Read more from Aya Iskandarani
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.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law