BRINGING UAE DOMESTIC WORKERS UNDER WPS SAFETY NET A WISE MOVE: Starting today, domestic workers in the UAE can be paid their wages through banks, exchange houses and approved financial institutions under the Wage Protection System (WPS). WPS was launched in the UAE in 2009 to ensure timely payment of wages and safeguard the interests of workers. However, domestic workers were not part of the WPS net. Now, as employers have the option to pay wages through banks and financial institutions, workers will be able to enjoy greater security and timely receipt of wages, while their employers will have the added convenience of transferring funds electronically. From a more macroeconomic perspective, bringing wage payments to domestic workers under the WPS safety net can actually serve as a stepping stone towards including this section of the UAE population within the ambit of the banking system. This will help ensure greater safety, transparency and flexibility for all stakeholders. [COMMENT BY: Sanjib Kumar Das, Assistant Editor]
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WILL LEBANON MOVE FURTHER INTO IRANIAN ORBIT AFTER HARIRI DEPARTURE?The decision by former Prime Minister Saad Hariri to quit politics and not stand in the next parliamentary elections in Lebanon has stunned the Sunni Muslim community, which his family has led for 30 years under Lebanon’s sect-based power sharing system. Some in the community and abroad fear a new Sunni leadership in Lebanon could be more hardline that the Hariris. But others say that with Hariri leaving the political scene, groups like Hezbollah will further tighten their grip on the country, thereby benefitting their regional patron Iran. However, Hezbollah may also fear that they might now have to contend with an adversary stronger than Hariri, who often gave into their demands. All this is happening at the worst possible time for Lebanon, as the country is going through the most severe economic crisis the modern world has ever seen. [COMMENT BY: Omar Shariff, International Editor]
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DUBAI’S FINANCIAL REGULATOR CRACKS THE WHIP-AND RAISES TRANSPARENCY BAR: The punishing Dh497 million fine imposed on Arif Naqvi of the now defunct Abraaj Group by the Dubai financial regulator DFSA has ripples across multiple fronts. The size of the penalty and the transparency with which DFSA sought to arrive at the Dh497 million figure will leave little room for below-the-radar wheeling and dealing in the corporate and financial services landscape. Because the fines against Naqvi and for another ex-Abraaj official are not the only ones the DFSA has caught in its crosshairs. Through recent months, the regulator has given its final word on a series of omissions and commissions engaged in by companies licensed to operate out of DIFC. In each, DFSA has weighed on the action by the official or entity, and also provided a deterrence for any such actions in future by others. No financial services hub can afford to operate in a vacuum, and DIFC and DFSA have ensured that the strictest levels of transparency are being adhered to. No entity or individual can afford to stick to the requirements expected – especially where money and investors are concerned. Arif Naqvi just found out the hard way. [COMMENT BY: Manoj Nair, Business Editor]
Image Credit: Gulf News
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AUSTRALIAN OPEN: WHEN MEDVEDEV DREW ON DJOKOVIC’S PHILOSOPHY: There is no doubt about the class of Daniil Medvedev, world No.2 from Russia, but the character he showed in coming back from saving a match-point in the fourth set against an inspired Felix Auger-Aliassime in the quarter finals in Melbourne was stuff which the ‘Big Three’ of men’s tennis would have been proud of. He admitted to having ‘zero confidence’ about a win from that stage, but drew on the philosophy of world No.1 Novak Djokovic in a situation like this – make the opponent fight for every point. It was the only way to stop Auger-Aliassime, and in the bargain the fans were treated to easily the best match of the slam so far which finished after midnight. [COMMENT BY: Gautam Bhattacharyya, Senior Associate Editor]
Image Credit: REUTERS
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JANET JACKSON DESERVES TO SHARE HER STORY: Watching Janet Jackson share her story in the trailer of a new two-part documentary on her life gives a mere glimpse into the allegations and suffering the legendary singer has had to endure over a career spanning four decades. Being raised in a home with a father who ruled with an iron hand and a sibling whose meteoric rise to fame was just as distinct as his downfall, Janet’s career suffered the collateral damage through countless stories written about her in the press. Through ‘Janet’, the ‘Rhythm Nation’ singer is finally taking that cathartic step to set the record straight about allegedly having a secret baby in 1984 to being ostracized for being related to Michael Jackson following the sex allegations and finally, returning to the spotlight in the aftermath of the Super Bowl wardrobe malfunction scandal of 2004 that put her all but ended her career. [COMMENT BY: Bindu Rai, Entertainment Editor]
Image Credit: AP
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