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Activist investor Third Point purchases stake in Cartier proprietor Richemont

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Chair Johann Rupert has long enjoyed the command over Swiss gathering due to exceptional democratic freedoms

Activist mutual funds Third Point has taken a stake in Swiss luxury group Richemont, which possesses watch and gems brands Cartier and Van Cleef and Arpels, as indicated by individuals acquainted with the matter. The US-based asset Artisan Partners, which has been a Richemont investor for a long time and possesses a generally 1.2 percent stake, has additionally been squeezing the gathering to work on its presentation, as indicated by one individuals. Third Point didn’t return demands for input, while Artisan couldn’t quickly be gone after remark. Richemont, which will report its half-year results on Friday, declined to remark. An activist crusade at Richemont would need to battle with amazing seat Johann Rupert, who has since quite a while ago set procedure and picked administrators for the 26 maisons that have a place with the gathering. Albeit the South African finance manager claims just 9.1 percent of the capital, he controls 50% of the democratic freedoms under a double class share structure. Pundits contend that Richemont has not stayed up with contenders during a very long term blast for the extravagance business generally determined by Chinese buyers. Its market capitalisation has ascended by 79% in the beyond five years, while those of LVMH and Hermes have generally quadrupled. Investigators have additionally scrutinized the gathering’s failure to stem misfortunes at its web based business unit Yoox Net-a-Porter, which has lost piece of the pie to more up to date contenders like Farfetch and not conveyed a since a long time ago guaranteed turnround.

It still up in the air the thing Third Point was planning to accomplish at Richemont, or the size of its interest in the organization. However, the mutual funds constrained by extremely rich person financial backer Dan Loeb can embrace forceful strategies, for example, when it encouraged Nestlé to sell resources in 2017 and as of late when it required the separation of Royal Dutch Shell. It can likewise be more sober minded with its speculations, for example, when it took a stake in Vivendi this year in front of its twist out of Universal Music Group however didn’t freely push for changes there. Craftsman is a more conventional long haul store however has taken a more dissident attach a portion of its ventures recently, for example, a public mission it mounted for this present year to eliminate Emmanuel Faber as Danone CEO. Richemont’s portions failed to meet expectations area pioneers LVMH and Hermès last year as financial backers worried that its adornments dependent business would experience the ill effects of the Covid-19 pandemic. In any case, the greatest players in extravagance have snapped back quicker than anticipated from the emergency, helped generally by excited Chinese shoppers who have continued to purchase at home despite the fact that they can presently don’t venture out to shop in Europe’s design capitals. That has helped Richemont’s portions rise 48% this year, beating a 35 percent ascend for LVMH and a 12 percent ascend for Kering, proprietor of Gucci, however failing to meet expectations a 63 percent ascend for Hermès. Experts have credited the Richemont rally to investors wagering that it has space to improve. Third Point’s venture was first revealed by autonomous design distribution, Miss Tweed.

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Business

When the seller’s brokerage handles the buyer’s transfer, who should pay?

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Some leading Dubai brokerages are charging buyers for in-house conveyancing or sales-progression services while also holding the sales mandate for the property being purchased.

The practice raises a broader question about how transaction roles should be structured: when a brokerage represents the seller and also provides the service responsible for progressing the buyer’s purchase, should the buyer be required to pay for that service?

The arrangement is visible across brokerage websites, while LinkedIn and Instagram profiles show sales-progression and conveyancing teams operating within some agencies.

The issue is not necessarily the competence of an in-house conveyancer. The more fundamental question is one of independence. A buyer paying for a transfer service may reasonably expect that the person handling the transaction is able to act without commercial considerations connected to the other side.

Consider a seller who has multiple properties listed with the same brokerage, or one who is selling a current home while planning to purchase another property through the same agency. In such cases, the brokerage may have a broader commercial relationship with the seller than with a buyer completing a single transaction.

That distinction can become important when a seller-side issue delays or complicates a transfer. The person responsible for resolving the bottleneck should be able to communicate the problem to the buyer clearly and objectively, without having to balance that responsibility against a wider commercial relationship.

There are parallels in other parts of the financial and property sectors. Banks, for example, commonly appoint independent valuers rather than relying on a valuation conducted by a party whose commercial interests are directly tied to the transaction. The separation of roles is intended to reduce potential conflicts and strengthen confidence in the process.

“The real test of a transfer service comes when the interests on each side stop aligning,” said Jan Baluyut, Director, Property Affairs at Cendale, which operates Conveyance.ae. “An independent transfer provider has no sales mandate to protect, no listing relationship to preserve and no sales commission dependent on completion. That is the procedural oversight buyers pay for.”

Functional separation is also well established internationally. In the UK, buyers and sellers commonly instruct separate solicitors, while in the US, attorneys, title companies and escrow providers can perform distinct roles depending on the state. Dubai does not need to replicate either system, but both demonstrate that transaction roles can be separated to provide greater clarity around responsibilities.

The question is relevant across both ready properties and secondary off-plan transactions. While the mechanics of each transaction can differ, the buyer’s need for accurate information, clear communication and independent oversight remains the same.

Where a brokerage offers an in-house conveyancing or sales-progression service, buyers should be clearly informed about the arrangement, including whether the service is optional and whether they are free to appoint an independent provider.

As Dubai’s property market continues to expand and attract investors from around the world, greater transparency around who represents whom — and who is paying whom — could become an increasingly important part of a mature transaction process.

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Business

UAE cracks down on fake and unsafe goods: Suppliers given 24-hour deadline to clear items

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Businesses caught dealing in counterfeit, adulterated, or spoiled goods in the UAE now have just 24 hours to clear them off the shelves or face swift state intervention, under tough new commercial fraud regulations that have officially taken effect.

The new rules, outlined in Cabinet Resolution No. 107 of 2026 (the Executive Regulations of Federal Decree-Law No. 42 of 2023), significantly ramp up consumer protections. They grant authorities sweeping powers to raid premises, seize stock at the violator’s expense, issue public alerts, and order rapid product destruction.

The 24-hour countdown

Once the Ministry of Economy and Tourism or local authorities flag a non-compliant item, the clock starts ticking immediately. Suppliers must halt sales on the spot and execute four mandatory steps within 24 hours:

  • Clear shelves and warehouses: Remove every affected batch from inventory.
  • Alert supply chains: Notify downstream retailers and distributors to pull the products within the same 24-hour window.
  • Recall active stock: Initiate steps to recover items already in circulation.
  • Provide proof: Submit verified evidence to authorities confirming total withdrawal.

Miss the deadline? Expect the bill

Suppliers dragging their feet won’t stall enforcement.

Under Article 8, if a business fails to clear offending stock within 24 hours, government authorities will step in and clear markets and warehouses themselves within the following 48 hours, billing the non-compliant supplier for the entire operation.

Seizures, storage fees, and public name and shame

Authorities now hold expanded legal teeth to intervene early:

  • Impounding stock: Suspected goods can be seized, locked in designated storage facilities, and held during lab testing, with all warehousing fees charged directly to the offender.
  • Public consumer alerts: Regulators can publicly broadcast warnings naming the product type, description, and trademark to warn shoppers against dangerous goods.

Heavy penalties for violators

Ignorance is no longer an easy defence. Administrative penalties will hit anyone caught knowingly trading fraudulent goods, or anyone who should have reasonably known based on their industry expertise that the product posed a health and safety risk.

Regulators are paying particularly close attention to:

  • High-risk goods: Medicines, organic foods, and agricultural supplies.
  • Recycled hazards: Goods previously declared unfit for use that were reintroduced into the market.
  • Profiteering & tampering: Counterfeit items bought for alteration, repackaging, or unlawful resale.
  • Deceptive advertising: Products promoted with false claims regarding origin, ingredients, or quality standards.

Fast-track destruction: 15-day limit

Once a competent court or the Supreme Committee issues a formal ruling, authorities won’t let fake items linger in storage. Under Article 18, confiscated counterfeit and spoiled products must be destroyed within 15 working days, closing the door on unlawful resale.

For consumers, the revamped framework delivers stronger market surveillance and faster removal of hazardous goods. For traders, retailers, and distributors across the UAE, it sends a clear signal: compliance is non-negotiable, and slow reaction times will come with steep financial and legal costs.

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Announcements

Small businesses in the UAE now have tax relief until 2029

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Small businesses in the UAE with annual revenues of up to Dh3 million will continue to be eligible for Small Business Relief under the corporate tax regime until the end of 2029.

The Ministry of Finance said on Friday that Ministerial Decision No. 131 extends the period during which eligible businesses can benefit from Small Business Relief to cover tax periods ending on or before December 31, 2029.

The relief was introduced to help reduce the corporate tax compliance burden for smaller businesses and start-ups that meet the eligibility requirements.

Dh3 million threshold remains unchanged

The existing annual revenue threshold of Dh3 million, set under Ministerial Decision No. 73 of 2023, will continue to apply.

The relief applies to tax periods beginning on or after June 1, 2023 and, following the latest amendment, will remain available for subsequent tax periods ending on or before December 31, 2029.

Eligible taxable persons with annual revenue of up to Dh3 million can claim Small Business Relief, subject to meeting the conditions and requirements outlined in the corporate tax legislation.

The relief enables qualifying businesses to benefit from simplified corporate tax compliance requirements.

More time for small businesses

The extension provides eligible small businesses and start-ups with additional tax periods to benefit from the relief while continuing to meet the Dh3 million revenue threshold.

The Ministry said the decision is part of its efforts to support smaller companies and entrepreneurs, strengthen the business environment, and encourage sustainable growth and expansion.

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