Kim Bok-Dong, 87, a former 'comfort woman' who served as a sex slave for Japanese troops during World War II, attends a rally to mark South Korea’s 67th Independence Day in front of the Japanese embassy in Seoul.
Kim Bok-Dong, 87, a former 'comfort woman' who served as a sex slave for Japanese troops during World War II, attends a rally to mark South Korea’s 67th Independence Day in front of the Japanese embasShow more

Comfort women issue still sours ties between Japan and South Korea



SEOUL AND TOKYO // The South Korean president warned yesterday that conflicts over bitter shared history were complicating ties with Japan and urged Tokyo to do more to resolve the dispute over Korean women abducted to serve as sex slaves to wartime Japanese soldiers.

Underscoring how history haunts Japan's ties with South Korea and China, two Japanese cabinet ministers paid homage at a controversial Tokyo shrine for war dead, the Yasukuni Shrine, on the 67th anniversary of the end of the Second World War.

Despite close economic ties, memories of Japanese militarism run deep in China and South Korea.

Recent feuding over rival claims to rocky islands are the latest sign of how the region has been unable to resolve differences over its past nearly seven decades after its defeat and the end of the occupation and colonisation of its neighbours.

Lee Myung-bak, Soul Korea's president, whose visit on Friday to an island claimed by both Seoul and Tokyo frayed ties between the countries, yesterday called Japan an "important partner that we should work with to open the future".

But in remarks commemorating Korea's liberation from Japan's 1910-1945 rule, Mr Lee also said the countries' tangled history was "hampering the common march toward a better tomorrow".

He urged Tokyo to do more to resolve a dispute over compensation for Korean women abducted to serve as sex slaves for wartime Japanese soldiers, known by the euphemism "comfort women" in Japan and long a source of friction.

"It was a breach of women's rights committed during wartime as well as a violation of universal human rights and historic justice. We urge the Japanese government to take responsible measures in this regard," Mr Lee said.

Japan says the matter was closed under a 1965 treaty establishing diplomatic ties. In 1993, Tokyo issued a statement in the name of its then-chief cabinet secretary and two years later set up a fund to make payments to the women, but South Korea say those moves were not official and did not go far enough.

The feuds reflect scepticism among Japan's Asian neighbours over the sincerity of its apologies for wartime and colonial excesses. On Tuesday, Mr Lee told a meeting of teachers that the Japanese emperor, Akihito, should apologise sincerely if he wants to visit South Korea, saying a repeat of his 1990 expression of "deepest regrets" would not suffice.

Speaking at a ceremony marking the war's end yesterday, Yoshihiko Noda, the Japanese prime minister, acknowledged the "enormous damage and suffering" caused by Japan to other countries, especially in Asia.

"We deeply reflect upon (that) and express our deepest condolences to the victims and their families," he said, vowing that Japan would never go to war again.

Tapping into anti-Japanese sentiment remains a way to seek public support in South Korea and China, which face leadership changes in coming months. And some experts see a new strain of nationalism surfacing in Japan amid frustration at the country's stagnant economy and disappointment with Mr Noda's ruling party three years after it surged to power on hopes for change.

In a sign of the domestic pressures in Japan, the National Public Safety Commission chairman, Jin Matsubara, and the transport minister, Yuichiro Hata, visited the Yasukuni shrine for war dead, defying Mr Noda's urgings to stay away.

Many in the region see the shrine as a symbol of Japan's past militarism because 14 Japanese wartime leaders convicted as war criminals by an Allied tribunal are honoured there along with Japan's war dead.

Yesterday's visit was the first by a cabinet minister since the Democrats swept to power in 2009, promising to forge warmer ties with the rest of Asia. Pilgrimages by then-premier Junichiro Koizumi to Yasukuni during his 2001-2006 term in office fuelled anger in both China and South Korea.

The China Daily, the country's main English-language newspaper, warned that the shrine visits risked "putting hard-won diplomatic relations with China in jeopardy".

"Some Japanese politicians are trying to distract the Japanese public from domestic problems by creating conflicts with China," said a commentary in the newspaper. "But this is just doubling down on a bad bet."

The Chinese government allowed a rare and brief protest in front of Japan's embassy, where a small group of people shouted anti-Japanese slogans before peacefully dispersing.

The Japanese ministers' defiance was another sign of Mr Noda's weak grip on his fractious party, which has recently suffered defections over his signature plan to raise the sales tax.

Japan's ties with South Korea, where resentment over its 1910-1945 colonisation of the peninsula remains strong, took a sharp turn for the worse after Mr Lee last week visited an island - known as Dokdo in Korea and Takeshima in Japan and near potential seabed gas deposits - claimed by both countries.

Relations with China, where memories of Japan's occupation of large parts of the country in the 1930s and 1940s still rankle, have also been strained by renewed bickering over uninhabited islands in the East China Sea that are near potentially huge oil and gas resources.

Sanju

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Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

Company profile

Company: Zywa
Started: 2021
Founders: Nuha Hashem and Alok Kumar
Based: UAE
Industry: FinTech
Funding size: $3m
Company valuation: $30m

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Herc's Adventures

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Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Company profile

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Sector: FinTech
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UAE currency: the story behind the money in your pockets
Teams

Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.

New Zealand: Kane Williamson (captain), Corey Anderson, Mark Chapman, Lockie Ferguson, Colin de Grandhomme, Adam Milne, Colin Munro, Ajaz Patel, Glenn Phillips, Seth Rance, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor.

COMPANY PROFILE

Name: DarDoc
Based: Abu Dhabi
Founders: Samer Masri, Keswin Suresh
Sector: HealthTech
Total funding: $800,000
Investors: Flat6Labs, angel investors + Incubated by Hub71, Abu Dhabi's Department of Health
Number of employees: 10

Russia's Muslim Heartlands

Dominic Rubin, Oxford


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