North Korean women cry after learning death of their leader Kim Jong-il.
North Korean women cry after learning death of their leader Kim Jong-il.
North Korean women cry after learning death of their leader Kim Jong-il.
North Korean women cry after learning death of their leader Kim Jong-il.

Hope and fear after N Korea's 'Dear Leader' dies


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BEIJING // North Korea's "Dear Leader", Kim Jong-il, is dead - raising fears of instability in the Stalinist hermit state, but also hopes that a change of leadership might bring greater openness and reform.

A weeping presenter on state television, in a black traditional Korean dress, told viewers Kim had died from a heart attack on Saturday while carrying out official duties on a train.

"Kim Jong-il … passed away from a great mental and physical strain at 8.30 on December 17, 2011, on a train during a field guidance tour," she said. "It is the biggest loss for the party … and it is our people and nation's biggest sadness."

The announcement was replayed throughout the day, interspersed with hours of footage - backed by mournful music - of Kim visiting factories and military bases, and interviews with shocked and grieving citizens.

Kim, who was 69, will be succeeded by his third son, Kim Jong-un, the third leader from the Kim dynasty that has ruled the nation since its founding after the Second World War.

Despite millions of people dying in labour camps or from poverty and starvation during Kim's 17 years in power, he is revered as a demigod by most North Koreans thanks to a powerful state propaganda machine and a personality cult started by his father and predecessor, Kim Il-sung.

State television footage from Pyongyang showed thousands marching on the city's landmarks to mourn their leader's death.

Many cried uncontrollably. Some beat the ground with the fists or wailed at the sky.

Members of the ruling Worker's Party were crying out loud, banging tables and sobbing.

"I can't believe it. How can he go like this? What are we supposed to do?" said a distraught Kang Tae-ho.

"He tried so hard to make our lives much better and he just left like this," said Hong Sun-ok.

Kim's death seems to have been as much of a surprise outside as inside. Although thought to have suffered a stroke in 2008, he seemed to have made a good recovery, travelling to China and Russia in recent months.

He was last seen in public on Thursday visiting a supermarket and a music centre with Kim Jong-un.

China - North Korea's closest ally - said it was shocked by the announcement and South Korea's intelligence agency came under fire for not discovering Kim had died 48 hours before it was announced.

His sudden death comes at a precarious time. Next year, the country celebrates the centenary of Kim Il-sung's birth, by which time Kim Jong-il had promised the country would be a "strong and prosperous nation".

Instead, the Stalinist state is isolated internationally because of its controversial nuclear weapons programme and aid agencies say it is facing food shortages again this winter.

Additionally, Kim Jong-un is only in his late twenties and was relatively unknown inside North Korea until last year.

While North Korea-watchers said references to Kim Jong-un as the "great successor" in the state media illustrated a smooth transition of power, they cautioned that the young Kim may lack the experience and personal connections to hold the county's political elite together.

"Kim Jong-un is a pale reflection of his father and grandfather. He has not had the decades of grooming and securing of a power base that Jong-il enjoyed before assuming control from his own father, Kim Il-sung," said Bruce Klingner, a north-east Asia expert at the Washington-based Heritage foundation.

"Had Kim remained alive longer, it would have given Jong-un greater opportunity to develop his own independent power base of leadership elites loyal to him personally."

Mr Klingner and other experts said although North Korea's new leader was likely to hunker down to consolidate his power base, there was a chance he would carry out some kind of a military action to win the support of hardliners in the party.

"The danger now is that Kim Jong-un feels under pressure to demonstrate his legitimacy with nuclear tests or military provocations," said Michael Green, of the Centre for Strategic and International Studies in Washington.

But other observers point to Kim Jong-un's Swiss education and say that, in the long term, his youth and his experiences overseas might make him more likely to do a deal over his country's nuclear weapons programme or allow moderate economic reforms.

South Korea - which is still technically at war with the North - put its military on high alert after the news of Kim's death but said it had detected no unusual activity along its border.

North Korea's news agency, KCNA, said Kim Jong-il's body would lay in state until December 27 in the Kumsusan memorial in Pyongyang, where his father's embalmed body is kept in a glass coffin.

The following day, a "farewell-bidding ceremony" will be held in Pyongyang and the day after that a nationwide memorial service will be held when "all the people will observe three minutes' silence and all locomotives and vessels will blow sirens all at once", it said.

There was no mention of whether Kim would be embalmed and put on display in the Kumsusan memorial.

KCNA said foreign mourners would not be allowed.

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Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

UAE currency: the story behind the money in your pockets
The biog

Job: Fitness entrepreneur, body-builder and trainer

Favourite superhero: Batman

Favourite quote: We must become the change we want to see, by Mahatma Gandhi.

Favourite car: Lamborghini

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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
Sun jukebox

Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)

This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.

Elvis Presley, Mystery Train (1955)

The B-side of Presley’s final single for Sun bops with a drummer-less groove.

Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)

Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.

Carl Perkins, Blue Suede Shoes (1956)

Within a month of Sun’s February release Elvis had his version out on RCA.

Roy Orbison, Ooby Dooby (1956)

An essential piece of irreverent juvenilia from Orbison.

Jerry Lee Lewis, Great Balls of Fire (1957)

Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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- Carol Glynn, founder of Conscious Finance Coaching

 

 

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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.”

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Transmission: Eight-speed auto

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Brief scores:

Newcastle United 1

Perez 23'

Wolverhampton Rovers 2

Jota 17', Doherty 90' 4

Red cards: Yedlin 57'

Man of the Match: Diogo Jota (Wolves)

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

WHEN TO GO:

September to November or March to May; this is when visitors are most likely to see what they’ve come for.

WHERE TO STAY:

Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.

HOW TO GET THERE:

Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.