There is an exhibit more ghastly and gruesome than the tatty stuffed Alsatian dog, awarded the Gustav Husak medal for sinking its teeth into a record number of attempted defectors from Communist Czechoslovakia, that graced a dusty museum in Prague. It is an axe in a glass case on the North Korean side of the demilitarised zone. In 1976, a group of American GIs attempted to fell a poplar tree in an area the North Koreans believed was off-limits to them, and the axe was turned against them by the ever vigilant border guards. Two US Army officers were killed in the incident.
The Alsatian, like the Czech Communist regime, is long gone, as is the the Iron Curtain border that once separated East from West. But in North Korea, the axe is still in its case, and the Cold War border between North and South is bristling and more dangerous than it has been since the end of the Korean War, in 1953. Ever since a team of international experts reported "overwhelming evidence" that a South Korean military vessel, the Cheonan, was torpedoed in March by the North Korean navy - resulting in the loss of nearly 50 sailors - the war of words has deteriorated into a tit for tat ratcheting up of the pressure on both sides. The world may have become accustomed to alarmist reports of brinkmanship on the Korean peninsula, but make no mistake, this is without doubt the most serious crisis since the armistice agreement was signed, not so far, incidentally, from the spot where the notorious axe is on display.
Almost a decade ago I was the first Western journalist to "interview" a senior North Korean military figure in his office on the DMZ. I say "interview" because General Ri Cham-bok let me leave my camera running on a table next to the teacups. His language then is the language of today. Back then, the South Koreans and their US allies were engaged in major military exercises. Back then - and this was before the temporary happier era of the "sunshine policy" of engagement between the North and South - the general spoke darkly of the "threat" facing his country. He said the Americans had tactical nuclear missiles, that South Korean planes were illegally entering the North's airspace. All of this was couched in the ever ready language of those who, as John Foster Dulles once remarked, thrive on the "existence or creation of the idea of a threat".
I have travelled widely in North Korea, or the Democratic People's Republic of Korea, as it prefers to be known, and have reported from that country on several occasions, though a recent interview I conducted with defectors from the North will probably prevent me from returning. I have seen North Korea's military in its full glory, met the country's head of state, Kim Yong-nam, stood 30 paces behind Kim Jong-il at the Ariyang mass games, and once even managed to get arrested for wielding a camera outside the Pyongyang railway station. None of this makes me an expert, but I think I have an understanding of the mindset of the ageing veterans of the Korean War who preside over the twin pinnacles of power - below the Eternal President Kim Il-sung and the Dear Leader Kim Jong-il - the Korean Workers' Party and the military.
North Korea's leaders have not escaped the shadow of the debilitating war, which saw more bombs dropped on the North than on Nazi Germany. Theirs is a world in which self-reliance is fused to Marxism-Leninism and Confucianism to the emperor system of old Korea. Limping along now on life support provided by China, the North is retreating into its comfort zone of isolation and outright hostility to what it sees as a hostile world. It does not help that Kim Jong-il is ailing, that the Korean Workers' Party and the military are jostling for influence, or that many of the younger technocrats whose political fortunes rose with warmer relations and improving trade and communications with the South have largely disappeared from view.
The North is denying, of course, that its torpedo sank the Cheonan, just as for years Kim Jong-il denied ordering the kidnapping of Japanese starlets who were forced to act in his movies. To the North Koreans, the rest of the world is not interested in its claim that the Cheonan was inside its waters. This possibly goes to the heart of what happened, since international experts have for some time argued that the "Northern Limit Zone" sea boundary between the North and South should be changed in the North's favour to take into account new rules that have extended maritime boundaries from three to 12 miles. That there has never been a final peace agreement between the protagonists of the Korean War does not help, either. It is possible that the sinking is a direct result of the jostling for influence between the military and the party, preparing for the post-Kim Jong-il era, but this seems fanciful, given the North's propensity to plan every move. What is clear is that the leadership of the North despises the South Korean government of the president, and now, with its abrogation of the non-aggression pact and the severing of all ties with the South, as well as a range of UN sanctions, feels it has nothing to lose.
Brinkmanship by the outside world should not be seen as a serious option, for such is the tension that an even a minor incident could lead to full-scale war. Which is why by far the most important figure to emerge in this crisis is China's vice foreign minister, Zhang Zhijun, a highly educated and cerebral man, who is urging caution and calm. Mr Zhang cut his teeth in China's diplomatic service, where I first met him in London 20 years ago. He is a scholar of European politics, open but cautious. He may not be able to act independently of his government, but having kept in touch with him - and having spent a fortnight with him visiting Outer Mongolian coal mines, southern China and Tibet some years back - I am convinced that he could play a vital role in helping to calm the tensions. It is not in China's interest for a conflagration to break out on the Korean Peninsula; nor does it want the North Korean state to implode. China does not want its effective boundary with the West to move up from the DMZ to the Yalu River.
It may be that we will hear rather more from vice minister Zhang in the coming days, especially if this crisis is deemed as serious as the last nuclear crisis involving the North. We know that Kim Jong-il recently visited China, and though Beijing is frequently irritated by the antics of its neighbour it will seek to calm the hotter heads on both sides. But I suspect that it will also have occurred to Mr Zhang and others in the Chinese leadership that while North Korea cannot be abandoned, still less be subsumed into the South, some Chinese-style economic modernisation, and even a less prickly and unpredictable post-Kim Jong-il regime, might just be worth encouraging.
So light-touch "regime change", conducted more with a whimper than a bang, and with China's involvement, has to be the best hope. Mark Seddon is the former UN correspondent for Al Jazeera English TV and a UK political commentator.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The%20pillars%20of%20the%20Dubai%20Metaverse%20Strategy
%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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.”
CONFIRMED%20LINE-UP
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The%20Secret%20Kingdom%20
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Racecard
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
No%20Windmills%20in%20Basra
%3Cp%3EAuthor%3A%20Diaa%20Jubaili%3C%2Fp%3E%0A%3Cp%3EPages%3A%20180%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Deep%20Vellum%20Publishing%C2%A0%3C%2Fp%3E%0A
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Kill%20Bill%20Volume%201
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Quentin%20Tarantino%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Uma%20Thurman%2C%20David%20Carradine%20and%20Michael%20Madsen%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%204.5%2F5%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
The%20National%20selections
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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)