US Secretary of State Antony Blinken meets Chinese President Xi Jinping in the Great Hall of the People in Beijing. AP
US Secretary of State Antony Blinken meets Chinese President Xi Jinping in the Great Hall of the People in Beijing. AP
US Secretary of State Antony Blinken meets Chinese President Xi Jinping in the Great Hall of the People in Beijing. AP
US Secretary of State Antony Blinken meets Chinese President Xi Jinping in the Great Hall of the People in Beijing. AP

China's Xi hails 'progress' on US relationship as Blinken visits Beijing


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US Secretary of State Antony Blinken met Chinese President Xi Jinping on Monday, a State Department official said, with China's leader hailing the “progress” made with regard to Beijing's relationship with Washington.

A meeting had been expected, but neither side had confirmed it would happen until an hour before the talks, which are seen as key to the success of the trip.

A snub by the Chinese leader would have been a major setback to efforts to restore and maintain communications at senior levels.

Mr Blinken has already held talks with Wang Yi, China’s top foreign policy official, in Beijing amid signs of some progress in his two-day mission to ease strained ties between the world’s largest economies.

“We are clear-eyed about the challenges posed by the PRC [People's Republic of China],” Mr Blinken told reporters in Beijing.

“The United States will advance a vision for the future that we share with so many others: a free, open, stable and prosperous world with countries upholding and updating the rules-based order that has for years safeguarded peace and security globally.”

The Secretary of State called the discussions he has had while in China “candid” and “substantive”.

“President [Joe] Biden asked me to travel to Beijing because he believes that the United States and China have an obligation and responsibility to manage our relationship,” Mr Blinken told Mr Xi at a press conference before their meeting began.

“The United States is committed to doing that. It’s in the interest of the United States, in the interests of China and in the interest of the world.”

The White House described Mr Blinken's conversation with Mr Xi as “constructive” and added that Mr Biden has long stressed the importance of “diplomacy” with China.

Mr Blinken's meeting with Mr Wang on Monday morning followed seven and a half hours of discussions with Foreign Minister Qin Gang on Sunday, which both sides described as “candid”.

The two discussed “a range of bilateral and global issues” that pertain to both China and the US, State Department Spokesman Matthew Miller said in a statement.

He described the meeting between Mr Blinken and Mr Wang as a “productive discussion”.

The most senior US official to visit China in five years, Mr Blinken is making his trip at a time when the two sides are at odds over everything – from human rights and technology to trade and weapons sales to Taiwan.

Mr Blinken reiterated Washington's “One China” policy with regard to Taiwan and stressed that the US dos not support “Taiwan independence”.

“We remain opposed to any unilateral changes to the status quo by either side,” he said.

Mr Qin said on Sunday that Taiwan was “the core of the core interests” of China and “the most prominent risk” to China-US ties.

Mr Blinken's visit had been scheduled for February but was scrapped at the last minute after the US shot down an alleged Chinese spy balloon spotted over American territory.

A senior State Department official said Mr Blinken and Mr Wang planned to go deeper into the specifics of core issues in their discussions on Monday.

The US side hopes to have more details to announce when Mr Blinken speaks at a news conference before his departure from China on Monday evening, the official said.

Signs of progress on some issues emerged on Sunday when both sides said they had discussed increasing flights between the two countries, many of which were scrapped during the coronavirus pandemic.

They also agreed to encourage educational exchanges, according to the Chinese statement, a sign that more student visas could be forthcoming.

Both sides expressed a desire to stabilise ties despite what one US official called their “profound” differences, and agreed that Mr Qin would visit Washington to continue the conversation, although no date was announced.

Mr Blinken’s visit is part of a renewed flurry of high-level US-China engagement that has gradually picked up momentum after the balloon incident derailed an attempt by US President Joe Biden and Mr Xi – who met late last year in Bali, Indonesia – to establish a steadier path for relations.

Mr Biden said on Saturday that he was “hoping that over the next several months, I’ll be meeting Xi again”.

Mr Xi said he was also following agreements made last year in Bali.

“The Chinese side has made our decision clear, and the two sides have agreed to follow through the common understandings President Biden and I had reached in Bali,” he told Mr Blinken on Monday.

“The two sides have also made progress and reached agreement on some specific issues. This is very good.”

Improved communication lines between the two sides are intended to decrease the chances of a military accident, most likely in the South China Sea, spiralling into a conflict.

The US and Chinese militaries recently had two dangerous confrontations between naval vessels and jets in the region, which the Pentagon described as “unnecessarily aggressive” and “dangerous”.

Chinese Defence Minister Li Shangfu – who is sanctioned by the US government – also recently rejected a meeting with his US counterpart Lloyd Austin during a defence forum in Singapore this month.

Karwaan

Producer: Ronnie Screwvala

Director: Akarsh Khurana

Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar

Rating: 4/5

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The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

The specs

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

The Little Things

Directed by: John Lee Hancock

Starring: Denzel Washington, Rami Malek, Jared Leto

Four stars

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

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Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke​​​​​​​
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Fourth Arab Economic and Social Development Summit

As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.

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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.”

UAE currency: the story behind the money in your pockets
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3pm: Maiden (PA) Dh40,000 2,000m; Winner: AF Ajwad, Tadhg O’Shea, Ernst Oertel.

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4pm: Maiden (PA) Dh40,000 1,000m; Winner: Atrash, Richard Mullen, Ana Mendez.

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5pm: Handicap (TB) Dh40,000 1,200m; Winner: Al Mushtashar, Richard Mullen, Satish Seemar.

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Updated: June 19, 2023, 10:41 PM