North Korean leader Kim Jong-un watches a test launch of a hypersonic missile, in this picture supplied by the country's government. Photo: AP
North Korean leader Kim Jong-un watches a test launch of a hypersonic missile, in this picture supplied by the country's government. Photo: AP
North Korean leader Kim Jong-un watches a test launch of a hypersonic missile, in this picture supplied by the country's government. Photo: AP
North Korean leader Kim Jong-un watches a test launch of a hypersonic missile, in this picture supplied by the country's government. Photo: AP

North Korea leader Kim wants more 'military muscle' after watching missile test


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North Korean leader Kim Jong-un has called for more efforts to build up the country's “military muscle” after he observed the test of a hypersonic missile.

The comments reported by North Korean state media on Wednesday, came a day after the militaries of the US, South Korea and Japan said they detected North Korea firing a suspected ballistic missile into its eastern sea.

The Korean Central News Agency said Tuesday’s launch involved a hypersonic glide vehicle, which after its release from the rocket booster demonstrated “glide jump flight” and “corkscrew manoeuvring” before hitting a sea target 1,000km away.

Photos released by the agency showed a missile mounted with a cone-shaped payload soaring into the sky while leaving a trail of orange flames and Mr Kim watching with top officials from a small cabin, including his sister Kim Yo Jong.

The second test of a "hypersonic missile" in less than a week backs up Mr Kim's new year vow to bolster the military with cutting-edge technology at a time when talks with South Korea and the US have stalled.

After watching the test, Mr Kim urged military scientists to "further accelerate the efforts to steadily build up the country's strategic military muscle both in quality and quantity and further modernise the army," KCNA news agency reported.

It was the first time since March 2020 that Kim had officially attended a missile test.

"His presence here would suggest particular attention on this programme," Ankit Panda, a senior fellow at the US-based Carnegie Endowment for International Peace, posted on Twitter.

Unlike other recent tests, ruling party newspaper Rodong Sinmun published photos of Mr Kim attending the launch on its front page.

"While Mr Kim probably unofficially attended other tests in the interim, this appearance and its page one feature on Rodong Sinmun is important," said Chad O'Carroll, chief executive of Korea Risk Group, which monitors North Korea. "It means Kim is not concerned about being personally associated [with] tests of major new tech. And doesn't care how the US sees this."

UN Security Council resolutions ban all North Korean ballistic missile and nuclear tests and have imposed sanctions over the programmes.

Talks aimed at persuading North Korea to surrender or limit its arsenal of nuclear weapons and missiles have stalled, with Pyongyang saying it is open to diplomacy but only if the United States and its allies stop "hostile policies" such as sanctions or military drills.

'Dangerous and destabilising'

US Undersecretary of State for Political Affairs Victoria Nuland called the launches dangerous and destabilising.

"It obviously takes us in the wrong direction," she said at a regular briefing in Washington on Tuesday. "As you know, the United States has been saying since this administration came in that we are open to dialogue with North Korea, that we are open to talking about Covid and humanitarian support, and instead they're firing off missiles."

The EU on Tuesday condemned the latest North Korean missile launch as a "threat to international peace and security" and called on Pyongyang to resume diplomacy.

Reuters and AP contributed to this report

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Final: Netherlands beat PNG by seven wickets

Qualified teams

1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman

T20 World Cup 2020, Australia

Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
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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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League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands

League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey

League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania

League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

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Three ways to boost your credit score

Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:

1. Make sure you make your payments on time;

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3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.

List of alleged parties

 

May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff 

May 20, 2020: They attend 'bring your own booze party'

Nov 27, 2020: PM gives speech at leaving party for his staff 

Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson 

Dec 13, 2020: PM and his wife throw a party

Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters 

Dec 15, 2020: PM takes part in a staff quiz 

Dec 18, 2020: Downing Street Christmas party 

Updated: January 12, 2022, 4:34 AM