North Korea fired more than 20 missiles on Wednesday, including one that landed close to South Korea's waters for the first time since the peninsula was divided, South Korea's military said.
Air raid sirens sounded on a South Korean island and residents were evacuated to underground shelters.
In response, the South fired three air-to-ground missiles north of the maritime border between North and South Korea after President Yoon Suk-yeol called the incident “effectively a territorial invasion”.
South Korea said at least 23 missiles — 17 in the morning and six in the afternoon — were launched off its eastern and western coasts on Wednesday. It said the weapons were all short-range ballistic missiles or suspected surface-to-air missiles.
One of North Korea's short range ballistic missile crossed the Northern Limit Line, the maritime border between the two countries, prompting a rare warning for residents on the island of Ulleungdo to seek shelter in bunkers.
The launches came hours after North Korea threatened to use nuclear weapons to get the US and South Korea to “pay the most horrible price in history” in protest at the South Korean-US military drills that it views as an invasion rehearsal.
The military said it was the first time since the peninsula was divided at the end of the of Korean War hostilities in 1953 that a North Korean missile had landed so close to the South's territorial waters.
“[Yoon] pointed out today that North Korea's provocation is an effective territorial invasion by a missile that crossed the Northern Limit Line for the first time since the division,” his office said.
The missile that was closest to South Korea landed in waters just 57 kilometres east of the South Korean mainland, the military said.
It said the launch near South Korean territorial waters was “very rare and intolerable”.
“Our military vowed to respond firmly to this (provocation),” it said.
An Air raid warning was issued for Ulleungdo that was flashed on national television and told residents to “evacuate to the nearest underground shelter”.
The South Korean military's Joint Chiefs of Staff initially said it detected the launch of three short range ballistic missiles.
But it later announced North Korea had fired “at least 10 missiles of various types today towards the east and west”.
Mr Yoon called a meeting of the National Security Council over the launches, ordering “swift and stern measures so that North Korea's provocations pay a clear price.”
Japan also confirmed North Korean missile launches, with prime minister Fumio Kishida saying he planned to call a “national security meeting as soon as possible”.
Pyongyang's latest test firing came as Seoul and Washington staged their largest-ever joint air drills, “Vigilant Storm” involving hundreds of war planes.
Pak Jong Chon, a high-ranking official in North Korea, said the drills were aggressive and provocative, state media reported.
Mr Pak said the name of the South Korea-US exercises harks back to Operation Desert Storm, the US-led military assault on Iraq in 1990-91 after it invaded Kuwait.
“If the US and South Korea attempt to use armed forces against the [Democratic People's Republic of Korea] without any fear, the special means of the DPRK's armed forces will carry out their strategic mission without delay,” he said.
“The US and South Korea will have to face a terrible case and pay the most horrible price in history.”
Wednesday's launches appeared to be “the most aggressive and threatening armed demonstration against the South since 2010,” Cheong Seong-chang, a researcher at the Sejong Institute, told AFP.
“It is now a dangerous and unstable situation that could lead to armed conflicts,” he said.
In March 2010, a North Korean submarine torpedoed the South Korean naval vessel Cheonan, killing 46 sailors, including 16 who were on their mandatory military service.
In November that year, the North shelled a South Korean border island, killing two marines, both of them young conscripts.
Wednesday's missile tests follow a recent blitz of launches, including what the North said were tactical nuclear drills.
Washington and Seoul have repeatedly said that the launches could culminate in another nuclear test, which would be Pyongyang's seventh.
“As far as I can remember, North Korea has never made such a provocation when South Korea and the US were holding their joint drills,” said Park Won-gon, a professor at Ewha University.
“Pyongyang seems to have completed its most powerful deterrent. This is a serious threat. The North also seem confident in their nuclear capabilities.”
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.”
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
The specs
Price: From Dh529,000
Engine: 5-litre V8
Transmission: Eight-speed auto
Power: 520hp
Torque: 625Nm
Fuel economy, combined: 12.8L/100km
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now