Bill Clinton meeting North Korea's leader Kim Jong-il in Pyongyang.
Bill Clinton meeting North Korea's leader Kim Jong-il in Pyongyang.
Bill Clinton meeting North Korea's leader Kim Jong-il in Pyongyang.
Bill Clinton meeting North Korea's leader Kim Jong-il in Pyongyang.

Clinton meets Kim Jong-Il


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The former US president Bill Clinton today met the North Korean leader Kim Jong-Il in Pyongyang and delivered a verbal message from the current president Barack Obama, official media reported. Mr Clinton arrived in the communist state earlier today to seek the release of two jailed US journalists. Mr Kim hosted a dinner for Mr Clinton at the state guest house and received the message from Mr Obama, according to Radio Pyongyang and the Korean Central Broadcasting Station. The two exchanged "a broad range of opinion" in their talks, according to the broadcasters monitored by South Korea's Yonhap news agency. The White House in Washington described Mr Clinton's visit as a "solely private mission to secure the release of two Americans" and refused to comment on it. Mr Clinton is the highest-profile American to visit the communist state since his own secretary of state Madeleine Albright in 2000, and analysts said his dramatic foray could also benefit US efforts to disarm the nuclear-armed North.

"As soon as he arrives, he will be entering negotiations with the North for the release of the female journalists," South Korea's Yonhap news agency quoted a source as saying. Analysts in Seoul said Mr Clinton would return home with the women detained in March along the border with China. They said the trip could also improve icy relations between the North and the United States and its allies, following Pyongyang's nuclear and missile tests this spring and subsequent tougher United Nations sanctions.

Mr Clinton and his party were greeted at Pyongyang's Sunan airport by Yang Hyong Sop, the vice president of parliament, and by the vice foreign minister and chief nuclear negotiator Kim Kye-Gwan, television footage showed. A dark-suited Mr Clinton shook hands with a young girl who presented him with a bouquet on the tarmac. Laura Ling and Euna Lee were arrested on March 17 while reporting on refugees fleeing the impoverished North.

A Pyongyang court in June sentenced them to 12 years of "reform through labour" for illegal entry and an unspecified "grave crime". Official media said Ling, 32, and Lee, 36, had admitted to a politically motivated smear campaign. The pair work for California-based Current TV, co-founded by Mr Clinton's vice president Al Gore. The official media said they crossed the border illegally "for the purpose of making animation files to be used for an anti-DPRK (North Korea) smear campaign over its human rights issue".

Their families and the Secretary of State Hillary Clinton, the former president's wife, have appealed for their release on humanitarian grounds. Laura Ling, in a July telephone call to her US-based sister Lisa, was quoted as saying: "Look, we violated North Korean law and we need our government to help us." Yonhap quoted a Seoul source as saying the North and the United States have been holding "active consultations" on their fate in recent weeks.

It said President Barack Obama's administration planned to send Mr Gore as a special envoy but the North rejected the offer, apparently in hopes Washington would send a top-level official authorised to discuss political issues. The Obama administration has refused to link the journalists' detention with the nuclear stand-off. Yonhap said Mr Clinton was apparently a compromise choice, saving face for both sides. Another source said he was accompanied by civilians from his charitable foundation, not US government officials. *AFP

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Practitioners of mindful eating recommend the following books to get you started:

Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung

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Rating: Four stars

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5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m

UAE currency: the story behind the money in your pockets
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Dubai College A 50-12 Dubai College B

The specs: Volvo XC40

Price: base / as tested: Dh185,000

Engine: 2.0-litre, turbocharged in-line four-cylinder

Gearbox: Eight-speed automatic

Power: 250hp @ 5,500rpm

Torque: 350Nm @ 1,500rpm

Fuel economy, combined: 10.4L / 100km

Company%20Profile
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Director: Jon M Chu

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

Rating: 4/5

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
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  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially

Company name: Play:Date

Launched: March 2017 on UAE Mother’s Day

Founder: Shamim Kassibawi

Based: Dubai with operations in the UAE and US

Sector: Tech 

Size: 20 employees

Stage of funding: Seed

Investors: Three founders (two silent co-founders) and one venture capital fund

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The%20Mother%20
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The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

UAE currency: the story behind the money in your pockets

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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Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars