U.S. Secretary of State Hillary Clinton speaks during a meeting at the Association of Southeast Asian Nations (ASEAN) and ASEAN Regional Forum (ARF) in Phuket, Thailand, on Wednesday, July 22, 2009. The ASEAN Ministerial Meeting and Regional Forum finishes today. Photographer: Pornchai Kittiwongsakul/Pool via Bloomberg *** Local Caption ***  551286.jpg *** Local Caption ***  551286.jpg
The US secretary of state, Hillary Clinton, speaks during a meeting at the Asian Regional Forum.

Clinton pledges Gulf protection



PHUKET, THAILAND // Secretary of State Hillary Clinton today stirred Israeli fears that Washington would accept a nuclear armed Iran when she raised the idea of a US "defence umbrella" for Gulf allies. However, Mrs Clinton, during a visit to Thailand for an Asian security conference, said later that she was not announcing a new policy and simply wanted to turn Iran away from pursuing a nuclear weapon. Mrs Clinton told Thai television in Bangkok that President Barack Obama's administration was still open to engage Iran in talks about its nuclear programme but warned that Tehran would not be safer if it obtains a bomb. "We will still hold the door open" to talks over its nuclear program Mrs Clinton said. "But we also have made it clear that we will take action, as I've said time and time again, crippling action, working to upgrade the defence of our partners in the region," she said. Her previous references to "crippling action" have referred to sanctions. "We want Iran to calculate what I think is a fair assessment: that if the US extends a defence umbrella over the region, if we do even more to support the military capacity of those in the Gulf, it is unlikely Iran will be any stronger or safer," Mrs Clinton said. "They won't be able to intimidate and dominate as they apparently believe they can once they have a nuclear weapon." In Jerusalem, Israeli intelligence services minister Dan Meridor criticised her remarks. "I heard without enthusiasm the American declarations according to which the United States will defend their allies in the event that Iran uses nuclear weapons, as if they were already resigned to such a possibility," he said. "This is a mistake," Mr Meridor said. "We cannot act now by assuming that Iran will be able to arm itself with a nuclear weapon, but to prevent such a possibility." Mrs Clinton also warned about possible nuclear links between Myanmar and North Korea. Mrs Clinton said Pyongyang could be sharing nuclear technology with the military-ruled Myanmar, posing a major threat to the region. She was set to sign a treaty signalling renewed US commitment to South East Asia and to meet counterparts from China, Russia, Japan and South Korea for talks on restarting their stalled dialogue with North Korea. "We worry about the transfer of nuclear technology" from North Korea to Myanmar's ruling military junta, Mrs Clinton said in an interview with Thailand's Nation TV. On Tuesday, she said Washington was taking reports of conventional military co-operation between the two nations very seriously, adding that it would be "destabilising for the region."

Myanmar and North Korea, both isolated and under international sanctions, are expected to dominate Mrs Clinton's two days of discussions with the Association of South-east Asian Nations, or Asean, and at the broader Asean Regional Forum. US officials said a key thrust of Mrs Clinton's debut at the forum would be to crank up pressure on North Korea to return to six-nation nuclear disarmament talks after its recent missile and nuclear weapons tests. North Korea's foreign minister Pak Ui Chun declined to attend the meeting, instead sending a roving ambassador to Phuket, and South-east Asian officials say the Pyongyang delegation is concerned about coming under pressure.

Asean had asked China to play a key role in bringing North Korea back to the negotiating table, a Thai official said after the bloc's foreign ministers met their counterparts from China, Japan and South Korea today. Suspicions about Myanmar and North Korea escalated after a US Navy destroyer last month began tracking a suspect North Korean ship reportedly heading for Myanmar. Separately, a group of exiled Myanmar activists last month released pictures of what they said was a secret network of tunnels built by North Korean experts inside Myanmar. In Phuket, Mrs Clinton was later set to sign a treaty of amity and co-operation with Asean, a move designed to offset China's growing influence over the region.

Mrs Clinton said the American president Barack Obama's administration wants to send a strong message of engagement, after some felt the region was neglected by his predecessor George W Bush during the wars in Iraq and Afghanistan. China signed the same treaty with the 10-country Asean six years ago. "We give great importance to this region," Mrs Clinton said on Thai television. "We have to deal with everything from pandemic disease to piracy ... the United States has to be involved in this region." Mrs Clinton, meanwhile, said Asean should consider expelling Myanmar over its rights record if it doesn't free the jailed pro-democracy leader Aung San Suu Kyi. Myanmar has sparked outrage by putting the Nobel Peace Prize winner on trial over an incident in which a US man swam to her lakeside house. Mr Obama has described the court proceedings as a "show trial" while talk of a revised US policy toward Myanmar has been on hold since the trial began. The Obama administration has taken steps toward engaging not just Iran but other US foes such as Syria, Cuba and Venezuela even as its hopes of bringing North Korea to the table have stumbled. * AFP

Poacher

Director: Richie Mehta

Starring: Nimisha Sajayan, Roshan Mathew, Dibyendu Bhattacharya

Rating: 3/5

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

'Moonshot'

Director: Chris Winterbauer

Stars: Lana Condor and Cole Sprouse

Rating: 3/5

A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 

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.”

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

COMPANY PROFILE

Company name: Nomad Homes
Started: 2020
Founders: Helen Chen, Damien Drap, and Dan Piehler
Based: UAE and Europe
Industry: PropTech
Funds raised so far: $44m
Investors: Acrew Capital, 01 Advisors, HighSage Ventures, Abstract Ventures, Partech, Precursor Ventures, Potluck Ventures, Knollwood and several undisclosed hedge funds

Arrogate's winning run

1. Maiden Special Weight, Santa Anita Park, June 5, 2016

2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016

3. Allowance Optional Claiming, Del Mar, August 4, 2016

4. Travers Stakes, Saratoga, August 27, 2016

5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016

6. Pegasus World Cup, Gulfstream Park, January 28, 2017

7. Dubai World Cup, Meydan Racecourse, March 25, 2017

MATCH INFO

Uefa Champions League semi-finals, second leg:

Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE

Game is on BeIN Sports

TO ALL THE BOYS: ALWAYS AND FOREVER

Directed by: Michael Fimognari

Starring: Lana Condor and Noah Centineo

Two stars