BEIJING // The former US president Bill Clinton's surprise visit to North Korea yesterday and meeting with its leader, Kim Jong-Il, was about more than securing the release of two detained US journalists and possibly heralded a "breakthrough" in the nuclear diplomacy, analysts said.
North Korea's official Korean Central News Agency (KCNA) said Mr Clinton delivered a "verbal" message from US President Barack Obama and in response, Mr Kim "expressed thanks". It didn't elaborate on what Mr Obama's message was.
The two then "had an exhaustive conversation on wide-ranging matters of common concern", KCNA said.
The North Korean foreign minister, Kang Sok-ju, and a Workers' Party director, Kim Yang-gon, attended the meeting, KCNA said. Mr Clinton later attended a dinner, hosted by Mr Kim at the state guesthouse, according to the report.
The White House was quick to play down enthusiasm for a possible breakthrough in the chequered relationship between the two adversaries, characterising the trip as private. "While this solely private mission to secure the release of two Americans is on the ground, we will have no comment. We do not want to jeopardise the success of former president Clinton's mission," spokesman Robert Gibbs told reporters.
Earlier in the day, KCNA made a terse report on Mr Clinton's visit, saying the nation's chief nuclear negotiator, Kim Kye-gwan, and other officials greeted Mr Clinton at the airport. The short report did not give further details, such as the purpose of his visit and his itinerary.
Apparently, however, the trip is viewed as an effort to win the release of the two detained American journalists. Yesterday marked the 139th day since Laura Ling and Euna Lee were arrested along the China-North Korea border. Washington has pushed for an amnesty for the two women and reportedly had a series of "intense" discussions with the North through its UN mission in New York to negotiate their release.
But Mr Clinton's visit, which was a well-kept secret until the last minute, also raised hopes for a breakthrough in the nuclear standoff and a new momentum for dialogue between the two countries.
"I am very optimistic about the prospect of this visit," said Paik Hak-soon, an expert on North Korea at the Sejong Institute, a think tank in South Korea.
Brushing aside the White House report that stressed the nature of Mr Clinton's visit as "private," Mr Paik said, "That's what they say to journalists."
He said: "If Clinton's visit is simply to secure the release of the two journalists, North Korea wouldn't have accepted him. That's a common sense. The fact that Pyongyang accepted Clinton means that Kim Jong Il wants to give him a 'present' and vice versa. There will be a give and take. "
Jin Jingyi, a Chinese expert on North Korea at Beijing's Peking University, agrees. "It's likely to be a turning point in their bilateral relationship," he said.
Mr Jin compared Mr Clinton's visit to that of Jimmy Carter. At the height of the first nuclear crisis in 1994. Former US president Jimmy Carter went to Pyongyang and held talks with Kim Il Sung, North Korea's founder and father of the current leader, Kim Jong Il. With the resulting tension thawing, the US scrapped its plan for a "surgical air strike" on North Korea's nuclear site near Pyongyang.
Daniel Pinkston, a Seoul-based analyst for the International Crisis Group, also agrees on the special nature of the visit. "I don't think Clinton would have gone there unless there are some possibilities," he said, but he stopped short of predicting a breakthrough, citing the presence of "a number of obstacles and difficulties" between the two.
Tetsuo Kotani, a security expert at the Ocean Policy Research Foundation in Tokyo, is more cautious. "I don't think Clinton has a secret mission. I don't think the Obama administration is asking Bill Clinton to talk about the nuclear issue this time. That's Obama's job. Not a former president's."
With Mr Clinton's visit to North Korea, analysts all agree that now the release of the American journalists is a matter of time, with some pointing out the possibility that they are likely to return with Mr Clinton in the same aeroplane.
The North Korean leader is believed to be seriously ill and keen attention was paid earlier as to whether he would really show up to meet Mr Clinton.
According to Mr Paik, the ailing leader's decision to meet the former US president came because "he wants to give his heir a better security environment to succeed by improving relations with the US.
"Kim Jong-Il wouldn't want to let go of this golden opportunity."
Mr Clinton's visit to North Korea came as the two nations' relationship had been deteriorating after Pyongyang escalated tensions with missile and nuclear launches, inviting US-led sanctions, meted out by the UN. Just weeks ago, Mr Clinton's wife, secretary of state Hillary Clinton, engaged in verbal sparring with North Korean officials. Mrs Clinton said North Korea was behaving like an "unruly child". North Korea retorted, calling her "vulgar and unintelligent".
Although some sceptical critics suspect North Korea is using the visit by Mr Clinton as a barter to avoid UN-implemented sanctions, Mr Paik disagrees, and foresees a package deal in a "grand bargain" between the two.
"The US is making a critical choice now that will fundamentally and profoundly change its relationship with North Korea," he said.
slee@thenational.ae
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
The five pillars of Islam
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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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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In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
All about the Sevens
Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales
HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5