The North Korean leader Kim Jong II told China's premier the North was prepared to return to multinational disarmament talks but said that will depend on progress in its two-way negotiations with the US.
Mr Kim's comments, carried today by the official North Korean and Chinese media, were the clearest sign yet that Pyongyang was readying to resume the six-nation talks it withdrew from after conducting a long-range rocket test in April and a second nuclear test in May.
Adding urgency to those efforts was a report today by South Korea's Yonhap news agency saying that the US and South Korean intelligence authorities believe the North is in the final stages of restoring its nuclear programme that it pledged to disable in 2007 before backing out of the disarmament process.
In a meeting on Monday, Mr Kim told the Chinese prime minister Wen Jiabao the North "is willing to attend multilateral talks, including the six-party talks, depending on the progress in its talks with the United States," China's Xinhua news agency said in a report issued early today.
The North Korean's official Korean Central News Agency said that Mr Kim told Mr Wen that denuclearisation remained a goal and that historically hostile relations with the US "should be converted into peaceful ties through bilateral talks without fail."
North Korea has been moderating its tone in recent weeks, signalling its willingness to resume a dialogue with the United States, China and other partners and backing away from the provocative behaviour and rhetoric of the spring.
The State Department spokesman Ian Kelly said Washington was aware of reports that North Korea would reconsider opening talks but said the United States had not received details of the meeting from the Chinese.
"We've talked to our Chinese partners in the six-party talks and we're conducting close co-ordination with China and the other partners in the talks," Mr Kelly said.
"We, of course, encourage any kind of dialogue that would help us lead to our ultimate goal that's shared by all the partners in the six-party talks, which is the complete and verifiable denuclearisation of the Korean peninsula."
The Yonhap report said South Korean and US intelligence authorities concluded the North is restoring its nuclear programme after scrutinising about 10 atomic facilities in North Korea since April when the communist regime said it had restarted the programme in anger over a UN rebuke of its rocket launch.
The report, citing an unidentified South Korean defence source, did not describe how intelligence authorities managed to scrutinise the North's secretive facilities. Under the six-nation talks, North Korea had agreed in 2007 to disable its nuclear facilities in return for international aid.
In June last year, the North blew up the cooling tower at its main nuclear complex near Pyongyang in show of its commitment to denuclerisation. But disablement came to halt later in 2008 as Pyongyang wrangled with Washington over how to verify its past atomic activities.
The North's state media said last month the government had informed the UN Security Council it was in the final stages of enriching uranium.
Yonhap also cited the source as saying North Korea conducted missile engine tests recently at its new launch site on the country's west coast, which has been in the final stage of construction.
Mr Kim's remarks to Mr Wen came on the second day of the Chinese premier's three-day trip to Pyongyang to celebrate the 60th anniversary of diplomatic relations between the neighbours. Mr Kim greeted Mr Wen on his arrival on Sunday at Pyongyang's airport.
That was a rare honour for a non-head of state, reflecting Beijing's importance as the North's chief economic and diplomatic backer. Beijing was under pressure from other governments to bring North Korea back to the negotiating table. China provides much of the food assistance and most of the oil needed to keep the listing North Korean economy going.
Both countries' communist leaderships traded congratulatory messages on Monday extolling what the Chinese called their "good neighbourly, friendly and cooperative relations".
Mr Kim's comments appeared to be calibrated to pressure Washington for progress in one-on-one talks without alienating North Korean hardliners by backing away from the North's earlier stance that it would never return to multinational negotiations, said Yang Moo-jin, a professor at Seoul's University of North Korean Studies.
"It is aimed at saving the face of China, pressuring the US and taking care of the domestic audience," Mr Yang said.
Mr Wen's visit is seen as an inducement to Pyongyang to return to the disarmament talks, which China sponsored and which include Japan, Russia and South Korea as well as the US and North Korea.
The cautious Chinese leadership is unlikely to have agreed to Mr Wen's trip without assurances about resumed talks. China fought alongside North Korea against the US-led forces in the 1950-53 Korean War but the two sides have drifted apart in recent decades as China embraced free-market reforms and North Korea remained a defiantly closed, totalitarian state.
Despite strains, Beijing rarely threatens North Korea publicly, preferring to offer support to encourage Pyongyang to engage the outside world.
*AP
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
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Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
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Killing of Qassem Suleimani
Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
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Shelby Lynne and Allison Moorer
Four stars
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
KILLING OF QASSEM SULEIMANI
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
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.”
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
Company%20profile
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5