File photo: US President Donald Trump meets with North Korean leader Kim Jong Un at the demilitarised zone separating the two Koreas, in Panmunjom, South Korea, June 30, 2019 Reuters
File photo: US President Donald Trump meets with North Korean leader Kim Jong Un at the demilitarised zone separating the two Koreas, in Panmunjom, South Korea, June 30, 2019 Reuters
File photo: US President Donald Trump meets with North Korean leader Kim Jong Un at the demilitarised zone separating the two Koreas, in Panmunjom, South Korea, June 30, 2019 Reuters
File photo: US President Donald Trump meets with North Korean leader Kim Jong Un at the demilitarised zone separating the two Koreas, in Panmunjom, South Korea, June 30, 2019 Reuters

North Korea says it’s gained nothing from US but 'betrayal'


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North Korea’s UN Mission said on Friday the country has gained “nothing but a sense of betrayal” since its leader Kim Jong Un and US President Donald Trump committed to establishing a new relationship.

The mission said in a summary of its assessment of North Korea-US relations obtained by The Associated Press that “indignation of our people has culminated” and “the currently imbalanced situation can no longer be allowed”.

Since the US has failed to take reciprocal measures to North Korea’s suspension of “a number of actions” which the Trump administration is concerned about, the mission said there is no reason for further restraint.

“We have no leeway any longer,” the North Korean mission said.

“It is quite natural for us to bolster our capabilities in order to undercut visibly growing threats obstructing our security and development,” the mission said. “Nobody has the right to find fault with or to interfere with it.”

US-led diplomacy aimed at ridding North Korea of its nuclear weapons has largely been deadlocked since the February collapse of a summit between Trump and Kim Jong Un in Hanoi. The North Korean leader has demanded the US come up with new, acceptable measures to salvage the nuclear talks by the year’s end and Pyongyang has been stepping up its pressures on Washington to make bigger concessions.

US Defence Secretary Mark Esper said Thursday he does not regret postponing a US-South Korean military exercise, even though the gesture was rejected by North Korea as not enough to restart nuclear diplomacy.

The U.S. and South Korea announced on Sunday they had indefinitely postponed the annual Vigilant Ace aerial training as part of efforts to revive the nuclear talks. North Korea has called all military exercises a rehearsal for an invasion and senior North Korean official Kim Yong Chol said on Tuesday the US must scrap that military drill completely and abandon its hostility against his country if it wants to see the resumption of the nuclear negotiations.

North Korea wants the US to lift major international sanctions on it and provide security assurances before it fully abandons its nuclear arsenal. But the US has maintained sanctions would stay in place until North Korea takes serious steps toward de-nuclearisation, a position supported by Britain and France, also veto-wielding members of the UN Security Council.

North Korea has suspended nuclear and intercontinental ballistic missile tests and returned the remains of American soldiers killed during the 1950-53 Korean war. The mission said Trump is “touted as a hero” for the repatriation of the remains “however, we have nothing in return.”

“At the moment, the US is obsessed with playing for time to follow through its domestic political calendar by abusing our patience and magnanimity,” the mission said. “As time goes by, the US is becoming increasingly hell bent on sanctions aimed at interrupting our right to development as well as military threats to our security in pursuit of its hostile policy” against North Korea.

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Griselda
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ARGENTINA SQUAD

Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

SPECS
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PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

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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While you're here
Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

Book%20Details
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COMPANY%20PROFILE
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Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

Everybody%20Loves%20Touda
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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

UAE currency: the story behind the money in your pockets
Boulder shooting victims

• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
  • Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
  • Biodiversity: Support species like sea turtles, dugongs, and seabirds
  • Coastal protection: Reduce erosion and improve water quality
The biog

Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates

Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.

Favourite pastime: travelling and experiencing different cultures across the globe.

Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.

Favourite Movie: Mona Lisa Smile 

Favourite Author: Kahlil Gibran

Favourite Artist: Meryl Streep