A US soldier takes part in joint aerial drills named 'Vigilant Ace' between the US and South Korea at the Osan Air Base in Pyeongtaek on December 6, 2017.The two countries began their largest-ever joint air exercise, an operation North Korea called an "all-out provocation", days after Pyongyang fired its most powerful intercontinental ballistic missile. Kim Hong-ji /  AFP
A US soldier takes part in joint aerial drills named 'Vigilant Ace' between the US and South Korea at the Osan Air Base in Pyeongtaek on December 6, 2017.The two countries began their largest-ever joiShow more

North Korea says US threats make war unavoidable



Two American B-1B heavy bombers joined large-scale combat drills over South Korea on Thursday amid warnings from North Korea that the exercises and US threats have made the outbreak of war "an established fact".

The annual US-South Korean "Vigilant Ace" exercises feature 230 aircraft, including a range of the American military's most advanced stealth warplanes, and come a week after North Korea tested its most powerful intercontinental ballistic missile (ICBM) to date which it says can reach the mainland United States.

A spokesman for the North's foreign ministry blamed the drills and "confrontational warmongering" by US officials for making war inevitable.

"The remaining question now is: when will the war break out?" the spokesman asked via North Korea's official KCNA news agency. "We do not wish for a war but shall not hide from it," he added.

China, North Korea's neighbour and lone major ally, again urged calm and said war was not the ansser.

"We hope all relevant parties can maintain calm and restraint and take steps to alleviate tensions and not provoke each other," said Chinese foreign ministry spokesman Geng Shuang. "The outbreak of war is not in any side's interest. The ones that will suffer the most are ordinary people."

Tensions on the Korean peninsula have risen markedly in recent months after North Korea's latest missile and nuclear tests, conducted in defiance of UN Security Council resolutions and international condemnation.

On Wednesday, a US B-1B bomber flew from the US-administered Pacific  territory of Guam to join the exercises, which will run until Friday.

The flights by the B-1B, one of America's largest strike aircraft, have played a leading role in Washington's attempts to increase pressure on North Korea to abandon its weapons programmes.

In September, B-1Bs were among a formation of US military aircraft that flew further north up North Korea's coast than at any time in the past 17 years, according to the US Pacific Command.

That prompted North Korea's foreign minister, Ri Yong Ho, to warn that the country had the capability to shoot down the US bombers even if they did not enter North Korean airspace.

"B1-B bombers have been regularly dispatched to the Korean peninsula over the past years; however, it seems that the US Air Force might have enhanced its training to better prepare for actual warfare," said Yang Uk, a senior fellow at the Korea Defence and Security Forum.

While B-1Bs are no longer equipped to carry nuclear weapons of their own, they would be key to any strike targeting major North Korean facilities, he said.

"That’s why North Korea has been making such a big deal when B1-B bombers are flying overhead."

Both sides insist they don't want war, but blame each other for provocations while saying they will act to defend themselves.

White House national security adviser H.R. McMaster said over the weekend that the possibility of war with North Korea was "increasing every day".

US Republican Senator Lindsey Graham urged the Pentagon on Sunday to start moving US military dependants, such as spouses and children, out of South Korea, saying conflict with North Korea was getting close.

The Pentagon said it has "no intent" to move any dependants out of the country.

North Korea regularly threatens to destroy South Korea and the United States and says its weapons programmes are necessary to counter US aggression. The United States stations 28,500 troops in the South, a legacy of the 1950-53 Korean War.

"Recently, as the US is conducting the largest-ever joint aerial drill on the Korean peninsula targeting the Democratic People's Republic of Korea, its high-level politicians are showing alarming signs by making bellicose remarks one after another," the North's foreign ministry spokesman said.

"These confrontational war-mongering remarks cannot be interpreted in any other way but as a warning to us to be prepared for a war on the Korean peninsula."

North Korea's latest missile test prompted a warning from the United States that North Korea's leadership would be "utterly destroyed" if war were to break out, a statement that drew sharp criticism from Russia.

US President Donald Trump has said the whole of North Korea would be destroyed in the event of war.

The rising tensions coincide with a rare visit to the isolated North by United Nations political affairs chief Jeffrey Feltman this week, the highest-level UN official to visit North Korea since 2012.

Feltman met North Korean foreign minister Ri on Thursday, following his meeting with the vice foreign minister a day earlier, KCNA said.

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The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

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The low down on MPS

What is myofascial pain syndrome?

Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (­connective tissue that covers the muscles, which develops knots, also known as trigger points).

What are trigger points?

Trigger points are irritable knots in the soft ­tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and ­sustained posture are the main culprits in developing ­trigger points.

What is myofascial or trigger-point release?

Releasing these nodules requires a hands-on technique that involves applying gentle ­sustained pressure to release muscular shortness and tightness. This eliminates restrictions in ­connective tissue in orderto restore motion and alleviate pain. ­Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.

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Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
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  4. Tissue re-implanted at a time of the patient’s choosing
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Director: Lana Wachowski

Stars:  Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

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COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

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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Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.