MOSCOW // North Korea is ready to impose a moratorium on nuclear missile tests if international talks on its nuclear programme resume, a spokeswoman for Russia's president said yesterday after talks between the two leaders at a Siberian military base.
Russian news agencies, meanwhile, reported that North Korean leader Kim Jong-il said his country was ready to resume talks "without preconditions".
Mr Kim and the Russian president Dmitry Medvedev met yesterday at the hotel of a military garrison near the city of Ulan-Ude in Buryatia, a predominantly Buddhist province near Lake Baykal. It was Mr Kim's first trip to Russia since 2002.
The six-party nuclear talks involve North Korea and the US, China, Japan, Russia and South Korea. They have been stalled for years, but Mr Kim's Russia trip comes as his country pushes to restart them. The United States, Japan and South Korea have repeatedly called on North Korea to show sincerity in its willingness to dismantle its nuclear arms programmes by fulfilling past nuclear commitments and allowing international nuclear inspectors to return.
The Korean peninsula has seen more than a year of tension during which the North shelled a South Korean island and allegedly torpedoed a South Korean warship.
Mr Medvedev's spokeswoman, Natalya Timakova, was quoted by the Itar-Tass news agency as saying that Mr Kim expressed readiness to return to the talks without preconditions and "in the course of the talks, North Korea will be ready to resolve the question of imposing a moratorium on tests and production of nuclear missile weapons".
Experts on North Korea had mixed opinions on the North Korean concession.
One at the University of Sydney said North Korea's willingness to impose a moratorium on weapons of mass destruction represented "a very important step forward" that showed Mr Kim's sincerity about reopening the nuclear talks.
"The United States and its allies want demonstration of sincerity from North Korea," Leonid Petrov said, arguing that the ball was in their court now.
But he warned that North Korea may halt its conciliatory gestures if the United States failed to issue clear guarantees for Pyongyang's survival in the future.
Another expert hailed the reclusive nation's willingness to freeze its missile and nuclear tests, but noted there was no clear mention of the North's uranium enrichment programme, which can also make nuclear weapons.
"The North already has weaponised plutonium, and enriched uranium is something that can be proliferated in an easier manner," said Yang Moo-jin, a professor at the University of North Korean Studies in Seoul. "I think North Korea leaves the matter to talks with the United States."
On another subject, Mr Medvedev said Russia and North Korea moved forward on a proposal to ship natural gas to South Korea through a pipeline across North Korea.
North Korea had long been reluctant about the prospect of helping its industrial powerhouse arch-enemy increase its gas supply, but recently has shown interest in the project. The South wants Russian energy but is wary of North Korean influence over its energy supply.
Mr Medvedev, in televised comments, said the two countries would create a special commission to focus on "bilateral cooperation on gas transit".
He said two-thirds of the 1,100-kilometre pipeline would traverse North Korea to stream up to 10 billion cubic metres of gas a year to the South. Russia's state-controlled gas monopoly, Gazprom, said the pipeline was likely to carry gas from the giant offshore fields near Pacific island of Sakhalin.
The two leaders also discussed restructuring North Korea's Soviet-era debt to Russia, said a Kremlin official. That debt totals about US$11 billion (Dh40m).
North Korea pledged to freeze its long-range missile tests in 1999, one year after the country shocked the world by firing a missile that flew over northern Japan and into the Pacific Ocean. However, it has since routinely tested short-range missiles and it launched a long-range rocket in April 2009.
The 2009 rocket test drew widespread international sanctions and condemnation and an angry North Korea retaliated by pulling out of the six-party nuclear talks.
North Korea is believed to have enough weaponised plutonium for at least six nuclear bombs and last November it revealed a uranium enrichment programme that can give the country a second way to make nuclear bombs.
North Korea has carried out two nuclear tests, in 2006 and 2009, and is believed to be working toward mounting a bomb on a long-range missile.
In March, the Russian deputy foreign minister Alexei Borodavkin travelled to Pyongyang and urged North Korean officials to impose a moratorium on nuclear and ballistic missile tests and to allow international monitors back into its main nuclear complex near the capital.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Company%20profile
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The 12
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Specs
Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Structural%20weaknesses%20facing%20Israel%20economy
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No%20Windmills%20in%20Basra
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Specs%20
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UAE currency: the story behind the money in your pockets
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.”
Killing of Qassem Suleimani
Reputation
Taylor Swift
(Big Machine Records)
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Company%20Profile
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COMPANY%20PROFILE
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Movie: Saheb, Biwi aur Gangster 3
Producer: JAR Films
Director: Tigmanshu Dhulia
Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi
Rating: 3 star
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Company%20Profile
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Company%20Profile
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