Al Gore, the former US vice president, is considered the most promising candidate for special envoy seeking the release of the jailed US journalists, but Pyongyang is believed to have misgivings.
Al Gore, the former US vice president, is considered the most promising candidate for special envoy seeking the release of the jailed US journalists, but Pyongyang is believed to have misgivings.

Sanctions cast shadow over jailed Americans



BEIJING // The fate of two American journalists imprisoned in North Korea was further complicated this week as the UN Security Council imposed punitive sanctions on the country for its recent nuclear test and missile launches, and US president Barack Obama reiterated his commitment to not engage in direct talks with Pyongyang. US officials have stated that the harsh prison sentences were a ploy to leverage the US to veto UN sanctions, a strategy that apparently has failed as Resolution 1874 was passed last Friday. According to analysts, the release of apparently self-incriminating evidence from the trial was a response to Washington's tough line. Departing from its usual curtness, the state-run Korea Central News Agency (KCNA) on Tuesday detailed that the pair admitted they entered North Korea illegally and confessed to "hostile acts" against the country. The two American women, Laura Ling, 36, and Euna Lee, 32, both journalists for San Francisco-based Current TV, were last week sentenced to 12 years of hard labour in North Korean jails. According to the released trial details (although they are impossible to independently confirm), while crossing the China-North Korea border, the pair recorded a video-taped statement that was later confiscated by North Korean security officials in which they said, "We've just entered North Korean territory without permission." The women also pocketed a "souvenir" pebble from North Korea, according to KCNA. The increasingly firm stances taken by North Korea and the US are likely to delay their release, observers say. "The detention of the pair will likely become a long-term ordeal unless the US sends a special envoy," said Yang Moo-jin, a professor at the University of North Korean Studies in Seoul. In the past, the US was able to secure the release of its citizens who became hostages in North Korea by sending a special envoy, a move that the Obama administration has not yet shown signs of making. Observers in China, North Korea's strongest ally, are also pessimistic about an immediate release of the pair. "The chance is slim for now. North Korea and the US are in the midst of a confrontation. And the tension is too high," said Liu Ming, the director of International Relations Theory Studies at the Shanghai Academy of Social Sciences. Although Washington has said it would employ "all possible channels to secure their release", as Hillary Clinton, the US secretary of state, put it, it is not clear how the Obama administration will reach that goal, as analysts point out there is still heated debate in Washington about the best potential envoy. Some administration officials are reportedly opposed to the idea itself, saying doing so would play into the hands of North Koreans who want to "politicise" the humanitarian issue and extract political concessions from Washington. So far, among the most promising candidates for the task is the former US vice president Al Gore. "Everyone is talking about Al Gore. But I am a little bit sceptical," said Brian Myers, an American who teaches North Korean political history at Dongseo University in South Korea. Mr Myers pointed out the case of the former president Jimmy Carter, who went to North Korea in 1994 as an envoy. Despite his seniority, some critics said Mr Carter did not achieve much in putting the lid on North Korea's nuclear ambitions. Mr Myers also said the US had made serious missteps in its handling of the journalists' case. "I think it was unwise for the [US] state department to criticise their detention too quickly and publicly. They made it difficult for North Korea to reach some kind of compromise." Mr Gore himself has been aware of the increasing expectations placed on him. Last month, he met with Mrs Clinton, requesting he be sent to secure the release of the two American women, according to Selig Harrison, director of the Center for International Policy's Asia Program, in congressional testimony on Tuesday. The Obama administration has yet to approve the request. For North Korea's part, it reportedly has its own misgivings about Mr Gore. "At first, North Koreans expressed that they liked Al Gore, but later they changed their mind. Now they want someone from the current Obama administration," Mr Yang said. Despite the hand-wringing, Mr Liu believes the US will eventually settle for Mr Gore as its envoy. "Gore is likely to go. He fits the profile of an ideal candidate for the task because he doesn't have to represent the US government. The two journalists also work for Current TV, co-founded by Mr Gore. They are also from California so ? the California governor, not the US government, [can send] him to North Korea as well, making it look less official." The dominant view among analysts is that the Obama administration will face increasing domestic pressure to secure the release of the detained Americans and therefore will approach North Korea on the issue, at the very least through backchannel talks. slee@thenational.ae

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.”

Results

6.30pm: Maiden Dh165,000 (Dirt) 1,200m

Winner: Barack Beach, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Handicap Dh170,000 (D) 1,200m

Winner: Way Of Wisdom, Connor Beasley, Satish Seemar.

7.40pm: Maiden Dh165,000 (D) 1,900m

Winner: Woodditton, Connor Beasley, Ahmad bin Harmash.

8.15pm: Handicap Dh185,000 (D) 2,000m

Winner: Secret Trade, Sandro Paiva, Ali Rashid Al Raihe.

8.50pm: Handicap Dh185,000 (D) 1,600m

Winner: Mark Of Approval, Antonio Fresu, Mahmood Hussain.

9.25pm: Handicap Dh165,000 (D) 2,000m

Winner: Tradesman, Pat Dobbs, Doug Watson.

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

COMPANY%20PROFILE
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Day 3, Dubai Test: At a glance

Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.

Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.

The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
Brief scores

Toss India, chose to bat

India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)

Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)

India won by 26 runs on Duckworth-Lewis Method

Scores

Rajasthan Royals 160-8 (20 ov)

Kolkata Knight Riders 163-3 (18.5 ov)

RESULT

Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)

The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

Venom

Director: Ruben Fleischer

Cast: Tom Hardy, Michelle Williams, Riz Ahmed

Rating: 1.5/5

Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5