• Kim Young Chol, the Vice Chairman of North Korea, leaves the Millennium Hotel on May 30, 2018 in New York. Corey Sipkin / AFP
    Kim Young Chol, the Vice Chairman of North Korea, leaves the Millennium Hotel on May 30, 2018 in New York. Corey Sipkin / AFP
  • US Secretary of State Mike Pompeo, left, leaves Corinthian Condominiums following a meeting with Kim Young Chol, Vice Chairman of North Korea, on May 30, 2018 in New York. The North Korean senior official arrived in New York earlier on May 30, 2018 for talks on salvaging a summit meeting between US President Donald Trump and North Korean leader Kim Jong Un. Kena Betancur / AFP
    US Secretary of State Mike Pompeo, left, leaves Corinthian Condominiums following a meeting with Kim Young Chol, Vice Chairman of North Korea, on May 30, 2018 in New York. The North Korean senior official arrived in New York earlier on May 30, 2018 for talks on salvaging a summit meeting between US President Donald Trump and North Korean leader Kim Jong Un. Kena Betancur / AFP
  • Kim Young Chol, left, Vice Chairman of North Korea, leaves Corinthian Condominiums following a meeting with US Secretary of State Mike Pompeo on May 30, 2018 in New York. The North Korean senior official arrived in New York earlier on May 30, 2018 for talks on salvaging a summit meeting between US President Donald Trump and North Korean leader Kim Jong Un. Kena Betancur / AFP
    Kim Young Chol, left, Vice Chairman of North Korea, leaves Corinthian Condominiums following a meeting with US Secretary of State Mike Pompeo on May 30, 2018 in New York. The North Korean senior official arrived in New York earlier on May 30, 2018 for talks on salvaging a summit meeting between US President Donald Trump and North Korean leader Kim Jong Un. Kena Betancur / AFP
  • The motorcade carrying Kim Young Chol, Vice Chairman of North Korea, arrives at the Corinthian Condominiums for a meeting with US Secretary of State Mike Pompeo on May 30, 2018 in New York. Kena Betancur / AFP
    The motorcade carrying Kim Young Chol, Vice Chairman of North Korea, arrives at the Corinthian Condominiums for a meeting with US Secretary of State Mike Pompeo on May 30, 2018 in New York. Kena Betancur / AFP
  • Kim Young Chol, the Vice Chairman of North Korea, leaves the Millennium Hotel on May 30, 2018 in New York. Corey Sipkin / AFP
    Kim Young Chol, the Vice Chairman of North Korea, leaves the Millennium Hotel on May 30, 2018 in New York. Corey Sipkin / AFP

Talks aimed at putting Trump-Kim summit on track


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A top lieutenant of North Korean leader Kim Jong Un is in the United States conducting one of three sets of parallel talks aimed at salvaging a summit between Kim and President Donald Trump.

Kim Yong-chol is meeting Secretary of State Mike Pompeo in New York to finalise plans for the summit, while lower-level officials have been meeting at the inter-Korean border and in Singapore for other pre-summit negotiations.

A look at what is at stake in the three sets of talks:

US talks

Kim Yong-chol is likely to convey to Mr Pompeo that Kim Jong Un is serious about the summit. The contents of a joint statement to be issued at its conclusion is also likely to be on the agenda.

Some experts say major thorny issues are still unsettled, and that is why a senior official like Kim Yong-chol has travelled to the US to narrow the gap.

Mr Trump abruptly cancelled the summit last Thursday before quickly reversing course and announcing the meeting could happen. His decision came amid widespread doubt in the US that North Korea would be willing to actually scrap a nuclear program it has struggled for decades to build.

Meanwhile, South Korean President Moon Jae-in, who met Kim Jong Un last Saturday, said the North Korean leader is uncertain whether he can trust Mr Trump's promise to provide a security guarantee if North Korea abandons its nuclear weapons.

Given these basic concerns, Kim Yong-chol's talks with Mr Pompeo are likely to focus on a possible compromise between Washington's push for a speedy nuclear disarmament and North Korea's preference for more gradual steps matched by corresponding benefits from the US.

Kim Yong-chol, 72, is the most senior North Korean official to visit the US since 2000. His official title is vice chairman of the ruling Workers' Party. He previously headed North Korea's military intelligence agency and was believed to be behind two attacks in 2010 that killed 50 South Koreans and a 2014 cyberattack on Sony Pictures.

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DMZ talks

US and North Korean officials started talks on the North's side of a border village on Sunday to set the agenda for the summit. The village is inside the mine-strewn 4-kilometre-wide Demilitarised Zone, a buffer created at the end of the 1950-53 Korean War.

The US delegation is headed by Sung Kim, the US ambassador to the Philippines who served as America's top negotiator to now-stalled six-nation talks on North Korean nuclear disarmament, and as its ambassador to Seoul. In 2008, he witnessed North Korea's destruction of the cooling tower at its main nuclear complex in a show of good faith with the US. In recent years, however, satellite photos have indicated that North Korea has restarted its plutonium reactor at the complex.

His North Korean counterpart is Vice Foreign Minister Choe Son Hui, the North's highest-ranking female diplomat. A recent statement by Ms Choe threatening to scuttle the summit and warning Washington of a nuclear showdown led Mr Trump to temporarily cancel the summit, citing "open hostility" from the North.

The two sides are believed to have exchanged their countries' views on North Korea's denuclearisation, America's security assurances and other issues. South Korean media said they wrapped up their talks on Wednesday after Kim Yong-chol's departure for New York.

Ms Choe served as an English-language interpreter during the six-party talks, while Sung Kim, a Korean-American, is fluent in Korean. Analysts say that is likely to have smoothed their talks because they could understand each other even when they were speaking their own languages at the negotiating table.

Singapore talks

This meeting is to plan protocol, security and other logistical issues and might also include determining when and where in Singapore the summit would be held.

The two countries originally planned to hold the summit in Singapore on June 12. After putting the summit back on track, Mr Trump tweeted Friday that it "will likely remain in Singapore on the same date, June 12th, and, if necessary, will be extended beyond that date."

A delegation led by another of Kim Jong Un's trusted aides, Kim Chang Son, flew to Singapore on Monday night. South Korean media reported that he began talks with Joe Hagin, the White House deputy chief of staff for operations, who is in Singapore with other US officials.

No details have emerged about the talks. Possible venues for the summit include Singapore's presidential palace, the Shangri La hotel and the Marina Bay Sands hotel.

Kim Chang Son served as Kim Jong Un's chief of staff after the 34-year-old leader took power in late 2011. His current official title is a departmental director at the State Affairs Commission, which is headed by Kim Jong Un.

Semi-final fixtures

Portugal v Chile, 7pm, today

Germany v Mexico, 7pm, tomorrow

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Barbie
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World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

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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.”

Full Party in the Park line-up

2pm – Andreah

3pm – Supernovas

4.30pm – The Boxtones

5.30pm – Lighthouse Family

7pm – Step On DJs

8pm – Richard Ashcroft

9.30pm – Chris Wright

10pm – Fatboy Slim

11pm – Hollaphonic