North Korean Foreign Minister Ri Yong Ho, left, is greeted by his Chinese counterpart Wang Yi prior to their bilateral meeting in the sidelines of the 50th ASEAN Foreign Ministers' Meeting and its Dialogue Partners Sunday, Aug. 6, 2017 in suburban Pasay city, south Manila, Philippines. Bolstered by new U.N. sanctions, the United States and North Korea's neighbors are joining in a fresh attempt to isolate Pyongyang over its nuclear and missile programs, in a global campaign cheered on by U.S. President Donald Trump. (AP Photo/Bullit Marquez)
North Korean foreign minister Ri Yong Ho (L) is greeted by his Chinese counterpart, Wang Yi, prior to their bilateral meeting on the sidelines of the 50th ASEAN Foreign Ministers' Meeting and its DialShow more

US and China pressure North Korea after sanctions vote



The US and China piled new pressure on North Korea on Sunday to abandon its nuclear missile programme after the UN Security Council approved tough new sanctions which could cost Pyongyang $1 billion (Dh3.67bn) a year.

One day after Council members voted unanimously for a partial ban on exports aimed at slashing Pyongyang's foreign revenue by a third, top diplomats from the key powers in the dispute met in Manila.

US secretary of state Rex Tillerson said he was encouraged by the vote, but officials warned that Washington would closely watch China — North Korea's biggest trade partner — to ensure sanctions are enforced.

China's foreign minister Wang Yi met his North Korean counterpart, Ri Hong-Yo, before a major regional security forum being hosted by the 10-member Association of Southeast Asian Nations.

He urged the North to halt its nuclear and ballistic missile tests.

"It will help the DPRK to make the right and smart decision," Mr Wang told reporters, speaking through a translator, after talks with Mr Ri — referring to the sanctions and to Mr Ri's presence in Manila.

Pyongyang's top envoy has so far avoided the media in Manila.

But in a characteristically fiery editorial before the latest sanctions were approved, the North's ruling party newspaper Rodong Sinmun warned against US aggression.

"The day the US dares tease our nation with a nuclear rod and sanctions, the mainland US will be catapulted into an unimaginable sea of fire," it said.

Mr Tillerson was due to meet Mr Wang and Russia's foreign minister Sergei Lavrov on Sunday, seeking to intensify Kim Jong-un's diplomatic isolation and reduce the risk of renewed conflict.

"It was a good outcome," Mr Tillerson said of the UN vote, before a meeting with South Korean foreign minister Kang Kyung-Wha.

Senior US envoy Susan Thornton said Washington was "still going to be watchful" on the implementation of sanctions, cautioning that previous votes had been followed by China "slipping back".

But she added China's support for the UN resolution "shows that they realise that this is a huge problem that they need to take on".

'Military option'

The urgency of the situation was underlined by president Donald Trump's national security adviser H R McMaster, who told MSNBC news that the US leader was reviewing plans for a "preventive war".

"He said he's not going to tolerate North Korea being able to threaten the United States," Mr McMaster said.

"It's intolerable from the president's perspective. So of course, we have to provide all options to do that. And that includes a military option."

Saturday's UN resolution banned exports of coal, iron and iron ore, lead and lead ore as well as fish and seafood by the cash-starved state.

If fully implemented it would strip North Korea of a third of its export earnings — estimated to total $3 billion per year despite successive rounds of sanctions since the North's first nuclear test in 2006.

The resolution also prevents North Korea from increasing the number of workers it sends abroad. Their earnings are another source of foreign currency for Mr Kim's regime.

It prohibits all new joint ventures with North Korea, bans new investment in current joint companies and adds nine North Korean officials and four entities including the North's main foreign exchange bank to the UN sanctions blacklist.

What next?

Trump hailed the vote — saying in a tweet that the sanctions will have "very big financial impact!" — and thanked Russia and China for backing a measure that either could have halted with their UN veto.

The US began talks on a resolution with China a month ago, after Pyongyang launched its first intercontinental ballistic missile on July 4, followed by a second ICBM test on July 28.

But the measure does not provide for cuts to oil deliveries as initially proposed by the US — a move that would have dealt a serious blow to the North's economy.

China accounts for 90 per cent of trade with North Korea, and Beijing's attitude to its volatile neighbour will be crucial to the success or failure of the new sanctions regime.

China and Russia had resisted the US push, arguing that dialogue with North Korea was the way to persuade it to halt its military programmes.

Speaking to reporters after the council vote, Washington's ambassador to the UN Nikki Haley said "what's next is completely up to North Korea".

US officials have insisted that while Mr Tillerson and Mr Ri will be in the same room during the Manila forum, there would be no direct meeting between the two envoys.

Hili 2: Unesco World Heritage site

The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

The specs

Engine: 4.4-litre twin-turbo V8 with 48V mild hybrid system
Power: 544hp at 5,500rpm
Torque: 750Nm at 1,800-5,000rpm
Transmission: 8-speed auto
Price: from Dh700,000 (estimate)
On sale: late November

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

MATCH INFO

Argentina 47 (Tries: Sanchez, Tuculet (2), Mallia (2), De La Fuente, Bertranou; Cons: Sanchez 5, Urdapilleta)

United States 17 (Tries: Scully (2), Lasike; Cons: MacGinty)

Tales of Yusuf Tadros

Adel Esmat (translated by Mandy McClure)

Hoopoe

World Test Championship table

1 India 71 per cent

2 New Zealand 70 per cent

3 Australia 69.2 per cent

4 England 64.1 per cent

5 Pakistan 43.3 per cent

6 West Indies 33.3 per cent

7 South Africa 30 per cent

8 Sri Lanka 16.7 per cent

9 Bangladesh 0

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

Company Profile

Company: Astra Tech
Started: March 2022
Based: Dubai
Founder: Abdallah Abu Sheikh
Industry: technology investment and development
Funding size: $500m

MATCH INFO

Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

Elvis

Director: Baz Luhrmann

Stars: Austin Butler, Tom Hanks, Olivia DeJonge

Rating: 4/5

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

The 12 breakaway clubs

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

SPECS

Engine: Dual electric motors with 102kW battery pack

Power: 570hp

Torque: 890Nm

Range: Up to 428km

On sale: Now

Price: From Dh1,700,000

The specs: 2018 GMC Terrain

Price, base / as tested: Dh94,600 / Dh159,700

Engine: 2.0-litre turbocharged four-cylinder

Power: 252hp @ 5,500rpm

Torque: 353Nm @ 2,500rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.4L  / 100km

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

The specs

Engine: three three 212.7kWh motors
Power: 1,000bhp
Torque: 15,600Nm
Range: 530km
Price: Dh500,000+ est
On sale: early 2023

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Crazy Rich Asians

Director: Jon M Chu

Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan

Four stars

Scoreline

Abu Dhabi Harlequins 17

Jebel Ali Dragons 20

Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson

Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2

Best Foreign Language Film nominees

Capernaum (Lebanon)

Cold War (Poland)

Never Look Away (Germany)

Roma (Mexico)

Shoplifters (Japan)