Euna Lee hugs the former US vice-president Al Gore while holding her daughter Hana after arriving back in the US.
Euna Lee hugs the former US vice-president Al Gore while holding her daughter Hana after arriving back in the US.
Euna Lee hugs the former US vice-president Al Gore while holding her daughter Hana after arriving back in the US.
Euna Lee hugs the former US vice-president Al Gore while holding her daughter Hana after arriving back in the US.

US journalists home from N Korea


  • English
  • Arabic

SEOUL // Two American journalists have today arrived back in their home country after the former US president Bill Clinton secured their release from a North Korean prison. Laura Ling and Euna Lee were reunited with their families with Ms Lee sobbing with joy as she hugged her four-year old daughter. Ms Ling, 32, threw her arms in the air as she descended the steps from the plane and Lee, 36, broke down in tears as the pair were greeted by their families and the former vice-president Al Gore. Mr Clinton secured their release in a meeting with the North Korean leader Kim Jong-il who a US official said was not promised any rewards. The official said Mr Clinton talked to the leadership about the "positive things that could flow" from freeing the pair, who had been held since March.

The Obama administration official did not provide specifics although some analysts have speculated that Clinton's trip could possibly open the way to direct nuclear disarmament talks. Analysts said Washington faced a tricky task of trying to convince North Korea to give up dreams of becoming a nuclear weapons power without being seen to reward it for repeated military acts or ignoring the demands of others in the region.

"President Clinton had made clear that this was a purely private humanitarian mission," the US official told reporters in Washington after Mr Kim granted the journalists a pardon and allowed them to leave with Clinton and fly to Los Angeles. North Korea had agreed in advance that Clinton's trip would not be linked to the nuclear issue, said the official, speaking on condition of anonymity. The official said North Korea would face deeper isolation if it continued "provocative behaviour" that has included nuclear and missile tests. Washington would maintain efforts to enforce UN sanctions imposed on North Korea over its May 25 nuclear test, the official added.

The two journalists, who work for Current TV, an American TV outlet cofounded by Clinton's vice president, Al Gore, were arrested for illegally crossing into the North from China. They were each sentenced to 12 years hard labour in June. Television footage showed the two journalists wearing green and red shirts and carrying luggage, greeted by Clinton as they boarded a plane. Mr Clinton put his hand over his heart and then gave a final salute to North Korean officials at the airport.

*Agencies

If you go

Flights

Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.

The stay

Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.

Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

Most wins by an owner: Godolphin(9)

Most wins by a horse: Godolphin’s Thunder Snow(2)

Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.

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.”

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

APPLE IPAD MINI (A17 PRO)

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In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099