SEOUL // North Korea has banned foreign runners from participating in a marathon scheduled to be held in the capital in April over fears about the spread of the Ebola virus.
North Korea is thousands of kilometres from the centre of the Ebola outbreak in West Africa and has reported no cases of the virus, which has killed more than 9,000 people.
Nonetheless, its borders have remained closed to foreign tourists since last October, for fear the virus might spread, and it imposes a strict 21-day quarantine for foreign aid workers and diplomats, who have been told to stay in embassy compounds.
“Our North Korean partners in Pyongyang contacted us this morning with news that the 2015 Pyongyang Marathon has — as of today — been closed to amateur and professional foreign runners,” Nick Bonner, director of Beijing-based Koryo Tours, said.
Young Pioneer Tours, another China-based tour agency which takes Western tourists into North Korea, confirmed the ban.
Pyongyang, the isolated and secretive country’s capital, has held an international marathon most years since 1981. Foreign amateurs were allowed to compete for the first time last year.
“We were told that this is due to the continuing precautions that the country has put in place in relation to fears held there over the Ebola virus,” said Mr Bonner. He said Koryo Tours had expected to take up to 500 people to North Korea for the marathon, which would have been his largest-ever tour group.
The company had been selling tours, which included the marathon, for between €790 (Dh3,300) and €1,690.
North Korea has also cancelled its annual “Mass Games” event this year, without citing a reason, travel agencies said.
The summer event, which features thousands of athletes and schoolchildren in tightly choreographed displays, is another major attraction on North Korea’s tourist calendar.
North Korea has strictly enforced its Ebola countermeasures. Earlier in February, the foreign ministry sent a note warning foreign diplomats under quarantine not to hold any meetings or parties.
“It is still unclear when the borders will be reopened, but we were also advised not to cancel our March tours, and to expect an update on the border situation at the end of February,” said Mr Bonner.
*Reuters
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
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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.”
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Arsenal 4
Monreal (51'), Ramsey (82'), Lacazette 85', 89')
West Ham United 1
Arnautovic (64')