US President Donald Trump on Friday abruptly canceled his top diplomat's planned trip to North Korea, publicly acknowledging for the first time that his effort to get Pyongyang to denuclearize had stalled since his summit with North Korea's leader.
Mr Trump partly blamed China for his insufficient progress with North Korea and suggested that talks with Pyongyang, led so far by Secretary of State Mike Pompeo, could be on hold until after Washington resolved its bitter trade dispute with Beijing.
It was a dramatic shift of tone for Mr Trump, who had previously hailed his June 12 summit with North Korean leader Kim Jong-un as a success and said the North Korean nuclear threat was over, despite no real sign Pyongyang was willing to give up its nuclear weapons.
"I have asked Secretary of State Mike Pompeo not to go to North Korea, at this time, because I feel we are not making sufficient progress with respect to the denuclearization of the Korean Peninsula," Mr Trump wrote in a series of messages on Twitter.
South Korean Foreign Minister Kang Kyung-wha spoke to Mr Pompeo on Saturday and expressed concern over the delay of his visit. She asked the secretary of state to keep the momentum of dialogue with North Korea to establish denuclearisation and peace on the Korean peninsula, the South Korean foreign ministry said.
China's foreign ministry expressed "serious concern" about Mr Trump's comments, which it called "irresponsible", and said it made "stern representations" to US officials.
Negotiations on denuclearisation of the Korean peninsula have all but deadlocked since the June summit in Singapore. Mr Pompeo has pressed for tangible steps toward North Korea’s abandonment of its nuclear arsenal while Pyongyang is demanding that Washington first make concessions of its own.
Mr Trump's statement came just a day after Mr Pompeo said he would again visit North Korea and would take his new US special representative, Stephen Biegun, with him in an attempt to break the stalemate.
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But Mr Trump asked Mr Pompeo not to go to North Korea during a Friday afternoon meeting at the White House, a senior White House official said.
Many key officials learned of Mr Trump’s decision by seeing the crawl across a television screen, some of them during a meeting to discuss US-North Korea negotiations, two officials said, speaking on condition of anonymity.
Some US intelligence and defence officials had considered Mr Pompeo’s latest trip to be premature and said the prospects for significant progress appeared dim.
Mr Pompeo, who would have been making his second visit to Pyongyang since the summit, had not been expected to meet Mr Kim this time, the State Department said on Thursday.
Mr Trump put some of the onus on China, North Korea's biggest trading partner and a linchpin in the diplomatic effort, for his decision to scrap Mr Pompeo's trip.
"Because of our much tougher Trading stance with China, I do not believe they are helping with the process of denuclearization as they once were (despite the UN Sanctions which are in place)," Mr Trump tweeted.
"Secretary Pompeo looks forward to going to North Korea in the near future, most likely after our Trading relationship with China is resolved," Mr Trump wrote. "In the meantime I would like to send my warmest regards and respect to Chairman Kim. I look forward to seeing him soon!"
In an interview with Reuters on Monday, Mr Trump defended his approach, saying he believed North Korea had taken specific steps toward denuclearisation. He said he and Mr Kim had “great chemistry” and would "most likely" meet again.
Kelly Magsamen a former US deputy assistant secretary of defence for Asian affairs now at the Centre for American Progress think tank, said Mr Trump was undermining his leverage with Mr Kim as well as that of Mr Pompeo and his new envoy.
“It's fine to not send the Secretary due to lack of progress, but don't then also talk about how you are eager to meet with KJU and how China is thwarting you," she tweeted.
Christopher Hill, a former US ambassador to South Korea who led past failed negotiations with North Korea, tweeted: "Looks like @realDonaldTrump has begun to worry about #NorthKorea intentions. Good decision especially if otherwise Pompeo would have returned empty handed."
Mr Kim made a broad, vague commitment in Singapore to work toward denuclearization of the Korean peninsula but has given no sign of a willingness to give up his nuclear arsenal unilaterally.
But intermittent talks since have made little headway, with the two sides apparently far apart on the fundamental issue of denuclearization and the US demand for this before North Korea sees any relief from tough international sanctions.
On his last visit to Pyongyang, in July, Mr Pompeo left saying progress had been made, only for North Korea within hours to denounce his "gangster-like demands." He did not meet with Mr Kim on that trip, although he did on his first two visits, which took place before the summit.
US officials have been trying to persuade North Korea to detail the extent of its nuclear arsenal and the locations of its weapons, something Pyongyang had always refused to do in past failed rounds of talks.
Some analysts suggested Mr Trump's cancellation of the Pompeo trip may also be a negotiating ploy. In May, Mr Trump announced he was calling off his planned summit with Kim, citing Pyongyang's "open hostility,” only to reverse himself eight days later.
Mr Trump’s cancellation of Mr Pompeo’s trip follows two days of mid-level US-China trade talks in Washington that ended with no sign of progress toward resolving a deepening trade war between the world’s two largest economies and no plans for more talks in the near term.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
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Stay indoors when conditions are particularly poor.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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.”
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5