Clinton urges Japan and Sth Korea to cool down over islands


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VLADIVOSTOCK, RUSSIA // The US secretary of state, Hillary Clinton, urged Japan and South Korea to cool tempers in their showdown over contested islands, as part of a wider effort by the US to defuse rising regional tensions stoked by maritime disputes.

"I raised these issues with both of them," Mrs Clinton said yesterday after meeting the Japanese prime minister, Yoshihiko Noda, and the South Korean president, Lee Myung Bak, at the Asia-Pacific Economic Cooperation Summit. She said she told the countries' leaders "that their interests really lie in making sure that they lower the temperature and work together in a concerted way to have a calm and restrained approach".

Noda didn't have bilateral meetings with the leaders of South Korea or China at the summit, only holding brief discussions with Lee and president Hu Jintao of China, with which Japan also has a dispute. A spokesman for the Chinese foreign ministry, Qin Gang, said September 8 that Japan should "pay attention" to his country's resolve to safeguard its sovereignty.

Mrs Clinton, who yesterday wrapped up a six-nation, 11-day tour, has tried to douse a diplomatic showdown between US allies Japan and South Korea, as well as conflicts in the South China Sea, through which half of the world's commercial cargo flows. The escalating tensions, which come ahead of leadership changes in Japan, South Korea and China, have hurt Japanese companies such as Nissan Motor Co doing business in China.

Mr Noda tried to dial back tensions at the summit, saying he had told Mr Hu and Mr Lee in their informal meetings that it was important to preserve and deepen ties. Mr Noda said he also told Mr Lee that ties between their countries were important because of the threat posed by North Korea.

The dispute with South Korea reignited after Mr Lee made a surprise August 10 visit to the islets, known as Dokdo in Korean and Takeshima in Japanese, which Mr Noda called "unacceptable."

China has condemned Japan's plan to buy islands, known as Diaoyu in Chinese and Senkaku in Japanese, lying in the East China Sea near oil and gas reserves. Mr Noda's government is in talks to purchase the islands from a private Japanese owner.

Russian President Vladimir Putin, host of the APEC summit this year, said his country wants to resolve a territorial dispute with Japan over islands claimed by both nations. He and Mr Noda agreed to have officials meet later this year to discuss rights to the islands.

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Young women have more “financial grit”, but fall behind on investing

In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.

While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.

In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all). 

“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”

Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.

"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."

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Essentials

The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours 
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.

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UAE currency: the story behind the money in your pockets