BEIJING // North Korea pounded a South Korean island with artillery shells yesterday in one of the most serious clashes between the two countries in decades, as the international community warned of the dangers if tensions continue to escalate.
Two South Korean marines were killed and more than a dozen military personnel and civilians injured when an estimated 200 shells rained down on Yeonpyeong island yesterday afternoon.
The island, which is home to at least 1,500 people, lies close to the disputed northern limit line maritime border.
South Korea scrambled F-16 fighter jets and the country's military fired about 80 shells in the opposite direction, as up to 70 buildings on the island were set alight, sending plumes of smoke into the air.
"At least 10 houses are burning. I can't see clearly for the smoke. The hillsides are also on fire," an island resident, Lee Jong-Sik, told South Korean television.
"We were told by loudspeakers to flee our homes for bunkers."
There were reports of bushfires on the island, while some residents rushed to the port to flee. South Korea's currency, the won, plunged in value following the barrage.
Analysts said Pyongyang was looking to increase pressure on Seoul and Washington amid speculation on Monday that US nuclear missiles could be placed on South Korean soil, and as six-party talks over its nuclear programme remain stalled.
Yesterday's flare-up also follows revelations from a US scientist over the weekend that the north's capabilities in uranium enrichment, a likely key part of any programme to develop nuclear weapons, are more advanced than commonly thought.
The presence in North Korea of an "industrial-scale uranium enrichment facility with 2,000 centrifuges", as reported by the American scientist Siegfried Hecker, is believed by some analysts to have come as a surprise to South Korea and its ally the United States, ratcheting up regional tensions.
Most of the 200 shells reported by local television to have landed on Yeonpyeong were said to have struck a military base. The shelling started at around 2.30pm local time and lasted about an hour.
"It was a pre-planned, intentional and illegal attack in violation of the United Nations ceasefire accord, and an inhumane atrocity that fired random shells towards residential areas of defenceless civilians," said the South Korean defence minister, General Lee Hong-Ki.
South Korea's cabinet held an emergency meeting to discuss the shelling and the country's military went on "Class A" alert. A statement from the office of the country's president, Lee Myung-bak, regarded as a hardliner in relations with Pyongyang, warned the country would "sternly retaliate" to further provocation.
The attack was the first time North Korea had landed shells on its southern neighbour's soil since the ending in 1953 of the Korean War, which technically continues as no peace treaty was signed.
South Korea said the north began firing after it made several protests over military exercises Seoul was carrying out in the area. North Korea's official KCNA news agency insisted in a statement the south fired first.
As a potential flashpoint, the island is equipped with bomb shelters and stages regular drills to prepare residents for attacks.
The waters nearby saw clashes between the two nations' navies in 1999 and 2002 that killed around 50 military personnel. There were also hostilities near the disputed sea border in November last year.
Tensions between the north and south have run high since the sinking in March of a South Korean patrol boat with the loss of 46 lives, an incident blamed on Pyongyang.
In response to the revelations over the weekend about North Korea's uranium enrichment, the US envoy to North Korea, Stephen Bosworth, ruled out the resumption of the six-party talks.
The discussions, chaired by China and involving both North and South Korea, the United States, Japan and Russia, have previously seen North Korea secure aid in return for assurances over its nuclear programme. China yesterday called for calm and the resumption of the talks, while Washington said it "strongly condemns" the shelling and that Pyongyang must end "belligerent action". Russia spoke of the "colossal danger" of events escalating.
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, branded the shelling an "irresponsible act" and urged restraint and dialogue.
A spokesman for the UN secretary general, Ban Ki-moon, described the attack as "one of the gravest incidents since the end of the Korean War" and urged both sides to exercise restraint.
The UN chief conveyed his utmost concern to the UN Security Council, which has imposed two rounds of sanctions against North Korea in response to its nuclear test blasts in 2006 and 2009.
According to Brian Bridges, a Korea specialist at Hong Kong's Lingnan University, yesterday's attack tied in with Pyongyang's "calculated" decision to allow its nuclear programme to be made public.
"They like to do things that draw attention to themselves and remind the world they should be negotiated with," he said by telephone.
dbardsley@thenational.ae
* With additional reporting by James Reinl at the United Nations in New York, Bloomberg and Reuters
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The%20specs%20
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
FROM%20THE%20ASHES
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
UAE currency: the story behind the money in your pockets
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Zayed%20Centre%20for%20Research
%3Cp%3EThe%20Zayed%20Centre%20for%20Research%20is%20a%20partnership%20between%20Great%20Ormond%20Street%20Hospital%2C%20University%20College%20London%20and%20Great%20Ormond%20Street%20Hospital%20Children%E2%80%99s%20Charity%20and%20was%20made%20possible%20thanks%20to%20a%20generous%20%C2%A360%20million%20gift%20in%202014%20from%20Sheikha%20Fatima%20bint%20Mubarak%2C%20Chairwoman%20of%20the%20General%20Women's%20Union%2C%20President%20of%20the%20Supreme%20Council%20for%20Motherhood%20and%20Childhood%2C%20and%20Supreme%20Chairwoman%20of%20the%20Family%20Development%20Foundation.%3C%2Fp%3E%0A
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
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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.”
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
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Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
SUNDAY'S ABU DHABI T10 MATCHES
Northern Warriors v Team Abu Dhabi, 3.30pm
Bangla Tigers v Karnataka Tuskers, 5.45pm
Qalandars v Maratha Arabians, 8pm
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
