Beijing // China insists it is upholding UN sanctions on North Korea despite a jump in trade with the nuclear-armed nation that comes amid growing US calls for Beijing to rein in its neighbour.
Sino-US relations have soured in recent weeks as President Donald Trump has urged Beijing to step up diplomatic and economic pressure on North Korea over its nuclear and missile programmes.
Tensions rose after North Korea's test this month of an intercontinental ballistic missile that could reach the US mainland.
Despite Washington's calls for action, trade between China and its neighbour increased 10.5 per cent to US$2.5 billion (Dh9.2bn) in the first six months of the year compared to the same period last year, including a 29.1 per cent jump in exports.
But customs administration spokesman Huang Songping said Beijing was upholding the UN sanctions against the regime of Kim Jong-un.
"Simple accumulated data cannot be used as evidence to question China's severe attitude in carrying out UN Security Council resolutions," Mr Huang told a news briefing.
He pointed to a 13.2 per cent drop in imports from North Korea in the same period as an example of the pressure, adding that there have been sharp decreases every month since March.
"UN Security Council sanctions are not a total ban on shipments. Trade related to DPRK people's livelihood, especially those that reflect humanitarianism should not be influenced by the sanctions," Mr Huang said.
China announced in February the suspension of coal imports from the North, striking a blow at a major source of income for the isolated state.
Mr Huang said coal imports dropped by three-quarters in the first half, and all those shipments had been made before February 18.
At the same time, iron ore imports have surged between January and May to $74.4 million compared to $24m over the same period last year.
By comparison, imports of coal alone were worth $97.6m just in the month of February.
But foreign ministry spokesman Geng Shuang said UN resolution 2321 allows imports of iron and iron ore if the income is for the livelihood of civilians.
"It has nothing to do with creating income for DPRK nuclear programmes, so it is not on the sanctions list," Mr Geng told a regular news briefing.
By comparison, imports of coal alone were worth $97.6 million just in the month of February.
Mr Trump has complained that trade increased between the two despite calling on his Chinese counterpart Xi Jinping to use the nation's unique diplomatic and economic clout over North Korea as leverage.
"Trade between China and North Korea grew almost 40 per cent in the first quarter. So much for China working with us - but we had to give it a try!" Mr Trump tweeted on July 5.
Previous Chinese customs data showed two-way trade with the North had risen 30.6 per cent in dollar terms in the first three months of the year.
The US ambassador to the UN, Nikki Haley, said on Sunday that Washington would crank up pressure on China to ensure it implements sanctions over the missile test.
She told the Security Council last week that the US planned a new resolution that would also ensure existing measures are enforced.
"We're going to push hard against China because 90 per cent of the trade that happens with North Korea is from China, and so while they have been helpful, they need to do more," she told CBS television.
The Trump administration angered China last month by imposing sanctions on a Chinese bank accused of laundering North Korean cash and approving a $1.3bn arms sale to Taiwan, which Beijing considers a breakaway province.
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Manchester City 3
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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.”
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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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
