US secretary of state Mike Pompeo was heading to North Korea on Tuesday to finalise details of a planned historic summit between President Donald Trump and North Korea leader Kim Jong-un.
Mr Trump announced the mission just minutes before Mr Pompeo arrived in Japan to refuel before flying on to Pyongyang, and as the president declared he was withdrawing from a landmark nuclear deal with another bitter US adversary, Iran.
Officials say Mr Pompeo on Wednesday will also press North Korea for the release of three detained American citizens, whose imminent release the president has been hinting at. His trip comes just days after North Korea expressed displeasure with Washington for comments suggesting that massive US pressure had pushed Mr Kim to the negotiating table.
Mr Pompeo, who first travelled to North Korea as CIA chief in early April, is only the second sitting secretary of state to visit the reclusive nation with which it is still technically at war. The first was Madeleine Albright in 2000 who went as part of an unsuccessful bid to arrange a meeting between then president Bill Clinton and Kim’s father Kim Jong Il.
"At this very moment, secretary Pompeo is on his way to North Korea in preparation for my upcoming meeting with Kim Jong-un," Mr Trump said at the White House.
“Plans are being made, relationships are building, hopefully a deal will happen and with the help of China, South Korea and Japan a future of great prosperity and security can be achieved for everyone,” he said.
Mr Pompeo flew out of Washington under cover of darkness late on Monday aboard an Air Force 757 accompanied by a handful of senior aides, a security detail and two journalists, who were given just four hours’ notice of his departure.
His first trip to Pyongyang over Easter weekend before he was confirmed as secretary of state was a closely held secret. News of it did not emerge just before his Senate confirmation vote less than two weeks ago. Shortly afterward, the White House released photographs of Mr Pompeo and Mr Kim posing for cameras.
Mr Pompeo told reporters aboard his plane that his first visit was to test the North Korean’s seriousness of pledges to South Korea on easing tensions. This trip is “to put in place a framework for a successful summit,” he said.
Although there were no guarantees that the American prisoners would be freed during the visit, US officials said their release would be significant goodwill gesture ahead of the Trump-Kim summit that is expected later this month or in early June.
“I think it would be a great gesture if they would agree to do so,” Mr Pompeo said, adding that it would be difficult to hold a leaders’ summit if the prisoners remained captive. The three Korean-Americans — Kim Dong Chul, Kim Hak Song and Tony Kim — are all accused by the North of anti-state activities.
His visit will comes just a day after Kim traveled to China for the second time in six weeks to meet with Chinese President Xi Jinping.
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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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The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
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How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
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Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
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