Bang Young-min, husband of Park Wang-ja, who was shot and killed at a mountain resort in North Korea, cries in front of Park's portrait during her funeral service at a hospital in Seoul.
Bang Young-min, husband of Park Wang-ja, who was shot and killed at a mountain resort in North Korea, cries in front of Park's portrait during her funeral service at a hospital in Seoul.

Tourist death prompts war of words



North Korea today rejected South Korea's appeal for reconciliation talks, with the two countries locked in a bitter war of words over the shooting of a South Korean tourist in the North last week. Despite the killing on Friday, the new South Korean president Lee Myung-Bak went ahead with a public offer of negotiations with the North, extending an olive branch to ease tensions across one of the world's most dangerous borders.

But Pyongyang, which has blamed the South for the incident, said the "proposterous" offer "does not deserve even the slightest notice," and called Lee a "traitor" who was responsible for their strained relations. The female holidaymaker Park Wang-ja, aged 53, was on a visit to the South-funded Mount Kumgang resort in the North and was shot dead early on Friday after reportedly wandering into an off-limits military area before dawn.

The secretive North, which allows the Southern tourists virtually no contact with Northerners at the site, has refused to let South Korea take part in an investigation of the incident. Mr Lee knew about the killing but decided to make a speech in parliament on Friday anyway, proposing negotiations that the North's state-controlled Rodong Sinmun paper rejected today. "With deceptive words Lee Myung-Bak is trying to avoid responsibility for straining relations between North and South Korea and to ride out a [domestic political] crisis," it said. "That's a miscalculation."

It said Mr Lee's offer was merely "clumsy wordplay." Ties between the neighbours worsened after Mr Lee took office in February promising a tougher line on Pyongyang, although he appeared to soften his stance with Friday's proposal for negotiations. The North has suspended all government-to-government dialogue since he came to power. South Korea meanwhile said today that the tourist's killing was unjustifiable and urged the North to let it participate in an inquiry into the death of the woman.

"Whatever the reason may be, it cannot be justified," the Seoul government said. "It is the position of our government and people that the reason and truth should be thoroughly revealed because this is a grave issue concerning the life and safety of an innocent civilian." South Korea suspended tours to the resort after the killing - a move the North quickly branded an "intolerable insult". North and South Korea are still technically at war since the 1950-1953 Korean conflict ended without a formal peace treaty, and their border is considered to be one of the most dangerous military flashpoints in the world.

International talks on ending North Korea's nuclear programmes, which tested an atom bomb in 2006, appeared to make progress yesterday when the North pledged to disable facilities by the end of October and allow inspections. But analysts said the killing would strain inter-Korean relations further despite progress in the six-party disarmament talks. "Relations between the two Koreas will remain strained," the Dongguk University professor Koh Yu-Hwan said.

"However the cash-strapped North may not want a permanent suspension of the tour programme, a major source of hard currency." The South's unification ministry warned inter-Korean relations could worsen further unless a full investigaiton into the killing takes place. "If a full-scale fact-finding probe is not carried out, it will discourage all who expect an improvement in inter-Korean relations through dialogue," it said.

*AFP

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

if you go

The flights

Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes. 

The car

Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals (more at www.hertz.com/etihad). A week's car hire costs from Dh1,500 including taxes.

The hotels

Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes. 

More info

To keep up with constant developments in Portland, visit www.travelportland.com

 

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.”

Panipat

Director Ashutosh Gowariker

Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /stars

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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
The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5