A North Korean soldier patrols along the North Korean Sinuiju river bank, seen along the Yalu river near Dandong, in northeastern China's Liaoning province.
A North Korean soldier patrols along the North Korean Sinuiju river bank, seen along the Yalu river near Dandong, in northeastern China's Liaoning province.

North Korean missile arrives at launch site



SEOUL // North Korea has shifted its most advanced long-range missile - capable of reaching Alaska - to a new west coast launch site near its border with China, reports said Monday, in a move that threatens to escalate tensions on the Korean peninsula. Pyongyang also banned ships from the waters off the west coast of North Korea through the end of July, reports said. The regime could fire the long-range missile as early as mid-June, around the time South Korean President Lee Myung-bak and President Barack Obama hold a summit in Washington, the Dong-a Ilbo newspaper in Seoul said, citing unidentified officials in Washington and Seoul.

The missile at the Dongchang-ni launch site on the north-west coast is believed to be a version of the Taepodong-2 rocket that the North fired on April 5, which it said at the timet was a satellite launch, newspapers in North Korea said. A new long-range missile launch would mark a significant escalation in tensions already running high after the North's April rocket launch and an underground nuclear test conducted a week ago. The UN Security Council has been discussing how to punish Pyongyang for the atomic blast.

North Korea also has custody of two American journalists, Laura Ling and Euna Lee, accused of entering the country illegally and engaging in "hostile acts." Their trial begins Thursday in Pyongyang. North Korea also has designated a large area off its west coast as a "no-sail" zone through the end of next month, an indication Pyongyang could stage armed provocations around the disputed sea border, the Chosun Ilbo newspaper said, citing unidentified intelligence officials. The paper said the North could launch the long-range missile in two weeks.

Seoul's Defence Ministry declined to confirm Monday's reports, saying it does not comment on intelligence matters. But a defence official confirmed Sunday that US satellites had detected preparations to transport a missile for a test launch. In Tokyo, Chief Cabinet Secretary Takeo Kawamura, the government spokesman, said Monday that a long-range missile test from North Korea appeared possible. "Given that North Korea has carried out a nuclear test, we can't deny the possibility that they will further test-fire an intercontinental ballistic missile," he said.

The North's Taepodong-2 rocket managed to fly about 3,200km on April 5. The missile being readied for a new launch is believed to be an intercontinental ballistic missile, or ICBM, with a range of up to 6,500km, the JoongAng Ilbo reported. That would put Alaska within striking range. North Korea had threatened in late April to conduct nuclear and long-range missile tests, and restart its nuclear programme, if the Security Council failed to apologise for criticising its rocket launch. Carrying out its threat, Pyongyang conducted an underground atomic blast last week. On Friday, it also warned it would take further "self-defensive" measures if provoked by the Security Council. That threat was seen as referring to an ICBM test.

North Korea has been building the new launch site at Dongchang-ni for years. Last year, South Korean Defence Minister Lee Sang-hee told lawmakers that construction was about 80 per cent complete. The site is now near completion, reports said today. Pyongyang is believed to have weaponized enough plutonium for at least six nuclear bombs, though experts believe scientists have not yet mastered the miniaturisation technology needed to mount a nuclear warhead onto a long-range missile. North Korea conducted its first nuclear test in October 2006, prompting widespread condemnation and stiff UN sanctions.

Months later, the regime agreed to a disablement-for-aid pact signed by six nations, but that process has been stalled since last year. North Korea walked away from the negotiations in April. * AP

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Abaya trends

The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 

Company Profile

Company name: Big Farm Brothers

Started: September 2020

Founders: Vishal Mahajan and Navneet Kaur

Based: Dubai Investment Park 1

Industry: food and agriculture

Initial investment: $205,000

Current staff: eight to 10

Future plan: to expand to other GCC markets

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

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.”

Director: Laxman Utekar

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

Rating: 1/5

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
The biog

Favourite Emirati dish: Fish machboos

Favourite spice: Cumin

Family: mother, three sisters, three brothers and a two-year-old daughter

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The bio

Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

What is favourite book?

The Perks of Being a Wallflower - I think I've read it more than 7 times

What is your favourite Arabic film?

Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

What is favourite English film?

Mamma Mia

Best piece of advice to someone looking for a career at Google?

If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.  

 

Mobile phone packages comparison
Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

Scream%20VI
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Matt%20Bettinelli-Olpin%20and%20Tyler%20Gillett%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Melissa%20Barrera%2C%20Jasmin%20Savoy%20Brown%2C%20Jack%20Champion%2C%20Dermot%20Mulroney%2C%20Jenna%20Ortega%2C%20Hayden%20Panettiere%20and%20Courteney%20Cox%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A

Miss Granny

Director: Joyce Bernal

Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa

3/5

(Tagalog with Eng/Ar subtitles)