A general view shows the American Institute in Taiwan (AIT) new office complex in Taipei on June 12, 2018. Washington on June 12 unveiled a multi-million-dollar new complex for its de facto embassy in Taiwan in what is hailed as a "milestone" in relations, a declaration likely to rile China. Sam Yeh / AFP
A general view shows the American Institute in Taiwan (AIT) new office complex in Taipei on June 12, 2018. Washington on June 12 unveiled a multi-million-dollar new complex for its de facto embassy inShow more

US reveals 'milestone' de facto embassy in Taiwan



The United States on Tuesday unveiled a new $255 million de facto embassy in Taiwan in what was praised as a "milestone" in relations, as the self-ruled island comes under increasing pressure from China.

Donald Trump's government is moving to strengthen ties with Taiwan in the face of China's diplomatic moves and military threats.

In March, after Mr Trump approved new rules allowing top US officials to travel to the island, Beijing called on Washington to "correct its mistake".

But the US sent an assistant secretary of state for the unveiling, a visit less likely to unnerve China, which was concerned that higher-level officials might attend.

The US switched diplomatic recognition to China in 1979 while it maintained close economic, political and security ties with Taiwan. It manages its relations through the American Institute in Taiwan.

Marie Royce, assistant secretary of state for educational and cultural affairs, attended the dedication ceremony with Taiwan's President Tsai Ing-wen.

"Ait's new home is both a tangible symbol that reflects the strength of our ties and a state-of-the-art facility that will make possible even greater co-operation for years to come," said Mrs Royce, the wife of pro-Taiwan congressman and House foreign affairs committee chairman Ed Royce.

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Ait chairman James Moriarty called the new complex a "milestone" in the US-Taiwan relationship and a "testament to the strong US commitment to Taiwan".

Ms Tsai praised the complex as a new chapter in the "great story of US-Taiwan relations".

China and Taiwan have been ruled separately since 1949, but Beijing views the island as a renegade province awaiting reunification, by force if necessary.

It bars Taiwan from membership in the United Nations and many other international organisations, and has been luring away the island's remaining diplomatic allies.

Since Ms Tsai came to power two years ago, Beijing has cut contact with her government because Taipei refuses to acknowledge that Taiwan is part of "one China".

Beijing officials have described intensified Chinese military manoeuvres near the island as a warning against any move to assert its sovereignty.

While Taiwan's relationship with the US is essential to its security, it must also guard against provoking China, which is its biggest military threat but also the dominant market for the island's export-driven economy.

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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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.”

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
Ferrari
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TEAMS

US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*

International Team
Hideki Matsuyama, Jason Day 
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*

denotes captain's picks

 

 

The Sand Castle

Director: Matty Brown

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

Rating: 2.5/5

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.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5