US ambassador to the UN, Nikki Haley,  addresses a news conference after the UN  Security Council discussed North Korea on Wednesday, March 8, 2017. Richard Drew / AP
US ambassador to the UN, Nikki Haley, addresses a news conference after the UN Security Council discussed North Korea on Wednesday, March 8, 2017. Richard Drew / AP

US- North Korea talks unlikely because Kim Jong-UN is ‘irrational’ says UN ambassador’



NEW YORK // The United States on Wednesday voiced scepticism about calls for talks with North Korea, saying leader Kim Jong-UN was behaving irrationally and was unlikely to respond to diplomatic advances.

“We are not dealing with a rational person,” US Ambassador Nikki Haley said following a closed session of the Security Council to discuss North Korea’s latest missile launches.

She dismissed China’s call for a return to negotiations. “If this were any other country, we would be talking about that and it wouldn’t be an issue,” she said.

Without naming him, she described the North Korean leader as “ a person who has not had rational acts, who is not thinking clearly,” adding,

The UN Security Council met behind closed doors to discuss next steps in addressing North Korea’s missile launches after Pyongyang said the latest tests were for a possible strike on US bases in Japan.

North Korea fired at least four missiles toward Japan on Monday, three of which came down in waters within Japan’s exclusive economic zone, saying they were tests for a possible strike on US bases in Japan.

The US ambassador said “all the options are on the table” and did not rule out talks completely but she made clear that the onus was on North Korea to show a willingness to seek a diplomatic solution.

“We have to see some sort of positive action taken by North Korea before we can ever take them seriously,” said Ms Haley.

China, Pyongyang’s main ally, earlier called on North Korea to suspend its nuclear and missile activities in exchange for the US and South Korea halting joint military exercises in South Korea. Foreign minister Wang Yi said North Korea and the United States were like two trains racing towards each other.

“The two sides are like two accelerating trains coming toward each other with neither side willing to give way. The question is: are the two sides really ready for a head-on collision? Our priority now is to flash the red light and apply the brakes on both trains,” he said.

The security council has imposed six sets of sanctions on North Korea — two of which were adopted last year to significantly ramp up measures and deny Mr Kim’s regime hard currency revenue. But the Chinese proposal mirrors past North Korean offers that were rejected by the US, which said Pyongyang had no right to demand concessions in return for abiding by UN resolutions.

Since North Korea missile launches, US president Donald Trump has reiterated Washington’s “ironclad commitment” to Japanese and South Korean security and threatened “very dire consequences” for Pyongyang.

* Agence France-Presse

* Agence France-Presse

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2018 Shoplifters, Hirokazu Kore-eda

2017 The Square, Ruben Ostlund

2016 I, Daniel Blake, Ken Loach

2015 DheepanJacques Audiard

2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan

2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux

2012 Amour, Michael Haneke

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2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul

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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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