People in Seoul watch file footage of a North Korean missile launch on May 4. AFP
People in Seoul watch file footage of a North Korean missile launch on May 4. AFP
People in Seoul watch file footage of a North Korean missile launch on May 4. AFP
People in Seoul watch file footage of a North Korean missile launch on May 4. AFP

North Korea neighbours detect second missile launch in a week


  • English
  • Arabic

North Korea fired a suspected ballistic missile towards its eastern sea on Saturday, the South Korean and Japanese militaries said, in its second launch this week.

South Korea's military said the North launched what was believed to be a submarine-launched ballistic missile (SLBM) into the sea off its east coast at around 0507 GMT from the area around the port city of Sinpo, where Pyongyang keeps submarines as well as equipment for test-firing such missiles.

The launch continues North Korea's recent streak of weapon demonstrations amid signs it is preparing for a nuclear test in the coming weeks or months.

Japanese Defence Minister Nobuo Kishi said the North's recent development in nuclear missile-related technology and repeated launches of ballistic missiles threatened the region and the international community.

"This is absolutely unacceptable," he told reporters.

Japan will continue to "strengthen defence capabilities drastically" to protect citizens from such threats, he said.

South Korea and Japan's militaries detected the North firing a suspected ballistic missile from near its capital, Pyongyang, on Wednesday.

The latest launch was probably North Korea’s 15th round of missile firings this year, including its first test of an intercontinental ballistic missile since 2017 that demonstrated potential range to reach the entirety of the United States.

It came three days before the inauguration of South Korean president-elect Yoon Suk Yeol, who has vowed to take a tougher approach over the North’s nuclear ambitions.

Experts say the unusually fast pace in testing activity underscores a brinkmanship aimed at forcing the United States to accept the idea of North Korea as a nuclear power and remove crippling sanctions. There are also signs Pyongyang is restoring tunnels at a nuclear testing ground in possible preparation for another detonation. It conducted its sixth and last nuclear test at the site in September 2017.

North Korean leader Kim Jong-un has punctuated his missile tests with statements warning the North could proactively use its nuclear weapons if threatened or provoked, which experts say possibly portends an escalatory nuclear doctrine that would create greater concerns for South Korea and Japan.

The South Korean and Japanese militaries said the North Korean missile fired on Wednesday travelled about 500 kilometres at a maximum altitude of 800km. North Korea's state media have yet to comment on the test.

With reporting from agencies.

North Korea celebrates 90th anniversary of military — in pictures

  • North Korean leader Kim Jong-un and his wife Ri Sol-ju at a military parade in Pyongyang to mark 90 years since North Korea's army was established. AP
    North Korean leader Kim Jong-un and his wife Ri Sol-ju at a military parade in Pyongyang to mark 90 years since North Korea's army was established. AP
  • A Pukguksong-5 missile displayed at the parade. EPA
    A Pukguksong-5 missile displayed at the parade. EPA
  • A KN-18 missile at the parade to mark the 90th anniversary of the Korean People's Revolutionary Army. EPA
    A KN-18 missile at the parade to mark the 90th anniversary of the Korean People's Revolutionary Army. EPA
  • KN-24 missiles on parade. EPA
    KN-24 missiles on parade. EPA
  • Mr Kim and his wife review a guard of honour. AP
    Mr Kim and his wife review a guard of honour. AP
  • Vehicles carrying missiles at the parade. Reuters
    Vehicles carrying missiles at the parade. Reuters
  • Columns of soldiers march at the event. EPA
    Columns of soldiers march at the event. EPA
  • Troops on parade as the national flag flutters in Pyongyang. EPA
    Troops on parade as the national flag flutters in Pyongyang. EPA
  • A smiling Mr Kim, centre, presides over the event. EPA
    A smiling Mr Kim, centre, presides over the event. EPA
  • A military flyover at the Pyongyang parade. EPA
    A military flyover at the Pyongyang parade. EPA
  • Troops in armoured vehicles take part. Reuters
    Troops in armoured vehicles take part. Reuters
  • Soldiers and armoured vehicles on display. Reuters
    Soldiers and armoured vehicles on display. Reuters
  • Vehicles with multiple rocket launchers are paraded for the crowds. Reuters
    Vehicles with multiple rocket launchers are paraded for the crowds. Reuters
  • Mr Kim waves from a balcony. AP
    Mr Kim waves from a balcony. AP
PROFILE BOX

Company name: Overwrite.ai

Founder: Ayman Alashkar

Started: Established in 2020

Based: Dubai International Financial Centre, Dubai

Sector: PropTech

Initial investment: Self-funded by founder

Funding stage: Seed funding, in talks with angel investors

Mission%3A%20Impossible%20-%20Dead%20Reckoning%20Part%20One
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Christopher%20McQuarrie%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tom%20Cruise%2C%20Hayley%20Atwell%2C%20Pom%20Klementieff%2C%20Simon%20Pegg%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

TWISTERS

Director: Lee Isaac Chung

Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos

Rating: 2.5/5

Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204-cylinder%202.0L%20TSI%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Dual%20clutch%207-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20320HP%20%2F%20235kW%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20400Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20%2449%2C709%20%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A

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.”

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

Long read

Mageed Yahia, director of WFP in UAE: Coronavirus knows no borders, and neither should the response

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Director: Laxman Utekar

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

Rating: 1/5

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Updated: May 07, 2022, 8:40 AM