Beijing // China insists it is upholding UN sanctions on North Korea despite a jump in trade with the nuclear-armed nation that comes amid growing US calls for Beijing to rein in its neighbour.
Sino-US relations have soured in recent weeks as President Donald Trump has urged Beijing to step up diplomatic and economic pressure on North Korea over its nuclear and missile programmes.
Tensions rose after North Korea's test this month of an intercontinental ballistic missile that could reach the US mainland.
Despite Washington's calls for action, trade between China and its neighbour increased 10.5 per cent to US$2.5 billion (Dh9.2bn) in the first six months of the year compared to the same period last year, including a 29.1 per cent jump in exports.
But customs administration spokesman Huang Songping said Beijing was upholding the UN sanctions against the regime of Kim Jong-un.
"Simple accumulated data cannot be used as evidence to question China's severe attitude in carrying out UN Security Council resolutions," Mr Huang told a news briefing.
He pointed to a 13.2 per cent drop in imports from North Korea in the same period as an example of the pressure, adding that there have been sharp decreases every month since March.
"UN Security Council sanctions are not a total ban on shipments. Trade related to DPRK people's livelihood, especially those that reflect humanitarianism should not be influenced by the sanctions," Mr Huang said.
China announced in February the suspension of coal imports from the North, striking a blow at a major source of income for the isolated state.
Mr Huang said coal imports dropped by three-quarters in the first half, and all those shipments had been made before February 18.
At the same time, iron ore imports have surged between January and May to $74.4 million compared to $24m over the same period last year.
By comparison, imports of coal alone were worth $97.6m just in the month of February.
But foreign ministry spokesman Geng Shuang said UN resolution 2321 allows imports of iron and iron ore if the income is for the livelihood of civilians.
"It has nothing to do with creating income for DPRK nuclear programmes, so it is not on the sanctions list," Mr Geng told a regular news briefing.
By comparison, imports of coal alone were worth $97.6 million just in the month of February.
Mr Trump has complained that trade increased between the two despite calling on his Chinese counterpart Xi Jinping to use the nation's unique diplomatic and economic clout over North Korea as leverage.
"Trade between China and North Korea grew almost 40 per cent in the first quarter. So much for China working with us - but we had to give it a try!" Mr Trump tweeted on July 5.
Previous Chinese customs data showed two-way trade with the North had risen 30.6 per cent in dollar terms in the first three months of the year.
The US ambassador to the UN, Nikki Haley, said on Sunday that Washington would crank up pressure on China to ensure it implements sanctions over the missile test.
She told the Security Council last week that the US planned a new resolution that would also ensure existing measures are enforced.
"We're going to push hard against China because 90 per cent of the trade that happens with North Korea is from China, and so while they have been helpful, they need to do more," she told CBS television.
The Trump administration angered China last month by imposing sanctions on a Chinese bank accused of laundering North Korean cash and approving a $1.3bn arms sale to Taiwan, which Beijing considers a breakaway province.
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
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Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
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4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
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Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
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Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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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'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
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