The two Koreas marked their war anniversary in a mood of detente on Monday, with Pyongyang dropping its customary anti-US rhetoric and Seoul saying talks have begun on moving the North's artillery back from the tense border.
Pyongyang's tightly controlled official media are normally packed with anti-American invective on June 25, when the North launched a mass invasion of the South in 1950.
But this year proved to be a marked exception in the wake of the historic June 12 meeting of North Korean leader Kim Jong-un and US President Donald Trump in Singapore.
In the South, Prime Minister Lee Nak-yeon said discussions were taking place about moving Pyongyang's long-range artillery away from their border.
North Korea is estimated to have about 1,000 artillery pieces along the frontier, threatening much of the South's capital, Seoul, only 50 kilometres away.
The North has long accused the US of provoking the 1950-53 Korean War as part of a plan for global domination and blames it for the division of the peninsula, agreed between Moscow and Washington in the closing days of the Second World War.
A US-led, 16-country United Nations force supported the South in the conflict, while China backed the North.
"Every year on this day, our army and people row the boat of memories, full of creed and determination to defend the nation," read a report in the North's state-run newspaper Rodong Sinmun.
"What surprised the world even more was... our people's solidarity to annihilate the enemy," it said, but without identifying the enemy by name in any of its coverage.
In stark contrast, all six pages of the newspaper last year were filled with colourful criticism of the "US imperialists", blaming Americans for "a holocaust in which they massacred countless Koreans in the most brutal and barbarous way".
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Read more:
Trump says North Korea still an 'extraordinary threat'
North and South Korea agree on family reunions
Kim Jong-un hails 'unity' with China in new visit
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More virulent forms of anti-US propaganda have been disappearing from the streets of Pyongyang, while images of missile launches and military formations on a prominent site outside the city train station have been replaced with visuals of industry and agriculture.
Analysts say the rare omission of the US in North Korean media coverage of the anniversary may be part of the regime's efforts to maintain the current diplomatic momentum.
"It's remarkable," said Peter Ward, a North Korea researcher at Seoul National University. "On this day of all days, it's nowhere to be found."
"North Korean anti-Americanism may have popular roots (nourished by decades of agitprop), but what we see is what the state wants us to," he said.
Across the border at a war anniversary ceremony in Seoul, Prime Minister Lee acknowledged that the conflict began "due to North Korea's invasion".
But he noted the diplomatic rapprochement on the peninsula, with two inter-Korean summits preceding the meeting in Singapore – after which Mr Trump announced the suspension of joint military exercises with the South, the US's security ally.
In Singapore, Mr Kim and Mr Trump signed a joint statement in which Pyongyang committed to "work toward complete denuclearisation of the Korean Peninsula".
But critics have said the encounter between the two mercurial leaders was more style than substance, producing a document short on details about the key issue of the North's atomic weapons.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Poacher
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Getting%20there%20
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs
Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
COMPANY%20PROFILE
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Palestine and Israel - live updates
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
BLACKBERRY
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Company%20Profile
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Company%20Profile
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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.”
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
