An image of Travis King shown during a news broadcast in South Korea. He has been expelled by North Korea, according to reports. AFP
An image of Travis King shown during a news broadcast in South Korea. He has been expelled by North Korea, according to reports. AFP
An image of Travis King shown during a news broadcast in South Korea. He has been expelled by North Korea, according to reports. AFP
An image of Travis King shown during a news broadcast in South Korea. He has been expelled by North Korea, according to reports. AFP

Travis King: US soldier back in American custody


Willy Lowry
  • English
  • Arabic

US soldier Travis King is back in American custody after North Korea announced it had chosen to expel him, a US official said.

North Korea's state agency reported earlier on Wednesday that it had “decided to expel Travis King, a soldier of the US Army who illegally intruded into the territory of the DPRK [Democratic People's Republic of Korea], under the law of the Republic”.

Travis King confessed that he illegally intruded into the territory of the DPRK as he harboured ill feeling against inhuman maltreatment and racial discrimination within the US Army and was disillusioned about the unequal US society,” KCNA reported.

North Korea has previously said Pvt King was “disillusioned about the unequal US society” but Washington at the time could not verify those remarks were his.

Washington had been working “multiple” diplomatic channels to try to secure Pvt King's release, a senior administration official said.

“We have been engaged in intense diplomacy since Pvt King entered the DPRK and we have made every effort and used every available diplomatic channel to urge the DPRK to release Pvt King, and allow him to return home,” the official said.

The soldier, who was born in 2000, was transferred from North Korea to China, where he was met by US officials, adding another layer to the complex operation.

He “was transferred out of the DPRK across the DPRK border with the PRC [People's Republic of China], the PRC played a role in facilitating that transfer, but did not play another mediating role in these events,” the official added.

Sweden served as interlocutor throughout the process.

"We thank the government of Sweden for its diplomatic role serving as the protecting power for the United States in the DPRK and the government of the People’s Republic of China for its assistance in facilitating the transit of Pvt King," White House National Security Advisor Jake Sullivan said in a statement.

Before he crossed the North Korean border, Pvt King had been in a South Korean jail for about two months on assault charges. Before his scheduled return to the US to face disciplinary proceedings, he joined a border tour group after going through airport security.

While on the tour on July 18, he dashed across the Joint Security Area, which separates South and North Korea.

Administration officials would not comment on whether Pvt King would be facing disciplinary charges upon his return home, stressing that the solider was “very much looking forward to being reunited with his family”.

Results:

6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)

7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed

7.40pm: Handicap (T) $145,000 1,000m | Winner: Faatinah, Jim Crowley, David Hayes

8.15pm: Dubawi Stakes Group 3 (D) $200,000 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar

8.50pm: Singspiel Stakes Group 3 (T) $200,000 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor

9.25pm: Handicap (T) $175,000 1,400m​​​ | Winner: Another Batt, Connor Beasley, George Scott

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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.”

Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

Profile

Company name: Jaib

Started: January 2018

Co-founders: Fouad Jeryes and Sinan Taifour

Based: Jordan

Sector: FinTech

Total transactions: over $800,000 since January, 2018

Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups

Drivers’ championship standings after Singapore:

1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68

FA Cup fifth round draw

Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal 

Scores in brief:

Day 1

New Zealand (1st innings) 153 all out (66.3 overs) - Williamson 63, Nicholls 28, Yasir 3-54, Haris 2-11, Abbas 2-13, Hasan 2-38

Pakistan (1st innings) 59-2 (23 overs)

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

Updated: September 28, 2023, 7:15 AM