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Showing posts with label South Korea. Show all posts
Showing posts with label South Korea. Show all posts

7/23/20

South Korea enters recession as exports plunge by most since 1963

Asia’s fourth-largest economy shrank by a seasonally adjusted 3.3% in the June quarter from three months earlier, the Bank of Korea said on Thursday. That is the sharpest contraction since the first quarter of 1998 and steeper than a 2.3% fall seen in a Reuters poll.

South Korea joins Japan, Thailand and Singapore in technical recession, defined as two straight quarters of decline, as the pandemic slams Asia’s trade-reliant economies.

Read more at :
South Korea enters recession as exports plunge by most since 1963 - Reuters

2/21/20

The Oscars: US President Donald Trump takes a dig at Oscar wins for Parasite, Brad Pitt-

At a campaign rally in Colorado, US President Donald Trump slammed the Oscars for giving the best picture award to the South Korean film, Parasite, and also took aim at Brad Pitt.

"By the way, how bad were the Academy Awards this year?" Trump asked the crowd at the rally on Thursday.

"And the winner is... a movie from South Korea! What the hell was that all about? We've got enough problems with South Korea, with trade. On top of it, they give them the best movie of the year! Was it good? I don't know. Let's get Gone with the Wind back please. Sunset Boulevard. So many great movies," he added.

"I thought it was the best foreign film, right?" he asked in reference to the best international feature film category, which Parasite also won.

Parasite made history by being the first foreign-language movie to win the Oscar for best film.

The response of the film's US distributor, Neon, came a few minutes later on Twitter.
"Understandable, he can't read," it said, accompanying a clip of the President's rant.

Trump also criticised the Oscars' for awarding Pitt for Best Supporting actor. "And then you have Brad Pitt, I was never a big fan of his," he said.

"He got up, said a small wise guy statement. Little wise guy. He's a little wise guy," said the President about a speech in which the actor said the time he had been given to talk was longer than former White House national security adviser John Bolton was given when he offered to testify at Trump's impeachment trial.

The president also lashed out at teenage climate activist Greta Thunberg, TIME magazine's 2019 person of the year. "This year I got beaten out by Greta - you know Greta?" he asked.

"Last year I got beaten out - I've won it, but when the world revolves around all of us, we should be chosen... I mean, we've won it. But we should win it every single year."

Read more at: US President Donald Trump takes a dig at Oscar wins for Parasite, Brad Pitt- Cinema express

6/12/18

South Korea: Trump-Kim summit: South Koreans wary of losing US defense assurance

More important for South Korea were President Trump's statements during an hour-long press conference, in which he said that the US would be stopping joint military maneuvers with South Korea, as long as the talks with Pyongyang are ongoing.

For the North, this provides an incentive for the communication process to continue. Additionally, Kim promised to close another rocket testing facility. But for the South, an important defensive posture may be compromised.

Read more: Trump-Kim summit: South Koreans wary of losing US defense assurance | Asia| An in-depth look at news from across the continent | DW | 12.06.2018

4/29/18

North Korea US negotiations: Could Trump Win The Nobel Peace Prize? Peace in Korean Peninsula Would Be Significant Foreign Policy Achievement

With the unthinkable now cautiously possible, peace between North and South Korea, speculation about President Donald Trump becoming a Nobel Peace Prize winner has begun. If peace in the Korean Peninsula truly happens, the Nobel committee could be left with a difficult choice regarding Trump’s candidacy.

Recognizing those who helped bring peace to the region would seem like an easy choice, but a decision to give Trump the award could force the Nobel Prize committee into a fierce political debate on whether a man who has openly mocked foreign leaders, launched multiple airstrikes and has threatened war, deserves an award for peace.

But, if the reconciliation happens, how could Trump’s apparent achievement not be recognized? Donald Trump Jr. said regardless of what unfolds, his father won’t get the credit. “Remember who decides this stuff,” he tweeted. “... The globalist elite would never give him that win.”

Note EU-Digest: Let us not go overboard or jump to conclusions on this one. The meeting between the US and North Korean leaders has not had taken place yet, and "one meeting is a step in the right direction, but does not mean peace has been achieved". Regardless, the person who should get the Nobel Peace Prize for his efforts is really the PM of South Korea, Lee Nak-yeo, who organized this upcoming meeting meeting and already held a meeting with the North Korean leader.

Read more: Could Trump Win The Nobel Peace Prize? Peace in Korean Peninsula Would Be Significant Foreign Policy Achievement

2/23/18

Winter Olympics South Korea: Medal standings another way to look down on America say the Canadians - by Rosie DiManno

Rise and shine Canada: You’ve had a better Olympic Games than the U-S-of-A.

Which hasn’t happened since Nagano in 1998.

Listen, I don’t want to kick America when it’s down. They’re doing a fine job kicking themselves — at least that part of the population with two brain cells to rub together — ever since that whole presidential election thing.

Prime Minister Justin Trudeau and his family may have made fools of themselves in India this past week, going all Bollywood fashionisti with the saris and the sherwanis. (In Trudeau-World, shouldn’t that be considered cultural appropriation?) But at least no ex Playboy Playmate (I) or porn actress (II) has made claims of an extra-marital leg-over with selfie T-Boy while Sophie was at home nursing the Trudeau spawn. Like you-know-who. Nor has any dossier surfaced alleging golden showers whilst trysting with prostitutes in Moscow.

No, I wouldn’t trade Trudeau for Trump for all the fracking profits in the world. Or all the treasure in the NRA war chest.

More to the point, I wouldn’t swap a single Canadian Olympian for a single American Olympian, even the U.S. women who kicked Canada’s butt in the gold-medal hockey game — they really did deserve to win and would doubtless have done so even without the stupid shootout deciding it — and the U.S. curlers who laid a lickin’ on the Canadian men, out-hosing the hosers in a sport which, while we may not have invented it, we’ve certainly appropriated. (There’s that word again.)

I liked curling a lot better, in my short (ruinous) stint as the Star’s curling writer, when you could smoke and drink beer on the ice.

America has never actually been the colossus of the Winter Games. That distinction belongs to Norway, probably always will, and couldn’t happen to a nicer country. I’ve always said they should have left the cold Games in pretty-as-a-picture Lillehammer permanently. Last Winter Olympics I can recall which actually had snow all over, rather than just up in the mountainous heights, what we now designate as “clusters”. Well, a cluster-yuck I’d call it, these dueling biospheres of competition, segregating skiers from skaters and sliders from pucksters.

But I digress, which is what NBC has been doing over the past fortnight, every time another ballyhooed American comes a cropper.

While Canada is enjoying its most successful Winter Olympics ever, third on the medal tote-board behind Norway and Germany — 10 gold, 8 silver, 9 bronze — at 27 as of Friday night here, surpassing Vancouver 2010, the U.S. was on pace for its worst performance since 1998, with 8 gold, 7 silver and 6 bronze.

You’re Number 4! You’re Number 4!

There was a good likelihood our neighbours to the south would collect a fistful of hardware on Saturday, with Alpine events, the gold-medal curling match versus Sweden and a full menu of slalom and big air snowboarding. But Canada is no big air slouch and the Yanks won’t catch up. Although we’ve apparently forgotten how to play hockey, dusted 4-3 by the Germans on Friday night. Teutons? Eishockey? Yeah, no NHLers — Gary Bettman, you’re a dink — but surely our bush-leaguers should be better than their bush-leaguers.

If the sun is setting on the American Empire, the evidence can be ascertained here, at the XXIII Winter Olympics.

One can go from venue to venue scarcely hearing a refrain of USA! USA! USA! And a fine thing too because the world is a better place without that in-your-ear mantra.

Oh the hand-wringing, south of the 49th Parallel, though I doubt they’ll be launching a congressional investigation. Too many of those already, with more serious subjects under investigation. Quite a few commentators and pundits have taken a run at it, though, suggesting two fundamental reasons behind the lacklustre showing: Underperforming superstars and a slew of pencilled-in medallists who’ve finished just off the podium, in the dreaded No. 4 spot.

Teenage figure skating sensation Nathan Chen was a bust, his six quads in the free program notwithstanding. Lights-out with nothing to lose doesn’t become anybody; just means you turtled when the pressure was on. There was a nice bronze by the sh-boom Shibutani Siblings in ice dance but, in Friday’s ladies final, worst historical outcome ever: ninth, 10th, 11th. A bronze in the team event last week, to Canada’s gold, but we won’t even pretend that this Jerry-rigged-come-lately is a real discipline.

Mikaela Shiffrin was supposed to be the star of these Games, had planned to compete — and medal — in five disciplines of Alpine skiing. But after blazing to a golden start, winning giant slalom, the not-yet-23-year-old didn’t make the podium at all in slalom, considered her best event, dropped out of the super G and downhill, and copped silver in the Alpine combined. A glittery accomplishment, gold and silver, but the Americans, they want medals galore, Godzillian athletes a la Michael Phelps. So somehow Shiffrin gets knocked down to a quasi-flop, just like Lindsey Vonn with her single bronze.

Maybe they just don’t appreciate what they’ve got. Shaun White made history, capturing his third Winter Olympics gold in halfpipe, but was practically run out of the country with media regurgitating a two-year-old sexual impropriety allegation which was settled out of court in 2017. Amidst the #MeToo phenomenon, his heroics on a snowboard are tarnished. So, a gold for the medal tally but the cheering was muted.

Zero medals in speed skating, where once they were giants. Zilch in bobsled, though that could change on Sunday. Ousted by the Czech Republic in a men’s hockey quarter-final.

Honestly, I have no axe to grind with the U.S. I love America, even in its darkest moments. I’ve never suffered from an inferiority complex about our neighbours but likewise reject the superiority complex that Canadians often evince, as if we’re somehow morally mightier.

What I don’t like is a mewling, diminished U.S., which isn’t good for the planet and doesn’t much glorify the Olympics either.

Actually, I take back what I said earlier, about having no envious interest in American athletes.

Give us the divine Adam Rippon. We’ll give you, uh, Don Cherry.

Read moreMedal standings another way to look down on America | Toronto Star

2/10/18

Korea: Pence upstaged by 2 Koreas' efforts to warm ties

Vice President Mike Pence's efforts to keep North Korea from stealing the show at the Winter Olympics proved to be short-lived, quickly drowned out by the images of the two Koreas marching and competing together, as the South appeared to look favorably on warming ties on the Korean Peninsula.

Pence spent the days leading up to the games warning that the North was trying to "hijack the message and imagery of the Olympic Games" with its "propaganda." But the North was still welcomed with open arms to what South Korean President Moon Jae-in called "Olympic games of peace" and the U.S. appeared to be the one left out in the cold.

Moon was all smiles Saturday as he greeted Kim Yo Jong, the sister of North Korean dictator Kim Jong Un, and Kim Yong Nam, the country's 90-year-old nominal head of state, for lunch at the presidential residence. Kim Yo Jong offered an invitation from her brother for Moon to visit the North, in the strongest sign yet of an expanding diplomatic opening opposed by the U.S.

Pence said Friday that the U.S. would oppose talks between the two Koreas until the North agreed to open negotiations on ending its nuclear program, and he was silent Saturday on the news of the invitation.

Note EU-Digest: Unfortunately the Trump Administration is not trusted to keep its word anymore around the world .

Read more: Pence upstaged by 2 Koreas' efforts to warm ties

11/4/17

The Trump Tour To Asia: Trump to tour Asia under cloud of a nuclear North Korea

 President Donald Trump paid a solemn visit to the memorial at Pearl Harbor, a sacred journey for a commander-in-chief about to depart on an Asia trip that will be shadowed by fears of another international conflict.

Trump saluted Friday after entering the USS Arizona memorial following a short boat ride with first lady Melania Trump. They approached a wreath of white flowers - a gift from the couple - and watched as two sailors who stood beside it at attention placed the wreath near a wall of names of the fallen.

Trump said not a word about North Korea or its nuclear ambitions on Friday, the eve of his first official visit to Asia. He will arrive in Japan on Sunday morning, the first of five countries he will visit over 11 days as he exhorts Asian allies to increase pressure on Pyongyang to abandon its deadly ambitions.

Hawaii acted as a sort of midway point on Trump's trip halfway around the world. He arrived at Joint Base Pearl Harbor-Hickam Friday after a daylong flight from Washington.

 Read more: Trump to tour Asia under cloud of a nuclear North Korea - France 24

9/21/17

North Korea: South Korea approves aid to North Korea, North calls Trump 'barking dog' - by Christine Kim

South Korea approved a plan on Thursday to send $8 million worth of aid to North Korea, as China warned the crisis on the Korean peninsula was getting more serious by the day and the war of words between Pyongyang and Washington continued.

North Korea’s foreign minister likened U.S. President Donald Trump to a “barking dog” on Thursday, after Trump warned he would “totally destroy” the North if it threatened the United States and its allies. 

Chinese Foreign Minister Wang Yi said the situation on the Korean peninsula was getting more serious by the day and could not be allowed to spin out of control. 

“We call on all parties to be calmer than calm and not let the situation escalate out of control,” Wang said, according to a report from the state-run China News Service on Thursday.

Read more: South Korea approves aid to North Korea, North calls Trump 'barking dog'

5/2/16

Chemical/Pharmaceutical Industry - Britain: Reckitt Benckiser sold deadly sterilisers in South Korea

British-based firm Reckitt Benckiser has admitted for the first time selling a humidifier disinfectant that killed about 100 people in South Korea.

The head of its South Korean division was attacked by angry relatives as he apologized at a Seoul hotel.

Reckitt Benckiser is among several firms whose products are blamed for the deaths.

It has offered compensation to the families of those who died, as well as the hundreds more who were injured.

Reckitt Benckiser withdrew its product from the market after South Korean authorities suggested a link between chemicals to sterilise humidifiers and lung conditions in 2011.

"This is the first time we are accepting the fullest responsibility, and we are offering a complete and full apology. We were late, five years have passed," Ataur Safdar said.

He added that the company was setting up a multi-million dollar humanitarian fund for the victims and their families.

Many are said to be children or pregnant women.

The company, which also makes painkiller Nurofen, was fined last week in Australia for misleading customers.

A court ruled that products marketed as targeting specific pains, such as migraine, were actually identical.

 Background on Reckitt Benckiser
  • Their tagline: "Healthier lives, happier homes"
  • Pre-tax profit (2015): $3.2bn
  • Key products: Dettol, Nurofen, Durex, Cillit Bang, Vanish, Clearasil
  • Founded: 1819-1823 in UK by millers Isaac and Thomas Reckitt, and Johann A Benckiser, industrial chemicals business owner
  • Presence: 60 countries, with 37,000 employees
 Reckitt Benckiser sold deadly sterilisers in South Korea - BBC News

4/5/16

Mexico: "is making business happen with more than triple the free trade agreements than the US"

Randy Avon - Asian Pacific Dev. Corp
The Hon. Randy Avon, CEO of the Asian Pacific Development Corp. noted that the recent arrival of South Korea's President in Mexico, was once again a reminder for businesses around the globe to look closely at the numerous business opportunities that exist in Mexico.

On her arrival in Mexico on April 3, Mrs. Park Geun-Hye vowed to expand the  strategic partnerships between South Korea and Mexico across more diverse fields, including the growing popularity of the Korean cultural wave.
 

Mexico is South Korea’s largest trading partner in Latin America, with their trading volume reaching $14.12 billion in 2014. Government data shows that some 1,600 South Korean companies, including leading conglomerates such as Samsung, LG and POSCO, operate in Mexico.

Mexico has almost TRIPLE the Free Trade Agreements with other countries arod the world than the USA has.

President Park is expected to ask the Mexican government to allow South Korean companies to advance into the energy, transportation and public infrastructure sectors. The leaders will also discuss increasing bilateral cooperation in developing IT and science technologies.

During the meeting with Korean residents, Mrs.  Park wore a “hanbok,” or traditional Korean dress, in red, green and white, the colors of the Mexican flag. 


About 12,000 Koreans currently reside in Mexico.

According to the Korea Foundation, the number of Korean pop fan clubs in Mexico reached 80 last year.

Over 19,000 Mexicans attended a concert performed by South Korean band Big Bang, held at the Arena Ciudad de Mexico in Mexico City last October.

President Park also visited the National Museum of Anthropology and the Korea-Mexico cultural exchange festival.

Many multi-National corporations are looking at Mexico to launch their Latin American operations including those from the EU.  


The EU which is presently in a drive to deepen trade ties with Latin America and the Europeans are not only eager to do business with Cuba, but are also relaunching negotiations with Mercosur and  key talks will  soon to be launched with Mexico and Chile. 

EU-Digest


5/25/13

European Military Aircraft Industry:EADS Offers $2 Billion Investment In South Korea Eurofighter Deal

Eurofighter
EADS is offering a $2 billion investment as it gears up to compete against U.S rivals for a contract to provide 60 advanced fighter planes to South Korea.

This offer is focused on South Korea's KF-X program aimed at developing an indigenous multi-role combat fighter.

 EADS officials announced Thursday that they would invest separately into the South Korean project to develop its own advanced fighter jets, if it is chosen for the combat aircraft contract valued at $7.2 billion.

Read more: EADS Offers $2 Billion Investment In South Korea Eurofighter Deal

4/11/13

North Korea - explosive situation: Missile spotted in 'launch position', United States and South Korean armed forces placed at 'vital alert' Watchcon 2

The United States warned North Korea it was skating a "dangerous line", as South Korea remained on heightened alert for any missile test that could start a whole new cycle of tensions in a region already on a hair-trigger.

G8 foreign ministers meeting in London drove home the message, condemning "in the strongest possible terms" the North's nuclear activities and threats to the region.

Guam has raised its official threat level and tested its emergency alert system after warnings from North Korea identifying the island as a potential missile target, according to news agency AFP.
With a North Korean missile test expected at any time, authorities said the US territory in the western Pacific was on yellow alert, the middle phase of a three-step "traffic light" system comprising green, yellow and red levels.

Seoul has announced it is ready to activate its Patriot PAC2 missile defence system. The statement said the interceptor missiles cannot cover all of South Korea, but will protect everything within its reach. The missile system is deployed around Seoul, and is believed to have a reach of up to 30km.

There are reports that South Korean army officials believe North Korea is in the process of moving its missile launchers on the coast of the Sea of Japan to cause confusion among US, Japanese and South Korean intelligence agencies.

A Japanse official has told NBC News that the missile spotted in a firing posture could be the "Musudan" medium range type.

This missile has a potential range of up to 4000km, placing all of Japan and the United States base on the island of Guam within its reach.

Read more: Missile spotted in 'launch position', United States and South Korean armed forces placed at 'vital alert' Watchcon 2 | News.com.au

3/29/13

North Korea ups ante, putting rockets on standby - Foster Klug

North Korea's Kim Jong Un
North Korean leader Kim Jong Un warned Friday that his rocket forces were ready “to settle accounts with the U.S.,” unleashing a new round of bellicose rhetoric after U.S. nuclear-capable B-2 bombers dropped dummy munitions in joint military drills with South Korea.

Kim’s warning, and the litany of threats that have preceded it, don’t indicate an imminent war. In fact, they’re most likely meant to coerce South Korea into softening its policies, win direct talks and aid from Washington, and strengthen the young leader’s credentials and image at home.

But the threats from North Korea and rising animosity from the rivals that have followed UN sanctions over Pyongyang’s Feb. 12 nuclear test do raise worries of a misjudgment leading to a clash.
Kim “convened an urgent operation meeting” of senior generals just after midnight, signed a rocket preparation plan and ordered his forces on standby to strike the U.S. mainland, South Korea, Guam and Hawaii, state media reported.

Kim said “the time has come to settle accounts with the U.S. imperialists in view of the prevailing situation,” according to a report by the North’s official Korean Central News Agency.

Read more: North Korea ups ante, putting rockets on standby - The Globe and Mail

4/29/12

Credit Cards soon obsolete? Canada leads world in digital wallet tech, so what’s the holdup?

Thousands of Canadian retailers already have equipment in place to let customers pay for purchases with a swipe of their mobile phones, putting the country in the lead in developing a system that could one day make cash obsolete.

All that's needed is an agreement between banks, credit card companies and telecoms, and that appears to be coming soon, promising to transform how Canadians pay for everything from their morning coffee to a tankful of gasoline.

If consumers embrace the system – and that's still a big “if” – clip-and-save coupons, transit passes, library cards and perhaps even driver's licenses could become things of the past.

“It is truly ground-breaking and revolutionary,” said Stephen Gardiner, a managing partner for strategy at Accenture PLC, a consultancy that advises companies on mobile commerce.

Canada is not the first country to try such a project. Phone companies, credit card providers and banks in Britain, Japan and South Korea have tried to set up mobile payment systems, but none have yet lived up to the hype.

For more: Canada leads world in digital wallet tech, so what’s the holdup? - The Globe and Mail

7/1/11

South Korea-EU free trade agreement takes effect - by Kelly Olsen

A landmark free trade agreement between South Korea and the European Union took effect Friday amid expectations of a boost to already booming commerce between the two sides
.
The agreement brings together the 27-member EU, the world's largest economic bloc, and increasingly affluent South Korea, Asia's fourth-largest economy. It is the first such accord for the EU with an Asian country.

South Korean and EU lawmakers ratified the agreement earlier this year with the implementation date set for July 1.

For more: South Korea-EU free trade agreement takes effect - Boston.com

5/5/11

South Korean Lawmakers Ratify EU Trade Pact - by EVAN RAMSTAD

South Korean lawmakers ratified a free-trade agreement with the European Union, the first major step in bringing to force a several-year-old strategy to pull the country's economy out of its outdated ways of protecting local industries.

South Korea is also on the verge of sealing a similar agreement with the U.S., a step that's likely to occur in coming months if the pact wins approval in the U.S. Congress.
Since 2005, South Korea's government has been pursuing more liberalized trade agreements with its major partners in hopes of winning more business for its exporters in other markets and lowering the costs of products and services at home.

For more: South Korean Lawmakers Ratify EU Trade Pact - WSJ.com

11/9/10

G20: US declares financial war on world

There is no possibility of agreement at the upcoming G20 summit because the U.S. is declaring financial war on other countries, believes American economist Michael Hudson. The U.S. has been pushing China to revalue its currency – at a time when Washington has been pumping billions of dollars into its economy – a move viewed by other countries as an attempt to deliberately weaken the greenback.

The issue of exchange rates is expected to be one of the toughest discussion points at the G20 summit in South Korea later this week.

Michael Hudson, a renowned economist and Wall Street financial analyst and advisor, says the meeting in Seoul will not bring an end to global currency wars.

For more: US declares financial war on world - economist - Politics — RT

9/30/10

Airline Industry - Airline cartel including Air France, KLM, Martin Air faces huge EU damages claim - by Nikki Tait and Jane Croft

The largest European claim for damages resulting from cartel behaviour will be launched on Thursday when a writ is served on KLM and Air France.

A group of companies led by Philips of the Netherlands and Ericsson of Sweden will allege they have suffered more than €400m ($545m) of damage as a result of price-fixing by KLM, Martinair and Air France. Lawyers advising the companies, however, say the total sum is likely to top €500m once interest is included.

International competition watchdogs have been investigating a worldwide cartel, based around air freight traffic rates for the past four years. In countries such as South Korea, Australia, Canada and the US, almost two dozen airlines – including KLM, Air France and Martinair – have admitted involvement in illegal activities going back to 2000 and faced substantial financial penalties as a result. Air France and KLM merged in 2004, but retain separate legal identities.

For more: FT.com / Companies / Airlines - Airline cartel faces huge EU damages claim

3/24/09

Forbes.com: South Korea Nears Free Trade Pact With EU - by Tina Wang

For the complete report from Forbes.com click on this link

South Korea Nears Free Trade Pact With EU - by Tina Wang

South Korea is inching closer toward a historic free trade pact with the European Union, which means that the spotlight will be on Barack Obama's administration to figure out what it wants to do with its own stalled trade deal with Seoul. Seoul and the E.U. have worked out a "provisional" agreement to remove most tariffs on bilateral trade over the next five years, both sides' negotiators said Tuesday. A deal would offer some salve for South Korea's export-reliant economy, which is on the verge of its first recession on over a decade, as the E.U. is South Korea's second-largest trading partner and bilateral trade totaled $98.4 billion in 2008.Some details still have to be resolved by the G-20 meeting on April 2 in London, and success is "not guaranteed," the E.U. chief representative Ignacio Garcia Bercero said.