South Korea just posted the longest streak of unemployment at 4% or above in almost 20 years. This raises worries higher unemployment may be a new normal for the country that is facing headwinds in exports worldwide. pic.twitter.com/u09oiYAuVe
— Sam Kim 김혜성 (@samkimasia) July 10, 2019
As I have always said, people should not be visiting or investing in North Korea and helping to fund the Kim regime. Mr. Sigley has found this out the hard way:
Saying that he was “very sad” that he would be unable to complete his master’s degree at Kim Il Sung University, Sigley added on social media that he wants to continue academic work on North Korea, but that he wouldn’t be visiting the country any time soon. NK News, the outlet that KCNA accused Sigley of spying for, said in a statement that Sigley’s six articles between January and April 2019 were the extent of his relationship with the website and that “‘anti-state’ in nature is a misrepresentation which we reject.”
It is unknown what content in Sigley’s pieces irked officials in Pyongyang, given that he tried to dispel negative preconceptions about the country among foreigners in some of his articles. Sigley also ran a tour company he founded for foreigners in North Korea called Tongil Tours, which he said would be canceling all further trips until further notice.
“I may never again walk the streets of Pyongyang, a city that holds a very special place in my heart,” he wrote.
Joong Ang Ilbo
You can read more at the link, but fortunately he was not held very long, made to do forced labor, or tortured like what has happened to other detainees.
There is so much irony here when President Moon calls the Japanese trade restrictions “politically motivated”. Wasn’t the Moon administration’s attacks on Japan cancelling the comfort women agreement and threatening to confiscate assets of Japanese companies politically motivated?:
President Moon Jae-in on Wednesday ratcheted up the pressure on Japan to stop heading toward a “dead end” with “politically motivated” export restrictions against South Korea.
Speaking at a meeting with dozens of local business leaders at Cheong Wa Dae in Seoul, he stressed that the government is doing its best for a diplomatic resolution to the problem.
“I hope the Japanese government will respond to it,” Moon said. “I hope it will no longer go toward a dead end.”
He pointed out that Japan has taken the measure to damage the South Korean economy for political purposes, even groundlessly connecting it with sanctions on North Korea.
The move is “never desirable” for friendly ties and security cooperation between the two nations and is harmful to their economies and the global economy, Moon added.
He made it clear that his administration will push for international cooperation to cope with Japan’s action, while preparing for every possibility, such as a drawn-out bilateral trade standoff.
Yonhap
You can read more at the link.
Just another example of what happens when tax rates get too high, the tax payers begin to leave:
Wealthy Koreans are migrating in increasing numbers to other countries because of the unstable economy and high tax rates at home.
Countries like the United States and Singapore are especially popular as immigration destinations because of their stable economies, lower tax rates and good education.
A wide range of people, from families with children to people in their 70s, were paying close attention to a seminar on investor immigration visas for the United States at the JW Marriott in Seocho District, southern Seoul, on June 15.
The attendees had their eyes on the Immigrant Investor Program, where people would invest around $500,000 to create jobs in the United States and receive an EB-5 visa in return. To qualify for the visa, people will need to make an investment in a commercial enterprise in the United States and plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers.
The U.S. Citizenship and Immigration Services administer the EB-5 Program. When issued an EB-5 visa through the program, entrepreneurs, their spouses as well as unmarried children under 21 are eligible to apply for a green card, which grants them permanent residence in the United States.
The number of Koreans issued an EB-5 visa in 2018 was 531, according to the U.S. Department of State. That is an increase of 336 people compared to 2017. Korea is in fourth place, following China, Vietnam and India, by the number of people receiving visas through the Immigrant Investor Program.
Joong Ang Ilbo
You can read more at the link, but this is what legal immigration looks like that Americans should support.
LOL! Seoul City recently placed 80 (130 says JTBC) massive tree pots in Seoul's Gwanghwamun to block Park Geun-hye lovers from installing "release her from jail" tents.
— Raphael Rashid (@koryodynasty) July 6, 2019
Today: PGH lovers install tents in Gwanghwamun spots "where there were no trees".
🤣🤦♂️https://t.co/E2iZQQ5DL9 pic.twitter.com/cvSRBFE0Yk
This is going to be a lot of businesses going under in the next six months if the Japanese trade restrictions are not lifted:
The Korea Federation of Mid-sized and Small Manufacturers said Tuesday that 60 percent of medium and small-sized firms(SME) in South Korea affected by Japan’s export controls will not be able to endure the restrictions after six months.
The federation announced the results of a survey it held on 269 SMEs in the semiconductor sector following Tokyo’s export control announcement last week.
Fifty-nine percent of surveyed firms said they will only be able to withstand the export restrictions for a maximum of six months.
KBS World Radio
You can read more at the link, but it is pretty clear that the trade restrictions were carefully crafted to put massive pressure on the Moon administration in the short term to abide by past agreements resolving Imperial Japanese era abuses.
Japanese Prime Minister Shinzo Abe is really increasing his criticism of the Moon administration:
Japanese Prime Minister Shinzo Abe on Sunday linked Tokyo’s economic retaliatory measures against Seoul with the implementation of North Korea sanctions – underscoring a lack of “trust” in South Korea.
Abe appeared to be sidestepping the real reason for his government’s restrictions on industrial exports to Korea – court rulings against Japanese companies found guilty of forcing Koreans to work for them during World War II – and suggesting an overarching problem with trust in Seoul that extends to security concerns.
One suggestion is that high-tech products made with Japanese materials may be making their way to North Korea.
Speaking on a televised debate ahead of upper house elections on Fuji TV, Abe said that South Korea “claims that it is abiding by sanctions on North Korea” and is also following the Wassenaar Arrangement, the first multilateral export control regime for conventional weapons and sensitive dual-use goods and technologies.
Abe went on to suggest that Seoul is not capable of fulfilling its commitment to implement sanctions on the North because it “clearly does not keep its promises and abide by the claims agreement between two countries” and “obviously will not properly abide by trade regulations.”
On the matter of his government’s new restrictions on exports of key industrial materials to Korea, Abe said that there was an “occurrence of an inappropriate matter,” and added, “you can’t trust what they say.”
Japan on Thursday implemented export restrictions to Korea on three key materials – fluorinated polyimide, hydrogen fluoride and photoresists – needed in the production of semiconductors and smartphones.
Joong Ang Ilbo
You can read more at the link.
Here is an excerpt from a joint statement put out by former senior officials of the Korean Foreign Service that was translated by Dr. Tara O:
With massive economic, financial, and technological assistance from our staunch allies, including the United States and Japan, Korea was not only able to quickly rebuild its economy, but concentrate on developing key sectors, such as heavy industry, petrochemicals, construction, shipbuilding, automobiles, and the electronics industry, including semiconductors, to become one of the world’s leading industrial and trade powerhouses.
Strenuously ignoring this proud history of its foundation and the development of the Republic of Korea, President Moon Jae-in continues to threaten the Republic of Korea-U.S. alliance, which has served as the cornerstone of our nation’s development.
The close ties between our two nations is under assault from several fronts, including the transfer of wartime operational control between Korea and the U.S., a lukewarm response to the deployment of THAAD on the peninsula, refusal to take part in the U.S.-led missile defense system, and vacillation over participating in a Korea-U.S.-Japan partnership.
In its foreign policy towards Japan, the Moon administration has adopted the anachronistic stance of treating Japan as if it were still yesterday’s imperialist power, instead of one of today’s important defenders of free democracy and a member of the G7 countries. The Moon administration continuously provokes Japan over emotionally-charged disputes regarding the misfortunes in the history of the two countries, and thereby not only harming our national interests, but earning the reproach of the international community.
Overly conscious of China, the Moon administration has adopted a recalcitrant attitude towards the Korea-U.S. defense partnership, making promises contrary to the Korea-U.S.-Japan alliance and taking an almost servile attitudes towards China, with little regard to our national sovereignty.
On the other hand, the administration is relentlessly extending unrealistic reconciliatory gestures towards North Korea, the very party that has threatened our national foundation and subsequent stable and peaceful economic development.
East Asia Research Center
You can read more at the link.
