Tag: South Korea

This just shows that Iran’s hostage taking works:

 South Korea is finalizing talks with the United States about using some of Iran’s money frozen in Seoul under U.S. sanctions to pay Tehran’s U.N. dues in arrears, a foreign ministry official said Wednesday. 

Such progress in the talks for solutions to unblock the Iranian assets in South Korea appears to have affected Tehran’s decision to release most of the crew members of a seized South Korean oil tanker, according to the official. 

On Tuesday, Tehran said its judiciary gave permission to free the sailors, except for the captain, from the MT Hankuk Chemi that has been seized by the Islamic Revolution Guards Corps since Jan. 4 over allegedly polluting the ocean. Twenty sailors were aboard the ship, including five South Koreans. 

Despite the Iranian government’s denial, speculation has mounted that the ship seizure might be related to Tehran’s discontent over its US$7 billion locked in South Korean banks due to U.S. sanctions.

Yonhap

You can read more at the link, but if you are a South Korean citizen traveling in areas with authoritarian regimes just remember you are a prime hostage target.

It is amazing that a retail U.S. video game company GameStop could have a major effect on the South Korean economy, but it has:

Yet, despite media hype about imminent bankruptcies of short-selling hedge funds and the historic win of small investors against Goliath hedge funds, statistics by S3 quoted in a recent CNBC report showed that most short-selling positions held by hedge funds are still intact, holding onto their bearish perspective on the stock’s future. 

A swarm of retail investors gathered on social media ― through Reddit’s WallStreetBets and Twitter messages ― expressed their anger over the unlevel playing field as evidenced by Robinhood and other U.S. brokerage firms’ unexpected suspension of the stock’s trading during the last two trading sessions last week. 

While U.S. regulators and politicians announced their plans for investigation and hearings on the matter, whatever will be the final result of the battle ― plunge of the stock price or short sellers’ major losses from a possible short squeeze ― one thing for sure is that now could be the start of a watershed moment.  (………..)

There was a massive selloff of Korean stocks in the KOSPI index at Friday’s session, net-selling 1.4 trillion won ($1.25 billion) worth of stocks, dragging down the nation’s benchmark index. 

“At this point, it’s very hard to predict how this event will turn out, as no one can be sure about future directions by countless retail investors on a global scale and numerous hedge funds’ moves as well,” Lee Hyo-seok, an analyst at SK Securities, told The Korea Times. 

“One thing for sure is that the market volatility is bound to increase for the time being; some say this would bring a major financial crisis, but as of now their assertion lacks substantial or concrete evidence at all. Thus at this point, we can only say the market uncertainty is growing,” the analyst said cautiously, adding that foreign money hasn’t yet escaped from ETFs following the Korean indexes. 

Other stock market researchers say while it’s too early to say whether the bubble will soon pop, investors’ investment sentiment preferring risky assets will be somewhat wavered. Some market experts say concerns about the increased volatility would bring financial authorities’ earlier tapering measures, which could add more volatility in the end.

Korea Times

You can read more at the link, but the GameStop saga has really exposed how the hedgefunds have gamed the financial system and it will be interesting to see how this unfolds.

It is ironic that the Korean left that used a dubious tablet PC to take down the last Presidential administration is claiming these reactor papers are all lies by the political opposition:

The ruling bloc is going all out to defend itself against escalating suspicions that the Moon Jae-in administration attempted to initiate the construction of a nuclear power plant in North Korea in 2018. 

Cheong Wa Dae and the ruling Democratic Party of Korea (DPK) are lashing out at the main opposition People Party of Korea (PPP) for raising the allegations ahead of the April 7 mayoral by-elections for Seoul and Busan, claiming it was re-engaging in the politics of “northern winds” often used by conservatives during election season.

President Moon called on the political circle to refrain from outdated political wrangling, in response to the rising calls from the opposition to clarify exactly whether there was any mention of a nuclear plant building project during his summit with North Korean leader Kim Jong-un at Panmunjeom in April 2018. 

“At a time when the people are already struggling (from the coronavirus pandemic), we should not instigate conflict and make politics regress through outdated tactics. I urge the political circle to find better ways to cooperate in improving the peoples’ lives,” Moon said during a meeting with senior aides at Cheong Wa Dae, Monday.

Korea Times

The Moon administration is even threatening to take legal action against people criticizing the administration because of the reactor papers. We know this administration has a long track record of jailing journalists and now they may even try and jail a politician:

The presidential office said it would consider taking legal action immediately after PPP interim leader Kim Chong-in remarked Jan. 29 that the ruling bloc’s actions were “benefiting the North” when he first raised the suspicion about the nuclear power plant project. “It is a reckless political offensive meant to delude the people,” a senior presidential aide said Monday.

You can read more at the link.

Here is the latest on South Korea’s never-ending sex doll controversy:

A recent court ruling in favor of importing life-size sex dolls has reignited heated debate here over its possible effects on society.

While importers and supporters say sex dolls should be treated the same as other sex toys on shelves, opponents say the dolls constitute the objectification of women.

Earlier this month, the Seoul Administrative Court overturned a January 2020 decision by the customs office at Gimpo International Airport to ban the importation of life-size real doll products. The office said the dolls would harm public morals, but the court said the toys are for personal use and do not corrupt morals.

Controversy over sex dolls erupted in June 2019 when the Supreme Court ruled in favor of another doll importer that sued the government customs agency for blocking their imports. The top court stated that the government should not interfere with people’s private lives, and using sex dolls was part of that. The customs authorities then allowed imports by the specific company that filed the suit, but have banned those of other companies.

Korea Times

You can read more at the link.

I am assuming the Japanese government is not appealing the ruling because they don’t recognize it in the first place:

The Japanese government will not appeal a Seoul court order to compensate South Korean women who were forced to work in military brothels during World War II, its foreign minister said Friday.

Toshimitsu Motegi made the remarks hours before a midnight deadline to file an appeal against the landmark ruling, which rekindled diplomatic tensions between the two neighbors. 

On Jan. 8, the Seoul Central District Court ordered Tokyo to pay financial reparations of 100 million won (US$91,300) each to 12 so-called comfort women, in the country’s first ruling of its kind.

The ruling will be finalized at 12 a.m. Saturday if the defendant, the Japanese government, does not appeal by then. 

During a press conference, Motegi also said that he would like to reiterate his government’s position on the issue, once the ruling is confirmed, without giving more details.

Tokyo has maintained that the case should be dropped based on state immunity, a legal doctrine that allows a state to be immune from a civil suit in foreign courts. 

But the Seoul court dismissed the claim, saying it should not apply to “systematic crimes against humanity” and war crimes.

Yonhap

You can read more at the link, but using this logic from the Korean courts, should the American government assist Native-American tribes with suing colonial powers in North America like the British and Spanish for “systemic crimes against humanity” that occurred to them?

It looks like President Moon stepped into an unforced controversy with some remarks he recently made:

A coalition of adoptive parents and adoption activists slammed President Moon Jae-in Tuesday for remarks about allowing people to swap their adopted children if they fail to get along, saying they could discourage people thinking about adopting.  

In a press conference held near the National Assembly in Yeouido, western Seoul, representatives of the group, whose name roughly translates as the National Adoptive Families’ Coalition, also criticized the Blue House’s follow-up explanation of Moon’s remarks, calling it a “secondary attack” on adoptive parents-to-be.  

The controversy began Monday as Moon was taking questions from Blue House correspondents in a New Year’s press conference. At one point, the topic turned to the October death of Jeong-in, a 16-month-old toddler who allegedly suffered physical abuse from her adoptive mother.  

The case caught public attention only recently after a local broadcaster aired an investigative report on it.  

“It is heartbreaking to hear about the deaths of young children abused at home, and I agree that the country has to address the issue full on,” Moon said Monday during the press conference. “We have to come up with a system that will be able to detect earlier on signs that the children are being abused at home, and then separate the children from their parents once these signs are detected.”  

Then came the contentious statements.  

“There should be thorough research beforehand to find out if the parents are fit to adopt children […] and even after the adoption, the family should be checked on to see if the adoption is working out,” he said. “If it is not, then there should be measures to cancel the adoption. […] If the problem is that the parents don’t get along with the children, then they should be able to find ways to make it work, such as changing the adopted child.” 

Joong Ang Ilbo

You can read more at the link, but the Moon administration is in damage control right now and are already walking back President Moon’s comments.

Major conglomerates in South Korea are ready to push back against the ruling party’s attempt to make them give up profits to other companies not making profits. It is going to be interesting to see how this plays out:

The move is sparking backlash from large business owners, with major companies claiming the measures are only implemented in socialist or communist countries. Companies have also been criticizing the proposal over the lack of guidelines determining on which level a company is deemed profitable.

The ruling party has stressed that the profit-sharing scheme would not be compulsory and that each company’s voluntary participation would be encouraged through various incentives. However, business insiders believe the government will continue to pressure firms to take part in the initiatives.

“The government says it is voluntary but will continue to pressure firms to take part in the profit-sharing scheme,” an industry official said. “The Moon Jae-in administration has restrained companies with dozens of new regulations that severely impact business operations. This administration has pressured companies financially much more than other previous governments.”

Dozens of corporations including Samsung Electronics, LG Electronics, Kakao and Woowa Brothers are expected to be subject to the scheme as they have been able secure large profits amid the prolonged pandemic.

Korea Times

You can read more at the link, but it is the responsibility of the government that shutdown companies like restaurants and bars to subsidize them through tax money, not other private businesses.

Some more cold and snowy weather is coming to the peninsula:

Most of Korea is expected to see some 3 to 10 centimeters (1.2 to 3.9 inches) of heavy snow by Monday morning, the weather agency said, sparking concerns of rush-hour mayhem.  
   
The Korea Meteorological Administration (KMA) said early Sunday afternoon that snow was expected to fall across most parts of the country from around 6 p.m. due to snow clouds formed in the Yellow Sea and blown over the country by westerly winds. Snow will slowly ease off toward midnight, only to pick up again on Monday morning.   

Joong Ang Ilbo

You can read more at the link.

It would be great if this veteran is able to find her mother’s siblings to let them know of the dire health she is in:

Air Force veteran Isabelle Hyon DuCharme knew it would be a long shot.

The Salt Lake City, Utah, resident had spent several years attempting to reconnect her mother, Hyon Chu DuCharme, with the sister and two brothers she left behind in South Korea.

Hyon Chu had maintained regular contact with her siblings since immigrating to the United States in 1989, speaking to them often over the phone. However, when the DuCharmes’ home was foreclosed upon in the early 2010s, the family lost not only their phone number, but many of their possessions — including the address book containing the contact information of Hyon Chu’s relatives.

Stars & Stripes

You can read the rest at the link, but her mother, who’s maiden name is Hwang Hyon-chu was seriously injured in a car accident and then contracted the coronavirus at the hospital. She is now on a ventilator and in a dire condition. If anyone knows how to contact her siblings Isabelle can be contacted through her Twitter page.