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Parliament passes Korea-U.S. FTA

PoliticsNov 22, 2011

GNP railroads ratification bill; opposition declares approval invalid, vows struggleThe National Assembly on Tuesday passed the long-pending Korea-U.S. free trade agreement, with the ruling Grand National Party pressing ahead with the ratification process despite vehement objection from opposition parties.Upbraiding the majority GNP and the government for “unilateral action,” the main opposition Democratic Party pledged to stage an “all-out struggle” to invalidate the pact, part of which it clai
DLP lawmarker fills chamber with tear gas in protest against FTA

PoliticsNov 22, 2011

The National Assembly passed the free trade agreement with the U.S. Tuesday as the main hall descended into chaos reminiscent of a protest movement, complete with tear gas. The long and tumultuous journey for the Korea-U.S. FTA came to an end after the ruling Grand National Party spearheaded the pact through parliament despite inhaling tear gas released when an opposition lawmaker detonated a grenade. At 4:05 p.m., roughly five minutes after an abrupt plenary session by ruling party members bega
‘Poison pills’ linger despite FTA passage

PoliticsNov 22, 2011

Despite the National Assembly’s approval of the Korea-U.S. free trade agreement, controversy over so-called “poison pills” in the FTA is expected to linger, observers said.Opposition party members, civic groups and critics have repeatedly demanded the Korean government renegotiate with the U.S. to remove the Investor-State Dispute settlement system from the FTA, but the deal passed without any change.ISD systemCritics say the ISD system allows a large-sized, multinational investment capital or c
Korea-U.S. FTA reaches end of convoluted road

PoliticsNov 22, 2011

The Korea-U.S. Free Trade Agreement was approved by Korea’s National Assembly on Tuesday, putting an end to a tumultuous process that dragged on for more than four years.The path leading to Tuesday’s development began in 2003, when the government drew up an FTA roadmap that included forming such pacts with mega-economies like the U.S.In the following year the concept became a working process with the Office of the U.S. Trade Representative expressing interest in forming a free trade pact with Ko
FTA passage heightens political tension

PoliticsNov 22, 2011

DP decides to boycott all parliamentary sessions, fight back ratificationThe inter-party conflicts over the long-pending free trade pact peaked as the ruling Grand National Party enforced the trade bill in a surprise plenary session Tuesday, triggering heated backlash from the opposition camp and also from some of its own members.“From now on, the DP shall suspend all of its parliamentary schedules and focus on fighting back the GNP’s violence and expediency,” said Rep. Kim Yoo-jung, floor spoke
Yu urges China to send N.K. defectors to S. Korea

North KoreaNov 22, 2011

BEIJING (Yonhap News) ― South Korea’s top official in charge of relations with North Korea on Tuesday asked China to quickly send North Korean defectors to South Korea.Tens of thousands of North Korean defectors are believed to be hiding in China, hoping to travel to Thailand or other Southeast Asian countries before resettling in South Korea.Unification Minister Yu Woo-ik sought cooperation from Chinese Foreign Minister Yang Jiechi to ensure that “North Korean defectors can quickly come to Sout
Ex-soldier investigated for spying

North KoreaNov 22, 2011

A former South Korean Army soldier is being investigated for suspicions of espionage.According to the Gyeonggi Provincial Police Agency on Tuesday, the former sergeant first class was arrested on suspicion of passing military secrets to North Korea.Police suspect that the soldier, Kim, 34, whose full name was undisclosed to the media, crossed through Shenyang, northeastern China, into the North and handed over information gathered during and after his military service.The police report found tha
Seven missing after S. Korean cargo ship sinks in South China Sea

Social affairsNov 22, 2011

Hong Kong and Vietnamese rescue workers are scrambling to find survivors after a South Korean cargo ship sank in the South China Sea as a result of apparent high waves, with three South Korean and four Myanmar crew still unaccounted for, Seoul officials said Tuesday.The 15,000-ton bulk carrier was carrying 21 crew when it went down on Monday afternoon while sailing from Malaysia to mainland China. Fourteen crew members, including six South Koreans, were rescued by other commercial ships and resc
‘Denuclearization first, six-party talks later’

North KoreaNov 22, 2011

North Korea should stop its uranium enrichment program and implement denuclearization measures if it wants to resume the stalled six-party talks, a senior U.S. diplomat said Tuesday.“I think that both the Republic of Korea, the United States and our other partners have been very clear on what North Korea must do to be able to have a resumption of the six-party talks,” U.S. Under-Secretary of State for Political Affairs Wendy Sherman told reporters in Seoul after meeting with South Korean Foreign
Panel suggests talks over Geumgang tours

North KoreaNov 22, 2011

A presidential advisory panel on national reunification has recommended to President Lee Myung-bak inter-Korean talks for the resumption of tours to the Mount Geumgang resort in North Korea.The recommendation by the National Unification Advisory Council came as Seoul has softened its hard-line stance toward Pyongyang to improve ties soured by two deadly attacks last year.“Although the North rejected our offer for comprehensive talks on the resumption of the tour program, the possibility at this
Military plans drill to mark Yeonpyeong attack

North KoreaNov 22, 2011

South Korea will hold a military drill in the West Sea on Wednesday, the one-year anniversary of North Korea’s attack on Yeonpyeongdo.In the drill, units including the Northwest Islands Defense Command, Air Force Operations Command and the Navy Operations Command will engage in an exercise simulating last year’s attack under the command of the Joint Chiefs of Staff Chairman General Jung Seung-jo. The exercise will also include simulating the defense of Baengnuyeongdo against a North Korean attem
Yeonpyeong rebuilds, but scars linger

Social affairsNov 22, 2011

Residents step up work to rebuild homes damaged by North Korean artilleryYEONPYEONGDO ― In early November, the northwestern South Korean island of Yeonpyeongdo was bustling. Builders were everywhere reconstructing the village ruined by North Korea’s shelling a year ago on Nov. 23. They were rebuilding ruined housings, air-raid shelters, a public health care center and a monument to the victims of the shelling. Just 3-4 kilometers from the Northern Limit Line separating the two Koreas, people wer
Samsung in final talks for Google TV: president Yoon

TechnologyNov 22, 2011
Hungary seeks IMF, EU financial aid

World BusinessNov 22, 2011

BUDAPEST (AP) ― The International Monetary Fund and the European Union said Monday they were considering a request from Hungary for “precautionary” financial support.With its credit rating just one step from junk status, Hungary announced last week it would seek a “safety net” ― but no new loans ― from international lenders to help support economic growth.IMF chief Christine Lagarde and the European Commission, the EU executive, both issued statements Monday saying that Hungarian authorities had
S&P, Moody’s affirm U.S. ratings

World BusinessNov 22, 2011

Standard & Poor’s and Moody’s Investors Service said they won’t lower ratings on the U.S. after the congressional committee charged with finding $1.5 trillion of deficit cuts failed to reach an agreement. S&P, which stripped the U.S. of its top “AAA” grade on Aug. 5, said Monday that the supercommittee’s inability to reach agreement didn’t merit another downgrade because the inaction will trigger $1.2 trillion in automatic spending cuts. The deliberations were “not decisive,” Moody’s spokesman E