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Saturday, March 10, 2012

IMF to propose 28 bn euro loan for Greece

WASHINGTON (AFP) - The International Monetary Fund plans to offer a new loan for Greece worth 28 billion euros ($36.7 billion) as part of the country's second bailout package, IMF chief Christine Lagarde said Friday.

"Today I have consulted with the IMF's Executive Board and on that basis, as discussed with the Greek government, I intend to recommend a 28 billion euro arrangement under the Fund's Extended Fund Facility (EFF) to support Greece's ambitious economic program over the next four years," she said in a statement.

The figure, much higher than expected, came after Greece garnered strong support from private creditors for a massive 107 billion euro writedown of its debt -- a key part of the 237 billion euro bailout package designed by the European Union last month.

"I welcome the cooperation of the private sector in participating in the debt exchange offer by the Greek authorities," Lagarde said.

"This is an important step that will dramatically reduce Greece's medium-term financing needs and contribute to debt sustainability.

"The IMF's continued support would be part of an integrated package where all parties -- the Greek government, its European partners, the private sector, and the Fund -- would play their part to help the Greek people overcome this crisis and over time restore growth, thus contributing to broader global financial stability."

She said the Greek loan will be proposed to the IMF board next week.

Apple unveils 'new iPad' with sharper screen


Apple gave the new iPad a bunch of new features but no new name.

When it goes on sale next week in the U.S. and several other countries, it will be “the iPad” or perhaps “the new iPad” -- not “iPad 3” or “iPad HD,” as some had speculated.


The new ipad (AP-Yonhap News)


The new iPad unveiled Wednesday comes with improvements that may not be readily apparent to the casual observer. It has, as expected, a sharper screen, driven by a faster processing chip that acts as the “brains” of the device. What was more surprising was that the new features mean the tablet computer will be slightly thicker and heavier than the iPad 2, because it needs a larger battery to power the high-resolution screen.

Prices aren't changing from the previous models. They will start at $499. Versions capable of accessing cellular networks will cost $629 to $829.

Apple is keeping the basic model of the iPad 2 in production and dropping the price to $399. That could help Apple regain some market share from cheaper tablets like Amazon.com Inc.'s $199 Kindle Fire. Samsung Electronics and other makers of full-size tablets have cut their prices to below $500.

The battery life of the new model remains the same: about 10 hours of use. Apple says the battery capacity is 70 percent higher than for the old model, which suggests that it could have kept the old screen and extended the battery life to 17 hours instead of upgrading the screen resolution.

Apple said the new display will be sharper than the average high-definition television set. In a hands-on demonstration for an Associated Press reporter, text shown on the screen was noticeably crisper. The higher resolution won't make a difference, however, for most Web images, which are of low resolution. The new screen should be able to show all the detail in high-definition movies, which the iPad 2 does not.

The new screen can also show deeper and more vibrant colors than previous models, Apple said.

“We are taking it to a whole new level and are redefining the category that Apple created with the original iPad,” said Apple Inc. CEO Tim Cook at the launch event in San Francisco.

Cook spoke of a “post-PC” era dominated by the iPad and other Apple products.

The new iPad will go on sale March 16 in the U.S., Canada and 10 other countries. A week later, it will go on sale in 25 more countries.

The lack of a new name could cause confusion for buyers, particularly since the older model, the “iPad 2,” will still be sold. But the naming practice is consistent with Apple's practices for the iPod. New models have been simply called “iPod.” Consumers are left to figure out which generation of the product they are looking for.

Compared with the iPad 2, the new model features a higher-resolution camera on the back, similar to the one in the iPhone 4S.

The new iPad will be 9.4 millimeters thick, or 0.37 inches. That compares with 8.8 millimeters, or 0.34 inches, for the iPad 2. The weight is going up from 1.33 pounds to 1.44 pounds for the Wi-Fi-only model. The original iPad weighed 1.5 pounds.

Apple also confirmed that the new model will come in a version that can use Verizon Wireless' and AT&T Inc.'s “LTE” wireless broadband networks. They offer speeds that are faster than the “3G” networks used by previous iPads, and current iPhones.

Apple is updating some of the software on the tablet to take advantage of the new features. For example, it's introducing a version of the Mac's iPhoto photo organization and manipulation program for the iPad.

The company also said it would start letting users store movies in its iCloud remote storage service, so they can be accessed through the Internet by PCs and Apple devices. It already lets users store photos, music and documents in the service.

Apple is also upgrading its Apple TV set-top box so it can play movies in 1080p, the highest-resolution commonly used video standard. (AP)

Samsung employee summoned over tailing CJ Group chief


Police said Saturday they have questioned an employee of Samsung C&T Corp. for allegedly conducting an illegal surveillance on the chief of CJ Group, amid a growing feud over the family inheritance fight over Samsung, South Korea's biggest conglomerate.

The summons came as CJ Group sued the 42-year-old Samsung employee, identified only by his surname Kim, for suspicions of following its chairman Lee Jae-hyun late last month after the chairman's father filed an inheritance suit against the chief of Samsung Group, Lee Kun-hee.

In the suit filed in mid-February, the father of Jae-hyun, Lee Maeng-hee, who is the elder brother of the Samsung chief, demanded a large amount of stocks he claimed the Samsung head secretly had incorporated into his assets.

The lawsuit calls for the Samsung chief to return 8.24 million shares of Samsung Life Insurance Co., worth more than 700 billion won (US$625.6 million).

He claimed that his younger brother concealed the bulk of group stocks, which their late father and Samsung founder Lee Byung-chull held under borrowed names.

CJ Group claimed closed-circuit television footage showed Kim circling the residence of Lee in central Seoul in different cars, accusing him of obstructing its chairman's official duties.

Officials at the Jungbu Police Station said they asked why Kim had roamed around the CJ Group chairman's house and whether he attempted to shadow him.

CJ Group also claimed that Samsung Group was behind the surveillance, while Samsung officials denied any link to the Samsung C&T employee's tailing of the CJ Group chairman.

CJ Group separated from the larger Samsung Group in 1994 after control of the conglomerate passed to Lee Kun-hee. Industry insiders said the rift between the two groups still runs deep.

Deodeok-saengchae (Deodeok salad)


Deodeok-saengchae. (Institute of Traditional Korean Food)
Deodeok-saengchae is thinly ripped deodeok roots mixed with spicy, sour seasonings. Deodeok is referred to as sasam (ginseng from sand). It is high in saponin like ginseng and bellflower roots. In Oriental medicine, it is considered a health food that is good for the stomach, and strengthens the lungs, intestines and kidneys.

Ingredients
● 300g deodeok roots

● 2 cups water

● 1/2 tbsp salt Seasoning sauce

● 1 tbsp sugar

● 2 1/2 tsp red pepper paste

● 2 tsp ground red pepper

● 1/2 tsp salt

● 1 tbsp minced green onion

● 1 tsp minced garlic

● 1 tsp sesame salt, 1 tbsp vinegar

1. Trim and wash the deodeok roots, skin, and slice them.

2. Soak the sliced roots in salt water for 20 min. to get rid of the bitter taste. Pat dry.

3.Press and roll the roots with a rolling pin and rip into shreds.

4. Blend seasoned red pepper paste.

5. Mix the doedoek roots with seasoning sauce.

Tip
● Doedoek roots may be slightly pounded with a wooden mallet after drying.

(Adapted from the Institute of Traditional Korean Food) 

Navy, lawmaker sue over ‘pirate base’ jibe


The controversy that arose from a would-be politician’s Twitter comment has taken a legal turn with the Navy on Friday filing a complaint with the prosecutors’ office.

On Thursday, Unified Progressive Party’s proportional representative candidate Kim Ji-yoon, 28, posted a photograph of herself holding up a tablet PC showing a slogan reading “(I) Oppose Jeju pirate base. Let’s protect Gangjeong.” Gangjeong is the name of the village where the naval base is being built in Jeju Island.

The remark immediately sparked strong criticism from the military and politicians. On Thursday, a Ministry of National Defense spokesman said that the remark was tantamount to calling all Navy troops pirates, while a rear admiral suggested Kim may have “seen too many pirate movies.”

On Friday, the Navy filed an official complaint against Kim with the Seoul Central District Prosecutors’ Office on charges of defamation and contempt. The Navy had demanded a formal apology from Kim and warned that legal measures may be taken on Thursday.
Catholic priest Moon Gyu-hyun is taken away by the police after he broke a fence around the naval base construction site to enter the premises on Jeju Island on Friday. (Yonhap News)

“The complaint was filed on behalf of all Navy troops in the name of the Chief of Naval Operations for defamation and contempt,” Navy prosecutor lieutenant commander Lee Byung-oh said.

In the complaint submitted to the prosecutors’ office, the Navy said that Kim’s tweet “grievously damaged the honor of all Navy troops,” and that the post was “written with the malicious intent to slander the plaintiff (Chief of Naval Operations) and all of the Navy.”

In addition to the Navy, Rep. Kang Yong-suk, a lawmaker known for his outspokenness with no party affiliation, has also taken up the issue.

Also on Friday, Kang filed a complaint with the prosecutors’ office on behalf of former marines and navy personnel.

“I filed a complaint on “Korea University Girl” and the Unified Progressive Party with the Seoul Central District Prosecutors’ Office on behalf of 123 members of former Navy and Marine Corps’ association on charges of slander,” Kang said in his Twitter account.

“Korea University Girl” is Kim’s nickname she acquired when she appeared in a televised debate when she was studying at the university.

Meanwhile, police arrested 25 activists Friday, who broke in the base construction site to protest.

By Choi He-suk (cheesuk@heraldm.com)


Liberal parties agree to form alliance for April elections


The leaders of two liberal parties reached an agreement on Saturday to field unified candidates for next month's parliamentary elections to better pit hopefuls against their conservative rivals, party officials said.

The main opposition Democratic United Party (DUP) and the leftist minor Unified Progressive Party (UPP) will select 16 UPP candidates and hold primaries in 76 districts to field the most competitive contender, according to a joint statement signed by the parties' leaders.

DUP Chairwoman Han Myeong-sook and UPP Chairwoman Lee Jeong-hee had earlier agreed to field unified candidates in some key districts and conduct a joint campaign on main election pledges.

The most contentious issues ahead of the vote are the free trade agreement with the United States and a controversial naval base project on the southern resort island of Jeju.

Through rounds of negotiations, the two leaders said they will oppose the trade pact due to go into effect on Thursday and push to stop the ongoing construction of the naval base.

The alliance move for the April vote has been closely watched as the election results could further affect liberals' bid to win the presidential race in December.

It is the first time in two decades South Korea will elect a new parliament and a new president in the same year.

The DUP was born out of a merger between the main opposition party and a novice party in December, while the UPP was

established through a merger of three minor progressive parties during the same month. (Yonhap)
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Facebook 'friend' offer exposes man's other wife


Facebook's automatic efforts to connect users through “friends” they may know recently led two women in the U.S. state of Washington to find out they were married to the same man, at the same time.


That led to the man, corrections officer Alan L. O'Neill, being slapped with bigamy charges.

According to charging documents filed Thursday, O'Neill married a woman in 2001, moved out in 2009, changed his name and remarried without divorcing her. The first wife first noticed O'Neill had moved on to another woman when Facebook suggested the friendship connection to wife No. 2 under the “People You May Know” feature.

“Wife No. 1 went to wife No. 2's page and saw a picture of her and her husband with a wedding cake,” Pierce County Prosecutor Mark Lindquist told The Associated Press.

Wife No. 1 then called the defendant's mother.

“An hour later the defendant arrived at (Wife No. 1's) apartment, and she asked him several times if they were divorced,” court records show. “The defendant said, `No, we are still married.”'

Neither O'Neill nor his first wife had filed for divorce, according to charging documents. The name change came in December, and later that month he married his second wife.

O'Neill allegedly told Wife No. 1 not to tell anybody about his dual marriages, that he would fix it, the documents state. But wife No. 1 alerted authorities.

“Facebook is now a place where people discover things about each other they end up reporting to law enforcement,” Lindquist said.

O'Neill, 41, was previously known as Alan Fulk. He has worked as a Pierce County corrections officer for five years, sheriff's spokesman Ed Troyer said.

He was placed on administrative leave after prosecutors charged him Thursday. He could face up to a year in jail if convicted.

O'Neill is free, but due in court later this month, which is standard procedure for non-violent crimes, Lindquist said.

“About the only danger he would pose is marrying a third woman,” he said. (AP)

Friday, March 9, 2012

Naval base on Jeju


Naval base on Jeju
Opponents need to see island’s strategic value

A project to build a naval base on the nation’s southern resort island of Jeju has become a source of conflict ahead of April’s National Assembly elections. Tension is growing as environmentalists, civil activists and opposition politicians have raised their voices against the project, while the government has started construction work.

It is regrettable to see the nation sharply divided over the plan. The controversy is among hot-button campaign issues such as the Korea-U.S. free trade agreement (FTA). The main opposition Democratic United Party (DUP) has already threatened to revise or nullify the trade deal if it takes power.

The DUP has added fuel to the controversy. It is apparently trying to rally voters behind its candidates before the polls. Few can deny it is opposing government policies and projects to win the elections by striking a populist note.

Late President Roh Moo-hyun and his party, the predecessor to the DUP, approved the project in 2007. Then-Prime Minister Han Myeong-sook once said that it was inevitable to build a base on Jeju Island to beef up naval forces and secure sea routes critical to the nation’s trade and commerce.

Han is now DUP chairwoman. And she has reneged on her remarks. She is also against the Korea-U.S. FTA which was initiated by the Roh administration. Han and other DUP members have to provide clear explanations on why they have changed their position on such important matters.

If they are against anything to do with President Lee only for the sake of opposition, they could run the risk of getting into deeper trouble. What they are doing now is none other than the negation of their own policies during the previous administration.

The project is essential to protecting the nation’s maritime routes for international trade. About 99 percent of inbound and outbound cargo passes through the southern sea off Jeju. The base, if completed, will serve as a strategic point for defense and security. It is also needed to cope with possible tension and disputes in East Asia where neighboring countries such as China compete for more influence in the region.

The DUP and its followers had better refrain from their unproductive efforts to nix the indispensable project. They should have a better understanding about the importance of the project. It is necessary for them to overcome their differences through dialogue and negotiation with the government.

Thus, the Lee government should make more efforts to ease its opponents’ concerns about environmental effects and other negative implications the project has on the self-proclaimed “Peace Island.”

We want to see the project translated into a civilian-military port complex in 2015 as planned. It will unquestionably not only boost the nation’s defense and security but also promote the island’s tourism. It’s time for all parties to pool their wisdom to make the project a success. 

Grace Kelly, world’s most beautiful royal


Grace Kelly, world’s most beautiful royal
By Lee Ji-eun

A poll on ‘the most beautiful royals’ in April, 2011, has newly been spotlighted on Twitter accounts in Korea.

American actress Grace Kelly who became Princess of Monaco, topped the list with 91 percent of total votes, according to the poll conducted by dating website BeautifulPeople.com for its 127,000 members throughout the world.

Kelly with an elegant and graceful appearance who was beloved by the public won the Best Actress Academy Award in 1954. She married Prince Rainier Ⅲ of Monaco in 1956, but was killed in traffic accident in 1982.

Rania Al Abdullah, the queen of Jordan, came second with 90 percent of the votes. Born in Kuwait in 1970, Rania worked briefly
in marketing for Citibank, followed by a job with Apple Inc. in Amman. She married Jordanian Prince Abdullah bin Al-Hussein after meeting at a dinner party for the first time in January 1993.

Kate Middleton was placed third with 84 percent of the votes. Middleton, who has great fashion sense and a candid personality, married Prince William of England last year.

Princess Diana was ranked fourth with 82 percent. She married Charles, the Prince of Wales, in 1981. She was killed in a traffic accident in Paris, France, in 1997, one year after she divorced.

Samsung says 'no compromise' with Apple


Samsung says 'no compromise' with Apple
By Kim Yoo-chul

Samsung Electronics is showing no signs of compromising with Apple in their patent dispute; rather, the company appears ready to go for broke in what it increasingly sees as a do-or-die battle.

“No compromise!’’ Shin Jong-kyun, the head of the firm’s telecommunication division, told The Korea Times Wednesday after a meeting of senior company officials.

Shin’s comment followed reports that Apple offered Samsung a cross-licensing deal to end their patent dispute.

The report said Apple offered a licensing deal ranging from $5 to $15 per device sold as a means of settling the pending litigation.
The devices include the iPhone 3GS, iPhone 4 and iPad.

Shin’s confirmation if Samsung’s stance came as a surprise because the company has been pushed into a corner in a string of unfavorable rulings, although signs of it are easy to find.

Its budget for the patent fight has been increased to over $260 million this year from $200 million, according to sources familiar with the matter.

However, Shin didn’t comment on whether the two engaged in talks for an out-of-court settlement.

``The Samsung leadership has concluded that its fight with Apple, ironically, is helping it,” an industry expert said, noting that the company owes user awareness to the U.S. company.

Samsung became the world’s biggest smartphone maker in terms of global sales last year after passing Apple and is aiming to overtake Nokia to become the world’s top manufacturer of handsets.

However, it is facing a new threat.

The European Union has already started an investigation into Samsung’s competitive practices, believing that it may be in violation of a promise made more than a decade ago.

Back in 1998, the Korean tech giant said it would license essential telephonic patents to competing manufacturers under terms outlined in FRAND, or fair, reasonable, and non-discriminatory terms, agreements.

``We are studying the Apple-Qualcomm relationship to set up new legal strategies,’’ said a Samsung official. Qualcomm received a great deal of royalties from Samsung for special chips.

Samsung recently made a formal request with the U.S. District Court in California for Apple to reveal the details of its contract with wireless chipmaker Qualcomm, which currently supplies chips for the iPhone 4S, CDMA iPhone 4, and iPad 2.

Qualcomm is currently in a cross-licensing agreement with Samsung, bringing up the question of whether ``Apple’s buying Qualcomm chips is as good as paying for the patents.’’

Specifically, Samsung defense lawyer Dylan Ruga wants to know if Apple is considered a ``Qualcomm Customer,’’ a term that is “defined in certain licensing agreements between Samsung and Qualcomm.”  

Super Junior to hold concert in Paris


Super Junior
Super Junior, a 10-member K-pop group, will hold its first solo concert in Paris next month, according to reports on Wednesday.

The Paris show is part of Super Junior’s world tour titled “Super Show 4” and will take place on April 6 at Le Zenith de Paris where world-famous stars including Neyo, the Pussycat Dolls and the Jonas Brothers have performed.

The boy band performed for French fans at the same venue last year along with other K-pop artists under SM Entertainment.

In December, the group performed for a record 90,000 people in a two-day concert in Osaka and also held concerts in Singapore and Taipei. The schedule has yet to be confirmed, but they are to visit other cities in Europe and South America as well, according to reports. On March 9-10, the Korean boy band will hold its solo concert in Macao.

Ticket sales for Super Junior’s Paris show open at 10 a.m. on Friday (Paris time) via www.livenation.fr.

By Cho Chung-un (christory@heraldm.com)


Low-priced tablets hope to take on the big boys


Samsung diversifies lineup to counter threat, while LG remains skeptical of their challenge

The local tablet PC market is being challenged by online shopping malls selling low-priced tablet PCs to consumers here by joining hands with smaller manufacturers.

Samsung Electronics, the country’s biggest IT firm, has unveiled plans to release low-tier tablets in the first half of the year, while its rival LG Electronics has no plans to roll out another tablet PC in the first quarter.

“We’re aiming to diversify our tablet portfolio and produce low-tier tablet PCs sometime in the first half of this year as we did earlier with low-tier smartphones,” said Samsung’s mobile chief Shin Jong-kyun during his meeting with the Korean press in Barcelona, Spain, last week.

Samsung has already unveiled four different sizes of its flagship tablet PC, Galaxy Tab, in different markets, while LG only introduced one model ― the Optimus Pad LTE ― in January this year.

Earlier on Tuesday, an SK-affiliated online shopping mall called 11st Street said it sold all 500 of its 5-inch tablet PCs, priced at 129,000 won ($114), in just 11 minutes.

“We expected it to be a major sell-out but it was over and done in such a fast period,” said an official from 11st Street.

The sale was a joint effort with mid-sized firm Hansung Computer, and more than 80 percent of the buyers were in their 20s and 30s ― 51 percent in their 30s and 33 percent in their 20s ― according to officials at the online shopping mall.

“Only the early adapters were able to own the smart pads in the past considering the high cost, but now the rising demand is being served by affordable prices,” the official said.

The online shopping mall plans to put a 7-inch tablet PC on sale next Tuesday as well as a 9.7-inch tablet the week after, according to the official.

11st Street is not the only online shopping mall offering tablet PCs at cheap prices.

Auction’s 7-inch AllKill tablet PCs shifted 1,000 units priced at 269,000 won each to sell out in the first 10 minutes of sale on Monday.

G-market’s 9.7-inch and 8-inch tablet PCs were also hot selling items at the online site in late February.

“The tablets that are being sold online are eye-catching products for many, especially the younger people, since they are affordable and also run on Google’s Android mobile operating systems ― with some powered by Google’s latest Ice Cream Sandwich platform,” said an industry source.

According to a recent report published by ROA Consulting, low-priced tablets are receiving more attention in Korea with the success of Amazon Kindle in overseas markets.

The report also said the sales of low-tier tablet PCs will take off smoothly here, but the competitiveness of online shopping mall in terms of content production remains a question.

A similar debate surrounding half-priced televisions took place earlier this year with large supermarket chains, such as E-mart and Lotte Mart, releasing TVs priced at 400,000-600,000 won in the 30-inch range.

Samsung, the world’s top TV maker, said it would produce customized TVs if there was a market for it, but also said it had no plans to make any in the same price range as the supermarket chains.

By Cho Ji-hyun (sharon@heraldm.com

Clinton urges China to stop repatriation of N. Korean defectors


WASHINGTON -- U.S. Secretary of State Hillary Clinton made clear Friday that her government is opposed to forceful repatriation of North Korean refugees, which is in breach of international obligations.

   "We urge every country to act according to international obligations," such as the 1951 U.N. refugee convention and the 1967 protocol, Clinton said in a joint press conference with South Korean Foreign Minister Kim Sung-hwan after their talks here.

She was responding to a question on China's policy of sending back North Korean defectors to their authoritarian and impoverished nation. Recently, China has repatriated around 30 North Koreans, according to human rights activists, although there is no government-level confirmation.

China treats North Koreans as economic migrants and not refugees eligible for asylum.

 "We believe that refugees should not be repatriated and subjected once again to the dangers that they fled from," Clinton said without hesitation but using carefully chosen phrases.

 She said Washington has "engagement" with China over the sensitive issue, which has emerged as a source of diplomatic tension between Seoul and Beijing. The South's conservative

government has averted its longstanding strategy of taking a low-key approach to place more emphasis on quiet diplomatic efforts to bring North Koreans to the South.

"The treatment of North Korean refugees is an issue on which we have ongoing engagement with our partners, both in Korea and China," Clinton said.

Clinton said Glyn Davies, the U.S. special representative for North Korea policy, "raised our concerns about the North Korean refugees detained in China" with senior Chinese officials when he last visited China last month.

 "And we urge all countries in the region to cooperate in the protection of North Korean refugees in their territories," she said. "We continue to work with international organizations in order to protect these refugees and to find durable. permanent solutions for them."

On ways to deal with nuclear-armed North Korea, the top U.S. diplomat emphasized close consultation with the South.

As Pyongyang agreed to halt some of its nuclear activities in return for food aid from the U.S., concerns have been growing among South Koreans that the communist neighbor is bypassing Seoul, seeking to talk only with Washington.

 "This is an important time for our critical partnership," Clinton said, "Any effort by anyone to drive a wedge between the United States and the Republic of Korea (South Korea) will fail."

The South's foreign minister, standing next to Clinton, also quoted the secretary as saying in their closed-door talks that there will be no "fundamental improvement" of relations between the U.S. and the North without progress in inter-Korean ties.

   "I mentioned that North Korea's recent denunciations of the South are an attempt to render influence on the elections (later this year) and the domestic politics of the Republic of Korea and that they are related to the North's own internal situations," Kim said. (Yonhap)  

S. Korea in tough draw in final World Cup qualification round


South Korea has drawn tough counterparts in the final Asian qualification round for the 2014 FIFA World Cup in Brazil.

   In a draw held Friday at the Asian Football Confederation  headquarters in Kuala Lumpur, Malaysia, South Korea, No. 30 in the FIFA rankings, was paired with Iran, Uzbekistan, Qatar and Lebanon in Group A.

   Ten countries have qualified for the final round. Group B features Australia, Iraq, Jordan, Oman and Japan.

   Iran, 51st in the world, could present the biggest challenge for South Korea.

The three-time World Cup participant ranked first in Group E in the previous round with three wins and three draws. It poured in 17 goals, more than any other country in that phase.

   South Korea has posted nine wins, nine losses and seven draws against Iran, but has won just one of the last seven meetings.

The two clashed in the quarterfinals at each of the last five Asian Cup tournaments.
   Also, South Korea has never won on the Iranian soil, with two losses and two draws.

   Uzbekistan, at 67th on the FIFA rankings, could also give South Korea trouble. It topped Group C in the previous round with five wins and a draw, led by captain Server Djeparov, the 2008 and 2011 Asian Footballer of the Year, and striker Alexander Geynrikh.

Uzbekistan is looking to play in its first World Cup.
 
Lebanon has already given South Korea plenty of trouble. The two countries were paired in Group B in the prior round, and Lebanon's stunning 2-1 upset of Korea led to the firing of head coach Cho Kwang-rae last December.

The defeat jeopardized South Korea's chances of advance, before it edged Kuwait to qualify on the final day of group stage last month. Lebanon enters the final round as the lowest-ranked nation at 124th.

   Qatar, ranked 88th, was undefeated in the third round play. It has beaten South Korea just once in five head-to-head matches so far.

   South Korean head coach Choi Kang-hee said the draw "was not bad."
   "A road trip to Iran is difficult, but it's the same with trips to other parts of Middle East," Choi said through Korea Football Association, the local football governing body. "It's all about preparations."

   Choi pointed to striker Lee Dong-gook as the key player. The reigning MVP in the domestic K-League has scored three times in his last two international contests, after rejoining the national team following two-year absence.

   "It's important for him to maintain his current form," Choi said. "Since last season, he's been playing so well.

If he stays committed and works hard, I am sure he will continue to play
excellent football."

   The 10 qualifying countries were seeded based on the latest FIFA rankings, which were released Wednesday.

Australia at No. 20 and South Korea at No. 30 were the top two-ranked qualifiers and were placed in the first pot, thus ensuring they would not be
paired in the same group.

   The 33rd-ranked Japan and Iran, at 51st, were the next two among qualifiers and were put in the second pot.

   South Korea will start on June 8 with a road match against Qatar and end the campaign on June 18 next year with a home game against Iran.

   The top two teams from each group will punch their tickets to Brazil. The two third-place nations will enter a playoff for an extra chance to qualify.

   South Korea has played in every World Cup since 1986, and co-hosted the 2002 tournament with Japan.

   South Korea was a surprise semifinalist at the 2002 World Cup, slashing football giants Portugal, Italy and Spain en route to the fourth-place finish.

South Korea made it to the round of 16 at the 2010 event in South Africa, the first appearance in the knockout phase in an away World Cup. (Yonhap News)


Greece secures biggest debt deal in history


ATHENS, Greece (AP) -- Greece's private creditors agreed Friday to take cents on the euro in the biggest debt writedown in history, paving the way for an enormous second bailout for the country to keep Europe's economy from being dragged further into chaos.

Greece would have risked defaulting on its debt in two weeks without the agreement, sparking turmoil in the markets and sending shock waves through the other 16 countries that use the euro.

 Prime Minister Lucas Papademos called the deal -- which shaves some (euro) 105 billion ($138 billion) off Greece's (euro) 368 billion ($487 billion) debt load -- an important ``historic success'' in a televised address to the nation Friday night. ``For the first time, Greece is not adding but taking debt off the backs of its citizens.''

The country said 83.5 percent of private investors holding its government debt had agreed to a bond swap, taking a cut of more than half the face value of their investments as well as accepting softer repayment terms for Greece.

The swap aiming to turn around the country's debt-ridden economy was a key condition to secure a (euro) 130 billion ($172 billion) rescue package from other eurozone countries and the International Monetary Fund.

The managing director of the Institute of International Finance, which negotiated the deal with Greece for large investors, called the bond swap ``the largest ever'' debt restructuring.

"This has been painful and the pain is not over yet. But I now can see light at the end of the tunnel for the Greek economy,'' Charles Dallara told Greece's Mega television. He estimated Greece could return to the markets ``within a few years.'' If recovery continues, ``I think the risk for Greece and the risk on the eurozone will be very manageable,'' he said.

Of the investors holding the (euro) 177 billion ($234 billion) in bonds governed by Greek law, 85.8 percent joined. The deadline for those owning foreign-law bonds was extended to March 23.

Creditors holding Greek-law bonds who refused to sign up will be forced into the deal.

The decision to force losses on some bondholders means that the debt relief will trigger payouts of so-called credit default swaps, a type of insurance on bonds. The International Swaps and Derivatives Association, the private organization that rules on such cases, said its committee ruled that a ``restructuring credit event'' occurred.

When the debt relief plan was first announced last year, eurozone leaders and the European Central Bank worked hard to avoid a credit event because they feared the payout of credit default swaps could destabilize big financial institutions that sold them.

But since then, that prospect has started to look less threatening. The ISDA said that if triggered, overall payouts will be significantly below the $3.2 billion in net outstanding credit default swap contracts linked to Greece. The exact level of payouts will be determined on March 19.

The Fitch ratings agency downgraded Greece to ``restricted default'' over the bond swap _ a move that had been expected. Fitch was the third agency to downgrade Greece into default, after Moody's and Standard & Poor's. The agencies are expected to raise the country's credit rating after the completion of the swap.

The finance ministers from the 17-nation eurozone said Greece had fulfilled the conditions to get approval for the bailout next week. IMF chief Christine Lagarde, meanwhile, recommended the fund chip in (euro) 28 billion ($36.7 billion) to the rescue package, which includes (euro) 10 billion left over from Greece's first bailout. The IMF's board is set to decide on the final contribution next week.

The eurozone ministers on Friday already released up to (euro) 35.5 billion ($47 billion) in bailout money to fund the debt swap. Investors exchanging bonds will receive up to (euro) 30 billion _ or 15 percent of the remaining money they are owed _ as a sweetener for the deal and (euro) 5.5 billion for outstanding interest payments.

European leaders hailed the deal as a seminal moment in their effort to stem the crisis and get Greece on its feet.

 "The page of the financial crisis is being turned,'' said French President Nicolas Sarkozy.

And Greek Finance Minister Evangelos Venizelos told Parliament Friday: ``I believe everyone will soon realize that this is the only way to keep the country on its feet and give it a second historic chance that it needs.''

"A window of opportunity is opening'' to reduce the country's (euro) 368 billion debt by (euro) 105 billion, or about 50 percentage points of gross domestic product, he said.

However, some economists are concerned that Greece is merely buying time. The breather allows European governments and banks to strengthen their financial defenses, leaving them less vulnerable if Greece eventually cracks.

The deal and expected bailout do ``more to protect Europe from Greece than for Greece itself,'' said Jacob Funk Kirkegaard, research fellow at the Peterson Institute for International Economics.

Europe also has to contend with spiraling debt problems of Spain, Portugal and Ireland and Italy.

Markets, which had rallied on Thursday on expectations of a successful deal, were muted on Friday. The Stoxx 50 of leading European shares was up 0.6 percent, but the main stock index in Athens closed down 2.15 percent. The euro retreated 1.19 percent from recent highs to $1.3110.

On the streets of Athens, however, many were skeptical about the deal and pessimistic about the future. Panayiotis Theodoropoulos said the writedown was good ``for them.''

"For us? Nothing. Everyone looks out for themselves. In a while the people will be living on the streets,'' he said.

The debt crisis, sparked by years of overspending and waste, has left Greece relying on funds from international rescue loans since May 2010. Austerity measures including repeated salary and pension cuts and tax hikes have led to record unemployment with more than 1 million people out of work, a fifth of the labor force.

The country released statistics Friday showing the recession in the last quarter of 2011 was deeper than initially forecast, reaching 7.5 percent instead of 7 percent. The economy is expected to shrink for a fifth straight year in 2012, stagnate in 2013 and modestly expand in 2014.

Will new iPad run on Korea’s LTE networks?

Questions are arising not only about the new iPad’s launch date but also about its fourth generation network compatibility in Korea after Apple introduced it during an event in San Francisco on Thursday.

The latest iPad, which boasts “ultra-fast wireless speeds,”is customized to run not on the 4G Long Term Evolution network, but on the 700 megahertz and 2.1 gigahertz wireless broadband spectrums used by U.S. mobile carriers Verizon and AT&T.

The finding not only impacts Korea, a country currently equipped with LTE networks nationwide using the 800 megahertz and 1.8 gigahertz wireless broadband spectrums, but also most of the nations listed on Apple’s primary list for the new iPad release.

A new Apple iPad is on display during an Apple event in San Francisco, Wednesday. (AP-Yonhap News)

“I took a look at the first 10 countries receiving the iPad this month, but all of them were servicing LTE networks on other wireless broadband spectrums other than Canada and the U.S.,” said an industry source.

Steve Park, spokesman for Apple Korea, was not available for comment on the issue.

Most European countries such as the U.K., France and Germany are now using the 800 megahertz and 2.6 gigahertz ranges, different from the U.S. mobile carriers.

The three European nations are among the list of 10 countries ― including Hong Kong, Australia, Canada, Japan, Puerto Rico, Singapore and Switzerland ― receiving the new iPad on March 16.

Apple’s second list of countries getting the latest iPad by this month featured 25 countries, but excluded Korea, the world’s most wired nation, once again as it did in the past.

“We’re currently in talks with Apple regarding the iPad roll out,” said an official at SK Telecom, the nation’s top mobile carrier.

There are some alternative ways that can make the LTE release in Korea possible, like inserting a multi telecommunications chip. However, the official said it was a move and decision which has to get Apple’s green light.

Jan Dawson, a telecommunications analyst at U.K.-based consulting firm Ovum, told the New York Times that the complicated issue with LTE for Apple is that iPad needs to be offered on LTE networks with spectrum bands that are different from country to country.

He said the U.S.-based IT giant will have to manufacture multiple models to be compatible with each different band ― customization which the firm has been trying to avoid with the iPads and iPhones.

“Does Apple say we’re supporting U.S. LTE for now and risk alienating potential customers outside the U.S.?” he asked. “Or does it say we have to make multiple different units in different parts of the world, which goes against the way they’ve been working recently of creating a single device?”

Solo households change economy


One in four households has just one occupant; companies shift
attention to their potential



The number of Korean households with only one occupant is on the rise, and local companies are taking increasing notice of their significant purchasing power.

Compared with married people, those who live alone tend to eat out in restaurants, enjoy time at cafes, take various hobbyist classes and go to the gym. The demographic’s distinctive preferences for certain goods and services is now generating interest among Korean companies, which sense a big opportunity as the trend seems to grow.

“There is a market demand from those who live alone, and companies perceive it as a new consumer trend,” Jang Dae-gyu, spokesperson for Shinsegae Department Store, told The Korea Herald.

“Given that singles also live in smaller houses, products focused on more functions are hitting the market, such as a bed with storage space.”

Shinsegae held a lifestyle product event targeting singles in November, which was far more successful than they expected. Customers responded positively to small coffee machines, single-person sofas and an array of kitchenware customized for those living alone.

Jang said the promotion quickly met the sales goal and brought a surprisingly robust revenue that outpaced other theme-based events by a wide margin.

Statistics Korea data showed that 23.3 percent of Korean households consist of a single occupant as of 2010, up from 20 percent in 2005 and 12.7 percent in 1995. The figure for the U.S. is 28 percent and the rapid growth of single-person households is witnessed in other major economies.

Given that Korea is still under the influence of conservative family values that push singles to get married and have children, the ratio those living alone is increasing more quickly than ever, experts said.

“About one in four households (now) has only one occupant in Korea, which is nothing if not an explosive growth,” said Shin Sang-young, research fellow at Seoul Development Institute.

Shin, who authored a report on the one-occupant household in Korea, said the solo population has many subgroups.

“Younger people such as students and twentysomething singles who have just got a job make up the biggest proportion, and another major group is the elderly who live alone,” he said.

Unlike married couples with children who tend to stay in one area for a relatively long time, singles are likely to cluster in specific regions, depending on the infrastructure, Shin said.

Throughout Seoul, college students form solo occupant households, largely because of the lack of campus dormitories. They usually rent homes near their universities, contributing to the clustering of related businesses such as laundry services and small restaurants specializing in affordable food.

Furniture makers are already soliciting one-person households with more specialized products. While the overall furniture sales remain sluggish, sofas and other furniture sets targeting singles jumped by more than 20 percent over the past two years.

Electronics makers are also jumping into the fledging solo market. LG Electronics, for instance, is beefing up its product lineups for one-person households, such as robot vacuum cleaners, miniature air purifiers and small TV sets that double as computer monitors.

“As the number of people who live alone is growing, the outlook remains positive for home appliances and electronic gadgets that reflect their lifestyle and needs,” said an official at LG Electronics.

By Yang Sung-jin (insight@heraldm.com

Wednesday, March 7, 2012

China risk


China risk
Korean economy should be in emergency mode

China slashed its 2012 growth rate to 7.5 percent, a recession by the Chinese standard and the lowest in 13 years. The slowdown will also have a ripple effect on the Korean economy, which ships 29.8 percent of its exports to the neighboring country. Korea needs to diversify its export markets and stimulate domestic demand.

This year appears to be China’s turning point after decades of double-digit growth. The world’s second largest economy has regarded the 8 percent growth rate as a must for absorbing 7-8 million new workers each year. Even in the 2009 global economic crisis, its economy grew by 9.2 percent. Over the past decade, China’s economy has quadrupled. However, the high-growth policy has widened the income gap and degraded the environment. Beijing plans to prioritize price stability over growth.

It is premature to conclude that the Chinese economy will make a hard landing. What is clear is that China’s economy will no longer grow as fast as it has been.

The ripple effect will be widespread. It will surely contract the global economy at a time when the world’s two other major economic engines ― the United States and the European Union ― are in stagnancy. This is troublesome for Korea, the world’s seventh largest exporter and the ninth largest trading country. Korea also could cushion the global economic crisis in 2008-2009 mostly thanks to the robust growth in China. Much of Korea’s trade surplus came from China, which is Korea’s No. 1 destination for global direct investment. Thirty-five percent of Korea’s global direct investment went to China.

A report shows that Korea’s economy and exports will contract by 0.4 and 1.7 points, respectively, per a 1-point reduction in China’s growth rate. For the first two months of this year, exports to China grew 4 percent, more than three times as slow as the 14.8 percent in the same period last year.

The Bank of Korea may slash its growth projection of 3.7 percent this year.

The Korean economy is beset with a triple whammy of high oil prices, high inflation and high exchange rates. The government has few policy tools to solve the woes. Slashing oil tax will reduce tax revenue. Currency depreciation will further fan inflation although its effect of boosting exports is questionable.

An economic contraction will slash growth in income and jobs and complicate households’ ability to repay record debts. Compounding the economic woe is inertia of the government ahead of the parliamentary and presidential elections this year.

It is difficult to increase the welfare budget amid slow growth. Political parties must be prudent in welfare pledges. The government must seek ways of boosting domestic demand to offset the contraction in exports.

Exporters should set their eyes beyond China to penetrate emerging economies. Politicians should stop politicizing free trade agreements. Policymakers must chart programs to power the economy at least to the potential growth rate ― optimal economic growth without incurring inflationary pressure ― of 4.5 percent. 

Strike wreaks havoc on more TV programs


Strike wreaks havoc on more TV programs

MBC president Kim Jae-chul, left, walks toward the headquarters of the Foundation for Broadcasting Culture in Yeouido, Wednesday, while striking MBC reporters boo him on the sidelines. The foundation is the largest shareholder and supervisor of the nation’s second largest broadcaster. Nearly 200 MBC reporters and producers have been staging a walkout for more than a month, demanding Kim step down from his post.
/ Korea Times photo by Park Seo-kang

By Na Jeong-ju

The prolonged strike at MBC is disrupting not only news programs but also popular TV series. It announced Wednesday that its TV series “The Sun and the Moon” won’t be aired for an indefinite period because its director Kim Do-hoon is participating in the strike.

Unionized workers of the country’s second largest broadcaster are continuing their walkout since late January, demanding the resignation of the firm’s President Kim Jae-chul.

The last two episodes of the drama, which has garnered above 40 percent ratings, were supposed to be aired on Wednesday and Thursday night.

“The drama will resume after Kim returns to work. However, we may find an alternative director to complete the series,” an MBC spokesman said.

The director is joining the ongoing strike as the MBC union steps up pressure on the president. The union claims that he has damaged MBC’s political neutrality by blocking critical reports on President Lee Myung-bak and his conservative administration since he took office in 2010. Kim has sacked union leaders and taken discriminative measures against striking unionists.

Besides MBC, the union of the public broadcaster KBS walked out on Tuesday, demanding management step down. Employees at YTN, a cable news channel, also decided to go on strike. Unionists of the firms argue that their “political” presidents have censored coverage critical of President Lee.

Opposition parties have called for the resignation of the presidents to normalize the operation of the broadcasters. “The ongoing strikes at KBS and MBC show that the principle of fair reporting and freedom of the press were severely damaged under the Lee administration,” Kim Jin-pyo, floor leader of the main opposition Democratic United Party, told reporters Wednesday.

Police to question husband of ex-lawmaker over alleged request for indictment


Police to question husband of ex-lawmaker over alleged request for indictment
Seoul police said Tuesday they plan to question an incumbent court judge who is the husband of former lawmaker Na Kyung-won over allegations he asked a prosecutor to charge a blogger who had been critical of his wife.

Officials said they will ask Kim Jae-ho to appear before investigators for questioning. He has been accused of asking the prosecutor, Park Eun-jeong, to take action against a blogger who penned a post criticizing Na in 2005.

Na, then a lawmaker, had attended a ceremony celebrating the 50th anniversary of Japan's Self-Defense Forces in 2004, in what was viewed as a politically-sensitive move.

Na pressed defamation charges against the blogger, who was indicted in April 2006 and fined 7 million won (US $6,230) by the Supreme Court in December 2006.

Last month, Park claimed she had received calls from Kim to charge the blogger. She said she took maternity leave in January 2006 and informed her replacement, Choi Young-woon, of Kim's request. It was Choi who approved Na's suit against the blogger.

Seoul prosecutors said Tuesday that Park had given similar testimony in writing. Seoul police on Wednesday said they have sent written questionnaires to both Park and Choi.

Kim will be questioned after police investigators review the answers from Park and Choi, a police official said.

Last October, one day before the Seoul mayoral by-election in which Na was a candidate for the then Grand National Party, local magazine reporter Joo Jin-woo claimed on a popular podcast, "Naneun Ggomsuda," ("I Am a Petty-minded Creep"), that Kim had asked a prosecutor to indict the blogger. The podcast is known for its hard-hitting criticism of the Lee Myung-bak administration and ruling-party legislators.

Na, who went on to lose the election, sued Joo for spreading false information and Joo filed a countersuit against both Na and Kim. (Yonhap)

K-pop stars asked to be cautious on racial prejudice


K-pop stars asked to be cautious on racial prejudice

By Kim Jong-chan

“Now is the time to provide K-pop stars with education programs on racial prejudice,” said top singer Tiger JK in a column contributed to “All K-pop,” an Internet K-pop site for foreign fans.

As K-pop gains popularity across the world, an increasing number of foreign fans are watching Korean entertainment programs.

There are also growing calls for K-pop idols to “be culturally sensitive,” with industry sources expressing concern that thoughtless make-up, comments and gestures could be insulting to certain people or countries.

K-pop stars and other Koreans should listen to Tiger JK’s advice, the sources said Wednesday.

On March 29, an article about Korean singers demeaning colored people was posted on the English-language online community titled “Oh No They Didn’t (ONTD).”

Also posted were photographs of K-pop singers made up as colored people and imitating their voices.

An entertainment industry source familiar with the U.S. market said, “The U.S. is one of the most culturally tolerant societies in the world. But when it comes to racial matters, Americans are also very sensitive.”

Meanwhile, a poll showed the popularity of Korean popular culture in Asia and other parts of the world is beneficial to businesses seeking to expand overseas.

The survey on 300 companies conducted by the Korea Chamber of Commerce and Industry (KCCI) showed 51.9 percent of respondents saying “hallyu” contributed to greater sales abroad, according to Yonhap News Agency Wednesday. Hallyu, or “The Korean Wave,” refers to the popularity of TV shows and music that have secured hordes of fans in Asia, Europe and the American continent.

The country's largest private economic organization with 135,000 members said the Korean wave has exerted the greatest effect on the cultural content field, tourism and retail.

The survey said 86.7 percent of cultural content businesses had better sales, with numbers reaching 85.7 percent and 75 percent for tourism and retail, respectively.

Cheap tablets may rise as threat to Samsung and LG

Samsung diversifies lineup to counter threat while LG remains skeptical of their success

The local tablet PC market is being challenged by online shopping malls selling low-priced tablet PCs to consumers here by joining hands with smaller manufacturers.

Samsung Electronics, the country’s biggest IT firm, has unveiled plans to release low-tier tablets in the first half of the year, while its rival LG Electronics has no plans to roll out another tablet PC in the first quarter.

“We’re aiming to diversify our tablet portfolio and produce low-tier tablet PCs sometime in the first half of this year as we did earlier with low-tier smartphones,” said Samsung’s mobile chief Shin Jong-kyun during his meeting with the Korean press in Barcelona, Spain, last week.

Samsung has already unveiled four different sizes of its flagship tablet PC, Galaxy Tab, in different markets, while LG only introduced one model -- the Optimus Pad LTE -- in January this year.

Earlier on Tuesday, an SK-affiliated online shopping mall called 11st Street said it sold all 500 of its 5-inch tablet PCs, priced at 129,000 won ($114), in just 11 minutes.

“We expected it to be a major sell-out but it was over and done in such a fast period,” said an official from 11st Street.

The sale was a joint effort with mid-sized firm Hansung Computer, and more than 80 percent of the buyers were in their 20s and 30s -- 51 percent in their 30s and 33 percent in their 20s -- according to officials at the online shopping mall.

“Only the early adapters were able to own the smart pads in the past considering the high cost, but now the rising demand is being served by affordable prices,” the official said.

The online shopping mall plans to put a 7-inch tablet PC on sale next Tuesday as well as a 9.7-inch tablet the week after, according to the official.

11st Street is not the only online shopping mall offering tablet PCs at cheap prices.

Auction’s 7-inch AllKill tablet PCs shifted 1,000 units priced at 269,000 won each to sell out in the first 10 minutes of sale on Tuesday.

G-market’s 9.7-inch and 8-inch tablet PCs were also hot selling items at the online site in late February.

“The tablets that are being sold online are eye-catching products for many, especially the younger people, since they are affordable and also run on Google’s Android mobile operating systems -- with some powered by Google’s latest Ice Cream Sandwich platform,” said an industry source.

According to a recent report published by ROA Consulting, low-priced tablets are receiving more attention in Korea with the success of Amazon Kindle in overseas markets.

The report also said the sales of low-tier tablet PCs will take off smoothly here, but the competitiveness of online shopping mall in terms of content production remains a question.

A similar debate surrounding half-priced televisions took place earlier this year with large supermarket chains, such as E-mart and Lotte Mart, releasing TVs priced at 400,000-600,000 won in the 30-inch range.

Samsung, the world’s top TV maker, said it would produce customized TVs if there was a market for it, but also said it had no plans to make any in the same price range as the supermarket chains.


By Cho Ji-hyun

Opposition parties agree to form election alliance

The leaders of two liberal opposition parties agreed to finalize their negotiations this week to form an alliance for the upcoming general elections to boost liberals’ chances to beat their conservative rivals, party officials said Tuesday.

Chairwoman Han Myeong-sook of the main opposition Democratic United Party (DUP) and Chairwoman Lee Jung-hee of the progressive minor Unified Progressive Party (UPP) held a meeting at the National Assembly and agreed to announce a joint statement on Thursday, the parties’ spokesmen said in a joint press briefing.

The main opposition Democratic United Party leader Han Myeong-sook (right) meets Tuesday with Rep. Lee Jung-hee, one of the joint leaders of the minority Unified Progressive Party, to discuss the left-wing alliance. (Park Hyun-koo/The Korea Herald)

“A liberal alliance is the beginning of establishing a firm central axis to win parliamentary elections, change power and establish a liberal government,” Han said during the meeting.

Lee said the two parties should form a “nationwide, comprehensive alliance” to beat ruling party candidates.

The main issues to discuss concerning the agreement will include how to field united candidates in some of the key districts and conduct a joint campaign on the main election pledges, the officials said.

Both parties opposed to the free trade agreement with the United States and vowed to curb power of the nation’s family-run conglomerates to expand welfare benefits for ordinary people.

The alliance move for the April vote has been closely watched as the election results could further affect liberals’ bid to win the presidential race in December.

It is the first time in two decades South Korea will elect a new parliament and a new president in the same year.

The DUP was born out of a merger between the main opposition party and a novice party in December, while the UPP was established through a merger of three minor progressive parties during the same month.

Rethinking ‘inevitability’ of nuclear energy


Gori nuclear power station in Busan (Korea Herald file photo)
Fukushima disaster heightens anti-atomic campaign; government unswayed


In his campaign for the by-election of Gangwon governor last year, Um Ki-young, the conservative ruling party candidate, pledged to attract a nuclear power plant to the province.

He blasted his rival from the liberal main opposition party for being lukewarm on the idea, which he said would help vitalize the economy of the area.

But Um, a former president of a major broadcasting company, was put on the defensive when a nuclear power plant in northeastern Japan was crippled by an earthquake and tsunami on March 11, causing the world’s worst nuclear accident in 25 years.

With the whole nation engulfed in fears of radioactive fallout from Japan, he abruptly changed his mind, saying that a careful review was needed before deciding on the project.

His flip-flopping on the issue was not the only reason for his eventual defeat to the opposition candidate, whom he had led by a large margin in pre-election polls, but it certainly eroded his credibility.

His case has been remembered by many other politicians as a lesson that they should be more cautious about nuclear power, which has been regarded as an essential part of the country’s energy portfolio.

Japan’s nuclear disaster has served to galvanize a civic antinuclear movement here, which advocates phasing out reactors mainly by increasing energy efficiency and expanding renewable power use.

The failure in stabilizing the reactors at the Fukushima Daiichi plant a year after the disaster has reminded ordinary Koreans of the huge potential dangers of what they believed to be a safe, clean and cost-efficient source of producing electricity.

“Before the Fukushima accident, a small number of environmental groups raised voices for abandoning nuclear power, but now they are joined by figures from a wide spectrum of professions,” said Lee Heon-seok, co-head of the Joint Action for Nuclear-free Society, a coalition of about 40 civic organizations formed last June.


A growing number of civic activists, lawyers, professors and religious leaders have participated in the movement to seek alternatives to the government’s plan to expand the nuclear capacity to meet an ever-increasing demand for electricity.

Korea operates 21 reactors and plans to build 13 more ― seven of them under construction and six others planned ― by 2024 to increase the nuclear share of the country’s electricity needs to 48.5 percent from 31.2 percent last year.

Antinuclear tide

The scheme may face a strong headwind as surveys have shown a rising antinuclear tide among the public in the wake of the Fukushima accident.

In a poll taken by the Korea Energy Economics Institute in 2009, about 42 percent of Koreans favored nuclear power and 38.8 percent remained neutral. But the corresponding figures fell to 16.9 percent and 23.8 percent in a survey conducted last August.

The proportion of respondents who opposed it jumped to 59.3 percent from 19.2 percent over the cited period.

Less than half felt nuclear power was dangerous in 2009 but the figure climbed to 75.6 percent in 2011 after Fukushima. Confidence in the safety of local nuclear power stations weakened from 70.5 percent to 52.6 percent.

More than 70 percent were in favor of building more reactors in 2009 but the proportion shrank to 38 percent last year.

Nearly 55 percent said they found no problem with a nuclear plant being built in the area near where they lived in 2009, but only 29.5 percent replied so in 2011.

Public sentiment against nuclear power was exacerbated particularly in the provinces of North Gyeongsang, South Gyeongsang and South Jeolla and the southeastern city of Busan, where most of the reactors in operation or planned are located.

Little swayed by the surge in the antinuclear tide, President Lee Myung-bak committed himself to carrying out the nuclear expansion plan in a recent news conference.

Lee argued that for Korea, which “does not produce a drop of oil,” there is no other option but nuclear power to meet the growing demand for electricity. He said abandoning nuclear energy would cause electricity rates to rise by as much as 40 percent.

Lee, who played a decisive role in gaining a $40 billion deal with the United Arab Emirates in 2009 to construct and operate four reactors, reiterated his pledge to make Korea one of the five major players in the global nuclear industry. Two years ago, his administration announced a plan to export 80 reactors by 2030 to take a 20 percent share of the world market.

Lee also said it would take at least three to four decades before renewable energy becomes economically viable.

His advocacy of nuclear power has drawn criticism from antinuclear activists.

“Lee’s nuclear policy is just anachronistic and turns a blind eye to the dominant public opinion,” said Kim Hye-jeong, an activist who works for the Korean Federation for Environmental Movement.

“He is leading the nation in the wrong direction to make us rely on nuclear power and thus burdened with its dangers forever,” she said.

Kim criticized the policy focusing on nuclear energy for barring the development of the renewable power industry.

The Joint Action for Nuclear-free Society also issued a statement asserting Lee was either misinformed or distorted the facts to make his case for nuclear expansion. The group said Germany has not seen higher utility bills and has continued to export electricity even after shutting down eight reactors in 2011 as part of a plan to decommission all 17 reactors by 2022.

Antinuclear groups are planning to hold a massive rally Saturday to call for the abandonment of nuclear power ahead of the first anniversary of the massive earthquake and tsunami that hit northeastern Japan, triggering the nuclear disaster.

A critical juncture
“What we are suggesting is to phase out reactors in operation starting with the two oldest ones and discard those under construction or on the drawing board,” said Lee Heon-seok, who co-heads the civic coalition for nuclear-free society.

“Now the nation is at a critical juncture to choose whether to expand or gradually abolish nuclear power,” he said.

In support of the antinuclear campaign, Seoul Mayor Park Won-soon and heads of 45 small cities, counties and wards gathered last month to adopt a declaration pledging to go nuclear-free and turn to renewable energy. Park has pushed an initiative to cut energy consumption in the capital over the coming three years by the same amount that would make it possible to do away with a nuclear reactor.

The movement has recently taken on an increasing political implication as liberal and progressive opposition parties are trying to publicize their stances in the run-up to the Seoul Nuclear Security Summit slated for March 26-27, which President Lee hopes will be one of his crown diplomatic achievements.

Dozens of former and incumbent lawmakers from the main opposition Democratic United Party launched a group in February to push for the country’s abolition of nuclear power and transformation toward renewable energy. The DUP leaders, who have opposed Seoul’s hosting of the second nuclear summit initiated by U.S. President Barack Obama, are expected to include the group’s demands in the list of the party’s pledges for the April parliamentary elections.

Prompted by the DUP moves, the splinter United Progressive Party announced an election pledge last month to close all the reactors by 2040.

Most lawmakers of the conservative ruling Saenuri Party, however, have remained ambiguous on the nuclear issue.

Supporters for expanding nuclear capacity say more reactors should be built to cover a growing demand for electricity in a cost-effective way to reduce carbon emissions.

Kim Jin-woo, president of the KEEI, indicated Korea and other industrialized economies were set to consume more electricity with the deepening of computerization and automation and the increase of electric cars.

He also noted the cost of nuclear energy would still be far lower than other fossil fuels, even if the disposal of nuclear waste was taken into account.

Those in favor of nuclear power argue the safety of reactors in Korea has been proven through 34 years of operation without any major incident.

Regardless of their views on nuclear expansion, most experts have questioned the wisdom of the policy to keep utility rates low and agreed on the need for strengthened safety requirements, which will have incorporated the lessons learned from the Fukushima accident.

Wisdom of policy
Nuclear power has shored up Seoul’s policy focused on the stable provision of cheap electricity, which is mainly designed to support industrial competitiveness. As a result, Korea’s electricity rates have been kept at about half the average level of the 34-member Organization for Economic Cooperation and Development.

With Korea’s electricity rates on the basis of 100, the corresponding figures reach 138 for the U.S., 170 for France, 221 for Britain and 242 for Japan, according to figures from the Korea Electric Power Corporation.

Announcing its decision to build a plant here last year, Toray, a Japanese manufacturer of synthetic textiles, cited Korea’s cheap electricity rates, which it said were lower than China’s and Japan’s, as the main reason for its move.

Critics say such low costs have made Korean industries and households alike consume energy in a wasteful manner.

The country’s per capita electricity consumption increased from 5,704kWh in 2000 to 9,510kWh last year, surpassing the level of Japan, whose per capita income is more than twice that of Korea’s.

Critics say Korean taxpayers have been paying for the low costs by helping the state-run utility company stay afloat despite debts of more than 50 trillion won.

“Saving electricity should go hand in hand with making more use of renewable sources such as wind, solar and geothermal,” said Lee Heon-seok of the Joint Action for Nuclear-free Society.

“If we continue to be addicted to the habit of wasting electricity, our goal to abolish nuclear power will remain out of reach,” he said.

Experts also warn of complacency with the safety of nuclear reactors, emphasizing the need to work out tighter criteria to cope with all possible scenarios.

They note that the lack of problems so far is no guarantee against future accidents.

Monday, March 5, 2012

Ghana marks 55th year of national independence


Ghana marks 55th year of national independence

Tourists enjoy the sunset along the coast of Accra on Labadi Beach, one of Ghana’s most popular tourist destinations, in this undated file photo.
/ Courtesy of ghanaphotos.net

The following is an official message by Ghana’s Ambassador to Korea Margaret Clarke-Kwesie on the occasion of the 55th anniversary of the West African nation’s independence from British colonial rule. — ED.

Today, March 6, marks the 55th Independence Anniversary of the Republic of Ghana. Formed from the merger of the British Colony of the Gold Coast and the Togoland trust territory, Ghana in 1957 became the first sub-Saharan country in colonial Africa to gain its independence.

On the eve of Ghana’s independence, Osagyefo Dr. Kwame Nkrumah, the first prime minister and president proclaimed at the old polo grounds in Accra “At long last, the battle has ended and Ghana, our beloved country is free forever”.

Ghana spearheaded the political liberation of colonized Africa from the very first day of her independence. Dr. Nkrumah championed the cause of African unity which led to the formation of the Organisation of African Unity (OAU), now the African Union (AU). Ghana became a sovereign member of the United Nations, the Commonwealth and the Non-aligned Movement and ECOWAS.

However, from 1966-1981, a series of coup d’etats interspersed with short periods of democratic rule plagued the country and undermined its development process. Since 1992 however, when Ghanaians voted in a referendum to follow a multiparty democratic rule, Ghana has had four successful and peaceful general elections with three successive changes in the Government. Another election is scheduled to take place in December, 2012. It is hoped that there shall be successful and peaceful elections.

Ghana’s economy has been strengthened by a quarter century of relatively sound management, a competitive business environment and sustained reduction of poverty levels.

Oil production of Ghana’s offshore jubilee field began in mid-December, 2010 and is expected to boost economic growth. Estimated oil reserves have jumped to almost 700 million barrels.

From 1994 to last year, Korean companies invested $61 million into the Ghanaian economy. Ghana is officially recognized by the World Bank as the easiest place to do business in West Africa.

Besides, the country is politically stable with comparative advantage in terms of tax relief. There is personal safety and security for people who live in Ghana which is very high compared to other African countries.

Sound macroeconomic management along with high prices for gold and cocoa helped sustain GDP growth in 2008-2011. Coupled with its expanding oil and gas sector, and Ghana is expected to grow at 11 percent this year. Ghana is the second fastest growing economy in the world after Qatar, according to the World Bank.

Last year, the country’s tourism sector attracted US$800 million revenue and about a million tourists visited Ghana.

Well preserved rainforests including Kakum National Park with its canopy walkway, there is also Nzulezu, a village built on stilts in the middle of a lagoon. The Shai Hills Reserve home to baboons, parrots and antelopes, is located a short distance from Accra. Tourist can tour the reserve on horseback. Nearby is also the Wli Falls in the Agumatsa Wildlife Sanctuary. There are many wetlands in this area home to many birds. There are also many international level hotels and restaurants as well as an international airport in Accra

The relations between Ghana and South Korea have grown steadily since the two countries first established diplomatic relations in 1977.

Since the appointment of Margaret Clarke-Kwesie as Ghana’s Ambassador to Korea in 2009, various initiatives have been undertaken toward strengthening the existing warm bilateral relations and the enhancement of political, economic and technical cooperation between the two countries.

Korea has become increasingly attractive to Ghana both as a source of Foreign Direct Investment (FDI), technological transfers, knowledge sharing and expertise. This makes significant contributions toward our ongoing economic development. In Korea, Ghana is better known for its chocolate and soccer than its investment opportunities but the landscape has changed.

Korea grants to Ghana has enabled the country to provide goods and services to key sectors of the economy such as transport, agriculture, health and e-Administration for MDAs to improve efficiency and productivity of the public sector. This support come in the form of vehicles, water pumps, bicycles, machinery and office equipment. Also through AFKO, a private Korean company, Koreans have been active in the country’s fishing industry. In addition, Ghanaian farmers have benefited from the training given by Korean experts in modern farming techniques particularly in high yielding rice cultivation at Asutware.

Furthermore, Korean government had through Korea International Cooperation (KOICA) provided training opportunities to Ghanaian farmers, teachers and public officers. Presently there are about 35 Ghanaians pursuing undergraduate and graduate level programs in various Korean institutions.

The volume of trade between Korea and Ghana is relatively small and the balance is in favor of Korea. The average annual volume of export trade for a ten year period (2001-2011) from Korea to Ghana totaled $1,494,466.  

Korean drama, K-pop idols shine in Okinawa concert


Korean drama, K-pop idols shine in Okinawa concert

KARA

By Kwaak Je-yup

The influence of Korean pop culture has reached the southernmost island of the Japanese archipelago, resulting in a concert that showcased not only just K-pop idol groups like KARA and 2PM but also the soundtracks of Korean dramas.

“World Music Festival in Okinawa” took place Sunday in a two-part format at the Okinawa Cellular Stadium in Naha, the island’s capital.

The first half saw soundtrack composer Oh Joon-sung of “Boys over Flowers” and “Prosecutor Princess” fame performing his biggest hits with an orchestra. The scenes from those dramas were displayed on a screen in sync with the music. R&B trio Monday Kiz also sang their renditions of Oh’s hits from the likes of “Goodbye My Princess” and “Paradise.”

The second half brought together six K-pop idols: KARA, 2PM, Infinite, Rainbow, Secret, and ZE:A. The groups all performed their biggest hits.

Beginning as an event to mark the 40th anniversary of Okinawa’s return to Japanese sovereignty in 1972, the music festival will become an annual event at the 30,000-capacity baseball stadium, best-known as where the Yomiuri Giants’ train.

Girls' Generation to promote Gangnam


Girls' Generation to promote Gangnam

Promotional poster of Gamgnam featuring Girls’ Generation

By Kim Rahn

Girls’ Generation will become publicity ambassadors for Gangnam in southern Seoul.

The district said Monday it will appoint the popular hallyu group to promote the region, with the appointment ceremony at the ward office at 3 p.m. Wednesday.

Besides the girl group, six celebrities have already taken the honorary ambassador posts ― singer Rain, actor Park Joong-hoon, actress Kong Hyun-joo, TV personalities Christina Confalonieri and Ha Il (Robert Holley) and speed skater Lee Sang-hwa.

“We aim to promote Gangnam as a ‘Mecca of hallyu tourism’ and Girls’ Generation, who are leading the Korean wave not only in Asia but also in America and Europe, will help us attain the goal,” a ward official said.

Girls’ Generation will promote Gangnam on posters and electric signs to be set up at Incheon International Airport and major subway stations where foreign tourists gather.

The ward office plans to appoint boy band Super Junior as publicity ambassadors as well in April.

Last October, the district held a concert named “Hallyu Festival” where Rain gave a free performance on the street in front of COEX, attracting thousands of domestic and foreign fans.

“We will hold the festival again in September or October. Who will perform hasn’t been decided yet. We also plan to develop a tour around the entertainment agencies in Gangnam which manage many more hallyu stars as well as Girls’ Generation and Super Junior,” the official said.

Change 'formula for success'


Change 'formula for success'

Megastudy founder and CEO Son Ju-eun draws his own success formula in his diary to explain how young people should rethink their life strategies during an interview held at his office in Seocho-dong, southern Seoul, on Feb. 16.
/ Korea Times photo
by Shim Hyun-chul
By Kim Jae-kyoung

Everyone wants success in life. Since there is no single path to success, people pursue it in many different ways. However, only a few choose the right one, stay on it, and eventually reach their destinations.

Ironically, even those who see success in their careers and businesses are not fully satisfied with what they have achieved. Even after they reach their destinations, they feel a void in their hearts in many cases. People wonder why?

To Son Ju-eun, founder and CEO of Megastudy, this is a simple question because he knows the answer. He believes that mismatches between professional success and happiness come from young people’s wrong beliefs about success. In Son’s view, people, particularly teenagers and college students, have the wrong formula for successful life.

“At classes, I often ask my students to prioritize three important things in life — how to live (values), jobs and success. Most of them pick success as the number one, followed by jobs and then how to live,” Son said in an interview with Business Focus at his office in Seocho-dong, southern Seoul, on Feb. 16.

“For example, they first set their own standards for financial success and then think about whether they should be a doctor or a lawyer to achieve that goal. In many cases, they don’t give a thought about what values they should pursue in life, which I believe is completely wrong.”

He emphasizes that if you take such an approach, you will reach success at one point but you will never achieve what you want in the long run. “You have to think about how you will live first and then choose a profession to be aligned with it. Success should be the last priority,” he said.

What drives Megastudy’s success

The 52-year-old chief executive said that what’s behind his success as a businessman is his ceaseless efforts to find an answer to the question — how should he live? In other words, such efforts were a starting point in his changing career from a star instructor to a businessman by opening Megastudy in 2000.

Megastudy is now the nation’s biggest and most successful cram school company offering both online and offline courses at its institute. Through video on demand (VOD) contents on its Internet portal site, www.megastudy.net, the company provides online classes mainly designed for those preparing for college entrance exams.

In 1990s, Son was one of the most popular figures among high school students. As a private tutor helping children from rich families in Seoul win admission to elite universities, he earned both money and fame. He then made more than 700 million won per year.

However, the social studies teacher-turned-CEO said that despite such financial success, he felt a void in his heart. He reflected on his life and realized that there was a fundamental problem with what he was doing.

“I asked myself what I was doing. I realized that private tutoring brought me wealth personally but it was deepening inequality socially between the rich and the poor by helping the rich lift their children to the top of the ladder, which snatches opportunities for others to climb up the ladder,” Son said.

“From then on, I started seriously thinking about how I should live. And as a teacher, I tried to find ways to ease inequality caused by private tutoring and concluded that cheap mass education was an answer.”

Interestingly, what helped Son hatch an idea of online lecture services was a home-shopping channel on television. He believed that given the nation’s broadband Internet, videotaped lectures would not only help ease education inequality but also change the way Korean students get educated.

“In 1998, I was watching a home-shopping channel on cable TV and I thought that it had an answer. I noticed a shift in market place. I thought that there would be an evolution in the education market. Student won’t go to schools. Schools will bring classes to students at home,” he added. “From that point, I started thinking about offering online lectures and opened Megastudy in 2000.”

Since it was launched, it has enjoyed rapid growth. Sales of the company, which went public in 2004, soared to 341.3 billion won in 2011 from 579 million won in 2000. Its net profit also jumped from 9 million won to 70.7 billion won during the same period.

The firm expects sales to grow 18.5 percent this year to 385 billion won. About 4.42 million students — 3.26 million for high schools and 1.16 million for middle schools — are members of Megastudy.

From high school-level courses, Megastudy has expanded into elementary school and opened courses for college students studying to get into medical and law school. The company now has six subsidiaries, including Mega MD and Mega Lawschool.

Paradigm shift underway

A native of Changwon, South Gyeongsang Province, Son hinted that he is seeking ways to change his business model to maintain the company’s leading position in the rapidly-changing education market. He said the company is now mapping out long-term plans.

In Son’s view, the online education market will undergo a major transformation with “sharing” and “participation” emerging as top issues of capitalism.

“In the future, I think that online education will be more influenced by the ‘copyleft’ movement. It is highly probable that online education resources will become free goods. I expect that mass lectures offered now will be free, while only customized services will be charged for,” he said.

Copyleft, opposite to copyright, refers to a general concept for making a program (or other work) free and requiring all modified and extended versions of the program to be free as well.

“Of late, this trend was being spotted on YouTube. Now is time to consider reinventing our business model. The online education market is now in the middle of a paradigm shift, which is making us rethink our strategies for the future,” he added. “I hope that we can seize the initiative in the newly-shaping market.”

Regarding his roadmap, he did not share details of what’s on his mind but explains the big picture. He said his ultimate goal is to turn Megastudy into a universal education group not only offering education services but also supporting those involved, such as a catering business for students.

“We plan to turn Megastudy into a universal education group from a college entrance exam-oriented institute within 10 years,” he said.

Tapping overseas markets

Together with the reinvention of the business model, expansion into overseas markets is another top agenda item for Son. The firm is now tapping some rapidly-growing Asian markets, such as Vietnam and China.

Son is very cautious about the move to go abroad because he is well aware that the successful Megastudy model here will not work well in overseas markets due to cultural and technological differences.

“We are now exploring Chinese and Vietnamese markets but it doesn’t look easy due to different business environments and cultures,” he said.

According to him, in Korea, education goods sell well online in the form of Business to Consumer (B2C) because of parents’ passion for children’s education, distrust of the public education system and high Internet penetration.

“In contrast, in countries like China and Vietnam, the credibility of online products among consumers remains low. Therefore, even if content is good, it is hard to sell online,” he said.

The company is now trying to develop a model fitting the unique Chinese market by combining Megastudy’s B2C model with China’s Business to Business (B2B) model. In Vietnam, it is mulling ways to build an offline-focused company considering Vietnam’s market environments

“It is very important to first understand that education is about content and culture, not commodities. So in overseas business, we need more time to understand their culture. In that regard, I think it will take time to develop a model that fits local markets before expanding there,” he said.