Firms in Gaesong complex see snowballing losses
By Kim Tae-jong
They said the abrupt ban on South Korean workers entering the inter-Korean industrial park has started dealing a blow to their business there “Some manufacturing lines at several firms in the complex have already halted due to the lack of supply of raw materials and fuel from the South,” Han Jae-kwon, chairman of the Corporate Association of Gaesong Industrial Complex, told The Korea Times. “Things will get much more severe after the weekend.” Another urgent issue is that South Korean employees at the complex will run out of food from next week if the ban is not lifted over the weekend, he said. The remarks come after Pyongyang suddenly announced Wednesday it would ban South Koreans from entering the industrial park, while allowing South Koreans currently at the complex to return home. A total of 123 South Korean firms manufacture goods in the complex with about 1,000 South Korean and 54,000 North Korean employees. As of Friday, there were 608 South Koreans still at the park, as some 250 employees returned to the South in the first two days after the ban. About 100 more are expected to return home Saturday. Despite escalating tensions over the complex, however, Han said the atmosphere at the site was as normal. “Our resident employees said they found nothing unusual there, although they know what’s going on there. As they know they can’t go back if they cross the border, they insist they should stay there,” Han said. He emphasized a prolonged entry ban would devastate the businesses, as many South Korean firms in the complex are suppliers who need to meet deadlines for shipments. “Several companies have already been under pressure that they will face claims due to failure in meeting deadlines and some may not be able to renew contracts,” Han said. “It also takes a long time to recover even after the ban is lifted if the current situation lasts for a long period of time.” What’s more concerning is the possibility the ban may lead to the complete shutdown of the complex, as Pyongyang threatened to withdraw all North Korean workers, Han said. “Pyongyang seems to take advantage of the ban to press Seoul to gain what they want, but as we have continuously demanded, the two Koreas should divide politics and business.” |
Saturday, April 6, 2013
Firms in Gaesong complex see snowballing losses
Choo rips first homer of season as Reds hold off Angels in series rubber game
CINCINNATI (AP) ― Joey Votto? One single in 10 at-bats. Jay Bruce? One double in 13 at-bats with seven strikeouts.
Cincinnati’s top run producers barely got the bat on the ball, yet the Reds managed to win the major leagues’ first interleague series to open a season. Credit those other guys who don’t normally do the heavy lifting.
Choo Shin-soo homered on Joe Blanton’s first pitch of the game Thursday, the first of Cincinnati’s three homers off the right-hander, and the Reds won 5-4 over the Los Angeles Angels.
Not too bad considering the big hitters’ struggles.
“It means somebody else picked us up,” manager Dusty Baker said.
“We had excellent pitching. Some of their players didn’t get uncaged, either. That was an exciting series. Every game was a great game that could have gone either way.”
Todd Frazier also had a solo homer off Blanton (0-1), and Chris Heisey’s two-run shot put Cincinnati up 5-3 in the fifth. Blanton gave up five runs and seven hits in five innings during his Angels debut.
Blanton, who signed a two-year, $15 million deal in December, didn’t make many bad pitches. He didn’t have much luck, either.
“Two of them were off mistakes, and I felt I made maybe a handful of them all day,” Blanton said. “That happens sometimes in baseball. One of those things that just happened out of the gate.”
Heisey’s homer was his first as the full-time left fielder. He’s replacing Ryan Ludwick, who had surgery on Wednesday to repair torn cartilage in his right shoulder, an injury that will sideline him for at least the first half of the season.
“I’ve proven I can play off the bench,” Heisey said. “I’m not feeling any pressure.”
Bronson Arroyo (1-0) gave up three runs in six innings, including Josh Hamilton’s two-run single that was his first hit for the Angels. Albert Pujols drove in a pair of runs with a sacrifice fly and a groundout.
Nobody enjoyed Choo’s homer more than Arroyo. Choo has four career homers off Arroyo, his highest total off any pitcher. The Reds got him from Cleveland in the offseason.
“Every time he goes deep for me, it’s like a holiday,” Arroyo said.
Left-hander Aroldis Chapman pitched the ninth, converting his first save opportunity. Mike Trout led off with a single and was sacrificed to second, but Pujols flied out and Hamilton struck out.
The teams combined for seven homers and 63 strikeouts during the series. The Reds fanned 36 overall, a club record for the first three games of a season. The 36 strikeouts were an Angels record for a three-game series.
Their biggest hitters also have had a tough time getting started.
Pujols and Hamilton were a combined 0 for 17 with six strikeouts before they finally put something together in the third inning. Pujols doubled for his first hit, and Hamilton followed with a two-run single; Pujols slid into home safely while catcher Ryan Hanigan missed his leg while attempting the tag.
Chicago Cubs 3, Pittsburgh 2
Minnesota 8, Detroit 2
San Diego 2, NY Mets 1
Kansas City 3, Chicago White Sox 1
Baltimore 6, Tampa Bay 3
Oakland 8, Seattle 2
Washington 6, Miami 1
NY Yankees 4, Boston 2
Toronto 10, Cleveland 8
Philadelphia 2, Atlanta 0
Cincinnati’s top run producers barely got the bat on the ball, yet the Reds managed to win the major leagues’ first interleague series to open a season. Credit those other guys who don’t normally do the heavy lifting.
Choo Shin-soo homered on Joe Blanton’s first pitch of the game Thursday, the first of Cincinnati’s three homers off the right-hander, and the Reds won 5-4 over the Los Angeles Angels.
Not too bad considering the big hitters’ struggles.
Cincinnati Reds outfielder Choo Shin-soo hits a home run in the first inning on Thursday. (AFP-Yonhap News) |
“It means somebody else picked us up,” manager Dusty Baker said.
“We had excellent pitching. Some of their players didn’t get uncaged, either. That was an exciting series. Every game was a great game that could have gone either way.”
Todd Frazier also had a solo homer off Blanton (0-1), and Chris Heisey’s two-run shot put Cincinnati up 5-3 in the fifth. Blanton gave up five runs and seven hits in five innings during his Angels debut.
Blanton, who signed a two-year, $15 million deal in December, didn’t make many bad pitches. He didn’t have much luck, either.
“Two of them were off mistakes, and I felt I made maybe a handful of them all day,” Blanton said. “That happens sometimes in baseball. One of those things that just happened out of the gate.”
Heisey’s homer was his first as the full-time left fielder. He’s replacing Ryan Ludwick, who had surgery on Wednesday to repair torn cartilage in his right shoulder, an injury that will sideline him for at least the first half of the season.
“I’ve proven I can play off the bench,” Heisey said. “I’m not feeling any pressure.”
Bronson Arroyo (1-0) gave up three runs in six innings, including Josh Hamilton’s two-run single that was his first hit for the Angels. Albert Pujols drove in a pair of runs with a sacrifice fly and a groundout.
Nobody enjoyed Choo’s homer more than Arroyo. Choo has four career homers off Arroyo, his highest total off any pitcher. The Reds got him from Cleveland in the offseason.
“Every time he goes deep for me, it’s like a holiday,” Arroyo said.
Left-hander Aroldis Chapman pitched the ninth, converting his first save opportunity. Mike Trout led off with a single and was sacrificed to second, but Pujols flied out and Hamilton struck out.
The teams combined for seven homers and 63 strikeouts during the series. The Reds fanned 36 overall, a club record for the first three games of a season. The 36 strikeouts were an Angels record for a three-game series.
Their biggest hitters also have had a tough time getting started.
Pujols and Hamilton were a combined 0 for 17 with six strikeouts before they finally put something together in the third inning. Pujols doubled for his first hit, and Hamilton followed with a two-run single; Pujols slid into home safely while catcher Ryan Hanigan missed his leg while attempting the tag.
Chicago Cubs 3, Pittsburgh 2
Minnesota 8, Detroit 2
San Diego 2, NY Mets 1
Kansas City 3, Chicago White Sox 1
Baltimore 6, Tampa Bay 3
Oakland 8, Seattle 2
Washington 6, Miami 1
NY Yankees 4, Boston 2
Toronto 10, Cleveland 8
Philadelphia 2, Atlanta 0
Ryu makes MLB debut Wednesday
By Baek Byung-yeul When the lefthander made his Korea Baseball Organization (KBO) debut in 2006, few could have guessed he would win both the Rookie of the Year and Most Valuable Player (MVP) awards. When he stated his desire to play in the majors, scoffs could be heard from the peanut gallery.Ryu Hyun-jin has a habit of exceeding expectations. The Korean-born pitcher has continued to outstrip predictions since signing a six-year, $36 million deal with the Los Angeles Dodgers last winter, seeming to adjust well during spring training. The question now is how he will fare when the games matter. The Korean will get his chance to answer in Los Angeles on Tuesday evening (Wednesday at KST), when the Dodgers take on NL West rival San Francisco Giants. Ryu, 26, has done his part to spur expectations with a solid preseason performance. Over seven games, he went 2-2 with a 3.29 ERA, striking out 27 batters and scattering 10 runs over 27.1 innings. He couldn’t have ended on a better note, striking out Los Angeles Angels slugger Albert Pujols. Such performances have raised eyebrows around the league - in a survey of 43 ESPN analysts on who would win NL Rookie of Year, Ryu came in fourth. He won’t be alone in needing to prove himself as the Dodgers have gone all out in a bid to claim primacy in the division from the Giants, who have won two of the past three World Series titles. To do so, they’ve plunked down a league-high $232 million to tie up ace Zack Greinke as well as pitcher Clayton Kershaw, center fielder Matt Kemp and first baseman Adrian Gonzalez. Ryu will have to show that he can consistently pitch deep into the game with a chance to win, to prove his worth. He will face a San Francisco lineup similar to last year’s that includes batting champ Buster Posey as well as the World Series MVP Pablo Sadoval. He’ll have a tough act to follow after an Opening Day gem from Kershaw, who led the 4-0 victory against the Giants with a complete-game shutout. In typical fashion, Ryu seemed calm as he watched Kershaw mow down the opponents. “I will do my best,” he said. “I am only focusing on winning the game.” |
Ryu Hyun-jin enjoys quiet life
LOS ANGELES (Yonhap News) ― South Korean pitcher Ryu Hyun-jin, who recently made his major-league debut with the Los Angeles Dodgers, says he is happy leading a quiet life in his new California home.
Speaking with Korean reporters at his downtown L.A. apartment Thursday, the rookie pitcher said he’s had no problem adjusting to life in the U.S., and has even gained a little weight from eating the home-cooked meals his mother, who lives with him, makes every day.
The 26-year-old is the first South Korean player to make the leap from the Korea Baseball Organization to the big leagues.
Ryu currently lives with his parents and older brother at the five-star Ritz Carlton Residences in the heart of Los Angeles. He bought the $1.8 million home immediately after signing the contract in December. These apartments are a popular dwelling for celebrities, with lavish furnishings such as a rooftop swimming pool and a bar.
With Dodger Stadium just a 10-minute walk from home, Ryu can wake up at 11 a.m. every morning and still have time to feast on his mother’s Korean cooking.
On his days off, Ryu spends time with his father and older brother, practicing his second favorite sport: golf. Though he refuses to share his scores, Ryu claims he has a driving distance of about 290 yards.
Unfazed by the time difference, Ryu remains a diligent watcher of Hanwha Eagles games. He also uses the popular Korean instant messenger Kakaotalk to discuss baseball with his old teammates.
Despite the language barrier, Ryu says he has no problem getting by.
“I mostly communicate using words and phrases I’ve picked up on my own,” he said. “If I need to, I can easily grab a translator or a manager for help.”
Speaking with Korean reporters at his downtown L.A. apartment Thursday, the rookie pitcher said he’s had no problem adjusting to life in the U.S., and has even gained a little weight from eating the home-cooked meals his mother, who lives with him, makes every day.
The 26-year-old is the first South Korean player to make the leap from the Korea Baseball Organization to the big leagues.
Ryu currently lives with his parents and older brother at the five-star Ritz Carlton Residences in the heart of Los Angeles. He bought the $1.8 million home immediately after signing the contract in December. These apartments are a popular dwelling for celebrities, with lavish furnishings such as a rooftop swimming pool and a bar.
With Dodger Stadium just a 10-minute walk from home, Ryu can wake up at 11 a.m. every morning and still have time to feast on his mother’s Korean cooking.
On his days off, Ryu spends time with his father and older brother, practicing his second favorite sport: golf. Though he refuses to share his scores, Ryu claims he has a driving distance of about 290 yards.
Unfazed by the time difference, Ryu remains a diligent watcher of Hanwha Eagles games. He also uses the popular Korean instant messenger Kakaotalk to discuss baseball with his old teammates.
Despite the language barrier, Ryu says he has no problem getting by.
“I mostly communicate using words and phrases I’ve picked up on my own,” he said. “If I need to, I can easily grab a translator or a manager for help.”
Thursday, April 4, 2013
How rich people live, spend and enjoy
Celebrities take risk to promote Dokdo
Celebrities take risk to promote DokdoBy Park Si-soo Not a year has passed without Japan making provocative claims to Korea’s easternmost islets of Dokdo. This has always stirred angry reactions from many Korean celebrities, some of whom kicked off campaigns of their own to promote this country’s sovereignty over the islands by taking advantage of their international popularity. The latest provocation from Japan took place last week when it endorsed the release of new high school textbooks that claim Dokdo is Japan’s. Unlike in previous years, however, celebrities here stayed calm as the country was confronting a much bigger challenge from nuclear-armed North Korea, which threatened to turn Seoul into “a sea of fire” with unusually hostile rhetoric.
According to related postings, Heo was visiting Japan in May 2009 to promote the musical “Gambler,” in which he played a leading role. Back then, the actor was gaining popularity in Japan thanks to his charismatic performances in the TV drama “All In,” which was aired in Japan as well. A press conference was held when Seoul-Tokyo ties were at rock bottom due to the territorial dispute. A Japanese journalist asked Heo to give his thoughts and stance on the dispute. It was so sensitive an issue nobody would have criticized Heo if he avoided answering the question. It was also an extremely risky moment as any slip of the tongue could cost the up-and-coming actor in Japan a sizable loss of fans or even expulsion from the market. Nonetheless Heo did not hesitate to reply. In response to the question, Heo stood from his seat and strode toward the questioning journalist and snatched a pen from the reporter’s hand. “What is your feeling now?” Heo asked the journalist without further explanation. It was all he did in response but it spoke volumes. Heo is one of few celebrities who have clarified their stance on the geopolitical issue. Most singers and entertainers who do business in Japan normally stay quiet on the matter for fear of a negative impact on their business there. Korean girl band KARA was given a similar question during a press conference in Seoul on Aug. 22, one week after Independence Day, which celebrates the country’s independence from Japanese colonial rule in 1945. Following the question, the host of the event turned off the microphones of the band’s members so they were unable to answer. Baby-faced actor and singer Jang Keun-suk, who receives rock star treatment in Japan, remains silent also. Their silence is a stark contrast to the actions of actor Bae Yong-joon. Bae, who took Japan by storm in the early 2000s and earned the nickname Yonsama, was asked a Dokdo-related question during a press conference in Japan in 2005. “As a Korean citizen, it’s a matter of concern,” he answered briefly, promising he would provide a follow-up answer after studying the issue. A couple of days later, Bae posted the promised answer on his official website. “Dokdo is Korean territory without doubt,” he said in the article. “So we need to deal with the issue with greater care.”
In an angry reaction, Japanese media outlets demanded Bae be banned from any money-making activities in Japan. But the animosity did not last long, leaving Bae’s Japanese fan base largely unaffected. Among other entertainers who have openly raised their voices against Japan’s territorial ambitions are singer Kim Jang-hoon and actor Song Il-gook. Kim is recognized as an avid Dokdo promoter who donated personal funds frequently to run ads promoting Korea’s sovereignty over the islands in The New York Times and other influential newspapers. Song is well known as a descendant of Gen. Kim Jwa-jin, who fought for Korea’s independence in the 1920s. The duo, teamed with a team of professional swimmers, successfully swam to Dokdo from mainland Korea on last year’s Independence Day. Following the event, Japanese broadcasters put off airing two TV dramas in which Song played a leading role. In addition, the actor received a rare warning from then Senior Vice Foreign Minister Tsuyoshi Yamaguchi, who said he might find it difficult to visit Japan in the future. It’s uncertain whether an entry ban was actually imposed. Anyhow, the broadcasting embargo and warning fell short of taming the actor who instead resisted the penalties with a self-written online posting in which he said, “I feel proud of myself for being able to participate in the swimming campaign and never regretted my past choice.” Singer Kim is currently running another campaign that encourages smartphone users at home and abroad to decorate their device with Dokdo-related photos and images. The campaign started last month and more than 500 foreigners have joined it, he said, adding his goal is to have 100 million participants worldwide. Choi Si-won, a member of Korean boy band TXVQ, was accused by Japanese people of retweeting a message from Korea’s presidential office on Aug. 10 last year, that read, “Dokdo is Korean territory which we must protect at any cost.” |
Cyprus to turn economy around
NICOSIA (AFP) ― The new finance minister of cash-strapped Cyprus vowed on Wednesday to do “whatever it takes” to sort out the EU country’s teetering finances and put the economy back on its feet.
Haris Georgiades was speaking hours after President Nicos Anastasiades swore him in, warning of “difficult days ahead” for an island struggling to recover from a near financial meltdown and the need for a crippling eurozone bailout.
Anastasiades said this would entail “firstly, collectivity and, secondly, consistency and fiscal discipline and all those measures that will contribute to kick-starting the economy as soon as possible.”
The new minister, a 40-year-old British-educated economist, vowed to implement the terms of the bailout “fully ... we shall meet all time frames and meet all targets.”
“We ... shall do whatever it takes to fix our public finances and put our economy back on track for growth.”
“Even though today’s circumstances might be bleak, the medium- and long-term prospects remain excellent. We have received a blow but I’m absolutely confident we shall overcome,” said Georgiades.
Under the terms of the bailout, Cyprus will drastically reduce the size of its bloated banking sector, raise taxes, downsize the public sector workforce and privatize some state-owned firms.
Cyprus is already in recession, with unemployment at around 15 percent and expected to grow sharply this year and next.
Forecasts before the deal was agreed saw GDP contracting by 3.5 percent this year.
On Tuesday, outgoing finance minister Michalis Sarris said “2013 will be a very difficult year, and the beginning of 2014 will also be difficult. Beyond this I believe the prospects are positive.”
Georgiades, who became labor minister when Anastasiades was elected in February, was appointed after Sarris stepped down on Tuesday.
Sarris had been chairman last year of failed Laiki Bank, whose collapse was a major contributor to the crisis. He said he was resigning to cooperate with a panel of judges appointed to investigate the causes of the crisis.
His departure came as the government wrapped up talks with the IMF, European Commission and European Central Bank that will open the way for Cyprus to receive a 10-billion-euro ($12.8 billion) bailout.
The deal will see Cyprus receiving the loan with an interest rate of between 2.5 and 2.7 percent, repayable over 12 years after a grace period of 10.
On Wednesday, International Monetary Fund managing director Christine Lagarde said the IMF’s contribution would be approximately 1 billion euros.
“This is a challenging program that will require great efforts from the Cypriot population,” Lagarde said in a statement, but it “provides a durable and fully financed solution to the underlying problems facing Cyprus and provides a sustainable path toward a recovery.”
Haris Georgiades was speaking hours after President Nicos Anastasiades swore him in, warning of “difficult days ahead” for an island struggling to recover from a near financial meltdown and the need for a crippling eurozone bailout.
Anastasiades said this would entail “firstly, collectivity and, secondly, consistency and fiscal discipline and all those measures that will contribute to kick-starting the economy as soon as possible.”
The new minister, a 40-year-old British-educated economist, vowed to implement the terms of the bailout “fully ... we shall meet all time frames and meet all targets.”
A Cypriot man holds a sign during a demonstration in Nicosia on Tuesday. (AFP-Yonhap News) |
“We ... shall do whatever it takes to fix our public finances and put our economy back on track for growth.”
“Even though today’s circumstances might be bleak, the medium- and long-term prospects remain excellent. We have received a blow but I’m absolutely confident we shall overcome,” said Georgiades.
Under the terms of the bailout, Cyprus will drastically reduce the size of its bloated banking sector, raise taxes, downsize the public sector workforce and privatize some state-owned firms.
Cyprus is already in recession, with unemployment at around 15 percent and expected to grow sharply this year and next.
Forecasts before the deal was agreed saw GDP contracting by 3.5 percent this year.
On Tuesday, outgoing finance minister Michalis Sarris said “2013 will be a very difficult year, and the beginning of 2014 will also be difficult. Beyond this I believe the prospects are positive.”
Georgiades, who became labor minister when Anastasiades was elected in February, was appointed after Sarris stepped down on Tuesday.
Sarris had been chairman last year of failed Laiki Bank, whose collapse was a major contributor to the crisis. He said he was resigning to cooperate with a panel of judges appointed to investigate the causes of the crisis.
His departure came as the government wrapped up talks with the IMF, European Commission and European Central Bank that will open the way for Cyprus to receive a 10-billion-euro ($12.8 billion) bailout.
The deal will see Cyprus receiving the loan with an interest rate of between 2.5 and 2.7 percent, repayable over 12 years after a grace period of 10.
On Wednesday, International Monetary Fund managing director Christine Lagarde said the IMF’s contribution would be approximately 1 billion euros.
“This is a challenging program that will require great efforts from the Cypriot population,” Lagarde said in a statement, but it “provides a durable and fully financed solution to the underlying problems facing Cyprus and provides a sustainable path toward a recovery.”
Tuesday, April 2, 2013
Korea’s big-business reliance grows
Korea’s economic dependency on top conglomerates has continued to rise, posing a challenge to the incumbent President Park Geun-hye administration seeking to restructure the country’s economic landscape.
A report by Korea’s Fair Trade Commission showed that sales generated by the top four private conglomerates, or chaebol, accounted for more than 53 percent of the total in the first quarter of this year, up from 52 percent a year ago.
The top four industrial groups sanctioned by the antitrust watchdog against further expanding through a web of equity cross-shareholdings are Samsung, Hyundai Motor, SK and LG.
State-run conglomerates such as Korea Electric Power Corp. and Korea Land & Housing Corp. have been included in the FTC list of giant companies restricted from additional equity tie-ups.
The FTC listed 62 conglomerates this year, down from 63 in 2012. This marks the first drop in the number of large groups restricted from expansion in four years.
The number of conglomerates’ subsidiaries dropped to 1,680 in the first quarter of 2013, from 1,740 a year earlier, for the first time since 2009 when the antitrust agency started to beef up its monitoring of big businesses.
However, their dominance over the economy still persists as empirical data showed their sales increased almost 7 percent to 24.8 trillion won in the same period.
The decrease in the number of conglomerates’ subsidiaries is in part due to groups restructuring their key units or liquidating their non-core assets.
The top four’s net profit accounted for about 80 percent, up from 61 percent in the same period, with Samsung’s assets reaching over 300 trillion won for the first time due to brisk profit.
The market capitalization of the top 10 conglomerates accounted for more than 60 percent of the total.
Big businesses were able to increase their size through cross-shareholdings especially during the previous administration which implemented chaebol-friendly policies by softening rules against them, according to the Citizens’ Coalition for Economic Justice.
By Park Hyong-ki (hkp@heraldcorp.com)
A report by Korea’s Fair Trade Commission showed that sales generated by the top four private conglomerates, or chaebol, accounted for more than 53 percent of the total in the first quarter of this year, up from 52 percent a year ago.
The top four industrial groups sanctioned by the antitrust watchdog against further expanding through a web of equity cross-shareholdings are Samsung, Hyundai Motor, SK and LG.
State-run conglomerates such as Korea Electric Power Corp. and Korea Land & Housing Corp. have been included in the FTC list of giant companies restricted from additional equity tie-ups.
The FTC listed 62 conglomerates this year, down from 63 in 2012. This marks the first drop in the number of large groups restricted from expansion in four years.
The number of conglomerates’ subsidiaries dropped to 1,680 in the first quarter of 2013, from 1,740 a year earlier, for the first time since 2009 when the antitrust agency started to beef up its monitoring of big businesses.
However, their dominance over the economy still persists as empirical data showed their sales increased almost 7 percent to 24.8 trillion won in the same period.
The decrease in the number of conglomerates’ subsidiaries is in part due to groups restructuring their key units or liquidating their non-core assets.
The top four’s net profit accounted for about 80 percent, up from 61 percent in the same period, with Samsung’s assets reaching over 300 trillion won for the first time due to brisk profit.
The market capitalization of the top 10 conglomerates accounted for more than 60 percent of the total.
Big businesses were able to increase their size through cross-shareholdings especially during the previous administration which implemented chaebol-friendly policies by softening rules against them, according to the Citizens’ Coalition for Economic Justice.
By Park Hyong-ki (hkp@heraldcorp.com)
Korea’s heavy reliance on trade persists
Trade continued to surpass 100 percent of Korea’s gross national income for the third straight year, making the country vulnerable to external macroeconomic factors.
Trade in proportion to GNI, the total value of income generated by Korean nationals domestically and abroad, stood at 112.7 percent in 2012, similar to 112.9 percent in 2011, according to data by the Bank of Korea and the Ministry of Trade, Industry and Energy.
In 2010, the ratio reached over 105 percent.
This led to Korea becoming the world’s eighth-biggest trading economy, but also weak consumption, straining economic growth.
Analysts said it remaind to be seen whether the government’s fiscal stimulus and real estate measures would boost private spending, while the problem rested with slow income growth of the middle class.
Korea’s trade dependency rate hiked above the 100 percent mark in 2008 when the global financial crisis erupted on widespread investments in toxic subprime securities.
It temporarily dropped below 100 percent in 2009.
Analysts expect the country to achieve GDP growth of around 1 percent until the end of the second quarter of this year due to sluggish domestic consumption, despite a rise in exports. The Ministry of Strategy and Finance recently projected 2.3 percent growth this year, lower than the Bank of Korea’s 2.8 percent.
By Park Hyong-ki (hkp@heraldcorp.com)
Trade in proportion to GNI, the total value of income generated by Korean nationals domestically and abroad, stood at 112.7 percent in 2012, similar to 112.9 percent in 2011, according to data by the Bank of Korea and the Ministry of Trade, Industry and Energy.
In 2010, the ratio reached over 105 percent.
This led to Korea becoming the world’s eighth-biggest trading economy, but also weak consumption, straining economic growth.
Analysts said it remaind to be seen whether the government’s fiscal stimulus and real estate measures would boost private spending, while the problem rested with slow income growth of the middle class.
Korea’s trade dependency rate hiked above the 100 percent mark in 2008 when the global financial crisis erupted on widespread investments in toxic subprime securities.
It temporarily dropped below 100 percent in 2009.
Analysts expect the country to achieve GDP growth of around 1 percent until the end of the second quarter of this year due to sluggish domestic consumption, despite a rise in exports. The Ministry of Strategy and Finance recently projected 2.3 percent growth this year, lower than the Bank of Korea’s 2.8 percent.
By Park Hyong-ki (hkp@heraldcorp.com)
Choi Kyung-ju to enter Asia Pacific Golf Hall
South Korean PGA Tour veteran Choi Kyung-ju will enter the Asia Pacific Golf Hall of Fame, his agency said on Monday.
In a press release, IMG Korea said Choi, 42, will enter the Hall in a special induction ceremony in Jakarta, Indonesia in November, during the 2013 Asia Pacific Golf Summit.
According to IMG Korea and the Asia Pacific Golf Group, which operates the Hall, Choi is the first South Korean to enter the Asia Pacific Hall of Fame.
It was founded in 1998.
Mike Sebastian, the CEO of the Asia Pacific Golf Group, said Choi, one of the most successful Asians to ever play on the PGA Tour, was an easy choice.
“Choi is a real trailblazer ― a man who possesses the talent, skill and temerity to play his game at the highest level and succeed,” Sebastian was quoted as saying on the Asia Pacific Golf Group’s website.
“What he has achieved in the professional game in Asia, Europe and the United States will serve as an inspiring and motivating influence on Asians to aim high and to go for gold in golf.” (Yonhap News
In a press release, IMG Korea said Choi, 42, will enter the Hall in a special induction ceremony in Jakarta, Indonesia in November, during the 2013 Asia Pacific Golf Summit.
According to IMG Korea and the Asia Pacific Golf Group, which operates the Hall, Choi is the first South Korean to enter the Asia Pacific Hall of Fame.
It was founded in 1998.
Mike Sebastian, the CEO of the Asia Pacific Golf Group, said Choi, one of the most successful Asians to ever play on the PGA Tour, was an easy choice.
“Choi is a real trailblazer ― a man who possesses the talent, skill and temerity to play his game at the highest level and succeed,” Sebastian was quoted as saying on the Asia Pacific Golf Group’s website.
“What he has achieved in the professional game in Asia, Europe and the United States will serve as an inspiring and motivating influence on Asians to aim high and to go for gold in golf.” (Yonhap News
Play ball!
CINCINNATI (AP) ― Chris Iannetta hit a solo homer and a bases-loaded single in the 13th inning Monday, powering the Los Angeles Angels to a 3-1 victory over the Cincinnati Reds in the majors’ first interleague season opener.
Both teams emptied their benches and bullpens before Iannetta ― who caught all 13 innings ― finally provided the breakout hit.
The Angels loaded the bases with two outs in the 13th off J.J. Hoover, who walked two and hit Hank Conger, the Angels’ final position player. Iannetta worked the count full, fouled off a pair of pitches, then singled to left.
Mark Lowe pitched two innings for the win. Ernesto Frieri, the Angels’ seventh pitcher, finished off the Reds’ longest opening game since 1975, when they beat the Dodgers 2-1 in 14 innings.
For the second straight season, an opener in Ohio went long. The Blue Jays beat the Indians 7-4 in 16 innings last year in Cleveland, the longest opener in major league history.
Reds starter Johnny Cueto gave up three hits in seven innings, including Iannetta’s solo homer in the second. The Angels’ Jered Weaver allowed two hits in six innings, giving up a run on a wild pitch.
Choo Shin-soo had a solid debut as the Reds’ leadoff hitter, reaching three times. He doubled in the third and came around on a ground out and Weaver’s wild pitch.
The Reds suffered their first injury of the season. Left fielder Ryan Ludwick dislocated his right shoulder while sliding headfirst into third base on Weaver’s wild pitch in the third inning. He’ll have an MRI on Tuesday to determine the severity.
The bulllpens decided an opener between two teams that think they can contend for the playoffs right from the first pitch ― which was a 92 mph fastball by Cueto for a called strike.
Harper, Strasburg lead Nationals
WASHINGTON (AP) ― For Bryce Harper, two homers in his first two at-bats, and even some “M-V-P!” chants. For Stephen Strasburg, 19 consecutive outs during one stretch of seven scoreless innings.
And for the defending NL East champion Washington Nationals, a 2-0 victory over the Miami Marlins on Monday in Game 1 of a season lame-duck manager Davey Johnson declared months ago should be defined as “World Series or bust.”
“You couldn’t draw it up any better. No question. And to have the two youngsters go out, do what they did? ... Let Harper and Stras go to work. They didn’t need us,” Nationals first baseman Adam LaRoche said.
Harper, the 20-year-old left fielder coming off NL Rookie of the Year honors, hit solo shots over the out-of-town scoreboard in right-center field off Ricky Nolasco in the first and fourth innings. He sprinted around the bases both times, and after his second trip, he climbed back out of the dugout for a curtain call, pumping his right fist.
It was Harper’s first taste of opening day; he began last year in the minors before getting called up.
“It was a pretty special moment,” Harper said. “If I was 0 for 4, or 4 for 4, it wouldn’t have mattered to me. Just going out there having some fun on opening day for the first time.”
Kershaw lifts Dodgers over Giants
LOS ANGELES (AP) ― Hall of Famer Sandy Koufax threw out the ceremonial first pitch. Then another Dodgers left-hander with a great curveball dominated.
Clayton Kershaw launched his first career home run to break a scoreless tie in the eighth inning before finishing off a four-hitter Monday that led Los Angeles over the defending champion San Francisco Giants 4-0 on opening day.
“He gave us seven chances to take care of it, and finally he said, ‘That’s enough. I’m going to take care of it,’” catcher A.J. Ellis said.
Kershaw became the first pitcher to throw a shutout and hit a home run in an opener since Bob Lemon for Cleveland in 1953, according to STATS.
“What an awesome feeling,” said Kershaw, who charged around the bases accompanied by a prolonged roar from the sellout crowd of 53,000. “I probably wasn’t feeling my feet hitting the ground.”
Boston 8, NY Yankees 2
NY Mets 11, San Diego 2
Chicago Cubs 3, Pittsburgh 1
Milwaukee 5, Colorado 4
Chicago White Sox 1, Kansas City 0
Detroit 4, Minnesota 2
Atlanta 7, Philadelphia 5
Arizona 6, St. Louis 2
Seattle 2, Oakland 0
Both teams emptied their benches and bullpens before Iannetta ― who caught all 13 innings ― finally provided the breakout hit.
The Angels loaded the bases with two outs in the 13th off J.J. Hoover, who walked two and hit Hank Conger, the Angels’ final position player. Iannetta worked the count full, fouled off a pair of pitches, then singled to left.
Mark Lowe pitched two innings for the win. Ernesto Frieri, the Angels’ seventh pitcher, finished off the Reds’ longest opening game since 1975, when they beat the Dodgers 2-1 in 14 innings.
Fans sing the national anthem ahead of the game between the Los Angeles Dodgers and the San Francisco Giants at Dodger Stadium on Monday. (AP-Yonhap News) |
Reds starter Johnny Cueto gave up three hits in seven innings, including Iannetta’s solo homer in the second. The Angels’ Jered Weaver allowed two hits in six innings, giving up a run on a wild pitch.
Choo Shin-soo had a solid debut as the Reds’ leadoff hitter, reaching three times. He doubled in the third and came around on a ground out and Weaver’s wild pitch.
Reds outfielder Choo Shin-soo trots to first base after being hit by a pitch in the first inning on Monday. (AP-Yonhap News) |
The Reds suffered their first injury of the season. Left fielder Ryan Ludwick dislocated his right shoulder while sliding headfirst into third base on Weaver’s wild pitch in the third inning. He’ll have an MRI on Tuesday to determine the severity.
The bulllpens decided an opener between two teams that think they can contend for the playoffs right from the first pitch ― which was a 92 mph fastball by Cueto for a called strike.
Harper, Strasburg lead Nationals
WASHINGTON (AP) ― For Bryce Harper, two homers in his first two at-bats, and even some “M-V-P!” chants. For Stephen Strasburg, 19 consecutive outs during one stretch of seven scoreless innings.
And for the defending NL East champion Washington Nationals, a 2-0 victory over the Miami Marlins on Monday in Game 1 of a season lame-duck manager Davey Johnson declared months ago should be defined as “World Series or bust.”
“You couldn’t draw it up any better. No question. And to have the two youngsters go out, do what they did? ... Let Harper and Stras go to work. They didn’t need us,” Nationals first baseman Adam LaRoche said.
Harper, the 20-year-old left fielder coming off NL Rookie of the Year honors, hit solo shots over the out-of-town scoreboard in right-center field off Ricky Nolasco in the first and fourth innings. He sprinted around the bases both times, and after his second trip, he climbed back out of the dugout for a curtain call, pumping his right fist.
It was Harper’s first taste of opening day; he began last year in the minors before getting called up.
“It was a pretty special moment,” Harper said. “If I was 0 for 4, or 4 for 4, it wouldn’t have mattered to me. Just going out there having some fun on opening day for the first time.”
Kershaw lifts Dodgers over Giants
LOS ANGELES (AP) ― Hall of Famer Sandy Koufax threw out the ceremonial first pitch. Then another Dodgers left-hander with a great curveball dominated.
Clayton Kershaw launched his first career home run to break a scoreless tie in the eighth inning before finishing off a four-hitter Monday that led Los Angeles over the defending champion San Francisco Giants 4-0 on opening day.
“He gave us seven chances to take care of it, and finally he said, ‘That’s enough. I’m going to take care of it,’” catcher A.J. Ellis said.
Kershaw became the first pitcher to throw a shutout and hit a home run in an opener since Bob Lemon for Cleveland in 1953, according to STATS.
“What an awesome feeling,” said Kershaw, who charged around the bases accompanied by a prolonged roar from the sellout crowd of 53,000. “I probably wasn’t feeling my feet hitting the ground.”
Boston 8, NY Yankees 2
NY Mets 11, San Diego 2
Chicago Cubs 3, Pittsburgh 1
Milwaukee 5, Colorado 4
Chicago White Sox 1, Kansas City 0
Detroit 4, Minnesota 2
Atlanta 7, Philadelphia 5
Arizona 6, St. Louis 2
Seattle 2, Oakland 0
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