By Mee-Hyoe Koo, Contributor Forbes.com interviews Jae-eun Kim, Director & President of the Institute for Industrial Policy Studies (IPS) in South Korea for her thought leadership on the development of , trends and outlook in Korea. Celebrating its 20th anniversary this year, IPS is a government-approved research institute established in 1993 under the auspices of the Ministry of Commerce, Industry & Energy (MOCIE). According to a local media research, IPS ranks as one of the top independent business research agencies in Korea.
Tag Archives: Korea
North Korea Military: Newest Batch Of Soldiers Groomed To Serve As Core Of Army (PHOTOS)
By The Huffington Post News Editors
PYONGYANG, North Korea — North Korea‘s newest batch of future soldiers – scrawny 11-year-olds with freshly shaved heads – punch the air as they practice taekwondo on the grounds of the Mangyongdae Revolutionary School. Students and teachers here say they’re studying harder these days to prepare for a fight.
Across the country, banners, slogans and artwork have been redrawn to focus on fighting “the imperialist Americans and their traitorous followers,” a reference to South Korea. Slogans on improving North Korea‘s economy had dominated since 2009, but anti-American propaganda has re-emerged over the past year, particularly following U.S.-led censure of North Korea‘s decision to launch a long-range rocket and test a nuclear bomb.
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From: http://www.huffingtonpost.com/2013/04/19/north-korea-military_n_3115223.html
We Will Never See Cheap Oil Again
By Tyler Crowe, The Motley Fool
Filed under: Investing
Doesn’t $2.50 per gallon for gasoline sound just dandy? During the 2012 presidential race, a couple candidates used that number as a way of showing how increased American production would lead to lower prices and higher energy security. The problem is, though, that despite the increase in production in the U.S., cheap gas and cheap oil will more than likely remain a pipe dream.
Let’s look at why oil prices will remain high despite our best efforts.
Drilling costs just aren’t what they used to be
The boom in U.S. energy has been made possible by several factors: development of advanced drilling technology, a large distribution network already in place, and a favorable regulatory framework. One element that is commonly overlooked, though, is the price of oil production. Accessing shale deposits requires not only deeper wells, but also much more energy for extraction. Today, wells are drilled for miles underground and cracked open with high pressure pumps and lots of water. Chesapeake Energy estimates that each new well requires 5 million gallons of water. Despite the best efforts of exploration and production companies to reduce costs, these new drilling techniques have break-even wellhead prices for most U.S. shale plays at $55-$80 per barrel.
The U.S. is not the only country that needs expensive oil prices. Both Russia and Saudi Arabia, the two largest global oil producers, need high oil prices for economic sustainability. For Saudi Arabia, its $630 billion economic development program is funded on the back of its national oil company, Saudi Aramco. In order for the country to meet its budgetary obligations, it needs current production levels priced at about $90. The same can be said for Russia; its government‘s largest revenue source is oil royalties. For the country to balance its budget, oil export prices need to be north of $120. For both of these countries, it is imperative that oil prices remain high enough to prop up government spending.
Saudi Arabia, Russia, and the U.S. are the three largest oil producers in the world and are responsible for more than 35% of global production. If all three require higher oil prices to sustain production and financial stability, they will all produce oil accordingly to meet their needs.
Price is set by the most expensive markets
For many years, the U.S. has been the largest consumer of oil in the world. Despite our large import bills, we have had a modestly robust oil and gas industry that at its lowest point was still supplying 40% of demand. When compared to some of the other top oil consumers, our production looks pretty impressive.
| Country | Daily Consumption in Mbpd (World Rank) | % Produced Domestically |
| U.S.A | 18,949 (1) | 59.9% |
| China | 9,810 (2) | 44.3% |
| Japan | 4,464 (3) | 2.8% |
| India | 3,360 (4) | 29.4% |
| Germany | 2,400 (8) | 6.8% |
| S. Korea | 2,230 (10) | 2.6% |
| France | 1,792 (11) | 4.3% |
| Italy | 1,454 (15) | 10.4% |
Source: U.S. Energy Information Administration, authors calculations
The countries with little domestic production pay a much higher premium for oil, and companies located all over the world will flock to capture those markets,
From: http://www.dailyfinance.com/2013/04/17/we-will-never-see-cheap-oil-again/
Despite Tensions, Travel To North Korea Continues
The rhetoric from North Korea is fearsome these days, but for tourism it’s business as usual. So says Nick Bonner of Beijing-based Koryo Tours, a North Korea travel specialist: “A few [clients] have asked us to cancel, but most are going in.”
N. Korea to Seoul: Apologize for Protests or We'll Attack
By Matt Cantor While North Korea celebrated its first leader’s birthday yesterday, South Koreans were busily protesting the occasion—and Pyongyang has had about enough of that. The North has threatened “sledgehammer blows” against the South if it fails to apologize for the demonstrations. “Our retaliatory action will start without any notice from…
From: http://www.newser.com/story/166313/n-korea-to-seoul-apologize-for-protests-or-well-attack.html
SKorea plans $15 bln extra budget to boost economy
The South Korean government proposed a $15.3 billion stimulus Tuesday to boost slowing growth in Asia‘s fourth-largest economy.
The stimulus would be South Korea‘s third-largest supplemental budget ever, exceeded only by those approved after the 1998 Asian financial crisis and the 2008 global financial turmoil.
The Ministry of Strategy and Finance said the budget will be used to cover a tax revenue shortfall, aid small and medium firms, create jobs and boost the stagnant real estate market. The statement said the ministry will submit the 17.3 trillion won ($15.3 billion) plan to parliament on Thursday.
It estimated a tax revenue shortfall of 6 trillion won due to the slower-than-expected economic recovery and another 6 trillion won shortfall from the delay in selling stakes in state-owned banks. The remaining 5.3 trillion won will be a net increase in the government‘s budget.
In addition to the extra budget requiring a parliamentary approval, the ministry will also use 2 trillion won in state funds that do not need to go through the assembly to stimulate the economy.
The stimulus plan comes after the ministry sharply revised down its growth forecast of South Korea‘s economy last month.
It said South Korea‘s economy will expand 2.3 percent this year, instead of 3 percent it had predicted three months earlier, citing the yen’s slide that is hurting South Korean exporters, weak consumer sentiment and sluggish capital investment.
The stimulus move underlines how the government is seeking a quick fix to the slowdown. South Korea‘s economy expanded 2 percent in 2012, the slowest rate in three years, as weak global recovery and trade.
The extra budget will stimulate growth by 0.3 percentage point this year and add 40,000 new jobs, it said.
Despite the government‘s calls for all-out efforts to boost the economy, South Korea‘s central bank resisted calls to lower borrowing costs.
Last week, Bank of Korea kept its key interest rate unchanged at 2.75 percent for a sixth month. Gov. Kim Choong-soo said the economy is on track to a slow recovery and the monetary policy is “accommodative” to encourage borrowing and spending.
From: http://feeds.foxnews.com/~r/foxnews/world/~3/P7z-pRepRGI/
Why Insects Sing? A Conversation with David Rothenberg
By Michael Charles Tobias, Contributor
Philosopher and musician David Rothenberg is the author of Why Birds Sing, also published in Italy, Spain, Taiwan, China, Korea, and Germany. Rothenberg has also written Sudden Music, Always the Mountains, and Thousand Mile Song, about making music live with whales. His last book was Survival of the Beautiful, on aesthetics in evolution. His first CD on ECM Records, with pianist Marilyn Crispell, One Dark Night I Left My Silent House was released in 2010. Rothenberg is professor of philosophy and music at the New Jersey Institute of Technology.
Dennis Rodman To Revisit North Korea In August, Claims Kim Jong Un ‘Just Wants To Be Loved’
By The Huffington Post News Editors
The mounting tensions in North Korea have produced relatively few optimists of late, but rest assured that Dennis Rodman can be counted among them.
In an interview with Gossip Extra, the star rebounder made clear his plans to return to North Korea in August, so that he and “supreme leader” Kim Jong Un can you know, “just hang and have some fun.”
It’s an all-but-sure thing that any unofficial sojourns to North Korea would be precluded by say, nuclear conflict, but at the moment it appears that, in the mind of the Worm, international sanctions and threats of war stand aside for “basketball diplomacy.” Although, seeing how he reportedly leaked confirmation that Kim Jong Un has a daughter, a major state secret in North Korea, Rodman still has a bit to learn about being diplomatic.
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BBC Blasted for Covert Reporting Trip to N. Korea
By Matt Cantor 
On the heels of a child abuse scandal , the BBC finds itself embroiled in another controversy—this time over covert reporting in North Korea. The London School of Economics says the media organization “deliberately misled” and endangered 10 of its students during a trip to the country that included a…
From: http://www.newser.com/story/166228/bbc-blasted-for-covert-reporting-trip-to-n-korea.html
BBC denies it used students as 'human shield' in N. Korea
LONDON, April 14 (UPI) — The BBC denies allegations by a student group that it used college students as a cover, without their knowledge, to get into North Korea to film a documentary.
From: http://pheed.upi.com/click.phdo?i=a58fc1603190189d9f1ca650afaf05e9
North Korea rejects South Korea's calls for talks
North Korea on Sunday rebuffed a South Korean proposal to resolve rising tensions through dialogue, dismissing it as a “crafty trick” by its rival.
Tensions have been high on the Korean Peninsula for weeks, with Pyongyang threatening to attack Seoul and Washington for conducting joint military drills and for supporting U.N. sanctions imposed on North Korea for a February nuclear test.
While the threats are largely seen as rhetoric, U.S. and South Korean officials have said they believe North Korea may test-fire a mid-range missile designed to reach the U.S. territory of Guam.
Pyongyang also took a direct shot at Seoul by pulling more than 50,000 North Korean workers from their joint factory park in the border city of Kaesong and denying South Koreans access to the complex just north of the Demilitarized Zone.
The move has brought the South Korean-run factories to a standstill, threatening a shutdown of the last joint project left between the two Koreas.
Last Thursday, Seoul pressed Pyongyang to discuss restarting operations at the factory park. South Korean President Park Geun-hye has promoted seeking peace with North Korea, a change in policy from the hard-line stance of her predecessor, Lee Myung-bak.
But on Sunday, North Korea‘s Committee for the Peaceful Reunification of Korea said Pyongyang has no intention of talking with Seoul unless it abandons its confrontational posture.
South Korea‘s presidential Blue House said North Korea‘s rebuttal of its dialogue offer was “very regrettable.” A Blue House statement urged North Korea to take responsible measures to help relieve difficulties facing South Koreans working at the joint factory park.
The two Koreas technically remain at war because their 1950-53 conflict ended with an armistice, not a peace treaty. The U.S. keeps about 28,500 troops in South Korea to help deter potential aggression by the North.
From: http://feeds.foxnews.com/~r/foxnews/world/~3/Q11mCnOaH24/
Should North Korea Worry U.S. Investors?
By Dan Caplinger and Mike Klesta, The Motley Fool
Filed under: Investing
Tensions on the Korean Peninsula have been on the rise lately, as a new leader in North Korea seeks to assert his leadership by making increasingly provocative threats toward both its neighbors and the United States. In the following video, Fool markets analyst Mike Klesta talks with Fool contributor Dan Caplinger about whether U.S. investors should be worried about what’s happening with North Korea.
Mike points out that the Dow Jones Industrials have largely ignored the Korean threat. Dan believes that while most U.S. stocks have little exposure to the area, investors in South Korean stocks have already seen substantial losses and could continue to see further drops if the crisis escalates. Dan argues that for the most part, U.S. investors should look at U.S. companies that have business operations in South Korea to see how they plan to handle any rising tensions in the future. Moreover, investors in emerging-market ETFs need to be aware that they may have a portion of their assets invested in South Korea, although the exact amount varies among ETFs. Mike and Dan conclude that for now, the risk to the broader U.S. stock market is small, but the situation demands further attention.
One company taking steps to deal with South Korean concerns is General Motors (NYSE: GM). The automaker’s stock creates strong feelings among many investors who remember its bankruptcy during the financial crisis, but as the Fool’s premium GM research service notes, GM‘s growth potential in coming years is even bigger than you think. But it’s not a sure thing, and we’ll help you understand why. It might help give you the courage to be greedy while others are still fearful, as well as a better understanding of the real risks facing General Motors. Just click here to get started now.
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From: http://www.dailyfinance.com/2013/04/14/should-north-korea-worry-us-investors/
Kerry Wants Korea Talks; North Disses 'Crafty Trick'
By Polly Davis Doig John Kerry is on the ground today in Japan, continuing his Asian tour and vowing that North Korea will find “ready partners” in new talks with the United States, even as Pyongyang continues to seethe. Kerry and Japanese counterpart Fumio Kishida called on the North to first honor its previous…
From: http://www.newser.com/story/166194/kerry-wants-korea-talks-north-disses-crafty-trick.html
North Korea Denies Cyber Attacks Against South Korean Companies
By The Huffington Post News Editors
PYONGYANG, North Korea — North Korea has denied involvement in a cyberattack that shut down nearly 50,000 computers and servers at South Korean broadcasters and banks last month.
The General Staff of the Korean People’s Army issued the denial Saturday through the official Korean Central News Agency. Seoul on Thursday said Pyongyang was responsible for the March 20 computer crash.
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From: http://www.huffingtonpost.com/2013/04/13/north-korea-denies-cyber-_n_3076603.html
North Korea to Japan: You're First
By Mark Russell After threatening the United States and South Korea with nuclear strikes, North Korea nearly forgot its other favorite target—Japan. That oversight has been corrected now, though, as the Korean Central News Agency today warned that Tokyo will be its first target if Japan keeps up its “hostile posture” toward…
From: http://www.newser.com/story/166142/north-korea-to-japan-youre-first.html
As North Korea Warhead Technology Advances, U.S. Signals Become Crucial
By Loren Thompson, Contributor
The Defense Intelligence Agency is probably premature in finding that North Korea has the ability to launch nuclear warheads over long distances on its ballistic missiles. Director of National Intelligence James R. Clapper indicated as much yesterday, saying other intelligence organizations such as the CIA did not share the agency’s view.
Surprise! North Korea Might Have Nuclear Ballistic Missiles After All!
Remember how Vice President Joe Biden, grinning and rolling his eyes like a madman, assured America during the 2012 vice-presidential debate that there was no reason to worry about Iranian nukes, because the intelligence community would know the very instant they were ready to deploy one? Within a couple of days, Biden was hiding under his desk and claiming that very same intelligence community fabricated the phony “spontaneous video protest” narrative of the Benghazi terror attack, making fools of the entire Administration by giving them false talking points.
And now it turns out that all those assurances we’ve heard about how North Korea can’t put a nuclear warhead into a long-range missile might have become suddenly… inoperative, at the very moment tensions on the Korean peninsula hit a post-war high.
Eli Lake at the Daily Beast – one of the best reporters covering the Benghazi saga, which the rest of the media ignored almost as hard as they’ve pretended not to notice the Kermit Gosnell abortion-horror trial – writes that new Pentagon report “says North Korea likely has nuclear warheads.”
According to the report, “DIA assesses with moderate confidence the North currently has nuclear weapons capable of delivery by ballistic missiles however the reliability will be low.” That line was read aloud by Rep. Doug Lamborn, a Republican from Colorado, on Thursday during a House Armed Services Committee hearing.
Read more at Human Events . By John Hayward.
North Korea's Rockets and Missiles: 5 Interesting Facts
Some intriguing tidbits about the Hermit Kingdom‘s hush-hush missile program.
From: http://www.space.com/20637-north-korea-missiles-rockets-facts.html
Nexon to Release First Quarter 2013 Financial Results
By Business Wirevia The Motley Fool
Filed under: Investing
Nexon to Release First Quarter 2013 Financial Results
TOKYO–(BUSINESS WIRE)– NEXON Co., Ltd. (“Nexon”) (3659.TO), a worldwide leader in freetoplay online games, today announced that it will release its financial results for the first quarter ended March 31, 2013 on Friday, May 10, 2013 at 3:00 p.m. Japan Standard Time (JST) / 2:00 a.m. Eastern Daylight Time (EDT). The Company’s financial statements will be available at that time on Nexon’s Investor Relations website in Japanese at http://ir.nexon.co.jp and in English at http://ir.nexon.co.jp/en/.
Following the release, Nexon management will host two conference calls to discuss Nexon’s financial results and outlook. A conference call for Japanese domestic investors will be held at 4:00 p.m. JST / 3:00 a.m. EDT, and will be conducted in Japanese. A conference call for foreign investors, which will be conducted in English, will be held at 9:30 p.m. JST / 8:30 a.m. EDT the same day.
Dialin information for both conference calls will be made available on Nexon’s Investor Relations website prior to the calls. Replays and transcripts will be available a few days afterwards.
About NEXON Co., Ltd.
NEXON Co., Ltd. (“Nexon”) (3659.TO) is a worldwide leader in free-to-play online games. Founded in Korea in 1994, Nexon developed one of the world’s first graphics-based massively multiplayer online games. Nexon also pioneered the concept of microtransactions in the free-to-play business model, setting a new standard in which play is free, and users have the option to purchase in-game items to enhance their experience. Nexon currently services more than 50 online games in more than 100 countries and since its founding, Nexon has generated more than 1.3 billion player registrations. The Company is headquartered in Tokyo, Japan and its shares are listed on the Tokyo Stock Exchange.
NEXON Co., Ltd.
Owen Mahoney, +813-3-3523-7910
Chief Financial Officer
KEYWORDS: Asia Pacific Japan
INDUSTRY KEYWORDS:
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From: http://www.dailyfinance.com/2013/04/12/nexon-to-release-first-quarter-2013-financial-resu/
Pentagon: North Korea Likely Has Nuke Warheads
By John Johnson A congressman quizzing the Joint Chiefs chairman dropped a disturbing little nugget during a hearing on Capitol Hill today: The Pentagon thinks North Korea probably already has nuclear weapons ready to go via ballistic missile. The revelation came from Colorado’s Doug Lamborn, who read from an assessment by the Defense…
From: http://www.newser.com/story/166104/pentagon-north-korea-likely-has-nuke-warheads.html