Korea ( South & North ) 01 (May 08 - Nov 10)

[winston]

Still no statement from North Korea yet. Should be a non-event now. Dont think WW3 will start from this incident ..


SKorean president visits shipwreck; diver dies

SKorea president orders military on alert after navy ship sinks; diver dies in search for crew

South Korea's president ordered the military on alert Tuesday for any moves by rival North Korea after the defense minister said last week's explosion that sank a South Korean ship may have been caused by a North Korean mine.

The blast ripped the 1,200-ton ship apart last Friday night during a routine patrol near Baengnyeong Island near the tense maritime border west of the divided Korean peninsula. Fifty-eight crew members, including the captain, were plucked to safety; 46 are missing, with dim prospects for their survival.

A 53-year-old diver who lost consciousness during the underwater mission to locate the missing crewmen died Tuesday, the Joint Chiefs of Staff said. A second diver was being treated for injuries, officials said.

As the search continued, divers prepared to break into the ship Tuesday, Rear Adm. Lee Ki-sik of the Joint Chiefs of Staff told reporters. He said there were no signs of life inside.

President Lee Myung-bak flew to wreckage site to review search operations, meet with marines and console family members, the presidential Blue House said.

Baengnyeong is just eight miles (13 kilometers) from and within sight of a North Korean military base where surface-to-ship guided missiles and artillery are heavily deployed, presidential spokesman Park Sun-kyoo said.

Lee told officers South Korea must maintain its military readiness until North Korea gives up its nuclear weapons program.

"When we are strong, we can defend ourselves. If we are weak, we'll face more danger," Lee said. "South Korea's military should be strong."

Earlier Tuesday, Lee ordered his military to stay alert for any moves by rival North Korea.

"Since the sinking took place at the front line, the military should thoroughly prepare for any move by North Korea," Lee told his Cabinet, according to his spokesman.

Military officials say the exact cause of the explosion remains unclear, and U.S. and South Korean officials said there was no evidence of North Korean involvement.

However, Defense Minister Kim Tae-young told lawmakers Monday that a floating mine dispatched from North Korea was one of several scenarios for the disaster.

"North Korea may have intentionally floated underwater mines to inflict damage on us," Kim said.

The two Koreas remain in a state of war because their three-year conflict ended in a truce, not a peace treaty, in 1953. North Korea disputes the sea border drawn by the United Nations in 1953, and the western waters near the spot where the Cheonan went down have been the site of three bloody skirmishes between North and South.


Source: AP News

[winston]

North Korea claims South fires toward its border

North Korea claims South fired in the buffer zone between countries; Seoul issues denial

North Korea is accusing South Korea of opening fire in the military buffer zone that separates the two countries.

The official Korean Central News Agency said late Sunday that South Korean forces committed a "grave armed provocation" during the afternoon by firing toward a civil police post on the northern side of the demilitarized zone.

South Korea's Joint Chiefs of Staff denied the North's claim.

North Korea regularly accuses the South of stoking tensions, which Seoul denies.

The two sides remain technically at war since the 1950-53 Korean War ended in a truce, not a peace treaty.

Tensions occasionally turn bloody. The two sides have engaged in three deadly naval skirmishes since 1999, the most recent in November last year.

Source: AP News

[winston]

South Korean ‘Bull Market’ to Run Another 20%, Mirae Asset Says By Saeromi Shin

April 8 (Bloomberg) -- South Korea’s “bull market” will boost the benchmark stock index by as much as 20 percent this year on earnings growth driven by exports, according to Mirae Asset Global Investments Co.

Operating profit for listed companies may “easily” increase more than 30 percent in 2010, making valuations more attractive, Kim Sung Woo, a senior portfolio manager at the nation’s biggest money manager, said in a phone interview today. He recommended airline, petrochemical and technology stocks.

The Kospi index is the third-worst performer among emerging markets in Asia this year, having gained 2.6 percent. The 766 companies in the gauge, which climbed 50 percent last year, trade at 10.9 times estimated earnings, the second-lowest multiple in Asia Pacific after Pakistan.

“I’m optimistic about the Korean market,” Kim said. “Domestic companies are well positioned to capture strong demand in emerging markets.”

Kim’s Mirae Asset Global Discovery Fund - Korea Equity Fund incorporated in Luxembourg is the best performer among 60 funds established overseas to invest in Korean stocks, according to Bloomberg data. The fund has returned 15.5 percent this year. Mirae Asset Global Investments manages the equivalent of $54 billion in assets.

“The global economy is turning around, and more buying from foreign investors and domestic pension funds is expected this year,” Kim, 36, said. “Investors are already witnessing impressive earnings.”

http://www.bloomberg.com/apps/news?pid= ... bZRGuo8NQc

[winston]

NKorea denies involvement in SKorean ship sinking

North Korea has denied any involvement in a mysterious blast that sank a South Korean navy ship last month near their disputed sea border, a news report said Saturday.

A North Korean military delegation told Chinese military officials during its trip to Beijing on March 30 that the North was not behind the explosion that sunk the Cheonan, South Korea's Dong-a Ilbo newspaper reported, citing an unidentified diplomatic source.

The 1,200-ton Cheonan exploded March 26 and sank a few hours later during a routine patrol near the tense western border with North Korea. Fifty-eight crew members were rescued. Military divers later recovered two bodies, but the 44 other sailors are still missing.

No cause has been determined. South Korean officials have said they will look at all possibilities including that a floating mine or a torpedo from North Korea struck the ship.

South Korea's intelligence chief Won Sei-Hoon told lawmakers in a closed-door session Tuesday that it was difficult to conclude whether North Korea was involved, according to Chung Chin-sup, a lawmaker in the ruling Grand National Party who was briefed by Won.

Gen. Walter Sharp, chief of the 28,500 American troops in South Korea, said Tuesday he is confident that a joint probe by South Korea and the U.S. would solve the mystery of the explosion.

Source: AP News

[winston]

Fears grow as animal disease spreads in South Korea

SEOUL: South Korea stepped up major quarantine efforts on Monday as a highly contagious animal disease threatened the centre of its livestock industry.

The agriculture ministry said more roadblocks and quarantine posts were set up after the foot-and-mouth outbreak hit a state livestock research institute at Cheongyang, 160 kilometres south of Seoul, on Saturday.

The Livestock and Veterinary Science Institute had raised 1,549 beef cattle and hogs for research and breeding. These were culled to contain the disease.

The outbreak there was the 10th since April 9 and was close to Seosan and Yesan counties which have major cattle farms.

Agriculture Minister Chang Tae-Pyong visited the institute on Sunday and called for intensive efforts to contain the outbreak.

"All-out efforts must be made to stop it from spreading into the centre of our livestock industry," he said.

Foot-and-mouth disease affects cloven-hoofed animals including cows, sheep, goats and deer. It is rarely transmitted to humans but spreads easily between animals.

Since the first outbreak was reported on an island west of Seoul, the disease has spread from there to North and South Chungcheong provinces. Quarantine officials helped by police and troops have culled some 49,000 animals.

Foot-and-mouth outbreaks in 2000 and 2002 cost South Korea an estimated 450 billion won, including compensation.

The government has paid about 55 billion won (49 million dollars) in compensation alone to farmers so far this year.

"Total costs are not available but this year's compensation will be a record high because our efforts have so far focused on the destruction of animals," a ministry official said.

Source: AFP/de

[millionairemind]

May 5, 2010
North deploys special forces

SEOUL - NORTH Korea has completed deployment of about 50,000 special forces along the border with South Korea, a report said on Wednesday, amid high tensions over the sinking of a Seoul warship.

The deployment began two or three years ago and seven 7,000-strong divisions are now in place, an unidentified senior government official told Yonhap news agency.

'The threat that North Korea may infiltrate special forces for limited warfare has become real,' the agency quoted a separate senior defence ministry official as saying. The defence ministry refused to confirm the Yonhap report, but President Lee Myung Bak discussed the North's special warfare capabilities at an unprecedented meeting Tuesday with 150 top officers from all armed services.

At the meeting, Mr Lee hinted strongly that the North was involved in the sinking of a South Korean warship with the loss of 46 lives near the disputed sea border on March 26. Suspicions are growing that the 1,200-tonne ship was hit by a torpedo from the communist state, which has denied involvement.

Mr Lee said the South must be better prepared to tackle 'asymmetric' military threats including special warfare units. A defence ministry report in 2008 said the North - learning lessons from the Iraq war - had strengthened its special warfare capability by augmenting light infantry units and enhancing their street warfare, night-time and mountaineering training.

The North has about 180,000 special forces, it said, adding they would be used for 'multifarious types of attacks and mixed warfare' against the South. -- AFP

[winston]

TOL:-

Now that the South has presented evidence that the North torpedoed the ship, what action can the South take without starting WW3 ?

[winston]

I have also put Korea on my watch-list.

This spat could be creating a buying opportunity.

And if they decide to nuke each other, it does not really matter whether I'm Cash 100% or not.

[millionairemind]

I have also put Korea on my watch-list.

This spat could be creating a buying opportunity.

And if they decide to nuke each other, it does not really matter whether I'm Cash 100% or not.

If they do decide to nuke each other... it could really be the buying opportunity of a life time...

But I hope they don't. Alot of ppe. are going to die if that happens. Korea has one of the lowest birthrates in the world. If war do break out, alot of sons from single child family will die needlessly... and we will have alot of grieving families.

I really really hope it won't come to war.

[millionairemind]

Kospi is down 4.5% at this time...

Tension is building up.. US futures are reacting accordingly. Down 120 now.