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Korean GM Daewoo needs financial Help

The General Motors' Korean subsidiary GM Daewoo Auto & Technology are negotiating for new loans. They need cash because the export collapse and has incurred losses from long-US dollar currency hedges. The company asked for new loans in the past, reporting about $791 million.

The General Motors' Korean subsidiary GM Daewoo Auto & Technology are negotiating for new loans. They need cash because the export collapse and has incurred losses from long-US dollar currency hedges. The company asked for new loans in the past, reporting about $791 million. KDB is a state owned bank that is second-biggest shareholder with 28 percent stake. One year ago, GM Daewoo announced a net of loss of $663 million after three years of positive net. However GM Daewoo has 17,000 employees, hundreds of vendors, so its need help to recovery from the crises.

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N Korea Severs Trade with South

North Korea announced its plan to cut any remaining commercial ties with South Korea, as a response to South Korea's involvement in the six-party talks on its nuclear weapons programme.

North Korea announced its plan to cut any remaining commercial ties with South Korea, as a response to South Korea's involvement in the six-party talks on its nuclear weapons programme. The talks which will be held on December, and includes countries such as Russia, Japan, U.S and China, aims to encourage North Korea to give up its nuclear arms. North Korea plans to tighten its borders and shut the railway to Kaesong, one of the main investment enclaves for South Korean companies.

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UN Assesses N Korea Food Supply

North Korea has given rare access to staff from the UN World Food Program, which is there to assess the seriousness of food shortages.

North Korea has given rare access to staff from the UN World Food Program, which is there to assess the seriousness of food shortages. In addition to North Korea, the Program is also visiting more than 50 other countries. Many fear that the country may be on the brink of starvation.

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South Korea wants to send corn to North Korea

If Seoul had its way, North Korea would get 50,000 tons of corn from South Korea to help alleviate the effects of the food shortage there.

If Seoul had its way, North Korea would get 50,000 tons of corn from South Korea to help alleviate the effects of the food shortage there. However, Pyongyang has yet to respond to the offer made last month. North Korea's good food shortage has worsened this year, after floods damaged the countryside in 2007.

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Let Them Eat Juche

North Korea may be coming close to mass starvation in the country again.

North Korea may be coming close to mass starvation in the country again. The food distribution system in the state is breaking down, making the people rely more and more on informal or illegal markets for grain. The famine is consistent with recent extreme price rises.

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The Korean Won's Sharp Rise Complicates Profitability for Hyundai Motor

Korean companies relying heavily on exports are struggling with the strengthening won and drastic measures are necessary to remain competitive in the international market.

Korean companies relying heavily on exports, such as Hyundai Motor, are struggling with the strengthening won. To cope with drastic currency differences, minimize possible losses, and remain competitive in the automotive market, Hyundai must reduce costs by 20 percent during the next 2 years, drop prices in competitive markets and cut 2007 sales targets.

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Won-dollar Rate Barely Manages to Close Above 900

The won-dollar exchange rate dipped under 900 for the first time in 10 years, but managed to close at 900.7 to the dollar.

The won-dollar exchange rate dipped under 900 for the first time in 10 years, but managed to close at 900.7 to the dollar. Foreign banks predict further falls in the exchange rate between the won and dollar stating that, "it's just a matter of degree, not the direction."

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Cambodia and North Korea to Sign Investment and Sea Transportation Treaties

On this coming November 2007, Cambodia will be formally visiting North Korea to sign an investment and sea transportation cooperation treaties.

On this coming November 2007, Cambodia will be formally visiting North Korea to sign an investment and sea transportation cooperation treaties. Cambodia regards these agreements as an important opportunity for both countries' economic and political cooperation. The official 4 days visit will include various meetings with the North Korean's government officials.

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N. Korea Investment Plan in Cambodia

North Korea is planning to invest in Cambodia to expand its markets entrance to other countries in the world.

North Korea is planning to invest in Cambodia to expand its markets entrance to other countries in the world. By investing in Cambodia, North Korea will be able to expand its opportunity to produce goods and sell them to other larger countries. In response to the investment proposal, the Cambodia Prime Minster and other senior government will be officially meeting North Korea Prime Minister, Kim Yong-Il, at the beginning of November 2007 to discuss on other potential details.

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Korea: Disagreement Over Benefits of Daylight-Savings Time

The Korean business community proposes the implementation of daylight-savings time during summer months, citing the change would lead to energy savings and increases in productivity. Think Tanks such as the Korean Development Institute and the Korea Energy Economics Institute disagree, however.

The Korean business community proposes the implementation of daylight-savings time during summer months, citing the change would lead to energy savings and increases in productivity. Think Tanks such as the Korean Development Institute and the Korea Energy Economics Institute disagree, however, reporting that there is no evidence that daylight-savings time produces substantial economic benefits.

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Japan, North Korea Envoys Mitigate Tensions on Mongolian Soil

The tense relationship of Japan and North Korea will hopefully begin to mollify as representatives from both nations have initiated talks in Ulan Bator concerning North Korea's nuclear program and past abductions of Japanese civilians by North Korean agents. This meeting is one of many working sessions established following the six nation deal agreed upon in February at Beijing that aimed to disarm and dismantle Pyongyang's nuclear programs. Japan is expected to take a hard stance on the kidnappings, where a resolution is imperative in order for both nations to consider normalized relations. North Korea is expected to seek a settlement for the Japanese occupation of the Korean peninsula from 1910 to 1945.

The tense relationship of Japan and North Korea will hopefully begin to mollify as representatives from both nations have initiated talks in Ulan Bator concerning North Korea's nuclear program and past abductions of Japanese civilians by North Korean agents. This meeting is one of many working sessions established following the six nation deal agreed upon in February that aimed to disarm and dismantle Pyongyang's nuclear programs. Japan is expected to take a hard stance on the kidnappings, where a resolution is imperative in order for both nations to consider normalized relations. North Korea is expected to seek a settlement for the Japanese occupation of the Korean peninsula from 1910 to 1945.

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North Korea Openly Invites Inspections of Nuclear Sites

According to statements made at the Asia-Pacific summit in Sydney by U.S. Assistant Secretary of State Christopher Hill, North Korea has invited experts from the U.S., China and Russia to survey disabled or soon to be disabled nuclear sites. The inspectors will travel to North Korea on September 11-15 examine the progress being made to identify and dismantle the communist country's nuclear facilities. In July, North Korea shut down its Yongbyon nuclear reactor and allowed international nuclear inspectors in the country for the first time in 5 years in exchange for energy and economic assistance.

According to statements made at the Asia-Pacific summit in Sydney by U.S. Assistant Secretary of State Christopher Hill, North Korea has invited experts from the U.S., China and Russia to survey disabled or soon to be disabled nuclear sites. The inspectors will travel to North Korea on September 11-15 to examine the progress being made to identify and dismantle the communist country's nuclear facilities. In July, North Korea shut down its Yongbyon nuclear reactor and allowed international nuclear inspectors in the country for the first time in 5 years in exchange for energy and economic assistance.

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North Korea to Receive Additional KRW 37.4 Billion Aid from Seoul

The Republic of Korea will pledged an additional KRW 37.4 billion worth of material and equipment for flood relief in North Korea. This new package consists of a hundred thousand tons of cement, five thousand tons of iron rods, 80 trucks and 500 tons of light oil.

According to an announcement on Friday by Unification Minister Lee Jae-joung, the Republic of Korea will pledged an additional KRW 37.4 billion worth of material and equipment for flood relief in North Korea. This new package consists of a hundred thousand tons of cement, five thousand tons of iron rods, 80 trucks and 500 tons of light oil, which will be provided on top of the emergency supply aid valued at KRW 7.5 billion that began shipping on Thursday.

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Inter-Korean Summit to Benefit Both Economies

The second inter-Korean summit will take place August 28-30 in order to expand and improve economic cooperation projects. The summit will be an excellent opportunity for both countries, which are technically still at war, to discuss economic strategies and dispel many of the uncertainties that have arisen in the international community relating to the Koreas.

The second inter-Korean summit will take place August 28-30 in order to expand and improve economic cooperation projects. The summit will be an excellent opportunity for both countries, which are technically still at war, to discuss economic strategies and dispel many of the uncertainties that have arisen in the international community relating to the Koreas.

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South Korean Businesses Welcome Inter-Korean Summit

The South Korean business community welcomed the planned second inter-Korean summit, expecting it to open new opportunities for economic cooperation with North Korea. The Federation of Korean Industry and other leading business organizations hope that the summit will create a peaceful atmosphere for business conducts, will also eliminate geopolitical risks surrounding the Korean peninsula, and will help reinvigorate the economies of both countries.

The South Korean business community welcomed the planned second inter-Korean summit, expecting it to open new opportunities for economic cooperation with North Korea. The Federation of Korean Industry and other leading business organizations hope that the summit will create a peaceful atmosphere for business conducts, will also eliminate geopolitical risks surrounding the Korean peninsula, and will help reinvigorate the economies of both countries.

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ROK: Six Party Economic Working Group Meeting Opens

The six-party working group (South Korea, North Korea, Japan, China, Russia, and Japan) on economic and energy aid to North Korea opened in the truce village of Panmunjeom, South Korea on Tuesday. At the meeting North Korea is expected to talk about what it wants to receive in return for implementing second-phase measure to disable its nuclear facilities. North Korea will be given economic and energy aid equivalent to 950 thousand tons of heavy fuel oil if it completes the nuclear facilities' disablement under February's denuclearization agreement.

The six-party working group (South Korea, North Korea, Japan, China, Russia, and Japan) on economic and energy aid to North Korea opened in the truce village of Panmunjeom, South Korea on Tuesday. At the meeting North Korea is expected to talk about what it wants to receive in return for implementing second-phase measure to disable its nuclear facilities. North Korea will be given economic and energy aid equivalent to 950 thousand tons of heavy fuel oil if it completes the nuclear facilities' disablement under February's denuclearization agreement.

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Mongolia and North Korea Governments Foster Trade Ties in Bilateral Agreement

The President of Mongolia N. Enkhbayar and North Korea's Kim Yong Nam met in Mongolia to discuss diplomatic relations on July 20. Kim and President Enkhbayar signed bilateral cooperation agreements on trade, health, marine transport, and labor force exchange. Kim's trip represented the first high profile state visit from North Korea to Mongolia since 1988 when North Korea's President at the time, Kim Il Sung, visited.

The President of Mongolia N. Enkhbayar and North Korea's Kim Yong Nam met in Mongolia to discuss diplomatic relations on July 20. Kim and President Enkhbayar signed bilateral cooperation agreements on trade, health, marine transport, and labor force exchange. Kim's trip represented the first high profile state visit from North Korea to Mongolia since 1988 when North Korea's President at the time, Kim Il Sung, visited.

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South Korea Begins Sending Oil to North Korea

On Thursday, the South Korean ship No. 9 Han Chang began its voyage to North Korea carrying 6,200 tons of heavy fuel oil. This shipment is the first to go to North Korea as part of an agreement with the U.S., China, Japan, Russia and South Korea. The agreement states that North Korea will shut down its Yongbyon nuclear reactor in return for 50,00 tons of oil aid. If North Korea disables all of its nuclear facilities, it will receive an additional 950,000 tons of energy aid.

On Thursday, the South Korean ship No. 9 Han Chang began its voyage to North Korea carrying 6,200 tons of heavy fuel oil. This shipment is the first to go to North Korea as part of an agreement with the U.S., China, Japan, Russia and South Korea. The agreement states that North Korea will shut down its Yongbyon nuclear reactor in return for 50,00 tons of oil aid. If North Korea disables all of its nuclear facilities, it will receive an additional 950,000 tons of energy aid.

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South Korea Set to Begin Sending Oil to North Korea

In line with the six-party talks' February 13 agreement whereby North Korea would shut down its nuclear plants in return for energy assistance, South Korea will send an initial shipment of oil to North Korea by July 14 to push NK to begin dismantling its nuclear weapons program. This first shipment will consist of 6,200 metric tons of heavy fuel oil and cost South Korea approximately USD 28 million.

In line with the six-party talks' February 13 agreement whereby North Korea would shut down its nuclear plants in return for energy assistance, South Korea will send an initial shipment of oil to North Korea by July 14 to push NK to begin dismantling its nuclear weapons program. This first shipment will consist of 6,200 metric tons of heavy fuel oil and cost South Korea approximately USD 28 million.

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North Korean Oil Pipe Explosion Kills 110

A South Korean aid group claimed on Tuesday that an oil pipe explosion in North Korea killed 110 people on June 9, 2007. The Seoul-based organization, Good Friends, said the explosion occurred in the North Pyongan Province from a gasoline leak in a dilapidated pipeline. The explosion occurred while people gathered around to collect gasoline from the leaking pipe. The leak was never reported to the government as the local people preferred to collect gasoline from the pipe leak due to the high price of purchasing gasoline.

A South Korean aid group claimed on Tuesday that an oil pipe explosion in North Korea killed 110 people on June 9, 2007. The Seoul-based organization, Good Friends, said the explosion occurred in the North Pyongan Province from a gasoline leak in a dilapidated pipeline. The explosion occurred while people gathered around to collect gasoline from the leaking pipe. The leak was never reported to the government as the local people preferred to collect gasoline from the pipe leak due to the high price of purchasing gasoline.

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Macau Releases North Korea's Frozen Millions

The sum of more than USD 20 million has been released by the Macao-based bank Banco Delta Asia. The money has been remitted according to the instructions of dozens of the bank's clients, whereas the recipients have not been disclosed. The respective funds had been frozen on request of the United States, alleging that the Banco Delta Asia has laundered money for Pyongyang which in turn had refused to shut down one of its nuclear plants as agreed on in six-party-talks in February. Since the deadline on April 14, North Korea had demanded the release of a total sum of USD 25 million as condition to fulfill their part of the six-party agreement.

The sum of more than USD 20 million has been released by the Macao-based bank Banco Delta Asia. The money has been remitted according to the instructions of dozens of the bank's clients, whereas the recipients have not been disclosed. The respective funds had been frozen on request of the United States, alleging that the Banco Delta Asia has laundered money for Pyongyang which in turn had refused to shut down one of its nuclear plants as agreed on in six-party-talks in February. Since the deadline on April 14, North Korea had demanded the release of a total sum of USD 25 million as condition to fulfill their part of the six-party agreement.

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Agreement Reached in Transfer of North Korean Funds

In an effort to move nuclear talks with North Korea forward, the US has reached an agreement with Russia and Macau to transfer previously-frozen North Korean funds amounting to around USD 25 million from a Macanese bank. The money will be withdrawn from Macau's Banco Delta Asia to the US Federal Reserve Bank of New York. From there it will be transferred to Russia's central bank and on to a Russian commercial bank from which North Korea may withdraw the funds. North Korea demanded the transfer of money through a third-party country in order to increase its legitimacy.

In an effort to move nuclear talks with North Korea forward, the US has reached an agreement with Russia and Macau to transfer previously-frozen North Korean funds amounting to around USD 25 million from a Macanese bank. The money will be withdrawn from Macau's Banco Delta Asia to the US Federal Reserve Bank of New York. From there it will be transferred to Russia's central bank and on to a Russian commercial bank from which North Korea may withdraw the funds. North Korea demanded the transfer of money through a third-party country in order to increase its legitimacy.

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Strategic North Korean Port to be Opened to Foreign Ships

North Korea has agreed to allow foreign ships to enter its militarily sensitive port of Najin. North Korea made the commitment when it signed a memorandum of understanding with Russia on a joint venture to develop Najin and renovate the railway linking to Khasan in Russia. North Korea is planning to set up an international consortium for the Najin-Khasan railway project. Russia, Germany, Italy, Finland, and China have shown interest in this project.

North Korea has agreed to allow foreign ships to enter its militarily sensitive port of Najin. North Korea made the commitment when it signed a memorandum of understanding with Russia on a joint venture to develop Najin and renovate the railway linking to Khasan in Russia. North Korea is planning to set up an international consortium for the Najin-Khasan railway project. Russia, Germany, Italy, Finland, and China have shown interest in this project.

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North Korea's Workforce Attracts South Korean Companies

Although the U.S. and the international community still wrestle with Pyongyang to abandon its nuclear weapons ambitions, the efficient workforce of North Korea has started to attract South Korean companies to invest in the industrial park of North Korea. Facing the increasing wages in China, South Korean companies figure out that they would gain a lot of advantages of investing in North Korea.

Although the U.S. and the international community still wrestle with Pyongyang to abandon its nuclear weapons ambitions, the efficient workforce of North Korea has started to attract South Korean companies to invest in the industrial park of North Korea. Facing the increasing wages in China, South Korean companies figure out that they would gain a lot of advantages of investing in North Korea.

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North Korean Funds May Be Handled by US-based Wachovia Bank

Considered an expert in international banking, US-based Wachovia Bank has been asked by the US State Department to help process the interbank transfer of US$25 million in disputed North Korean funds that have stalled the regime's denuclearization commitment. Most international banks have been hesitant to touch the funds, deemed as "tainted", and Wachovia is yet to agree to assisting in the transfer, nor has it received approval from its regulators.

Considered an expert in international banking, US-based Wachovia Bank has been asked by the US State Department to help process the interbank transfer of US$25 million in disputed North Korean funds that have stalled the regime's denuclearization commitment. Most international banks have been hesitant to touch the funds, deemed as "tainted", and Wachovia is yet to agree to assisting in the transfer, nor has it received approval from its regulators.

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Trains Cross the Korean Demilitarized Zone

Thursday's rail crossings of the Korean demilitarized zone, the first since inter-Korea rail links were severed during the Korean War, went according to plan. While there were minor protests in the South, the crossings mark yet another successful exchange project they may eventually lead to reconciliation. South Koreans hope to eventually cut shipping costs by linking with Europe via Russian railways, but the North fears that allowing such a move would subject them to foreign influence and undermine their power.

Thursday's rail crossings of the Korean demilitarized zone, the first since inter-Korea rail links were severed during the Korean War, went according to plan. While there were minor protests in the South, the crossings mark yet another successful exchange project they may eventually lead to reconciliation. South Koreans hope to eventually cut shipping costs by linking with Europe via Russian railways, but the North fears that allowing such a move would subject them to foreign influence and undermine their power.

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North Korea Insists That Funds Dispute Is No Stalling Tactic

Reacting Tuesday to allegations made in US media, North Korea denied that it is using the $25 million in disputed funds, frozen in Macau's Banco Delta Asia, as a stalling technique. The North Korean Foreign Ministry insists that they will fully comply with their denuclearization commitment as soon as they are allowed to freely withdraw the funds through a third-party wire transfer. While the US previously authorized a cash withdrawal, North Korea remains firm in their desire for a wire transfer, as they feel it will prove that the funds are now clean.

Reacting Tuesday to allegations made in US media, North Korea denied that it is using the $25 million in disputed funds, frozen in Macau's Banco Delta Asia, as a stalling technique. The North Korean Foreign Ministry insists that they will fully comply with their denuclearization commitment as soon as they are allowed to freely withdraw the funds through a third-party wire transfer. While the US previously authorized a cash withdrawal, North Korea remains firm in their desire for a wire transfer, as they feel it will prove that the funds are now clean.

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Laos to Join IWC, Accelerates Investment Treaty with Japan

Meeting to discuss a number of issues, the Prime Ministers of Japan and Laos concluded a successful round of talks on Monday. Laos will join the International Whaling Commission (IWC), of which Japan leads the pro-whaling camp, and will use its diplomatic ties with North Korea to urge their compliance with a six-party denuclearization deal. Japan will speed up its bilateral investment treaty with Laos, encouraging Japanese investment in Laos' developing economy as well as supporting Laotian socio-economic improvement.

Meeting to discuss a number of issues, the Prime Ministers of Japan and Laos concluded a successful round of talks on Monday. Laos will join the International Whaling Commission (IWC), of which Japan leads the pro-whaling camp, and will use its diplomatic ties with North Korea to urge their compliance with a six-party denuclearization deal. Japan will speed up its bilateral investment treaty with Laos, encouraging Japanese investment in Laos' developing economy as well as supporting Laotian socio-economic improvement.

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North Korean Premier Dismissed Over Incentive-Based Wages

It has been revealed that North Korean premier Pak Pong Ju, removed from his post in April for reasons undisclosed at the time, was dismissed for proposing an incentive-based wage program at a Cabinet meeting. While he hoped to boost worker morale in one of the world's poorest nations, Pak was accused of ignoring budget constraints and attempting to implement a US-style, Capitalist program.

It has been revealed that North Korean premier Pak Pong Ju, removed from his post in April for reasons undisclosed at the time, was dismissed for proposing an incentive-based wage program at a Cabinet meeting. While he hoped to boost worker morale in one of the world's poorest nations, Pak was accused of ignoring budget constraints and attempting to implement a US-style, Capitalist program.

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Korean Demilitarized Zone Rail Test Imminent

Economic officials from North and South Korea have agreed to allow rail tests on two restored tracks crossing the Korean Demilitarized Zone next week. Pending the approval of the North Korean military, the test would mark the first crossing of the DMZ in over fifty years. While the test would be an excellent move towards reconciliation between the two nations, similar tests have been canceled in the final days of negotiations in the past.

Economic officials from North and South Korea have agreed to allow rail tests on two restored tracks crossing the Korean Demilitarized Zone next week. Pending the approval of the North Korean military, the test would mark the first crossing of the DMZ in over fifty years. While the test would be an excellent move towards reconciliation between the two nations, similar tests have been canceled in the final days of negotiations in the past.

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Macau Bank Objects to US Debarment over North Korean Nuclear Disarmament Conflict

The Macau Bank has filed a petition to the US Treasury Department, requesting to overturn the decision of barring them from businesses with US banks. Marrow of the dispute has been the consideration of the bank as a "primary money-laundering concern" for North Korea and the US instigation to freeze North Korea's money whereupon North Korea missed a deadline for shutting down a nuclear reactor.

The Macau Bank has filed a petition to the US Treasury Department, requesting to overturn the decision of barring them from businesses with US banks. Marrow of the dispute has been the consideration of the bank as a "primary money-laundering concern" for North Korea and the US instigation to freeze North Korea's money whereupon North Korea missed a deadline for shutting down a nuclear reactor.

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NK Demands Money from Previous Macau Bank Issue

North Korea will not shut its nuclear facility until it gets back all of its money that has been frozen in a Macau bank, North Korean Vice Foreign Minister Kim Kye Gwan said. "If all the money is not released, we will stop our cooperation," said Kim, who arrived today in Beijing to attend six-nation nuclear dismantlement talks that will be hosted by China at the Diaoyutai State Guesthouse.

North Korea will not shut its nuclear facility until it gets back all of its money that has been frozen in a Macau bank, North Korean Vice Foreign Minister Kim Kye Gwan said. "If all the money is not released, we will stop our cooperation," said Kim, who arrived today in Beijing to attend six-nation nuclear dismantlement talks that will be hosted by China at the Diaoyutai State Guesthouse.

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US-Korea FTA Passes Hurdle

Ongoing trade talks between the US and South Korea moved forward Tueday when South Korea agreed to not include a joint venture with North Korea in the proposed area. The Kaesong Industrial Complex is located in North Korea but utilizes South Korean technology and management. The US had refused to allow products made in the complex to be included within the trade agreement. Clauses concerning the Industrial Complex have been included in previous agreements with ASEAN.

Ongoing trade talks between the US and South Korea moved forward Tueday when South Korea agreed to not include a joint venture with North Korea in the proposed area. The Kaesong Industrial Complex is located in North Korea but utilizes South Korean technology and management. The US had refused to allow products made in the complex to be included within the trade agreement. Clauses concerning the Industrial Complex have been included in previous agreements with ASEAN.

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North Korean Pledge to Disarm Seeks Implementation

North Korea's No. 2 leader pledged his country's commitment Thursday to giving up its nuclear program in talks with a visiting high-level South Korean delegation. North Korea has also proposed that the two countries on the Korean peninsula resume economic cooperation talks in March, though Seoul was opposed to holding the talks so soon. The countries involved in the nuclear talks (the Koreas, China, Japan, Russia and the U.S.) have begun preparations for implementing the disarmament pact.

North Korea's No. 2 leader pledged his country's commitment Thursday to giving up its nuclear program in talks with a visiting high-level South Korean delegation. North Korea has also proposed that the two countries on the Korean peninsula resume economic cooperation talks in March, though Seoul was opposed to holding the talks so soon. The countries involved in the nuclear talks (the Koreas, China, Japan, Russia and the U.S.) have begun preparations for implementing the disarmament pact.

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Sanctions to be Lifted on Macau Bank

The US agreed to lift sanctions against Banco Delta Asia in Macau that led to the freezing of $24 million in North Korean assets last year. The move was part of the concessions made during the nuclear talks of the past two weeks. The bank was accused of helping the North Koreans launder money earned through counterfeiting and smuggling.

The US agreed to lift sanctions against Banco Delta Asia in Macau that led to the freezing of $24 million in North Korean assets last year. The move was part of the concessions made during the nuclear talks of the past two weeks. The bank was accused of helping the North Koreans launder money earned through counterfeiting and smuggling.

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North and South Korea to Resume Trade Talks

South Korea will resume trade talks and food aid with North Korea later this month after North Korea agreed to a denuclearization plan on Feb 13. The six-party deal, that also included the US, Japan, China, and Russia will allow South Korea to resume sending food, fertilizer, and fuel to North Korea once a nuclear reactor is rendered unusable.

South Korea will resume trade talks and food aid with North Korea later this month after North Korea agreed to a denuclearization plan on Feb 13. The six-party deal, that also included the US, Japan, China, and Russia will allow South Korea to resume sending food, fertilizer, and fuel to North Korea once a nuclear reactor is rendered unusable.

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ASEAN Summit Comes to a Close

The 12th association of South East Asian Nations (ASEAN) summit being held at Cebu, Philippines drew to a close yesterday. The North Korean nuclear situation was one of the biggest issues discussed during these meetings. ASEAN is highly involved in the effort to denuclearize North Korea. Also discussed was the idea of economic integration in Southeast Asia and an overall community building in the region. The next ASEAN summit meeting will be held on Nov. 21st in Singapore.

The 12th association of South East Asian Nations (ASEAN) summit being held at Cebu, Philippines drew to a close yesterday. The North Korean nuclear situation was one of the biggest issues discussed during these meetings. ASEAN is highly involved in the effort to denuclearize North Korea. Also discussed was the idea of economic integration in Southeast Asia and an overall community building in the region. The next ASEAN summit meeting will be held on Nov. 21st in Singapore.

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Global Imbalances and Emerging Markets

There has been a massive increase in foreign currency reserves held by a group of ten East Asian economies since the 1997-98 crises. At the end of March 2006, the reserves of this group stood at $2.6 trillion, accounting for 57 percent of total global reserves.

There has been a massive increase in foreign currency reserves held by a group of ten East Asian economies since the 1997-98 crises. At the end of March 2006, the reserves of this group stood at $2.6 trillion, accounting for 57 percent of total global reserves.

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Monetary Cooperation in East Asia: How Far Can East Asian Countries Go?

The paper intends to discuss monetary cooperation in East Asia by answering the following three questions: (1) Do the member countries of the Chiang Mai Initiative (CMI) have potentials to form an Optimal Currency Area (OCA)? (2) What are the obstacles for establishing an institutionalized monetary regime from practical point of view? (3) What is the timeline for forming a monetary union in the region?

The paper intends to discuss monetary cooperation in East Asia by answering the following three questions: (1) Do the member countries of the Chiang Mai Initiative (CMI) have potentials to form an Optimal Currency Area (OCA)? (2) What are the obstacles for establishing an institutionalized monetary regime from practical point of view? (3) What is the timeline for forming a monetary union in the region?

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Manila Postpones ASEAN Summit to January

An official announcement released by Ambassador Marciano Paynor, head of the Philippine organizing committee, said that the 12th Association of Southeast Asian Nations (ASEAN) summit, scheduled next week in Cebu, has been postponed to January due to a strong storm heading the island. The ambassador also denied reports that the postponement was made due to possible terrorist attacks at the site of the summit.

An official announcement released by Ambassador Marciano Paynor, head of the Philippine organizing committee, said that the 12th Association of Southeast Asian Nations (ASEAN) summit, scheduled next week in Cebu, has been postponed to January due to a strong storm heading the island. The ambassador also denied reports that the postponement was made due to possible terrorist attacks at the site of the summit.

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ADB: Economic Growth in East Asia to Remain Strong in 2007

Asian Development Bank (ADB) predicted that East Asia's economic growth will continue to be strong next year after the expected robust performance of East Asian economies this year. However, the bank warned that the danger of financial market turbulence which could affect Asia is also increasing. Also, ADB suggested that there could be a slight decrease on the demand for East Asia's exports, due to an expected slowdown in growth in the US and euro area. Coupled with strong domestic consumption, this should maintain economic expansion across the East Asian region, the lender bank argued.

Asian Development Bank (ADB) predicted that East Asia's economic growth will continue to be strong next year after the expected robust performance of East Asian economies this year. However, the bank warned that the danger of financial market turbulence which could affect Asia is also increasing. Also, ADB suggested that there could be a slight decrease on the demand for East Asia's exports, due to an expected slowdown in growth in the US and euro area. Coupled with strong domestic consumption, this should maintain economic expansion across the East Asian region, the lender bank argued.

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What's Next for the Six-Party Talks on North Korea's Nuclear Programme?

Renewed efforts to resume the six-party talks in Beijing have US, Japanese, South and North Korean delegates arriving in China to begin the meetings. North Korea seems most concerned with the financial sanctions than talking about dismantling its nuclear programme.

Renewed efforts to resume the six-party talks in Beijing have US, Japanese, South and North Korean delegates arriving in China to begin the meetings. North Korea seems most concerned with the financial sanctions than talking about dismantling its nuclear programme.

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Central Bankers Upbeat Over Global Growth Next Year

The world's top central bankers discussed the future of global growth. There seems to be a consensus that the global economy was strong and sustainable, but in order to mitigate risks banks would have to fix their attention on inflation. Some hint to continued raises in interest rates to offset "overly optimistic investment".

The world's top central bankers discussed the future of global growth. There seems to be a consensus that the global economy was strong and sustainable, but in order to mitigate risks banks would have to fix their attention on inflation. Some hint to continued raises in interest rates to offset "overly optimistic investment".

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north_korea

What Interst Rates Mean for the Korean Housing Market

The debate over rising house and apartment prices and a potential "asset price bubble" has economic scrutinizing the relationship between interest rates and housing prices. Some economist suggest effective measures like market deregulations and increased fiscal policy oversight, which could stimulate the economy and cool house prices simultaneously.

The debate over rising house and apartment prices and a potential "asset price bubble" has economic scrutinizing the relationship between interest rates and housing prices. Some economist suggest effective measures like market deregulations and increased fiscal policy oversight, which could stimulate the economy and cool house prices simultaneously.

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north_korea

Rough Sailing for Beijing Talks

The return of the six-party talks has been the object of intense speculation and debate recently. Sanctions are expected to squeeze Pyongyang's already weakened economy and Kim Jong Il's personal finances as well. The main focus of North Korea is its frozen accounts throughout the region, but the US is focused on stoppoing further nuclear tests. Further tests will certainly have increased dire effects on North Korea's economy.

The return of the six-party talks has been the object of intense speculation and debate recently. Sanctions are expected to squeeze Pyongyang's already weakened economy and Kim Jong Il's personal finances as well. The main focus of North Korea is its frozen accounts throughout the region, but the US is focused on stoppoing further nuclear tests. Further tests will certainly have increased dire effects on North Korea's economy.

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north_korea

Consumer Sentiment Dips in October

North Korean consumer spending dropped in October in the wake of its nuclear test. Consumer confidence remains slightly depressed, but retail sales have improved a bit. Some expect increased confidence, but note that it probably won't be enough to revitalize the depressed consumption to pre-nuclear test levels.

North Korean consumer spending dropped in October in the wake of its nuclear test. Consumer confidence remains slightly depressed, but retail sales have improved a bit. Some expect increased confidence, but note that it probably won't be enough to revitalize the depressed consumption to pre-nuclear test levels.

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north_korea

Asian Market: Potential Risks Ahead

Although Asian stock markets have performed very well this past year, analysts foresee a risk ahead. The next 12 months are said to prove extremely volatile for equity markets in Asia, as regional instability increases.

Although Asian stock markets have performed very well this past year, analysts foresee a risk ahead. The next 12 months are said to prove extremely volatile for equity markets in Asia, as regional instability increases.

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north_korea

North Korea: No More Nukes and No Apologies

North Korean Leader, Kim Jung Il, met with Chinese President Hu Jinto in regards to North Korea's nuclear testing. Kim Jung Il said that there are no current plans for testing another nuclear bomb. He also stated that he would like to resume six-party talks if the US will first agree with some conditions, including the lifting of certain sanctions.

North Korean Leader, Kim Jung Il, met with Chinese President Hu Jinto in regards to North Korea's nuclear testing. Kim Jung Il said that there are no current plans for testing another nuclear bomb. He also stated that he would like to resume six-party talks if the US will first agree with some conditions, including the lifting of certain sanctions.

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north_korea

Japan Cuts off Trade with North Korea

At 12 P.M, Thursday, all imports coming into Japan from North Korea will no longer be accepted. Prime Minster Shinzo Abe is also forbidding any exports to North Korea, and prohibiting any Japanese citizen from travelling in North Korea.

At 12 P.M, Thursday, all imports coming into Japan from North Korea will no longer be accepted. Prime Minster Shinzo Abe is also forbidding any exports to North Korea, and prohibiting any Japanese citizen from travelling in North Korea.

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north_korea

China Unlikely to Back Sanctions Move

The United Nations asked the Chinese for their support to impose a travel ban and financial sanctions on North Korea for its nuclear device. Beijing is believed to have the most leverage on North Korea, as they desperately depend on China for energy and economic aid. But China remains reluctant to take action at this time.

The United Nations asked the Chinese for their support to impose a travel ban and financial sanctions on North Korea for its nuclear device. Beijing is believed to have the most leverage on North Korea, as they desperately depend on China for energy and economic aid. But China remains reluctant to take action at this time.

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north_korea

Profit-taking Weighs on Nikkei; South Korea Lower

Asian stocks finished mixed Wednesday, with Japan's Nikkei sinking to a multi-month low.

Asian stocks finished mixed Wednesday, with Japan's Nikkei sinking to a multi-month low.

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north_korea

Hard-line Action Against North Korea

Leaders from many countries are in agreement that North Korea should not have tested its nuclear bomb and now are looking to take a hard-line stance that so that North Korea will not test another atomic bomb. Japan, China, South Korea, the US and other UN nations are deep in discussion on this delicate topic.

Leaders from many countries are in agreement that North Korea should not have tested its nuclear bomb and now are looking to take a hard-line stance that so that North Korea will not test another atomic bomb. Japan, China, South Korea, the US and other UN nations are deep in discussion on this delicate topic.

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north_korea

China's 'Nightmare Scenario'

Beijing has already said that the UN Security Council must take what it has called "appropriate action" against North Korea but they are still considering what exactly that response should be.

Beijing has already said that the UN Security Council must take what it has called "appropriate action" against North Korea but they are still considering what exactly that response should be.

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north_korea

S. Korean Shares Fall Following N. Korea Nuke Test

South Korean stocks closed at their lowest level in more than six weeks following North Korea's announcement that it has conducted an underground nuclear weapon test.

South Korean stocks closed at their lowest level in more than six weeks following North Korea's announcement that it has conducted an underground nuclear weapon test.

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north_korea

Dollar Climbs to Multi-Month Highs

The economic fall-out from the North Korean nuclear test show the vulnerability of other big Asian economies.

The economic fall-out from the North Korean nuclear test show the vulnerability of other big Asian economies.

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north_korea

N Korea 'Nuclear Test' Condemned

North Korea announced it had carried out a successful underground nuclear test today. it following through on a threat issued last week and defied repeated calls from around the world to stand down.

North Korea announced it had carried out a successful underground nuclear test today. it following through on a threat issued last week and defied repeated calls from around the world to stand down.

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north_korea

North Korea Threatens to Test Nuclear Weapons

North Korea threatened to test its nuclear weapons today. The reaction by world leaders was synonymous; that a testing would disrupt peace and region stability and strain bilateral relationships North Korea has with many countries. North Korea says it is planning this launch in respones to threats and sanctions by the US.

North Korea threatened to test its nuclear weapons today. The reaction by world leaders was synonymous; that a testing would disrupt peace and region stability and strain bilateral relationships North Korea has with many countries. North Korea says it is planning this launch in respones to threats and sanctions by the US.

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north_korea

Oil Prices Fall Below $60 in Asia

Crude oil fell to below $60 a barrel this morning in the Asian markets. Oil prices have dropped nearly 25% since mid July. Experts say this is still a strong price, but some say its expected to rise before the end of the year.

Crude oil fell to below $60 a barrel this morning in the Asian markets. Oil prices have dropped nearly 25% since mid July. Experts say this is still a strong price, but some say its expected to rise before the end of the year.

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north_korea

Japan and Australia Impose Sanctions on DPRK

In compliance with a UN Security Council resolution denouncing North Korea's test firing of long-range missles, Japan and Australia have imposed sanctions that ban fund transfers and remittances to 11 Pyongyang-based trading companies.  The companies have been accused of bankrolling DPRK's weapons arsenal, and are being immediately affected by the sanctions.

In compliance with a UN Security Council resolution denouncing North Korea's test firing of long-range missles, Japan and Australia have imposed sanctions that ban fund transfers and remittances to 11 Pyongyang-based trading companies.  The companies have been accused of bankrolling DPRK's weapons arsenal, and are being immediately affected by the sanctions.

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north_korea

ASIA DEVELOPMENT OUTLOOK 2007

Despite challenges from rising oil costs, commodity costs, and interest rates, the Asia Development Bank expects 7.7% growth for 2007.

Despite challenges from rising oil costs, commodity costs, and interest rates, the Asia Development Bank expects 7.7% growth for 2007.

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north_korea

South Korea Floods North With Food Aid

South Korea has began a US$230 million relief effort in North Korea after massive flooding devestated North Korea's population and economy last month.  Casualty count is nearing 1000.

South Korea has began a US$230 million relief effort in North Korea after massive flooding devestated North Korea's population and economy last month.  Casualty count is nearing 1000.

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Other Important News In North_korea


N Korea Severs Trade with South

North Korea announced its plan to cut any remaining commercial ties with South Korea, as a response to South Korea's involvement in the six-party talks on its nuclear weapons programme.

North Korea announced its plan to cut any remaining commercial ties with South Korea, as a response to South Korea's involvement in the six-party talks on its nuclear weapons programme. The talks which will be held on December, and includes countries such as Russia, Japan, U.S and China, aims to encourage North Korea to give up its nuclear arms. North Korea plans to tighten its borders and shut the railway to Kaesong, one of the main investment enclaves for South Korean companies.

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UN Assesses N Korea Food Supply

North Korea has given rare access to staff from the UN World Food Program, which is there to assess the seriousness of food shortages.

North Korea has given rare access to staff from the UN World Food Program, which is there to assess the seriousness of food shortages. In addition to North Korea, the Program is also visiting more than 50 other countries. Many fear that the country may be on the brink of starvation.

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South Korea wants to send corn to North Korea

If Seoul had its way, North Korea would get 50,000 tons of corn from South Korea to help alleviate the effects of the food shortage there.

If Seoul had its way, North Korea would get 50,000 tons of corn from South Korea to help alleviate the effects of the food shortage there. However, Pyongyang has yet to respond to the offer made last month. North Korea's good food shortage has worsened this year, after floods damaged the countryside in 2007.

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Let Them Eat Juche

North Korea may be coming close to mass starvation in the country again.

North Korea may be coming close to mass starvation in the country again. The food distribution system in the state is breaking down, making the people rely more and more on informal or illegal markets for grain. The famine is consistent with recent extreme price rises.

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The Korean Won's Sharp Rise Complicates Profitability for Hyundai Motor

Korean companies relying heavily on exports are struggling with the strengthening won and drastic measures are necessary to remain competitive in the international market.

Korean companies relying heavily on exports, such as Hyundai Motor, are struggling with the strengthening won. To cope with drastic currency differences, minimize possible losses, and remain competitive in the automotive market, Hyundai must reduce costs by 20 percent during the next 2 years, drop prices in competitive markets and cut 2007 sales targets.

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Won-dollar Rate Barely Manages to Close Above 900

The won-dollar exchange rate dipped under 900 for the first time in 10 years, but managed to close at 900.7 to the dollar.

The won-dollar exchange rate dipped under 900 for the first time in 10 years, but managed to close at 900.7 to the dollar. Foreign banks predict further falls in the exchange rate between the won and dollar stating that, "it's just a matter of degree, not the direction."

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Cambodia and North Korea to Sign Investment and Sea Transportation Treaties

On this coming November 2007, Cambodia will be formally visiting North Korea to sign an investment and sea transportation cooperation treaties.

On this coming November 2007, Cambodia will be formally visiting North Korea to sign an investment and sea transportation cooperation treaties. Cambodia regards these agreements as an important opportunity for both countries' economic and political cooperation. The official 4 days visit will include various meetings with the North Korean's government officials.

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N. Korea Investment Plan in Cambodia

North Korea is planning to invest in Cambodia to expand its markets entrance to other countries in the world.

North Korea is planning to invest in Cambodia to expand its markets entrance to other countries in the world. By investing in Cambodia, North Korea will be able to expand its opportunity to produce goods and sell them to other larger countries. In response to the investment proposal, the Cambodia Prime Minster and other senior government will be officially meeting North Korea Prime Minister, Kim Yong-Il, at the beginning of November 2007 to discuss on other potential details.

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Korea: Disagreement Over Benefits of Daylight-Savings Time

The Korean business community proposes the implementation of daylight-savings time during summer months, citing the change would lead to energy savings and increases in productivity. Think Tanks such as the Korean Development Institute and the Korea Energy Economics Institute disagree, however.

The Korean business community proposes the implementation of daylight-savings time during summer months, citing the change would lead to energy savings and increases in productivity. Think Tanks such as the Korean Development Institute and the Korea Energy Economics Institute disagree, however, reporting that there is no evidence that daylight-savings time produces substantial economic benefits.

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Japan, North Korea Envoys Mitigate Tensions on Mongolian Soil

The tense relationship of Japan and North Korea will hopefully begin to mollify as representatives from both nations have initiated talks in Ulan Bator concerning North Korea’s nuclear program and past abductions of Japanese civilians by North Korean agents. This meeting is one of many working sessions established following the six nation deal agreed upon in February at Beijing that aimed to disarm and dismantle Pyongyang’s nuclear programs. Japan is expected to take a hard stance on the kidnappings, where a resolution is imperative in order for both nations to consider normalized relations. North Korea is expected to seek a settlement for the Japanese occupation of the Korean peninsula from 1910 to 1945.

The tense relationship of Japan and North Korea will hopefully begin to mollify as representatives from both nations have initiated talks in Ulan Bator concerning North Korea's nuclear program and past abductions of Japanese civilians by North Korean agents. This meeting is one of many working sessions established following the six nation deal agreed upon in February that aimed to disarm and dismantle Pyongyang's nuclear programs. Japan is expected to take a hard stance on the kidnappings, where a resolution is imperative in order for both nations to consider normalized relations. North Korea is expected to seek a settlement for the Japanese occupation of the Korean peninsula from 1910 to 1945.

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