By April Kent
In
February, the United States presented a draft resolution negotiated with China
to the U.N. Security Council to impose restrictions aimed at frustrating North
Korea’s nuclear and missile programs. The proposed sanctions have been widely hailed as the toughest U.N.
sanctions regime in over two decades, with one U.S. official quoted as saying,
“this resolution will be felt, it will have an impact... The DPRK (North Korea)
has never been subject to the kind of pressure that is in the resolution.” However,
others have expressed doubts. The New York Times reported that analysts in South
Korea and China are less than certain that sanctions will be sufficient to
force North Korea to give up its nuclear weapons. The Wall Street Journal also
recently published an article elaborating on the loopholes and
oversights that will allow China to continue playing “a double game of
rhetorically deploring North Korea’s nuclear program while propping it up in
practice.” Whether the sanctions will have their intended effect remains to be
seen.
By Abbie Schepps
North Korea now
boasts making nuclear warheads small enough to fit onto ballistic missiles.
While skeptics question the miniaturized nuclear warhead’s validity, the
international community has decided it is not unreasonable. South Korea has
introduced unilateral sanctions. It designated 30 companies with links to
the North’s nuclear and missile programs, as well as 38 North Korean nationals
and two foreigners. All will be banned from the South Korean financial systems.
This is the first time South Korea has targeted people and companies by name, a
practice used by the United Nations, the United States, and the European Union.
Additionally, in an effort to tighten import and export control, South Korea will
deny any ships entry that have been to North Korea in the past 180 days. South
Korea’s sanctions overlap with measures imposed by the United States and the
United Nations. The sanctions illustrate the international community’s
intentions to change North Korea.
By Sarah Akbar
South
Korean lawmakers have finally
passed the North Korea Human Rights Act after 11 years, which would
help defectors send movies and books into North Korea and will establish an
official center to collect and publish records of North Korea’s human rights
abuses. The law’s passage marks a dramatic shift from North Korea’s previous
emphasis on the “Sunshine Policy”—of economic and aid projects—and towards a
more vigilant and aggressive policy. The shift may have something to do with
the recent launch
of North Korea’s most aggressive nuclear tests and increased sanctions by the
EU.
The Act is vindication for many defectors who send anti-North Korea leaflets
across the border and who have been urging for more monitoring of the Kim
regime’s human rights atrocities.
By Clifford Hwang
Over the past year, the heirs of Lotte, South Korea’s
fifth-largest conglomerate, have been embroiled in a winner-takes-all battle
for control of the company. When the elder heir was first kicked out of
management, he enlisted the help of the chairman and other family members to
regain power. Over the summer, the younger heir dethroned their father and, for
now, has consolidated control of the conglomerate. Such stories are all too
commonplace for South Korea’s family-run conglomerates, known as chaebol, and such problems may pose
serious problems for the South Korean economy. The volatility created by family
feuds and complex business structures can be alarming to investors, who are
calling for better corporate governance. To learn more about the feud, read the
full
article online at the New York Times.
By Jenny Park
When North Korea makes belligerent threats of nuclear
annihilation and actually carries out nuclear tests and ballistic missile
launches, the world’s response is surprisingly lukewarm. This is an odd phenomenon
considering the tougher sanctions against Russia for supporting the separatists in Ukraine, and against Iran for a multitude of
transgressions, including continued illicit nuclear activities.
But North Korea’s violations of international law are quite extensive. To name a few, North
Korea developed nuclear weapons after withdrawing from the international
Nuclear Non-Proliferation Treaty, and tested them out not only once in 2006,
but also in 2009 and in 2012. Mind you, China, the U.S., Japan, Russia, and the
two Koreas have engaged in six-party talks from 2003 to 2007 to
try to resolve North Korea’s nuclear issue to no avail. Furthermore, the multiple
UN sanctions (UNSecurity Council Resolutions 1718, 1874, and 2094) that imposed
economic and commercial pressures against North Korea also proved to be
ineffective.
By Derek Hunter
On October 15, the Treasury
released its semi-annual currency report for Congress, and although more
subdued then in previous reports, it criticizes several countries’ monetary
policies. China, Germany, South Korea, and Japan were all criticized for devaluing
its currency to boost export; a devalued currency makes goods cheaper to
overseas buyers. The report comes as the U.S. dollar hit a five-year high
against a basket of other currencies, highlighting the central role of the U.S.
economy in powering global growth. Bloomberg summarizes
the report, and its policy prescriptions for the offending countries.
By Kristen McCannon
According to Choi Kyonglim, South Korea’s deputy minister
for trade, South Korea may enter into TPP after official negotiations conclude.
Although South Korea already announced their official interest in 2013 and has
participated in consultations with other TPP parties, the minister’s
announcement marks the first indication that South Korea is not seeking to
participate in the formal negotiations. By postponing its involvement in TPP
until after the deal has been finalized, South Korea will avoid a long and
drawn-out accession. Insidetrade
has more about these developments in South Korea.
By Elizabeth Gibson
The United States is using P-1A visas intended for "internationally recognized athletes" as a way to open its borders to professional video game players (yes, that's a thing). These visas are traditionally used for getting athletes to sporting events hosted in the United States.
NPR has a fascinating story on the immigration concerns of virtual athletes. But don't count on your gaming system getting you across the border just yet. So far, the issuance of P-1A visas to gamers appears relatively limited, with one visa granted to a professional South Korean StarCraft player and another granted to a Canadian League of Legends pro.
