Wartime Alert Level Raises On Korean Border

By ETHAN Markoff

SOUTH KOREA NEWS - Artillery fire exchanged on Korean border when North Korea army fired artillery shells onto a populated island near disputed waters, prompting return fire from South Korea. It is reported of injuring civilians and soldiers due to sudden conflict.

South Korea has issued its highest non-wartime alert in response.

In return South Korea has fired from F-16 fighter jets to the western sea. The conflict broke when dozens of the shells fired on a South Korean island, from which plumes of smoke were rising. At least four soldiers are said to have been hurt.

It is considered one of the serious conflicts between two neighboring nations since the Korean War in the year 1950s. According to reports, top South Korean leaders are planning in an underground bunker in Seoul.

South Korean officials reported that a North Korean artillery unit started an illegal firing at 1434 PM (0534 GMT) and in return South Korean troops scrambled F-16 fighter jets to the western sea and fired.

The conflict damaged dozens of houses, while a South Korean television showed plumes of smoke rising above the island.

Incidentally, the conflict comes days after North Korea revealed a modern nuclear power plant, potential threat to develop nuclear weapon.

On one side US keep emphasis on denuclearisation while Pyongyang continues to work on nuclear plant.

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November 23, 2010 | 0 comments

G-20 Summit To Focus On Development Issues

By GAUTAM Jha

G -20 Summit, Seoul

Asia-Pacific region has nowadays become the centre of gravity for the world economy where India and China ushering the way to the world from the recovery of global recession. Seoul Summit is also considered as the milestone because it is the first time that the G-20 Summit has been held in the Asia-Pacific region.

The Seoul summit will be remembered as the development summit. United Nations General Secretary Ban Ki-moon will start the discussion of the summit on development by expressing the views of those countries that are not the part of G-20 at this forum.

The challenges of G-20 are many but the focus will be on the recovery of global economy and to get the momentum by castling the uneven and fragile nature of global economic recovery. The winding down of fiscal stimuli ought to be considered very cautiously in the view of the continuing risks of a double dip recession. Many smaller countries are unhappy regarding the policies adopted by advanced countries that are leading to massive short-term capital outflows to emerging market economies with the consequences such as asset price bubbles, inflationary pressures and exchange rate appreciation with highly disruptive effects.

G-20 leaders have to support the use of capital controls needed by affected countries. Another threat is to keep the currency wars and protectionism in the developed countries at bay. The challenge thrown up by the financial crisis in terms of diminishing aggregate demand can be turned into an opportunity for promoting inclusive development. Poverty reduction should be treated as a critical part of the strategy to promote growth itself.

The G-20 leaders should give a strong message that achievement of the Millennium Development Goals (MDG), expanding development gaps and other policies to bolster balance development and make it occupy the central place in sustaining growth in post-crisis world. The potential of south- south cooperation also needs to be fully exploited in ending up the gaps.

The adoption of international standards of prudential financial regulation is important to all countries regardless of their level of development. It should be recognized that low income countries lack institutional and technical capabilities for their implementation. Thus, it is prerequisite to support these countries with technical assistance to develop modern financial systems.

The crisis has pointed out that the long pending agenda of reform of international financial architecture is very important for the development of the world uniformly.

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November 12, 2010 | 0 comments