Posts tagged ‘commercial risk’
Corruption in Korea is once again making an appearance in media reporting with the ongoing investigation into allegations of abuse of authority by former National Tax Commissioner, Han Sang-Yool. Han is suspected of involvement in a series of incidents prior to his resignation from the National Tax Service (NTS) on 16 January 2009 and also suspected of receiving USD400,000 from 10 companies during a two-year stay in the United States after resignation from the NTS. Read more
On 4 March 2011, the Canadian Food Inspection Agency confirmed that a 77-month old dairy cow in Alberta, Canada, was found with a case of bovine spongiform encephalopathy (BSE) or Mad Cow disease on 18 February 2011. The case is the 18th since Korea imposed a ban on beef imports from Canada in May 2003. Read more
On 21 February 2011, the Ministry of Knowledge Economy (MKE) stated that it expects software exports to increase by around 17.1 percent to a total of USD10.7 billion in 2011. Despite the Information and Communications Technology (ICT) manufacturing being a major driver of export growth in Korea, the ICT services sector has not made a commensurate contribution. Read more
On 18 February 2011, Admiral Robert F. Willard , Commander, U.S. Pacific Command (PACOM), stated that the potential for North Korea to undertake new provocative action within months, was a more immediate concern to the United States than North Korea’s development of a new missile/rocket launch facility along the border with China. Read more
On 17 January 2011, police arrested a man identified as ‘Lee’, for setting fire to a gate at the Beomeo Temple in Korea’s southern port city of Busan.
Domestic media clearly emphasised that Lee was a Buddhist and lived at an affiliated temple and has previously lived at Beomeo Temple. The reason for the emphasis is the growing concern that Korea is witnessing an increase in inter-faith rivalry.
Inter-faith rivalry has never been a major social issue in Korea, but has gradually risen over the past decade as Protestant Christian and Buddhist groups become aligned with the conservative and progressive causes, respectively. The presidency of Lee Myung-Bak, who is a Protestant Christian, has intensified this trend.
Korea’s largest Buddhist denomination, the Jogye Order, has accused the Lee Myung-Bak administration of a systemic bias against Buddhists. Previous faith-based civic protests, such as those in Seoul during August 2008, demonstrate that inter-faith rivalry, if exploited, can release powerful political forces.
The arson attack on the Beomeo Temple did not provide the anticipated spark to further faith-based civic protest. However, without significant measures to reduce inter-faith rivalry, a tense status-quo remains. This presents a major political risk as Korea heads towards presidential elections in 2012.
