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UPI
12 minutes ago
- UPI
Civil society group urges national reset on Korean liberation's 80th anniversary
South Korean people give three cheers during the 79th anniversary of the Korean Liberation Day from Japan, at the Bosingak pavilion in Seoul on August 15, 2024. File Photo by Jeon Heon-kyun/EPA Aug. 14 (UPI) -- The 80th anniversary Friday of Japan's World War II surrender announcement is a most significant date for Koreans. The day marks their liberation from Japanese colonial rule. Amid the celebrations, one organization, Action for Korea United, is challenging the current state and future direction of South Korea. Speaking to an international audience at a forum on "International Support for a Free and Unified Korea," Hyun Jin Preston Moon, an AKU founder, said that it was time for Koreans to take stock of where the country stood. "The Miracle on the Han has hit its peak and will face a sharp decline," he said. "There is urgent need for reform and renewal in every sphere of national life." He identified three major challenges facing Korea today. The first is the breakdown of the traditional Korean extended family model. The material prosperity generated by rapid economic growth, "without an animating vision rooted in some deeper national purpose," has eroded social and cultural bonds, he said. This has led to a drastic decline in marriage rates and family formation. South Korea now faces a demographic crisis with the lowest birthrate in the world. At 0.7 live births per woman, this is far below the replacement rate of 2.1 births, which will lead to a declining tax base to support welfare programs for the retired population. The second challenge is the chaebol system. Chaebols are the very large Korean conglomerates that dominate the economy and stifle innovation from start-ups. The four largest chaebols create 40% of gross domestic product, while, according to a 2019 report, 64 chaebols produced 84% of GDP while only employing 10% of the workforce. The third challenge is South Korea's export-led economy. Exports make up 44% of GDP, compared with 22% for Japan and 20% for China, according to figures for 2023. This makes Korea uniquely vulnerable to U.S. trade tariffs. The long-term answer is an expanded domestic market. Moon pointed out that reunification would provide development investment opportunities in the North, as well as a new labor source and market. He noted that these challenges call for "a unifying vision that can bring [Korea's] many disparate parts together rooted in a renewed Korean identity." The vision proposed has become known as the "Korean Dream." It aims to revive a strong sense of Korean identity, bridging political and ideological divides by looking to moments of unity and national purpose from the past. One such moment is the March 1 Independence movement of 1919 that mobilized 10% of the population in mass, non-violent demonstrations in support of the Korean Declaration of Independence from Japanese rule. The movement united people from diverse religious and political backgrounds in the common purpose of establishing a "united, independent and free" Korea. They, in turn, looked back to Korea's origin story and the principle identified with it, hongik ingan -- living for the greater benefit of humanity. This principle runs like a thread through Korean history, engendering a sense that the Korean people are called to serve a higher purpose. Moon made three proposals for the current South Korean government: • The previous administration had published the 8.15 Doctrine, a reunification platform heavily modeled on the Korean Dream. This administration should also adopt the Korean Dream vision. • The Ministry of Unification should be replaced by a non-governmental advisory committee to remove partisan politics from the unification agenda and ensure continuity. • The Korean Dream should be incorporated into the curriculum in all primary and secondary schools. Moon is the author of the book Korean Dream: A Vision for Unification. AKU is the largest coalition of civil society organizations committed to the advancement of Korea reunification. The forum drew together former heads of state and government officials, policy experts and scholars, religious leaders and civil society activists from around the world. Sessions focused on different regions of the world and how each might contribute support and lessons learned to the reunification process. These included Latin America and Africa, the Indo-Pacific, Northeast Asia and the United States., plus the Korean diaspora and North Korean escapees. The forum is part of a larger event, the 2025 Korean Hangang Festa, that will culminate Friday evening with a public rally on the banks of the Han River. This will feature a concert highlighting the historic unification-themed "Song of the New Era" and a drone and light show. Chairperson Chung Un-chan, a former prime minister, said that the festival was more than just a celebration. "In a time marked by political polarization and ideological conflict, this festival aspires to serve as a catalyst for overcoming division and rediscovering the shared values that can guide us toward a unified future."
Yahoo
4 hours ago
- Yahoo
Swiss ministers meet with pharma executives amid tariff uncertainty
ZURICH (Reuters) -Swiss ministers have met with senior executives of pharmaceutical companies Roche and Novartis to discuss the outlook for the sector under current U.S. trade policy, the government said on Thursday. President Donald Trump has imposed U.S. import tariffs of 39% on Swiss goods, one of the highest rates worldwide, though pharmaceutical firms have so far been spared the duties. The Trump administration is carrying out a probe into pharmaceutical imports, after which tariffs could follow. Swiss Interior Minister Elisabeth Baume-Schneider and Economy Minister Guy Parmelin met on Thursday morning with Roche Chairman Severin Schwan and Patrick Horber, head of the international unit for Novartis, the government said. "The participants of the meeting exchanged their views on the current situation in the pharmaceutical industry against the backdrop of discussions about the tariffs imposed by the United States," the Interior Ministry said in a statement. What was discussed is confidential, the ministry said, noting that the ministers were organising a roundtable discussion with the pharmaceutical industry in September. (Writing by Dave Graham. Additional reporting by Ariane Luthi. Editing by Mark Potter) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 hours ago
- Yahoo
S&P 500 rally pushes higher: What's driving investor confidence
July's better-than-feared Consumer Price Index (CPI) report and rising hopes of interest rate cuts in September are pushing stocks to new highs. Yahoo Finance Senior Reporter Allie Canal breaks down what's driving market optimism, including Citi's new 6,600 S&P 500 (^GSPC) year-end target and what to watch heading into the Kansas City Federal Reserve's Jackson Hole Economic Symposium event next week. To watch more expert insights and analysis on the latest market action, check out more Morning Brief. Um, Ali, let's start with you and the leg of the rally that we've seen most recently which seems to be fueled by hopes for lower rates pushing things to records. Right, and those rate cut hopes that stems from CPI. And what's interesting is that there was really things in this report that could appease the optimist and the pessimist. We did see headline inflation coming on par with expectations, dropping on a month over month basis, but we did see firmer core prices. Core inflation hitting a six-month high. Services inflation also firmed and heading into this report, that had been softer and was really offsetting a lot of that the increases that we saw in core goods. So under the hood of CPI, there there are these concerns, but right now, this clearly was a better than feared report in a lot of ways. And that's leading to this latest record high, the S&P 500 closing for its 16th time this year at records. And leading up to today, it hasn't all been driven by Fed policy. A lot of it has been driven by earnings expectations along with the AI story. Earlier this week, we saw City increase its price target on the S&P to 6600. And they specifically cited earnings momentum, not just for the rest of this year, but also 2026 and beyond. Now, that's not to say we won't see some choppiness and some volatility. We have Jackson Hole coming up later this month or usually tends to be some chop around that. We still have a lot of economic releases to come. And also considering the fact that stocks are still trading in this euphoric territory, that makes markets a lot more vulnerable to potential downside risks. But it's clear that rate cut hopes in September, that if we see that materialize, that's only going to fuel the momentum that we've been seeing in recently weeks and recent months.
