Concerns over Coronavirus Outbreak and its economic impact intensifies in Korea

 Korea is trying its best to contain the novel coronavirus (officially declared as COVID-19 by the WHO).  In the opening remarks of the 7th Cabinet Meeting, President Moon Jae-in highlighted  the importance of preemptive and extraordinary measures for both public safety and people’s livelihoods. In the meeting it has been shared that Korean people have the power to revive this medical emergency because Korea has world-class quarantine and medical systems. If Korean people will follow personal hygiene guidelines , believe in the Government’s rejoinders, continue normal economic activities in daily lives, economy can be rapidly recovered, the president added in the meeting.  

 On the economic front, interruption to South Korean manufactures were initially considered as temporary but delay in production has affected seriously due to the increased numbers of virus suspected and confirmed cases in South Korea. Delay in production have raised concerns over expected supply chains and consumption of the consumers. Consumer survey for Bank of Korea for the month of February 2020 showed that the Composite Consumer Sentiment Index(CCSI) STOOD 96.9 which is 7.3 points lower than that of January.

 In the survey, consumer sentiment concerning current domestic economic conditions was also found 12 points lower than in January, at 66, and that concerning future domestic economic conditions was 11 points down, at 76. It is noteworthy that Experts cautioned about the economic impact from the virus because of the quarantine measures kept two areas of Korea heavily affected with people staying home and major events cancelled/delayed.

                                               [Image source: CNBC]

 The Korean government and the people have sent a number of supplies and funds to evacuees from Wuhan, China. It should be noted that Wuhan city has been the epicenter of Corona outbreak. The local city governments are also engaged in distributing hand sanitizers, masks and donations. Evacuees in Korea who completed their two weeks of quarantine left placards expressing their thankfulness while leaving the quarantine facilities. However, South Korean president Moon Jae-in has emphasized on considering emergency steps to  tackle the situation as growing crisis from this deadly virus can bring an economic crisis  because of the China reliant Korean economy. Experts have already  alarmed that Coronavirus is going to bring slowdown of China’s growth which would further affect its neighbors too.

[Source: Cheong wa dae briefing/Bank of Korea] 

Korea to develop financial data exchange ecosystem

Korean government is set to run a financial data exchange platform this year in march. In order to accelerate the financial industry’s digital transformation, the financial services commission(FSC) of Korea will set up a financial security institute that will provide innovation data exchange solutions while ensuring the security and safety of data transactions. Data convergence management, evaluation of pseudonymised information , safety and security in data exchange will be major goals of this  specialized agency. Financial industry is one of the sectors where the use of big data is most active because of the high linkages to other sectors and accuracy of data. Last year in June, the FSC announced its plan to establish financial big data infrastructure tofacilitate the use of big data in the financial sector. 

                                          [Image source: google.com]

Further to this development, revision of Credit Information Use and Protection act was passed recently in January 2020 by the National Assembly of Korea which is expected to expand the level of supply and demand in data marketplace and promote safety and security in data distribution. In the press release published on Jan 21, the FSC has confirmed the establishment of a public-private joint council led by the FSC and composed of financial institutions and fintech firms. This public-private joint council is to operate working groups of supply &demand , guidelines to establish standards on procedures data excanhge and the policy support in data exchange.

Data industry experts are seeing this move as major facilitator that would provide an appropriate standard for the pricing of data.

[Source: Press Release of Financial Services Commission on Jan. 21

http://meng.fsc.go.kr/]

CBRE Predictions on Korea’s Real Estate

South Korea’s real estate market continue expectant. According to a recent summary report named Real Estate Market Outlook 2020:Korea published by the CBRE, a leading US-based commercial real estate service provider,  public investment in the real estate market is poised to grow despite the record low interest rates and global economic instability. 

 The report further discerns that because the ministry of land, infrastructure and Transport anticipates an increment in the public investments from 3.7% in 2019 to 10% in 2021. It is noteworthy that the Domestic real estate investment trusts (REITs) are looking for an initial public offering (IPO) in the Korea’s stock market and drawing attention of in the market.

 In the later half of 2019, Lotte REIT and NongHyup REIT had decided to go public and following their footsteps, IGIS which is Korea;s largest real estate related assets operator is also planning to list its REIT fund this year.

[Source:  cbrekorea.com/koreatimes.co.kr]

Reviewing the Philosophical and Cultural Contacts of India and Korea

 Presented a paper entitled “Reviewing the Philosophical and Cultural Contacts of India and Korea” at the 43rd International Conference of Korea-China Academic Research Society. The theme of the conference underlines “Antiwar cognizance and its review through the studies of humanities”.

Snowfall is at its peak, but the genuine enthusiasm of scholars and crticial views from different countries especially China, is inspiring.

Special thanks to the VicePresident of Hankuk University of Foreign Studies for the invitation.

#Koreanstudies #Academia #Research

भोजन दर्शन

कोरिया के भोजन दर्शन में मसालेदार का मतलब भोजन का तीखा होना माना जाता है जबकि इसके अलग अपने भारत में मसालों की मात्रा और प्रकार का उपयोग किसी भी व्यंजन के मसालेदार होने या कम मसालेदार होने की मानकता को दर्शाता है I

भाषा और सांस्कृतिक अध्ययन भूमण्डल के एकीकरण में सदियों से सक्रिय रहा, मानव इतिहास में खासकर भोजन शैली ने हमेशा लोगों को जोड़ा है I मुझे पूर्ण विश्वास है, आने वाले वर्षों में दुनिया के दुसरे देशों की तरह कोरिया के लोग भी भारतीय भोजन के गुणवत्ता को सराहेंगे और भारतीय संस्कृति का विस्तार यहाँ भी वृहद् होगा I

तबतक इनकी भाषा में भारत की तार्किकता और अलौकिकता को समझाने का प्रयास जारी रखा जाए I

#ग्लोकलाइजेशन #भारतीयसंस्कृति #भारत #कोरिया #शोध #अध्ययन

भिखारी ठाकुर जी के जन्मदिवस पर उन्हें शत-शत नमन

भिखारी ठाकुर जी के साहित्य को सर्वप्रथम उनके प्रसिद्ध नाटक विदेसिया के माध्यम से जाना I पटना रंगमंच में रंगकर्म और लोक गायन के दौरान सूत्रधार की भूमिका ने, उनके भोजपुरी गीतों ने मार्मिक और वेदना के साथ साथ लोकरंग के अनेक विधाओं से मुझे अवगत कराया I भोजपुरी लोक गीतों से मेरा प्रेम बढ़ता ही गया I मेरी मातृभाषा हिंदी और मगधी रही है परन्तु भोजपुरी भाषा के ज्ञान का श्रेय भिखारी ठाकुर जी की रचनाओं और गीतों को जाता है I

भिखारी ठाकुर जी के कारण भोजपुरी भाषा और संस्कृति बिहार झारखंड, पूर्वी उत्तर प्रदेश और बंगाल के कुछ हिस्सों में व्यापक रूप से प्रबल बनती गई और उनकी रचनाओं ने भाषाई क्षेत्र ही नहीं अपितु बिहारी श्रमिकों को भी जागृत किया जो सामंती मूल्यों को न समझ पाते थे I भिखारी ठाकुर जी ने समानता और समतावादी समाज की परिकल्पना के साथ देश ही नहीं बल्कि दक्षिण अफ्रीका, फिजी, त्रिनिडाड , मॉरीशस, सिंगापुर, केन्या, नेपाल, युगांडा, ब्रिटिश गुयाना, सूरीनाम, म्यांमार, मैडागास्कर, दक्षिण अफ्रीका, फिजी, त्रिनिडाड जैसे स्थानों पर भी भोजपुरी संस्कृति का विस्तार किया ।

भोजपुरी साहित्य के शेक्सपियर भिखारी ठाकुर जी के जन्मदिवस पर उन्हें शत-शत नमन ~

국제자금세탁방지기구 FATF, 내년 중 암호화폐 규제안 마련

 국제자금세탁방지기구(FATF, The Financial Action Task Force)가 내년 중으로 글로벌 암호화폐 관련 규제안을 공식 발표할 예정이다. 

기구는 이달 14일 부터 19일 까지 프랑스 파리에서 진행된 총회에서 암호화폐 표준법안 논의와, 기구의 평가방식 개정에 관한 토론을 진행했다. 토론 결과 FATF는 암호화폐와 관련 금융 서비스가 금융환경을 개선할 잠재성을 지니고 있지만, 반대로 자금세탁 또는 테러자금조달 용도로 악용되지 않도록 조치가 필요하다는 입장을 명시했다.

FATF의 마셜 빌링스레아(Marshall Billingslea) 대표는 "6월까지 추가 표준 및 시행 방안을 발표할 것"이라고 말했다. 이어 그는 이번 개정이 암호화폐 관련 업체의 규제·감독·감시와 불법 활동에 대한 관리·법 집행 권한 관련 지침이 포함될 것이라는 입장을 밝혔다. 향후 암호화폐를 통한 자금세탁 문제 규제안을 내년 중에 마련할 예정이다.

또한, 암호화폐는 '화폐'가 아니란 입장을 표명하며 앞으로 '가상 자산Virtual asset'이란 용어로 통일 하도록 했다. 더불어 암호화폐 거래소 뿐만 아니라 ICO 관련 금융서비스 제공자에 대해서도 자금세탁 방지를 의무화하도록 했다.

이처럼 국제 정책결정기구의 표준안 마련으로 일관성 있는 암호화폐 규제 환경 조성에 진전이 있기를 기대한다.