'A new history starts now': Leaders of two Koreas begin summit

Agencies
April 27, 2018

Seoul, Apr 27: Smiling and holding hands, North Korean leader Kim Jong Un and South Korean President Moon Jae-in met at the heavily fortified demilitarised zone between the countries on Friday in the first summit for the two Koreas in over a decade.

Scenes of Moon and Kim joking and walking together marked a striking contrast to last year's barrage of North Korean missile tests and its largest ever nuclear test that led to sweeping international sanctions and fears of a fresh conflict on the Korean peninsula.

The dramatic meeting, aimed at ending their decades-long conflict, comes weeks before Kim is due to meet U.S. President Donald Trump.

"We are at a starting line today, where a new history of peace, prosperity and inter-Korean relations is being written," Kim said before the two Korean leaders and their top aides began talks.

Moon and Kim are expected to discuss denuclearisation and exchanges between the Koreas and also will plant a memorial tree at the border truce village of Panmunjom. Just days before the summit, Kim said North Korea would suspend nuclear and long-range missile tests and dismantle its only known nuclear test site.

But there is widespread scepticism about whether Kim is ready to abandon the hard-earned nuclear arsenal his country has defended and developed for decades as what it says is a necessary deterrent against U.S. invasion.

Two earlier summits between the leaders of North and South Korea, in Pyongyang in 2000 and 2007, failed to halt the North's weapons programmes or improve relations in a lasting way.

"Today, rather than create results we won't be able to carry out like in the past, we should make good results by talking frankly about current issues, issues of interest," Kim said.

FIRST ACROSS THE LINE

Moon greeted Kim at the military demarcation line, making Kim the first North Korean leader to set foot in the South since the 1950-53 Korean War.

In an unplanned move, Kim invited Moon to step briefly across into North Korea, before the two leaders crossed back into South Korea holding hands.

The two were handed flowers by a South Korean children, residents of a village situated in the demilitarised zone.

The pair were met on a red carpet by a South Korean honour guard in historical costumes and playing traditional music.

Kim wore glasses and his trademark black Mao suit, while the rest of the North Korean delegation appeared in military uniforms or Western attire.

"A new history starts now. An age of peace, from the starting point of history," Kim wrote in Korean in a guest book in the South's Peace House before talks began.

"I hope we will be able to talk frankly and come to an agreement to give a big present for the Koreans and the people around the world who wish for peace," Moon said as the two began their official talks.

Minutes before Kim entered Peace House, a North Korean security team conducted a sweep for explosives and listening devices, and sprayed apparent disinfectant in the air, on the chairs, and on the guest book.

The United States is hopeful talks between Kim and Moon will make progress on achieving peace and prosperity, the White House said in a statement as the two men began their summit.

The White House also said it looks forward to continuing discussions with South Korea in preparation for the planned meeting of Trump and Kim in the coming weeks.

Just months ago, Trump and Kim were trading threats and insults as the North made rapid advances in pursuit of nuclear-armed missiles capable of hitting the United States.

Earlier Friday, North Korea's official KCNA news agency said Kim would "open-heartedly discuss with Moon Jae-in all the issues arising in improving inter-Korean relations and achieving peace, prosperity and reunification of the Korean peninsula."

Moon travelled to the meeting in a large motorcade, stopping briefly to greet dozens of summit supporters waving South Korean flags near the presidental Blue House in Seoul.

Hundreds of demonstrators were seen gathering in downtown Seoul from early morning to protest or support the summit.

UNENDING HOSTILITIES

The two countries expect to release a joint statement late on Friday - possibly called the Panmunjom Declaration - that could address denuclearisation and peace, and an improvement in relations, South Korean officials said.

Impoverished North Korea and the rich, democratic South are technically still at war because the Korean War ended in a truce, not a peace treaty.

The United States stations 28,500 troops in South Korea as a legacy of the Cold War conflict, which pitted the South, the United States and United Nations forces against the communist North, backed by China and Russia.

Kim and Trump are expected to meet in late May or June, with Trump saying on Thursday he was considering several possible dates and venues.

The White House released two photographs of then Secretary of State-designate and CIA chief Mike Pompeo's meeting with Kim in North Korea over the Easter weekend to discuss the planned summit. It was Kim's first known meeting with a U.S. official.

The latest Korean summit has particular significance not least because of its venue: the Demilitarised Zone, a 160-mile (260-km) long, 2.5-mile (4-km) wide strip of land created in the 1953 armistice to serve as a buffer between the South and North.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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News Network
March 18,2020

Dubai, Mar 18: Emirates, one of the world's biggest international airlines, has asked pilots to take unpaid leave to help it mitigate the impact of the coronavirus pandemic that has shattered demand for global travel.

"To this end you are strongly encouraged to make use of this opportunity to volunteer for additional paid and unpaid leave," the airline said in an internal email to pilots, seen by Reuters.

Emirates earlier this month asked some staff to take unpaid leave, although at that time it was not available to pilots.

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News Network
January 12,2020

Kolkata, Jan 12: Prime Minister Narendra Modi on Sunday said a section of the youth is being misguided about the Citizenship Amendment Act and asserted that it will not take away anybody's citizenship.

Modi also said whoever has faith in India and believes in its Constitution can become an Indian citizen.

“There are a lot of questions among the youth about the new citizenship law, and some are being misled by rumours around it... it is our duty to clear their doubts,” the PM said during an address at Belur Math in Howrah district.

“I want to make this clear again that the CAA is not about taking away anybody's citizenship, but about granting citizenship,” he added.

Modi said that some people with political interests are deliberately spreading rumours about the new citizenship law.

Lauding the youth for speaking against religious persecution of minorities, the prime minister said the energy of the country's young will form the basis of change in the 21st century. The PM is on a two-day visit to the city.

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