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from Photographers Blog:
Luxury dog care open for business
Affluent South Koreans have just about every fashion accessory imaginable from designer clothes to handbags and the latest trend in Asia’s fourth biggest economy is small dogs.
Just like their well-groomed owners in the ritzy suburbs of the capital Seoul, pets are now big business for groomers, healthcare businesses and even mood music, helping to create a whole new service industry.
“IRION” is a luxury pet care centre in the Gangnam district in Seoul that recently opened to cater to the needs of affluent urban dwellers who have embraced small dogs as their latest fashion accessory.
With prices of up to $60 a day for a dog “kindergarten” and up to $180 a day for a doggy hotel room, it certainly doesn’t come cheap.
from Photographers Blog:
Outspoken South Korean singer taps populace sentiment
On June 13, 2002, when South Korea, Japan and the rest of the world were captivated by the 2002 FIFA World Cup, a 50-tonne U.S. army vehicle crushed two South Korean schoolgirls to death during a drill in Yangju, north of Seoul. The girls, Shin Hyo-soon and Shim Mi-seon, both 14, were on their way to a friend’s birthday party.
Thousands of South Koreans protested for several months to demand then-U.S. President George Bush apologize directly for the incident and hand over the U.S. soldiers involved to South Korean court.
from Eric Burroughs:
Don’t fret about EM outflows
There’s a lot of excitement around the sharp outflows seen from emerging markets in the latest figures from EPFR Global. But this story is getting a little overplayed. Asian central banks have heard the message on the need to tighten policy, with Bank Indonesia following the Bank of Korea in surprising with a rate hike in the past few weeks. The positive response to the BI rate increase, with the rupiah rising and local bond yields dropping, show that the central bank showed the inflation-fighting resolve that investors were looking for, even if inflation is being exacerbated by food price run-ups beyond the control of monetary policy.
Higher short-term rates are inevitable, and SE Asian yield curves/swap curves have more room to flatten. Just look at how South Korea's swap curve has flattened like mad since the Bank of Korea has appeared to become more aggressive than anyone expected (let's see at this week's policy meeting). At the same time, stronger currencies will be part of any inflation-fighting response to keep from raising rates too much and attracting more hot money – yes, hot money. If anything the U.S. and euro zone markets have gotten a little too excited about higher rates, while some EM markets – look at the Philippines – still offer chunky real yields, and those real yields are not even close to being as negative as they were during the 2008 commodities freakout. PIMCO’s Bill Gross last week reiterated the biggest bond fund’s support for EM bonds in decrying the “devil’s haircut” of near zero U.S. five-year real yields.
from Davos Notebook:
Will Goldman’s new BRICwork stand up?
Jim O'Neill, the Goldman Sachs economist who coined the term BRICs back in 2001, is adding four new countries to the elite club of emerging market economies. But does his new edifice have the same solid foundations?
In future, the BRIC economies of Brazil, Russia, China and India will be merged with those of Mexico, Indonesia, Turkey and South Korea under the banner “growth markets,” O'Neill told the Financial Times.
from Photographers Blog:
Fighters in the ring of the law
As the year winds down in Seoul, highly-educated fighters dressed in business attire gather for a dramatic showdown. A sky-blue colored dome theater is the venue, and this year, it was again prepared for the upcoming event. Chairs, tables and other office furniture are stacked up on the floor to block people from entering rooms. Police officers stand guard as they surround the domed theater to prepare for any emergency situations. There are ambulances and medics. All entrances to the theater are closed, with tight security allowing only those with prior authorization to enter.
The match begins. Hundreds of people, who don't look like mixed martial arts fighters, gather in front of the gate of the main event room. They are defenders. They discuss and plan their strategies. Chanting “Keep the position," they form scrimmages. The opponent’s fighters roll up into the hall. The offenders also make a plan on how to break through defenders’ scrimmages. They stand ready to rush. Somebody from the attackers shouts “Let’s go.” All of the offenders including dozens of women make a dash. There’s pushing and shoving. The hall is filled with screams and shouts. Camera flashes are fired at them. It’s like a red carpet ceremony. Some fighters fall and collapse. One wounded person cries with pains. Immediately medics come and take her to a hospital.
from Russell Boyce:
Asia – A Week in Pictures 12 December 2010
This week the blog should be called A Week (and a few extra hours ) in Pictures as I wanted to share a couple of images that came in late last Sunday and evaded my net as I trawled through the file. Both are from Thailand and both were shot by Sukree Sukplang. The first is a strong portrait of Thai King Bhumibol Adulyadej as he leaves hospital in a wheelchair to attend a ceremony to celebrate his 83rd birthday. The picture seems to me to mirror the respect that the Thai people have for their King. What makes me think this I am not sure; maybe its the side light which creates studio-like modelling on the king's face highlighting every detail of his appearance, the crispness of the clothes, the beauty of the ceremonial medals and the rich colour of the royal sash. Or maybe it's just the way he is looking back into the lens, his eyes full of dignity and determination.
Thailand's King Bhumibol Adulyadej leaves the Siriraj Hospital for a ceremony at the Grand Palace in Bangkok December 5, 2010. King Bhumibol celebrates his 83rd birthday on Sunday. REUTERS/Sukree Sukplang
from Reuters Soccer Blog:
FIFA’s World Cup decision day — live
We'll be following all the presentations and the vote itself as FIFA's executive committee decides on the hosts for the 2018 and 2022 World Cups.
Spain/Portugal, Russia, England and Netherlands/Belgium are the four rival bids for 2018, while Australia, South Korea, Qatar, United States and Japan battle it out for 2022, with the vote to come on Thursday.
from Andrew Marshall:
Risks to watch in Asia: Country guides
For Reuters analysis of risks to watch in Asian countries, kept updated in real time and with graphics and video, click on the links below.
from Breakingviews:
Lone Star chalks up painful success in Korea
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
HONG KONG -- It is seven years since Lone Star bought into Korea Exchange Bank, and four years since the U.S. distressed-asset fund started trying to get out. Lone Star has finally agreed to sell its majority stake in the lender to domestic rival Hana Bank. The sizeable returns it has made explain why buyout groups like Blackstone and KKR are interested in South Korea, although Lone Star itself may not be rushing back.
from Russell Boyce:
Asia – A Week in Pictures 28 November 2010
I was listening to a radio programme about the history of military music (please bear with me) and a woman recounted a story about the first time she heard the "Last Post" being played at the Cenotaph in London on Remembrance Sunday. The woman (sadly I don't remember her name), said that what really struck her was that after the moment of total silence was broken by the first notes of the Last Post she knew that every one of the thousands of people standing in Whitehall would be sharing the same thought - that of someone who they had loved and lost. Three stories this week put me in mind of this woman as I looked at images of people grieving for lost ones. The difference being that for each person lost the world was watching their story albeit only momentarily; the crushed people in Cambodia, the miners in New Zealand and the four people killed by the shelling by North Korea of the tiny island of Yeonpyeong.
People are crushed in a stampede on a bridge in Phnom Penh November 23, 2010. The stampede killed at least 339 people late on Monday and wounded nearly as many after thousands panicked on the last day of a water festival, authorities and state media said. REUTERS/Stringer
