2010년 11월 10일 수요일
President and Thurs the 11th am visiting Korea,
President and Thurs the 11th am visiting Korea, "Angela Merkel" (Angela Merkel) have a summit with Prime Minister of Germany, renewable energy, science and technology, enable private economic cooperation, including ways to promote bilateral practical cooperation, and Seoul G20 summit to exchange views on the agenda was.President of the EU countries together with Germany, South Korea's my No. 1 trade partner and foreign investor in Article 3 above, as 对 韩 the meantime, a close friendship and cooperation relationship has been developed to assess the renewable energy and science and technology, parts and materials sector bilateral cooperation, etc. hopes to strengthen announced. Intergovernmental cooperation in this regard as well as the two leaders to cooperate more in the private sector it is necessary to activate the feedback was like to.The two leaders, as well as the unification of Germany after the unification of social integration and agreed to share the experience, such as climate change and nuclear security at major international issues have also exchanged views.The president of the G20 summit in Seoul geumbeon 경주 G20 Finance Ministers' agreement to materialize than expected to achieve progress and further presuming urged Germany's active cooperation. Merkel geumbeon Korea as chair of the G20 summit and to derive from the specific countries concerned and in consultation on the way to actively evaluate and successfully held in Seoul for a summit that will also have to work closely together.
Lee calls for more corporate investment in Africa
SEOUL, Nov. 11 (Yonhap) -- South Korean President Lee Myung-bak on Thursday emphasized the importance of the corporate sector in spurring global economic growth and asked companies worldwide to expand investment in Africa and other poverty-stricken regions.
"The most important players in reviving and energizing the economy are the enterprises," Lee said, addressing the top executives of about 120 global businesses in Seoul for the inaugural round of the G-20 Business Summit (B-20), a prelude to the two-day Group of 20 economic summit to open later Thursday.
This, Lee said, is why Seoul launched the high-profile forum of global CEOs in connection with the G-20 summit, which brings together the leaders of the world's leading high-income and emerging economies.
He pointed out that government-led economic recovery and growth have limits.
"Civilian participation is also inevitable in achieving balanced economic growth," he said.
Lee, who was once a business CEO himself before stepping into the political circles, called on firms to make more investments in poor nations.
"Civilian corporate investment, which currently leads the development of emerging markets such as Asia and South America, will have to spread to underdeveloped regions, including Africa," Lee said, to broaden the production base of those nations, create jobs and eventually contribute to the long-term balance of the world economy.
South Korea decided to add the development issue to the list of agenda items at the Seoul G-20 meeting because narrowing development gaps between advanced nations and developing ones is an "urgent task" for the balanced world economy, the president said.
A dozen heads of state, including German Chancellor Angela Merkel, British Prime Minister David Cameron and South African President Jacob Zuma, attended the B-20 meeting at the Walkerhill Hotel in northeastern Seoul. France said earlier it will hold another round of the B-20 next year when it hosts the G-20 summit.
"The most important players in reviving and energizing the economy are the enterprises," Lee said, addressing the top executives of about 120 global businesses in Seoul for the inaugural round of the G-20 Business Summit (B-20), a prelude to the two-day Group of 20 economic summit to open later Thursday.
This, Lee said, is why Seoul launched the high-profile forum of global CEOs in connection with the G-20 summit, which brings together the leaders of the world's leading high-income and emerging economies.
He pointed out that government-led economic recovery and growth have limits.
"Civilian participation is also inevitable in achieving balanced economic growth," he said.
Lee, who was once a business CEO himself before stepping into the political circles, called on firms to make more investments in poor nations.
"Civilian corporate investment, which currently leads the development of emerging markets such as Asia and South America, will have to spread to underdeveloped regions, including Africa," Lee said, to broaden the production base of those nations, create jobs and eventually contribute to the long-term balance of the world economy.
South Korea decided to add the development issue to the list of agenda items at the Seoul G-20 meeting because narrowing development gaps between advanced nations and developing ones is an "urgent task" for the balanced world economy, the president said.
A dozen heads of state, including German Chancellor Angela Merkel, British Prime Minister David Cameron and South African President Jacob Zuma, attended the B-20 meeting at the Walkerhill Hotel in northeastern Seoul. France said earlier it will hold another round of the B-20 next year when it hosts the G-20 summit.
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President Lee Myung-bak delivers a speech at the G-20 Business Summit at the Walkerhill Hotel in Seoul. (Yonhap) |
Merkel, the prime minster of germany, had a talk with the president of Korea, Lee myung bak
Merkel, the prime minster of germany, had a talk with the president of Korea, Lee myung bak. bilateral Wednesday, they have discussed the bilateral renewable energy, the science technology cooperation and the main issues about The G20 Seoul summit.
Republic of Korea, Russia hold summit talks
South Korean President Lee Myung-bak (R) talks with visiting Russian President Dmitry Medvedev at the presidential office Cheong Wa Dae in Seoul on Nov. 10. Medvedev will attend the G20 Seoul Summit set for Nov. 11-12.
South Korean President Lee Myung-bak (R) shakes hands with visiting Russian President Dmitry Medvedev at the presidential office Cheong Wa Dae in Seoul on Nov. 10. Medvedev will attend the G20 Seoul Summit set for Nov. 11-12.
South Korean President Lee Myung-bak (L) and visiting Russian President Dmitry Medvedev inspect an honor guard during a welcoming ceremony for the Russian leader at the presidential office Cheong Wa Dae on Nov. 10. Medvedev came to Korea earlier in the day to attend the G20 Seoul summit set for Nov. 11-12.
South Korean President Lee Myung-bak (R) and visiting Russian President Dmitry Medvedev are greeted by children during a welcoming ceremony for the Russian leader at the presidential office Cheong Wa Dae on Nov. 10. Medvedev came to Korea earlier in the day to attend the G20 Seoul summit set for Nov. 11-12.
South Korean President Lee Myung-bak (R) shakes hands with his visiting Russian counterpart Dmitry Medvedev at a joint press conference after holding talks at the presidential office Cheong Wa Dae in Seoul on Nov. 10. Medvedev came to Korea earlier in the day to attend the G20 Seoul Summit set for Nov. 11-12.
South Korean President Lee Myung-bak and his Russian counterpart Dmitry Medvedev hold an extended summit meeting at the presidential office Cheong Wa Dae in Seoul on Nov. 19. Medvedev came to Korea earlier in the day to attend the G20 Seoul Summit set for Nov. 11-12.
South Korean President Lee Myung-bak (R) and his Russian counterpart Dmitry Medvedev hold a joint press conference after their summit talks at the presidential office Cheong Wa Dae in Seoul on Nov. 10. Medvedev came to Korea earlier in the day to attend the G20 Seoul Summit set for Nov. 11-12.
Lee, Cameron agree to bolster trade, investment
South Korean President Lee Myung-bak and British Prime Minister David Cameron agreed to further boost their ties in trade and investment as they met Thursday ahead of the opening of the G-20 summit.
The leaders shared the view that the free trade agreement (FTA) signed between South Korea and the European Union last month would help expand their countries' bilateral commerce, according to the presidential office Cheong Wa Dae.
The leaders shared the view that the free trade agreement (FTA) signed between South Korea and the European Union last month would help expand their countries' bilateral commerce, according to the presidential office Cheong Wa Dae.
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South Korean President Lee Myung-bak and British Prime Minister David Cameron shake hands at Cheong Wa Dae, Nov. 11. (Yonhap News) |
"(The two leaders) agreed to work together for the Korea-EU FTA to take effect on July 1 next year as planned," it said in a press release.
Lee and Cameron also exchanged views on "the two countries' close cooperation in their preparations for the G-20 summit" and "expressed satisfaction with their friendly and cooperative bilateral relations, which continue to develop across all areas based on the common principles of democracy and market economy," it added.
Two-way trade amounted to US$6.7 billion last year, with South Korea exporting $3.8 billion worth of goods, including wireless phones, ships and autos. Imports from Britain, comprising mainly of steel parts, medicine, medical supplies and alcoholic beverages, reached $2.9 billion.
Britain was the largest investor in South Korea last year, spending $10 billion in the banking, insurance and retail sectors, among others, while South Korea invested $5.46 billion in Britain's sales, distribution, shipping and financial services sectors.
G20 Swag-tacular: gifts for the Seoul
Not sure about the cost figure on this, but South Korea's G20 summit swag is much nicer than this summer's kit from Toronto.
According to CBC producer Sara Brunetti in Seoul, it includes actual items of value, like a travel kit that allows you to charge all kinds of electronics on one "spider" cable, a universal plug adapter kit, a nice mug, soaps from the First Lady and a reporter notepad.
According to CBC producer Sara Brunetti in Seoul, it includes actual items of value, like a travel kit that allows you to charge all kinds of electronics on one "spider" cable, a universal plug adapter kit, a nice mug, soaps from the First Lady and a reporter notepad.
कंपनी के शीर्ष अधिकारी जी -20 नेताओं के साथ शिखर सम्मेलन शुरू
दुनिया की 120 प्रमुख वैश्विक कंपनियों के आला अधिकारियों से वैश्विक अर्थव्यवस्था को मजबूत बनाने और इसकी सतत विकास सुनिश्चित करने के तरीकों पर विचार विमर्श के लिए दक्षिण कोरियाई राष्ट्रपति ली मायुंग-बक और अन्य यहां गुरुवार को राज्य प्रमुखों के साथ मुलाकात की.
अभूतपूर्व बैठक, सियोल जी -20 शिखर सम्मेलन में व्यापार नाम, एक खोलने पूर्ण सत्र में दक्षिण कोरियाई राष्ट्रपति वैश्विक आर्थिक मंदी पर काबू पाने में व्यापार की भूमिका के महत्व पर बल के साथ शुरू हुआ.
"यह सार्वजनिक क्षेत्र के बढ़ते खर्च और अन्य साधनों के माध्यम से आर्थिक सुधार का नेतृत्व किया गया सच है, लेकिन वहाँ के लिए सरकारों क्या कर सकते हैं सीमा रहे हैं" ली ने कहा. "और यही वजह है कि मुझे विश्वास है कि अंत में व्यापार के क्षेत्र में मदद करने के विकास के नए इंजन बनाने के लिए अगर हम पूरी तरह से वैश्विक संकट से उबरने और टिकाऊ विकास को प्राप्त हो गया है."
Sohn Kyung-shik, व्यापार शिखर सम्मेलन के सह अध्यक्ष और वाणिज्य और उद्योग चैंबर कोरिया के प्रमुख वैश्विक व्यापार जगत के नेताओं से आग्रह किया कि भी मदद मिलेगी अन्य वैश्विक मुद्दों से निपटने.
", हम अपने अधिकतम करने के लिए वित्तीय संकट के किसी भी पुनरावृत्ति से बचने के लिए करना चाहिए और यह सुनिश्चित करें कि बदलती जलवायु परिस्थितियों मानव जाति के अस्तित्व के संकट में डालना नहीं करने का प्रयास करते," उन्होंने उद्घाटन सत्र में कहा था.
व्यापार शिखर सम्मेलन में भाग लेने प्रत्येक व्यापार और निवेश से रोजगार और पर्यावरण को लेकर मुद्दों की एक किस्म पर काम कर रहे एक 12 समूहों में से एक हैं. सात 20 रूसी राष्ट्रपति दिमित्री मेदवेदेव और जापानी प्रधानमंत्री Naoto Kan सहित उन्नत और उभरते देशों के समूह से राज्य के सिर, कर रहे हैं के लिए कार्पोरेट नेताओं के साथ समूह यहां चर्चा में हिस्सा लेने के लिए सेट.
क्लाऊस श्वाब, विश्व आर्थिक मंच की सियोल व्यापार शिखर वार्ता के लिए मध्यस्थ और अध्यक्ष, कारोबार के लिए पहला मौका अपनी राय दुनिया के राजनीतिक नेताओं को सीधे संप्रेषित करने के लिए दक्षिण कोरियाई सरकार को धन्यवाद दिया.
"यहाँ आप मजबूत शेयरधारक एकीकरण के लिए एक रूपरेखा बनाई है यह पहल. महत्वपूर्ण है क्योंकि व्यापार समाधान का हिस्सा है," उन्होंने कहा.
मुक्त व्यापार और निवेश, दक्षिण अफ्रीका के राष्ट्रपति जैकब जूमा "अच्छी तरह से सोचा हुआ नियम" और सरल, पारदर्शी करने के लिए उन्हें लागू करने के तरीके के लिए कहा जाता है पर एक कार्यदल का पहला सत्र में भाग लेते हुए.
", आर्थिक क्षेत्रों को गंभीरता से विदेशी प्रत्यक्ष निवेश के लिए एक साझा दृष्टिकोण के लिए इस स्तर पर हो सकता है काम करते हैं. बहरहाल, दुनिया एक आम (दृष्टिकोण) के लिए भी विविध है के रूप में देश विकास की चुनौतियों की एक श्रृंखला का सामना" उन्होंने कहा.
दक्षिण अफ्रीका के राष्ट्रपति जैकब जुमा एक काम सियोल जी -20 शिखर सम्मेलन में व्यापार के 11 नवंबर को समूह की बैठक में बोलती है. (Yonhap)
दक्षिण अफ्रीकी नेता भी जी -20 वित्त मंत्रियों की बैठक के परिणाम पिछले महीने आयोजित स्वागत दक्षिण कोरिया ग्योजू, जहां नीति निर्धारकों के लिए अंतरराष्ट्रीय मुद्रा कोष ओवरहाल करने के लिए विकासशील देशों के लिए एक बड़ा आवाज गारंटी सहमत के दक्षिणी शहर में.
"यह प्रगति की तरह हम आगे जा रहा देखने के क्रम में जी -20 मंच सचमुच विकासशील दुनिया के लिए सार्थक बनाना चाहते है," जुमा ने कहा.
जर्मन चांसलर एंजेला मार्केल भाग लेने वाले मुख्य कार्यकारी अधिकारियों के लिए ब्रिटेन के प्रधानमंत्री डेविड कैमरून के साथ एक लंच की मेजबानी करेगा करने के लिए व्यापार सम्मेलन के समापन समारोह में एक विशेष पता बाद में दिन में देने की स्थापना की.
मुख्य कार्यकारी अधिकारियों से सिफारिशों का एक प्रारंभिक रिपोर्ट, पहले इस सप्ताह जारी की, के दिल में जी -20 के लिए वापस संरक्षणवाद रोल देशों के लिए और उनके नेताओं व्यक्तिगत रूप से ठप दोहा विश्व व्यापार की विकास कार्यसूची व्यापार वार्ता को पूरा करने में संलग्न करने के लिए एक फोन है संगठन.
पहले के एक रिपोर्ट से पता चला 645 नई संरक्षणवादी उपायों से दुनिया भर में किया गया है जगह में वैश्विक वित्तीय संकट के फैलने के बाद से के अनुसार डाला, ओह यंग-हो, सियोल व्यापार शिखर सम्मेलन के लिए आयोजन समिति के आयुक्त.
"यह सच है कि व्यापार वैश्विक अर्थव्यवस्था है कि इसके विकास का एक स्तंभ दिया गया है, लेकिन यह भी सच है कि जब भी वहाँ एक वैश्विक संकट है, संरक्षणवादी उपायों जगह में डाल रहे हैं," ओह पहले कहा था.
जी -20 शिखर सम्मेलन दो साल पहले एक के लिए एक लंबे समय तक मंदी में गिर रहा है और भविष्य में दुनिया भर में downturns की पुनरावृत्ति को रोकने से दुनिया को बचाने के उद्देश्य से वित्तीय संकट के मद्देनजर शुरू की गई थी.
कंपनी जगत के नेताओं से प्रारंभिक सिफारिशों जीवाश्म ईंधन के लिए सब्सिडी का एक नाटकीय कमी के लिए अक्षय ऊर्जा और नए हरी नौकरियों के सृजन को बढ़ावा देने के लिए कहता है, के रूप में अच्छी तरह से अधिक के रूप में उन्नत और कार्य विशेष के लिए मदद वैश्विक रोजगार को बढ़ावा देने के युवाओं के लिए नौकरी के प्रशिक्षण भी शामिल हैं.
व्यापार और जी -20 के नेताओं के लिए शीर्ष मुद्दों को भी वित्तीय बाजार में नियामक सुधारों, 2008 में दुनिया भर में अशांति के मूल और विकासशील देशों में बढ़ स्वास्थ्य देखभाल के लिए उपयोग में शामिल हैं.
अभूतपूर्व बैठक, सियोल जी -20 शिखर सम्मेलन में व्यापार नाम, एक खोलने पूर्ण सत्र में दक्षिण कोरियाई राष्ट्रपति वैश्विक आर्थिक मंदी पर काबू पाने में व्यापार की भूमिका के महत्व पर बल के साथ शुरू हुआ.
"यह सार्वजनिक क्षेत्र के बढ़ते खर्च और अन्य साधनों के माध्यम से आर्थिक सुधार का नेतृत्व किया गया सच है, लेकिन वहाँ के लिए सरकारों क्या कर सकते हैं सीमा रहे हैं" ली ने कहा. "और यही वजह है कि मुझे विश्वास है कि अंत में व्यापार के क्षेत्र में मदद करने के विकास के नए इंजन बनाने के लिए अगर हम पूरी तरह से वैश्विक संकट से उबरने और टिकाऊ विकास को प्राप्त हो गया है."
Sohn Kyung-shik, व्यापार शिखर सम्मेलन के सह अध्यक्ष और वाणिज्य और उद्योग चैंबर कोरिया के प्रमुख वैश्विक व्यापार जगत के नेताओं से आग्रह किया कि भी मदद मिलेगी अन्य वैश्विक मुद्दों से निपटने.
", हम अपने अधिकतम करने के लिए वित्तीय संकट के किसी भी पुनरावृत्ति से बचने के लिए करना चाहिए और यह सुनिश्चित करें कि बदलती जलवायु परिस्थितियों मानव जाति के अस्तित्व के संकट में डालना नहीं करने का प्रयास करते," उन्होंने उद्घाटन सत्र में कहा था.
व्यापार शिखर सम्मेलन में भाग लेने प्रत्येक व्यापार और निवेश से रोजगार और पर्यावरण को लेकर मुद्दों की एक किस्म पर काम कर रहे एक 12 समूहों में से एक हैं. सात 20 रूसी राष्ट्रपति दिमित्री मेदवेदेव और जापानी प्रधानमंत्री Naoto Kan सहित उन्नत और उभरते देशों के समूह से राज्य के सिर, कर रहे हैं के लिए कार्पोरेट नेताओं के साथ समूह यहां चर्चा में हिस्सा लेने के लिए सेट.
क्लाऊस श्वाब, विश्व आर्थिक मंच की सियोल व्यापार शिखर वार्ता के लिए मध्यस्थ और अध्यक्ष, कारोबार के लिए पहला मौका अपनी राय दुनिया के राजनीतिक नेताओं को सीधे संप्रेषित करने के लिए दक्षिण कोरियाई सरकार को धन्यवाद दिया.
"यहाँ आप मजबूत शेयरधारक एकीकरण के लिए एक रूपरेखा बनाई है यह पहल. महत्वपूर्ण है क्योंकि व्यापार समाधान का हिस्सा है," उन्होंने कहा.
मुक्त व्यापार और निवेश, दक्षिण अफ्रीका के राष्ट्रपति जैकब जूमा "अच्छी तरह से सोचा हुआ नियम" और सरल, पारदर्शी करने के लिए उन्हें लागू करने के तरीके के लिए कहा जाता है पर एक कार्यदल का पहला सत्र में भाग लेते हुए.
", आर्थिक क्षेत्रों को गंभीरता से विदेशी प्रत्यक्ष निवेश के लिए एक साझा दृष्टिकोण के लिए इस स्तर पर हो सकता है काम करते हैं. बहरहाल, दुनिया एक आम (दृष्टिकोण) के लिए भी विविध है के रूप में देश विकास की चुनौतियों की एक श्रृंखला का सामना" उन्होंने कहा.
दक्षिण अफ्रीका के राष्ट्रपति जैकब जुमा एक काम सियोल जी -20 शिखर सम्मेलन में व्यापार के 11 नवंबर को समूह की बैठक में बोलती है. (Yonhap)
दक्षिण अफ्रीकी नेता भी जी -20 वित्त मंत्रियों की बैठक के परिणाम पिछले महीने आयोजित स्वागत दक्षिण कोरिया ग्योजू, जहां नीति निर्धारकों के लिए अंतरराष्ट्रीय मुद्रा कोष ओवरहाल करने के लिए विकासशील देशों के लिए एक बड़ा आवाज गारंटी सहमत के दक्षिणी शहर में.
"यह प्रगति की तरह हम आगे जा रहा देखने के क्रम में जी -20 मंच सचमुच विकासशील दुनिया के लिए सार्थक बनाना चाहते है," जुमा ने कहा.
जर्मन चांसलर एंजेला मार्केल भाग लेने वाले मुख्य कार्यकारी अधिकारियों के लिए ब्रिटेन के प्रधानमंत्री डेविड कैमरून के साथ एक लंच की मेजबानी करेगा करने के लिए व्यापार सम्मेलन के समापन समारोह में एक विशेष पता बाद में दिन में देने की स्थापना की.
मुख्य कार्यकारी अधिकारियों से सिफारिशों का एक प्रारंभिक रिपोर्ट, पहले इस सप्ताह जारी की, के दिल में जी -20 के लिए वापस संरक्षणवाद रोल देशों के लिए और उनके नेताओं व्यक्तिगत रूप से ठप दोहा विश्व व्यापार की विकास कार्यसूची व्यापार वार्ता को पूरा करने में संलग्न करने के लिए एक फोन है संगठन.
पहले के एक रिपोर्ट से पता चला 645 नई संरक्षणवादी उपायों से दुनिया भर में किया गया है जगह में वैश्विक वित्तीय संकट के फैलने के बाद से के अनुसार डाला, ओह यंग-हो, सियोल व्यापार शिखर सम्मेलन के लिए आयोजन समिति के आयुक्त.
"यह सच है कि व्यापार वैश्विक अर्थव्यवस्था है कि इसके विकास का एक स्तंभ दिया गया है, लेकिन यह भी सच है कि जब भी वहाँ एक वैश्विक संकट है, संरक्षणवादी उपायों जगह में डाल रहे हैं," ओह पहले कहा था.
जी -20 शिखर सम्मेलन दो साल पहले एक के लिए एक लंबे समय तक मंदी में गिर रहा है और भविष्य में दुनिया भर में downturns की पुनरावृत्ति को रोकने से दुनिया को बचाने के उद्देश्य से वित्तीय संकट के मद्देनजर शुरू की गई थी.
कंपनी जगत के नेताओं से प्रारंभिक सिफारिशों जीवाश्म ईंधन के लिए सब्सिडी का एक नाटकीय कमी के लिए अक्षय ऊर्जा और नए हरी नौकरियों के सृजन को बढ़ावा देने के लिए कहता है, के रूप में अच्छी तरह से अधिक के रूप में उन्नत और कार्य विशेष के लिए मदद वैश्विक रोजगार को बढ़ावा देने के युवाओं के लिए नौकरी के प्रशिक्षण भी शामिल हैं.
व्यापार और जी -20 के नेताओं के लिए शीर्ष मुद्दों को भी वित्तीय बाजार में नियामक सुधारों, 2008 में दुनिया भर में अशांति के मूल और विकासशील देशों में बढ़ स्वास्थ्य देखभाल के लिए उपयोग में शामिल हैं.
Proposal for global financial safety net gaining momentum
The push for a global mechanism to safeguard countries against liquidity crunches is expected to garner support from the Group of 20 leaders in Seoul.
Korea initiated the proposal for a global financial safety net, reasoning that without reliable financial nets, markets would continue to rely heavily on their foreign reserves to deal with economic crisis, which incurs high opportunity costs.
The credit squeeze in Greece and wider Europe this year has caused concerns such as these to flare up again, especially for countries with bitter memories of the International Monetary Fund’s harsh conditions for loans made during the 1997-98 Asian financial crisis.
The proposal was officially made by President Lee Myung-bak at the end of last year.
Most emerging markets have welcomed it, but some major countries, including China and Germany have been vocal on the downsides of the setup.
The two countries, with their high foreign currency reserves, remain opposed to the proposal, saying a larger global mechanism could encourage banks’ risk-taking behavior.
The G20, however, backed the recent reforms of insurance facilities at the International Monetary Fund in August.
“We welcomed the recent reform of the IMF lending facilities, including the enhancement of the Flexible Credit Line and the establishment of the Precautionary Credit Line to strengthen the global financial safety nets,” the Gyeongju communiqu stated.
“We call on the IMF to continue its work to further improve the global capacity to cope with shocks of a systemic nature,” it said.
The IMF Executive Board on Aug. 30 extended the insurance program to a broader set of countries with relatively sound fundamentals, and abolished credit limits under the loan program called Flexible Credit Line. For markets that do not qualify for such programs, a brand new contingent protection program called Precautionary Credit Line was launched to widen options for nations with moderate volatilities in their financial markets.
Three countries Mexico, Colombia and Poland have made use of the FCL so far. Officials from the three countries have all acknowledged the role played by the FCL in lubricating the market after they were put in place last year.
The G20 finance ministers’ meeting in June “agreed to explore policy options to improve global financial safety nets.” The Gyeongju meeting in October gave their support for the recent reform of the IMF lending facilities and promised for more.
Despite its significance, the issue failed to enjoy a spotlight in Gyeongju as the G20 officials were preoccupied by pressing issues such as the currency disputes and trade imbalances.
“The G20 should continue to further strengthen the safety net by introducing additional global arrangements and find ways for these to link up with various regional arrangements such as the Chiang Mai Initiative to supplement and complement the IMF as a part of a global financial safety net,” said SaKong Il, chairman of the Presidential Committee for the G20 summit.
One option mulled is to connect regional arrangements controlled by institutions such as the African Development Bank and the Asian Development Bank, without excluding any country or region as a possible borrower.
“One option would be to establish a Multi-country Swap Line (MSL) as a mechanism enabling the IMF to make a unilateral and simultaneous offer of short-term liquidity lines to a limited set of systemically important countries with strong policy track records,” Reza Moghadam, director of the IMF’s Strategy, Policy and Review Department said.
Korea initiated the proposal for a global financial safety net, reasoning that without reliable financial nets, markets would continue to rely heavily on their foreign reserves to deal with economic crisis, which incurs high opportunity costs.
The credit squeeze in Greece and wider Europe this year has caused concerns such as these to flare up again, especially for countries with bitter memories of the International Monetary Fund’s harsh conditions for loans made during the 1997-98 Asian financial crisis.
The proposal was officially made by President Lee Myung-bak at the end of last year.
Most emerging markets have welcomed it, but some major countries, including China and Germany have been vocal on the downsides of the setup.
The two countries, with their high foreign currency reserves, remain opposed to the proposal, saying a larger global mechanism could encourage banks’ risk-taking behavior.
The G20, however, backed the recent reforms of insurance facilities at the International Monetary Fund in August.
“We welcomed the recent reform of the IMF lending facilities, including the enhancement of the Flexible Credit Line and the establishment of the Precautionary Credit Line to strengthen the global financial safety nets,” the Gyeongju communiqu stated.
“We call on the IMF to continue its work to further improve the global capacity to cope with shocks of a systemic nature,” it said.
The IMF Executive Board on Aug. 30 extended the insurance program to a broader set of countries with relatively sound fundamentals, and abolished credit limits under the loan program called Flexible Credit Line. For markets that do not qualify for such programs, a brand new contingent protection program called Precautionary Credit Line was launched to widen options for nations with moderate volatilities in their financial markets.
Three countries Mexico, Colombia and Poland have made use of the FCL so far. Officials from the three countries have all acknowledged the role played by the FCL in lubricating the market after they were put in place last year.
The G20 finance ministers’ meeting in June “agreed to explore policy options to improve global financial safety nets.” The Gyeongju meeting in October gave their support for the recent reform of the IMF lending facilities and promised for more.
Despite its significance, the issue failed to enjoy a spotlight in Gyeongju as the G20 officials were preoccupied by pressing issues such as the currency disputes and trade imbalances.
“The G20 should continue to further strengthen the safety net by introducing additional global arrangements and find ways for these to link up with various regional arrangements such as the Chiang Mai Initiative to supplement and complement the IMF as a part of a global financial safety net,” said SaKong Il, chairman of the Presidential Committee for the G20 summit.
One option mulled is to connect regional arrangements controlled by institutions such as the African Development Bank and the Asian Development Bank, without excluding any country or region as a possible borrower.
“One option would be to establish a Multi-country Swap Line (MSL) as a mechanism enabling the IMF to make a unilateral and simultaneous offer of short-term liquidity lines to a limited set of systemically important countries with strong policy track records,” Reza Moghadam, director of the IMF’s Strategy, Policy and Review Department said.
G20 Seoul Business Summit Opens
President Lee Myung-bak delivers an opening speech at the G20 Business Summit at Sheraton Walkerhill Hotel in Seoul on Nov. 11. Chief executive officers from more than 120 global companies will discuss issues on trade investment, finance, green growth and corporate social responsibility.
President Lee Myung-bak answers questions during the opening session of the G20 Seoul Business Summit at Sheraton Walkerhill Hotel in Seoul on Nov. 11.
Chief executive officers from more than 120 global companies attend the opening session of the G20 Business Summit at Sheraton Walkerhill Hotel in Seoul on Nov. 11. The CEOs will discuss issues on trade investment, finance, green growth and corporate social responsibility.
600 Volunteers Assist G20 Participants
600 Volunteers Assist G20 Participants
Some 600 volunteers for the G20 Seoul Summit began their work on Tuesday. Selected by the organizing committee in September through CV screening and interview among 5,900 applicants, their job is to help delegations from 32 countries at the summit venue, Incheon International Airport, and hotels where they stay.
According to the organizing committee, most of the selected volunteers are either undergraduate or postgraduate students with a TOEIC score of 900 or higher. They were chosen based on language and computer skills and experience of working for international events.
Some 600 volunteers for the G20 Seoul Summit began their work on Tuesday. Selected by the organizing committee in September through CV screening and interview among 5,900 applicants, their job is to help delegations from 32 countries at the summit venue, Incheon International Airport, and hotels where they stay.
According to the organizing committee, most of the selected volunteers are either undergraduate or postgraduate students with a TOEIC score of 900 or higher. They were chosen based on language and computer skills and experience of working for international events.
G20 Leaders Arrive in Seoul for Summit
G20 Leaders Arrive in Seoul for Summit
U.S. President Barack Obama arrived at Seoul Airport in Seongnam, Gyeonggi Province at 6:40 p.m. on Wednesday and was spirited to his hotel in his own bullet-proof Cadillac that had been waiting on the tarmac.
The Korean government provides global leaders with Equus limousines, but Obama, Russian President Dmitry Medvedev and German Chancellor Angela Merkel will use their own bullet-proof cars.
A day before the opening of the G20 Summit, 10 leaders of governments and international organizations arrived in Seoul. From Brazil, both president-elect Dilma Rousseff and outgoing President Luiz Inácio Lula da Silva arrived together. Rousseff, who will be Brazil's first woman president, will attend all meetings with Lula.
Medvedev on Wednesday visited Cheong Wa Dae, where met with President Lee Myung-bak.
Indonesian President Susilo Bambang Yudhoyono considered canceling his scheduled visit to Korea late Wednesday evening due to the volcano eruption in his country, but decided to come after all.
The Korean government provides global leaders with Equus limousines, but Obama, Russian President Dmitry Medvedev and German Chancellor Angela Merkel will use their own bullet-proof cars.
A day before the opening of the G20 Summit, 10 leaders of governments and international organizations arrived in Seoul. From Brazil, both president-elect Dilma Rousseff and outgoing President Luiz Inácio Lula da Silva arrived together. Rousseff, who will be Brazil's first woman president, will attend all meetings with Lula.
Medvedev on Wednesday visited Cheong Wa Dae, where met with President Lee Myung-bak.
Indonesian President Susilo Bambang Yudhoyono considered canceling his scheduled visit to Korea late Wednesday evening due to the volcano eruption in his country, but decided to come after all.
Yeosu Expo aims to forge ‘blue economy’
The organizer of the 2012 World Expo in Yeosu hopes the global fair will help lay the foundation for an eco-friendly development of oceans, which they call a “blue economy.”
The three-month expo will kick off on the southern coast of the Korean Peninsula in May 2012. The event gives significant spotlight to oceans and their importance for mankind as a solution to diverse climate and environmental issues in the 21st century.
The event, the first held in the country since the 1993 Daejeon Expo, will be held under the theme “The Living Ocean and Coast: Diversity of Resources and Creative Activities.”
The Yeosu Expo Organizing Committee is making efforts to overcome the city’s inconvenient accessibility from major cities within the country and the event’s smaller size with its unique theme.
The idea being that the coastal city Yeosu is an ideal venue to be become Korea’s leading frontier of the blue economy in the future.
Korea has recently been calling for a new, ocean-oriented development strategy to expand its competitiveness and cope with the new challenges of a borderless global community.
The country has especially urged the development of the southern coastal regions, which can serve as a key gateway for Northeast Asia, ecological resources and valuable cultural assets.
Eventually, Korea wants to create what’s called the “south coast belt” which will become a catalyst for the nation’s future growth by attracting foreign investors, creating jobs and boosting the regional economy.
The region is expected to pave the way for building a second capital region with robust competitiveness based on diverse regional resources. Such a measure would expedite the establishment of a new ocean economic zone and in the farther future, the establishment of an ocean-oriented territorial structure.
The three-month expo will kick off on the southern coast of the Korean Peninsula in May 2012. The event gives significant spotlight to oceans and their importance for mankind as a solution to diverse climate and environmental issues in the 21st century.
The event, the first held in the country since the 1993 Daejeon Expo, will be held under the theme “The Living Ocean and Coast: Diversity of Resources and Creative Activities.”
The Yeosu Expo Organizing Committee is making efforts to overcome the city’s inconvenient accessibility from major cities within the country and the event’s smaller size with its unique theme.
The idea being that the coastal city Yeosu is an ideal venue to be become Korea’s leading frontier of the blue economy in the future.
Korea has recently been calling for a new, ocean-oriented development strategy to expand its competitiveness and cope with the new challenges of a borderless global community.
The country has especially urged the development of the southern coastal regions, which can serve as a key gateway for Northeast Asia, ecological resources and valuable cultural assets.
Eventually, Korea wants to create what’s called the “south coast belt” which will become a catalyst for the nation’s future growth by attracting foreign investors, creating jobs and boosting the regional economy.
The region is expected to pave the way for building a second capital region with robust competitiveness based on diverse regional resources. Such a measure would expedite the establishment of a new ocean economic zone and in the farther future, the establishment of an ocean-oriented territorial structure.
‘G20 has highly political binding power’
Strategy and Finance Minister Yoon Jeung-hyun expressed confidence that the Group of 20 has a strong “political binding power” based on mutual confidence among member countries.
In an interview with The Korea Herald, he also said G20 leaders will reach an agreement to resolve global trade imbalance in their summit in Seoul beginning Thursday.
He dismissed concerns that the information inter-governmental forum will be just a talking shop because it has no legal power to enforce agreements.
“It is true that those agreements are not legally binding but they have a highly political binding power based on mutual trust,” Yoon told The Korea Herald.
In an interview with The Korea Herald, he also said G20 leaders will reach an agreement to resolve global trade imbalance in their summit in Seoul beginning Thursday.
He dismissed concerns that the information inter-governmental forum will be just a talking shop because it has no legal power to enforce agreements.
“It is true that those agreements are not legally binding but they have a highly political binding power based on mutual trust,” Yoon told The Korea Herald.
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G20 leaders expected to make breakthrough on tricky issues
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| A group of participants in the G20 Business Summit holds a joint press conference at Sheraton Walkerhill hotel in eastern Seoul on Wednesday. (Yonhap) |
By Kim Yon-se
Leaders of the Group of 20 are expected to make a breakthrough over the tricky issues of currency and current account balances during their two-day summit in Seoul starting Thursday.
Signs of a relatively positive outcome for the foreign exchange agenda could be seen from the remarks of officials of major countries such as the U.S., China and Korea.
Despite the war of words between Washington and Beijing, presidents and officials of the two superpowers are stressing the significance of the Seoul summit.
White House chief economic adviser Lawrence H. Summers predicted, a day before the summit, that an agreement to resolve the currency dispute will be announced this Friday.
‘PyeongChang fully prepared for 2018 Winter Olympics’
Korea’s culture minister said Wednesday the nation is ready to host the 2018 Olympic Winter Games in PyeongChang, one of the three candidate cities selected with Munich in Germany and Annecy in France.
“A large-scale $140 million Olympic complex Alpensia Resort has opened in PyeongChang and it can be the hub of winter sports in Asia,” said Yu In-chon, Minister of Culture, Sports and Tourism, at a media briefing in southern Seoul.
“All competition venues in the Alpensia cluster and the coastal cluster can be reached within 30 minutes from PyeongChang,” he said.
Yu said Korea has also bid to host the 2022 World Cup to further spread an enthusiastic passion for soccer in Asia.
“A large-scale $140 million Olympic complex Alpensia Resort has opened in PyeongChang and it can be the hub of winter sports in Asia,” said Yu In-chon, Minister of Culture, Sports and Tourism, at a media briefing in southern Seoul.
“All competition venues in the Alpensia cluster and the coastal cluster can be reached within 30 minutes from PyeongChang,” he said.
Yu said Korea has also bid to host the 2022 World Cup to further spread an enthusiastic passion for soccer in Asia.
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G20 in war of words on trade
World leaders Thursday start two days of summit talks dominated by an ill-tempered drive to rebalance the lopsided global economy and resolve fractious currency disputes.
Two years after their first summit, held in the depths of the global banking crisis, leaders of the Group of 20 advanced and emerging economies have been locked in a war of words over how to power growth in future.
Signs were emerging of a compromise agreement in Seoul on global imbalances arising from China’s stellar expansion and America’s deficit woes even if it is only an agreement to keep negotiating.
Talk of a “currency war” when countries jostle for trade advantage by massaging their exchange rates lower had diminished after G20 finance ministers last month vowed to avoid forex one-upmanship.
But the controversy has reignited in recent days, and U.S. President Barack Obama and other leaders still have to firm up a ministerial vow to limit surpluses and deficits in current accounts the broadest measure of trade.
The United States and Europe have long accused China of keeping the yuan grossly undervalued to boost exports.
Washington has itself attracted widespread and stinging criticism after the Federal Reserve decided to pump an extra 600 billion dollars into the fragile U.S. economy, in a drastic stimulus policy known as “quantitative easing”.
Critics say this amounts to an effective dollar devaluation, and has the potential to trigger a 1930s-style trade war if other countries respond in kind.
But launching a staunch defense of the Fed, Obama said in New Delhi Monday that “the worst thing that could happen to the world economy, not just ours...
Hip hop quartet breaks stereotype
The stereotype: Asian-Americans in the hip hop game in L.A.’s Koreatown sport jarhead buzzcuts, oversized jumpers, baggy jeans and white trainers, all the while scowling and trying their best thug-life repartee.
There’s an almost theatrical nature to such shameless imitations of popular black culture. So much so, that Asian-American hip-hop acts that adopt such theatrics have become fodder for countless jokes.
But for chart-topping electro-hiphop quartet Far East Movement, they’re anything but the stereotype.
A look at their debut album jacket shows all four decked out in retro-’80s gear with shiny blazers, white-framed sunglasses, skinny jeans and kitsch Reservoir Dogs-style narrow ties, making them look more like the Far East doppelgangers of Kraftwerk than a rap act.
But they’re quite proud of their Asian roots.
“It’s an honor that our community feels what we’re doing and they acknowledge it and that they’re proud of it,” Nish told The Korea Herald via email.
There’s an almost theatrical nature to such shameless imitations of popular black culture. So much so, that Asian-American hip-hop acts that adopt such theatrics have become fodder for countless jokes.
But for chart-topping electro-hiphop quartet Far East Movement, they’re anything but the stereotype.
A look at their debut album jacket shows all four decked out in retro-’80s gear with shiny blazers, white-framed sunglasses, skinny jeans and kitsch Reservoir Dogs-style narrow ties, making them look more like the Far East doppelgangers of Kraftwerk than a rap act.
But they’re quite proud of their Asian roots.
“It’s an honor that our community feels what we’re doing and they acknowledge it and that they’re proud of it,” Nish told The Korea Herald via email.
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Lee, Medvedev discuss economic, scientific ties
President Lee Myung-bak and Russian President Dmitry Medvedev on Wednesday agreed to extend bilateral economic and scientific cooperation during their summit talks in Seoul.
Seoul and Moscow said in a 27-point joint statement after the summit meeting that they agreed to bolster corporate collaboration in the development of oil and gas, mineral resources in Russia, supply of Russian natural gas to South Korea and modernization of the power grid in Russia.
Russia suggested South Korea take part in an international plan to establish nuclear energy infrastructure and in an international uranium enrichment center in Angarsk. Seoul said it would consider the proposal.
“The two sides shared the view that the projects to link the trans-Korean and trans-Siberian railways and to build a pipeline to transport Russian natural gas to South Korea would contribute toward promoting bilateral exchanges and cooperation among Northeast Asian countries,” they said in the joint statement.
Lee and Medvedev had agreed in 2008 during Lee’s visit to Moscow to seek to connect an inter-Korean railway with Russia’s trans-Siberian line which stretches to Europe.
The two presidents Wednesday attended the signing of two agreements on simplified procedures for maritime transport and extension of resident workers’ visas, in addition to nine memoranda of understanding on cooperation for economic modernization, broadcasting and telecommunication, and resource development in far eastern Siberia among other areas. The two countries inked another 10 MOUs.
The two countries agreed to make joint efforts to develop harbor facilities in far eastern Siberia, step up cooperation to preserve marine life, to successfully launch the KSLV-I rocket and continue the exchange of military and agricultural technologies.
On North Korea’s nuclear ambitions, they reconfirmed that all participants of the six-nation talks must implement the Sept. 19, 2005 joint statement, the U.N. Security Council Resolutions 1718 and 1874.
Russia confirmed its support for inter-Korean dialogue, which it said was an important factor for regional peace and security.
“The two countries also pledged joint efforts to fight international terrorism, illegal drug trafficking, piracy and cyber crimes,” President Lee said during a joint press conference during which the two leaders simply made speeches without taking questions.
Seoul and Moscow stressed the need for stronger collaboration among regional consultative bodies such as the EAS, ARF, APEC and ASEM for security and stability in the Asia-Pacific region.
They also vowed to expand scientific exchanges.
“The two sides decided to devise collaboration programs for modernization and innovation in the near future, with emphasis on telecommunication, finance, commercialization of innovative, application technologies, areas of environmental protection such as green growth and energy conservation,” they said in the joint statement.
“The two countries shared the view that Russia’s basic science technologies and Korea’s commercialization technologies were complementary, and agreed to continue cooperation in development of IT, nanotechnologies, biotechnologies, atomic power, new materials, optical science and research on polar regions.”
South Korea and Russia also vowed joint efforts to improve the governance of international financial institutions, financial regulations, capabilities in tackling economic crises, raise awareness of fiscal soundness, deter trade protectionism and cooperate for development of poor countries.
“President Lee suggested efforts to increase the trade volume between the two countries as it is still relatively small considering the size of the economies,” Lee’s spokesperson Kim Hee-jung said.
The trade volume between Korea and Russia in the nine months to September amounted to $12.4 billion and is expected to reach around $18 billion by the end of the year.
Seoul and Moscow said in the joint statement that the two-day forum on bilateral exchanges in various areas dubbed the Korea-Russia Dialogue, which started Wednesday, was timely as the two countries celebrate their 20th anniversary of diplomatic ties this year.
It is Medvedev’s first visit to South Korea since his inauguration in May 2008. The two presidents have held five summits so far since the first in July 2008 at the expanded G8 summit in Tokyo, Japan. During his three-day visit through Friday, Medvedev will attend the G20 summit.
Later on Wednesday, Lee held summit talks with Australian Prime Minister Julia Gillard, during which they agreed to make joint efforts to speed up the ongoing negotiations for a bilateral free trade pact.
Lee and Gillard exchanged views on how to work together at the G20 summit, improve bilateral ties and collaborate on regional and international issues, Lee’s office said.
Leaders of Malawi, Russia, Australia, Canada, the U.S., Argentina, South Africa, Vietnam, India, Mexico, Britain, Saudi Arabia, the U.N., the OECD and the IMF arrived in Korea Wednesday for the two-day G20 summit. Leaders of other participating nations are scheduled to arrive Thursday.
On Thursday, Lee is set to hold back-to-back summit meetings with British Prime Minister David Cameron, German Chancellor Angela Merkel, U.S. President Barack Obama, Chinese President Hu Jintao and Brazilian President Luiz Inacio Lula da Silva.
Seoul and Moscow said in a 27-point joint statement after the summit meeting that they agreed to bolster corporate collaboration in the development of oil and gas, mineral resources in Russia, supply of Russian natural gas to South Korea and modernization of the power grid in Russia.
Russia suggested South Korea take part in an international plan to establish nuclear energy infrastructure and in an international uranium enrichment center in Angarsk. Seoul said it would consider the proposal.
“The two sides shared the view that the projects to link the trans-Korean and trans-Siberian railways and to build a pipeline to transport Russian natural gas to South Korea would contribute toward promoting bilateral exchanges and cooperation among Northeast Asian countries,” they said in the joint statement.
Lee and Medvedev had agreed in 2008 during Lee’s visit to Moscow to seek to connect an inter-Korean railway with Russia’s trans-Siberian line which stretches to Europe.
The two presidents Wednesday attended the signing of two agreements on simplified procedures for maritime transport and extension of resident workers’ visas, in addition to nine memoranda of understanding on cooperation for economic modernization, broadcasting and telecommunication, and resource development in far eastern Siberia among other areas. The two countries inked another 10 MOUs.
The two countries agreed to make joint efforts to develop harbor facilities in far eastern Siberia, step up cooperation to preserve marine life, to successfully launch the KSLV-I rocket and continue the exchange of military and agricultural technologies.
On North Korea’s nuclear ambitions, they reconfirmed that all participants of the six-nation talks must implement the Sept. 19, 2005 joint statement, the U.N. Security Council Resolutions 1718 and 1874.
Russia confirmed its support for inter-Korean dialogue, which it said was an important factor for regional peace and security.
“The two countries also pledged joint efforts to fight international terrorism, illegal drug trafficking, piracy and cyber crimes,” President Lee said during a joint press conference during which the two leaders simply made speeches without taking questions.
Seoul and Moscow stressed the need for stronger collaboration among regional consultative bodies such as the EAS, ARF, APEC and ASEM for security and stability in the Asia-Pacific region.
They also vowed to expand scientific exchanges.
“The two sides decided to devise collaboration programs for modernization and innovation in the near future, with emphasis on telecommunication, finance, commercialization of innovative, application technologies, areas of environmental protection such as green growth and energy conservation,” they said in the joint statement.
“The two countries shared the view that Russia’s basic science technologies and Korea’s commercialization technologies were complementary, and agreed to continue cooperation in development of IT, nanotechnologies, biotechnologies, atomic power, new materials, optical science and research on polar regions.”
South Korea and Russia also vowed joint efforts to improve the governance of international financial institutions, financial regulations, capabilities in tackling economic crises, raise awareness of fiscal soundness, deter trade protectionism and cooperate for development of poor countries.
“President Lee suggested efforts to increase the trade volume between the two countries as it is still relatively small considering the size of the economies,” Lee’s spokesperson Kim Hee-jung said.
The trade volume between Korea and Russia in the nine months to September amounted to $12.4 billion and is expected to reach around $18 billion by the end of the year.
Seoul and Moscow said in the joint statement that the two-day forum on bilateral exchanges in various areas dubbed the Korea-Russia Dialogue, which started Wednesday, was timely as the two countries celebrate their 20th anniversary of diplomatic ties this year.
It is Medvedev’s first visit to South Korea since his inauguration in May 2008. The two presidents have held five summits so far since the first in July 2008 at the expanded G8 summit in Tokyo, Japan. During his three-day visit through Friday, Medvedev will attend the G20 summit.
Later on Wednesday, Lee held summit talks with Australian Prime Minister Julia Gillard, during which they agreed to make joint efforts to speed up the ongoing negotiations for a bilateral free trade pact.
Lee and Gillard exchanged views on how to work together at the G20 summit, improve bilateral ties and collaborate on regional and international issues, Lee’s office said.
Leaders of Malawi, Russia, Australia, Canada, the U.S., Argentina, South Africa, Vietnam, India, Mexico, Britain, Saudi Arabia, the U.N., the OECD and the IMF arrived in Korea Wednesday for the two-day G20 summit. Leaders of other participating nations are scheduled to arrive Thursday.
On Thursday, Lee is set to hold back-to-back summit meetings with British Prime Minister David Cameron, German Chancellor Angela Merkel, U.S. President Barack Obama, Chinese President Hu Jintao and Brazilian President Luiz Inacio Lula da Silva.
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