Kim Jong Un consolidated his hold on North Korea, taking the top military rank of marshal days after the army chief was removed.
The decision was made yesterday at the top levels of the government and the military, the state-run Korean Central News Agency said today in a statement. South Korean stocks trimmed losses after the announcement.
Kim’s new title comes seven months after he became head of the totalitarian state following the death of his father, Kim Jong Il. The leader has worked to bolster his public image while rebuffing western appeals to abandon the country’s nuclear weapons development.
“This is actually a positive for Seoul,” said Wai Ho Leong, a senior regional economist at Barclays Capital in Singapore. “Pundit speculation of a power struggle or coup by hardliners have not materialised. The transition has been smoother and faster than expected and I think this points us to more stability in North Korea and capital markets.”
The Kospi index traded 0.6 percent lower at 1:08 p.m. in Seoul, having fallen as much as 0.9 percent after North Korea said an “important announcement” would be made at noon.
The new post cements Kim’s place at the top of the country’s 1.2 million-strong army, the country’s strongest institution. The regime launched a long-range rocket in April that exploded shortly after liftoff, squelching a deal for U.S. food aid that is needed in a nation suffering from chronic malnutrition.
South Korea has no comment on Kim’s promotion as it’s a domestic matter, Unification Ministry spokesman Kim Hyung Suk said by telephone. The two countries technically remain at war after their 1950-53 conflict ended without a peace treaty.
North Korea yesterday named General Hyon Yong Chol vice marshal of the army two days after the government relieved Ri Yong Ho as military chief on July 15. The U.S., which has led the international push to force North Korea to abandon its nuclear program, called for reform beyond organizational changes.
“Changes in personnel, absent a fundamental change in direction, mean little,” State Department spokesman Patrick Ventrell told reporters on July 17.
Kim, thought to be under 30, has worked to bolster his legacy as the hereditary third-generation leader of North Korea while taking broadening his appeal in ways different from his father or grandfather, state founder Kim Il Sung. The younger Kim attended a performance this month featuring Mickey and Minnie Mouse, Winnie the Pooh and other Walt Disney Co. characters that was unauthorized by the U.S. media company. He made a publicized visit to an amusement park in May where he scolded the management for chipped paint and broken pavement.
South Korean President Lee Myung Bak held a 90-minute national security meeting today to discuss developments in North Korea, spokesman Park Jeong Ha said in a statement on the presidential website. Lee ordered officials to “keep close watch on the situation in North Korea and maintain close cooperation with relevant nations,” according to the statement.
To contact the reporter on this story: Sangwon Yoon in Seoul at [email protected]
To contact the editor responsible for this story: John Brinsley at [email protected]
The decision was made yesterday at the top levels of the government and the military, the state-run Korean Central News Agency said today in a statement. South Korean stocks trimmed losses after the announcement.
Kim’s new title comes seven months after he became head of the totalitarian state following the death of his father, Kim Jong Il. The leader has worked to bolster his public image while rebuffing western appeals to abandon the country’s nuclear weapons development.
“This is actually a positive for Seoul,” said Wai Ho Leong, a senior regional economist at Barclays Capital in Singapore. “Pundit speculation of a power struggle or coup by hardliners have not materialised. The transition has been smoother and faster than expected and I think this points us to more stability in North Korea and capital markets.”
The Kospi index traded 0.6 percent lower at 1:08 p.m. in Seoul, having fallen as much as 0.9 percent after North Korea said an “important announcement” would be made at noon.
The new post cements Kim’s place at the top of the country’s 1.2 million-strong army, the country’s strongest institution. The regime launched a long-range rocket in April that exploded shortly after liftoff, squelching a deal for U.S. food aid that is needed in a nation suffering from chronic malnutrition.
South Korea has no comment on Kim’s promotion as it’s a domestic matter, Unification Ministry spokesman Kim Hyung Suk said by telephone. The two countries technically remain at war after their 1950-53 conflict ended without a peace treaty.
North Korea yesterday named General Hyon Yong Chol vice marshal of the army two days after the government relieved Ri Yong Ho as military chief on July 15. The U.S., which has led the international push to force North Korea to abandon its nuclear program, called for reform beyond organizational changes.
“Changes in personnel, absent a fundamental change in direction, mean little,” State Department spokesman Patrick Ventrell told reporters on July 17.
Kim, thought to be under 30, has worked to bolster his legacy as the hereditary third-generation leader of North Korea while taking broadening his appeal in ways different from his father or grandfather, state founder Kim Il Sung. The younger Kim attended a performance this month featuring Mickey and Minnie Mouse, Winnie the Pooh and other Walt Disney Co. characters that was unauthorized by the U.S. media company. He made a publicized visit to an amusement park in May where he scolded the management for chipped paint and broken pavement.
South Korean President Lee Myung Bak held a 90-minute national security meeting today to discuss developments in North Korea, spokesman Park Jeong Ha said in a statement on the presidential website. Lee ordered officials to “keep close watch on the situation in North Korea and maintain close cooperation with relevant nations,” according to the statement.
To contact the reporter on this story: Sangwon Yoon in Seoul at [email protected]
To contact the editor responsible for this story: John Brinsley at [email protected]