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South Korea spent $200 billion, but it can’t pay people enough to have a baby | CNN

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South Korea spent $200 billion, but it can’t pay people enough to have a baby | CNN


Seoul, South Korea
CNN
 — 

The season of child gala’s is right here as soon as once more in South Korea. Busy, noisy affairs held in cavernous convention halls the place tons of of distributors attempt to promote expectant dad and mom every part they may probably want for his or her new bundle of pleasure – and loads of different issues they by no means knew they wanted.

However this can be a shrinking enterprise, and the client base is dwindling.

South Korea just lately broke its personal document for the world’s lowest fertility fee. Figures launched in November confirmed the typical variety of youngsters a South Korean girl may have in her lifetime is down to only 0.79.

That’s far beneath the two.1 wanted to keep up a secure inhabitants and low even in comparison with different developed nations the place the speed is falling, reminiscent of the US (1.6) and Japan – which at 1.3 reported its personal lowest fee on document.

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And it spells hassle for a rustic with an growing old inhabitants that faces a looming scarcity of staff to help its pension system.

The issue is often blamed on financial elements which have postpone the younger from having households – excessive actual property costs, the price of schooling and better financial anxiousness – but it has proved past the power of successive governments to repair, nevertheless a lot cash is thrown at it.

Critics say that may be a signal the issues go deeper than economics and {that a} change in method is required. Whether or not the federal government is listening is one other matter.

Throughout a go to to a nursery in September, South Korean President Yoon Suk Yeol admitted that greater than $200 billion has been spent attempting to spice up the inhabitants over the previous 16 years.

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But since assuming workplace in Might, his administration has give you few concepts for fixing the issue apart from persevering with in the same vein – organising a committee to debate the difficulty and promising but extra monetary help for newborns. A month-to-month allowance for fogeys with infants as much as 1-year-old will improve from the present 300,000 gained to 700,000 gained ($230 to $540) in 2023 and to 1 million Korean gained ($770) by 2024, in accordance with the Yoon administration.

According to President Yoon Suk Yeol, South Korea has spent more than $200 billion in the past 16 years trying to solve its population problem.

The general public’s skepticism that Yoon has any higher grip on the issue than his predecessors has solely been bolstered by the president’s at instances clumsy messaging.

Throughout his go to to the nursery, Yoon expressed shock that infants and toddlers weren’t being sorted at residence and appeared to recommend that it was frequent for 6-month-old infants to have the ability to stroll, resulting in criticism that he was out of contact (the typical age for infants to stroll is extra like 12 months).

Many specialists imagine the present throw-money-at-it method is just too one-dimensional and that what is required as an alternative is constant help all through the kid’s life.

Prams at a baby fair in Seoul, South Korea, on Sept. 15.

Shopping the stalls at a latest child honest was Kim Min-jeong, whose second youngster is due this month. She brushed apart the federal government’s pledge of extra funds, saying: “They’ve modified the names and merged allowances however for fogeys like us, there are not any extra advantages.”

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The issue she faces, she stated, is that she hasn’t been capable of work since her first youngster was born as she and her husband can not afford personal youngster care.

Authorities-funded nurseries are free however a handful of scandals lately involving caregivers putting infants has put many dad and mom off. Whereas the instances have been minimal, they have been properly publicized and the CCTV footage emotive.

Additionally standing in the way in which of would-be dad and mom are a bunch of issues which might be extra social than financial in nature and prone to endure nevertheless a lot cash is splashed round.

Amongst them are what is likely to be known as the unwritten guidelines for parenthood.

Whereas having a child may be very a lot anticipated of married {couples} in South Korea, society nonetheless frowns on single dad and mom. IVF remedy will not be supplied to single girls, official hospital figures present.

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“We nonetheless have a really puritanical method to single moms,” stated regulation professor Cho Hee-kyoung, who writes a newspaper column on social points.

“It’s as if they’ve accomplished one thing unsuitable by turning into pregnant out of wedlock… why does it essentially should be inside a wedding that you could elevate a toddler?”

In the meantime, {couples} in non-traditional partnerships additionally face discrimination; South Korea doesn’t acknowledge same-sex marriage and rules make it tough for unwed {couples} to undertake.

Author Lee Jin-song at Spain Bookshop in Seoul where her books are sold.

Lee Jin-song, who has written books concerning the development of younger folks selecting to not get married or have a child, stated insurance policies to spice up the start fee have to embrace extra than simply the normal thought of marriage as being between a person and a girl.

“I’ve considered how heterocentric and normality-centric dialogue is within the conventional sense of marriage… (it) excludes folks with disabilities, illnesses or poor reproductive well being,” Lee stated.

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Lee pointed to a typical joke that in South Korea, “in case you are not relationship by the point you’re 25, you’ll flip right into a crane, that means in case you’re single you turn out to be non-human.”

She stated society considers her, and others like her, egocentric for not conforming to the normal expectations of marriage and youngsters, “neglecting their duties for society just for the sake of their happiness.”

Lee highlighted the pressures of getting youngsters on girls in a patriarchal society that’s sluggish to evolve. “Marriage, childbirth and youngster care require an excessive amount of sacrifice for girls in a patriarchal society particularly over the previous decade. So, they’re starting to discover the potential for with the ability to stay properly with out getting married.”

Professor Cho agreed, saying there’s a lingering social expectation that the daddy sacrifices for the corporate and the mom helps the household, even when she additionally works.

“I do know so many {couples} the place the ladies are literally incomes extra money than the lads, however once they come residence, it’s the ladies who should do the housekeeping and take care of the youngsters and supply emotional help to the husband.”

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In the meantime, husbands who want to be extra concerned in child-rearing discover the enterprise tradition in South Korea doesn’t at all times permit for that.

Whereas on paper, parental depart has been elevated, few really feel snug to take it in full.

Again on the child honest, Kim’s husband Park Kyung-su stated he’s hoping to assist together with his second youngster, however “there is no such thing as a particular understanding or remedy from work for having a younger youngster. I can use my day off, however I really feel uncomfortable utilizing it as a result of I need good suggestions at work.”

There’s a widespread worry that the employees who’re promoted are not often those who put household first.

Lee Se-eun, a mother of two boys, hasn't worked in seven years.

Lee Se-eun, who has two boys ages 3 and 5, stated she would welcome extra assist from her husband, however he’s not often residence in time.

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“It could be good if firms would acknowledge staff with infants, for instance, to exclude them from dinners or nights,” she stated.

In South Korea, the job doesn’t finish when the workplace closes for the day. Relatively, there’s a tradition of “team-building” after hours, which it’s frowned upon to overlook.

Lee used to work in a brokerage agency earlier than launching her personal start-up, however she has not labored in seven years and feels there was no choice to proceed her profession as she didn’t wish to put her boys in youngster care.

“Elevating a toddler is a really useful, significant and excellent factor from a private perspective, however generally it feels prefer it doesn’t get valued in society,” Lee stated.

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Atos crisis deepens as biggest shareholder ditches rescue plan

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Atos crisis deepens as biggest shareholder ditches rescue plan

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A rescue bid for French IT services group Atos led by its largest shareholder has collapsed, casting the future of the troubled group into doubt once again.

Atos said on Wednesday that the consortium led by Onepoint, an IT consultancy founded by David Layani, had withdrawn a proposal that would have converted €2.9bn of Atos debt into equity and injected €250mn of fresh funds into the struggling company.

“The conditions were not met to conclude an agreement paving the way for a lasting solution for financial restructuring,” Onepoint said in a statement on Wednesday.

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The decision by Onepoint comes less than a month after Atos had picked its restructuring proposal over a competing plan from Czech billionaire Daniel Křetínsky. Atos said on Wednesday that Křetínsky had already indicated he wanted to restart talks.

Once a star of France’s tech scene, Atos is racing to strike a restructuring deal by next month as it struggles under its €4.8bn debt burden. It has cycled through multiple chief executives over the past three years and its shares have collapsed. They were down 12 per cent in early trading on Wednesday.

Atos also said it had received a revised restructuring proposal from a group of its bondholders.

“Discussions are continuing with the representative committee of creditors and certain banks on the basis of this proposal with a view to reaching an agreement as soon as possible,” the company said. 

Jean-Pierre Mustier, former chief executive of Italian lender UniCredit, was installed as chair in October 2023 and given the task of putting Atos on a stable footing for the future. Since his appointment, several efforts to stabilise Atos through asset sales have fallen apart.

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If talks with Křetínsky do restart, it will mark the Czech businessman’s third attempt to do a deal with Atos after an earlier plan to buy its lossmaking legacy business unravelled.

One of the people close to the talks said creditors had not necessarily become more receptive to Kretinsky’s plan given it cutting a larger chunk of the group’s debt.

The crisis at Atos has prompted the French government to intervene. It is currently seeking to acquire three parts of Atos that are deemed of importance to national security for up to €1bn.

Atos said on Wednesday it had concluded a deal with the French state that would give it so-called “golden shares” in a key Atos subsidiary, Bull SA. The agreement also gives the government the right to acquire “sensitive sovereign activities” in the event a third party acquired 10 per cent of the shares — or a multiple thereof — in either Atos or Bull.

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New Jersey gamer flew to Florida and beat fellow player with hammer, say police

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New Jersey gamer flew to Florida and beat fellow player with hammer, say police

An online gamer from New Jersey recently flew to Florida, broke into the home of a fellow player with whom he had feuded digitally but never met in person, and tried to beat him to death with a hammer, according to authorities.

The allegations leveled by the Nassau county, Florida, sheriff’s office against 20-year-old Edward Kang constitute an extreme example of a phenomenon that academics call “internet banging” – which involves online arguments, often between young people, that escalate into physical violence.

As Bill Leeper, the local sheriff, told it, Kang and the man he is suspected of attacking became familiar with each other playing the massively multiplayer online role-playing game ArcheAge.

The Korean game is supposed to no longer be available beginning Thursday, its publisher announced in April, citing a “declining number of active players”, as ABC News reported. But prior to the cancellation, Kang and the other player became locked in some sort of “online altercation”, Leeper said at a news briefing Monday.

Kang then informed his family that he was headed out of town to meet a friend he had made through gaming, Leeper recounted. The sheriff said Kang flew from Newark, New Jersey, to Jacksonville, Florida, and booked himself into a hotel near his fellow gamer’s home early Friday morning.

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He had allegedly bought a hammer and a flashlight at a local hardware store, receipts for which deputies later found in Kang’s hotel room.

By early Sunday, Kang purportedly had put on black clothes, gloves and a mask, and he went into his target’s home through an unlocked door. He waited for the victim to get up to take a bathroom break from gaming – and then battered him with the hammer, Leeper said.

The alleged victim managed to wrestle Kang to the ground while screaming for help. The victim’s stepfather woke up after hearing the screams, rushed to his stepson’s side, helped take Kang’s hammer away and restrained him until deputies were called and they arrived, according to Leeper.

Deputies found blood at the home’s entrance and in the bedroom of the victim, Leeper added. The sheriff said the victim was brought to a hospital to be treated for “severe” head wounds while deputies jailed Kang on counts of attempted second-degree murder and armed burglary.

Leeper accused Kang of telling deputies that he carried out the violent home invasion because he believed the target to be “a bad person online”. Kang also allegedly asked investigators how much prison time was associated with breaking and entering as well as assault.

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Attempted second-degree murder alone can carry up to 15 years. Leeper quipped that his only answer to Kang was: “It will be a long time before you play video games.”

Striking a more serious tone, Leeper urged people to be vigilant about and report to authorities any suspicious online behavior aimed at them. He also mentioned the importance of locking one’s home.

“This … serves as a stark reminder of the potential real-world consequences of online interaction,” Leeper said.

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Central banks urged to keep pace with ‘game changer’ AI

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Central banks urged to keep pace with ‘game changer’ AI

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