Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/7/2013 (1 year ago)

Catholic Online (www.catholic.org)

Bank of China cuts off North Korean transactions, closes accounts.

The Bank of China has stopped doing business with the Foreign Trade Bank of North Korea, in a move that signals the displeasure of the Chinese state over North Korea's recent antics. The North Korean bank has been accused by the U.S. of financing North Korea's missile programs.

Kim Jong Un looks displeased.

Kim Jong Un looks displeased.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/7/2013 (1 year ago)

Published in Asia Pacific

Keywords: Bank of China, North Korea, bank, Kim Jong Un


LOS ANGELES, CA (Catholic Online) - The state-run Bank of China has informed the Foreign Trade Bank of North Korea that it has suspended all transactions and all accounts were being closed.

China is expressing its disapproval with North Korea's new young leader, Kim Jong Un, and his belligerent posturing on the peninsula. North Korea's antics invite U.S. and foreign attention in the region, attention China would rather not contend with.

In addition, China has signaled an increased willingness to work with Washington  to correct North Korean behavior. A conflict, even if limited, would profit nobody.

China is essential to North Korea, providing most of the resources the country needs just to survive. Without Chinese imports, North Korea would quickly run out of fuel and food. China also buys most of North Korea's exports.

The international community has done much to exert pressure on North Korea to discourage the reclusive state from pursuing a nuclear and missile program. North Korea says it will use its nuclear weapons against any aggression and has made several recent threats, particularly against South Korea.

However, tensions have quickly cooled since the end of joint U.S. and South Korean exercises last week. Pyongyang has already withdrawn two of its missiles from firing positions on the coast and it is believed that many soldiers have been sent to help farmers plant crops for the growing season.

North Korea remains a backwards state, decades behind other countries of the world in many respects. Electricity is intermittent and food and fuel are often scarce commodities. The people are brutally repressed and are compelled to participate in public events, which amounts to worship of Kim Jong Un and his father and grandfather.

China's decision to suspend financial transactions with the North via its bank is a major victory for the west and a setback for Kim Jong Un. It is hoped that Chinese pressure can convince Kim Jong Un to pursue a new policy of openness and reform, rather than of oppression and belligerence.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More Asia Pacific

MASSIVE FAILURE - Good money after bad in Obama opium strategy Watch

Image of Afghan farmers work their fields, just as they have since the time of Alexander the Great.

By Catholic Online (NEWS CONSORTIUM)

Despite American and Coalition expenditures in Afghanistan, that country has produced a record crop of opium. The crop is important because it is often used to finance extremism in the far-flung region. LOS ANGELES, CA (Catholic Online) - The United Nations Office on ... continue reading


Six times as many people are executed in China as the rest of the world COMBINED Watch

Image of New figures show that China may execute six times as many people as the rest of the world combined.

By Catholic Online (NEWS CONSORTIUM)

The Dui Hua Foundation, a San Francisco-based human rights group, said that China executed 2,400 prisoners last year. LOS ANGELES, CA (Catholic Online) - The Chinese government is sensitive about their executions, though the number of executed prisoners has decreased ... continue reading


How would you like to handle acid with your bare hands? For many in Bangladesh, this is their only option Watch

Image of A Bangladesh man handling toxic material without any protective equipment.

By Catholic Online (NEWS CONSORTIUM)

There is a dark side in the growing labor sector of Bangladesh, one that makes workers look decades older than they are. LOS ANGELES, CA (Catholic Online) - Sharif Hossain is just one of the workers affected. The 35-year-old has worked in the city of Old Dhaka's ... continue reading


New Indonesian president promises a 'people-centric' government Watch

Image of Indonesia's new president, Joko Widodo, during his inaugural parade.

By Catholic Online (NEWS CONSORTIUM)

Indonesia got a new president, Joko Widodo, a 53-year-old man who was sworn in on October 20 after Bambang Yudhoyono stepped down after having served two five-year terms. LOS ANGELES, CA (Catholic Online) - The man from the Javan slums already has a plan for his ... continue reading


Even state-recognized church in China targeted for persecution Watch

Image of The Chinese government has infringed upon the freedom of its citizens, including gross violations of human rights and targeting churches.

By CNA/EWTN News

The state of religious freedom in China is moving from bad to worse, said U.S. Rep. Chris Smith (R-N.J.), responding to a new report by the Congressional-Executive Commission on China. (CNA/EWTN News) - "There's a huge gulf now" between China and the Catholic ... continue reading


Pakistani Christian woman sentenced to death by hanging on blasphemy charges Watch

Image of In spite of international outrage and hundreds of thousands of people signing a petition for her release, Asia Bibi lost an appeal to have her sentence overturned. She now faces death by hanging.

By Catholic Online (NEWS CONSORTIUM)

A Pakistani Christian woman has been sentenced to death by hanging following accusations that she made blasphemous comments about the prophet Mohammed. While harvesting berries in 2009, 46-year-old Asia Bibi got into a fight with a group of Muslim women who ... continue reading


Persecuted Indonesian Christians worship in strip mall Watch

Image of

By Catholic Online - (NEWS CONSORTIUM)

The Evangelical Christian Church in Bekasi, Indonesia is held in a most unusual place. Driven from traditional houses of worship on account of hardline Islamists, many Christians here have taken to worshiping in out-of-the-way places, such as this strip mall.  LOS ... continue reading


It's getting harder to be a Christian in Indonesia - hardline Muslims prevent the opening of churches, burn others Watch

Image of Indonesian Muslims demonstrate against Christians on Christmas.

By Catholic Online (NEWS CONSORTIUM)

Christians in Indonesia are facing increasing persecution as hardline Muslims gain more influence in government. Indonesia is the world's most populous Muslim country and is moving increasingly towards Sharia law. JAKARTA, INDONESIA (Catholic Online) - Indonesia is the ... continue reading


Aware of Islamic State, Filipinos pray daily for Pope Francis' safety during January visit Watch

Image of General Gregorio Catapang Jr. asked in a statement that all Catholic service members to also pray a rosary daily for the Pope's safety when he visits the Philippines from January 15 to 19.

By Catholic Online (NEWS CONSORTIUM)

The head of the Armed Forces of the Philippines, General Gregorio Catapang Jr. asked in a statement that all Catholic service members to also pray a rosary daily for the Pope's safety when he visits the Philippines from January 15 to 19. Military and government ... continue reading


Jesuit social activists meet to ask -- have we failed the poor? Watch

Image of Secretary of Citizens for Justice and Peace Teesta Setalvad drew the Jesuits' attention to the emerging socio-political situation in India that imperils Dalits, Adivasis and minorities.

By Catholic Online (NEWS CONSORTIUM)

A recent convention of Jesuits engaged in social work in Afghanistan, Bangladesh, Bhutan, India, Nepal, Pakistan and Sri Lanka met in Bhopal. The question asked was, following decades of work, have we failed the poor? Much remains to be done, and a clear, ... continue reading


All Asia Pacific News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ephesians 3:2-12
2 You have surely heard the way in which God ... Read More

Psalm, Isaiah 12:2-3, 4, 5-6
2 Look, he is the God of my salvation: I shall have ... Read More

Gospel, Luke 12:39-48
39 You may be quite sure of this, that if the ... Read More

Saint of the Day

Saint of the Day for October 22nd, 2014 Image

St. Pope John Paul II
October 22: Karol J. Wojtyla, known as John Paul II since his October 1978 ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter