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June 2009
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FREE ONLINE TRAINING ON PRECEPTS AND TRADE-20-The way of home life – Ethics-VR1 MEDIA-Buddhist Scriptures in Multiple Languages-DOING BUSINESS IN KOREA: The Korean Market-Economic Teachings of the Buddha - By Bhikkhu Bodhi-Kate Moss converting to Buddhism?
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The way of home life – Ethics

There are instances
that illustrate the mutual benefits of teaching and learning between master and
student where both become persons of exemplary virtue. There is the example of
Venerable Daozhen , who steadfastly followed the orders of his disciple
who served as abbot. He poured tea and
prepared fruit for guests, enjoying the bitter as if it were sweet. If we could
learn from the spirit of Daozhen and his willingness to reverse roles, we might
be able to eliminate many of today’s problems associated with generational


Everything exists
because of the coming together of causes and conditions. The accumulation of
causes and conditions leads to existence, and with the extinguishing of causes
and condition, things pass away. Even if relationship is as close as that of
parents and children, when the conditions end, separation is inevitable.
Therefore people should always cherish their time together and help each other.
“When one’s compassionate mother is at home, it is as if one posses wealth.;
and when she is away, it is as if one is impoverished. When the compassionate mother
is alive, it is like sunrise and when she passes away, it is like sunset”. The
most blessed circumstance in this world is while one’s parents are both alive.
Therefore, children should always care for their parents while they are still



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Buddhist Scriptures in Multiple Languages

Legal and Business Advice For Investing in China

Michael J. Meagher, Managing Director of East Asia Law and
Government Strategies draws on his 20 years of experience in China and
shares his advice for foreign companies who want a better understanding
of how to navigate China’s legal and business environment.

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This China business podcast was brought to you by The China Business Show and

About Michael J. Meagher

Michael J. Meagher is the Managing
Director of East Asia Law and Government Strategies and a licensed
lawyer. Mr. Meagher has over 20 years experience representing clients
domestically as well as overseas in the areas of financing, merger
& acquisition, development, redevelopment, and operation of a wide
range of businesses and facilities, including factories, power plants,
telecommunications infrastructure facilities, software development,
consulting operations, financial services and investment as well as
real estate development and remediation.

Mr. Meagher has
significant experience representing Chinese clients in their overseas
operations on legal as well as business strategy issues, including
acquisitions, joint ventures, reverse mergers, IPO’s, venture capital
fund creation and investment, as well as structuring investment from
overseas investors. Mr. Meagher also has experience advising Chinese
clients on market entrance strategies and U.S. governmental relations.
He is fluent in Mandarin and Spanish.

Mr. Meagher’s projects
include the formation of venture capital funds, portfolio investment,
international project development investment, reverse mergers, IPO’s,
real estate, and other forms of direct and indirect foreign investment.
Mr. Meagher works with companies to establish, monitor and enforce
their intellectual property rights in China, the U.S. and other
countries. Mr. Meagher is also experienced with the requirements of
Chinese law as it relates to overseas investment, repatriation of
profits and investments, tax policy and environmental regulation.

  • Boston Bar Association
  • Chairman
    of the Board of Directors, Massachusetts Alliance for International
    Business, the international trade arm of the Associated Industries of
  • Board of Directors, Greater China Business Council of New England


  • “Chinese ‘reverse Merger Mania – Is There a Better Way” Harvard China Review (scheduled for publication)
  • “Chinese Law for Lao Wai” Boston Bar Journal
  • “New Practice Alert: China,” Focus January 1, 2006
  • “China’s Intellectual Property System,” White Paper March 2004

Speaking Engagements

  • “Growth Investment in Chinese Companies”, Massachusetts Institute of Technology China Talent and Technology Forum 2007
  • “Private Equity Investment in Chinese Companies” Strategic Research Institute, New York City, October 2006
  • “China’s New Investment Rules” Strategic Research Institute, New York City, October 2005
  • Panelist, “China’s Next Phase”, Harvard China Review’s Ninth Annual Program, March 25 and 26, 2005
  • Panelist, Structuring Chinese Venture Capital Funds and Chinese Portfolio Investments, October 11, 2005
  • Panelist,
    New England-Latin American Business Council’s “The China Factor:The
    Winners and Losers from Increased Latin America-China Trade and
    Investment,” March 24, 2005
  • Panel Moderator, “The Asian Model
    of Corporate Governance,” Asia Business Conference, Harvard Business
    and Harvard Law School, February 18-19, 2005
  • Speaker,
    U.S./China trade opportunities, Great Hall of the People (Chinese
    capitol building), Tiananmen Square, Beijing, China, January 10, 2005
    (delivered in Mandarin)
  • Speaker, Quebec/New England Transborder Forum, St. Albans, VT, October 25, 2004
  • Speaker,
    “The Critical Issues Related to Entrepreneurs,” Sino-American
    Pharmaceutical Professionals Association New England Regions (SAPA-NE)
    entrepreneurship/career day symposium, MIT, April 24, 2004
  • Roundtable
    Discussion Leader, Business/Law Section, Massachusetts Education and
    the Global Economy Leadership Conference, JFK Library, December 5, 2003
  • Host,
    New England Latin American Business Council (in collaboration with
    iNetwork128), “An Emerging Trade Triangle: Linking Latin Trade with
    Asia throughout the U.S. Free Trade Agreements” October 29, 2003


Following the devastation of the 1950-53 Korean War, Korea was one
of the world’s poorest countries, with a gross domestic product (GDP)
of less than USD 100 per year and an agrarian-based economy. In fifty
years, the country has transformed itself into a dynamic and advanced
economy, now the world’s 13th largest. Today, Korea boasts a GDP of more than USD 20,000 per capita, an educated population, and a large middle class.

There are a number of reasons that explain this rapid economic
growth. Key among these is economy’s reliance on strong government
intervention favouring certain industries in the years following the
Korean War. Although initial economic and export growth was fuelled by
sectors such as garments and shoe manufacturing, by the 1970s heavy
industries such as steel, shipbuilding and automotive production had
become key drivers of the Korean economy. These sectors remain key to
the export-dependant economy today, along with information technology
(including semiconductors, consumer electronics, and technology
development), which rose in prominence during the 1990s. As with other
developed economies, the service sector continues to increase in

Further, heavy government intervention in the economy during the
second half of the 20th century favoured not only specific industries,
but also specific companies. This explains the prevalence of the
chaebol – or conglomerates – in the Korean economy. These firms –
including giants such as Hyundai, Samsung and LG – are involved in many
different business areas, and continue to have a significant impact on
the country’s economy.

While these sectors and conglomerates continue to form the backbone
of the Korean economy, Korea presents opportunities for Canadian
companies of all kinds. Agriculture and agri-food, fisheries, education
and mining and minerals are some of the other areas that have been
particularly advantageous to Korean firms. That said, the large and
varied needs of the country’s economy – combined with a large consumer
class - present opportunities for many types of firms.

Given the importance of international trade to the country’s
economic well-being, Korea continues to look forward, and has pursued
an active free-trade agenda in recent years, concluding negotiations
with more than 15 different partners. Free-trade negotiations between Canada and Korea are on-going.

The Canadian Trade Commissioner Service

The Canadian Trade Commissioner Service at the Embassy of Canada in
Seoul is here to help your company realise its full international
market potential. We provide our Canadian clients with the following

The Trade Commissioner Service’s network of Regional Offices in Canada helps firms that are new to exporting to Prepare for International Markets. Such firms should contact the regional office responsible for their Canadian province or territory.

For more information or to request one of our services, please contact a member of our team. Clients requiring services such logistical or business support or in-depth technical or legal advice should contact a qualified third-party service provider.

The provinces of Alberta, British Columbia, and Québec maintain trade and investment offices in Seoul.

Market Entry

There are a number of different market-entry strategies
that can be used to achieve success for your company in the Korean
market. The right strategy will depend on a number of different
factors, including your products, target customers and capacity to
expand internationally.

Canadian firms that choose to establish their own operations in the
Korean market should keep in mind various guidelines related to in-market office establishment. Information for Canadian citizens interested in establishing a new business in Korea – without existing Canadian operations – is also available.

No matter which type of market-entry strategy is chosen, an
individual visit to meet potential agents, partners or customers can be
extremely helpful for companies new to the Korean market. The visit
will enable you to meet, assess and select potential agents, gain a
better understanding of the market, and demonstrate your firm’s
commitment to your Korean contacts. The development of personal
relationships can be key to your business success in Korea; visits to
the market help to establish and maintain these relationships.

Business Etiquette

Developing an understanding of Korean culture and its influence on
business practices is essential to your firm’s success in Korea. While
polite Canadian manners will almost always be recognised as courteous
behaviour, efforts to learn about Korean customs and language will be
well received, and will assist you in building stronger business
relationships. As in other Asian markets, these relationships often
underpin business success. Learning more about Korean business etiquette will prove useful when preparing to enter this market.

Visit Information

As traffic can be heavy in Korean metropolitan areas, particularly
in Seoul, business travellers should attempt to stay in the same
general area as the bulk of their appointments, and ensure that they
schedule enough time between business meetings. A list of hotels is also available.

Canadian business travellers should also avoid visits to Korea
during major holidays, particularly when planning to meet with new
customers, suppliers or partners, as meetings can be difficult to
schedule and transportation arrangements can be particularly difficult
to confirm during these periods.


The following is a list of Korean holidays, which should be
consulted prior to scheduling travel to this market. Note that some of
these holidays are based on the Lunar Calendar, and thus dates change
from year-to-year. Communication with Korean customers and partners can
be expected to take longer during these holiday periods.



New Year’s Day

January 1

Lunar New Year (3 days)

Late January-Early February

Independence Movement Day

March 1

Labour Day

May 1

Children’s Day

May 5

Buddha’s Birthday

Late April-Early May

Memorial Day

June 6

Constitution Day

June 17

Liberation Day

August 15

Chuseok (Korean Thanksgiving)

Late September-Early October

National Foundation Day

October 3

Christmas Day

December 25

The Embassy of Canada in Seoul maintains its own list of office closures,
which includes some Korean and some Canadian holidays. Note that the
Embassy of Canada will remain open during some Korean holidays, while
Korean offices will remain open during some Canadian holidays.


For any other advice or assistance on doing business in Korea, do not hesitate to contact a member of our team.


Economic Teachings of the

Buddha - By Bhikkhu Bodhi

Certain modern schools of thought like Marxism regard the

economic domain as the primary determinant of social existence and dismiss everything else

as mere superstructure, a secondary overlay resting on the material substratum.

Contrary to this view, the Buddha recognizes that there are

many interdependent spheres of human activity. These cannot be subjected to any simplistic

reduction, but must be seen as interrelated and mutually efficacious. The Buddha took note

of the importance of economics in human life and he held that for people to be capable of

personal and spiritual progress, the economic foundation has to be secure.

In many sutta’s the Buddha has pointed out that

poverty can lead to the decline of moral values - to stealing, lying, murder, etc., and

eventually to complete social chaos. He teaches not only that economics largely determines

man’s moral condition, but also that the government has a responsibility to correct

any extreme economic injustice. He advises the king to look after the economic well being

of his subjects. He says that the king has to give seed to the farmers for their crops and

feed for their cattle, capital to the merchants and businessman to conduct their business,

and jobs to the civil servants, etc.


Buddhism promotes economic well being in society by its

stress on the virtue of generosity. The Buddha teaches all his disciples, whether monks or

laymen, to practice giving, to be generous and bountiful. The wealthy in particular have

an obligation to give to the poor, to help and assist the poor.

The things that can be given have been minutely classified

as follows:

The basic requirements are:

  1. Food
  2. Clothing
  3. Dwelling places
  4. Medicine

Secondary objects:

  1. Vehicles
  2. Books
  3. Utensils, lights, seats etc.

The Buddha especially praises, the giving of food. He says

that if people knew the benefits of giving food, they would not sit down to a single meal

without sharing it with someone if there is an opportunity for them to do so. He says one

who gives food gives the following five things and in return receives these five as its

karmic result.

He gives :

  1. Life (long life )
  2. Beauty (good complexion)
  3. Happiness
  4. Strength (physical health)
  5. Intelligence (mind is able to function properly)

Specific advice to laymen

The Buddha gave the following advice to a group of lay

people as conducive to their happiness here and now.

(a) Energy and diligence

You have to be energetic and diligent in performing your job whether it is farming, a

trade, business or a profession.

(b) Security

You have to protect your wealth.

(c) Good friendship

Associate with true friends, with wise and virtuous people who will help you and protect

you, and guide you in Dhamma.

(d) Balanced livelihood

You should not be too bountiful, spending more than your means allow, and you should not

be niggardly, clinging to your wealth. Avoid these extremes and spend in proportion to

your income.

Then he gave them advice for their long term benefit: as

(a) faith and confidence in spiritual values, (b) generosity, (c) moral discipline and (d)


Right Livelihood

The Buddha laid down four standards of right livelihood to which a lay follower should


  1. He should acquire wealth only by legal means.
  2. He should acquire it without violence.
  3. He should acquire it honestly.
  4. He should require it in ways which do not harm others.

Use of one’s wealth

The Buddha says that having acquired wealth by the proper means one should spend it for

five purposes.

  1. To provide for one’s own household, one’s

    relatives and children.

  2. To make gifts to friends, to entertain them, to

    give them presents.

  3. To protect and repair one’s property and dwelling.
  4. To pay taxes and make obeisance to the deities.
  5. To offer alms and requisites to the monks and brahmins.

Kate Moss converting to Buddhism?


London, May 18 : Supermodel Kate Moss is showing an increasing
interest in Buddhism and has started meditating to maintain her calm.

‘She is really into Buddhism and has a bought a bronze Buddha statue for her living room
and has started meditating,’ quoted a source as saying.
wants to de-stress and is enjoying taking time out to meditate and
learn about Buddhism. She finds it calming,’ the source added.

Moss, 35, is also keen on her friends sharing her new interest but has not got the response she hoped for.
lights sandalwood incense sticks in front of the statue and makes her
friends do the same. The problem is that everyone just sits choking on
the fumes,’ the source said.

1% increase in VAT not to impact essential item prices
Lucknow , June 2 The Uttar Pradesh government
today said increasing the value added tax rate by one percentage point
in various slabs will not have any impact on prices of essential
commodities, including foodgrain.” Reports suggesting
that prices of foodgrain like wheat, rice and pulses and other items
like coal and iron have gone up after imposition of AT are baseless and
misleading. No additional tax had been imposed on these (essential)
items,” Commercial Tax Commissioner Anil Sant said in a statement. The 1 per cent AT had been imposed on certain commodities on which 12.5 per cent VAT was already being charged, he said. He said there were number of items on which entry tax of 2-5 per cent was being charged in the state.”As a result of entry tax traders were failing to compete with others states like Delhi. Keeping in view the impact on trade in the state the government decided to withdraw entry tax on these items,”he said. Items on
which entry tax was being charged included clinker, imported wood,
machinery and machinery parts of over Rs 10 lakh, aluminimum and its
products, cables, laptop, computer system and television, marble stone
and tiles, refrigerator and air conditioning plants, he said. The commissioner said withdrawal of entry tax had reduced prices of these commodities.

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