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Today in Korean history

Today in Korean History 14:00 March 02, 2021

March 3

1949 -- South Korea establishes diplomatic relations with the Philippines.

1956 -- South Korea launches the Korea Stock Exchange, the country's first stock market operator for the main bourse.

1973 -- The Korean Broadcasting System (KBS), a state-run television and radio network, is launched.

1981 -- Chun Doo-hwan, a former Army general, takes office as South Korea's 12th president after being elected by a hand-picked electoral college. Chun seized power in a coup in 1980 after his predecessor, Park Chung-hee, was assassinated. Chun ruled from 1981-88.

1998 -- President Kim Dae-jung announces his first Cabinet lineup. Kim went on to hold a historic summit with North Korean leader Kim Jong-il in 2000 and won the Nobel Peace Prize later that year for his efforts to promote democracy and human rights, as well as reconciliation with the North.

2015 -- The National Assembly passes an anti-corruption bill known as the "Kim Young-ran Law" after months of wrangling over whether it violates an individual's constitutional rights. The new law subjects public officials, journalists and private school faculty to a maximum penalty of three years in prison or five times the amount they accepted in money or valuables if they take money or valuables worth more than 1 million won (US$908) from one person in one installment, regardless of whether it was in exchange for favors or related to their work.

2019 -- South Korea and the United States agree to launch the new Dong Maeng combined exercise to replace their springtime Key Resolve drills. Dong Maeng means "alliance" in English.

2020 -- President Moon Jae-in says that South Korea has begun a "war" against COVID-19. Moon announced plans to spend 30 trillion won (US$25 billion) of funds directly or indirectly as part of the country's virus response at a weekly Cabinet meeting.
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