North Korean leader Kim Jong Il dies of cardiac arrest

SEOUL, South Korea: Kim Jong Il, North Korea’s mercurial and enigmatic leader, has died. He was 69. [caption id=“attachment_159370” align=“alignleft” width=“380” caption=“North Korean television announced on Monday in a “special broadcast” that its leader Kim Jong Il has died in Pyongyang.”] [/caption] Kim’s death was announced Monday by the state television from the North Korean capital, Pyongyang.  The television channel added that Kim had died while riding a train, at around 8.30am on Saturday.  Doctors were quoted as saying that he had died of cardiac arrest. The agency had said that Kim had been undergoing treatment for his heart and brain for a long time. His funeral has been scheduled for 28 December, while the mourning period will last till 29 December, said media reports. Kim’s body has been placed at a palace in Pyonyang. South Korea has put its military on alert following the news of Kim’s death. Japan has also held an emergency meeting, according to a report in the Straits Times. Meanwhile the latest reports from the country said that it would not accept delegations of mourning from abroad. Kim is believed to have suffered a stroke in 2008 but appeared relatively vigorous in photos and videos from recent trips to China and Russia and in numerous trips around the country carefully documented by state media. The leader, reputed to have had a taste for cigars, cognac and gourmet cuisine, was believed to have had diabetes and heart disease. Following are analyst views: YANG MOO-JIN, PROFESSOR, UNIVERSITY OF NORTH KOREAN STUDIES “Chances that the North Korean military is attempting a coup are very low because North Korea has called itself a nation sharing a common destiny with Kim Jong-un. “I think the collective leadership of the party, government and military will go on for a while, because Kim Jong-un is still young. “Now, South Korea urgently needs to think of who in North Korea it has to deal with. South Korea doesn’t want any instability in North Korea so will probably work to expand its cooperation efforts.” CHUNG YOUNG-TAE, KOREA INSTITUTE OF NATIONAL UNIFICATION “This was probably from a second stroke. Kim Jong-il’s death was somewhat expected. “What happens from now is very important. Any prospect for a strong and prosperous country is now gone. “Kim Jong-un is not yet the official heir, but the regime will move in the direction of Kim Jong-un taking center stage. “There is a big possibility that a power struggle may happen. “It’s likely the military will support Kim Jong-un. “Right now there will be control wielded over the people to keep them from descending into chaos in this tumultuous time. JUNE PARK, SENIOR ECONOMIST AT MERITZ SECURITIES “This is definitely negative factor for markets with no detailed information on his death. It will drive the stock markets lower and the Korean won to depreciate sharply as geopolitical risks are rising and foreign investors could withdraw money out of South Korea.” Agencies