Thursday October 8, 2020
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
Woori Bank begins to offer a global trustee business in Vietnam
Woori Bank announced on Oct. 7 that it has launched a global trustee business to store and manage Vietnamese investment assets since it received approval from a Vietnamese trust bank in July last year.
So far, domestic investment funds investing in Vietnam have entrusted foreign banks with their investments. With the launch of the trustee business, however, major domestic investors can receive fast and stable global trust services from Woori Bank.
JVM’s factory-type pharmacy 'NSP' makes a successful entry into Norway
JVM's flagship product "New Slide Premier (NSP)," which combines drug classification, packaging and inspection functions, has successfully settled in a pharmaceutical factory-type pharmacy in Europe and Norway, the company said on Oct. 7.
JVM, a subsidiary of Hanmi Science, is an innovative company that has secured 70% of shares in overseas markets for automated pouch-type medicine preparation.
The company said it has confirmed various advantages, including additional manpower savings, as a result of the introduction and operation of NSP by the N medicine preparing factory pharmacy, a subsidiary of Europe and Norway, which was recently established by the U.S. largest Drug Wholesaler.
LS Cable & System completes its 5G parts plant in India
LS Cable & System has completed construction of its second telecommunication plant at its LSCI plant in India, doubling the production capacity of telecommunication parts, the company said on Oct. 6.
The company is moving to foster LSCI as a specialized production base for telecommunication harness to respond to India's rapidly growing domestic market and target overseas markets such as Europe and North America.
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KBS (http://world.kbs.co.kr/english/news/)
Report: S. Korea's Trade Minister Advances to Final Round of WTO Chief Race
South Korean Trade Minister Yoo Myung-hee has advanced to the final round in a race to lead the World Trade Organization(WTO).
Bloomberg quoted unidentified sources as saying on Wednesday that Yoo will compete against Ngozi Okonjo-Iweala from Nigeria for the top seat.
The third and final phase of the consultation process will reportedly begin later this month and run until November 6, after which the WTO will endeavor to name a consensus winner of the race.
S. Korea, US to Hold Annual Security Talks Next Week
The defense chiefs of South Korea and the United States will hold annual defense talks in Washington next week.
South Korean Defense Minister Suh Wook said on Wednesday that he plans to visit the U.S. for his first talks with U.S. Defense Secretary Mark Esper.
Suh said during a parliamentary audit of his ministry that the annual defense ministers' talks between the two countries, known as the Security Consultative Meeting (SCM), are scheduled to take place in Washington next Wednesday.
Japan Likely to Lower Travel Advisory for S. Korea
Japan is likely to lift its overseas travel alert for South Korea and a number of other countries this month to reflect the current COVID-19 situation.
The Japanese Foreign Ministry's travel advisory for South Korea and other countries stands at Level Three, warning against all travel.
According to the Nikkei on Wednesday, the ministry is considering lowering its travel advisory this month for some countries to Level Two, which means that non-essential travel should be avoided.
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Yonhap (http://english.yonhapnews.co.kr)
Seoul's trade minister among 2 finalists in race for new WTO chief: report
South Korean Trade Minister Yoo Myung-hee has made it onto the shortlist of two finalists in a race to become the new chief of the World Trade Organization (WTO), a news report said Thursday.
The South Korean candidate will now compete with Ngozi Okonjo-Iweala from Nigeria for the top seat, Reuters reported, citing three unidentified sources.
The WTO earlier said the candidates for the final round of the selection process will be announced later Thursday (Geneva time). Member states will reach a consensus on the winner in the third round of the process.
Moon hopes for S. Korea-U.S. collaboration on declaring end to Korean War
President Moon Jae-in proposed Thursday that South Korea and the United States join forces to declare a formal end to the 1950-53 Korean War, saying it's a way to open the door for peace on the peninsula and make the alliance even greater.
"I hope that our two countries work toward the end-of-war declaration and draw active participation from the international community in this regard," he said in a video speech for the Annual Gala Dinner of the Korea Society. Based in New York, the private and nonprofit organization has long campaigned to promote ties between the allies.
Samsung delivers forecast-beating Q3 performance on mobile, chip recovery
Samsung Electronics Co. on Thursday expected market-forecast beating third-quarter earnings as its chip business apparently remained solid despite a decline in memory prices, and its mobile sales bounced back on pent-up demand amid the pandemic.
In its earnings guidance, the South Korean tech giant estimated its operating profit at 12.3 trillion won (US$10.6 billion) for the July-September period, up 58.1 percent from a year ago.
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The Korea Herald (http://www.koreaherald.com)
Missing North Korean diplomat settled in South in July 2019
A former North Korean diplomat, who disappeared in late 2018, came to South Korea in July last year and has lived here ever since, lawmakers revealed Wednesday.
Ruling Democratic Party Rep. Jeon Hae-cheol, who chairs the National Assembly’s intelligence committee, said Jo Song-gil, the North’s former acting Ambassador to Italy, came to South Korea voluntarily in July 2019.
“Jo had repeatedly expressed his wish to come to the South,” he told reporters.
S. Korea’s daily COVID-19 cases back in triple digits
South Korea’s daily COVID-19 case count bounced back to a three-digit figure Wednesday after six days of double-digit gains, putting the authorities on edge for what could be the beginning of a post-holiday resurgence.
Korea added 114 new COVID-19 cases -- 94 locally transmitted and 20 imported from overseas -- according to the Korea Disease Control and Prevention Agency.
Killing of South Korean civilian by NK was hostile act: defense minister
Lawmakers began the parliament’s annual inspection of state affairs on Wednesday with the ruling and opposition parties bickering over the selection of witnesses.
The recent killing of a South Korean civil servant by North Korean troops, along with the row over special treatment for the justice minister’s son in the military, overshadowed other issues.
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The Korea Times (http://www.koreatimes.co.kr)
Seoul's trade minister among 2 finalists in race for new WTO chief: report
South Korean Trade Minister Yoo Myung-hee has made it onto the shortlist of two finalists in a race to become the new chief of the World Trade Organization (WTO), a news report said Thursday.
The South Korean candidate will now compete with Ngozi Okonjo-Iweala from Nigeria for the top seat, Reuters reported, citing three unidentified sources.
Diplomat's defection to deal additional blow to Moon's North Korea policy
The alleged defection to South Korea of a ranking North Korean diplomat who went missing in 2018 during his tour of duty in Rome is raising concerns about its impact on inter-Korean relations, which have already hit an all-time low in recent months.
According to a local broadcaster's report late Tuesday, Jo Song-gil, Pyongyang's former acting ambassador to Italy, entered South Korea in July 2019 and has settled here under the protection of the authorities. Rep. Ha Tae-keung of the main opposition People Power Party (PPP) who serves on the National Assembly Intelligence Committee, confirmed this in a Facebook post later in the day, while ruling Democratic Party of Korea Rep. Jeon Hae-cheol, the chief of the committee, acknowledged it Wednesday.
Reality shows respond to COVID-19 in creative ways
Many TV networks in Korea were on high alert when the new coronavirus swept across the nation early this year. Some of their most popular shows were forced to halt production after staff members contracted COVID-19.
For them, the pandemic brought both fears and a big opportunity, as people spent more time in front of their TVs as a result of social distancing.
To keep the shows alive, the networks have come up with creative ways to get around the setbacks ― and thrive.
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HanKyoReh Shinmun (http://english.hani.co.kr)
S. Korea to maintain abortion laws but allow pregnancy termination up to 14 weeks
The South Korean government plans to keep abortion criminalized despite calls from feminists for lifting the ban. Under proposed revisions to the criminal code and the Mother and Child Health Act that will be released on Wednesday for public comment, abortion would be legalized during the first 14 weeks of pregnancy.
Hankyoreh reporters learned on Oct. 6 that the government’s proposed revision to the law would decriminalize abortion in the early phase of pregnancy, until the 14th week. The revision would also allow abortion until the 24th week under certain circumstances, such as when the pregnancy resulted from a sex crime. After a 40-day period when comments will be solicited from various fields, the government will submit the revised bill to the National Assembly.
North Korean high-ranking diplomat who went missing in 2018 has been residing in S. Korea since last year, lawmaker confirms
Jo Song-gil, 44, the North Korean chargé d'affaires to Italy who went into hiding in November 2018, has been residing in South Korea for the past year, it has been confirmed. The official confirmation of a high-ranking North Korean official seeking asylum in South Korea is expected to have a major impact on inter-Korean relations.
Ha Tae-keung, a lawmaker with the main opposition People Power Party who sits on the National Assembly’s intelligence committee, posted on his Facebook page that Jo “entered South Korea in July of last year and that authorities appear to be providing him asylum” on Oct. 6.
SK Hynix launches world’s first DDR5 DRAM chips
SK Hynix has just released the world’s first DDR5 DRAM, which is likely to set a new standard for memory semiconductors.
Since developing the 16 GB DDR5 in November 2018, SK Hynix has provided samples to Intel and other major partners. Following various tests for compatibility and other issues, the company said on Oct. 6 it had set up a mass-production system.
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Chosun Ilbo (http://english.chosun.com)
Ex-N.Korean Diplomat Defected to S.Korea
Jo Song-gil, the former chargé d'affaires at the North Korean Embassy in Rome, who disappeared in November 2018, is alive and well and living in South Korea.
Jo "has been under protection by intelligence authorities here since he arrived in South Korea in July last year," People Power Party lawmaker Ha Tae-keung wrote on Facebook on Tuesday.
Abortions to Be Legal Until 14th Week of Pregnancy
The government is seeking to legalize abortion until the 14th week of pregnancy, a relatively long period by international standards.
The decision follows a ruling by the Constitutional Court in April last year that the law prohibiting abortion is unconstitutional.
According to the Justice Ministry on Tuesday, the relevant laws will be revised to permit abortions until the 14th week of pregnancy, or the 24th week in cases of rape or if an expecting mother's life is in danger.
Family of Slain Official Turns to UN
President Moon Jae-in on Tuesday responded with "understanding" to an open letter from the son of a South Korean official who was killed by North Korean soldiers last month.
Moon dodged addressing the public directly but had himself quoted by a Cheong Wa Dae spokesman as saying, "I understand the feelings of a son who lost his father. My heart also grieves."
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The Dong-A Ilbo (http://english.donga.com/)
Senior Pentagon leadership enters self-quarantine
As one of the participants of a senior military meeting of the U.S. was confirmed with COVID-19, Joint Chiefs of Staff Chairman and top commanders of the Army, Navy, and Air Force have entered self-quarantine. As COVID-19 has spread in the Pentagon following the White House, concerns about the national security control tower of the U.S. are growing.
News reports of former N. Korean diplomat stoke concerns about safety of family
People Power Party (PPP) lawmaker and former deputy ambassador at the North Korean Embassy in London Thae Yong-ho expressed concerns about the media reports that the former acting ambassador at the North Korean Embassy in Rome Jo Song-gil has settled in South Korea. Rep. Thae said Jo will be defined as a “traitor and apostate” in North Korea and his family left in the North might receive punishment.
Posco, ExxonMobil join hands to target LNG market
POSCO announced Wednesday that it will enhance its cooperation with ExxonMobile, a U.S. energy company, in “high manganese steel.”
With manganese content of 10 to 27 percent, high manganese steel is stronger and more resilient to wear than other steel types. It has been developed and patented by POSCO, and was approved by the South Korean Ministry of Trade, Industry and Energy last year to be used for in-ground storage tanks for LNG. High manganese steel was used for the first time to build the fifth LNG storage tank in Gwangyang, South Jeolla Province.
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The KyungHyang Shinmun (http://english.khan.co.kr/)
The Fandom Economy: Massive Groups of Fans Are Moving the Money
Retail investors deposited 58 trillion won in bids for shares in Big Hit Entertainment, the management company of BTS. The latest investors included members of ARMY, the BTS fandom, as well as general investors. More and more fans seem to buy shares because they see the shares of their artist’s management company as meaningful “goods (merchandise),” rather than because of any interest in profits from rising stock prices. One representative of an investment bank said, “When teenage fans continue to be fans into their twenties and thirties, when they obtain economic power, the demand for relevant shares remain strong, preventing the prices from dropping easily,” and added, “The fandom is now affecting even the value of corporations.”
President Moon Replies to the Son of the Dead South Korean Official, “I Know What It Feels Like to Lose a Father… Let’s Wait for the Investigation Results”
On October 6, President Moon Jae-in expressed words of comfort saying, “I understand what it feels like to lose a father,” in response to the open letter from the son of A, the public official at the West Sea Fisheries Management Service under the Ministry of Oceans and Fisheries who was shot dead by North Korean soldiers.
According to Cheongwadae spokesperson Kang Min-seok, in a meeting this day, the president received a report on the letter from A’s son and said, “It pains me, too. I hope he, along with his mother and younger sibling, can overcome the difficulties, and I offer my condolences.”
They Said I Could Debut Right Away, But.... Left with 600 Million Won of Debt, Depression, and a Bunch of Lawsuits After 8 Years as a Trainee
“You can debut as soon as you join.” The president of A, an artist management company, mentioned the word “debut” from the very first encounter. He was the one who stopped Minjun (alias) as he came down from the stage of a local music contest for teenagers. He also mentioned a string of famous idol bands that he claimed to have “raised.” Minjun felt like he was already in heaven. He signed an exclusive contract with A and at age sixteen, became a trainee. It took eight long years for Minjun to finally make his debut. He has gone from a trainee to an idol, and now a former idol, and all he has left is 6 million won in debt under the name of investment, wounds from constant verbal abuse and bullying, severe depression and panic attacks, and an endless stream of lawsuits filed by his management company.
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
Samsung Elec projects 2-year quarterly best income of $11 bn in Q3
Samsung Electronics Co. Thursday reported a two-year quarterly best in its operating income for July-September period as pandemic turned out to be a boon for the maker of high-end electronic appliances and components.
In its earning guidance for the quarter ended September, the world’s largest chip and smartphone maker estimated its operating profit at 12.3 trillion won ($10.6 billion), up 51 percent against a quarter ago and 58 percent from a year ago.
Hyundai Mobis invests $25 mn in UK-based AR HUD Envisics
South Korea’s largest auto parts maker Hyundai Mobis Co. has decided to invest $25 million in Envisics, a UK-based augmented reality (AR) heads-up display (AR HUD) developer, accelerating its connected car push.
Following the latest investment, the auto parts making unit under Hyundai Motor Group that owns both Hyundai Motor Co. and Kia Motors Corp. will jointly develop an AR HUD system with Envisics with an aim to mass-produce it by 2025.
Farm Hannong’s non-selective herbicide gains approval for US sale
Farm Hannong, the pesticides and fertilizer making subsidiary of South Korea’s LG Chem Ltd., has won approval from the U.S. Environmental Protection Agency (EPA) for sale of its new molecule “Terrad`or” as a non-selective herbicide to gain foothold in the global market.
-----------------------------------------------------------------------------------------------------------------------What’s ticking around the world at this second?
See what the world media around the world have to report:
USA Today www.usatoday.com aallman@gannett.com
The New York Times www.nytimes.com inytletters@nytimes.com
Wall Street Journal www.wsj.com support@wsj.com, service@wsj-asia.com
Financial Times www.ft.com ean@ft.com
The Times www.thetimes.co.uk help@timesplus.co.uk
The Sun www.thesun.co.uk talkback@the-sun.co.uk
Chinese People's Daily www.people.com.cn kf@people.cn
China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn
GwangmyeongDaily www.gmw.cn webmaster@gmw.cn
Japan's Yomiuri www.yomiuri.co.jp japannews@yomiuri.com
Asahi www.asahi.com customer-support@asahi.com
Mainichi www.mainichi.jp
Le Monde www.ilemonde.com
Italy LaRepubblica www.quotidiano.repubblica.it vittorio.zucconi@gmail.com
Germany Frankfurter AllgemeineZeitung www.faz.net anzeigen.ausland@faz.de
SüddeutscheZeitung www.sueddeutsche.de forum@sueddeutsche.de
Australia Brisbane Times www.brisbanetimes.com.au syndication@fairfaxmedia.com.au
Sydney Morning Heraldwww.smh.com.au
Colombia Reports http://www.colombiareports.com
Bogota Free Planet http://www.bogotafreeplanet.com,bfp@bogotafreeplanet.com
El Universal https://www.eluniversal.com.mx/english
Andes https://www.redaktionstest.net/andes-info-ec/
Ecuador Times https://www.ecuadortimes.net/
The Jordan Times https://www.jordantimes.com/
LSM.lv https://www.lsm.lv//
The Baltic Times http://www.baltictimes.com lithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com
El Pais https://english.elpais.com/
Philippine Daily Inquirer https://www.inquirer.net/
Daily News Hungary https://dailynewshungary.com/
Budapest Times https://www.budapesttimes.hu/
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Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM
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Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE
And many other countries.
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