Wednesday, November 4, 2020
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
Shinhan Vietnam Bank concludes business tie-up with VKBIA in Vietnam
Shinhan Vietnam Bank, the Vietnamese subsidiary of Shinhan Bank, has signed a business agreement with Vietnam-Korea Business and Investment Association (VKBIA), a major Vietnamese economic cooperation organization, in Ho Chi Minh, Vietnam to strengthen business cooperation between Korea and Vietnam.
VKBIA is a Korean and Vietnamese entrepreneurs and investment association that has supported activities for exchanges and cooperation between Korea and Vietnam in various fields, including economy, trade, science and technology, culture and education, since its establishment in 2019.
Through this pact, Shinhan Vietnam Bank plans to cooperate with VKBIA in various areas, including comprehensive cooperation with VKBIA member companies, provision of advanced financial services, and holding seminars to promote exchanges between Korea and Vietnam.
Hyosung T&C to invest $53 million for expansion of spandex plant in Turkey
Hyosung T&C will invest 60 billion won ($53 million) in the Cerkezkoy area near Istanbul, Turkey, and expand its spandex production plant with an annual capacity of 15,000 tons by July next year, the company said on Nov. 2.
When the expansion is completed, the production capacity of the spandex plant in Turkey will be expanded to about 40,000 tons.
The expansion is based on Chairman Cho Hyun-joon's judgment that the company needs to make a preemptive investment as the global clothing market is recovering in earnest, especially in the European market.
POSCO Chairman Choi says, ‘Steel will be the best material to improve human life’
"In the future, steel will be the most important material that will improve the quality of human life," POSCO Chairman Choi Jeong-woo said in a keynote speech on the theme of POST-COVID-19 Megatrends: A New Decade (Post Corona Mega Trend and Steel Industry: New Decade) at the WSD "Steel Success Strategies" online conference on Oct. 27.
Chairman Choi defined future steel industry megatrends as "new mobility," "urbanization," "digitalization," "De-carbonization," and "De-globalization."
The World Steel Dynamics (WSD) is a global steel analysis organization based in New Jersey, the U.S., and holds the Steel Success Strategies Conference every year, and conducts and announces competitive evaluations on major global steel companies.
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KBS (http://world.kbs.co.kr/english/news/)
Trump Captures Most Votes After Two Small N. Hampshire Towns Go to Polls
U.S. President Donald Trump was found to be leading Joe Biden in the U.S. presidential election after vote counts came out for two small New Hampshire towns that traditionally tally their results just after midnight.
According to CNN and the Associated Press on Tuesday, Trump secured 16 votes in Dixville Notch and Millsfield, or six more than Biden.
Biden captured Dixville Notch, garnering all five votes cast. However, the president won in Millsfield by a tally of 16 to five. Voters in Dixville Notch, Millsfield and Hart's Location traditionally cast their ballots as the clock strikes midnight on Election Day. However, this year, Hart's Location opted to discontinue the tradition due to the COVID-19 pandemic.
S. Korea's FX Reserves Rise for 7th Straight Month in October
South Korea's foreign exchange reserves rose for the seventh consecutive month in October due to an increase in investment returns and a rise in the value of non-dollar assets.
According to the Bank of Korea on Wednesday, the country's foreign reserves came to a record 426-point-five billion U.S. dollars as of the end of last month, up five-point-96 billion dollars from a month earlier.
The growth marks the largest monthly gain in about two years since January 2018, when it grew six-point-five billion dollars.
Prosecution Raids FSS for Probe into Lime Case
The prosecution raided the financial regulator on Tuesday as part of a probe into a massive financial fraud scandal involving Lime Asset Management that caused losses of one-point-six trillion won.
The Seoul Southern District Prosecutors' Office sent prosecutors and investigators to the financial investment examination department of the Financial Supervisory Service(FSS) to secure documents related to the Lime case.
The prosecution reportedly conducted the raid in relation to alleged misselling of Lime funds by Shinhan Investment and Korea investment and Securities.
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Yonhap (http://english.yonhapnews.co.kr)
Americans vote for next U.S. president in one of most contentious elections
American voters began going to the polls Tuesday to decide who will lead their country for the next four years in one of the most contentious presidential elections in recent history and one that could turn out to be the most scandalous as well.
Voting began in the small town of Dixville Notch, New Hampshire, where its small population traditionally gathers at the turn of midnight to cast ballots, with the results often declared minutes afterward.
Democratic candidate and former Vice President Joe Biden swept all five votes cast in Dixville Notch, according to reports. President Donald Trump, on the other hand, won 16 votes out of the 21 ballots cast in nearby Millsfield, New Hampshire, which also participates in the traditional early voting.
New virus cases below 100 for 2nd day amid concerns over post-Halloween surge
South Korea's new coronavirus infections stayed in double digits for the second consecutive day Tuesday, but concerns remain over cluster infections following Halloween celebrations over the weekend.
The country added 75 more COVID-19 cases, including 46 local infections, raising the total caseload to 26,807, according to the Korea Disease Control and Prevention Agency (KDCA).
The figure marked a fall from Monday when the triple-digit growth fell back to double digits for the first time in six days, the KDCA said.
Kim Jong-un orders probe into recent shooting death of S. Korean official: spy agency
South Korea's state intelligence agency said Tuesday that there is circumstantial evidence indicating that North Korean leader Kim Jong-un has ordered a probe into the military's fatal shooting in September of a South Korean fisheries official, according to lawmakers.
Officials from the National Intelligence Service (NIS) made the remarks during a parliamentary intelligence committee's regular audit session into the agency, lawmakers who attended the meeting said.
"According to intelligence, there are circumstantial signs of (North Korea) carrying out a search for the body (of the slain official)," one of the official was quoted as saying during the closed-door session.
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The Korea Herald (http://www.koreaherald.com)
Seoul braces for uncertainty on peninsula as US head to polls
As Americans head to the polls Tuesday, the South Korean government is watching closely and bracing itself for uncertainty. Whoever is elected, the result will have a lasting impact on the Korean Peninsula and the bilateral alliance for the next four years.
Seoul’s national security officials and related ministries are monitoring the election that will determine whether US President Donald Trump will lead the country for another four years or Democratic challenger Joe Biden will sweep the White House as polls have suggested. The final polls were incredibly bullish on former Vice President Biden, who is leading nationally and in the most important swing states, but Trump’s reelection remains a possibility.
For Seoul, several critical issues hinge on the battle between the two candidates, who offer starkly different visions of the US’ role in the world. They include the stalled efforts to denuclearize North Korea, the Seoul-Washington defense cost-sharing standoff and the future of the alliance amid heated US-China rivalry.
Finance Minister offers to resign over major-shareholder taxation furor
South Korea’s Deputy Prime Minister and Finance Minister Hong Nam-ki offered his resignation on Tuesday, in an apparent response to the market backlash against the government’s proposed changes to the taxation rules.
“I have offered my resignation and submitted my letter today, taking responsibility over the prolonged disputes,” the fiscal chief said during a parliamentary finance committee meeting.
His abrupt announcement came while answering a question from Rep. Chung Il-young of the ruling Democratic Party of Korea, concerning the Ministry of Economy and Finance’s continued attempts to redefine a “major shareholder” by lowering the threshold.
Contactless payments surge 17% amid pandemic: BOK
Non-face-to-face payments have surged 17 percent on-year since the outbreak of COVID-19, a report released by the central bank on Tuesday showed.
Contactless payments made via electronic devices and other noncash methods inched up by 1.4 percent on-year in the first nine months of this year, the Bank of Korea said in a report.
“Contactless payment transactions have expanded as usage of mobile payments have increased compared with actual credit or debit card payments,” the report showed.
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The Korea Times (http://www.koreatimes.co.kr)
D-day: Trump, Biden make final pitches to voters
After a campaign marked by rancor and fear, Americans on Tuesday decide between President Donald Trump and Democrat Joe Biden, selecting a leader to steer a nation battered by a surging pandemic that has killed more than 230,000 people, cost millions their jobs and reshaped daily life.
Nearly 100 million Americans voted early and now it falls to Election Day voters to finish the job, ending a campaign that was reshaped by the coronavirus and defined by tensions over who could best address it. Each candidate declared the other fundamentally unfit to lead a nation grappling with COVID-19 and facing foundational questions about racial justice and economic fairness.
Biden entered Election Day with multiple paths to victory while Trump, playing catch-up in a number of battleground states, had a narrower, but still feasible road to clinch 270 Electoral College votes. Control of the Senate was at stake, too: Democrats needed to net three seats if Biden captured the White House to gain control of all of Washington for the first time in a decade. The House was expected to remain under Democratic control.
Korean gov't gearing up for diplomatic push with new US president
The government is bracing up for a post- presidential election scenario to seek to deepen its ties with the United States, given that depending on who wins, foreign policy toward the Korean Peninsula is likely to take a hugely different path.
The race for the White House began, Tuesday (local time), pitting President Donald Trump against former Vice President Joe Biden.
Considering the U.S. influence on Korea's diplomatic and security issues, the Ministry of Foreign Affairs has formed a massive taskforce led by First Vice Foreign Minister Choi Jong-kun, to gauge American public opinion toward each candidate and formulate Seoul's response to the election outcome. The Korean Embassy in the U.S. also has an official in charge of overseeing a team monitoring the election.
Suspended airmail service amid pandemic draws consumer complaints
Korea Post's suspension of its standard airmail services due to the COVID-19 pandemic has been drawing complaints from an increasing number of consumers who have to pay more to send mails or parcels abroad.
In April, Brother Anthony, the president of Royal Asiatic Society Korea, had to pay 33,000 won to send a small book to a friend in England. Before the coronavirus outbreak, it cost him only about 6,000 won.
The only explanation he had heard from the post office he use was: "Because no planes are leaving Korea because of the virus." Six months afterwards, the situation hasn't changed much.
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HanKyoReh Shinmun (http://english.hani.co.kr)
Korean economy will return to normal trajectory in first half of 2021, Moon says
On Nov. 2, South Korean President Moon Jae-in stated that “the economy has now broken free from the rapid contraction in the first and second quarters and entered a phase of clear growth.”
This view is based on the GDP growth rate released by the Bank of Korea (BOK) on Oct. 27. “A series of recent economic indicators suggest that our economy has turned the corner and is rapidly recovering,” Moon said while presiding over a meeting of senior aides and secretaries at the Blue House. “In particular, the fact that we saw ‘triple growth’ in industrial activity across production, consumption and investment in September has led to brighter forecasts that this growth will continue in the fourth quarter.” BOK reported that Korea’s GDP growth rate in the third quarter of this year had increased by 1.9% over the previous quarter.
The president also praised the robust production capacity of Korean manufacturers. “The miraculous defense put up by our economy was made possible by dynamic production and exports from manufacturers,” Moon said. “They say that one’s true character comes to light in a crisis, and this is becoming an opportunity to rediscover our manufacturing industry.”
S. Korean foreign ministry aims to contact president-elect before Japan
With just one day left before the US presidential election, South Korean government officials are on the edge of their seats.
For now, countries around the world are still wrapping up their final analysis of the race and assessment of potential scenarios. But as soon as the results become apparent, those countries will be racing to make diplomatic contact with the next president of the US, the most powerful country in the world.
Sources close to South Korea’s Ministry of Foreign Affairs (MOFA) told the Hankyoreh on Nov. 2 they think Joe Biden has a good chance of being elected, but officials seem wary about jumping to conclusions. That position reflects not only clear indications that Donald Trump is gaining ground, but also Trump’s upset victory four years ago, driven by “shy Trump voters.”
Lee Myung-bak offers no apology in final moments before incarceration
At 12 pm on Nov. 2, a citizen stood outside the residence of former President Lee Myung-bak in Seoul’s Gangnam District shouting “Apologize, Lee Myung-bak!” The cry stood in stark contrast to the sound of hymns emanating from within the house. The melody of hymns floated outside the walls of the residence alongside prayers for “Elder Lee Myung-bak.”
One member of the Somang Presbyterian Church told reporters that “Elder Lee looked full of life” as he came out of the house. Lee also reportedly told close associates he met with to “not worry too much.” Lee has refused to apologize. After being sentenced to 17 years in prison by the Supreme Court for crimes including embezzlement and receiving bribes, Lee was taken back to Seoul Dongbu Detention Center in the city’s Songpa District on the afternoon of Nov. 2.
This comes 251 days after he was released when the Seoul High Court issued a stay of execution on his detention on Feb. 25. Lee was transported to the detention center in a car with heavily tinted windows, and did not make a public statement. The only communication came through his lawyer, Kang Hun, who passed on the message: “I will come back after serving my sentence. I will overcome this through the belief that even though they can imprison me, the truth cannot be confined.”
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Chosun Ilbo (http://english.chosun.com)
How Did Korean Billionaires Get Rich?
The number of billionaires in Korea is on the rise even as millions struggle to make ends meet in a depressed economy exacerbated by the coronavirus epidemic.
KB Kookmin Bank surveyed 400 people who own more than W1 billion in financial assets alone to find out how they got so rich and what they do with their money. It also turned to data from the Bank of Korea, Statistics Korea and the National Tax Service for answers (US$1=W1,136).
Some 354,000 people in Korea had financial assets over W1 billion last year, more than double the figure of 10 years ago. Those who owned W10-30 billion numbered 24,000, while 6,400 owned more than W30 billion.
Hwaseong Serial Killer Admits Murders
Serial killer Lee Chun-jae, who is already serving a life sentence for murdering his sister-in-law, appeared in court on Monday to confess to other unsolved murders.
Lee was testifying at the retrial of a man, identified only as Yoon, who was falsely convicted of a crime Lee committed. He appeared in court in prison garb, sneakers and face mask. He was slim and had salt-and-pepper hair.
When Yoon's lawyer asked Lee if he was the culprit behind the serial murders in Hwaseong, Gyeonggi Province that terrified the entire country in the 1980, he responded, "That's right."
Samsung Chief to Become Korea's Richest Shareholder
Samsung chief Lee Jae-yong is set to become the richest person in Korea after the recent death of his father Lee Kun-hee.
According to financial information service FnGuide, Lee senior owned 4.18 percent of Samsung Electronics, which is valued at W17.3 trillion, which made him the richest stockholder in Korea (US$1=W1,136).
Lee Jae-yong already ranks second with W7.2 trillion worth of stocks, while his mother Hong Ra-hee ranks fifth with W3.07 trillion in stocks. His two sisters, Lee Boo-jin and Lee Seo-hyun, both rank 14th with W1.66 trillion worth each.
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The Dong-A Ilbo (http://english.donga.com/)
The impact of U.S. presidential election result on Korean Peninsula
The South Korean government has formed a task force to prepare for the U.S. presidential election result that could shake the diplomatic situation on the Korean Peninsula. If President Trump is re-elected, denuclearization talks between the heads of the U.S. and North Korea are likely to resume but at the same time the South Korea-U.S. alliance can be put to test once again. If Democratic presidential candidate Joe Biden wins the election, the ROK-U.S. relations could be stabilized, bringing a breakthrough in deadlocked defense cost-sharing talks but there are little prospects for a surprise U.S.-North Korea summit.
“We are bracing for various scenarios for the election result through task force meetings,” said an official at the South Korean Ministry of Foreign Affairs. With the lead of a task force of 25 officials from the North America Division and the Task Force on the North Korean Nuclear Issue, the South Korean authorities have been analyzing the impact of the U.S. presidential election since August. The government will prepare a congratulatory message for Joe Biden while planning to resume dialogue with the Trump administration via diplomatic channels in case Trump wins.
Doosan Infracore reaches 200,000 mark for excavator production in China
Doosan Infracore announced on Tuesday that the company’s number of excavators produced in China surpassed 200,000 units. It is a record reached in 26 years since the company first entered the Chinese market in October 1994.
Doosan Infracore whose plants are located in Yantai in China reached the 5,000 mark for the accumulated production of excavators in 2001. The Chinese market was dominated by Japanese construction machinery producers at the time, but the South Korean company grew to secure the largest market share as a foreign company in the country’s construction machinery sector since the 2000s by engaging in aggressive marketing tactics and launching new products. The company’s annual production of excavators surpassed 10,000 units in the mid-2000s and 20,000 units in 2010.
Library chief who visited 300 overseas libraries at her own expense
Dogok Information Culture Library Chief Cho Geum-ju (52) visited more than 300 libraries across the world. She was busy looking up libraries rather than sightseeing spots whenever she travelled. “I was eager to spread the merits of overseas libraries to Korean librarians,” Cho said. She recently published “World’s Libraries that Thrilled Me,” which introduces library cultures of the world.
Before taking office as the library chief in April 2017, Cho visited libraries in the U.S., Europe and Asia. She continued to visit libraries around the world by taking several days off near national holidays before COVID-19 broke out.
She visited many fascinating libraries including one in Japan that had a disaster information system, a Taiwanese library that minimized environmental destruction and a Chinese library that was larger than a shopping complex, but the most memorable libraries were those in the U.S. and Europe that had “Youth Media” room. It is a cultural space that has facilities for the youth aged from 10 to 15.
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The KyungHyang Shinmun (http://english.khan.co.kr/)
“I’m the One Behind the 14 Murders in Hwaseong and Cheongju” Lee Chun-jae Reveals Himself after 34 Years
Lee Chun-jae (56), the man behind the serial murders linked to his name, appeared as a witness in a retrial of the eighth murder, which stirred controversy over the real killer, and testified, “I am the real killer” responsible for fourteen murders that occurred in Hwaseong and Cheongju in the 1980s.
On November 2, prison guards led Lee Chun-jae into the courtroom for a retrial of this case, heard by Criminal Division 12 (chief judge Bak Jeong-je) of the Suwon District Court. Lee entered the courtroom wearing a green-blue prisoner uniform and white sneakers. His grey hair was shaved short and he was masked.
After swearing in as a witness, Lee gave his testimony on the case. Lee Chun-jae, who appeared before the public for the first time in 34 years since the first case occurred (Sept. 15, 1986), said, “Here it comes,” and described how he felt when the police reopened the investigation on this case last year. When the police came to the prison and questioned him based on DNA test results, he said he confessed everything about the fourteen murders. He also said that he lost contact with his family after his confession. Lee maintained a consistent tone of voice, with no significant changes in emotions, as he confessed to fourteen murders and over thirty sex offenses.
President Moon Personally Unlocks the Iron Gate at Bukaksan Mountain for the First Time in 52 Years
President Moon Jae-in personally unlocked the iron gate at Bukaksan Mountain, which had been closed for 52 years after the “Kim Shin-jo case” in 1968. A part of the northern slope of Bukaksan Mountain, where access had been restricted, was opened to the public at 9 a.m. November 1.
On October 31, the day before the unlocking of the north side of Bukaksan Mountain, President Moon walked along the dulle-gil or trail and inspected the area near Cheongwadae which would return to the citizens. The dulle-gil in the north side of Bukaksan Mountain is the third area near Cheongwadae to be opened to the public following the street in front of Cheongwadae (open 24 hours) in 2017 and the Inwangsan trail (completely opened) in 2018. In the first half of 2022, the south side of Bukaksan Mountain will also be opened to the public.
This day, President Moon arrived at Entrance 1 (Buam-dong Toggigul, ‘rabbit hole’) in the north side of the Bukaksan fortress and received a report on the management of Bukaksan Mountain from Kim Do-gyun, commander of the Capital Defense Command. The president then received the keys from a soldier and personally unlocked the iron gate. The area had been closed off to the general public after the “January 21 incident,” in which North Korean commandos including Kim Shin-jo had attempted to attack Cheongwadae in 1968.
Democratic Party Takes Steps to Nominate Mayoral Candidates in Seoul and Busan
The Democratic Party of Korea decided on a party referendum on the amendment of the party’s constitution to nominate mayoral candidates for the by-elections in Seoul and Busan next April. The decision was the first step to overturn the party’s principle of no nominations when its member is responsible for a by-election or re-election, in order to nominate candidates in the two cities.
More voices are criticizing the ruling party’s step away from “accountable politics.”
At the general meeting of the Democratic Party of Korea lawmakers on October 29, party leader Lee Nak-yeon said, “With the consent of the Supreme Council, we decided to put the amendment of the party’s constitution, which will open the way for candidate nominations, to a vote among all party members.” He also said, “Once again, we apologize to the citizens of Seoul and Busan and to the people for creating a vacuum in city administration and making them go through a by-election due to faults by our party.” At the same time, he added, “Refraining from presenting a candidate is not the only responsible choice. Rather, we thought it would be responsible to receive the citizens’ judgment after nominating a candidate.” At present the majority of the party is in favor of nominating a candidate, so putting the issue up to a vote actually seems intended to secure grounds to push ahead with the candidate nomination.
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Maeil Business News Korea (http://www.pulsenews.co.kr/).
Korea’s Oct inflation back to near-zero, slips to negative minus food and energy
South Korea’s inflation rate fell back to near zero in October as mobile phone bills were temporarily slashed as part of Covid-19 relief measures.
The consumer price index (CPI) in October inched up 0.1 percent from a year earlier, a sharp retreat from the 1.0 percent gain in the previous month, according to Statistics Korea on Tuesday.
Consumer prices sank to minus territory in May as the coronavirus pandemic depressed demand. But inflation rose in the following four months as fresh food prices surged due to the record-long rainy season.
Samsung Electronics to push out new Galaxy premium series in January
Samsung Electronics Co. won’t stick to the regular calendar for new flagship phone releases and roll out Galaxy S21 in January instead of its usual spring season to keep up its trend-setting streak in phone innovations amid the absence of its key Chinese rival.
Samsung Electronics is ready to manufacture Galaxy S21 series within the year to have them ready for market around the end of January, said an unnamed industry source.
Foreign media ZDNet and CNBC reported that the Korean smartphone giant has already begun production of the Galaxy S21 series for early launch next year, citing various sources.
Doosan Infracore becomes first non-Chinese name to turn out 200,000 excavators in China
Doosan Infracore Co.’s cumulative production of excavators in China hit a milestone of 200,000 units in 26 years since its entry into the Chinese market.
Its Chinese entity Doosan Infracore China Corporation held a celebration event at its Yantai plant on Oct. 30, the heavy equipment unit of South Korean conglomerate Doosan Group said Tuesday.
Doosan Infracore advanced into China with the construction of Yantai plant in 1996. It achieved a 5,000 unit production milestone in 2001, becoming the market No. 1 in China previously dominated by Japanese brands. Its annual output expanded to 10,000 units in mid-2000s and then to 20,000 units in 2010.
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The Jordan Times www.jordantimes.com/
LSM.lv www.lsm.lv/
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Philippine Daily Inquirer www.inquirer.net/
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Budapest Times www.budapesttimes.hu/
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The Korea Post is running video clips from the different embassies.
Azerbaijan: www.youtube.com/watch?v=OR8CBpcQ4WM
Sri Lanka: www.youtube.com/watch?v=hByX92Y2aGY&t=22s
Morocco: www.youtube.com/watch?v=jfFmp2sVvSE
And many other countries.
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