Thursday, December 10, 2020
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
“The first Sprint Triathlon World Cup Championship in our district will be a true success”
Mayor Hong Sun-heon of the Haeundae District of the Busan Metropolitan City said, “We are hosting in our Haeundae District in Busan the “2021 Haeundae Sprint Triathlon World Cup Championship’ meeting for four consecutive days on July 1-4, 2021.”
Speaking at recent interview with The Korea Post media, publisher of 3 English and 2 Korean-language since 1985, Mayor Hong said, “This is the first such a significant sports event ever held in Busan which will be participated in by a total of over 2,500 athletes from all parts of the world.”Mayor Hong had a long string of special features of his district of the Busan City, which duly merited special attention from all parts of the world.
Kyung Dong Navien garners $300 million export award at Trade Day
Kyung Dong Navien received the $300 million export award at the Trade Day event held at COEX in Seoul on Dec. 8, the company said.
Kyung Dong Navien, the flagship of K-Boiler, has attracted global customers by introducing locally optimized products since the mid-2000s.
The company has driven boilers into export industries by taking the top spot in the North American and Russian markets and expanding its influence in the Chinese market. Kyung Dong Navien accounted for 84.1 percent of the industry's total exports of boilers and gas water heaters last year.
Hyundai Steel joins the steel global initiative 'Responsible Steel'
Hyundai Steel has joined the steel global initiative "Responsible Steel" for the first time in Korea, the steel company said on Dec. 8.
'Responsible Steel' is an ESG initiative in the steel sector run by the Steel Stewardship Council, an Australian-based multinational non-profit organization, including steel makers such as ArcelorMittal, Aperam and Bluescope, as well as automakers such as BMW, mining company BHP, and financial firm HSBC.
To achieve its aim to become a 'sustainable steel company', Hyundai Steel is developing the first ESG standard and certification program in the steel sector.
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KBS (http://world.kbs.co.kr/english/news/)
National Assembly Passes Key Bills Amid Opposition Protest
The National Assembly passed a number of bills on Wednesday amid protest from the main opposition party.
The ruling Democratic Party, which holds a supermajority, passed major reform bills on the last day of the first regular session of the 21st National Assembly.
The passed bills include revisions to the Commercial Act, Fair Trade Act and a new law on the supervision of financial groups. One of the bills would require listed companies to name at least one auditor from outside their board and limit voting powers of the biggest shareholders to three percent in the auditor's appointment.
Gov't to Intensify COVID-19 Testing in Greater Seoul Area for 3 Weeks
Health authorities plan to set up makeshift COVID-19 screening centers in over 100 areas in the greater Seoul region for weeks to better cope with the latest resurgence of the pandemic in the region.
Korea Disease Control and Prevention Agency (KDCA) Commissioner Jeong Eun-kyeong reported the plan to President Moon Jae-in on Wednesday during an emergency government meeting to check up on responses to the third wave of the virus in the metro area.
Jeong said during a three-week “intensive testing period”, screening clinics will be established in around 150 areas frequented by young people in Seoul, Gyeonggi Province and Incheon, including Seoul Station and near major college campuses.
Authorities Take Measures to Ensure Public Safety Ahead of Sex Offender's Release
After over a decade in prison, South Korea's most notorious child sex offender Cho Doo-soon is set to taste freedom this weekend. He will head to his home in the Gyeonggi provincial city of Ansan, but residents there are on edge at the thought of someone with his violent past walking free.
Convicted kidnapper and child rapist Cho Doo-soon is set to be released on Saturday, after completing his 12-year prison term.
Cho received his sentence after he was found guilty of kidnapping, brutally assaulting and raping an eight-year-old girl in Ansan, Gyeonggi Province, in December 2008.
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Yonhap (http://english.yonhapnews.co.kr)
New infections near 700 despite enhanced social distancing rules
South Korea's new virus cases neared 700 on Wednesday on soaring community infections in the greater Seoul area despite toughened social distancing measures.
The country reported 686 new virus cases, including 662 domestically transmitted ones, raising the total caseload to 39,432, according to the Korea Disease Control and Prevention Agency (KDCA).
Of the 686 new virus cases, 524 were reported in the greater Seoul area, covering Gyeonggi Province and Incheon, just west of Seoul.
Moon vows gov't effort for additional coronavirus vaccines
President Moon Jae-in called Wednesday for the government's efforts to secure a surplus of COVID-19 vaccines despite fiscal burden.
He pointed out that the government has already acquired early access to vaccines for 44 million people, saying, "The end of a long tunnel (in the anti-virus fight) is seen at last."
South Korea will be able to begin inoculation in February or March next year, when an initial batch of vaccines arrives here, he said during an emergency meeting held at Cheong Wa Dae's national crisis response center via video links to review the virus fight and control system in and around Seoul.
Biegun says he looks forward to 'close cooperation' with S. Korea ahead of Biden inauguration
U.S. Deputy Secretary of State Stephen Biegun said Wednesday that he looks forward to "close cooperation" with South Korea "in the weeks and months ahead," as Seoul seeks to reignite nuclear diplomacy with North Korea when the incoming Joe Biden administration takes office next month.
Biegun made the remarks during his talks with Vice Foreign Minister Choi Jong-kun, as he kicked off his official schedule here on what could be his last trip to Seoul in his current capacity as the State Department's No. 2 man and its top nuclear negotiator.
Just hours ahead of their meeting, Kim Yo-jong, the sister of North Korean leader Kim Jong-un, struck a jarring note with her stinging rebuke of Foreign Minister Kang Kyung-wha's recent remarks on the North's COVID-19 situation.
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The Korea Herald (http://www.koreaherald.com)
S. Korea reports nearly 700 new cases, 2nd-highest daily increase since January
South Korea reported nearly 700 new coronavirus cases Wednesday, second-highest daily total since the beginning of the outbreak here in January, despite tightened antivirus restrictions in place nationwide.
Korea added 686 coronavirus cases -- 662 locally transmitted and 24 originating from overseas -- in the 24 hours ending Tuesday at midnight, according to the Korea Disease Control and Prevention Agency.
Wednesday’s daily case count is the highest ever apart from Feb. 29 when the daily tally reached a peak of 909 cases during the first wave of infections swept through a minor religious sect. The daily increase in infections hovered around 100 until early last month, but it neared 700 only in a month. The country has seen triple-digit gains in infections since Nov. 8.
Expectations grow for Samsung’s expansion in US
Samsung Electronics may be considering ramping up its Austin, Texas-based semiconductor factory as part of efforts to strengthen its foothold in the foundry market, according to industry sources on Wednesday.
Expectations are growing as Samsung seeks a zoning change for plots of land near its Austin campus it purchased in late October.
Samsung Austin Semiconductor has filed a request with the Austin City Council for a rezoning of some 205 acres of the 258-acre land, which is about 104,089 square meters.
Conglomerates spent more on R&D this year despite pandemic
Faced with growing market uncertainties stemming from the pandemic, large companies in South Korea expanded their research and development investment to secure future growth engines. Samsung Electronics and Naver led the way, data showed Wednesday.
According to an analysis conducted by Seoul-based corporate tracker CEO Score of 217 of the nation’s top 500 companies by revenue, the companies’ total aggregate R&D spending came to 40 trillion won ($36 billion) from January to September.
It was up 2.03 percent from the same period last year. Their revenues totaled 1,178 trillion won, down 4.85 percent year-on-year.
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The Korea Times (http://www.koreatimes.co.kr)
Why did Kim's sister resume verbal attacks on Seoul?
Kim Yo-jong, the sister of North Korean leader Kim Jong-un, has come under the spotlight again for a statement she issued Wednesday in response to South Korean Foreign Minister Kang Kyung-wha's recent remarks about the reclusive state's anti-COVID-19 measures.
Media interest has been drawn to the event as it is the first time the North's most powerful woman has issued a statement directed at the South in her own name since one in June that denounced anti-North Korea propaganda leaflets being sent from South Korea.
The statement, released under the title of the first vice department director of the Central Committee of the Workers' Party of Korea, came after Kang made some negative remarks about Pyongyang's COVID-19 response, saying it was hard to believe that the North did not have any confirmed cases.
Korea faces ICU bed shortage for virus patients
Korea is facing a shortage of intensive care unit beds (ICU) as the country has seen a sharp rise in the number of daily new COVID-19 infections.
Central and local governments are struggling to come up with countermeasures, with Seoul City creating makeshift wards using containers on the grounds of city-run hospitals.
According to the Central Disaster and Safety Countermeasures Headquarters, Wednesday, there remained only 43 ICU beds for patients in critical condition across the country as of Tuesday when 686 new coronavirus cases were confirmed. Such beds are for seriously ill patients who need respiratory and other life-support equipment to provide extracorporeal membrane oxygenation(ECMO) and high-flow oxygen therapy.
MBK Partners faces off against ruling bloc's allies
MBK Partners will likely go through tougher-than-expected times in coping with the Finance Watchdog Center, a progressive civic group which filed a criminal complaint Tuesday against MBK Chairman Michael Byungju Kim over allegations of offshore tax evasion.
Founded in October to prevent a recurrence of financial crimes similar to the hedge fund fiascos involving Lime and Optimus asset managements that caused investors massive losses, the civic group has drawn attention for its close relationship with the ruling Democratic Party of Korea (DPK).
Its leadership includes several influential pro-government activists.
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HanKyoReh Shinmun (http://english.hani.co.kr)
S. Korea says it has secured enough COVID-19 vaccines for 44 million people
The South Korean government announced on Dec. 8 that it has secured supplies of COVID-19 vaccines developed by international pharmaceutical companies AstraZeneca, Pfizer, Janssen and Moderna. The plan is to obtain enough vaccines for 44 million people, including preorders obtained directly from pharmaceutical companies.
A cabinet meeting presided over by Prime Minister Chung Sye-kyun on Dec. 8 deliberated on and approved the plan to obtain COVID vaccines developed overseas. The meeting also discussed plans for administering the vaccines. On this day, the government finalized its plan to obtain approximately 10 million vaccines through the COVAX Facility and secure supplies of another 34 million through global vaccine companies. The COVAX facility is an international coalition driven by the World Health Organization (WHO), the Coalition for Epidemic Preparedness Innovations (CEPI) and Gavi, The Vaccine Alliance (GAVI), with the goal of achieving a fair distribution of vaccines to 20% of the world’s population by the end of 2021.
S. Korean students have high scores in math and science, but confidence levels are lower than global average
South Korean elementary school students rank among the world’s highest for math and science achievement levels, but their levels of confidence and interest in the subjects they study fall below the global average, a study shows.
On Dec. 8, the International Association for the Evaluation of Educational Achievement (IEA) announced data from its Trends in International Mathematics and Science Study (TIMSS), an international comparison of changes in math and science ability for 2019. The study is conducted every four years, with the latest involving the participation of 330,000 elementary school students in 58 countries and 250,000 middle school students in 39 countries. From South Korea, a total of 5,855 fourth year elementary school students and 6,246 second year middle school students participated.
Democratic Party pushes through legislation to set up office to investigate political corruption
A bill that will revise an act setting up an independent agency for investigating corruption by high-ranking officials passed the South Korean National Assembly’s Legislation and Judiciary Committee on the morning of Dec. 9.
Despite its attempts to block the bill, the opposition People Power Party (PPP) was helpless against the ruling Democratic Party’s superior numbers. The revised act would ease the requirements for nominating the head of the Corruption Investigation Office for High-Ranking Officials (CIO), effectively neutralizing the PPP‘s veto power. The bill is expected to be submitted to the floor of the National Assembly on Dec. 9, the final day of the current legislative session.
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Chosun Ilbo (http://english.chosun.com)
Gov't Secures 44 Million Vaccines
The government said Tuesday that it has secured 44 million doses of coronavirus vaccines and will bring them into the country in stages starting in February next year.
Orders have been placed with AstraZeneca for 10 million doses, while contracts are expected to be signed with Pfizer and Moderna for another 10 million each and Janssen for 4 million, Health and Welfare Minister Park Neung-hoo told reporters.
The government plans to secure another 10 million doses through the COVAX Facility, a global risk-sharing mechanism aimed at securing vaccines for equitable distribution.
China Openly Buys Illegal Coal from N.Korea
China is openly buying North Korean coal in defiance of international sanctions and generally helping the North evade sanctions, the Wall Street Journal reported on Monday.
The daily said the North sold between US$330 million and $410 million worth of coal to China this year. "It's not particularly hidden," a state Department official told the WSJ.
The U.S. government estimates that North Korea exported around 4.1 million tons of coal to China from January to September, 20 percent of what it sold to China in 2017, before the UN Security Council banned the exports.
Korean Schoolkids Lead World in Math But Don't Like It
Korean schoolkids lead the world in math and science problems, but a high proportion find them useless and boring.
Korean fourth graders ranked third in the world in terms of achievement in math and second for science in the 2019 Trends in International Mathematics and Science Study, while eighth graders came third in math and fourth in science.
The assessment is made every four years by the International Association for the Evaluation of Educational Achievement and last year covered 330,000 fourth graders from 58 countries and 250,000 eighth graders from 39 countries.
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The Dong-A Ilbo (http://english.donga.com/)
Kimchi and paocai are two different foods,’ Chinese state media says
As the Chinese press is under criticism for causing controversy about where kimchi originated from, a Chinese state media company said kimchi and paocai are completely different. It seems to take a step back by explaining the recent controversy as a misunderstanding in translation.
“This confusion that stems from an innocent lost in translation ignited a feud,” China’s state-run English newspaper Global Times said, explaining differences between kimchi and paocai on Wednesday (local time). “The two food genres, despite being both called paocai in Chinese term, vary a lot in making methods and selection of raw materials,” the newspaper said. “Kimchi refers to a kind of fermented cabbage dish that plays an integral role in Korean cuisine, while paocai, or Sichuan paocai, refers to pickled vegetables that are popular originally in Southwest China's Sichuan Province.” While the English newspaper used the term ‘kimchi,’ other Chinese media companies use the term ‘paocai’ to refer to kimchi.
US imposes sanctions on businesses and ships involved in coal smuggling
The U.S. Department of the Treasury imposed sanctions on Tuesday (local time) against North Korean and Chinese trading companies and ships involved in illicit exports of North Korean coal. With less than 50 days remaining until the end of President Trump’s term in office, the level of pressure on North Korea and China.
The Treasury Department announced a statement on Tuesday criticizing China for having continuously been involved in the illicit exports of North Korean coal in violation of the U.N. Security Council’s sanctions against North Korea and revealed new sanctions. According to the statement, a total of six logistics – four Chinese, one North Korean, and one Vietnamese – have been newly added to the subject of sanctions along with a total of four ships – two Chinese, one Hong Kongese, and one Vietnamese. All assets of the companies and related persons in the U.S. will be frozen and all financial transactions in the U.S. will be suspended for them.
Tesla announces $5 billion capital raise in 3 months
Tesla unveiled a plan to sell up to 5 billion U.S. dollars in stock on Tuesday (local time). This is the second time in three months that the electric car company has launched a massive share sale.
Tesla announced the plan in a filing submitted to the Securities and Exchange Commission (SEC), according to a CNBC report. Ten major banks, including Goldman Sachs and Citigroup Global Markets will be responsible for the share sale. Tesla said in the filing that the shares will be sold “from time to time” and “at-the-market” prices.
The capital that would be raised through the sale of shares is expected to be used in reducing debt and expanding businesses as the move came at a time when the electric automaker is building new factories in Texas, the U.S. and Germany.
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The KyungHyang Shinmun (http://english.khan.co.kr/)
47% of Single-Person Households Pay a Monthly Rent
Last year, nearly half of all single-person households paid a monthly rent for their housing. And single-person households said of all the housing support, they needed help with loans for jeonse (lease on a lump-sum deposit) the most.
According to Single-Person Households Seen Through Statistics 2020, which Statistics Korea released on December 8, last year, there were over 6.1 million single-person households, and they accounted for 30.2% of all households (20.3 million). The proportion of single-person households has been steadily growing each year, and last year it surpassed 30% for the first time. A closer look at the age groups showed that the proportion of single-person households was highest among the twenty-somethings (18.2%), followed by people in their thirties (16.8%), fifties (16.3%), sixties (15.2%), and forties (14.2%). Of the single-person households, 21.1% (1.3 million) lived in Seoul and 21.0% (1.29 million) lived in Gyeonggi, showing that many lived in the greater Seoul area. Urban areas had a high percentage of young people who lived alone, while in rural areas it was mostly the elderly who lived alone. Among the single-person households, Sejong (53.6%) had the highest proportion of people in their twenties and thirties, followed by Seoul (48.8%), and Daejeon (47.0%), while the percentage of people aged sixty or older was highest in Jeollanam-do (51.6%) followed by Gyeongsangbuk-do (44.0%) and Jeollabuk-do (43.7%).
Corruption Investigation Office for High-ranking Officials to Launch This Year: Democratic Party Accelerates the Process
On December 8, an amendment of the Corruption Investigation Office for High-ranking Officials Act was rammed through the National Assembly neutralizing the opposition party’s right to a “veto.” The Democratic Party also passed an amendment of the National Intelligence Service Korea Act and the Police Act. In short, the ruling party passed all three major laws to reform law enforcement agencies in the parliamentary standing committee. The People Power Party fiercely opposed accusing the ruling party of dictatorship and of ramming through the bill. The Democratic Party plans to make a motion on the amendments and pass them in the parliamentary session on December 9, so it is now likely for the Corruption Investigation Office for High-ranking Officials to launch within the year. Eyes are now on whether the launch of the independent investigation office will mark a turning point in the dispute between Justice Minister Choo Mi-ae and Prosecutor General Yoon Seok-youl as well as a critical point that will determine the success or failure of the Moon Jae-in government’s efforts to reform the Prosecution Service.
“When Applying for Menstrual Leave, Prove It” A Petition Against the National Health Insurance Service
A, a consultant at the National Health Insurance Service (NHIS) Customer Service Center came to work on October 14 and requested menstrual leave. The head of her team asked A to prove her period and said, “If you are in pain, then even if it’s menstrual pain, you should go to the hospital and see a doctor. In other companies, they even submit pictures of their sanitary napkins.”
B, who works at the same call center sent a text message to the head of her team requesting menstrual leave before work on November 9. Her boss said that she couldn’t go on leave unless she filled out a form requesting leave and received his approval in advance.
Eventually, B was reported as absent from work and was deducted ten points in her assessment card. Kim Suk-yeong, head of the NHIS Customer Service Center chapter of the Korean Public Service and Transport Workers’ Union, a branch of the Korean Confederation of Trade Unions said, “If you receive a ‘nice call’ you get 0.1-0.5 points and that difference could determine your grade, leading to changes in your monthly salary. Ten points is so big, it is difficult to make up for the loss.”
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korea’s Emart poised to phase out of Vietnam to focus on U.S.
South Korea’s largest supermarket chain operator Emart Inc. is pulling out of Vietnam, the second major Asian market after China, in the face of regulatory hurdles.
The retailer opened its first outlet in Vietnam’s Go Vap district in 2015 and had procured a site at Ho Chi Minh City for a second opening last year. But the project has been delayed due to licensing setbacks, disrupting its plans to open five to six more outposts.
Emart’s direct foray has proven difficult as Vietnam, like China, prioritizes joint ventures in permitting a foreign business. Emart started operation in Vietnam in 2014 after setting up a wholly-owned local entity.
JP Morgan raises the bar on Kospi outlook by betting 3,200 next year
Global investment bank JP Morgan forecast Korea’s main stock index Kospi to go as high as 3,200 next year on broad business recovery and lush liquidity amid a clampdown on the housing market.
Kospi has been testing historic highs, trading at 2,738.18 Wednesday. Last month, Goldman Sachs projected the Kospi to reach 2,800 at the end of next year.
JP Morgan in the latest report expected the operating income of Korean companies to increase by 50 percent or more next year with recovery made in industries across the board.
Korean big firms up R&D spending despite pandemic, Samsung Elec leads the pack
Samsung Electronics Co. stayed as unmatchable R&D spender among major Korean companies this year, upping its budget from last year despite the pandemic upheaval.
The South Korean tech giant’s R&D expenditure totaled 15.9 trillion won ($14.7 billion) in the first nine months of the year, making it the only company in the country to spend more than 10 trillion won, according to CEO Score on Tuesday.
The study was based on 217 companies among Korea’s top 500 firms that had revealed their R&D spending in quarterly reports. Together, they spent a total of 40.2 trillion won, up 2.03 percent from the same period a year ago.
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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 Herald www.smh.com.au
Colombia Reports www.colombiareports.com
Bogota Free Planet www.bogotafreeplanet.com bfp@bogotafreeplanet.com
El Universal www.eluniversal.com.mx/english
Andes www.redaktionstest.net/andes-info-ec/
Ecuador Times www.ecuadortimes.net/
The Jordan Times www.jordantimes.com/
LSM.lv www.lsm.lv/
The Baltic Times www.baltictimes.com lithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com
El Pais https://english.elpais.com/
Philippine Daily Inquirer www.inquirer.net/
Daily News Hungary https://dailynewshungary.com/
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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