Monday, December 28, 2020
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
Doosan Heavy Industries enters the next-generation heat exchanger market
Doosan Heavy Industries & Construction is tapping into the PCHE (Printed Circuit Heat Exchanger) market, which is called the "next-generation heat exchanger."
A heat exchanger is a device designed to allow heat exchange between two or more fluids (water, air, hydrogen, nitrogen, etc.) for the purpose of cooling or heating the temperature of the fluid.
A Doosan Heavy official said that PCHE can be reduced to less than one-tenth of the conventional heat exchangers, which can increase heat exchange efficiency by more than 90%.
Hanwha Systems wins a contact to develop KDDX combat system
Hanwha Systems has signed a final contract with the Agency for Defense Development to develop the "CMS and Multi-function Radar (MFR)" of the KDDX, which is worth 540 billion won.
Under this contract, Hanwha Systems will develop KDDX's core equipment, the combat system, and multi-function radar, in earnest by 2029 and apply them to a total of six KDDXs in the future, the company said on Dec. 24.
KDDX is the first domestic destroyer to be built with pure domestic technology, including core weapons systems such as the hull, combat system, and multi-function radar. It is called a 6,000-ton mini-Aegis ship, and its total business is worth 7.8 trillion won.
Samsung Group sees its stock market capitalization surpass ₩700 trillion for the first time
Samsung Group shares listed on the local stock market exceeded 700 trillion won ($693 billion) in terms of the total market capitalization for the first time. This year alone, it has increased by more than 200 trillion won.
The market capitalization of 23 Samsung Group stocks (including preferred stocks) listed on the KOSPI and KOSDAQ markets as of Dec. 24 was 719.13 trillion won, financial sources said on Dec. 27. This is the first time that the total market capitalization of a group in Korea has exceeded 700 trillion won.
The market capitalization of Samsung Group is 1.3 times larger than Korea's total budget (556 trillion won) for next year. It is more than four times higher than SK (171.261 trillion won), which ranks second in the group's market capitalization.
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KBS (http://world.kbs.co.kr/english/news/)
S. Korea Extends Level 2.5 Distance Rules in Capital Area
South Korea has decided to maintain the current social-distancing restrictions in the greater Seoul area until January 3, not raising them to the highest Level Three despite a spike in COVID-19 cases.
The Central Disaster and Safety Countermeasures Headquarters said on Sunday that the Level Two-point-Five distancing, the second highest in the country's five-tier COVID-19 alert system, will remain in effect in the capital area.
The rest of the country will remain under Level Two restrictions until January 3.
Japan Bans New Entries of Foreigners after Detection of Virus Variant
Japan will halt new arrivals of non-resident foreign nationals from overseas from Monday following the detection of a new, highly infectious strain of the coronavirus.
The Tokyo government announced the ban on Saturday night in an emergency statement, saying that the ban will take effect from Monday and run through the end of January.
The temporary ban comes amid a spike in COVID-19 infections and following the detection of the first cases of the new variant in Japan.
S. Korea's Home Prices See Highest Spike in 14 Years
Recent data showed that South Korea's home prices rose at the steepest pace in 14 years this year, while the prices of "jeonse" rental homes posted the largest growth in nine years.
According to data by KB Kookmin Bank on Sunday, the country's housing prices grew eight-point-35 percent in December from a year earlier.
This new figure amounts to the largest gain since 2006. During that period of the Roh Moo-hyun government, housing prices rose eleven-point-six percent.
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Yonhap (http://english.yonhapnews.co.kr)
New virus cases under 1,000, tougher pandemic rules under consideration
South Korea's daily new coronavirus cases fell below 1,000 on Sunday, mainly due to less testing over the weekend, as the government is considering whether to raise social distancing rules to the highest level to contain the winter wave of the virus.
The country added 970 more COVID-19 cases, including 946 local infections, raising the total caseload to 56,872, according to the Korea Disease Control and Prevention Agency (KDCA).
The tally marked a decline from 1,132 cases Saturday, 1,241 cases Friday, 985 cases Thursday and 1,090 cases Wednesday. In the span of the past 10 days, the nation's daily virus cases hovered around 1,000.
S. Korea to extend current distancing rules in capital area until Jan. 3
South Korea decided to extend the current social-distancing restrictions in the greater Seoul area until Jan. 3, opting not to raise them to the toughest level, despite the winter wave of the novel coronavirus, officials said Sunday.
Health Minister Kwon Deok-cheol announced that the Level 2.5 distancing, the second highest in the country's five-tier COVID-19 alert system, will remain in effect in the nation's capital area, which covers Seoul, Incheon and Gyeonggi Province.
Although the nation's daily new virus cases have hovered around 1,000, the government aims to bring the winter wave under control without raising virus curbs to the toughest level because it would deal a severe blow to millions of small merchants.
S. Korea to shorten approval process of COVID-19 vaccines, treatments
South Korea's medicine regulator said Sunday it will shorten an approval process of COVID-19 vaccines and treatments, as the nation signed deals to import coronavirus vaccines amid the winter wave of the pandemic.
It usually takes about 180 days for a vaccine to be approved under a standard licensing procedure, but the Ministry of Food and Drug Safety said it aims to shorten the approval process to as low as 40 days due to the pandemic's urgency.
In South Korea, a vaccine must win additional approval before it is distributed and sold. Such an approval process takes two or three months, but the ministry said it plans to shorten the process for sale to as low as 20 days.
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The Korea Herald (http://www.koreaherald.com)
S. Korea extends toughened social distancing until Jan. 3
South Korea on Sunday decided to maintain its current social distancing rules until Jan. 3 as the country tries to control COVID-19’s impact on the economy while it faces its third and deadliest wave of infections to date amid the winter holiday season.
The country on Sunday announced 970 new coronavirus cases -- 946 locally transmitted and 24 imported from overseas -- raising the total number of cases recorded in Korea to 56,872, according to the Korea Disease Control and Prevention Agency.
Sunday’s tally marks a drop from 1,132 cases reached the previous day, largely because fewer diagnostic tests were carried out. The country has reported daily figures around the 1,000 mark for five days in a row after adding 867 cases Tuesday.
‘COVID-19 doesn’t stop for Christmas’
For many front-liners around the country, Christmas was just like any other day in the pandemic. South Korea counted 1,241 more cases of COVID-19 on Christmas -- the highest number yet in a single day -- according to government statistics.
Internal medicine specialist Dr. Cho Seung-kook, 37, had spent both Christmas Eve and Christmas Day at the hospital working with patients.
He and his team at Wonju Medical Center in Gangwon Province look after around 80 patients in the hospital’s COVID-19 ward.
‘Fair economy laws’ need adjustment to reflect reality: KCCI chief
The head of South Korea’s leading business lobby group called for additional legislative measures to minimize the side effects of the so-called fair economy laws, which have caused concern among business operators here.
He added that Asia’s fourth-largest economy should refrain from relying too much on a fast-paced recovery, as the effects of the pandemic are likely to be enduring, and extraordinary measures entail fiscal repercussions later on.
“Thanks to the health authorities’ swift response and the people’s cooperation, (Korea) has remained economically active throughout the epidemic crisis, despite various restrictions,” Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, said in a year-end press interview.
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The Korea Times (http://www.koreatimes.co.kr)
COVID-19 deepens economic polarization in Korea
A cram school instructor surnamed Jang is increasingly worried that she might not be able to hold onto her job for even a few more months, as the COVID-19 pandemic is taking a turn for the worse, indicated by a ban on gatherings of five or more people.
"I was put on unpaid leave shortly after the metropolitan office of education recommended that cram schools shut down. I thought I could get by with unemployment benefits, only to find out I was ineligible because I had not subscribed to the state-run social welfare program," she said.
A restaurant owner surnamed Jeong said temporary shutdowns of his business in Myeongdong, Seoul, in August following the second wave of the virus spread was nothing compared to how he is likely to do over the next couple of weeks.
Households emerging as hot beds for new infections
Households have been emerging as hot beds for new COVID-19 infections, with one in four people found to have been infected through family members over the past month.
This is expected to make it even more difficult for the government to curb the spread of the coronavirus as the rise in household transmission indicates that more people are being infected through everyday life.
In its analysis of 15,111 cases of infection from Nov. 20 to Dec. 16, the Central Anti-Disaster Headquarters found that 3,654 people, or 24.2 percent, were infected through a family member.
Tech giants make inroads into carmakers' territory
Tech giants are expediting their penetration into the auto-making sector, expanding their presence in the fields of autonomous driving and electrification.
The move is a serious challenge to the stronghold of traditional carmakers, and in line with tech firms' efforts to revamp their business models to capitalize on the rapid growth of the "mobility services" market and the convergence of industries.
Industry officials and analysts say the competition for advanced mobility services is no longer confined to one between carmakers, they have to take on greater challenges from contenders that do not have their base on the conventional idea of building a car.
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HanKyoReh Shinmun (http://english.hani.co.kr)
S. Korea suffers shortage of medical workers as burned out nurses quit
Even as the South Korean government speeds up efforts to secure 10,000 hospital beds for COVID-19 patients, medical staff complain that there aren’t enough nurses to look after the surging numbers of patients.
As seasoned nurses quit their jobs because of burnout, the medical staff still on the job face the twofold challenge of training new staff while taking on fresh loads of critically ill patients. The government is under fire for a complacent approach that only patches over the shortage of medical workers.
On Dec. 23, the Korean Health and Medical Workers’ Union (KHMWU) held a press conference in Seoul asking disease control authorities to hold emergency meetings with hospital workers.
LG Electronics teams up with Canadian parts firm to create joint EV powertrain venture
LG Electronics is joining forces with Canada’s Magna International, the world’s third-ranked automobile parts company, to establish a joint electric vehicle (EV) powertrain venture. The company aims to jump on the global EV bandwagon and use electric cars as a future growth engine.
On Dec. 23, LG Electronics announced that it was establishing a joint venture with Magna, which is tentatively being called “LG Magna e-Powertrain.” At an ad hoc board meeting that day, the company decided on the joint venture after splitting off a portion of its vehicle component solutions (VS) project, including EV motors, inverters, chargers, and actuator module systems.
Under this split-off arrangement, LG Electronics will form a new company, in which Magna will have a 49% stake. The company’s shares will be worth US$925 million, with LG Electronics owning a 51% stake and Magna acquiring the remaining 49% for US$453 million.
Regarding the court’s verdict against Chung Kyung-shim
Chung Kyung-shim, professor at Dongyang University and wife of former Minister of Justice Cho Kuk, was taken into custody on Dec. 23 after receiving a stiff four-year sentence on charges of academic fraud and insider trading.
While the court dismissed some charges related to a private equity fund, it convicted Chung of 11 out of 15 charges. After 16 months, this marked the first legal decision in the Cho Kuk controversy, which started with a full-scale investigation by prosecutors in the wake of Cho’s nomination as justice minister in August 2019.
The court found Chung guilty on all counts related to forging the academic records of her daughter, including forcing the president of Dongyang University to provide a commendation.
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Chosun Ilbo (http://english.chosun.com)
Amid Resurgence of Epidemic, People Still Plan to Watch 1st Sunrise of New Year
This year has witnessed the rise of drive-throughs as the coronavirus epidemic changed the way we live now.
In early spring, festivals like cherry blossoms and other flower-themed events that usually draw huge crowds had to be canceled.
Many visitors were forced to become passive observers, watching from their cars amid tightened social distancing. In the autumn, many people also had to resort to looking at beautiful autumn foliage online.
Coronavirus Relief Payouts Fail to Boost Consumption
Koreans have spent only around W4 trillion out of the W14.2 trillion in emergency payouts the government distributed in May to stimulate consumption, the state-run Korea Development Institute said Wednesday (US$1=W1,07).
Analysis of credit card spending showed that every W1 million in emergency payouts resulted in only a W300,000 increase in spending. "The remaining 70 percent is estimated to have been used to repay debts or deposited in savings accounts," the KDI said.
There has been skepticism about the economic effectiveness of the emergency payouts, and now the answers are in.
Korean Bans Flights from U.K. over New COVID Strain
Korea on Wednesday joined more than 50 countries in halting all passenger flights from the U.K. until the end of this year due to fears over a variant coronavirus strain that is as yet badly investigated.
Some 36,804 new cases were reported in the U.K. on Tuesday alone, about double the number of cases about a week ago and an all-time high.
The variant has been billed in the headlines as being "70 percent more transmissible," though that claim is unsubstantiated. However, there seems to be a slight increase in the reproduction or R-rate compared to the more common strain.
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The Dong-A Ilbo (http://english.donga.com/)
Military to offer customized menus for vegetarians, Muslims
The South Korean military will offer “customized menus” free of meat and hams for vegetarians and Muslim servicemen beginning next year. The measure is being taken to benefit a growing number of vegetarian conscripts and soldiers from multi-cultural families.
Beginning in February, the Defense Ministry and the Military Manpower Administration plan to provide vegan meals if new conscripts clarify as vegetarian or Muslim on their profiles when receiving physical examination by informing their choice to the units where they will be deployed.
The military plans to prevent soldiers from having difficulties eating meals because they cannot afford to identify themselves as vegetarians to their superiors or because they fear unfavorable treatment.
Hyundai-Kia sells 300,000-plus green cars overseas this year
Hyundai Kia Automotive Group saw the overseas sales of eco-friendly cars exceed more than 300,000 units this year for the first time. The South Korean car makers announced on Sunday that 306,266 eco-friendly cars – EVs (Electric Vehicles), PHEVs (Plug-in Hybrid Electric Vehicles), HEVs (Hybrid Electric Vehicles) and FCEVs (Fuel Cell Electric Vehicles) - sold across the globe except their home country from January to November, a 28.6 percent increase from 238,155 units on a year-on-year basis.
EVs have turned out to be the greatest contributor to sales expansion by doubling from 68,907 to 137,286 units. In particular, the Kona EV and the Niro EV sold 70,018 and 44,146 units, respectively, playing a key role in the global market. As many as 24,717 units of the Kona EV manufactured in the Czech Republic sold in the European market, apart from those produced in South Korea.
Seoul City’s Forest Road Project to be completed this year
Citizens can enjoy strolling from Gwanghwamun through Namdaemun to Mt. Namsan to reach Seoul station. The Seoul Metropolitan Government announced on Sunday that the People Forest Road Project will be completed within this year to connect a 1.5-kilometer-long pedestrian street starting from Sejong-daero Junction through Namdaemun Intersection to Seoul Station Intersection, which will allow for public access temporarily on Jan. 1.
As part of the capital city's efforts to expand urban walking spaces, it embarked on a construction project in July to scale back on the roadway from Sejong-daero Junction through Namdaemun Intersection to Seoul Station and instead expand pedestrian spaces. Sejong-daero becomes a roadway with seven to nine lanes, narrower than the previous one with nine to 12 lanes. The area that was previously for vehicle access will turn into a pedestrian space of 13,950 square meters, more than double Seoul Square in size. Bicycle-only lanes are installed next to the pedestrian roads.
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The KyungHyang Shinmun (http://english.khan.co.kr/)
“Chung Kyung-sim Conspired with Cho Kook to Get Her Daughter into University”
Chung Kyung-sim (58), a professor at Dongyang University and the wife of former Justice Minister Cho Kuk, on trial for illegal involvement in her daughter’s college admission, for questionable investments in a private equity fund, and for trying to destroy evidence, was sentenced to four years in prison in her first trial and arrested in the courtroom. The court also recognized Cho Kuk’s part in some of the illegal activities linked to college admissions.
On December 23, Criminal Division 25-2 (chief judge Im Jeong-yeop) at the Seoul Central District Court found Chung guilty on eleven of the fifteen charges against her and sentenced her to four years in prison, a fine of 500 million won and additional fines of over 150 million won.
The judge said, “If the defendant stands trial without being detained following the ruling in this first trial, she is likely to encourage false testimonies from related parties,” and arrested Chung. The court found Chung guilty on all charges of corruption linked to college admissions.
Came to South Korea Looking for a Job, But Died in a Plastic Greenhouse
A Cambodian migrant worker was found dead in his shelter, a plastic greenhouse, on December 20. It appears the heating in his residence broke down on the day when a cold wave alert was issued, causing his death.
According to the coverage by the Kyunghyang Shinmun on December 23, A (30), a Cambodian migrant worker was found dead, covered in a blanket in his room inside a plastic greenhouse on a farm in Ildong-myeon, Pocheon-si in Gyeonggi-do at around 4 p.m. December 20. The farm owner reported the death to the police after fellow workers who worked on the same farm discovered A.
The Pocheon Police Station announced, “On the day we received the report, we notified the death of A to the Cambodian Embassy in South Korea,” and also said, “We plan to conduct an autopsy soon to identify the precise cause of death.”
Bans and Closures: Remain at Home This Holiday Season
From December 24, all gatherings of five or more people in restaurants will be banned nationwide. The operation of sports facilities, such as ski slopes and sledding sites, which attract a crowd in the winter, will also be suspended. Famous tourist attractions to see the first sunrise of the year, such as Jeongdongjin in Gangneung-si, Gangwon; Ganjeolgot, Ulsan; Homigot in Pohang-si, Gyeongsangbuk-do; and Namsan Park in Seoul will also be temporarily closed.
On December 22, the Central Disease Control Headquarters announced tougher guidelines to prevent transmissions this holiday season including these details. The latest guidelines will go into effect nationwide from 00:00 a.m. December 24 until midnight on January 3. These guidelines will be separate to the preventive measures implemented by each local government.
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
LG Electronics becomes red-hot stock upon automotive venture with Magna
LG Electronics Inc. has become a hot stock with its target price yanked up after it partnered up with a major Canadian automotive parts maker for competitive posture in the electronics vehicle age.
The price target of LG Electronics shares has been lifted to as high as 158,000 won ($143.22) by local brokerage house eBest Investment & Securities from 112,000 won on Thursday, a day after the electronics maker disclosed it will be establishing a joint venture to manufacture automotive systems for electric vehicles with Canada-based auto parts maker Magna International.
Six other securities firms also hurriedly upgraded price targets for the stock. Hana Financial Investment raised its target to 153,000 won from 125,000 won, and Kyobo Securities to 150,000 won from 120,000 won.
NH Investment, Maeil Business to launch new ESG index
South Korea’s NH Investment & Securities and Maeil Business Newspaper jointly launch a reference index devoted to environmental, social, and governance (ESG) interests, offering the first private and domestic index on the burgeoning field in the country.
NH Investment & Securities and Maeil Business Newspaper earlier this week signed a memorandum of understanding to work towards building ESG value in the local capital market.
The MK-iSelect AI ESG Index is a byproduct of yearlong work, leveraging on ESG analysis provided by financial technology company Who’s Good.
Seoul faced with public outrage hurries with procurement to bring vaccines in Q2
South Korea under fire for having failed to procure vaccines timely claimed to have signed additional vaccine deals with authorized drug makers in hopes to start immunization during the second quarter.
The government announced Thursday that it signed vaccine deals with Johnson & Johnson’s Janssen and Pfizer, only a day after it argued safety came first than speed in vaccine procurement.
The government on Wednesday signed Covid-19 vaccine purchase agreements with global drug makers Janssen and Pfizer, said Korean Prime Minister Chung Sye-kyun on Thursday.
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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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