Thursday, April 29, 2021

 

Round-up of important news from major Korean dailies and international media today

 

The Korea Post ( http://www.koreapost.com/ )

ESG Management essential for saving the Earth

April 22 every year is observed as “Earth Day” in Korea. It was enacted by environmentalists at the private level to raise awareness of the environmental pollution on the Earth. Since 2009, Koreans have been reminded of the seriousness of climate change and the need for a low-carbon life. SF movies feature a lot of scenes about saving the Earth from alien invasions, but it rather saddens me that the reality is that we have to protect the Earth from humans who harm the climate.

 Saving the Earth may be possible only if people around the world work together. It is not just up to any individual or environmentalist. Of note, the role of companies that have been emitting carbon in the process of acquiring profits by obtaining many resources from the Earth is important. Fortunately, ESG, a new corporate management paradigm, is spreading around the world recently. ESG stands for environment, social and governance.

 

Goyang City experiences a year of great transformation with kickoffs of large-scale projects

 On April 9, Goyang City's construction project for the new office building passed a feasibility study by the Ministry of the Interior and Safety. As a result, the construction plan for the new city office with a total project cost of 295 billion won and a total floor area of 73,946 square meters will be finalized after a public design contest in September.

 A week later, on April 16, the "Broadcast Visual Image Valley," one of the large self-sufficient facilities prepared by Goyang City, kicked off construction work after administrative procedures.

 Starting with the Broadcast Visual Image Valley, large-scale self-sufficient industrial complexes such as Ilsan Techno Valley, KINTEX Third Exhibition Center, and CJ Live City will all start construction this year. On March 3, the City was selected as the only one in the country for the IP Convergence Cluster Creation Project. As a result, the cradle of the intellectual property (IP) content industry will be built in Daehwa, western Ilsan.
 

“South Africa is a ‘gold mine’ for Korean businesses wanting to invest overseas”

“South Africa is a ’gold mine’ for the Korean business people wanting to invest overseas countries.” So say many Korean businessmen who have had business with South Africa.

Most recently, this was well attested to in an interview of The Korea Post media with Economic Counsellor Seema Sardha of the Embassy of South Africa in Seoul.

She disclosed that there are many areas where Korean business people can invest in her country. They included: (1) agriculture and agro-processing, (2) nining and minerals beneficiation, (3) manufacturing, (4) advanced manufacturing, (5) services, and (5) infrastructure. Details of the interview follow:



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KBS ( http://world.kbs.co.kr/english/news/ )


S. Korea's Business Sentiment Hits Nearly 10-Year High in April

South Korean firms' business sentiment rose to a nearly ten-year high this month on a recovery in exports and consumption.

According to the Bank of Korea on Thursday, the business survey index(BSI) for all industries came to 88 for April, up five points from the previous month. 

The index rose for the second consecutive month and marks the highest since June 2011, when it posted 88 as well.

A reading below 100 means pessimists outnumber optimists. 

The BSI for manufacturers jumped seven points on-month to 96, while the BSI for non-manufacturers, which includes restaurants, wholesale and retail businesses, also gained five points to 82.

 

 US JCS Chief Says US, S. Korea Ready to Deter N. Korean Threats

A top U.S. military official has reaffirmed the joint readiness of the U.S. and South Korea to deter any threats from North Korea.

Mark Milley, chairman of the Joint Chiefs of Staff(JCS), made the remarks on Wednesday during a virtual forum hosted by the Washington-based McCain Institute for International Leadership think tank.

Asked about readiness on the Korean Peninsula with a lack of full-scale field exercises for the past few years, Milley said the U.S. monitors very closely and its readiness is very good.

The JCS chief stressed that the slogan on the Korean Peninsula, "Fight Tonight," is very real and not just a bumper sticker.

Milley said that the U.S. forces on the peninsula, in combination with its South Korean allies, are capable of defending very well against the North Korean threat.

 

US Honors N. Korean Defectors' Efforts to Spotlight 'Egregious' Human Rights Abuses

The United States has criticized "egregious" human rights violations in North Korea, and expressed its support for North Korean defectors' efforts to raise awareness of the issue.

U.S. State Department spokesperson Ned Price said in a statement on Wednesday that on the occasion of North Korea Freedom Week, the U.S. stands with the millions of North Koreans who continue to have their dignity and human rights violated by one of the most repressive and totalitarian states in the world.

Price said that more than 100-thousand North Koreans were suffering "unspeakable abuses" at the North's political prison camps.

The spokesperson said the U.S. will continue to raise awareness of North Korea's egregious human rights situation, investigate abuses and violations and support access to independent information for the North Korean people.


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Yonhap ( http://english.yonhapnews.co.kr )

Samsung heirs to pay record-high inheritance taxes, but how to split late chief's stocks still uncertain

Heirs of late Samsung Group chief Lee Kun-hee said Wednesday that they would pay more than 12 trillion won (US$10.7 billion) in inheritance taxes, the largest-ever in the country's history, but did not reveal how they would split inherited stocks among them, a key issue in reshaping the ownership of the nation's No. 1 conglomerate.

They said they will also donate 1 trillion won to support the virus fight and research for rare child diseases, and around 23,000 pieces of the senior Lee's art collections, estimated to be valued at about 2 trillion won.

The announcement came two days before their deadline to report and pay inheritance taxes to the authorities.

 

New cases bounce back to nearly 800, untraceable infections at highest ever

South Korea's daily new coronavirus cases rose to the highest in four days on Wednesday, nearing 800, and the proportion of untraceable infections hit the highest point ever amid concerns of another wave of the pandemic.

The country reported 775 more COVID-19 cases, including 754 local infections, raising the total caseload to 120,673, the Korea Disease Control and Prevention Agency (KDCA) said.

The latest tally is the highest since Saturday, when the country recorded 785 cases, and marks a sharp rise after daily infections hovered near the 500s in the past two days.

The average number of daily infections in the past week neared 700 on growing cluster infections and untraceable cases amid increased social activities due to warmer weather. The proportion of virus cases with unknown transmission routes stood at 29.9 percent over the past two weeks, the highest since the country began compiling related data since April last year, which means a further rise in virus cases is in store.

 

S. Korean Catholics mourn death of Cardinal Nicholas Cheong Jin-suk

Long lines were seen at Seoul's landmark cathedral Wednesday as South Korean Catholics offered their prayers and bid farewell to the late Cardinal Nicholas Cheong Jin-suk.

Cheong, who was given the title of cardinal in 2006 by Pope Benedict XVI, passed away Tuesday night at the age of 89. He was the second Catholic cardinal in Korea after late Cardinal Stephen Kim Sou-hwan.

Cheong's body, dressed in a white robe, was laid in a glass coffin before the alter during a Requiem Mass at Myeongdong Cathedral in central Seoul slightly after midnight Tuesday.

 

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The Korea Herald ( http://www.koreaherald.com )


Around 23,000 artworks owned by late Samsung chairman to be donated

The late Samsung Group Chairman Lee Kun-hee’s art collection, estimated to be worth trillions of won, will be donated to public museums across the country.

The announcement by Samsung on Wednesday marks the single largest donation of artworks in Korea.

Around 23,000 art pieces -- 21,600 antique works and 1,600 modern and contemporary works -- held by the late chairman are to be donated.

“Most of works by Lee were donated, which is the largest scale of donation (in the art field),” said Hwang Hee, minister of culture, sports and tourism, during a press briefing on the collection held Wednesday afternoon in Seoul. “Starting in June, some works will be showcased to the public at the National Museum of Korea.”

 

Cheong Wa Dae rules out pardon for Samsung chief

President Moon Jae-in has maintained a prudent approach to issuing pardons, and no exception is expected for Samsung Electronics Vice Chairman Lee Jae-yong, who is serving jail time on bribery charges.

We never discussed the issue and have no plans to do so for now,” a Cheong Wa Dae official flatly told reporters Tuesday in response to a petition filed by the nation’s major business lobby groups seeking a pardon for Lee.

Former presidents often issued pardons for chaebol owners, citing their roles in boosting the economy or in talks for high-profile deals like hosting the Olympics.

But Moon has pledged not to abuse his clemency power especially for serious fraud cases like bribery, embezzlement and breach of trust. No major businessperson has been granted a special pardon by Moon.

 

Cardinal Nicholas Cheong Jin-suk dies at 89

Cardinal Nicholas Cheong Jin-suk, former Roman Catholic archbishop of Seoul, died at the age of 89 on Tuesday at 10:15 p.m., the office of the Seoul Archdiocese said.

A requiem Mass for the cardinal took place at Myeongdong Cathedral in Seoul on Wednesday in the early morning hours, celebrated by Cardinal Andrew Yeom Soo-jung, the incumbent archbishop.

If Cardinal Kim Sou-hwan was our father, Cardinal Cheong Jin-suk was our mother,” Yeom said during the requiem Mass.

Cheong currently lies in a glass coffin at Myeongdong Cathedral in central Seoul ahead of his funeral Mass on Saturday at 10 a.m.

 


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The Korea Times ( http://www.koreatimes.co.kr )


Moon out of step with Biden ahead of Korea-US summit

The South Korean government appears to be out of sync with the new U.S. administration in regard to issues involving North Korea and other diplomatic priorities.

Diplomatic observers attribute the seemingly ongoing diplomatic disagreement to the lack of communication channels between the allies, expressing concerns that it may adversely affect next month's summit between President Moon Jae-in and U.S. President Joe Biden.

On the occasion of the third anniversary of the inter-Korean summit, Tuesday, Moon said the time was approaching again for the two Koreas to resume dialogue. On April 27, 2018, Moon and North Korean leader Kim Jong-un agreed in their Panmunjeom Declaration on making joint efforts to achieve co-prosperity, establish lasting peace and reunite the two Koreas.

 

President under criticism for five-person dinner

President Moon Jae-in has come under fire for having a dinner with four of his former aides at Cheong Wa Dae, which critics claim was in violation of the nationwide ban on gatherings of five or more people as a measure to contain the spread of the COVID-19 pandemic.

Two days after the Moon administration's latest Cabinet reshuffle, announced April 17, Moon had drinks and dinner with the four former aides to show his appreciation for their work, at his residence within the presidential office compound. The aides were former senior secretary for social policy Yoon Chang-yul, former senior secretary for political affairs Choi Jae-sung, former spokesman Kang Min-seok and former secretary for legal affairs Kim Young-sik.

However, a person later filed a civil complaint on the website run by the Anti-Corruption and Civil Rights Commission, saying Moon's gathering with the former aides was against the ban on gatherings of five or more people. They said it was highly inappropriate as the President ought to lead the country's management of the COVID-19 situation by example.

 

LG Chem reports record high Q1 earnings on EV battery sales

LG Chem, South Korea's leading chemical firm, said Wednesday its first-quarter net profit rose to the highest level ever on strong electric vehicle (EV) battery sales, vowing to step up investment in the battery and related materials to further propel growth.

LG Chem's net profit came to 1.4 trillion won ($1.2 billion) in the January-March period, skyrocketing from a net profit of 36.3 billion won a year earlier, the company said in a regulatory briefing.

Operating profit jumped 584 percent on-year to 1.4 trillion won in the first quarter, and sales soared 43.4 percent on-year to 9.6 trillion won over the period, both marking record-high quarterly results, the firm said.

LG Energy Solution Ltd., the firm's wholly-owned battery subsidiary, booked 4.2 trillion won in sales and 341.2 billion won in operating profit in the first three months of the year, driving up overall profits.


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HanKyoReh Shinmun ( http://english.hani.co.kr )


Moon says it’s time to restart Korean Peninsula peace process

South Korean President Moon Jae-in said on the third anniversary of the April 27 Panmunjom Declaration on Tuesday that the “time for putting an end to all the deliberation and restarting dialogue is now at hand.”

His remarks came while he was presiding over a cabinet meeting at the Blue House that day.

It’s time to prepare to start the clock of peace turning again based on the lessons we’ve learned through all these difficulties,” he continued.

Moon, scheduled to visit the US next month for a summit with President Joe Biden, also said he looked forward to that meeting as an “opportunity to make the South Korea-US alliance even more robust while coordinating closely on North Korea policy and establishing a course for moving forward in a progressive way.”

 

S. Korean activist groups condemn court’s dismissal of “comfort women” lawsuit

The Korean Council for Justice and Remembrance for the Issues of Military Sexual Slavery by Japan and 130 other women’s, human rights, peace and religious organizations held a press conference Tuesday condemning the Seoul Central District Court’s dismissal of a damages lawsuit filed by a group of “comfort women” survivors against the Japanese government.

Activists at the press conference said, “[We] condemn the ruling and the court that abandoned its duty as part of the judicial system and hid behind narrow and regressive interpretations of international law that led to a disregard of the human rights of the [comfort women] victims.”

 

More students underperform in school amid COVID-19 pandemic

A high school in the South Korean city of Gwangju is currently alternating between in-person classes and remote classes for students in the first and second years. On days when classes are held remotely, a teacher at the high school surnamed Kim spends as much time on the phone as a call center employee. She’s busy waking up students who are still asleep.

Even as the COVID-19 pandemic enters its second year, students seem to be still struggling to adjust to the new routine.

“Students who aren’t as good at self-directed learning don’t answer when you call on them online and are often playing with their cell phone even in the classroom,” Kim said.

“On the other hand, some students who were in the 40th to 60th percentiles before COVID-19 have risen to the top 4 percentile,” Kim said in a voice that expressed her helplessness and frustration for her students.


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Chosun Ilbo ( http://english.chosun.com )


Children Need No Longer Take Father's Surname

The government will scrap a law requiring children to be given their father's surname.

The move aims to expand the legal definition of a family now single parenthood and cohabitation have become more acceptable in Korea.

The Ministry of Gender Equality and Family on Tuesday announced new family policies it will implement over the next five years.

Currently, children can take the surname of their mother only if both parents agree when they register their marriage, but if no agreement is certified, the children are automatically given their father's surname. In future that can be decided when registering the birth.

 

Luxury Goods Sales Surge in Pandemic

Chanel, Louis Vuitton, Hermès and other luxury brands made a total of W2.4 trillion in Korea last year, up 20 to 30 percent as locked-down rich people had fewer things to spend their money on (US$1=W1,113).

The figures were revealed for the first time under a new law requiring foreign companies to make their earnings here public.

The revenues of U.S. big tech companies were lower than expected at W200-700 billion each and their operating profits were less than W10 billion.

But that may be due to creative accounting. For instance, W1 trillion in app sales here by Google was excluded because of a legal loophole that exempts companies with no fixed computer server in Korea.

Samsung Eyes Dutch Car Microchip Maker

Samsung is reportedly eyeing NXP Semiconductors, the world's second largest automotive chipmaker in the Netherlands, amid a global shortage in the sector.

Quoting a J.P. Morgan report, investment news magazine Barron's said the acquisition would be the right choice in the current circumstances.

Samsung is rumored to be offering W60 trillion to buy NXP, about W10 trillion more than rival Qualcomm offered in 2018 (US$1=W1,113).

Similar rumors surfaced in 2019, but at the time auto chip production accounted for less than one percent of Samsung’s output. Now the climate has changed.

NXP has leading technology in auto and infotainment processors and so-called micro-programmed control units, the "nerve center" of a car. This is the area where Samsung, which is expanding its auto electronics business, can look forward to profitable synergy.

 

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The Dong-A Ilbo ( http://english.donga.com/ )


Summer has gotten longer 20 days in 100 years

Summer on the Korean Peninsula has been extended by 20 days in 100 years. The longest season of the year on the Korean Peninsula used to be winter but it gave way to summer.

The Korea Meteorological Administration (KMA) on Wednesday announced its analysis on long-term trends in climate change. The weather agency compared the average temperature of six cities including Seoul, Daegu, Incheon, Mokpo, and Gangneung in the 30 years from 1912 to 1940 to the average temperature of those cities in the last 30 years from 1991 to 2020. The KMA has been observing the temperature of those six cities over 100 years.

Ruling party steps back from establishing cryptocurrency special committee

The ruling Democratic Party of Korea has decided to take a step back from its original plan to set up a separate body within the party to respond to cryptocurrency-related issues, and to deal with the issue at its policy committee. The decision came amid concerns that poor policies or remarks coming from the special committee could further disturb the cryptocurrency market.

Party spokesperson Han Jun-ho told reporters on Tuesday that the party’s policy committee will seek action on cryptocurrency-related issues instead of creating a separate body dedicated to cryptocurrency. Committee leader Hong Ik-pyo told The Dong-A Ilbo via phone call that a hasty intervention could mess up the market.

 

Construction work for Moon’s private residence comes to a halt

Construction for President Moon Jae-in’s private residence in Yangsan in North Gyeongsang Province, where the president plans to reside after stepping down from office, has been suspended due to opposition from neighbors.

According to the Blue House on Wednesday, construction work for the president’s private home located in Pyeongsan Village, Yangsan City, which broke ground earlier this month. Seventeen local associations including the Local Council of Village Leaders of Habyok-myeon put up signs protesting against the construction. They said that the president’s Security Office and the Municipal government of Yangsan had not properly discussed matters on transportation and noise pollution issues.
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The KyungHyang Shinmun ( http://english.khan.co.kr/ )


Cardinal Cheong Jin-suk’s Last Words, “Thank You. Always Be Happy.”

“I thank everyone. Be happy. Happiness is the will of God.”

Cardinal Cheong Jin-suk, a senior leader of the South Korean Roman Catholic Church died at 10:15 p.m. April 27 at Seoul St. Mary’s Hospital at the age of ninety. This day, the Roman Catholic Archdiocese of Seoul announced, “Cardinal Nicholas Jin-suk Cheong passed away of old age,” and said, “His cornea was donated after his death according to the wishes of Cardinal Cheong, who had led a campaign for life.”

Cardinal Cheong showed consideration, apologizing to Cardinal Yeom Soo-jung, and the bishops and priests who visited him until the last moment and closed his eyes in comfort surrounded by acquaintances. Father Heo Young-yup, the spokesperson of the Archdiocese of Seoul conveyed the words of the late cardinal and said, “Thank you. Always be happy. Happiness is the will of God.”


“Different from the Cryptocurrency Situation 3 Years Ago” Ruling Party Gets Nervous Ahead of the Presidential Election

The Democratic Party of Korea is worried over cryptocurrency. The government and ruling party had warned of a possible shutdown of the exchanges as well as taxes, igniting anger among cryptocurrency investors. Inside the Democratic Party, a sense of crisis is spreading as people argue, “The present situation is different from the situation concerning cryptocurrency three years ago.” Some expect the issue to influence the presidential election next March. Various solutions are emerging, such as investor protection, revival of a new industry, a grace period on taxes, etc. but due to the nature of cryptocurrency, which is hard to approach with existing rules, the confusion is expected to continue for the time being.

It all started with a comment Eun Sung-soo, chairman of the Financial Services Commission, made on April 22, “It (cryptocurrency) cannot be recognized as a currency.” The complaints of the investors were directed toward the government and ruling party.

The Korean Bar Association Will Open the Lawyer Training Program for 200 Trainees Only: Law School Students Protest, “They’re Trying to Protect Their Share of the Pie”

The Korean Bar Association reaffirmed its previous plan to restrict the number of trainees for a training program for new lawyers who passed the tenth bar examination to two hundred. A group of law school students criticized the announcement and said, “Law school students are being sacrificed so they can secure their share of the pie.”

On April 26, the Korean Bar Association distributed a press release and said, “As planned, we will set the number of trainees to a maximum of 200, and if the number of applicants exceeds this number, we will conduct the training after selecting the trainees through a random draw.” The Association said, “The restriction of 200 trainees was inevitable in order to provide quality legal services, which was the basic principle of establishing law schools.”


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Maeil Business News Korea ( http://www.pulsenews.co.kr/ )

Samsung family liable to world-record $11 bn inheritance tax

South Korea’s richest corporate family behind Samsung Group is liable to an internationally record-setting 12 trillion won ($10.8 billion) for the estate of the late patriarch Lee Kun-hee in the country with the world’s highest inheritance tax.

The family nevertheless will uphold the public promise of their patriarch and donate 1 trillion won to medical facilities and children suffering from rare diseases and cancer. His exquisite art collection of 11,000 cultural assets and 23,000 artworks worth $3 billion including 30 national treasuries and works of renowned artists like Chagall, Monet, Picasso and Andy Warhol as well Korean artists Lee Jung-seob and Kim Whanki and Park Soo-keun will be contributed to the National Museum of Korea and National Museum of Contemporary Art and other memorial and regional galleries.

 

SK hynix to up capex as it expects 30% surge in memory demand

Korean memory giant SK hynix plans to up capex this year to increase output from next year upon confirming the start of a chip boon period from its first-quarter performance that turned out gains of 37 percent on quarter and 66 percent on year in operating income.

“There is a supply shortage in the overall chip industry,” said Noh Jong-won, chief financial officer at SK hynix, in a conference call after its first quarter earnings disclosure on Wednesday. “We plan to execute part of next year’s spending in the second half of this year.”

 

LG Chem achieves $1 bn income milestone Q1, LG Energy Solution also sets record

South Korea’s LG Chem Ltd. achieved income milestone of over $1 billion as demand for materials from petrochemicals to building surged on revived global economy, while its battery unit LG Energy Solution also performed its best in the first quarter.

The company disclosed Wednesday first-quarter operating profit of 1.4 trillion won ($1.26 billion), soaring 1,087.5 percent from the previous quarter and 584 percent from a year ago.

Sales grew 8.4 percent on quarter and 43.4 percent on year.

 


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Budapest Times  www.budapesttimes.hu/

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Morocco:  www.youtube.com/watch?v=jfFmp2sVvSE
And many other countries.

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