Monday, June 28, 2021
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
Bangladesh Embassy in Seoul participates in the 2021 Seoul International Tourism Fair
he following details were provided by the Embassy of Bangladesh in Seoul to The Korea Post media for publication. The Korea Post is 36 years old this year, and owns and operates a total five media, 3 in English and 2 in the Korean-language.—Ed. The Embassy of Bangladesh has actively participated in the Seoul International Tourism Fair (SITF) held on 24-27 June 2021 at the Convention and Exhibition Center (COEX) in Seoul. SITF is the largest international tourism fair of South Korea which was formerly known as Korea Travel and Tourism Fair (KOTFA). A total of 26 countries, including embassies and travel agencies from 9 different countries, took part in this year's tourism fair. Mentionable, Bangladesh has regularly and actively been participating in this fair since 2012. However, due to the COVID-19 epidemic, the Ministry of Civil Aviation and Tourism of Bangladesh could not participate in the fair this year and therefore, the Embassy of Bangladesh in Seoul represented the country in this fair.
PPP leader Lee Jun-seok proposes a "policy contest," following a debate battle
Lee Jun-seok, head of the main opposition People Power Party (PPP), said on June 26 that he wants to hold a policy contest ahead of the Presidential election slated for March 9, 2022. PPP leader Lee made the remarks on his Facebook page, saying, "The debate battle to select our party’s spokespersons is the first start." Lee wrote, "If we seek good policies through a public contest in all areas, such as housing, environment, labor, jobs, and industrial promotion, we may find a right answer to social problems from not just a few professors who often come to the National Assembly in Yeouido, Seoul, but perhaps young graduate students who study hard." "Or someone's idea of making a realistic proposal based on their own experience outside of school may be the answer," he added. Lee stressed, "It will be the role of political parties not only to select good policies and steal their ideas but also to support the planners later so that they can play a role in realizing them at the government or Cheong Wa Dae."
Yoon Seok-yeol, Choi Jae-hyung, Kim Dong-yeon likely to join the Presidential race soon
Following former Prosecutor General Yoon Seok-yeol, key Presidential candidates of the opposition circles -- Choi Jae-hyung, the chairman of Board of Audit and Inspection (BAI), and Kim Dong-yeon, the former deputy prime minister for economic affairs – are imminent in announcing their bids for the Presidential race. Lee Joon-seok, chairman of the People Power Party (PPP), is stepping up pressure on them outside the party to join the PPP by announcing the start of the August primary. According to political circles on June 25, Choi is expected to step down from his post as the BAI head for the Presidential election. "Choi will talk about his resignation next week," Choi's aide told a news media in a telephone interview, adding, "His challenge for President will be the next step.” Choi is scheduled to meet his father, reserved Navy Colonel Choi Young-sup, over the weekend to announce his intention to run for President. Meanwhile, former Prosecutor General Yoon is scheduled to announce his Presidential bid at the Memorial Hall of an independence activist Yoon Bong-gil in Seocho-gu, Seoul on June 29.
KBS (http://world.kbs.co.kr/english/news/)
White House: Biden Will Not Attend Tokyo Olympics
The White House said on Monday that the United States will send a delegation to the Summer Olympic Games in Tokyo but President Joe Biden will not be part of it. White House spokesperson Jen Psaki delivered the news at a press briefing when asked if Biden planned to visit Tokyo. Psaki said that the president is not planning to attend the games, but he will certainly be rooting for the athletes. She said the U.S. will send a delegation as it has before. Japan's Yomiuri Shimbun daily earlier reported that the two nations were exploring possible arrangements for First Lady Jill Biden to attend the opening ceremony of the Olympics in place of President Biden.
Studies Suggest Pfizer, Moderna Vaccines May Offer Years-long Protection
New studies suggest that the COVID-19 vaccines by Pfizer and Moderna could provide protection for "years." According to the New York Times, the two studies suggest that most people who have recovered from COVID-19 and were later inoculated with one of the mRNA vaccines may not need boosters. The newspaper cited a study by a team led by Ali Ellebedy, an immunologist at Washington University in St. Louis, which was published on Monday in the science journal Nature. The other study was posted online at a site for biology research. However, the studies said vaccinated people who were never infected may need booster shots. The paper said that the studies suggest the vaccines could provide long-term protection for most vaccinated people at least against existing variants. Previous studies suggested immunity to COVID-19 lasted six months after inoculation.
Pres. Moon Accepts BAI Chief's Resignation Intent, Expresses Regret
President Moon Jae-in has accepted Board of Audit and Inspection Chairman Choe Jae-hyeong’s resignation, but added that Choe had created an “undesirable precedent.” Presidential spokesperson Park Kyung-mee in a media briefing on Monday said that President Moon accepted the resignation intent and authorized a motion to relieve him from his post. She said President Moon expressed regret over the BAI chief's departure, noting that the tenure of the head auditor is guaranteed under the Constitution in order to preserve political neutrality. The 65-year-old former judge ends his four-year term six months early, amid speculation that he may be mulling a run as an opposition contender in next year's presidential race. Choe had announced earlier in the day that he expressed his intent to resign to the president as he judged it would be inappropriate to continue serving amid the controversy surrounding him.
Yonhap (http://english.yonhapnews.co.kr)
New virus cases back under 500s ahead of implementation of eased distancing rules
South Korea's daily new virus cases fell back to the 500s on Monday for the first time in six days on fewer tests over the weekend. But health authorities have been keeping tabs on the trend of new virus infections amid concerns over a steady rise in cases of the highly contagious Delta variant and others ahead of the implementation of eased social distancing measures later this week. During the period from June 20-26, the number of confirmed cases of strains from Britain, South Africa, Brazil and India came to 267, bringing the cumulative number of confirmed cases of variants to 2,492, the health authorities said. Among the 267 confirmed cases of variants, 189 were the Alpha strain from Britain, followed by the Delta variant from India with 73, Brazil with four and South Africa with one. By infection route, 196 were domestically transmitted, with 71 from overseas.
Moon accepts resignation of chief state auditor
President Moon Jae-in on Monday accepted the resignation of the head of South Korea's state audit agency after he offered to step down earlier in the day in a move widely viewed as a prelude to joining the presidential election race. The resignation of Choe Jae-hyeong, the chairman of the Board of Audit and Inspection (BAI), came six months before the end of his four-year term and the presidential election slated for March. Moon approved Choe's offer to be relieved of his post at around 5:50 p.m., about nine hours after he made his decision public. "Considering the term of a top state auditor is guaranteed to maintain the political neutrality, Chairman Choe has set an undesirable precedent," Moon was quoted as saying by Cheong Wa Dae spokesperson Park Kyung-mee. The president expressed regret over Choi's move, she added.
U.S. will send delegation to Tokyo Olympics but Biden will stay home: White House
The United States will send a delegation to the Summer Olympic Games in Tokyo but President Joe Biden will stay home as the U.S. continues to warn its people to reconsider visiting the Asian country, a White House spokeswoman said Monday. "The president is not planning to attend the games. He will certainly be rooting for the athletes, as well as I," said Jen Psaki when asked if Biden planned to personally visit Tokyo. "We will have a delegation from the United States as we have historically had," she said at a press briefing. "But we will continue to also convey the public health guidelines and guidance that we have been delivering out there about only essential travel." The State Department currently has a Level 3 travel advisory on Japan that advises U.S. travelers to reconsider visiting Japan due to COVID-19.
The Korea Herald (http://www.koreaherald.com)
Kim’s ‘normal state’ vision still far off
North Korean leader Kim Jong-un is continuing his quest to tighten his grip on his country, and to create an image of it as a “normal state.” His new title as of 2021, president of the State Affairs of the Democratic People’s Republic of Korea, reflects this. On June 29, 2016, Kim was named chairman of the newly established State Affairs Commission, the regime’s top branch of government and policymaking. The SAC replaced the National Defense Commission, the all-powerful organ during the tenure of his predecessor and father, Kim Jong-il. When the younger Kim took over the position, it was seen as an occasion that legitimized his authority as the North’s head of state and commander in chief of its military. But more than that, it represented the third-generation leader’s ambition for the North to be seen as a “normal country” in the international community. That dream is still in the making.
Fiscal chief vows ‘complete’ economic recovery this year
Aiming for the complete recovery of the South Korean economy, the government will deploy a series of policies inducing domestic consumption and supporting pandemic-hit businesses and exporters in the second half, the Finance Ministry said Monday. “The direction of economic policy for the second half of 2021 was established with a focus on two goals -- complete economic recovery and a major structural transformation into a leading economy,” Finance Minister Hong Nam-ki said while revising up the country’s growth outlook by 1 percentage point to 4.2 percent. Labeling the latter half of this year as an important time to make a “quicker and more inclusive recovery” and to get back to normal life, President Moon Jae-in said the country will achieve economic growth of over 4 percent for the first time in 11 years and that the job market will bounce back from pandemic-induced job losses.
BAI chief offers to resign; may join presidential race
The chief of the state-run audit agency offered to resign Monday, potentially as a precursor to a presidential bid, marking the start of another important chapter ahead of next year’s election. Choi Jae-hyung, chairman of the Board of Audit and Inspection, told reporters Monday morning that he had conveyed his intent to resign earlier and now planned to “spend time contemplating what role I can play for the future of South Korea.” “I expressed my intent to resign to the president today as I believe it is inappropriate to continue serving in my role while plenty of disputes are raised over my position,” Choi said. “I apologize to the people, the appointer and members of the Board of Audit and Inspection for not fully serving my term as the chairman.”
The Korea Times (http://www.koreatimes.co.kr)
Presidential race heats up
The race for Cheong Wa Dae is beginning in earnest, with the high-profile candidates set to declare their bids for the presidency this week. Gyeonggi Province governor Lee Jae-myung, the leading presidential hopeful of the liberal ruling Democratic Party of Korea (DPK), is expected to announce on Thursday, that he will join the party's primary, which will pick its winner by early September. Yoon Seok-youl, the former prosecutor general who has led many opinion polls, is scheduled officially to declare his presidential bid on Tuesday. South Korea's presidential election is scheduled to take place on March 9, 2022. According to Rep. Park Hong-keun of the DPK, one of Lee's aides, the governor plans to declare his candidacy on Thursday, after registering as a preliminary candidate with the DPK. In 2017, he competed in the party primary and came in third, after now-President Moon Jae-in and former South Chungcheong Province governor An Hee-jung.
Korea to launch climate fund, tackle population crisis
The government said Monday that it will beef up efforts to accelerate structural reform in the second half of the year to achieve a solid economic recovery, better prepare for a post-pandemic world and ensure the country's transformation into an advanced economy. The administration plans to set up the necessary infrastructure and incentive systems to foster a private sector-led ecosystem that promotes environmental, social and corporate governance (ESG) values. It also plans to launch a climate fund next year to help the country meet its goal of net-zero carbon emissions by 2050 and become a low-carbon economy. Infrastructure will be set up to reduce the nation's dependence on coal-fired energy production, and financial support will be offered for firms and human resources that can contribute to increasing the commercial viability of low-carbon business models.
Financial groups jump on metaverse bandwagon as new business strategy
Financial groups are capitalizing on "metaverse" ― a virtual environment where users interact through digital avatars ― to host meetings, promote products and expand digital marketing services. But this new management strategy is costly and does not guarantee profits in the short term. It, however, is critical to woo millennials and Generation Z, who as the next major banking customers, are very interested in virtual technology, augmented reality and other cyber technologies, according to industry sources, Monday. DGB Financial Group held executive meetings twice on Zepeto, an avatar app backed by the country's internet behemoth Naver with more than 2 million subscribers. Hosted by DGB Financial Group Chairman and CEO Kim Tae-oh, the participants, including CEOs of group affiliates, donned 3D animated avatars to make an appearance in the metaverse. "This was quite a scene, considering many participants were from the older generation who consider avatars as mere toys, not business tools for communication," a source said.
Chosun Ilbo (http://english.chosun.com)
LG Shops to Sell iPhones After Closure of Phone Business
LG is seeking to sell iPhones from its digital appliance shops now that it has shut down its own smartphone business. That is bad news for Samsung, which worries about its market share if its chief international rival Apple has a bigger physical presence here. LG wants to sell iPhones, iPads and Apple watches at around 400 stores nationwide from August. Greater visibility for Apple could erode Samsung's market lead on its home turf. Samsung accounted for 65 percent of the Korean smartphone market last year over Apple's 20 percent and LG's 13 percent, which is a much bigger lead than elsewhere in the world. The tie-up between LG and Apple clearly caught Samsung off guard. When LG announced it was pulling out of the smartphone market early this year, the prevailing view was that its customers would dutifully move over to domestic powerhouse Samsung because both use the Android operating system. But an industry insider said Samsung's hopes were dashed when it "ended up facing a greater threat from Apple. Also, if young customers loyal to Apple products flock to LG stores, Samsung's home appliance sales could take a hit as well."
N.Korean Propaganda Harnesses Kim Jong-un's Weight Loss
North Korea has nimbly harnessed leader Kim Jong-un's much commented-on weight loss for propaganda purposes.State TV on Friday wheeled out a man who claimed he had recently seen Kim at a concert. "It broke my heart to see the general secretary so emaciated," the man said. "Everyone's eyes are welling up with tears." In reality Kim is still vastly obese. But at a Workers Party meeting in mid-June, his first public appearance in about a month, he was visibly less so than before. His cheeks were less puffed and he seemed to have tightened his watch strap by a notch since March. At 170 cm tall, Kim is believed to have weighed around 140 kg at one time and suffered from various ailments due to his obesity. His wife Ro Sol-ju told visiting U.S. and South Korean officials a few years ago that she worried about his health.
Koreans Earn over $270 Million in Foreign Dividends
More than 3 million Koreans now own foreign stocks and pocketed over US$270 million in dividends last year. According to the Korea Securities Depository, Korean retail investors were paid $274 million in dividends from foreign companies in 2020, the first time they surpassed $200 million and up nine-fold from 2011. They own $47.1 billion worth of foreign stocks, up by more than $32 billion from late 2019. Hasbro, the toy company that makes Marvel action figures, paid the most dividends to Korean retail investors last year at $9 million. Until 2019, Japanese and Chinese businesses paid the most dividends to Korean retail investors. In 2017, Japanese petrochemical company Eneos paid the most with $4.97 million. In 2018 and 2019, China's Ping An Insurance ranked at the top with $5.4 million and $3.4 million. In the first five months of this year, Korean investors already pocketed another $128.62 million from foreign companies led by Apple ($10.1 million), AT&T ($7.92 million) and Hasbro ($6.45 million).
HanKyoReh Shinmun (http://english.hani.co.kr)
Presidential race begins with top contenders expected to launch their campaigns this week
The countdowns will start ticking off in earnest this week for South Korea’s major political parties with the 20th presidential election coming up around 250 days from now.
Board of Audit and Inspection (BAI) Chairman Choe Jae-hyeong was scheduled to announce his resignation as early as Monday, while former Prosecutor General Yoon Seok-youl is to declare the start of his political career on Tuesday. The top two figures in the ruling Democratic Party’s race are also expected to throw their hats in the ring shortly. Gyeonggi Gov. Lee Jae-myung is scheduled to declare his candidacy on Thursday, while former party leader Lee Nak-yon is coordinating a schedule for early July as well. On the opposition side, controversy is heating up over questions about the political neutrality of the heads of state inspection agencies. On the ruling party side, a heated battle is being predicted amid a discussion by candidates about backing a single candidate to stop front-runner Lee Jae-myung from running away with the nomination.
Moon makes "final offer" for peace in Time interview
South Korean President Moon Jae-in told American news magazine Time that he doesn’t have much time left to promote the cause of peace on the Korean Peninsula. The peace we have right now is a very fragile one; it can be shaken at any time,” Moon told the magazine in a video interview. Moon is making various overtures to North Korean leader Kim Jong-un, such as by offering assistance with COVID-19 vaccination. But with these comments, he seemed to be expressing his concern that the danger of war could return after his presidency ends in less than a year. “That might, after all, be Moon’s true legacy — the grim realization that if he couldn’t fix things, perhaps nobody can,” Time said. Moon’s previous interview with Time took place four years ago, in May 2017. The title that appeared on that earlier cover was “The Negotiator,” but the title on the cover released online on June 24 was “Final Offer.”
Kim Yo-jong: low in rank, high in influence
Kim Yo-jong, younger sister of North Korean leader Kim Jong-un, has a unique role and status in the North. Her official position is vice department director of the Workers’ Party of Korea (WPK) Central Committee, of which she is a member. That puts Kim Yo-jong lower on the official totem pole than Foreign Minister Ri Son-gwon, a provisional member of the WPK Central Committee’s Politburo. During the 3rd Plenary Session of the 8th WPK Central Committee, on June 15-18, Ri sat in the second row of seats behind Kim Jong-un, a position reserved for politburo members, while Kim Yo-jong sat in the general section down below. But Kim’s actual status appears to be much higher than Ri’s, and her role much broader.
The Dong-A Ilbo (http://english.donga.com/)
Yoon Seok-yeol declares his joining of 2021 presidential race
It has been reported that former Prosecutor General Yoon Seok-yeol will announce to join the presidential race in a declaration of candidacy where he focuses on the need of transfer of power with the following keywords: justice, fairness, common sense, liberal democracy, constitutional principles and rule of law. It is the first public appearance by Mr. Yoon breaking 118 days’ silence since he resigned on March 4 in opposition of the ruling party’s legislation to completely deprive the prosecution of the interrogative right. In a press conference titled “Where Yoon Seok-yeol speaks to South Korean citizens” at 1 p.m. on Tuesday at Patriot Yun Bong-gil Memorial located in Seocho-gu District, Seoul, the former prosecutor general will recite a 15-minute-long statement of candidacy, which is reported to be four to five A4 pages long, with his political vision included in it.
Japan’s imperial household minister comes under fire for his comments
Since Japanese Imperial Household Minister Yasuhiko Nishimura said on Thursday that Japanese Emperor Naruhito showed COVID-19 concerns due to the Tokyo Olympic Games, he has still been at the center of controversy. The emperor has a commanding presence in Japan and the controversial comment by the emperor may be interpreted as political engagement, which is prohibited by the Japanese Constitution. Being an honorary president of the Tokyo Olympic and Paralympic Games, Emperor Naruhito will declare the opening of the Olympics at the opening ceremony on July 23. The opposition argues that the emperor’s comment itself was an inappropriate act. Japanese Communist Party’s chairman Kazuo Shii said on Friday, “The Japanese Emperor is not allowed to engage politically according to the Constitution.
People’s Party leader visits late ex-president’s village
Lee Jun-seok, the new leader of the main opposition People’s Party, visited the village of Bongha in Gimhae, South Gyeongsang Province on Friday. After paying respect at the late President Roh Moo-hyun’s grave, Lee met with Roh’s wife, Kwon Yang-suk, and pledged that he will not use talking down of former President Roh as political means. Watchers interpret Lee’s visit to Bongha Village after his visit to the Jeolla provinces ahead of next year’s presidential election as part of his strategy to increase his party’s support base by including progressive as well as moderate groups. “The practice of attacking the late president for political reasons should disappear now. I have come to humbly reflect on the practice of failing to keep manners amid partisan strife,” Lee said while meeting with Kwon for about 40 minutes on the day. “We will introduce into our party and develop the late President Roh’s simple mindedness and communications with people, the values that he sought to establish.”
TheKyungHyangShinmun (http://english.khan.co.kr/)
New Distancing System Enforced on July 1: Level 2 in the Seoul Metropolitan Area and Level 1 Everywhere Else
From July 1, the nation will undergo a preparatory period for two weeks and apply a new social distancing system. During the preparatory period, up to six people can come together for private gatherings in the greater Seoul area, while in most other areas up to eight people will be allowed. After the two weeks, level-2 distancing will be enforced in the Seoul metropolitan area, allowing up to eight people to gather, while level 1 will be enforced in other areas, with the restriction on private gatherings lifted altogether. On June 27, the Central Disaster and Safety Countermeasure Headquarters announced the new social distancing system that will be applied individually by each local government beginning next month. The new distancing system is divided into four stages: control (level 1), local outbreak and quota (level 2), regional outbreak and ban on gatherings (level 3), and epidemic and lockdown (level 4). The government has set two weeks (July 1-14) as an implementation period to act as a kind of buffer and granted local governments the autonomy to promote their own disease control measures.
Ruling and Opposition Parties Point Fingers at Each Other: Tossing the “Yoon Seok-youl X-Files” Before They Explode
The controversy over the “Yoon Seok-youl X-files” between ruling and opposition politicians is turning out to be more and more interesting. Former Prosecutor General Yoon Seok-youl and the People Power Party argued that the X-files was a political maneuver and an illegal investigation by the ruling party. This angered the ruling Democratic Party of Korea, which cited the opposition including independent lawmaker Hong Joon-pyo as the source of the problem. At the same time, the ruling party mentioned the verification of Yoon Seok-youl as a presidential candidate and heightened its attacks. The People Power Party fought back accusing the ruling party of engaging in “an outdated politics of propaganda,” and now the nation’s political circle is bubbling with the X-file controversy. Democratic Party leader Song Young-gil appeared on TBS radio on June 23 and asked, “Shouldn’t it (verification of a candidate) be more extensive than the investigation of the wife and family of former Minister Cho Kuk (conducted by Yoon)?” The ruling party leader also said, “The verification of the ‘president’s spouse,’ who will have a legal status and receive state support, is no less important than that of the president.” Kang Byung-won, a member of the Democratic Party’s Supreme Council also said in a council meeting, “Yoon asserted that he had never caused anyone to suffer a penny’s worth of damages, but new allegations surrounding his mother-in-law are popping up shaming those words.” He further attacked, “A strong presidential candidate should be able to sufficiently explain and clarify any allegation to the people.”
Jeremy Rifkin, “The Earth Only Has a Razor Blade-Thin Amount of Time Left”
Domestic and international climate and environment experts including former U.S. Vice President Al Gore, who received the Nobel Peace Prize for informing the world of the dangers of climate change, all spoke in one voice calling for South Korea to be more aggressive in its response to climate change, including efforts to reduce carbon emissions. On June 23, the 2021 Kyunghyang Forum was held on the theme, “Living with the Climate Crisis: The Path to Survival” at Lotte Hotel in Jung-gu, Seoul. In his keynote address, Gore mentioned the need for rich countries to aid developing nations and to help phase out carbon emissions in exchange for their use of fossil fuels. He also said that world leaders were heading in the right direction and that South Korea was also displaying very important leadership. The former vice president claimed that many countries in the world were looking at South Korea as a model and emphasized that many countries including South Korea should exhibit leadership in phasing out carbon emissions.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Samsung Elec remains as retail favorite on Kospi, although returning minus yield
Samsung Electronics stayed as retail favorite on the main Kospi in the first half, although the stock has repaid poorly – at minus return – compared with 50 percent gain last year. Top 10 stock picks by retail investors in the first half consisted of large-cap semiconductor, internet platforms and automobile stocks like Samsung Electronics, SK hynix, Hyundai Mobis, Kakao, LG Electronics, Hyundai Motor, and Naver. The country’s top heavyweight Samsung Electronics remained their favorite, as retail investors net purchased 23.8 trillion won ($21.06 billion) in the bellwether stock in the January-June period, or 39 percent of their total buying amounting to 61.5 trillion won, according to the Korea Exchange on Sunday.
Korea to produce single-dose “Sputnik Light” vaccine for Russia from August
Sputnik Light, the single-dose version of Russia’s Covid vaccine Sputnik V, will be a major vaccine type to be produced in Korea under a commissioned contract with the Russian government, according to Hwang Jae-gan, Chairman of Hankook Korus Pharm. Hankook Korus Pharm is a subsidiary of Seoul-based GL Rapha, a Korean pharma trading company, which signed a contract with Russian sovereign fund RDIF late last year to produce the coronavirus vaccine for Russia. The Russian government is pushing for Sputnik Light as a strategic export item and therefore the Korean contract producer has informed its consortium members of migration in their vaccine production from the double dose vaccine to a single dose, Hwang told Maeil Business Newspaper on Sunday.
Korean banks to score digital coin exchange by reliability of tokens and issuers
South Korean banks responsible for oversight on the digital coin exchanges they serve in place of state authority will evaluate on the reliability of listed tokens, customers behind the trade, and reputation and creditability of the issuers. According to a guideline drawn up by the Korea Federation of Banks (KFB) on assessing crypto exchange operators secured by Rep. Yoon Doo-hyun of the main opposition People Power Party on Monday, banks are recommended to evaluate digital asset companies mainly on inherent risk, control risk and other fundamental criteria. The evaluation grade and scope, however, differ by banks based on their internal risk management rules.
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