Monday, November 29, 2021

 

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

 

The Korea Post ( www.koreapost.com )

Exchange of visits by Heads of State greatly contribute to furthering bilateral ties”

Economic & Commercial Counsellor Dario Jose Saez Mendez at the Embassy of the Kingdom Spain in Seoul said that Spain takes great interest in the promotion of relations, cooperation and friendship with Koreain the economic, commercial and many other fields. Speaking at a recent interview with The Korea Post media at his office in Seoul, Counsellor Darío Sáez said that amidst the growing ties of bilateral cooperation there was a visit by H.M. King Felipe VI of Spain toKorea on Oct. 23, 2019. Then in return, he said, President Moon Jae-in visited Spain at the invitation of H.M. King Felipe VI on June 15 this year.

 

CEO Paul KS Hwang prepares for the future through welfare agriculture

My goal is to discover many companies and many people with a mind that combines welfare and agriculture like me, and put all of my energy into cloning, and contribute to making Korea and the world a better place to live,” said CEO Paul KS Hwang of Fine Enterprise. In an interview with The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985, CEO Paul Hwang said, “Due to industries developed for human convenience, animals and plants have been sick with environmental pollution, harmful bacteria, and viruses (such as swine flu, SARS, MERS, COVID-19). In the end, humans realized a world struggling with diseases, and after long research and planning. And I had a firm belief that small practices with organic agriculture could save the soil and further change the world healthy.”

 

Development and Growth of Communication and IT Industry

Thanks to four 5-year communication industry development plans of the government that started in 1962, Korea achieved gigantic development in communication industry as a pivotal component for rapid economic growth of the nation. The number of fixed-line subscribers increased from 277,000 in 1966 to over 3 million in 1981. During this period, Korea installed scatter network between Korea and Japan, established the satellite earth station in 1970 in Geumsan, and deployed direct distance dialing (DDD) networks between Seoul and Busan in 1971. It also dualized international communication networks and modernized switching facilities across the country.

 

                                                                                                              

KBS (http://world.kbs.co.kr/service)

Omicron Variant Detected in More Countries

The new Omicron coronavirus variant has continued to spread around the world, with cases confirmed in 12 regions over a period of just two weeks. According to Reuters, as of Sunday, cases of the potentially more contagious variant were detected in South Africa, Botswana, Britain, Germany, Italy, the Czech Republic, Austria, Belgium, Australia, Israel, Hong Kong and the Netherlands. Denmark has reported suspected cases, with analysis underway. According to the Dutch media outlet BNO News, 115 cases of Omicron have been confirmed around the world, with suspected cases reaching about one thousand. The top U.S. infectious disease official, Dr. Anthony Fauci, said the variant could already be in the country.

 

WHO Member States Agree to Launch Pandemic Treaty Negotiations

Member states of the World Health Organization(WHO) have reportedly reached a consensus to launch negotiations to create an international pandemic treaty to handle the next global health crisis. According to media reports, countries on Sunday agreed to set up in intergovernmental negotiating body(INB) charged with drafting and negotiating a WHO accord on pandemic prevention, preparedness and response. The WHO member states tentatively agreed to hold the inaugural meeting of the INB by March 1 at the latest and elect two co-chairs and four vice-chairs. The INB will then start to identify the substantive elements of the instrument and draw up a working draft by August 1.3


S. Korea's Exports of Farm, Fishery Products Top $10 Bln for First Time

Bank of Korea(BOK) Governor Lee Ju-yeol said Thursday's interest rate hike is still tractable and won't hamper economic recovery efforts, hinting at more rate hikes down the road. He made the remark in an online press hearing following Thursday’s monetary policy meeting where the interest rate was raised by point-25 percentage points to one percent, ending 20 months of a zero-bound rate. Lee stressed that the rate is still at an accommodative level that does not overly tax the real economy considering next year's growth and inflation projections. He analyzed that the rate is still below the neutral level as the real rate remains in the minus range with plenty of liquidity.


                                                                                                                

 

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

S. Korea's exports of farm, fishery products top US$10 bln this year

South Korea's exports of agricultural and fishery goods exceeded the US$10 billion mark for the first time this year, led by the popularity of "hallyu," the Korean wave of pop culture, data showed Sunday. Outbound shipments of foodstuffs came to $10.13 billion in the Jan. 1-Nov. 25 period, up 16.1 percent from the previous year, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. It marked the first time that exports of agricultural and fishery goods have exceeded the $10 billion level since the country began compiling related data in 1971. In 2020, the country's exports of farm and fishery goods hit a yearly record high of $9.87 billion despite the fourth wave of the pandemic.

 

Leading presidential contenders stay tight in latest poll

The two leading presidential candidates remained neck and neck with each other in the latest survey released Sunday. Yoon Seok-youl, the presidential nominee of the main opposition People Power Party, earned 38.9 percent support, while Lee Jae-myung, the candidate for the ruling Democratic Party, had 36.1 percent support in the poll conducted by Embrain Public. Yoon's lead of 2.8 percentage points was within the margin of error of plus or minus 3.1 percentage points at a 95 percent confidence level. The survey was conducted on 1,020 adults on Friday and Saturday.

 

Ex-opposition leader Sohn Hak-kyu to declare 4th presidential bid Monday

Former opposition leader Sohn Hak-kyu will throw his hat in the ring for the presidential election this week, his aide said Sunday. Sohn, who recently served as chairman of the opposition Bareunmirae Party, will hold a press conference on Monday in Yeouido, western Seoul, to declare his fourth presidential bid, according to his spokesman, Seol Young-ho. Sohn, 74, cut his political teeth on a conservative party. But for the 2007 and 2012 presidential elections, Sohn finished in second place in the primaries for the liberal Democratic Party. Ahead of the 2017 election, Sohn came up short in the primary for the centrist People's Party.

 

                                                                                   

 

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

D-100: Pundits’ take on outlook, impact and fallout

With just 100 days left for South Korea to pick its next president, the question comes down to what significance the race holds and how the landscape could change as voters prepare to cast their ballots on March 9. The candidates are new, and so is the theme of the race. The voters have changed, and what they look for is unique to Korea's political history. What candidates offer and how they present their views are critical at this point, with their ratings shifting every day. The Korea Herald seeks to dissect key details of the 2022 presidential election with analyses from three local experts on election campaigns and politics.

 

Lee Jae-myung criticized for defending murderer nephew

The presidential candidate for the ruling Democratic Party of Korea is facing growing criticism for defending a nephew who brutally killed two women and for later downplaying the case, with the opposition questioning his fitness to hold office. Lee Jae-myung is a qualified lawyer in South Korea, having passed the bar exam in 1986, and he served as a defense attorney for his nephew when he was accused of murdering his girlfriend and her mother in 2006.

 

BOK raises rate to 1% amid inflation concerns

South Korea’s central bank on Thursday raised its benchmark interest rate by 25 basis points, returning to the 1 percent rate range after 20 months, while upgrading this year’s inflation target. In a largely expected move, the Bank of Korea carried out a rate hike as a result of the last monetary policy meeting of the year. The central bank stood pat on its base rate in the previous rate-setting meeting last month, after carrying out a rate hike of 25 basis points to 0.75 percent in August. The move in August ended more than a year of ultralow interest rates amid the COVID-19 pandemic.

 

                                                                                     

 

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

President Moon makes last-ditch effort to realize North Korea talks within tenure

South Korean President Moon Jae-in is making a last-ditch effort to realize tangible progress in his proposal to declare a formal end to the 1950-53 Korean War, which he believes will be a powerful enticement to bring North Korea back to denuclearization talks. As part of his efforts, the President replaced three out of four deputy heads at the country's spy agency to refresh its behind-the-scenes communications with Pyongyang over the end-of-war declaration. Cheong Wa Dae announced Friday that Moon named three new deputy heads of the National Intelligence Service (NIS). The NIS has four deputy heads who report directly to NIS Director Park Jie-won, with the first in charge of overseas/North Korea, the second in counter-espionage, the third scientific intelligence, and another for planning and coordination.

 

JP Morgan CEO's China apology raises questions over Shinsegae heir's 'hardball' stance

JP Morgan CEO Jamie Dimon's apology last week over his offhand remark concerning the Chinese Communist Party (CCP) is raising questions over whether it is appropriate from a business perspective for Shinsegae Group Vice Chairman Chung Yong-jin to refuse to take back anti-communist sentiment he expressed recently. JP Morgan and Shinsegae Group are among numerous foreign companies operating in China, whose government and people have been sensitive about anything that might be construed as questioning or offending its legitimacy. Such extreme nationalism has been best represented through consumer boycotts of multinational enterprises that, whether intentional or not, were judged to have offended China.

 

SK E&S under fire for gas field project in Australia

SK E&S, an energy subsidiary of SK Group, is pushing for a gas field development project in the Barossa Valley, Australia, in what a local climate advocacy group recently said is a clear contradiction of the company's eco-friendly business drive. The $3.7 billion (4 trillion won) gas field set to operate for 20 years starting in 2025 goes against the subsidiary's much-touted sustainable growth initiative, as defined by its environmental, social and governance (ESG) values, according to Seoul-based Solutions for Our Climate.

 

                                                                                                                

 

Chosun Ilbo (http://english.chosun.com)
Korea Bans Flights from South Africa over Omicron Variant

Korea on Sunday banned flight from eight southern African countries as the Omicron variant of coronavirus sparked renewed panic around the world and sent stock markets and oil prices tumbling. The Central Disease Prevention Headquarters in an emergency meeting on Saturday decided to ban flights from South Africa, where the Omicron variant was first detected, as well as Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi.


Boosters Cause Fewer Side Effects
Booster jabs seem to cause fewer side effects than first or second coronavirus vaccinations. Some 2.26 million Koreans had had their booster shots as of Thursday morning, according to the Korea Disease Control and Prevention Agency, and only 19.4 percent have reported side effects, compared to 34.3 percent of those who had complained of side effects after earlier shots. Some 17 percent of booster recipients complained of local reactions like swelling at the site of injection and 18.3 percent of general reactions like muscle pain and fever. The proportions were 31.9 percent and 33.7 percent respectively for the earlier shots.

 

Infections Rise Among Unvaccinated Youngsters
Coronavirus infections are rising among unvaccinated youngsters as new cases hover around 4,000 a day. Severe cases reached 617 on Friday morning and about 1,310 patients are waiting for hospital beds to become available. According to health authorities, an average of 530 children and adolescents tested positive for coronavirus in the third week of November, up about 30 percent from the fourth week of October. Most were infected in schools or crammers. Between Sept. 26 and Oct. 23, 99.7 youngsters under 18 per 100,000 population were infected, compared to 76 adults over 19. Last year, the number of infections was 130.1 among adults and 66.1 among youngsters, but the gap narrowed between the two groups this year and young patients overtook adults recently.

                                                                                                

HanKyoReh Shinmun (http://english.hani.co.kr)
Biden and the window for S. Korean foreign policy

In the ten months since he took office, US President Joe Biden has been putting his foreign affairs principles into practice. He has prioritized the values of democracy and human rights with the scheduled hosting of a Summit for Democracy and a possible diplomatic boycott of the Beijing Winter Olympics; worked to restore alliances from their state of disarray by improving relations with NATO, preserving the Quad, establishing AUKUS; and avoided involvement in wars that do not aid the national interest by withdrawing troops from Afghanistan. A central axis in Biden’s foreign affairs approach has been the strategic rivalry between the US and China — a competition that could reasonably be called the foundation of the global order these days.

 

What the US, China mean by maintaining the status quo on Taiwan

Despite being a hotspot in today’s rivalry between the US and China, Taiwan was the last territory to be incorporated into China. The island officially came under the rule of the Qing Dynasty in 1683, after the complete suppression of Koxinga, who ruled one of the last remnants of Ming China. Koxinga — the better-known moniker of Zheng Chenggong — launched his resistance against Qing invaders on China’s southeastern coast. He eventually moved to Taiwan and established a fiefdom that was later subjugated by armies sent by the Qing. Until that time, Taiwan had never even been given a formal name in China. The island’s incorporation into China at the hands of Koxinga and its subsequent arrival on the stage of world history is tied to the Western powers’ encroachment upon Asia that began in the 15th century. Early on, the Ming Dynasty launched treasure voyages under Adm.

 

BOK raises interest rate back to 1%, ending 20 months of near-zero rates

The era of near-zero percent interest rates, which were adopted in Korea in response to the COVID-19 pandemic, has come to an end after 20 months. The decision by the Bank of Korea (BOK) to raise the benchmark interest rate to 1% per annum is predicted to increase the annual loan interest for all South Korean households by 5.8 trillion won (US$4.8 billion) compared with late 2020. Having already raised the rate twice this year, the BOK signaled that an additional hike may come early next year. This is expected to spell a harsh chill for households as their debt — which has swollen to 1.845 quadrillion won, or US$1.5 trillion, collectively — comes back to bite them.

 

                                                                                    

 

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

Vaccine producers: Vaccine for Omicron can be produced within 100 days

Vaccine producers are accelerating pace to respond to possible spread of Omicron, a new COVID-19 variant. Vaccine makers say that they can leverage their vaccine manufacturing experience to come up with a new vaccine capable of responding to Omicron in two or three months. Experts say that the relatively short amount of time needed to come up with a new vaccine is due to vaccine producers’ efforts in preparing ahead of variants. BioNTech, a German biotechnology company that developed Pfizer’s vaccine together, announced, “We will be able to release a new vaccine to treat the new variant in 100 days” in a statement sent to Reuters on Friday (local time). “We are aware of the experts’ concerns and immediately launched research on the Omicron variant.

 

Korea’s agro-fisheries and foods record $10 billion in exports

Exports of South Korean agricultural and fishery food products reached the 10 billion dollar threshold for the first time this year. With satisfaction levels of foreigners with Korean cuisine going up to 95 percent, such a milestone is interpreted as a growing popularity of K-food items thanks to the global success of K-pop and K-content. As of Thursday, this year recorded a export volume of 10.1 billion and 3 million dollars in agricultural and fishery items, 16.1 percent up on a year-on-year basis, according to the Ministry of Agriculture, Food and Rural Affairs and the Ministry of Maritime Affairs and Fisheries on Sunday. The 10-billion-dollar threshold in this division was first reached this year since 1971 when related statistics started being collected.

 

Nu COVID-19 variant rears its ugly head

The Nu COVID-19 variant (B.1.1.529) has increased influence exponentially over two weeks since it was first reported in southern Africa, causing public concern due to its greater potential risks than those from the Delta variant. The World Health Organization (WHO) opened an emergency meeting on Friday (local time) to decide whether to designate it as a “major variant.” Right after its landing on Hong Kong, one of the nearest neighboring nations of South Korea, the Nu resulted in secondary infection, only increasing infection risks.

 

                                                                                                

 

The KyungHyangShinmun (http://english.khan.co.kr/)
Government to Announce Comprehensive Measures Against COVID-19 Next Monday: Discussions on Expanding the Vaccine Pass Underway

The government will announce comprehensive measures for stronger disease control in response to the deteriorating outbreak of COVID-19 on November 29. Kwon Deok-cheol (minister of health and welfare), the first assistant director of the Central Disaster and Safety Countermeasure Headquarters, made an opening statement at a Headquarters meeting held at the government office in Sejong on November 26 and said, “Yesterday, we held a meeting to discuss the nation’s policy for a return to normal life and listened to the opinions of the public and experts and are currently discussing the issue with other ministries to announce comprehensive government measures in response to COVID-19.” He also said, “We will review the issue thoroughly and announce the details of the measures next Monday.”

 

Bank of Korea Monetary Policy Board Raises Base Interest Rate by 0.25%: End of the Sub 1% Base Rate

The Bank of Korea Monetary Policy Board raised the base interest rate by 0.25%. This ends the sub 1% interest rate, which lasted for twenty months. On November 25, the Monetary Policy Board held a meeting at the Bank of Korea in Jung-gu, Seoul and decided to raise the base rate by 0.25%, from an annual 0.75% to 1.0%. The decision was made three months after the Board raised the interest rate by 0.25% in August, after announcing its determination to normalize the monetary policy following the COVID-19 outbreak. The Board had lowered the interest rate by 0.5% and 0.25% in March and May 2020 respectively when the economy quickly froze with the spread of COVID-19. The Board maintained the lowered rate until it raised it for the first time in fifteen months in August.

 

 

Record-breaking 4,116 New Daily Cases of COVID-19 and 586 Patients in Critical Condition

The daily number of new COVID-19 cases surpassed 4,000 for the first time. Nearly 600 patients were in serious condition, and 35 people died from the virus in just one day. The Central Disease Control Headquarters announced that as of midnight November 24, they have confirmed 4,116 new cases of the novel coronavirus from the previous day. Among them, 4,088 cases contracted the virus in the local community while 28 cases entered the country from overseas. A regional analysis showed that 76.7% (3,135 cases) of the cases occurred in the greater Seoul area with 1,730 cases confirmed in Seoul, 1,184 cases in Gyeonggi, and 221 in Incheon. Authorities also confirmed 118 cases in Busan, 78 in Daegu, 45 in Gwangju, 51 in Daejeon, 11 in Ulsan, 7 in Sejong, 62 in Gangwon, 40 in Chungcheongbuk-do, 291 in Chungcheongnam-do, 34 in Jeollabuk-do, 52 in Jeollanam-do, 65 in Gyeongsangbuk-do, 87 in Gyeongsangnam-do, and 22 in Jeju.

 

                                                                                                 

 

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

Korean battery SK On recruiting pre-IPO investors for around 10% stake

SK Group’s pure-play battery maker SK On Co. is recruiting pre-IPO investors in exchange of around 10 percent stake to bulk up ahead of going public. According to multiple sources from the investment bank industry on Thursday, SK Group has recently selected Deutsche Securities and JP Morgan as pre-IPO underwriters for the freshly separated unit of SK Innovation. The placement will involve about 10 percent shares worth multi-billion dollars. Discussions are still underway for the scope of offering and company valuation, said an unnamed official from the battery industry. The company is targeting mostly foreign investors.

 

Namyang Dairy may go under Dayou Winia if it wins legal fight with Hahn & Co.

South Korea’s No.2 dairy firm Namyang Dairy Products Co. could go under Dayou Winia Group but only if it wins a legal battle against local buyout firm Hahn & Company over the scandalous previous stake sale deal. Dayou Holdings confirmed on Thursday in a regulatory filing that Dayou Winia Group is granted with the preferential rights to take over Namyang Dairy Products’ majority stakes held by Chairman Hong Won-sik and his family and its management rights. Namyang Dairy Products announced last week that it signed a conditional deal to sell the majority stake and management rights to the mid-sized local conglomerate.

 

Hyundai Motor to test out self-driving cab on Seoul roads in H1 next year

South Korea’s auto giant Hyundai Motor Co. will test its first self-driving cab dubbed RoboRide on roads in Seoul in the first half of next year, the company announced at Seoul Mobility Show held at Kintex in Goyang, Gyeonggi Province, on Thursday. The autonomous driving technology that will be applied to its unmanned robot taxi will be Level 4 self-driving technology, a fully autonomous driving technology in which the vehicle handles nearly all situations when a driver sets up the destination, the company added.

 

                                                                                                                   

 

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 Heraldwww.smh.com.au

Colombia Reports http://colombiareports.com

Bogota Free Planet http://bogotafreeplanet.combfp@bogotafreeplanet.com

El Universal http://www.eluniversal.com.mx/english

Andes http://www.andes.info.ec/en

Ecuador Times http://www.ecuadortimes.net

The Jordan Times https://www.jordantimes.com

LSM.lv http://www.lsm.lv/en

The Baltic Times http://www.baltictimes.com lithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com

El Pais http://elpais.com/elpais/inenglish.html

Philippine Daily Inquirer https://www.inquirer.net

Daily News Hungary http://dailynewshungary.com

Budapest Times http://budapesttimes.hu
                                                                                                               

 

The Korea Post is running video clips from the different embassies.

Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM

Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s

Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE

And many other countries.
 

What are you waiting for?
Use us!
The Korea Post media are more than eager to be used, and to serve you—with the following five news outlets, 36 years old this year!

Korean-language Internet edition: http://www.koreapost.co.kr
English-language Internet edition: http://www.koreapost.com
Korean-language print newspaper:
http://pdf.koreapost.co.kr/38/3801.pdf
http://pdf.koreapost.co.kr/38/3802.pdf
http://pdf.koreapost.co.kr/38/3803.pdf
http://www.koreapost.co.kr/pdf/list.php?category=&syear=2018&smonth=03&sday=26&hosu=40
English E-daily: http://www.koreapost.com/news/articleView.html?idxno=10690

저작권자 © The Korea Post 무단전재 및 재배포 금지