Monday, April 4, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Han Duck-soo nominated as 1st prime minister of the Yoon’s administration
President-elect Yoon Suk-yeol named former Prime Minister Han Duck-soo as the nominee for his first prime minister on April 3. At a press conference at the transition committee's office in Tongui-dong, Seoul, President-elect Yoon said, "Han served as deputy prime minister for economy and prime minister during the Roh Moo-hyun administration and served as ambassador to the United States during the Lee Myung-bak administration
POSCO Holdings begins to build saltwater lithium plant in Argentina
POSCO Holdings has started construction of a lithium commercialization plant in Argentina, the company said on March 31. POSCO Group is the first to produce lithium hydroxide for batteries in Argentina throughout the entire process from the acquisition of mining rights to exploration, construction and operation of a production plant. POSCO Group CEO Choi Jeong-woo attended the groundbreaking ceremony for the brine lithium plant based on the Hombre Muerto Salt Lake, located in the 4,000-meter-high Salta Province in Argentina, which was held on March 23, along with Yoo Byeong-og, head of the Green Materials & Energy Business Team of POSCO Holdings, Kim Kwang-bok, president of POSCO Argentina, Gustavo Saenz, governor of Salta, Raul Jalil, governor of Catamarca, and Jang Myung-soo, South Korean ambassador to Argentina.
4th round of Korea-Gulf Cooperation Council FTA negotiations held in Seoul
The 4th round of Korea-GCC FTA negotiations were held on March 28-31 in Seoul. Korea’s government delegation is led by Ministry of Trade, Industry, and Energy (MOTIE)’s Director General for FTA Negotiations Lee Kyung-sik, and consists of relevant ministries’ officials. The Gulf Cooperation Council (GCC) comprises Saudi Arabia, Kuwait, Arab Emirates, Qatar, Oman, and Bahrein. The GCC is led by Secretary General Nayef Falah Mubarak Al-Hajraf and relevant ministries' officials from the above six countries.
Chosun Ilbo (http://english.chosun.com)
The Best Weight Loss Plan? Eating a Little Less
Decreasing metabolism often leads to weight gain with increasing age, and many people either starve themselves or resort to short, intense spurts of exercising to lose that weight again. But in fact sporadic changes in daily routines rarely achieve the intended results, or achieve them only in the short term. Instead, the Japanese have pioneered a diet regime known as the "three-percent diet" that simply means gradually eating a little less. Blood pressure increases after people surpass a certain weight, which also leads to rises in blood-sugar levels and cholesterol. But losing just three percent of body weight leads to noticeable improvement.
Gas, Electricity Prices See 1st Hike in Years
Gas and electricity prices are going up in Korea due to rising international oil prices. The Ministry of Trade, Industry and Energy said Thursday it decided to raise gas bills by an average of around 2 percent from Friday. Households now have to pay W14.65 per megajoule of gas, up from W14.22, while business gas bills have risen W0.17 to W14.26 per megajoule (US$1=W1,213). This is the first hike in gas bills since July 2020, when the ministry froze them to help tame inflation. But that is no longer viable, as high global energy prices have led to snowballing losses.
Moon Publishes Expenses After Uproar over Wife's Wardrobe Fees
President Moon Jae-in has published his personal expense filings after an uproar about the astronomical cost to the taxpayer for his wife's wardrobe. The accounts reveal that Moon earned W1.98 billion during his five years in office, paid W335 million in taxes and spent W1.35 billion on living expenses (US$1=W1,211). That means he spent more than W20 million a month on living expenses. Cheong Wa Dae said Moon "used his own money to pay for his living expenses and food costs" at the presidential residence and stressed that first lady Kim Jung-sook bought her clothes using "private expenses."
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Han Duck-soo nominated by Yoon to be next prime minister
Former Prime Minister Han Duck-soo was nominated on Sunday by President-elect Yoon Suk-yeol as the next prime minister of Korea.“As a traditional economic bureaucrat, Han served as the vice trade minister, finance minister, prime minister, and as the chairman of the Korea International Trade Association, as well as ambassador to the United States, and accumulated rich experience in the field of economy, trade and diplomacy,” Yoon said during a press conference hosted at the presidential transition committee’s headquarters in central Seoul on Sunday.
Posco orders employees back to the office but other companies still wary
Posco employees are coming back to the office in April after two years of remote work and while some companies may follow, many remain cautious. According to Posco on Thursday, it ended remote work in its Seoul offices from Friday. Other Posco subsidiaries including Posco Chemical and Posco International are planning to gradually bring workers back to the office as well.“The government is easing social distancing guidelines and health authorities said that Korea has passed the peak of the Omicron wave,” said a Posco spokesperson. “Therefore we decided to end remote work.”
Normalization of Korea-U.S. alliance will be key topic in meetings
Normalization of the Korea-U.S. alliance will be a key message in the upcoming meetings in Washington, according to People Power Party (PPP) Rep. Park Jin, head of President-elect Yoon Suk-yeol's special delegation to the United States. “The delegation will deliver President-elect Yoon's will to normalize the Korea-U.S. alliance to the U.S. administration, Congress and members of the government and the private sector,” Park told the press at Incheon International Airport on Sunday morning. Park and members of the delegation, including PPP Rep. Cho Tae-yong, formerly the vice foreign minister, and Chung Jae-ho, professor of international politics at Seoul National University, were scheduled to meet with members of the Joe Biden administration, Congress and think tanks in Washington during their week-long visit.
The Dong-A Ilbo (http://english.donga.com/)
Ukraine need the iron-clad international mechanisms of guaranteeing security before any negotiations on neutrality
“If we decide not to join NATO, Ukraine will need the iron-clad international mechanisms of guaranteeing our security before we begin any negotiations on possible neutrality. Such guarantees can be provided by the UN Security Council Member States and Ukraine’s neighbors, similar to the mechanism envisaged by the North Atlantic Treaty.” Ukraine‘s ambassador to Seoul, Dmitro Ponomarenko, stressed that clearly no ultimatums would be accepted on territorial integrity and sovereignty of Ukraine in peace talks with Russia.
Korea may lift outdoor mask mandate on April 18
From April 18, Koreans may be freed from outdoor mask mandate. There is also a chance the government will lift most of social distancing regulations including restriction to the number of people at private gatherings, operating hour restrictions for restaurants and cafes. Except for indoor mask wearing, all the restrictions that have restricted people’s daily living for 757 days since March 22, 2020 could thus be lifted. The country could effectively enter the phase of Covid-19 endemic.“If case numbers continue to decline over the next two weeks, and if the number of severe patients in critical condition and the healthcare system remain stable, the government will comprehensively adjust social distancing measures afterwards,”
Kwon Soon-chan to coach Heungguk Life Insurance pro volleyball team
A reshuffle has started among teams in the women’s professional volleyball league, which closed the last season prematurely due to the Covid-19 crisis. Teams have started replacing their coaches, with Heungguk Life Insurance becoming the first to do so. The team said Friday it has appointed Kwon Soon-chan, former coach for men’s team of KB Car Insurance, as its new coach. Terms of his contract is unknown. Kwon, a graduate of SungKyunKwan University, played for Samsung Fire & Marine Insurance, and served as coach for Woori Capital and Korean Air, before coaching KB Car Insurance for three years from 2017.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
BOK governor nominee hints additional rate increases to curb household debt
Bank of Korea (BOK) governor nominee Rhee Chang-yong on Friday suggested rate increases should continue to direct a “soft landing” of household debt that has reached 1,862 trillion won ($1.5 trillion) by end of December as excessive debt would weigh over assets and national economy in the long term.“The central bank must look at interest rates as well as consumer prices,” said Rhee who has returned to Seoul after surrendering his office of director of Asia Pacific of the International Monetary Fund to ready legislative hearing for confirmation to his appointment.
Korea’s trade balance back in the red March as imports outpace exports in two-digit gain
South Korea’s trade balance logged a deficit in March as the surge in imports overwhelmed double-digit growth in exports due to spike in fuel cost. The country’s exports totaled at $63.48 billion in March, jumping 18.2 percent year-on-year, according to data released by the Ministry of Trade, Industry and Energy on Friday. Imports surged by a bigger pace of 27.9 percent to $63.62 billion. Both are monthly records.
SBW affiliates enjoy stock rallies upon news of the group’s chase for SsangYong
Ssangbangwool (SBW) Group which lost out in its bid for a budget carrier is going after SsangYong Motor whose sale process would have to go back to square one after the bankruptcy court earlier this week nullified contract with a consortium led by Edison Motors. Investors cheered the news. SBW Inc. shares jumped by daily limit of 29.49 percent to 1,010 won ($0.83) in morning trade on Friday after closing the previous session 24.01 percent higher at 780 won.
HanKyoReh Shinmun (http://english.hani.co.kr)
Yoon will “respond sternly” to distortions of history by Japan, spokesperson says
Responding to the historical distortions in textbooks that were recently approved by the Japanese government, South Korean President-elect Yoon Suk-yeol said Thursday that he would “respond sternly to any distortion of history in the future.”“Yoon has said several times since his time as a candidate that while he wants Korea’s relationship with Japan to develop, Japan must first have a correct historical attitude and be fully remorseful for the past,” Yoon’s spokesperson Kim Eun-hye said in material sent to reporters on Thursday.
S. Korean government tacitly confirms it rejected US, Japan’s pushes for military cooperation
South Korea’s Ministry of Foreign Affairs said Thursday that the government continues to hold that “military cooperation with Japan would only be possible if bilateral trust were to be restored and a public consensus were to form” about such cooperation. That was how MOFA spokesperson Choi Young-sam responded during a briefing with domestic and foreign reporters on Thursday afternoon when a journalist mentioned a media report that Seoul had rejected repeated proposals by Washington and Tokyo to hold trilateral military exercises and asked whether that report was true.
Yoon calls for “strong, energetic push” toward “future-oriented” ties with Japan to resolve issues
At the entrance of the Ukrainian Embassy in Yongsan, Seoul, flowers and handwritten messages from Koreans calling for peace cheer on the Ukrainian people who have stayed resilient in the face of aggression. “Keep your spirits up,” one sign reads. Another says, “Just as barley that has survived winter sprouts better, when hardships pass, a pine tree will shine like a sunflower and stand tall in the sky.” Ukrainian Ambassador to Korea Dmytro Ponomarenko, who the Hankyoreh met at the Ukrainian Embassy on the afternoon of March 25, said he receives messages of solidarity and support from Korean citizens every day, something for which he said he is sincerely grateful.
The KyungHyangShinmun (http://english.khan.co.kr/)
“Every Little Helps” The Miracle of the Ethnic Koreans from Central Asia in Gwangju: Providing Flights for Over 100 People Escaping Ukraine
“It hurt to see the ethnic Koreans who left Ukraine to escape the war but had trouble entering South Korea, and we wanted to help.” Jeon Olga (36), is an ethnic Korean from Uzbekistan, who runs the Korean Village Family Café in Wolgok-dong, Gwangsan-gu, Gwangju. Jeon settled in South Korea ten years ago and runs a store selling bread and groceries. Jeon’s family recently gave five million won to the Korean Cooperative, a community of ethnic Koreans from Central Asia, after they heard that many ethnic Koreans who barely managed to leave Ukraine to escape the war had trouble because they could not come up with the money to purchase flight tickets to Korea.
New Distancing Measures from Apr. 4: Up to 10 People Allowed for Private Gatherings and Business Hours Extended Until Midnight
The government announced that it would extend the business hours of public facilities, which had been restricted due to COVID-19, from 11 p.m. to midnight and allow up to ten people, from the current eight, to attend private gatherings for two weeks beginning April 4. At a meeting of the Central Disaster and Safety Countermeasure Headquarters against COVID-19 held at the government office in Sejong-no, Seoul on the morning of April 1, Prime Minister Kim Boo-kyum said, “We will ease distancing measures for two weeks beginning next Monday and extend business hours of public facilities from 11 p.m. to midnight and allow up to ten people, from the current maximum of eight, to attend private gatherings.”
Chief of the Political Division of the National Integration Panel Resigns Following Internal Opposition, “If They Can’t Even Accept Me, Then...”
Kim Tae-il (67, pictured), the president of Jangan University who was appointed as the chief of the political division of the presidential transition committee’s panel for national unity on March 30 announced his resignation this day following opposition from the transition committee and the People Power Party. In a phone call with the reporter this day, Kim said, “After the appointment was announced, fierce criticism and negative opinions poured in from the People Power Party,” and added, “This afternoon, Kim Han-gil, head of the national unity panel described the situation over the phone, so I told him I would quit.”
KBS(http://world.kbs.co.kr/service)
Yoon Nominates Han Duck-soo as Prime Minister
President-elect Yoon Suk Yeol has nominated former Prime Minister Han Duck-soo as his first prime minister. Yoon announced the nomination on Sunday afternoon at a press conference at the transition committee's office in Seoul. Yoon said Han was selected as he had served in various key positions with competence and expertise regardless of political affiliations. Announcing the nomination, Yoon said that the new government should set a foundation for an economic rebound amid difficulties at home and abroad and thoroughly prepare for an era where the economy and security are combined as a single factor.
Sister of N. Korean Leader Blasts S. Korean Defense Chief's Remarks
The powerful sister of North Korean leader Kim Jong-un has condemned the South Korean defense minister’s remarks about preemptive strike capabilities, warning that South Korea may face a “serious threat.” In a statement carried by the North’s official Korean Central News Agency on Sunday, Kim Yo-jong said that the South Korean defenses chief revealed his madness for a confrontation against North Korea with his reckless remarks of a preemptive strike. Kim then warned that South Korea may face a serious threat due to the reckless remarks made by its defense minister.
'Agreement Reached in Working-level Discussions on Yoon's Relocation Plan'
The government and the office of Presidente-elect Yoon SukYeol have reportedly reached an agreement in general on the use of state reserve fund for Yoon's plan to move the top office. The two sides reportedly formed a consensus in working-level negotiations on spending less than 40 billion won for the plan to relocate the presidential office to the defense ministry compound. Yoon initially asked for 49-point-six billion won for the relocation. According to an official at Yoon's task force on the relocation on Sunday, Yoon's office asked for the government's approval for using between 30 billion and 40 billion won from the reserve fund.
Yonhap (http://english.yonhapnews.co.kr)
Yoon nominates ex-PM Han for his first prime minister
President-elect Yoon Suk-yeol on Sunday nominated former Prime Minister Han Duck-soo as the first prime minister of his incoming government. Han is the first person to be named to the Cabinet of the Yoon administration, which will launch on May 10.Yoon said in explaining his choice that the new government will have to establish a foundation for the economy to "leap again" in the face of a grave internal and external environment and thoroughly prepare for an era that merges the economy with security.
Ex-PM Han Duck-soo to bring broad expertise, work ethic to 2nd tour of duty
Having served in a number of high-ranking positions for four decades in public service, Prime Minister nominee Han Duck-soo is expected to bring his signature work ethic and expertise in key areas of government affairs in his second tour of duty. Once his nomination passes the confirmation process at the National Assembly, Han, 72, will be only the third person to serve as prime minister under both a liberal president and a conservative president. Han was the last prime minister during the liberal Roh Moo-hyun administration from 2007 to 2008. He had also been the finance minister during Roh's regime.
Yoon nominates ex-PM Han for his first prime minister
President-elect Yoon Suk-yeol on Sunday nominated former Prime Minister Han Duck-soo as the first prime minister of his incoming government. "I believe nominee Han Duck-soo is the right person to oversee and coordinate the Cabinet and carry out state affairs based on his abundant experience in both the private sector and government," Yoon said during a press conference flanked by Han. Han, 72, has held a number of high positions in government, including finance minister, prime minister under former President Roh Moo-hyun and ambassador to the United States. In those capacities, he played a key role in negotiating a free trade agreement with the U.S.
The Korea Herald (http://www.koreaherald.com)
Han Duck-soo nominated as prime minister
President-elect Yoon Suk-yeol has tapped former Prime Minister Han Duck-soo to join his administration as prime minister, a personnel pick believed to help Yoon exert influence as he takes charge of a minority government in May. In a press conference held Sunday afternoon, Yoon said Han was chosen as he has served in various key positions "regardless of political allegiance but only due to his competence and expertise."
North Korea warns Seoul of ‘serious threat’ at defense minister’s remarks
Kim Yo-jong, the younger sister of North Korean leader Kim Jong-un, denounced South Korea’s defense chief, Suh Wook, for his remarks over the nation’s missile capabilities, warning that Seoul may face “serious threats.” Kim, the vice department director of the Central Committee of the Workers’ Party of Korea, is a key figure in the Kim family regime, serving her brother Kim Jong-un closely. “(Suh) is a confrontation maniac,” Kim said in an English-language statement through Pyongyang‘s state media Korean Central News Agency.
Yoon delegation to depart for Washington on Sunday
A delegation for President-elect Yoon Suk-yeol led by Rep. Park Jin will depart for the United States on Sunday, before the US Congress breaks for recess. “The delegation team is to depart on April 3, and it will be a five-night, seven-day trip,” Yoon’s spokesperson Kim Eun-hye said in a press briefing Friday. The delegation is expected to meet with leading officials of the US administration, members of the US Congress and think tanks to discuss a wide range of topics, including the alliance of the two countries, North Korea, global affairs and economic security.
The Korea Times (http://www.koreatimes.co.kr)
Yoon nominates Han Duck-soo as prime minister
President-elect Yoon Suk-yeol named former Prime Minister Han Duck-soo as the first premier of his administration. During a press conference, Sunday, Yoon named the 72-year-old as the prime minister, saying he "served a number of key government posts, thanks to his expertise." "The new government must pave the way for an economic rebound amid difficulties both inside and outside of the country and thoroughly prepare for an era in which the economy and national security together emerge as key tasks the government must handle," Yoon told reporters. "Han is a qualified nominee who can successfully coordinate the Cabinet and address pending national tasks based on his rich experience."
Conglomerates announce business diversification through M&As
Major conglomerates have been emphasizing the need for investment diversification during their regular general shareholders' meetings, vowing to strengthen growth engines through mergers and acquisitions (M&A). SK hynix Vice Chairman Park Jung-ho met with reporters after a regular shareholders' meeting held last week and said, "We are discussing ways to jointly invest with other companies for an M&A deal concerning Arm." A world-class U.K. semiconductor design company, Arm is an intellectual property seller that makes basic semiconductor designs and provides them to manufacturing companies for royalties.
President-elect vows to heal wounds of Jeju Massacre victims
President-elect Yoon Suk-yeol visited Jeju Island, Sunday, to pay his tribute to the victims of the Jeju Massacre which began on April 3, 1948, vowing to restore the tarnished honor of the victims of the massacre and their families during his term. This is the first time for a president or president-elect of a conservative party to attend the ceremony to commemorate the anniversary. Yoon kept the promise he made in February during the presidential campaign to attend the memorial ceremony if elected. The incident, often referred to as April 3 or 4.3, began when Jeju islanders held a protest against the U.S. Army Military Government in Korea and its plan to hold an election for the southern half of the peninsula only.
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