Headline, May 25, 2022
Headline, May 25, 2022
  • Lee Kyung-sik
  • 승인 2022.05.25 09:25
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Wednesday, May 25, 2022
Round-up of important news from major Korean dailies and from international media today

The Korea Post ( www.koreapost.com )

Nuri space rocket to be launched in June 2022
The Ministry of Science and ICT, led by Minister Lee Jong-ho, prepared a plan for technical supplementary measures for the Nuri space rocket, and the future implementation schedule has been confirmed. The first launch of the Nuri space rocket was carried out on Oct.. 21, 2021, confirming that the core technology of the launch vehicle was secured in Korea, but the combustion of the three-stage engine ended prematurely, and the satellite model could not land on the target orbit.


Gifted Korean brother and sister win entry in prestigious school in Arizona
A Korean boy and sister won their matriculation at a prestigious school for very gifted boys and girls in Arizona, USA. They are won entry in the Arizona State University's ASU Gary K. Herberger Young Scholars Academy. The boy is a 12-year-old Tae Eun-shik and the girl a 13-year-old Tae Hee-yeon. (Incidentally, they are the grand-son and grand-daughter of Vice Chairman Song Na-ra of The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985.)


Korea, U.S. agree to expand joint military drills to cope with N.K. threats
President Yoon Suk-yeol and U.S. President Joe Biden agreed in the summit on May 21 to begin discussions on restarting and expanding joint military drills between the two countries amid growing nuclear and missile threats from North Korea. 
Both sides reached the agreement during their first summit in Seoul, which took place as both countries believed a nuclear test or missile launch from the North was imminent. In a joint statement on the summit, the two leaders said, "South Korea and the U.S. agreed to initiate discussions to expand the scope and scale of combined military exercises and training on the Korean Peninsula."



Chosun Ilbo (http://english.chosun.com)
Korea Ranks Low in Home Ownership

A shortage of affordable housing means that Korea now ranks a distant 33rd in the OECD in terms of home ownership, with some 60 percent owning their own home. According to a report by the Bank of Korea on Monday, Korea has a home inventory of 412 for every 1,000 people, ranking 27th compared to the OECD average of 462 units, 590 in France, 509 in Germany, 494 in Japan and 425 in the U.S. The BOK said housing inventory, which counts homes listed for sale, is more accurate in gauging the realistic availability of homes than the housing supply ratio, which is the number of available houses compared with the number of households.

'Time of Appeasing N.Korea Is Over,' Says Yoon
President Yoon Suk-yeol on Monday said his new government will stop bending over backwards to appease North Korea. "The age of appeasing North Korea is over," Yoon told CNN in his first international media interview since taking office on May 10. He added the ball is now in North Korean leader Kim Jong-un's court whether to start dialogue with Seoul. Yoon pointed out that regular military exercises with the U.S. are "the basic duty of every military around the world to maintain their readiness." But for now he ruled out the redeployment of U.S. tactical nuclear weapons on the Korean Peninsula by saying, "In the case of an attack, the U.S. would provide assistance including missile defense and its 'nuclear umbrella.'"

Yoon Zooms into IPEF Launch Summit
President Yoon Suk-yeol on Monday took part via Zoom in the launch of the U.S.-led Indo-Pacific Economic Framework (IPEF). U.S. President Joe Biden, who proposed the trade pact last October, chaired the first meeting in Tokyo. Yoon announced Korea's participation last weekend, when he met Biden in person in Seoul. IPEF is a regional economic bloc of U.S. allies in the Asia-Pacific region that seeks to diversify global supply chains, infrastructure, digital economy and renewable energy away from China.



Joongang Ilbo (https://koreajoongangdaily.joins.com )

Samsung commits to $356 billion of investment over 5 years
Samsung Electronics and related companies will invest 450 trillion won ($356 billion) over the course of the next five years on chips, biopharmaceuticals, advanced networks and artificial intelligence. The investment total is up 30 percent from the previous five years, while 80 percent of the total will be committed to investments within Korea. Suwon, Gyeonggi-based Samsung Electronics, which is Korea's largest company, did not break down where exactly the funds would be going, though based on the announcement and statements by the company, much of it will be going to Samsung Electronics itself. The company is related by various levels of shareholding to dozens of other companies active in a wide range of businesses.


Justice Minister tries setting up new probe teams
The Justice Ministry appears to be trying to create a joint investigative division involving regional prosecutors' offices under the direction of new Justice Minister Han Dong-hoon, according to officials Monday. The idea of starting specialized investigative teams at 11 regional prosecutors’ offices, each dedicated to probing a particular category of crime in cooperation with the relevant government agency, comes as the state prosecution service is set to lose its ability to initiate probes into most crimes except for corruption and violations of the Economic Crimes Act in September.


Chung Ho-young abandons health minister nomination
Chung Ho-young abandoned his nomination as health minister Monday night as controversy over his two children failed to die, raising concerns over a leadership vacuum that could disrupt major decisions in health and welfare.Chung withdrew his nomination in a statement released around 9:30 p.m. Monday, saying, "I will serve as a small foundation for the success of the Yoon Suk-yeol administration and cooperation between the ruling and opposition parties.I proved many allegations to be false, but apart from that, there have been parts that failed to meet the public's expectations,” Chung explained, “and I would like to humbly accept such criticism.”



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

Quad to launch real-time tracing of Chinese vessels in Indo-Pacific
Real-time monitoring by Quad, the U.S.-led Indo-Pacific Security Framework, on maritime activities in Chinese sea, which was determined at the U.S.-Japan summit on Tuesday is seen as a move to counter-balance China’s rising dominance of the seas. The U.S. aims to build a siege near seas of China including the Taiwan Strait, Senkaku Islands (Diaoyudao) of the East China Sea, and South China Sea in dispute between China and Southeast Asian countries, and the Pacific. Quad will be putting a stop to China’s activities of dispatching civil maritime organizations in areas of territorial dispute. Experts expect that the move will raise military tensions between the U.S. and China.


S. Korean companies invest 600 trillion won to grow future industries
South Korean companies including Samsung, Hyundai Motor Company, Lotte, and Hanwha, announced a 600 trillion won massive investment plan to facilitate advanced development of future industries. The investment plan will be the new drivers for growth of the Korean economy, such as semiconductors, biotechnology, mobility, and energy sector, aiming to gain competitive edge in the global market. For the next five years, Samsung will invest a total of 450 trillion won, of which 360 trillion won will be invested in South Korea. The company will maintain a super gap with its competitors in the global memory semiconductor market and develop global competitiveness in semiconductor fabrication and foundry.


Suspect of Lime asset scandal arrested in the Philippines
A relative of Chairman Kim Young-hong (age 49, wanted by police), named as the financier of Lime Asset Management involved in a massive financial scandal, was arrested in the Philippines on May 16. According to Dong-A Ilbo reports on Tuesday, the Gangnam Police Station confirmed the arrest of Kim, who was charged of escaping as a suspect, and requested to be summoned. “A team consisted of eight from the Immigration office of the Philippines and the local police arrested Kim on the evening of May 16,” said a local source from the Philippines.



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

Samsung ups five-year capex to $356 bn for chip, bio and AI leadership
South Korea’s Samsung Group pledged 450 trillion won ($356 billion) in chip, bio, and IT sector over the next five years, of which 80 percent would go to facility and R&D investment, by nearly doubling its mid-term capex goal from last year to cement its global leadership amid fast changing international supply order and economic environment. Under the new investment outline to ready “Samsung’s future for dynamic innovation growth” released by flagship Samsung Electronics Tuesday, the bulk would go to enhancing the chipmaker’s system memory and foundry capacity.


Lotte vows $29 bn capex including CDMO and UAM biz over next five years

South Korea’s fifth largest conglomerate Lotte Group pledged 37 trillion won ($29.2 billion) to start drug consignment business and groom future mobility while strengthening current mainstay businesses of chemicals, food, and infrastructure over the next five years. Out of the 37 trillion won, 41 percent will be invested in new businesses as well as in construction, rental, and infrastructure.


Hyundai Motor Group to spend $50 bn in Korea on top of $10 bn in US
South Korea’s Hyundai Motor Group, No. 4 global car seller, is spending 63 trillion won ($50 billion) at home to accelerate electrification and strengthen back-up business for future mobility through 2025. The group’s three flagships Hyundai Motor, Kia Corop. And Hyundai Mobis enhanced domestic investment outline at home after pledging $10.54 billion in the United States, timed with President Joe Biden’s visit over the weekend. The group has accelerated electrification roadmap by earmarking 27.3 trillion won spending, tantamount to its earnings for the last four years, to have 3.23 million EVs on the roads globally and command a market share of 12 percent by 2030.



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

Spear and shield no more: Japan declares aggressive security stance with US support
At 2:15 on Monday, the US and Japanese heads of state arrived dressed in white masks for a press conference at the guest house of Tokyo’s Akasaka Palace following their summit there earlier that day. The venue was packed with reporters, who rose from their seats to greet the leaders. The leaders’ faces appeared quite solemn — perhaps a reflection of the difficult present situation on two fronts in Europe and Asia with Russia’s invasion of Ukraine and the rise of China. As Japanese Prime Minister Fumio Kishida spoke first, taking the microphone to share a short welcoming message in English with US President Joe Biden, the tension in the room seemed to abate somewhat.


US endorses Japan’s pursuit of enemy base strike capabilities
US President Joe Biden and Japanese Prime Minister Fumio Kishida held a summit on Monday in Tokyo, where they announced that the US-Japan alliance would be strengthening its deterrence capabilities. Biden also announced the launch of the Indo-Pacific Economic Framework (IPEF) to strengthen economic ties with the Indo-Pacific region as well as to contain China. It seems the two countries are trying to keep China in check in terms of both security and economy through a strengthened bilateral alliance and the newly-launched IPEF.


Spear and shield no more: Japan declares aggressive security stance with US support

At 2:15 on Monday, the US and Japanese heads of state arrived dressed in white masks for a press conference at the guest house of Tokyo’s Akasaka Palace following their summit there earlier that day. The venue was packed with reporters, who rose from their seats to greet the leaders. The leaders’ faces appeared quite solemn — perhaps a reflection of the difficult present situation on two fronts in Europe and Asia with Russia’s invasion of Ukraine and the rise of China. As Japanese Prime Minister Fumio Kishida spoke first, taking the microphone to share a short welcoming message in English with US President Joe Biden, the tension in the room seemed to abate somewhat.




The KyungHyangShinmun (http://english.khan.co.kr/)

Welfare Minister Nominee Chung Ho-young Resigns, But Some Claim He Was Replaced
On May 23, Chung Ho-young (pictured), the minister of health and welfare nominee, resigned, 43 days after he was nominated by President Yoon Suk-yeol. Chung was the second ministerial nominee who failed to secure his position in President Yoon’s cabinet following Kim In-chul, deputy prime minister and minister of education nominee. However, some believe Chung was replaced. The Democratic Party of Korea cooperated and approved Prime Minister Han Duck-soo, weakening President Yoon’s cause to push ahead with Chung’s appointment. Besides, with the local elections approaching on June 1, the president probably judged that insisting on keeping Chung could fuel negative public opinion.


Police Obtained Information of Possible Embezzlement at the Company that Issued Terra and Luna and Froze Corporate Funds
The police launched an investigation after obtaining information suggesting that an employee at Terraform Labs, the company that issued the cryptocurrencies terra and luna, embezzled corporate funds. The Cyber Investigation Division at the Seoul Metropolitan Police Agency announced on May 23 that they asked theKorea Exchange (KRX) to freeze the funds of Terraform Labs because of suspected embezzlement by an employee at the company. A police representative explained, “We obtained information of funds, suspected of having been embezzled by a person believed to be an employee at Terraform Labs,” and said, “We are currently checking the facts and have asked the Korea Exchange to freeze related funds.”


Starting Today, People Can Enter South Korea with a Rapid Antigen Test Result and Visitations Will Be Expanded at Care Hospitals and Facilities
COVID-19 test procedures for people entering South Korea from overseas will be simplified. From May 23, South Korea will accept both the PCR test, which is currently required, and a specialist conducted rapid antigen test as valid COVID-19 tests before entering the country from overseas. Thus, people can enter the country with a negative result certificate of a rapid antigen test conducted within 24 hours of entering the country. However, a specialist must conduct the test and issue the certificate of the negative test result. The results of a self-test kit will not be accepted.




JCS: N. Korea Fires Three Ballistic Missiles toward East Sea Wednesday
South Korea's Joint Chiefs of Staff(JCS) said North Korea fired three ballistic missiles toward the East Sea on Wednesday. The JCS said on Wednesday morning that it detected a missile launched at 6 a.m., followed by two others about 37 minutes and 42 minutes later, respectively. The details of the launches, such as what missiles they were, where they were launched, and how far they flew, are being analyzed by intelligence authorities of South Korea and the U.S., the JCS said. The launches were the North’s first act of provocation since the inauguration of South Korean President Yoon Suk Yeol earlier this month and came four days after the first summit between Yoon and U.S. President Joe Biden was held in Seoul.


Pres. Yoon Convenes NSC Meeting to Discuss N. Korea's Latest Launches
President Yoon Suk Yeol convened a meeting of the National Security Council(NSC) on Wednesday morning after North Korea fired three ballistic missiles into the East Sea earlier in the day. According to the presidential office on Wednesday, the NSC meeting was scheduled to begin at 7:30 a.m. It marks the first time Yoon is presiding over an NSC meeting since the launch of his administration earlier this month. Kim Sung-han, head of the presidential National Security Office, had previously led a meeting of the NSC standing committee when the North fired a ballistic missile on May 12, two days after Yoon took office.


Samsung SDI, Stellantis to Jointly Build Battery Plant in Indiana
Samsung SDI and Stellantis have announced a joint two-point-five billion dollar venture to build an electric-vehicle battery plant in Kokomo, Indiana. According to the partnering companies, construction will begin this year with the goal of starting operation in 2025. The plant’s annual productivity capacity will initially be set at 23 gigawatt hours but will expand to 33 gigawatts hours in a few years, it said. The size of the investment could also increase to three-point-one billion dollars, it said, adding that the project will create one-thousand-400 jobs in and around Kokomo.




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

N. Korea's total suspected COVID-19 cases surpass 3 million

North Korea reported over 115,000 new suspected COVID-19 cases Wednesday, with the total number of fever cases surpassing 3 million. More than 115,970 people showed symptoms of fever over a 24-hour period until 6 p.m. the previous day, the official Korean Central News Agency (KCNA) said, citing data from the state emergency epidemic prevention headquarters. The death toll remained the same at 68 as the North claimed to have no additional deaths reported for the second consecutive day. The total number of fever cases since late April stood at more than 3.06 million as of 6 p.m. Tuesday, of which more than 2.74 million have recovered and at least 323,330 are being treated, it added.


Samsung SDI, Stellantis to set up US$2.5 bln Indiana battery plant
South Korean battery maker Samsung SDI Co. said Wednesday it is investing US$1.29 billion in an electric vehicle battery plant to be built in the U.S. state of Indiana under a joint venture with Stellantis N.V. Samsung SDI will own a 51 percent stake in the $2.5 billion joint venture company set up with the Chrysler parent, and its investment could increase to as much as $1.57 billion in the long term, it said in a regulatory filing. Samsung SDI and Stellantis may boost their investment in the project to as much as $3.1 billion, the South Korean company said.


S. Korea, U.S. must enhance cooperation on China, N. Korea: experts
South Korea and the United States should bolster their joint defense readiness against North Korea's evolving threats, a group of experts from both countries said Tuesday. They also urged the two countries to enhance their policy coordination on issues related to China amid the intensifying rivalry between Washington and Beijing. "In the face of growing North Korea's nuclear and missile threats, it is urgent to reassure the ROK and strengthen US extended deterrence," the experts said in a document, titled, "Recommendations for the US-ROK Strategic Alliance and Global Partnership."



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

US support for Japan’s military ambitions may spell concerns for Korea
During his trip to Japan this week, US President Joe Biden endorsed Japan’s bid for a permanent seat at the United Nations Security Council, and expressed support for the country’s plan to beef up its military. While Japan becoming a permanent member of the UN’s highest decision-making body is unlikely, Biden’s support is interpreted by some as “lip service” for the Japanese prime minister, who promised close military cooperation as the US seeks to strengthen its regional presence to contain its strategic rival China.


Samsung unveils largest-ever W450tr investment for chip supremacy
South Korea’s largest conglomerate Samsung announced Tuesday plans to invest a combined 450 trillion won ($355.8 billion) and create some 1 million jobs in Korea over the course of five years -- the largest ever in the group’s history -- in order to maintain its competitive edge and navigate uncertainties. Samsung also chose chip design, foundry and biotechnology as the major three pillars of its future growth in its investment guidance.

S. Korean military commits to stepping up Ukraine support at US-led dialogue
South Korea’s Defense Ministry committed to seeking ways to step up support for Ukraine at the US-led defense dialogue while taking a cautious stance over providing lethal weapons to the war-torn country. Vice Defense Minister Shin Beom-chul on Monday attended a second virtual meeting of the Ukraine Defense Contact Group hosted by US Secretary of Defense Lloyd Austin, South Korea’s Ministry of National Defense announced Tuesday.


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

North Korea fires 3 ballistic missiles toward East Sea: JCS
North Korea fired three ballistic missiles toward the East Sea on Wednesday, South Korea's military said, just a day after U.S. President Joe Biden wrapped up his Asia trip highlighting America's security commitment to Seoul and Tokyo. The Joint Chiefs of Staff (JCS) said it detected the launches from the Sunan area in Pyongyang at around 6 a.m., 6:37 a.m. and 6:42 a.m., respectively, which marked the North's 17th show of force this year. "While reinforcing monitoring and vigilance activities, our military, in close cooperation with the United States, is maintaining a full readiness posture," the JCS said in a text message sent to reporters.


Over 76% of Koreans support legalizing euthanasia
More than 76 percent of people in Korea support legalizing euthanasia, or physician-assisted suicide, according to a recent opinion poll. A survey by Professor Yun Young-ho at Seoul National University College of Medicine showed 61.9 percent of respondents said they would "strongly agree" to making a law for access to the controversial medical procedure, while 14.4 percent said they would "agree." Only 2 percent said they would "strongly disagree" with such legislation, while 21.7 percent said they would "disagree." In the same survey conducted in 2016, about 50 percent said they would support it.


Yoon urges transition to hydrogen economy at World Gas Conference
President Yoon Suk-yeol emphasized Tuesday that Korea needs the "right mix" of nuclear power, renewable energy sources and natural gas to fulfill its responsibility and role for the international community's efforts to achieve carbon neutrality. He made the remarks at the 28th World Gas Conference held in the southeastern city of Daegu. "From the longer-term perspective, we need innovative efforts to significantly reduce carbon emissions and switch to the hydrogen industry,"



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, 37 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:
English E-daily: http://www.koreapost.com/news/articleView.html?idxno=10690

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