Thursday, June 9, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Colombia-Korea cultural encounter at 60th anniversary
A book fair commemorating the 60th anniversary of the establishment of diplomatic relations between Colombia and Korea was held in Seoul from June 1 to 5. In this regard, both countries agreed to participate as guests of honor in the Bogota Book Fair (FILBO) and the Seoul International Book Fair. Vertigo Graffiti art collective have worked on a mural project at the skate rink of Ttukseom Hangang Park in Seoul.
Song Hae, Korea’s oldest TV presenter, dies at 95
Song Hae, a 95-year-old veteran TV presenter, passed away on June 8 at his home in Dogok-dong, Seoul. The deceased, was born in 1927 in Jaeryeong, Hwanghae Province. He studied vocal music at Haeju Arts School. After the division into North and South Korea after Korea’s liberation from the Japanese colonial rule, he fled alone during the Korean War in 1951.
First lady attends 1st nat'l ceremonial day event with President Yoon
First lady Kim Keon-hee attended a Memorial Day ceremony at Seoul National Cemetery on the morning of June 6. This was the first time for Kim to appear at an event on a national commemorative day with President Yoon Suk-yeol since his inauguration. Wearing a black suit with a white handkerchief on her left chest, she paid her respects in front of Memorial Tower and stood next to her husband during the ceremony.
Chosun Ilbo (http://english.chosun.com)
Bankruptcies Mount Among Younger Koreans
A steady stream of Koreans in the prime of their working life have sought personal bankruptcy protection over the past few years. Most younger people used to opt for personal rehabilitation, which involves debt restructuring, but now a growing number have no choice but to plumb for total bankruptcy as the coronavirus pandemic drags on. According to the Seoul Bankruptcy Court, 5.7 percent of applicants were in their 30s and 16.7 percent were in their 40s as of the end of last year.
U.S. Warns of 'Swift, Forceful Response' to N.Korean Nuke Test
The U.S. on Tuesday warned of a "swift and forceful response" if North Korea conducts another nuclear test, as seems increasingly likely. After a meeting with her South Korean counterpart Cho Hyun-dong on Tuesday, U.S. Deputy Secretary of State Wendy Sherman said, "Any nuclear test would be in complete violation of UN Security Council resolutions. There would be a swift and forceful response to such a test."
N.Korea Inching Closer to Nuclear Test
Suspicions are growing that North Korea is speeding up preparations for another nuclear test. A recent sign is that the North is restoring the nuclear test site in Punggye-ri, which it ostensibly blew up in 2018, according to Rafael Grossi, the director general of the International Atomic Energy Agency. "At the nuclear test site at Punggye-ri we have observed indications that one of the [entrances] has been reopened, possibly in preparation for a nuclear test," Grossi said Monday.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
North Korea's ruling party is getting ready to meet
North Korea's Workers' Party Politburo gathered on Tuesday to set an agenda for a party meeting to take place soon, state media said Wednesday. The gathering of the top tier of the North's ruling party came as speculation mounts that the regime has completed preparation for a possible seventh nuclear weapons test. Jo Yong-won, secretary for organizational affairs of the ruling Workers' Party's Central Committee, presided over the Politburo meeting on Tuesday, according to the state-run Korean Central News Agency (KCNA). North Korean leader Kim Jong-un did not attend.
Talk of pardon for Lee Myung-bak gathers steam
President Yoon Suk-yeol deflected questions about a possible pardon for former President Lee Myung-bak Wednesday, saying now wasn’t the time to discuss the issue. Yoon made the remark on his way into the presidential office after reporters asked for a reaction to an exclusive JoongAng Ilbo report that said Lee, who was president from 2008 to 2013, filed for a suspension of his sentence and could be listed for a presidential pardon in time for Liberation Day, which annually falls on Aug. 15.
Korea, Japan, U.S. vow united response to a nuke test
Seoul, Washington and Tokyo will work particularly closely as expectations of a seventh nuclear test by North Korea rise, said First Vice Foreign Minister Cho Hyun-dong after meeting with his American and Japanese counterparts in Seoul on Wednesday.“South Korea, the United States and Japan agreed to strengthen security cooperation in relation to the situation where additional provocations such as North Korea's seventh nuclear test are possible and as North Korea's nuclear and missile threats are becoming more and more advanced,” Cho said in the trilateral press briefing at the Foreign Ministry headquarters in Seoul.
The Dong-A Ilbo (http://english.donga.com/)
Korean government reviews arms aid to Ukraine
The Korean government decided to engage in an active review over the possible arms aid to Ukraine. The government is expected to decide on whether to provide aid around mid-June after reviewing the expert report on the expected benefits from arms aid by next week and then listen to the feedback of related officials from the government, ruling party, and academia. As President Yoon Suk-yeol is highly likely to participate in the NATO Summit scheduled for June 29, and 30 in Madrid, Spain, and as the Korean government set the policy direction to actively participate in the re-construction of Ukraine after the war, opinions are being alleged raised inside the government that arms aid prior to such steps is inevitable.
World Bank warns of stagflation in 50 years
On June 7 (ET), the World Bank sharply lowered its growth forecast for the global economy for this year and warned of a stagflation in 50 years, which is reminiscent of the 1970s. The Russian invasion of Ukraine, the unstable supply chain issues from the Covid-19 pandemic, monetary tightening policies staged by different countries, and the tough lock-down policy by the Chinese government are numbered as the unfavorable factors suppressing the global economy.
U.S. deploys B-1B Lancers at Andersen Air Force Base
The U.S. Air Force has deployed B-1B Lancer in Guam amid signs of an imminent seventh nuclear tests of North Korea, seemingly a warning that it can be immediately deployed to the Korean Peninsula should North Korea attempt nuclear provocations. The U.S. Indo-Pacific Command disclosed photos of B-1B fighter jets landing at Andersen Air Force Base in Guam on Wednesday, four days after U.S. military magazine The War Zone reported on Saturday satellite photos of four B-1B aircrafts stationed in Guam.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korea’s Q1 GDP gain adjusted down to 0.6%, ’21 per capita income at all-time high of $35,373
South Korea’s economy in the first quarter added 0.6 percent from the previous quarter, slower than the 0.7 percent estimated in April on sluggishness in consumer and corporate spending from rising interest rates and soaring prices from the Russia-Ukraine war. According to finalized gross domestic product (GDP) data released by the Bank of Korea on Wednesday, the country’s seasonally-adjusted real GDP (GDP) gained 0.6 percent in the January-March period against the previous three months.
Korean biotech startup Voronoi IPO renewed at halved price range
South Korean biotech firm Voronoi Inc. is renewing the initial public offering process after rolling back its offering volume and pricing band from the previous design in March to land on the Kosdaq successfully this time. Voronoi kicked off its two-day book building session on Wednesday for offering of 1.3 million common shares with an indicative price range of 40,000 won ($3.18) to 46,000 won. It can raise minimum 52 billion won ($41 million) based on the bottom end of 40,000 won, much humbled from the stock price estimated during series B to D fundraising rounds.
SK Group to pitch key battery and chip business at Silicon Valley conference this week
SK Group’s key affiliates will come together in the United States to pitch their business vision and investments in key areas of battery, biotech and semiconductor during 2022 SK Global Forum to be held at San José, California from June 10-12. The annual conference will be attended by some 300 people including representatives from SK innovation, SK telecom, SK hynix, SK siltron and SK C&C.
HanKyoReh Shinmun (http://english.hani.co.kr)
Biden is making all the wrong moves on China
US President Joe Biden has wrapped up his first trip to Asia. He met with new South Korean President Yoon Suk-yeol to shore up the alliance between their two countries. He traveled to Tokyo to reinvigorate the Quad grouping with Japan, Australia and India. And he peddled the new Indo-Pacific Economic Framework, an attempt by the United States to reinsert itself into the Asian economy after the Trump administration’s pullout from the Trans-Pacific Partnership.
Carcinogens, toxins detected in 66% of Yongsan Park land returned by US forces
It has been learned that over two-thirds of the “southern zone of the president’s office,” a key section of Seoul’s Yongsan Park that the South Korean government plans to open to the public on Friday for a 10-day pilot effort after the site was returned to South Korea by US Forces Korea, is contaminated with total petroleum hydrocarbons (TPH), arsenic and other toxic substances. Also found to be contaminated were the sports field to the north of the National Museum of Korea; the USFK general officers’ quarters around Gate 14 of Yongsan Garrison near Sinyongsan Station on Line 4 of the Seoul subway; and a USFK lodging and school area to the east of the presidential office.
Yoon stays aloof on vitriolic protests outside Moon’s private home
When asked on Tuesday about abusive demonstrations held by conservative groups near the home of former President Moon Jae-in, South Korean President Yoon Suk-yeol said the matter would be “handled according to the law,” while noting that “demonstrations are even allowed in front of the presidential office.” Yoon emphasized the same legalistic approach for demonstrations in the public space outside the presidential office and at the private space of a former president’s house.
The KyungHyangShinmun (http://english.khan.co.kr/)
Yoon Suk-yeol’s People Everywhere: Prosecutors and Investigators Galore as Former Prosecutors Take over Key Positions
Prosecutors with close ties to President Yoon Suk-yeol are taking over key state positions. They have not only dominated the justice ministry and the Prosecution Service, but are also taking over key functions in state administration, such as overseeing the appointment of high-ranking public officials and national intelligence and managing the Office of the President. Experts point out that this could threaten the basic principle of checks and balances, promoted by the Constitution.
Lee Myung-bak Requests Stay of Execution: Possibility of the First Pardon in the Yoon Suk-yeol Government
Former president Lee Myung-bak (81), who was sentenced to 17 years in prison for his involvement in DAS slush funds, recently applied for a stay of execution to suspend the execution of his sentence. If the request is accepted, Lee could be subject to the first special pardon in the Yoon Suk-yeol government on August 15, National Liberation Day. President Yoon had called for a special pardon of Lee during his presidential campaign.
Yoon Suk-yeol Government Negotiates Relocation of U.S Base Next to Presidential Office: Relocation Could Cost Hundreds of Billions of Taxpayers’ Money
The Yoon Suk-yeol government is trying to overturn the agreement with the U.S. government from two years ago and is negotiating the relocation of the remaining U.S. base in Yongsan, Seoul. The government is seeking measures to resolve a situation where the presidential office lies right next to the U.S. base after the government moved the presidential office from Cheongwadae to the defense ministry building last month. Reportedly, the government is trying to see what the U.S. thinks of moving to an alternative site in another area in Seoul.
KBS(http://world.kbs.co.kr/service)
US Warns of 'Robust Response' to N. Korean Nuclear Test
The White House has warned that the U.S. will respond strongly if North Korea conducts its seventh nuclear test amid speculation that the North is ready for a nuclear test at its Punggye-ri nuclear site. U.S. National Security Advisor Jake Sullivan said on Wednesday in a press briefing that the U.S. is very closely watching the continuing possibility of a nuclear test by the North, to which it would have a "robust response." He added that the U.S. continues to monitor and respond to the tests that the North has been conducting.
Two Koreas Clash over Sanctions, N. Korean Missile Launches at UN
South and North Korea clashed over the North's recent series of missile launches and the failed passing of fresh sanctions by the UN Security Council in response to the provocation. A UN General Assembly meeting was held on Wednesday in New York to discuss vetoes by China and Russia on a U.S.-led resolution that would have imposed tough new sanctions on North Korea. In the meeting, South Korean Ambassador to the UN Cho Hyun criticized the North's missile launches and the failed adoption by the Security Council of new sanctions.
OECD Raises 2022 Inflation Outlook for S. Korea to 4.8%, Cuts Growth Forecast to 2.7%
The Organization for Economic Cooperation and Development(OECD) has sharply raised its inflation outlook for South Korea for this year to nearly five percent, while slashing its growth outlook below three percent. According to the Ministry of Economy and Finance on Wednesday, the OECD marked down its 2022 economic forecast for the country by zero-point-three percentage points from its earlier forecast to two-point-seven percent.
Yonhap (http://english.yonhapnews.co.kr)
OECD sharply ups 2022 inflation outlook for S. Korea to 4.8 pct
The Organization for Economic Cooperation and Development (OECD) on Wednesday sharply raised its 2022 inflation outlook for South Korea to a 24-year high of 4.8 percent, citing soaring energy costs amid the protracted war between Russia and Ukraine. The Paris-based organization's latest projection marked a 2.7 percentage-point hike from its December estimate of 2.1 percent. It also revised up its 2023 inflation outlook for the nation to 3.8 percent from 1.5 percent.
Yoon posthumously awards top cultural order to TV host Song Hae
President Yoon Suk-yeol posthumously awarded the top order of cultural merit to TV host Song Hae on Wednesday, his office said. Song, who died earlier in the day at 95, was the country's oldest TV presenter, best known for emceeing KBS TV's "National Singing Contest," a nationwide singing competition show, since 1988. "There are no words to express my sadness at the passing of Mr. Song Hae," Yoon said in a condolence message sent to Song's family.
PPP chief discusses support, post-war reconstruction with Ukrainian president
Ruling People Power Party (PPP) Chairman Lee Jun-seok has met with Ukrainian President Volodymyr Zelenskyy and discussed various support measures and development cooperation between the two countries, party officials said Wednesday. The meeting took place on Monday, the third day of Lee's visit to Ukraine as head of a PPP delegation of about 10 people, including lawmakers, the party said in a press release without providing details, such as the meeting place, due to security reasons.
The Korea Herald (http://www.koreaherald.com)
Seoul, Tokyo, Washington announce joint commitment to curb threats from Pyongyang
South Korea, Japan and the US will make joint efforts to advance trilateral cooperation for extended deterrence, and strongly condemn North Korea’s ballistic missiles, the three sides said in a joint statement Wednesday. The statement, released after a trilateral meeting among South Korean Vice Foreign Minister Cho Hyun-dong, US Deputy Secretary of State Wendy Sherman and Japanese Vice Foreign Minister Takeo Mori in Seoul, expressed joint commitment on a wide range of issues, including containing the provocative military actions by Pyongyang.
Korea-US-Japan military operation necessary for NK issues: Edwin Feulner
Seoul should mend ties with Tokyo to resolve North Korean challenges and the first step is to have Korea-US-Japan military operations, the Heritage Foundation think tank founder Edwin Feulner says. North Korea fired eight short-range ballistic missiles on Sunday. It was Pyongyang’s 18th armed provocation this year and the most missiles fired in a day. The founder of the US conservative think tank believes strengthening ties among South Korea, the US and Japan is crucial to solving the unending North Korean challenges and provocations.
Democratic Party again backtracks from its promise to shun 586 Generation
The main opposition Democratic Party of Korea is facing criticism over the appointment of Rep. Woo Sang-ho as the leader of the new emergency steering committee, as many denounce the party for essentially deciding to make no formidable changes, despite losing three elections in a row. Even though many hoped for the party to steer away from the so-called “586 Generation” and let young politicians have a chance to lead, the party still decided to keep the traditional heavyweights on stage for the time being until electing the new chair in August.
The Korea Times (http://www.koreatimes.co.kr)
Yoon under fire for too many ex-prosecutors taking key posts
During the run-up to the presidential election a month ago, liberal parties warned that Yoon Suk-yeol would open an era of "the republic of prosecutors" as head of state, given his limited experience outside the prosecution. With too many former prosecutors with personal connections to the president taking key government posts, Yoon has come under increasing criticism that the warning is becoming a reality.
Legoland Korea targeted by new Gangwon governor
Controversies surrounding the Legoland Korea Resort in Chuncheon City have emerged as the main focus of Gangwon Province Governor-elect Kim Jin-tae, causing uncertainty around the operation of the Lego-themed amusement park by its British operator, Merlin Entertainments, according to civic groups and local media, Wednesday. The governor-elect said in an interview with a local broadcaster, Tuesday, that it is necessary to look into the Legoland project.
Korea needs higher-level gov't agency for immigration policies: experts
Upgrading the Korea Immigration Service (KIS) to a higher-level government agency split off from the Ministry of Justice could be a viable option for the government to launch a new entity encompassing migrant-related policies, experts said, Wednesday. Discussions on the possible launch of a new immigration agency have gained momentum in Korea after newly appointed Justice Minister Han Dong-hoon said in his appointment speech in May that he will review installing an agency dedicated to migrant-related issues to better deal with the rising number of immigrants.
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