Thursday, June 16, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
DAEHO AL donates 100 million won to the Ukrainian Embassy in Seoul
DAEHO AL donated 100 million won to the Ukrainian government on June 14 through the Ukrainian Embassy in Seoul, hoping to end the war and praying for peace. The peace-wishing fund was delivered directly by CEO Roh Young-ho of DAEHO AL at the Ukrainian Embassy in Hannam-dong, Yongsan-gu, Seoul.
“We celebrate another milestone, growing partnership with Korea”
Ambassador Theresa Dizon-De Vega of the Republic of the Philippines in Seoul indicated that as the Philippine Embassy celebrates another milestone in national life we likewise celebrate the enduring and growing partnership between the Philippines and the Republic of Korea. Speaking at a reception hosted by the Embassy of the Philippines at the Grand Hyatt Seoul on June 13, 2022
A Pechakucha Story-telling Night was held in a grand fashion
On June 10, a Pechakucha Story-telling Night was held at the Swiss Embassy in a grand fashion. The garden of the Swiss embassy's Hanok (Korean-style residence) has been innovatively transformed. Starting with diversity for innovation, the 5th Korea-Switzerland Innovation Week presented various events on various themes. At this event, CEO Raymond Kron of Swiss Innovation, CEO Simone Bis Pedele of Swiss Trade and Investment Agency, and CEO Junho Choi of ABB Korea, who shared many experiences and perspectives on diversity, stood out.
Chosun Ilbo (http://english.chosun.com)
Korea Faces Drawn-out Financial Crisis
Finance Minister Choo Kyung-ho on Tuesday warned of a drawn-out financial crisis that will require all of Korea's resources to overcome. "A long battle to overcome the comprehensive economic crisis... has just begun," Choo said in an emergency meeting at the government complex in Seoul after financial markets crashed around the world.
Gov't to Ease Labor Shortage with Foreign Workers
The labor shortage facing small and midsize businesses, farmers and fisheries will be eased with the help of foreign workers returning after COVID lockdowns are lifted. The Ministry of Employment an Labor said Tuesday that it is starting to admit foreign workers in large numbers to the country again. Some 26,000 foreign workers who have already received work permits but have been stranded in their countries due to the pandemic will get here by August. A total of 73,000 are expected by the end of this year.
Hanwha Leads Conglomerates in Overseas Offices
Hanwha is the Korean conglomerate with the most overseas offices at around 630. Corporate tracker Korea CXO Institute tallied the 5,287 overseas offices of 76 domestic conglomerates and found that 637 are owned by Hanwha, up a whopping 190 compared to 2021 due to its aggressive expansion in solar energy ventures. Samsung came next with 575, 18 less than 2021. Third was SK Group (541), followed by Hyundai Motor (395), CJ (392), LG (365), Lotte (365), GS (158), POSCO (139) and Naver (104).
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Striking truckers to return to work Wednesday
Unionized truckers on strike will return to work as of Wednesday, with the government promising to engage in discussions to extend support measures. The Ministry of Land, Infrastructure and Transport and the Cargo Truckers Society met at the Uiwang Inland Container Depot in Gyeonggi on Tuesday, making the decision to end the strike at around 10:40 p.m.
Sick leave pilot project to be tried
In the wake of the pandemic, Korea will implement a paid sick leave system that allows workers to take leave for diseases such as Covid-19 and receive 60 percent of the minimum wage. Starting July 4, a pilot project for sick benefits will go into effect in six regions across the country on a one-year trial, Interior Minister Lee Sang-min said in a Covid-19 response meeting Wednesday.
Lee Jae-yong speaks with CEO and CTO of ASML
Samsung Electronics Vice Chairman Lee Jae-yong met with high-ranking officials at semiconductor equipment supplier ASML in the Netherlands to ensure the stable supply of next-generation chip processing technology, the company announced on Wednesday. The meeting, held at the manufacturer’s headquarters in Eindhoven on Tuesday, brought together Lee, Kyung Kye-hyun, head of semiconductor business at Samsung, ASML’s CEO Peter Wennink, and CTO Martin van den Brink.
The Dong-A Ilbo (http://english.donga.com/)
K-bio enjoys much improved status on the world stage
News on Covid-19 vaccines put the mRNA and digital therapeutics at the center of attentions and the two technologies are under the spotlight again in 2022 Bio International Convention, one of the biggest bio-pharmaceuticals exhibitions currently being in San Diego, the U.S. from June 13 to 16 (local time).
Han River swimming pool opens in three years
The Hangang outdoor swimming pool and splash play area will be opening for the first time in three years since it was closed down due to the pandemic. The Hangang Business Operations Department of the Seoul Metropolitan Government announced on Wednesday that six swimming pools splash play areas will be open from June 24 to August 21.
European Court of Human Rights blocks UK deportation of migrants
The European Court of Human Rights (ECHR) has halted the U.K. government’s attempt to deport immigrants and asylum seekers, who had crossed the Dover Strait to arrive in the U.K., to Rwanda. According to BBC, the ECHR issued an order to the U.K. government to immediately stop plans to deport illegal immigrants to Rwanda on Tuesday (local time).
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korean truckers back to work for the time being after compromise with govt
Unionized cargo truckers withdrew weeklong strike that caused industrial-wide disruption in production and shipping in South Korea after marathon talks with the government to extend minimum guarantee in freight rates. The Ministry of Land, Infrastructure, and Transport urged Cargo Truckers Solidarity affiliated with the Korea Confederation of Trade Unions (KCTU)
SK on and POSCO enter alliance on enhancing EV battery value chain
South Korea’s second largest EV battery maker SK on Co. and steelmaking group POSCO have entered partnership on rechargeable materials. The two companies signed a memorandum of understanding (MOU) on Wednesday to carry out joint projects on various levels of the secondary battery value chain ranging from secondary battery materials such as lithium, nickel, and cobalt to cathode and anode materials as well as battery recycling.
Payroll addition in Korea highest for May in 22 yrs, but most on tax-financed temp
South Korea added more than 900,000 jobs last month against a year-ago period in the best report in 22 years for May, but the feat may not be lasting as the bulk went to seniors for temporary work. According to data released from Statistics Korea on Wednesday, the number of employed was tallied at 28,485,000 in May, 935,000 larger from a year-ago period. The addition is strongest for May in 22 years.
HanKyoReh Shinmun (http://english.hani.co.kr)
S. Korea’s top diplomat calls for “normalization” of military intel-sharing pact with Japan
South Korean Minister of Foreign Affairs Park Jin said he hopes to normalize Korea’s military information-sharing pact with Japan “as soon as possible.” This suggests that Korea is gearing up to resume military cooperation with Japan, which has been suspended for some time.
Yoon’s “Y-nomics” is coming, and it’s going to be brutal
The term “Y-nomics” has been adopted to refer to the economic policies of the recently inaugurated administration of South Korean President Yoon Suk-yeol. But what exactly does it entail? Some clues toward understanding it could be found in Yoon’s inaugural address on May 10. The core ideas were packed into the following three lines of his speech.“Human history shows that when political and economic freedom reigns supreme, that is where prosperity and abundance flourished.”
Hyundai Motor faces its own great resignation of IC engine researchers
The automotive industry is in the midst of a shift. Today’s automakers need to transition from manufacturers of internal combustion (IC) engines to comprehensive mobility companies. It’s for this reason that automakers around the world are investing in the production of eco-friendly vehicles, such as cars that run on electricity and hydrogen, and new technologies such as autonomous driving and urban air mobility.
The KyungHyangShinmun (http://english.khan.co.kr/)
President Yoon Speaks about the Office of the First Lady for Kim Keon-hee, “It’s My First Time as President... I Will Decide Slowly after Listening to Public Opinion”
President Yoon Suk-yeol spoke on suggestions to establish the Office of the First Lady following his wife, Kim Keon-hee’s activities and said, “I’m not sure how to organize the matter, since I’ve only started working (as president) myself.” He also said, “I will slowly think about this while listening to public opinion.”
Cargo Truckers Solidarity and Transport Ministry Fail to Reach Agreement in Fourth Talks on Safe Trucking Freight Rate, “The People Power Party Opposed”
The Cargo Truckers Solidarity of the Korean Public Service and Transport Workers’ Union affiliated with the Korean Confederation of Trade Unions and the Ministry of Land, Infrastructure and Transport failed to reach an agreement after engaging in the fourth talks on extending the Safe Trucking Freight Rate--the minimum wage for truckers--scheduled to end this year and expanding the policy to all types of vehicles and cargo.
Yoon Suk-yeol Government Stresses Independence of Prosecutors, But Seeks Stronger Control over the Police
The government decided to newly establish a police bureau in the Ministry of the Interior and Safety for the purpose of “democratic control,” triggering criticism over the president’s contrasting attitude toward the police and prosecutors, whose independence he stressed. President Yoon pledged to grant the Prosecution Service the authority to allocate its budget and to abolish the justice minister’s authority to lead investigations, a device enabling democratic control over prosecutors, to guarantee the independence of the prosecutors’ office.
US Fed Raises Key Rate by 0.75% in Biggest Hike Since 1994
The U.S. Federal Reserve has announced its biggest interest rate hike in about 30 years in an effort to cool down the soaring inflation. After a meeting of the Federal Open Market Committee(FOMC) on Wednesday, the Fed said in a statement that it raised its benchmark short-term interest rate by zero-point-75 percentage points. The new target range is one-point-five percent to one-point-75 percent, up three-quarters of a percentage point from the previous range of zero-point-75 percent to one percent.
Court Rejects Arrest Warrant for Fmr. Industry Minister on Power Abuse Charges
A Seoul court has rejected an arrest warrant for former industry and energy minister Paik Un-gyu on power abuse charges. The Seoul Eastern District Court turned down the writ for Paik at around 9:40 p.m. on Wednesday after holding an examination of the suspect for three hours earlier in the day to deliberate his arrest. The court denied a warrant, citing room for dispute regarding some of the charges and the improbability of the suspect destroying evidence and fleeing.
Foreign Minister: S. Korea, US Agree on Need for 2+2 Ministerial Talks
Foreign minister Park Jin said that the United States has agreed on the need for high-level talks between the foreign and commerce ministers of the two nations. Minister Park made the remarks after meeting U.S. Commerce Secretary Gina Raimondo in Washington on Wednesday. Park told reporters that the two sides said Seoul and Washington, as comprehensive, strategic allies, will continue discussions in ministerial-level talks to ensure cooperation on supply chains in the Indo-Pacific region.
S. Korea to closely monitor market after Fed's aggressive monetary tightening
South Korea will keep close tabs on the financial market following the Federal Reserve's overnight rate hike decision as worries are growing over heightening volatility from the U.S.' aggressive monetary tightening, the country's top financial policymaker said Thursday. On Wednesday (U.S. time), the Fed decided to hike its interest rate by 0.75 percentage point in the latest move to tighten monetary policy and tame soaring inflation.
Samsung's Lee visits ASML to expand cooperation, secure vital chip equipment
Samsung Electronics Vice Chairman Lee, who is currently on a business trip in Europe, met with Wennink and CTO Martin van den Brink at the chipmaker's office in Veldhoven, the Netherlands, on Tuesday (local time) to talk about ways to expand chip cooperation and the procurement of ASML's extreme ultraviolet (EUV) lithography systems, which are essential to the production of advanced chips, according to Samsung.
Court denies arrest warrant for ex-Industry Minister Paik
A Seoul court on Wednesday denied an arrest warrant for former Industry Minister Paik Un-gyu over allegations that while in office he forced the heads of energy-related state firms to step down. Paik, the former Moon Jae-in administration's first minister of trade, industry and energy, was charged with forcing the resignation of the heads of 13 state-run energy companies, who were appointed under the preceding Park Geun-hye government, shortly after he took office, between 2017 and 2018.
The Korea Herald (http://www.koreaherald.com)
Rocket Nuri launch indefinitely postponed due to technical glitch
The launch of South Korea's homegrown rocket Nuri has been indefinitely postponed due to technical glitches found during the final round of preparations before its planned launch on Thursday. The Ministry of Science and ICT said Wednesday the Korea Aerospace Research Institute found a problem in one of the sensors in the oxidizer tank that measures the amount of oxidizer there.
Diplomatic thaw needed to Korea-Japan military agreement back on track: experts
As South Korea’s new administration is ratcheting up efforts to bolster trilateral relations with the United States and Japan amid increasing threats from the North, Seoul’s foreign minister raised expectations for the normal operation of an intelligence-sharing pact with Tokyo. But with the South Korea-Japan relationship standing at its lowest point due to the two countries’ differences on Japanese atrocities stretching back to its colonial occupation of Korea
First lady’s first activity fans controversy
President Yoon Suk-yeol’s wife, Kim Keon-hee, has begun official activities, and so have the controversies. Kim, who has been targeted by the opposition since Yoon first entered politics, came under renewed attack after paying tribute to late President Roh Moo-hyun while being accompanied by acquaintances, prompting speculations that Yoon may revive the office in charge of first lady affairs that he removed.
The Korea Times (http://www.koreatimes.co.kr)
Fed attacks inflation with its largest rate hike since 1994
The Federal Reserve intensified its fight against high inflation on Wednesday, raising its key interest rate by three-quarters of a point ― the largest bump since 1994 ― and signaling more rate hikes ahead as it tries to cool off the U.S. economy without causing a recession. The unusually large rate hike came after data released Friday showed U.S. inflation rose last month to a four-decade high of 8.6 percent ― a surprise jump that made financial markets uneasy about how the Fed would respond.
Satelite imagery of N. Korean nuclear test site suggests work to enable multiple tests: Beyond Parallel
Recent satellite imagery of North Korea's nuclear test site has shown activities that may suggest additional nuclear tests following what will be the country's seventh test, a U.S. monitor said Wednesday. The satellite imagery, acquired Tuesday, showed new "construction activity" near Tunnel No. 4 at the Punggye-ri nuclear test site, according to Beyond Parallel, a project of the Center for Strategic and International Studies, a Washington-based think tank.
Pulling US troops out of Korea was Trump's second-term priority, Esper's memoir reveals
Former U.S. President Donald Trump's desire to pull U.S. troops completely out of South Korea was serious and he kept the plan alive as his second-term priority, according to former Secretary of Defense Mark Esper's memoir, published last month. In the book, "A Sacred Oath," Esper said Trump repeatedly pushed to withdraw the U.S. forces from South Korea, which, in his view, was not paying its fair share of the associated costs.
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Le Monde www.ilemonde.com
Sydney Morning Heraldwww.smh.com.au
Colombia Reports http://colombiareports.com
El Universal http://www.eluniversal.com.mx/english
Ecuador Times http://www.ecuadortimes.net
The Jordan Times https://www.jordantimes.com
Philippine Daily Inquirer https://www.inquirer.net
Daily News Hungary http://dailynewshungary.com
Budapest Times http://budapesttimes.hu
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