Friday, July 22, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
“Korea has huge potential for cooperation with Angola in textile, steel, car, shipbuilding, electronics, many more”
Chairman Antonio Henriques da Silva of the Agency for Private Investment and Exports Promotion of the Republic of Angola said, “The Republic of Korea has a robust industrial sector such as textile, steel, car manufacturing, shipbuilding and electronics.” Speaking at a recent interview with The Korea Post the Embassy of Angola in Seoul in the presence of Ambassador Edgar Gaspar Martins, Chairman Silva added, “Angola is a growing hub in the subregion, and establishing industries in Angola serves as a preferred gateway to southern Africa with the competitive advantage such as geographic location for trade,~
Hyundai Motor, Rolls-Royce agree to cooperate in advanced air mobility market
Hyundai Motor Group and Rolls-Royce announced on July 20 to collaborate on bringing all-electric propulsion and hydrogen fuel cell technology to the Advanced Air Mobility (AAM) market. The partnership will leverage Rolls-Royce’s aviation and certification capabilities and Hyundai Motor Group’s hydrogen fuel cell technologies and industrialization capability.
UAE-ROK Investment Forum acquaints Korean private sector with UAE’s investment environment
The Embassy of the United Arab Emirates (UAE) in Korea, in cooperation with the UAE Ministry of Economy, Ministry of Trade, Industry and Energy (MOTIE), and the Korea International Trade Association (KITA), organized a webinar titled ‘UAE-ROK Investment Forum’ on July 20 to introduce the UAE's investment ecosystem to the Korean private sector and provide them with investment information for each sector. The webinar held at Grand Hyatt Seoul provided customized information for each of the six priority sectors namely Food Security, Healthcare, ICT, Manufacturing, Technology, and Renewable Energy.
Chosun Ilbo (http://english.chosun.com)
World Follows Korea in Limiting Big Tech's Hold on In-App Payments
Korea became the first country in the world last year to pass a law that bans major app store operators Google and Apple from requiring developers to use their proprietary billing systems. By doing so, Google and Apple were able to charge them commissions as high as 30 percent. Now, countries from the U.S. to the EU are following suit, rolling out their own legislation that bans tech giants from monopolizing app payments.
Changgyeong Palace Reconnected to Jongmyo Shrine After 90 Years
Seoul's historic Changgyeong Palace and Jongmyo Shrine have been connected again for the first time since they were severed by the Japanese occupiers 90 years ago. The Seoul Metropolitan Government on Wednesday said, "The restoration project that began in 2010 is complete and the public will be able to visit again starting Friday." The Japanese colonial government had cut a road through the palace and shrine in 1932.
Cheong Wa Dae Opens for Nighttime Tours
Cheong Wa Dae has been open for guided tours at night since Wednesday, offering a unique way to experience the old presidential palace. Hosted by the Cultural Heritage Administration, the tours are available free of charge and will run until Aug. 1 every day except Tuesday. Over 55,000 people entered the ticket raffle in late June and early July, but with just two 90-minute tours of 50 people a day, only 1,200 people will have the chance to enjoy an evening stroll around the sprawling complex.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Samsung SDI breaks ground on $1.3 billion Malaysian battery plant
Samsung SDI will invest 1.7 trillion won ($1.3 billion) to build a battery plant in Malaysia as demand grows for electric vehicles and other electric devices powered by cylindrical batteries. Located in Seremban, a city in Malaysia's Seremban District, the factory will be the second Samsung SDI manufacturing facility in the southeast Asian country. It will produce type 21700 batteries under the PRiMX brand when completed in 2025.
Rumors swirl that Lee Jung-jae is in talks to join Marvel Cinematic Universe
Actor Lee Jung-jae of hit Netflix series “Squid Game” could be joining the Marvel Cinematic Universe (MCU). MarvelCrave, a Twitter account that posts updates related to Marvel, cited Twitter influencer and writer Daniel Richtman as reporting that Lee and Marvel Studios are in discussion about a role for the actor. After the news broke, Marvel fans have been speculating that two roles may be up for grabs for Lee: The villain in the sequel to “Shang-Chi and the Legend of the Ten Rings” (2021) or the villain Mister Negative in the “Spider-Man” series.
Korea's chip industrial policy takes shape with road map
Companies are being pushed by the government to invest more in semiconductors as the new administration seeks to make Korea a chip powerhouse. Big numbers are being thrown around and incentives are being discussed to encourage the corporations to commit to the cause. Through 2026, the government would like the private sector to invest 340 trillion won ($259 billion) in semiconductors.
The Dong-A Ilbo (http://english.donga.com/)
Gov’t to lower major three taxes from next year
Starting next year, the income tax of workers earning 78 million won per year will be reduced by an average of 540,000 won. The corporate tax burden of companies with a tax base of 500 million won will be lowered by 30 million won from the current level. The comprehensive real estate tax applied to multi-homeowners since 2019 will be abolished for the first time in four years.
Pentagon: N. Korea may conduct a nuclear test this month
The U.S. Department of Defense said on the Thursday, "We believe that North Korea has made preparations to conduct nuclear tests at the Punggye-ri nuclear testing site within this month." This could be seen as a warning that North Korea could carry out nuclear tests around next Wednesday, the date the Korean War Armistice Agreement was signed.
Global companies set to brace for uncertain times
U.S. automaker Ford plans to cut jobs, and Microsoft, which has already cut more than 1,000 employees, is set to reduce new hiring. Tesla, which has also announced to cut jobs, has sold 75 percent of its Bitcoin holdings to increase the company’s overall liquidity. Global companies are bracing for uncertain times amid the looming economic downturn. The Wall Street Journal reported on Wednesday that Ford is planning to lay off 4,000 to 8,000 employees
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Hyundai Motor Q2 top and bottom line a record on premium car demand, favorable FX
South Korean auto giant Hyundai Motor Co. achieved best-ever quarterly top and bottom line in the quarter ended June despite headwinds from chip bottleneck and inflation-hit slowdown on strong demand for premium cars and favorable exchange rate. In its regulatory filing on Thursday, Hyundai Motor reported an operating profit of 2.98 trillion won ($2.27 billion) for the second quarter
Hyundai Oilbank calls off IPO, smaller players keeping to their H2 IPO schemes
Refiner Hyundai Oilbank has become the latest to pull out of South Korea’s IPO pipeline, but ride-hailing service Socar and other platform IPO aspirants are sticking to their plan. Hyundai Oilbank announced Thursday its board of directors has decided to shelve the IPO scheme. The refiner applied for a preliminary IPO review in December 2021 in the third attempt to go public. It gained the stock market operator’s go-ahead last month.
Korea to earmark $1.1 bn to develop high-level nuclear waste management
South Korean government with a goal to rebuild reactor habitat and sustain supremacy will invest 1.4 trillion won ($1.07 billion) on self-developed system on high-level radioactive waste treatment by 2040 and establishment of the facility by 2060. The Ministry of Trade, Industry and Energy on Wednesday announced the roadmap for research & development for high-level radioactive waste management, the first state blueprint of the kind to complete commercial nuclear power self-sufficiency from generation to reliable waste control.
HanKyoReh Shinmun (http://english.hani.co.kr)
Korea’s dilemma: US-led chip alliance or Chinese market?
The South Korean government is reportedly considering whether to join a US-led semiconductor alliance, leading to more anxiety at local chipmakers such as Samsung Electronics and SK Hynix. Considering that the so-called “Chip 4” alliance would be aimed at excluding China, which has become the biggest export market for Korean semiconductors,
“Not a tool for political conflict”: Unification Ministry labor union pushes back on leadership
Under the Yoon Suk-yeol administration, recent actions by the Ministry of Unification (MOU), which reversed its official opinion on the November 2019 repatriation of two North Korean fishers who killed 16 of their fellow crew members, have prompted a growing outcry from its own staff. The MOU chapter of the State Public Officials’ Labor Union posted a message on the MOU internal bulletin board Tuesday expressing concerns about the reversal of the existing position on the repatriation.
US downgrades S. Korea to Tier 2 in annual human trafficking report
The US State Department downgraded South Korea’s standing a rung in its report on human trafficking for the first time in two decades, noting that the Korean government’s efforts to stamp out trafficking have lost steam. South Korea was categorized in Tier 2 along with 132 other countries in the 2022 Trafficking in Persons Report released Tuesday. The report placed 30 countries in Tier 1, the highest standing, while it listed North Korea, China and Russia among 30 countries in Tier 3, the lowest.
The KyungHyangShinmun (http://english.khan.co.kr/)
Health Insurance to Cover Zolgensma, Treatment for Spinal Muscular Atrophy that Costs 2 Billion Won a Dose
The national health insurance will reimburse the cost of Zolgensma, a prescription gene therapy to treat spinal muscular atrophy (SMA) and the most expensive drug at nearly 2 billion won for a single dose. The Ministry of Health and Welfare announced that it held the 16th meeting of the Health Insurance Policy Deliberative Committee on July 20 and decided to include Zolgensma among drugs covered by the national health insurance beginning next month. Zolgensma, supplied by Novartis Korea, is a drug that treats spinal muscular atrophy, a rare genetic disease where gene mutations cause the loss of motor neurons essential for moving muscles and controlling strength.
One More Case of “Centaurus” Confirmed: It Entered Korea from India on July 5
The Central Disease Control Headquarters of the Korea Disease Control and Prevention Agency announced that they confirmed one more case of the Omicron subvariant, BA.2.75, also known as “Centaurus” on July 21, pushing the nation’s total up to two. The patient arrived in South Korea on July 5 from India and was confirmed positive on July 7. Authorities are currently investigating the route of transmission.
South Korean Fighter KF-21 Successfully Makes First Flight: In the Air for 33 Minutes
On July 19, the KF-21 Boramae, South Korea’s first homemade fighter, made a successful first flight. The first prototype of the KF-21 departed from the airstrip of the Air Force 3rd Flight Training Wing in Sacheon, Gyeongsangnam-do and successfully completed the test flight. This day, the Defense Acquisition Program Administration (DAPA) announced, “The South Korean fighter, the KF-21 took off at 3:40 p.m. this afternoon and landed at 4:13 p.m. and successfully completed its first flight.”
KBS(http://world.kbs.co.kr/service)
Yoon Calls for Building Relationship of Trust with Japan
President Yoon Suk Yeol has ordered the foreign ministry to pursue diplomacy with four major nations – the U.S., Japan, China and Russia – with a solid South Korea-U.S. alliance at the center. Presidential spokesperson Kang In-sun said Yoon issued the order on Thursday while receiving a policy briefing from foreign minister Park Jin. Regarding South Korea-Japan relations, Yoon called for building a trusting relationship that serves the common interests of the two nations.
Biden Tests Positive for COVID-19
U.S. President Joe Biden tested positive for COVID-19 on Thursday. White House press secretary Karine Jean-Pierre said in a statement on Thursday that President Biden tested positive for the virus that morning, describing his symptoms as “very mild.” The press secretary said Biden will keep working at the White House in isolation. The president's physician, Dr. Kevin O'Connor, said that Biden tested positive for the virus in a rapid antigen screening on Thursday morning and a follow-up PCR test was also positive.
Producer Prices Rise for Sixth Straight Month in June
Producer prices rose for the sixth consecutive month in June, with the pace of the increase slowing. According to the Bank of Korea on Friday, the producer price index for all commodities and services stood at 120-point-04 last month, up zero-point-five percent from a month earlier. The index, a key barometer of future inflation, has grown for six straight months, but the growth pace has slowed from one-point-six percent in April and zero-point-seven percent in May.
Yonhap (http://english.yonhapnews.co.kr)
S. Korea unveils sweeping tax cut plan to spur corporate investment
South Korea plans to cut corporate and income taxes in a bid to encourage companies to increase investment and reduce the tax burden on people troubled by high inflation, the finance ministry said Thursday. The Yoon Suk-yeol government unveiled details of its sweeping tax reform proposal as it aims to revitalize the corporate sector for economic growth and help stabilize lives of ordinary people.
Court deems personal data collection by authorities without notification as unconstitutional
The Constitutional Court on Thursday struck down a law allowing mobile carriers to provide customers' personal data to law enforcement authorities without notifying the affected people. The Telecommunications Business Act states that mobile carriers can accept the request of investigative authorities, such as court officials or prosecutors, to collect personal data including name, resident registration number, and address.
New infections above 70,000 for 3rd day as subvariant spreads
South Korea's new coronavirus cases stayed above 70,000 for the third straight day Thursday due to the spread of a highly contagious omicron subvariant. The country reported 71,170 new COVID-19 infections, including 320 from overseas, bringing the total caseload to 19,009,080, the Korea Disease Control and Prevention Agency (KDCA) said. The daily caseload more than doubled to 73,582 on Tuesday from 26,299 a day earlier and rose to 76,402 on Wednesday.
The Korea Herald (http://www.koreaherald.com)
Ruling party faults Moon administration for ongoing troubles
South Korea’s ruling People Power Party got to work on the second half of the 21st National Assembly on Thursday, dedicating much of its first publicly delivered speech to blaming the previous Moon Jae-in administration for ongoing socioeconomic troubles. Rep. Kweon Seong-dong, floor leader and acting chairman of the People Power Party,
Will secretaries be replaced to rebound Yoon’s approval rating?
As President Yoon Suk-yeol’s approval rating continues to decline, critics -- and even some within the ruling bloc, although cautiously -- say reshuffling the presidential office is needed for a rebound in the rating. It has been little more than two months since Yoon took office. But his support ratings have continued to decline, spurred by multiple controversies, including in personnel appointments, Yoon’s occasional gaffes and continuing to put blame on the previous government,
S. Korea targets W340tr investment for chip supremacy
The South Korean government on Thursday vowed financial and regulatory support to pave the way for the chip industry’s investment of 340 trillion won ($259 billion) over the next five years and nurturing more than 150,000 skilled workers in the field. As chips are increasingly being perceived as key economic security assets around the world, South Korea -- home to the world’s top two memory chipmakers, Samsung Electronics and SK hynix -- has also come up with a more comprehensive road map to further bolster its chip supremacy.
The Korea Times (http://www.koreatimes.co.kr)
Korea to expand tax incentives for highly-skilled foreign engineers
The government will extend a 50-percent cut on income taxes for highly-skilled foreign engineers to 10 years from the current five years in a bid to attract more talented workers from abroad and encourage such people to stay longer amid growing concerns of a population decline. The government will also offer a flat income tax rate of 19 percent for foreigners who work in Korea.
Firms, gov't join hands to turn Korea into 'semiconductor superpower'
The government will increase tax incentives and push for deregulations on Korean chipmakers to stimulate investments and turn the country into a global "semiconductor superpower," according to related ministries, Thursday. It also plans to join hands with chip manufacturers to set up an academic organization this year to train and educate over 150,000 semiconductor experts over the next decade.
Yoon calls for relationship of trust with Japan
President Yoon Suk-yeol has a strong commitment to improving ties between South Korea and Japan and believes the two countries should build a relationship of trust based on common interests, his top diplomat said Thursday. Foreign Minister Park Jin made the remark after giving a policy briefing to Yoon following a visit to Tokyo earlier this week.
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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
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Andes http://www.andes.info.ec/en
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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
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