Monday, July 25, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Rival parties reach an agreement on parliamentary committee formation
After 53 days of political vacuum, the ruling and main opposition parties have finally reached an agreement on July 22 on how to share parliamentary committee chairmanships. Kweon Seong-dong, the acting chairman and floor leader of the ruling People Power Party (PPP), and Park Hong-keun, the floor leader of the main opposition Democratic Party (DP), discussed the plan to form parliamentary committee chairmanships in the second half of the year under the chairmanship of Speaker Kim Jin-pyo of National Assembly Speaker
POSCO invites forgotten Mexican veterans of the Korean War to Korea
POSCO invited Mexican veterans who participated in the Korean War and their bereaved families to Korea last month, the company said on July 15. During the Korean War, Mexico provided humanitarian aid by sending food and medical supplies to South Korea under the principle of maintaining neutrality without intervening in or allied with the events of certain countries.
LG continues partnership with LPGA as an official sponsor
LG Electronics is once again the official partner of The Amundi Evian Championship, marking the sixth straight year the premium brand has lent its support to the prestigious women’s golf tournament. Proud to be associated with the pursuit of golfing perfection, LG continues to deliver on the LG SIGNATURE ‘Art of Essence’ philosophy, offering premium products that combine stylish, functional design with the latest technologies.
Chosun Ilbo (http://english.chosun.com)
Korean Businesses Bet on Plant-Based Food
Plant-based food products have yet to catch on in solidly meat-eating Korea, but producers here are nonetheless betting on the global vegan fad. Globally, the market for plant-based food products grew 28 percent from W20.7 trillion in 2016 to W26.4 trillion in 2020, according to market researcher Euromonitor (US$1=W1,313). The Korean market is worth only W655.4 billion but has a lot of growth potential in the vegan market.
Are Korean Lawmakers Overpaid?
The National Assembly reopened on Wednesday after a 52-day break due to a feud between the ruling and opposition parties, but lawmakers got paid their W12.85 million monthly salaries without any hitch (US$1=W1,311). Since they get paid on the 20th of every month, there has been some uproar that they got a full month's pay for working just one day. Many feel that Korean lawmakers are overpaid anyway. They take home W154.26 million a year -- W107.22 million in salary plus W47.04 million in activity allowances.
USFK Commander Calls for Role Beyond Korean Peninsula
Gen. Paul LaCamera, the commander of the U.S. Forces Korea, has called on combined forces to expand their role beyond the Korean Peninsula. Speaking at the Asian Leadership Conference hosted by the Chosun Ilbo last week, LaCamera pointed at new realities like Russia's invasion of Ukraine and North Korea's nuclear armament that are challenging the "rules-based international order."
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Poland to buy jets, tanks, weapons from Korea
Poland's defense minister said his country plans to buy 48 FA-50 fighter jets, a first installment of 180 K-2 tanks and K-9 howitzers from Korea to bolster its military in response to the Russian invasion of Ukraine, according to Polish media Friday.“Delivery of the [K-2 tanks] will begin this year, and in total there will be 180 tanks in the first order; ultimately, these tanks will be produced in Poland,” Polish Defense Minister Mariusz Blaszczak said in an interview with conservative weekly Sieci published online.
Incoming travelers need to take PCR tests within a day
Starting Monday, all travelers entering Korea will have to get a PCR test within a day of arrival as part of tighter measures to deal with the BA.5 Omicron subvariant. According to health authorities, the PCR test for Covid-19 is technically required on the day of arrival, but in cases when this is impossible, a test on the next day will be accepted. Covid-19 screening for international travelers was eased in June in line with the subsiding virus wave, and PCR tests were allowed within three days of arrival.
DSME strike ends but the losses have piled up
A strike by subcontracted workers of Daewoo Shipbuilding and Marine Engineering (DSME) ended after 51 days last Friday but the shipbuilder is demanding the union be held accountable for its losses from the strike. According to a DSME official, some 80 percent of subcontracted employees returned to work Sunday with only a couple of months left before a deadline to deliver three ships. One of the ship that has been delayed is a 300,000-ton crude carrier scheduled to be delivered in November. The strike has delayed its completion by five weeks.
The Dong-A Ilbo (http://english.donga.com/)
Rival parties lock horns over establishment of ‘police bureau’
The rival parties locked horns over the weekend after a meeting of national senior police superintendents, which was held to express opposition to the establishment of a police bureau under the Ministry of the Interior and Safety. The ruling People’s Power Party called the meeting “the police’s mutiny” and said, “the government should sternly deal with collective action.”
Companies brace for resurge in COVID-19 infections
Companies in Korea are strengthening COVID-19 measures as the number of pandemic infections resurge. According to industry reports on Sunday, Samsung Electronics advised employees through internal notice to refrain from holding offline meetings, trainings, gatherings and other events. The company also asked to minimize the number of staff for business travel.
Unification Ministry: S. Korea can offer bold proposals for N. Korea
President Yoon Suk-yeol said on Friday, "I hope that realistic measures will be thoroughly prepared for the bold proposals in return if North Korea accepts substantial denuclearization." President Yoon gave this directive on the same day when he received a report from Unification Minister Kwon Young-se. In his inaugural address in May, President Yoon said, "I will prepare bold plans to dramatically improve the North Korean economy and the lives of North Koreans."
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Samsung Elec envisions near $200 bn chip expansion projects in Texas over 20 yrs
Samsung Electronics Co. envisions near $200 billion spending for 11 chip expansion schemes in Texas, home to its existing and under-construction foundries, over the next 20 years in show of eager response to the U.S. bid for chip alliance. The South Korean chip giant currently building $17 billion next-gen foundry in Taylor, Texas, has filed for 11 separate applications for potential chip manufacturing facilities under the state’s Chapter 313 incentive programs,
Korea’s top lenders Shinhan, KB report best-ever H1 income after spike in base rate
South Korea’s top financial groups Shinhan and KB netted their biggest-ever half-year income in the first half, benefiting from rising interest rates and migration to safer assets amid economic uncertainties. Shinhan Financial Group in a regulatory filing on Friday said that it posted a net profit of 2.72 trillion won ($2.07 billion) on a consolidated basis for the first half, a record half-year bottom line that gained 10.6 percent from a year earlier.
Seoul floating the idea of letting DSME go bankrupt if strike does not end
South Korean government and state lender are floating the idea of letting deficit-stricken Daewoo Shipbuilding Engineering & Marine Engineering (DSME) go bankrupt if shipyard contract workers do not end the months-long strike that has been amplifying losses for the shipbuilder currently under state management.
HanKyoReh Shinmun (http://english.hani.co.kr)
PPP’s delusional pro-Pyongyang-baiting and the enemies of an open society
South Korean President Yoon Suk-yeol and the People Power Party (PPP) are slowly sinking deeper into the swamp of delusion. During a meeting in the National Assembly on Wednesday, a PPP task force that seeks to investigate national security shortcomings by the previous administration made an extraordinary claim about the repatriation of two North Korean fishers who defected after killing 16 of their crewmen. PPP lawmaker Han Ki-ho, who is head of the task force, said the Moon administration had lied about 16 people being killed, citing testimony by other defectors.
Why Korea’s worried about its seemingly strong semiconductor industry
Despite its conspicuous external accomplishments, the semiconductor industry — considered a core market making up the South Korean economy — is enveloped in talk of a crisis. This is because the ecosystem making up the foundation of the industry has general vulnerabilities when it comes to labor, technology, and the materials, components, and equipment sectors. In turn, this has been the backdrop against which the South Korean government announced on Thursday various measures to nurture its domestic semiconductor industry, including strengthening tax support,
MCST unveils plan to turn Blue House into cultural complex on par with Versailles
South Korea’s Ministry of Culture, Sports and Tourism has unveiled a blueprint for transforming the Blue House, Korea’s former presidential office and residence, into a high-class art museum and performance venue.“Minister Park Bo-gyoon’s plan is to turn the Blue House into Korea’s equivalent to the Palace of Versailles,” an official said. Under that plan, the Blue House’s main building and other important buildings would be turned into a museum dedicated to hosting fine art exhibitions and galleries that would be rented out to the public.
The KyungHyangShinmun (http://english.khan.co.kr/)
President Yoon’s Approval Rating at 30.4% and Could Drop Below 30%, While 67.2% Disapprove of His Handling of State Affairs
On July 22, a poll showed that President Yoon Suk-yeol’s approval rating may slip below 30%. The president’s job approval was only 30.4%, while 67.2% of the respondents disapproved of the president’s handling of state affairs. egative assessments of the president rose 2.5% from the previous week, nearly approaching 70%, while his approval rating fell 2.2%. On July 22, the polling firm Media Tomato released the result of the 45th Regular Survey on Elections and Social Issues,
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,
“We’ve Waited Long Enough,” President Yoon’s Stance on Sending Law Enforcement Officers to Daewoo Shipbuilding
On July 19, President Yoon Suk-yeol spoke on the strike by the employees of in-house subcontractors at Daewoo Shipbuilding and Marine Engineering and asked, “Hasn’t the people and the government waited long enough?” This day, President Yoon met with reporters on his way to work at the presidential office in Yongsan and when a reporter asked if he was considering dispatching law enforcement officers, he said, “Irregularities cannot be tolerated or neglected in industrial sites and in labor-management relations.”
KBS(http://world.kbs.co.kr/service)
Presidential Chief of Staff Criticizes Police Officials' Meeting on Launch of Police Bureau
Presidential chief of staff Kim Dae-ki has criticized senior police officials for holding a meeting to protest the planned launch of a police bureau under the interior ministry. Kim issued the criticism on Sunday in a press conference at the presidential office, calling the meeting "inappropriate." The presidential chief of staff said that there are three agencies that are more powerful than the Cabinet ministries – the prosecution, the police agency and the National Tax Service.
Parliamentary Interpellation Session to Begin Monday
The National Assembly will hold a three-day interpellation session on government policies starting from Monday. The Assembly will hold question-and-answer sessions on politics, foreign affairs, unification and national security on Monday. Rival parties are expected to clash over the repatriation of two North Korean fishermen in 2019 and North Korea's killing of a South Korean fishery official in 2020.
OECD Leading Index for S. Korea Falls for 13th Month in June
A leading economic index for South Korea declined for the 13th straight month in June, indicating that the economy is expected to slow down in the coming months. According to data from the Organization for Economic Cooperation and Development(OECD) on Monday, the composite leading indicator(CLI) of economic activity for South Korea marked 98-point-87 in June, down from 99-point-09 percent in the previous month.
Yonhap (http://english.yonhapnews.co.kr)
Presidential chief of staff condemns police officers' protest against launch of police bureau
Presidential chief of staff Kim Dae-ki on Sunday lashed out at a recent meeting of police station chiefs from across the country held to protest the interior ministry's envisioned launch of a "police bureau," calling the meeting "inappropriate." Kim made the remarks during a press conference at the presidential office, one day after some 50 chiefs of police stations across the country held a meeting in Asan, 86 kilometers south of Seoul, to protest the interior ministry plan.
3 out of 10 temporary workers experience layoffs during COVID-19 pandemic: poll
More than 1 out of 10 workers have experienced layoffs since the onset of the COVID-19 pandemic, with the rate of those who lost jobs reaching nearly 30 percent among non-regular workers, a poll showed Sunday. The survey of 1,000 employees -- 600 regular workers and 400 temporary workers -- conducted online by polling agency Embrain Public from June 10-16 at the request of pro-labor groups, showed 15.4 percent of respondents saying they have experienced layoffs since the outbreak of COVID-19 in January 2020.
Prosecutors raid Terraform's parent firm in probe into Luna-Terra crash
Prosecutors have raided the parent company of Terraform Labs as part of a broadening investigation into the massive collapse of the firm's Luna and TerraUSD cryptocurrencies, sources said Sunday. Last week, an investigation team of the Seoul Southern District Prosecutors Office conducted the search and seizure at the parent company currently headed by Terraform co-founder Daniel Shin, according to the legal sources.
The Korea Herald (http://www.koreaherald.com)
WHO triggers highest alert on monkeypox
The World Health Organization on Saturday declared the monkeypox outbreak, which has affected nearly 17,000 people in 74 countries, to be a global health emergency -- the highest alarm it can sound. "I have decided that the global monkeypox outbreak represents a public health emergency of international concern," WHO chief Tedros Adhanom Ghebreyesus said at a press conference.
Police struggle with launch of new bureau
The National Police Agency has been struggling with internal opposition a mere week ahead of the launch of a new “police bureau” under the Ministry of the Interior and Safety. Hours after a meeting of police chiefs from around the country who were against the launch of the new police bureau, Yoon Hee-keun, the national police chief nominee, ordered superintendent Ryu Sam-yeong to go on stand-by Saturday. The police agency is also looking into inspecting some 50 superintendents who attended the event.
S. Korea, US set to hold high-level talks this week as N.Korea marks Korean war ‘victory’
North Korea will hold a nationwide politically charged event for its “War Victory Day” to mark the anniversary of the 1953 armistice agreement that ended the Korean War. High-ranking US and South Korean officials will have in-person meetings in Seoul and Washington this week to discuss mounting threats from North Korea. The eighth national conference of war veterans will be held in the capital city of Pyongyang to mark the “great war victory day, which is the great pride and honor of our dignified state and people,”
The Korea Times (http://www.koreatimes.co.kr)
What's the future of Hong Kong as global financial hub?
Hong Kong has been engulfed by a series of major events in recent years, which have continuously raised questions about the city's future as an international financial center. Months of intense protests took place in 2019 against a now-shelved extradition bill, which extended into 2020 as controversy continues over the Beijing-backed national security law. Hong Kong's electoral system also became subject to greater control by the mainland. The COVID-19 pandemic then unfolded, to which the city introduced relentless measures such as flight bans and weeks of mandatory hotel quarantine upon arrival.
Domestic politics presents major stumbling block to Korea-Japan relations
In Korea-Japan relations, it is commonly said among Korean experts that the ball is in Japan's court. In other words, Japanese Prime Minister Fumio Kishida holds the key, particularly following his party's big win in the Upper House elections earlier this month. Thus, it's important how he will respond to President Yoon Suk-yeol's repeated calls to sit down for a summit to discuss ways to repair bilateral relations between the two countries. However, some experts disagree with this assessment. They claim that, in fact, the ball is in Korea's court, not Japan's.
Hana Financial Group partners with SK Telecom in finance, ESG
Hana Financial Group has clinched a strategic partnership with SK Telecom to develop new business models in finance that use state-of-the-art technologies. Both companies exchanged shares worth 400 billion won ($305 million), as part of their first step to carry out a broader range of joint projects, they said Sunday, amid the government's push for policies that increasingly allow the financial and non-financial areas to converge.
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
Gwangmyeong Daily 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
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Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s
Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE
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