Monday, August 22, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
LG Chem, ADM complete a pact for joint ventures in Illinois, USA
LG Chem and ADM (Archer Daniels Midland) have completed agreement for ‘Eco-friendly bio plastic’ joint ventures. LG Chem held a ceremony to celebrate the launch of LA (lactic acid) and PLA (poly lactic acid) Ventures’ with ADM (Archer Daniels Midland), the company said on Aug. 16. ADM, a global leader in nutrition and sustainable products and solutions, has a global agricultural supply chain and processing technology, and LG Chem has cooperated in developing plant-based bio materials.
“I will pour all my strength into securing growth engines for economy”
"The most important thing in national governance is the people's will. I will examine the people's will to not miss a single breath from them and not deviate from their will even by an inch," President Yoon Suk-yeol said on Aug. 17. In a press conference at the Presidential office in Seoul's Yongsan-gu District on his 100th day in office, President Yoon said, "My administration and I will place the highest priority on the state of the people's livelihood and pour all of our strength into securing growth engines for our economy and future industries."
Trade Minister Lee holds talks with Korea's top 3 shipbuilder CEOs
Minister Lee Chang-yang of Trade, Industry and Energy held talks with the CEOs of Korea’s top three shipbuilders at the Four Seasons Seoul on Aug. 19 to discuss key issues and future shipyard prospects. Minister Lee met with the chiefs of Korea Shipbuilding & Offshore Engineering (KSOE), Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI) to gather opinions and exchange views with regard to the new regime’s shipbuilding industry directions.
Chosun Ilbo (http://english.chosun.com)
COVID Booster Recommended for Recovered Patients
Health authorities on Thursday urged people with a history of COVID-19 infection to get at least a first vaccine booster shot. Until recently, recovered patients were advised to get only the first two jabs. Health authorities made the new recommendation based on a review by an expert committee. The Korea Disease Control and Prevention Agency said, "We have found that the more shots people get, the lower risk of reinfection or death."
Home Appliances Gather Dust in Warehouses
Unwanted computer chips, phones, TVs and washing machines are piling up in warehouses as private spending slows, leading to a sharp drop in factory operation. According to semi-annual reports of Korea's top electronics makers, Samsung's inventory at the end of June this year totaled W52.92 trillion, up 26 percent from the end of last year (US$1=W1,321). This is the first time that Samsung's inventory value surpassed W50 trillion.
N.Korea Fires 2 Cruise Missiles into West Sea
North Korea fired two cruise missiles into the West Sea on Wednesday morning. The launch was apparently aimed at testing new long-range cruise missiles to check their capability, but it also coincided with South Korean President Yoon Suk-yeol’s celebration of his 100th day in office and the start of joint South Korea-U.S. military exercises.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Yoon makes three appointments to presidential office
President Yoon Suk-yeol made three key appointments to the presidential office on Sunday as the administration struggles with a low approval rating. The posts with new blood include those related public relations and national security, while one new post is being created despite Yoon's pledge to run a lean office.
Lee Kwan-sup, vice chairman of the Korea International Trade Association (KITA) and former vice trade minister, was appointed as senior presidential secretary for policy planning, a newly established position.
Korea will join IPEF on its own terms: Finance Minister Choo
Ahead of the inaugural meeting of the Indo-Pacific Economic Framework (IPEF) in the United States next month, Korea is staking out its strategy and getting its plan in order. The country is seeking to continue to balance interests, between the demands of the liberal world and China's suspicion of any blocs forming that have the potential to be exclusionary. Korea is an especially delicate position now as it logs trade deficits with China and seeks a return to balance and ultimately surpluses.
President Yoon Suk-yeol calls for cooperation during meeting with parliamentary leaders
President Yoon Suk-yeol met with parliamentary leaders Friday and asked for their cooperation in state governance, calling on the rival parties to join hands to resolve current difficulties in people's livelihood. Yoon held a three-hour dinner banquet with National Assembly Speaker Kim Jin-yo, deputy speakers Chung Jin-suk and Kim Young-joo, and Lee Kwang-jae, the parliamentary secretary-general, at the Yongsan presidential office in central Seoul Friday evening.
The Dong-A Ilbo (http://english.donga.com/)
Yoon carries out organizational revamp in his administration
South Korean President Yoon Suk-yeol on Sunday appointed Vice Chairman Lee Kwan-sup of the Korea International Trade Association as senior presidential secretary for policy and planning to coordinate government policies in general and help execute governance projects. Kim Eun-hye, a former lawmaker and his transition team’s spokesperson, is expected to join as senior secretary for press affairs. The presidential office in the 2nd phase has upgraded to the system of two office chiefs and six senior secretaries from two office chiefs and five senior secretaries.
Evolving holiday food consumption patterns
Evolving food eating patterns of the younger generation is bringing changes to food sales ahead of the Chuseok holiday. Sales of beef and lobsters are replacing traditional holiday staples such as dried croaker and steamed ribs, while shine muscat and apple mangoes are more frequently bought than apples and pears. According to Hyundai Department Store on Sunday, sales of beef from Aug 1 to 20, the booking period for Chuseok gift sets, grew 52 percent, tripling the growth of steamed ribs of 17 percent.
Crimea to become new powder keg
As Russia’s initial invasion of Ukraine will reach the six-month mark on Wednesday, Crimea is expected to become a new powder keg. Crimea, which was forcefully annexed by Russia from Ukraine in 2014, serves as a military supply base for Russian troops on the southern front of the war between Russia and Ukraine. There were over three mysterious explosions this month alone at the Black Sea Fleet headquarters of the Russian Navy in Crimea.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korean Inc. headed for a contraction in Q3 led by components and steel, ship makers
The Korean Inc. will likely report contraction in the operating profit for the quarter ending in September on waning profitability from spike in raw material prices and slower external demand, according to brokerage forecast. According to FnGuide`s financial data analysis on 252 firms listed on the Kospi and Kosdaq markets with earnings estimates from three or more securities firms, their combined operating profit in the third quarter is projected at 54.86 trillion won ($41.34 billion), down 7.2 percent from a year ago.
Seoul watching closely to manage external health as USD hits new peak vs KRW
South Korea will closely watch volatility in capital movements and short foreign debt amid faster monetary tightening and growth uncertainties around the globe, although it deems international confidence in the Korean fundamentals remain solid, according to the government. “There remains risk factors such as reduced global liquidity,” said Bang Ki-sun, first vice minister of economy and finance, during an emergency meeting with vice ministers in charge of economic affairs to vow close monitoring and preemptive actions when deemed necessary.
AK to issue $74.5 mn in exchangeable bonds for Jeju Air to enhance long-haul fleet
AK Holdings Inc., the holding company of South Korea’s Aekyung Group and parent to Jeju Air Co., is arranging a fundraising of up to 100 billion won ($75.4 million) to bolster ammunitions for the country’s largest budget carrier to enhance its long-haul fleet. According to multiple sources from the investment bank industry on Thursday, AK Holdings is proceeding to offer up to 100 billion won in bonds exchangeable to Jeju Air common shares.
HanKyoReh Shinmun (http://english.hani.co.kr)
Can Taiwan survive without China?
The relationship between mainland China and Taiwan is in trouble.
Cross-strait relations have never been very strong, but now they’re once again in the international spotlight because of China’s belligerent warnings and shows of force following the visit to Taiwan of House Speaker Nancy Pelosi, the third-highest ranking official in the US, earlier this month. Indeed, Pelosi’s visit was a matter of controversy long before it occurred.
A world apart: 3 hurdles put ground level out of reach for Seoul’s semi-basement dwellers
As the city of Seoul pledges to fundamentally improve residential living conditions and phase out semi-basement dwellings following tragic deaths in a catastrophic downpour, Seoulites who actually live underground have sobering advice to share. Semi-basement dwellers report facing considerable hurdles on the journey to ground level. They shared that both things that are crucial and those which might sound trivial end up being quite taxing.
Far-right YouTubers among others invited to Yoon’s inauguration at first lady’s recommendation
More questionable figures have been confirmed to have been invited to President Yoon Suk-yeol’s inauguration ceremony at the behest of first lady Kim Keon-hee. It has been confirmed Kim invited the CEO of the company privately contracted to remodel the new official residence of the president to the inauguration ceremony on May 10. It has also been learned that far-right Youtubers including Ahn Jeong-kwon, who organized protests against former President Moon Jae-in in front of his private countryside residence, were also invited to the presidential inauguration ceremony at the first lady’s suggestion.
The KyungHyangShinmun (http://english.khan.co.kr/)
Kim Yo-jong, “The ‘Audacious Initiative’ Is the Height of Stupidity... We Just Hate Yoon Suk-yeol as a Human Being”
On August 19, North Korea rejected the “audacious initiative,” President Yoon Suk-yeol’s policy on North Korea which he mentioned in his address on National Liberation Day four days earlier. This day, Kim Yo-jong, a vice director of the Workers’ Party of Korea, criticized the “audacious initiative” as “the height of stupidity” and claimed that North Korea would never consider any offers from Seoul.
Park Heong-joon’s Proposal to the President: Recognize the Service of BTS as EXPO Ambassadors as Alternative Military Service
On August 18, Park Heong-joon, the mayor of Busan announced that he asked the president to recognize the activities of BTS as the official ambassadors of the World Expo 2030 Busan as alternative military service for people in arts and sports. The city of Busan announced that Mayor Park decided that it would be impossible for BTS to actively engage in practical activities for Busan’s bid to host the World Expo unless the issue of their military service was resolved and personally made the suggestion to President Yoon Suk-yeol.
“Suspension of Party Position When Prosecuted” Democratic Party Decides to Keep Existing Article in Party Constitution after a Heated Debate over “Bulletproofing” Lee Jae-myung
On August 17, the Democratic Party of Korea’s emergency response committee decided not to amend Paragraph 1 of Article 80 of the party’s constitution, which stipulates that the party can suspend the status of a party member prosecuted for corruption. The committee took a step back after lawmakers criticized the revision as an attempt to make lawmaker Lee Jae-myung “bulletproof” in a general meeting of lawmakers and after the public showed a less than favorable response.
KBS(http://world.kbs.co.kr/service)
S. Korea, US Kick Off Joint Military Drills
South Korea and the United States kicked off large-scale combined military drills, dubbed "Ulchi Freedom Shield" (UFS), on Monday. With the exercises, the government and the military seek to improve their capabilities to execute an all-out war to prepare for provocation by North Korea and a full-scale war by practicing pan-government crisis management and assistance procedures for joint operations. The UFS exercises, which will run through September 1, consist of two parts
Lee Jae-myung Wins Jeolla Province in DP Leadership Race
Former presidential candidate Lee Jae-myung of the main opposition Democratic Party(DP) won a landslide victory in the latest rounds of voting to elect a new party leader. Lee cemented his lead by securing 78-point-35 percent of the votes in the polls held in South Jeolla Province and Gwangju City, while Rep. Park Yong-jin won 21-point-65 percent. Lee also won big in North Jeolla Province on Saturday, garnering 76-point-81 percent of votes. Park received 23-point-19 percent.
Top Diplomat Conveys Concerns over EV Tax Credit During Phone Call with Blinken
Foreign Minister Park Jin has reportedly conveyed concerns to his American counterpart about a new U.S. law that excludes South Korean automakers from tax breaks. According to a diplomatic source on Sunday, Minister Park conveyed Seoul's concerns about the law during a phone call with U.S. Secretary of State Antony Blinken on Friday. The 430 billion-dollar bill, signed into law by U.S. President Joe Biden on Tuesday, calls for expanding tax subsidies for electric vehicle(EV) buyers, but only for EVs assembled in North America.
Yonhap (http://english.yonhapnews.co.kr)
Yoon's approval rating inches up for 2nd week
President Yoon Suk-yeol's approval rating rose for the second straight week, a poll showed Monday, in a positive sign that his rating may be recovering from unusual lows following his pledge to listen to the people in a press conference marking his first 100 days in office. In the poll of 2,011 voters conducted by Realmeter from Tuesday to Friday, 32.2 percent gave a positive assessment of his job,
Ex-presidential candidate Lee Jae-myung wins latest voting in DP leadership race
Former presidential candidate Lee Jae-myung won the latest rounds of voting in an ongoing race for the Democratic Party (DP) leadership on Sunday, inching closer to the helm of the main opposition party. Lee won some 79 percent of the votes by dues-paying DP members in South Jeolla Province and the metropolitan city of Gwangju in the region. Lee handily beat Park Yong-jin, who earned just over 20 percent of the votes in South Jeolla and Gwangju on Sunday.
Yoon replaces senior press affairs secretary
President Yoon Suk-yeol appointed Kim Eun-hye, a former lawmaker and his transition team spokesperson, as new senior secretary for press affairs in a reshuffle of the presidential office Sunday. Kim, a TV anchorwoman-turned-politician who gave up her parliamentary seat when running unsuccessfully for Gyeonggi Province governor in June's local elections, will replace Choi Young-bum as the senior public relations secretary.
The Korea Herald (http://www.koreaherald.com)
Yoon shakes up staff amid crumbling popularity
After a tumultuous first 100 days, President Yoon Suk-yeol’s office announced a set of new hires on Sunday in a first major shake-up of his staff. Most notably, Yoon’s office is bringing back the chief of staff for policy, among the first senior roles eliminated when Yoon was inaugurated in May. Kim Dae-ki, Yoon’s chief of staff, explained at a press briefing that the role was being reinstated for “better coordination” between the presidential office and the Cabinet.
N. Korea denounces Yoon’s initiative to mend S. Korea-Japan ties
North Korea’s propaganda outlets denounced South Korea’s diplomatic initiative to mend ties with Japan in articles issued this weekend, claiming the Yoon Suk-yeol government is seeking to capitalize on the death of former Japanese Prime Minister Shinzo Abe. The North Korean external-oriented outlets made mention of Abe’s death for the first time, more than six weeks after Abe was shot to death in the Japanese city of Nara on July 8.
Lee Dae-jun’s family requests meeting with new UN envoy on North Korea human rights
The family of Lee Dae-jun, a 47-year-old South Korean government official who was shot dead by North Korean soldiers near the sea border in 2020, has requested a meeting with Elizabeth Salmón, the newly appointed United Nations envoy for North Korea human rights. The murdered official’s older brother Lee Rae-jin told The Korea Herald that he has asked to meet with Salmón in person during her official visit to South Korea later this month.
The Korea Times (http://www.koreatimes.co.kr)
Controversy continues over Yoon's plan for Korean space agency
Uncertainty is growing over the government's plan to establish a control tower agency overseeing the nation's space policies, after President Yoon Suk-yeol hinted at possible changes to the plan during last Wednesday's press conference held to mark his first 100 days in office. When the president said at the press conference that the government will establish a space agency emulating the U.S. National Aeronautics and Space Administration (NASA), he used the term, "Space and Aeronautics Administration," instead of the term, "Aeronautics and Space Administration"
Outlook dim on SOCAR's post-IPO valuation
Outlook remains murky over the post-initial public offering (IPO) stock movements of SOCAR, the largest car-sharing app operator in Korea, amid weaker-than-expected demand from investors and uncertain macroeconomic conditions here and abroad, analysts said. The company plans to go public on Monday after fixing its IPO price at 28,000 won ($21) per share early this month. This price was far below earlier expectations of the firm's estimated price range of between 34,000 won and 45,000 won.
Banks start notifying customers of loan-to-deposit ratios
Banks will begin notifying customers of their loan-to-deposit interest rate gap from Monday, making it easier for borrowers to search commercial lenders offering better interest conditions. Customers can visit the website of the Korea Federation of Banks to compare the ratio from each lender. This follows President Yoon Suk-yeol's campaign pledge to protect the right of bank customers and boost competition among financial institutions here amid steep rate hikes.
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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