Thursday, September 22, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Culture minister, Suncheon mayor, KNTO head invite envoys, spouses to Suncheon City
Minister of Culture, Sports & Tourism Park Bo-gyoon, together with Mayor Roh Gwan-gyu of the Suncheon City and President Shin Sang-yong of the Korea Tourism Organization, cordially invites the interested ambassadors and madams to attend the Opening Ceremony of the "2022 Korea Wellness Tourism Festival” on October 1 this year in the picturesque port city of Suncheon, Jeollanam-do Province, some 200 miles south of Seoul. Each participating ambassador is presented with a prestigious Plaque of Citation in recognition of the participant's interest in the promotion relations, cooperation and friendship between Korea and the country represented by the ambassador.
Chairperson Yeo wishes to provide ambassadors with prestigious offices, residences
Mme. Yeo Mung-joo (a leading lady entrepreneur in the Gangwon Province, who formerly owned the picturesque Gracia Tourist Hotel in East Coast city of Samcheok in the Gangwon province is now working on a program to provide a prestigious housing for the ambassadors and their families in Seoul. At a recent interview with The Korea Post media, she said, “It has always been my dream to provide the ambassadors with ‘highest-class’ office and residence environment at very reasonable prices. Largely regarded as a very large real estate owner in the Gangwon Province, Mme. Yeo is considered an ‘inveterate’ admirer lover of the ambassadors and diplomat families.
Leaders of Daejeon City, DAPA, Seo-gu Ward sign an agreement
The Daejeon City announced on Sept. 15 that the city has signed a business agreement with the Defense Acquisition Program Administration (DAPA) and the Seo-gu Daejeon Ward at the City Hall conference room for the move of the DAPA to the Daejeon City. Mayor Lee Jang-woo of Daejeon City, Minister Eom Dong-hwan of DAPA and Mayor Seo Chul-mo of Seo-gu Daejeon Ward attended the meeting.
Under the agreement, Daejeon City will actively support the construction of the new office for the move of the DAPA, cooperation for the first-phase move, and smooth settlement of the move of the employees.
Chosun Ilbo (http://english.chosun.com)
U.S. Calls for Dialogue with N.Korea Fall on Deaf Ears
Deafening silence has met repeated U.S. offers to resume dialogue with North Korea in July through a communication channel in New York, according to Sung Kim, the U.S. special representative for North Korea policy. Kim told Korean reporters at the U.S. ambassador's residence in Seoul on Tuesday that the U.S. made several offers to North Korea in July to resume diplomatic communications, including an offer of COVID assistance, but there has been no response from Pyongyang.
Yoon Urges Int'l Community to Uphold Freedom
President Yoon Suk-yeol on Tuesday urged the UN General Assembly in New York to "protect the values of freedom" to overcome economic and security crises. In his first speech at the world body since his inauguration, Yoon said, "When freedom of any individual in a nation comes under threat, members of the community must join hands to remove the threat and defend freedom." He called on the international community to join hands to overcome the threats posed by climate change, food shortages and energy insecurity, compounded by the coronavirus pandemic and Russian invasion of Ukraine.
Foreign Currency Deposits Plummet by Billions
The money parked in foreign currency deposits in Korea declined by more than US$2.1 billion last month. The Bank of Korea said Tuesday that the balance of foreign currency deposits stood at $88.27 billion in August, down $2.1 billion from the end of July. The deposits include accounts held by Koreans, foreign expats and foreign and Korean businesses. Corporate deposits dwindled by $1.49 billion to $74.4 billion and private deposits by $620 million to $13.86 billion.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Choo assures markets government prepared after U.S. rates upped
Finance Minister Choo Kyung-ho said the government is closely monitoring the financial markets following an overnight increase in rates in the United States and is prepared with a set of comprehensive and systematic policy measures based on past experience. The U.S. federal Reserved increased the fed-funds rate by 75 basis points on Wednesday in the United States, and stocks in New York and currencies dropped immediately on the news, adding to concerns that financial markets globally will remain highly volatile in the face of higher borrowing costs. “The current economic team is closely reviewing the impact on Korea’s financial and foreign exchange markets and on the real economy,”
No meeting with Arm executives: Lee Jae-yong
Samsung Electronics Vice Chairman Lee Jae-yong said he did not meet with executives of Arm during a recent visit to Britain. The chip design company, which is based in Cambridge, Britain, has been put up for sale by Softbank and is now set for a listing after a $40 billion acquisition by Nvidia fell through due to regulatory concerns. Korean media had said that Lee may meet with Arm executives during his trip. On his way out of the Gimpo International Airport on Wednesday following the two-week-long trip, which included stops in Mexico, Panama and Britain, Lee said that no such meeting took place.
At UN, Yoon Suk-yeol calls for nations to seek peace together
At the United Nations Tuesday, President Yoon Suk-yeol invited the international community to join South Korea in its use of freedom and peace to overcome global challenges. "When the freedom of any individual in a nation comes under threat, members of the community must join hands to remove the threat and defend freedom," said Yoon in his first address to the UN General Assembly in New York. "Likewise, when the freedom of any citizen or nation in the global community is in peril, it is the community of nations that must stand together in solidarity to defend that freedom."
The Dong-A Ilbo (http://english.donga.com/)
Fed’s rate hike sends shockwaves across global economy
The Fed’s speedy interest rate hike and strict fiscal austerity measures have heightened the fear of global recession. On Tuesday, the first day of the Federal Open Market Committee (FOMC) meeting, the major stock indices in the New York Stock Exchange were down by 1 percent, with the dollar index and the U.S. government bond yields jumping to levels unseen in the past decades, indicating the market’s fear. The interest rate hike on Wednesday brought the base interest rate up to more than 2.5 percent, the so-called neutral rate. Before the rate hike, the key interest rate hovered between 2.25 to 2.5 percent.
ROK Army considers moving Cheonan warship to Seoul
It is reported that the Republic of Korea army is considering moving the Cheonan warship (PCC-772) to Seoul. The warship sank in 2010 and is currently displayed in Pyeongtaek, Gyeonggi Province. Earlier, the bereaved families of the sunken Navy ship proposed to President Yoon Suk-yeol that the Cheonan be moved to Seoul to raise the sense of alertness for national security. The army is considering conducting a feasibility study, including the cost of relocating the ship.
USFK commander mentions contingency plan for China’s invasion of Taiwan
U.S. Forces Korea (USFK) Commander Gen. Paul LaCamera said on Monday that the U.S. is considering a “contingency plan” to support South Korea’s defending Taiwan in the event of a Chinese invasion. This suggests the USFK is making a contingency plan to tackle a potential armed conflict in Taiwan, with U.S. President Joe Biden having vowed a day earlier to defend Taiwan in the event of an unprecedented attack. This is the first time an incumbent USFK commander has mentioned the necessity for the U.S. forces to respond to the Chinese invasion.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
WKF: Strong U.S. protectionism can upset ties with traditional allies like South Korea: Joseph Nye
The U.S. protectionism is deepening in the face of Chinese ascent, baffling traditional allies like South Korea with a series of Buy Americanism laws including the CHIPS and Science Act, observed Joseph Nye, distinguished service professor emeritus at Harvard University. “I would have to say … protectionism has gotten stronger in many countries particularly in the U.S.,” Nye said during a World Knowledge Forum session titled “Conversation with Joseph Nye: America’s Leadership in a Divided World”
Korea’s trade deficit streak to extend to 6th month, red as of Sept. 20 nears $30 bn
outh Korea’s trade data so far this month suggests a deficit streak for the sixth month for the first time in 25 years with exports turning negative for the first time in nearly two years on softer demand across the world to raise alarm for the trade-led economy. According to data released by Korea Customs Service on Wednesday, the country’s exports fell 8.7 percent on year to $32.96 billion in the first 20 days of September. Average daily export increased 1.8 percent on year based on 13 working days, 1.5 days shorter than a year earlier due to Chuseok holiday.
WKF: Globalization to evolve in the form of mini or ally-shoring
Globalization will likely pan out in different form, mostly through friendshoring, or allyshoring, by relying manufacturing and sourcing within a group of countries with shared views as multilateral trade framework like the World Trade Organization and Free Trade Agreements pose less relief and security for national interests, trade experts agreed at the 2022 World Knowledge Forum (WKF) in Seoul.“This (globalization) really underscores the change in U.S. trade policy under the Biden administration,”
HanKyoReh Shinmun (http://english.hani.co.kr)
Freedom, peace, norms: Yoon sticks to familiar tune in first UN address
In his keynote address before the 77th UN General Assembly in New York on Tuesday, South Korean President Yoon Suk-yeol stressed solidarity between countries who share liberal values, but didn’t offer any direct message to North Korea. “Threats to freedom and peace must be overcome through solidarity and fearless commitment to the framework of universal global norms consolidated over the years within the UN system,” Yoon said.“Genuine freedom and peace can turn into reality when we are free from disease and hunger, free from illiteracy and free from want of energy and culture,”
Former UN disarmament expert voices regret over Sweden, Finland joining NATO
Sweden and Finland, which have traditionally been neutral countries, are facing criticism as their accession to NATO draws nearer. A former senior official in the UN said she is “very sorry that Sweden and Finland gave up their neutrality and made an application to join NATO” during the DMZ Forum 2022, which was held at the KINTEX exhibition center in Goyang, Gyeonggi Province, on Friday. Angela Kane, vice president of the International Institute for Peace and a senior fellow at the Vienna Center for Disarmament and Nonproliferation, took part in the forum’s international session, titled “Shattered Peace and Rebuilding Common Security: Learning from Success and Failure of the European Experiences.”
S. Korea-Japan summit still up in air at 11th hour over forced labor dispute
South Korean and Japanese diplomatic officials appear to be locked in a battle of wills ahead of a possible summit that they are working to organize during a session of the UN General Assembly in New York. While the two sides’ foreign ministers met there to discuss the key issue between them — namely the compensation of victims of forced labor mobilization during Japan’s occupation of Korea — Tokyo has shown no real sign of a change in its stance. On Monday afternoon, South Korean Minister of Foreign Affairs Park Jin met in New York with his Japanese counterpart, Yoshimasa Hayashi, for the fourth bilateral talks since the Yoon Suk-yeol administration took office.
The KyungHyangShinmun (http://english.khan.co.kr/)
President Yoon Failed to Pay His Last Respects to the Queen after Stressing Its Diplomatic Significance, Triggering Controversy over Poor Preparation
President Yoon Suk-yeol’s schedule to attend the state funeral of Queen Elizabeth II of the United Kingdom has stirred a heated debate over prior preparations. The president wrote in the book of condolence for the queen a day after his scheduled visit to pay his last respects. The Office of the President explained that things proceeded according to instructions from the U.K. government, but the opposition party criticized asking, “Why did he go to the U.K. (if that was all he was going to do)?”
“Killer Stalker” Jeon Joo-hwan Premeditated the Murder for a Month, “On My Way to Sindang Station, I Thought, ‘I Have to Settle This Today’”
Jeon Joo-hwan (31), the suspect in the Sindang Station murder, began premeditating the crime a month before, when the prosecutors requested severe punishment against him in court for stalking. In a briefing on September 21, the Seoul Jungbu Police Station announced, “Jeon said he decided to carry out the crime after August 18.” That was the day the prosecution sought a 9-year prison sentence for Jeon for stalking. Jeon said he committed the crime thinking, “The trial ruined my life. It’s all because of her.”
PPP Lawmaker Yoo Sang-bum, “The Police Appear to Have Confirmed Lee Jun-seok’s Alleged Sex Bribe to Some Extent”
On September 20, People Power Party (PPP) lawmaker Yoo Sang-bum said, “The police are investigating the case after deciding to call Lee Jun-seok in for questioning, and I believe this means they have internally confirmed the sexual bribery to some degree.” The lawmaker also mentioned rumors that Lee refused to appear before the police because of the second “text message incident” and argued that this showed that Lee was aware of the possibility that his criminal charges could be recognized.
KBS(http://world.kbs.co.kr/service)
Yoon, Kishida Agree on Need to Improve Ties by Resolving Pending Issues
President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida have agreed on the need to improve relations between the two countries by resolving pending issues. Presidential spokesperson Lee Jae-myoung said on Thursday in a written press briefing that the two leaders agreed to instruct their diplomatic authorities to accelerate talks to improve bilateral ties, and also agreed to continue direct communication between themselves. Yoon and Kishida reportedly shared serious concerns about the North Korean nuclear program and agreed to closely cooperate with the international community to respond to threats from the regime.
US Fed Raises Key Interest Rate by 0.75% Again
The U.S. Federal Reserve has raised its key interest rate by three-quarters of a percentage point for the third consecutive time as it steps up its effort to cool soaring inflation. After a meeting of the Federal Open Market Committee 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 three percent to three-point-25 percent, the highest since January 2008 and higher than South Korea's two-point-25 percent.
Yoon, German Chancellor Hold Summit, Agree to Work to Deepen Bilateral Ties
President Yoon Suk Yeol and German Chancellor Olaf Scholz held summit talks in New York and agreed to deepen relations between the two nations. Presidential spokesperson Lee Jae-myoung said on Thursday that Yoon and Scholz held talks on Wednesday on the sidelines of the UN General Assembly and discussed ways to develop bilateral relations, economic security issues, the situation of the Korean Peninsula and international affairs.
Yonhap (http://english.yonhapnews.co.kr)
Yoon, Biden meet briefly in New York
South Korean President Yoon Suk-yeol and U.S. President Joe Biden met briefly in New York on Wednesday during a fundraising event for fighting infectious diseases. Yoon was not initially on the list of attendees for the Global Fund's Seventh Replenishment Conference hosted by Biden but was later invited, according to the presidential office. During the event, Yoon gave remarks and could later be seen talking with Biden for under a minute, though their conversation could not be heard.
S. Korea, Slovakia hold defense ministerial talks on bilateral cooperation
The defense chiefs of South Korea and Slovakia held talks in Seoul on Wednesday to discuss bilateral defense cooperation and regional security. Defense Minister Lee Jong-sup met with his Slovakian counterpart, Jaroslav Nad, as the latter came here to attend DX Korea 2022, an ongoing biennial international defense exhibition in Goyang, just northwest of Seoul, according to Lee's ministry. At the meeting, the two sides signed a memorandum of understanding (MOU) on defense cooperation and agreed to expand their collaboration to cover new areas, such as cybersecurity and climate change.
Yoon, Kishida agree on need to improve bilateral ties by resolving pending issues
South Korean President Yoon Suk-yeol and Japanese Prime Minister Fumio Kishida met in New York Wednesday and agreed on the need to improve relations between the two countries by resolving pending issues, the presidential office said. Their meeting, which took place in New York on the sidelines of the U.N. General Assembly, marked the first one-on-one talks between the leaders of the two nations since December 2019 and raised hope of improving relations badly frayed over wartime forced labor and other issues related to Japan's 1910-45 colonial rule of the Korean Peninsula.
The Korea Herald (http://www.koreaherald.com)
Biden names N. Korea as one of 'disturbing' reasons to strengthen nonproliferation regime
US President Joe Biden on Wednesday named North Korea as one of a few major reasons why the United Nations and its members must work to strengthen the nuclear nonproliferation regime. The US leader also said the US is prepared to pursue "critical arms controls measures" no matter what is happening in the world. "A nuclear war cannot be won, and must never be fought. The five permanent members of the (UN) Security Council just reaffirmed that commitment in January," Biden said in his address to the UN General Assembly in New York.
Seoul, Tokyo not coming to terms on New York summit
President Yoon Suk-yeol’s office is remaining silent on media reports Japanese Prime Minister Fumio Kishida was unhappy with Seoul’s decision to announce the bilateral summit last week. Tokyo claims that the disclosure was not discussed beforehand. Yoon official said in response to a South Korean reporter question on Wednesday in New York that “there is not much to comment publicly.” “I don’t think I ought to comment on every media coverage as they come. There is no announcement to make on that situation at this point,” the official said.
US to review 'all possible ways' to address Korea's concerns on IRA hurting EV makers
Washington said it is reviewing "all possible measures" to address Seoul's concerns regarding the US' Inflation Reduction Act hurting Korean electric vehicle makers, and reaffirmed that it will maintain an open channel for communication, South Korea's Foreign Ministry said Wednesday. On Tuesday (US time), South Korean Second Vice Foreign Minister Lee Do-hoon met with Jose Fernandez, the under secretary for Economic Growth, Energy, and the Environment at the US State Department to discuss on a series of pending issues, including the impacts of the IRA on Korean industries.
The Korea Times (http://www.koreatimes.co.kr)
Yoon, Biden meet briefly in New York
Korean President Yoon Suk-yeol and U.S. President Joe Biden met briefly in New York on Wednesday during a fundraising event for fighting infectious diseases. Yoon was not initially on the list of attendees for the Global Fund's Seventh Replenishment Conference hosted by Biden but was later invited, according to the presidential office. During the event, Yoon gave remarks and could later be seen talking with Biden for under a minute, though their conversation could not be heard. The presidential office had initially said Yoon and Biden would hold a summit on the sidelines of the U.N. General Assembly.
'Sustainability can be achieved through transparent management'
Making a company sustainable has always been a top priority for entrepreneurs. But how to achieve that long-term goal has always been an elusive target for many business owners and leaders. At a time when environmental, social and governance (ESG) values are being increasingly emphasized, The Korea Times hosted a roundtable conference with highly recognized business leaders to share their insights on the continuous growth of an organization from a long-term perspective.
Experts warn of deadly consequences of North Korea, Russia strengthening ties
At a time when many countries have been distancing themselves from Russia due to its ongoing invasion of Ukraine, South Korea's nearest neighbor has been doing the exact opposite. Other than Syria, North Korea is the only country that has recognized the independence of two Russia-backed separatist regions in eastern Ukraine in a show of support for Moscow's war. A U.S. intelligence report shows North Korea is also planning to sell Russia millions of rockets and artillery shells. The improving relations between the two allies could kill any remaining hopes of achieving the denuclearization of North Korea, which announced its new nuclear weapons law earlier this month, according to experts.
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Budapest Times http://budapesttimes.hu
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