Friday, September 23, 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)
Free Flu Shots Start for High-Risk Population
Free flu shots to children, pregnant women and the elderly have begun as health authorities issued a flu alert for the first time in three years. According to the Korea Disease Control and Prevention Agency on Wednesday, free flu shots will be given to groups who are at a high risk of becoming seriously ill or developing health complications if they catch flu. They can go to any designated clinic, hospital or public health center across the country regardless of their home address. The high-risk groups are children between six months and 13 years, pregnant women and the over-65s.
Gov't to Ease Real Estate Regulations Nationwide
The government will ease real estate regulations that were imposed by the previous administration that make it more difficult to get housing loans for certain areas designated speculation zones. The move comes at the request of provincial governments after surging interest rates have paralyzed the residential property market. The Ministry of Land, Infrastructure and Transport on Wednesday announced that no provincial regions except Sejong administrative city are now considered speculation zones, while "areas under monitoring" for possible speculation will be reduced from 101 to just 41.
N.Korea Denies Selling Weapons to Russia
North Korea on Thursday denied sending weapons to Russia, accusing the United States of spreading rumors about such a sale to tarnish Pyongyang's image. U.S. officials earlier this month said Russia was in the process of "purchasing millions of rockets and artillery shells from North Korea for use on the battlefield in Ukraine." In a statement posted in the state-run [North] Korean Central News Agency, a North Korean defense ministry official rejected the U.S. accusation. "We have never exported weapons or ammunition to Russia before and we will not plan to export them,"
Joongang Ilbo (https://koreajoongangdaily.joins.com )
In New York, Yoon only gets brief talks with Kishida, Biden
Korean President Yoon Suk-yeol had brief meetings with the leaders of Japan and the United States in New York on Wednesday, not the formal summits initially envisioned by Seoul. Yoon and Japanese Prime Minister Fumio Kishida held an "informal" meeting for 30 minutes on the sidelines of the of the 77th session of the UN General Assembly, according to Yoon's presidential office, and agreed on the need to improve relations between the neighbors. This was Yoon's first one-on-one sit-down meeting with Kishida since his inauguration in May, though the two leaders had several encounters in late June, including a trilateral summit with the United States, at the NATO summit in Madrid.
Bank of Korea signals a change in stance after Fed's big hike
The Bank of Korea woke up and smelled the coffee Thursday, signaling an abrupt change in its stance after the U.S. Federal Reserves upped rates and the won tanked. Governor Rhee Chang-yong suggested the plan in place — of increasing the base rate by a quarter point at a time — may not be enough to hold the line as the Fed increases rates at a much faster pace. "The preconditions to raising interest rates 0.25 percentage points each time through the end of the year have changed," he said Thursday.
Masks for outdoor events may be unnecessary soon
Korea may end its mask mandate for outdoor events as early as this week. According to the Korea Disease Control and Prevention Agency (KDCA), the National Infectious Diseases Consulting Committee, which is an advisory committee to the government on infectious diseases, recommended the termination of the outdoor mask mandate in a meeting Wednesday. The complete lifting of outdoor mask requirements is likely to be announced as early as Friday. Wearing face masks at outdoor events is expected to become “advised,” and people who choose not to will not be fined.
The Dong-A Ilbo (http://english.donga.com/)
Won-dollar exchange breaks through 1,400 won after Fed’s third giant step
The U.S. Fed took another giant step by raising its benchmark interest rate by 0.75 percentage points three months in a row, following June and July. The key interest rate of the U.S. increased to 3.0 to 3.25 percent, hovering way above Korea’s 2.5 percent. The reversal of the interest rate gap between the U.S. and Korea, which increased the likelihood of foreign capital flow, combined with the continuing uncertainty of the Korea-U.S. currency swap agreement, which was expected during the Korea-U.S. summit, drove up the won-dollar exchange rate to over 1,400 won.
Yoon, Kishida agree on the need to improve relations
South Korean President Yoon Suk-yeol had a summary meeting with Japanese Prime Minister Kishida Fumio and has reached a consensus on the need to improve their relations. The bilateral talk is significant in that it has opened a conversation to thaw the relationship between the two nations, which has frozen owing to the South Korean Supreme Court’s decision in October 2018 on the wartime forced labor during Japan’s colonial occupation of Korea and Japan’s export restrictions against South Korea in July 2019.
Putin’s military call-up sparks protests in Russia
Russian President Vladimir Putin’s order to partially mobilize reservists brought the country into chaos. Protesters across the nation took to the street to show their disapproval; some even tried to avoid the call-up by harming themselves. People in Russia rushed for the exits leading to an exodus with all outbound flight tickets being sold out and airfares skyrocketing. According to media outlets, including Reuters and BBC, President Putin’s military call-up on Wednesday spurred protests across 38 regions in Russia, including key cities such as Moscow and Saint Petersburg.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
USD-KRW above 1,400, 3-yr bond at 4% as Korean markets panic on tightening speed
South Korea will respond with a “broad and long perspective” to the local market repercussions from a “lengthier and stronger than expected” U.S. tightening cycle, while taking “timely” actions to stabilize the capital markets, vowed fiscal and monetary authorities after the Korean won and debt value crashed to 13- and 12-year lows, respectively, Thursday. The Korean currency lost 15.5 won to close at 1,409.7 won against the U.S. dollar in sync with other Asian currencies, which are in tantrums over the overnight hawkish comments from the U.S. central bank chief.
WKF: Liberal democracies lead to better quality in decision making: Fukuyama
Despite waning confidence in the democracy institution, the system respecting diversity and debate serves better for global peace and prosperity as they would not come to “questionable” and overbearing decisions such as Russian invasion of Ukraine and Chinese lockdown of cities for zero-Covid policy, according to Francis Fukuyama, professor of political science at Stanford University and champion of liberal democracy. “A lot of democracies allowed themselves to become … rigid, can’t adjust policy easily,” Fukuyama said in a World Knowledge Forum’s live debating session themed on Restoring Liberalism” in Seoul Thursday.
KT Cloud issuing near $600 mn shares to raise funding to maintain lead
KT Cloud, cloud and data center spinoff from Korean telecom giant KT Corp., is set to attract funds worth 800 billion won ($573.06 million) from multiple capital from home and abroad betting high on the company’s credentials in servicing public and corporate digital transition. According to the investment banking industry on Wednesday, global private equity firms such as Macquarie Asset Management and KKR & Co., and domestic capital like IMM Credit & Solutions and VIG Alternative Credit submitted intentions to comply in the invitation for equity investment by Sept. 2 deadline.
HanKyoReh Shinmun (http://english.hani.co.kr)
Staying mum on “audacious initiative” for N. Korea in UN address, Yoon misses mark
South Korean President Yoon Suk-yeol did not share his “audacious initiative” policy for North Korea with the international community in his keynote speech before the 77th UN General Assembly in New York on Tuesday. The address also made no mention of North Korea, peace on the Korean Peninsula, or overcoming Korea’s political division. In that regard, it was markedly different from past UN speeches by South Korean presidents. Even experts described the situation as “completely unexpected.” How did it come about?
Leaders of S. Korea, Japan agree on need to improve ties at first bilateral talks since 2019
In an informal summit on Wednesday, South Korean President Yoon Suk-yeol and Prime Minister Fumio Kishida “sympathized on the need to improve bilateral relations and agreed to continue cooperating while also instructing diplomats to accelerate dialogue,” Korea’s presidential office said. This was the first time the leaders of the two countries have met since December 2019, two years and nine months ago, when the then-serving President Moon Jae-in of Korea and Prime Minister Shinzo Abe of Japan met.“While visiting New York to attend the UN General Assembly, President Yoon Suk-yeol met with Prime Minister Fumio Kishida at 12:23 pm for 30 minutes at a conference building near the UN General Assembly Building and traded opinions about matters of mutual interest.
Prosecutors’ probes into inter-Korean affairs inch closer to former President Moon
On Wednesday, President Yoon Suk-yeol delivered a speech at the UN General Assembly in New York in which he made no mention of the North Korea nuclear issue. Meanwhile, on the same day in Korea, prosecutors summoned former Unification Minister Kim Yeon-chul, who oversaw inter-Korean relations under the Moon Jae-in administration, and others for two consecutive days of questioning. In their investigation into the repatriation process of the North Korean sailors who killed 16 of their fellow fishermen, the prosecution has rounded up not only key security figures of the former Moon administration but now also brought inter-Korean relations into the mix as targets of possible criminal charges.
The KyungHyangShinmun (http://english.khan.co.kr/)
Leaders of South Korea and Japan Meet in New York: Korea Calls It an Informal Summit, Japan, a Chat
President Yoon Suk-yeol and Japanese Prime Minister Fumio Kishida met in New York on September 21 (local time). The South Korean government described the meeting as an informal summit, while the Japanese government called it a brief chat. This day, the two leaders met and talked for about half an hour in a conference building near the UN General Assembly in Manhattan. In a written briefing after the meeting, the Office of the President said, “The two state leaders agreed on the need to resolve pending issues to improve the relationship between the two countries and decided to instruct foreign ministries to accelerate talks and continue discussions.”
Former Minister Nominee Kim Seung-hee Paid Employee’s Pension Insurance Bill with Political Funds
It turns out that Kim Seung-hee, former United Future Party (current People Power Party) lawmaker and health and welfare minister nominee who failed to enter the ministerial office after allegedly violating the Political Funds Act used political funds to pay for the pension insurance bill of her staff in the National Assembly. Prosecutors submitted a summary indictment requesting a fine for Kim, and the court, on its authority, sent the case to a formal trial. According to the indictment that the office of Democratic Party of Korea lawmaker Ki Dong-min obtained from the Seoul Southern District Prosecutors’ Office, Kim used her political funds to pay for the pension insurance bill of an employee in her parliamentary office. The employee was supposed to pay the bill, which is usually deducted from the salary.
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)?”
KBS(http://world.kbs.co.kr/service)
Pres. Office: Yoon's Controversial Remarks Not About Biden, US Congress
The presidential office said on Thursday that vulgar remarks by President Yoon Suk Yeol were directed at the opposition party in South Korea and not at U.S. politicians. In a press briefing in New York, senior presidential secretary for public relations Kim Eun-hye dismissed speculation that Yoon’s comments about losing face after a legislative loss were not about President Biden or the U.S. Congress. Caught on camera remarking to foreign minister Park Jin and aides that it would be embarrassing for the president if a bill is not passed, Kim explained that Yoon was speaking in reference to his pledge of 100 million dollars to the Global Fund made during a speech at the organization's fundraising event that night.
S. Korea Attracts 1.15 Bln Won Investment from Global Companies during Yoon's Trip
The presidential office said South Korea has attracted investments worth more than one billion dollars from global companies during President Yoon Suk Yeol's visit to the United States. According to the top office, the president attended a meeting with global companies at a hotel in New York on Thursday where seven companies made investment pledges worth a combined one-point-15 billion dollars to the Ministry of Trade, Industry and Energy. The companies in the sectors of semiconductors, information and communications technology, secondary batteries, logistics, renewable energy, autos and aviation will reportedly hire some 300 people to carry out research and development of advanced technology and expand production.
Producer Prices Post First Drop in Nearly 2 Years in August
Producer prices in August dropped for the first time in nearly two years thanks to falling oil prices. The Bank of Korea on Friday reported that the producer price index for all commodities and services stood at 120-point-12 last month, down zero-point-three percent from a month earlier. The index, a key barometer of future inflation, dropped for the first time in 22 months since October 2020 when it fell zero-point-four percent. Compared to a year earlier, however, the index remained high with an increase of eight-point-four percent, the 21st consecutive month of growth.
Yonhap (http://english.yonhapnews.co.kr)
Blinken highlights importance of trilateral cooperation with S. Korea, Japan
U.S. Secretary of State Antony Blinken on Thursday stressed the importance of trilateral cooperation between South Korea, Japan and the U.S., urging the countries to work together on regional and global issues. Blinken made the remarks at the top of a three-way meeting with South Korean Foreign Minister Park Jin and Japanese Foreign Minister Hayashi Yoshimasa in New York. "The United States, Japan, Korea -- we have the most vital bilateral relationships, but we also have this trilateral partnership," Blinken said at the top of the meeting, held on the sidelines of the U.N. General Assembly.
SK chief says it's too early to gauge impacts of U.S. chips, EV policies
SK Group Chairman Chey Tae-won has said it is too early to define the impacts on South Korean businesses of U.S. policies favoring domestically produced semiconductors and electric vehicles and any plans should be drawn up based on careful assessments. Chey's remarks came as the administration of U.S. President Joe Biden has introduced a set of bills designed to boost support for U.S.-based chip investment and electric vehicle (EV) manufacturing, in a move widely seen as intended to counter China amid the intensifying rivalry between the two world powers.
Presidential office denies Yoon used foul language to refer to Biden, Congress
The office of President Yoon Suk-yeol denied Thursday that Yoon used foul language in reference to U.S. Congress and President Joe Biden, clarifying that he was talking about a situation he could face if South Korea's opposition-controlled National Assembly does not cooperate. On Wednesday, video circulated of Yoon talking with U.S. President Joe Biden at a fundraiser for fighting infectious diseases in New York. As he leaves the venue amid noise, he appears to tell aides in vulgar language that it would be embarrassing for Biden if the National Assembly did not approve of something unspecified.
The Korea Herald (http://www.koreaherald.com)
Yoon meets with Biden, Kishida amid much fuss
President Yoon Suk-yeol met with his US and Japanese counterparts on the sidelines of the United Nations General Assembly, but only after complications -- what the opposition party here has referred to as a debacle -- and without tangible results. The presidential office said on Wednesday in New York that Yoon and US President Joe Biden met at a reception hosted by King Charles III in London on Sunday, the seventh financial pledge meeting of the Global Fund in New York on Wednesday and at a reception hosted by Biden the same day.
Korean won hits 1,400 per dollar after giant Fed rate hike
The Korean currency dropped to the 1,400 won range per dollar on Thursday in the wake of another “giant step” rate hike of 75 basis points from the US Federal Reserve. In addition, foreign and institutional investors turned to net sellers on the nation’s main bourse, pulling down the Kospi. The local currency, which started at 1,398 won per US dollar during the Thursday trading session, closed at 1,409.7 won. The Korean currency became cheaper by more than 15 won compared to 1,394.2 won in the previous session.
N.Korea denies supplying arms to Russia, denounces US ‘rumors’
North Korea’s Defense Ministry said that the country has never supplied weapons to Russia and denounced the US for spreading “groundless” rumors, the state-run Korean Central News Agency reported Thursday. An unnamed vice director general of the General Bureau of Equipment at North Korea’s Defense Ministry issued a pronouncement on Wednesday to refute the US’ recent public statements on Russia’s request for North Korea to provide rockets and artillery shells, according to KCNA.
The Korea Times (http://www.koreatimes.co.kr)
Yoon arrives in Canada for summit with Trudeau on supply chains
President Yoon Suk-yeol arrived in Canada on Thursday for a summit with Prime Minister Justin Trudeau on building stable supply chains in core minerals for EV batteries. Yoon, who is on a three-nation trip to Britain, the United States and Canada, arrived in Toronto where he is scheduled to visit the University of Toronto for a meeting with AI experts. Toronto is Canada's biggest economic hub and a global leader in digital technology and the AI industry, according to Yoon's office. In the evening, the president will meet with Korean residents in the city. Toronto is home to around 120,000 Koreans.
Yoon's inept diplomacy draws flak
When Deputy National Security Adviser Kim Tae-hyo said last week that President Yoon Suk-yeol's summit with U.S. President Joe Biden would be brief ― 30 minutes or so ― many thought that it might be too short to talk about the urgent issues between the two countries. But the meeting in New York City turned out to be even shorter ― far shorter ― than he hoped it would be. At a fundraising event hosted by Biden, Yoon had a standing conversation with him for less than a minute ― 48 seconds, precisely. According to Yoon's office and the White House, Wednesday (local time), Yoon asked Biden to help resolve South Korean companies' concerns over the Inflation Reduction Act and they reaffirmed their commitment to bolstering the bilateral alliance against North Korea during the conversation.
Seoul, Tokyo take difficult first step to mend ties
South Korea and Japan took a difficult first step toward improving their soured relations, as President Yoon Suk-yeol and Japanese Prime Minister Fumio Kishida had a bilateral meeting in New York, Wednesday (local time) and agreed on the need to mend ties by resolving pending issues. Also, Yoon had a brief encounter with U.S. President Joe Biden and delivered Seoul's concerns over possible damage to South Korean companies stemming from the U.S. Inflation Reduction Act (IRA), with Biden responding that the two sides should continue their consultations. According to the presidential office, Yoon had a 30-minute meeting with Kishida at a conference building near the U.N. headquarters, during which they shared each other's views on pending issues.
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Budapest Times http://budapesttimes.hu
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