Monday, September 26, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
POSCO head asks Argentina’s minister to support Busan’s bid for ‘2030 World Expo’
Tak Jeong, representative director and president of POSCO, met with Minister Santiago Cafiero at the Ministry of Foreign Affairs and Trade of Argentina on Sept. 1 (local time) and asked for support for the Korea’s hosting of the ‘2030 Busan Expo,’ the POSCO announced on Sept. 19. Argentina is the world’s fourth largest lithium-producing country and POSCO Group is the first Korean company to commercialize lithium in Argentina. This meeting was held once again after CEO Choi Jeong-woo of POSCO Group met with President Alberto Angel Fernandez of Argentina in March to request support for the hosting of the Busan Expo and POSCO group has been meeting senior officials from the Argentine government to spur negotiations.
President Yoon holds 30-minute talks with Japan PM Kishida in NY
President Yoon Suk-yeol and Japanese Prime Minister Fumio Kishida held their first summit talks on Sept. 21 in New York, discussing issues of common interest. On a visit to the Big Apple to attend the 77th United Nations General Assembly, President Yoon hosted informal talks lasting 30 minutes with his Japanese counterpart at a conference building near U.N. headquarters from 12:23 p.m., according to the presidential office in Seoul. This was the first talks between the leaders of both nations in two years and nine months since a December 2019 meeting between then President Moon Jae-in and Japanese Prime Minister Shinzo Abe in Chengdu, China.
President Xi Jinping's visit to Kazakhstan charts new blueprint for China-Kazakhstan relations
This year marks the 30th anniversary of the establishment of diplomatic ties between China and Kazakhstan. Over the past 30 years, China-Kazakhstan relations have progressed by leaps and bounds and reached the high level of permanent comprehensive strategic partnership, setting a good example of good-neighborly friendship and win-win cooperation. Chinese President Xi Jinping's state visit to Kazakhstan will deepen the two countries' political mutual trust, expand their comprehensive cooperation and usher in next golden 30 years of Kazakhstan-China relations.
Chosun Ilbo (http://english.chosun.com)
S.Korea Gets Behind UN's N.Korea Resolution Again
South Korea will co-sponsor UN's semi-annual resolution condemning North Korea's human rights abuses for the first time in four years. The previous administration pointedly refrained from taking any leading role in the forlorn hope of appeasing the renegade North. A government official on Thursday said, "It is very important for President Yoon Suk-yeol to condemn crimes against human rights in North Korea and urge the regime to make improvements as he values freedom, democracy and human rights."
N.Korea's Uranium Facility Still Operating, Nuke Watchdog Warns
North Korea is still operating a uranium enrichment facility at the Yongbyon nuclear complex in North Pyongan Province, the chief of the UN nuclear watchdog has warned. Rafael Grossi, the director-general of the IAEA, was speaking at a meeting of its Board of Governors on Monday. Gossi said there are also signs of activity at the Kangson enrichment site and constant preparations for a nuclear test at tunnels Nos. 3 and 4 at the Punggye-ri nuclear test site. All the evidence points to North Korea planning a fresh nuclear test, perhaps to develop tactical nuclear weapons. "There are ongoing indications that the 5 MW(e) reactor is operating, and we have observed indications of intermittent activity at the radiochemical laboratory consistent with possible waste treatment or maintenance activities," Grossi said.
Omicron Vaccine Jabs Start Next Month
Injections of vaccines that offer specific protection against the Omicron strain of COVID-19 will begin next month. According to health authorities on Wednesday, Moderna's variant-adapted vaccine Spikevax will be available first, while an upgraded Pfizer vaccine will be offered as soon as shipments arrive. Health authorities will start taking bookings on Sept. 27 and injections will start on Oct. 11. Priority will be given to people in high-risk groups like patients and staff of nursing homes, mental health institutions, centers for handicapped people and homeless shelters. The next groups in line are people over 50 and those aged 18 to 49 with chronic ailments.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
North's Sunday morning missile comes before joint South-U.S. naval exercises
North Korea fired a short-range ballistic missile into waters east of the Korean Peninsula on Sunday morning, South Korean military authorities reported. According to Seoul's Joint Chiefs of Staff (JCS), the South Korean military detected the launch of a single short-range ballistic missile from Taechon, North Pyongan Province, toward the East Sea at 6:53 a.m. South Korean and U.S. military authorities said that the missile flew approximately 600 kilometers (373 miles) at Mach 5, reaching an apex of 60 kilometers before descending into the sea.
North American firms make investment commitments to Korea
Seven tech and chemical companies from the U.S. and Canada will invest a combined $1.15 billion in research and production facilities in Korea, according to the Ministry of Industry, Trade and Energy on Friday. The ministry said that the companies including Applied Materials, DuPont, Solid Energy System and Northland Power submitted an investment application to the Ministry on Thursday, which the ministry hopes will strengthen Korea's supply chains of key items and boost bilateral economic ties. The pledges were made during a ceremony in New York attended by President Yoon Suk-yeol, senior officials from the Seoul government and representatives of the companies.
Seoul counters reports that Korean president's foul language was directed at U.S. Congress
Seoul's presidential office adamantly countered reports that President Yoon Suk-yeol's hot mic moment using foul language, which drew widespread backlash, was directed at the U.S. Congress and said it was instead referring to the Korean National Assembly. On Wednesday, Yoon was caught on camera using profanity during the Global Fund's Seventh Replenishment Conference hosted by U.S. President Joe Biden in New York, on the sidelines of the UN General Assembly. In a video recording first released by the broadcaster MBC, Yoon apparently remarked to his foreign minister and national security adviser while exiting the fundraiser event, "If those [expletive] do not pass it in the [parliament], [Biden] will lose face."
The Dong-A Ilbo (http://english.donga.com/)
Mortgage rates likely to surpass 7% soon
The mortgage rates of commercial banks are likely to surpass seven percent per year due to the impact of three consecutive ‘giant steps,’ which refer to over 0.75 percentage point increase in the base rate, taken by the Federal Reserve (Fed). As a high level of austerity measures is expected to continue, including the Bank of Korea taking a big step (over 0.5 percentage point increase of base rate) next month, some forecast that mortgage rates will reach eight percent for the first time in 14 years at the end of this year.
Kim Jong Un: ‘Hope to discuss denuclearization with Pres. Trump’
In his autograph letters to then U.S. President Donald Trump in 2018, North Korean leader Kim Jong Un expressed his intent to negotiate with the U.S. leader directly, saying then South Korean President Moon Jae-in had “excessive interest,” it has been newly revealed. The North Korean leader also sent an autograph letter, saying, “I was disappointed” as President Trump didn’t suspend South Korea-U.S. joint military drills while Pyongyang and Washington were engaged in negotiations.
Korea-US-Japan top diplomats: DPRK’s legislation effort for nuclear weapons use is a grave concern
South Korean Foreign Minister Park Jin had a trilateral meeting with U.S. Secretary Antony J. Blinken and Japanese Foreign Minister Yoshimasa Hayashi on Thursday in New York. They reaffirmed that North Korea’s nuclear tests should be met with a strong and resolute response from the international community. In addition, they discussed ways to strengthen the trilateral cooperation to address pending issues on economic security including reorganizing supply chains.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Super-strong USD hampers with Korean capex plans in US and income prospects
South Korea’s household conglomerates eagerly indulged the U.S. president on Buy American campaign with multibillion-dollar long-term investment pledges in the United States, but whether they could live up to their commitments immediately remain uncertain due to super-strong greenback. The capex plans in the U.S. pronounced this year by the country’s four business groups amounted to $56 billion. Samsung Electronics is building a $17 billion next-gen foundry in Taylor, Texas, to start mass production in latter 2024.
WKF: Global tightening cycle only half-done, with stagflation to last till 2024: Dalio
The world is only halfway into the monetary tightening cycle and the battle with runaway inflation, and the global economy is looking at tough two years ahead under stagflation – economic stagnation coupled with high inflation, prophesied Ray Dalio, an American billionaire investor and a hedge fund guru, on Thursday in Seoul. U.S. Federal Reserve delivered a third consecutive 0.75 percent point rate this week in the face of soaring inflation, putting greater pressure on other central banks to raise their policy rates as the U.S. dollar grows stronger against other currencies.
Korea leveraging on US-led alliance to secure materials for batteries and high tech
The South Korean government and large conglomerates are leveraging on U.S.-initiated alliance to preemptively secure critical minerals like rare earth elements, lithium and cobalt that are essential components in building future technologies such as electric vehicles amid rapid clean technology transition. A ministerial-level meeting of the Minerals Security Partnership (MSP) convened in New York on Thursday (local time) with 11 MSP partner countries including South Korea and eight minerals-rich countries to discuss the supply chain of critical minerals and materials on the sideline of the United Nations General Assembly.
HanKyoReh Shinmun (http://english.hani.co.kr)
Germany offers lessons for remembering atrocities - Japan should take them
On Sept. 15, the German government, which has long been reflecting on the country’s past Nazi war crimes, once again announced additional compensation and reparation measures for Jewish victims of the Holocaust. Germany will be providing 1.3 billion euros for old age care for 280,000 Holocaust survivors, including 8,500 Jews from Ukraine who fled their country as a result of Russia’s invasion. It is a well-known fact that Germany has continuously been providing compensation and reparations for the war crimes committed during the Holocaust, crimes that included the use of concentration camps and mass slaughter, ever since the country signed the so-called Luxembourg Agreements with the Israeli government and Jewish organizations in September 1952.
A mortifying display of complete diplomatic incompetence
The results of President Yoon Suk-yeol’s summit diplomacy with Japan and the US, which was prompted by his attendance at the UN General Assembly, can only be described with the word “disaster.” No summit between South Korea and the US took place. After much controversy, the leaders of South Korea and Japan met for the first time in two years and nine months on Wednesday, but the Japanese government called the occasion a “discussion” rather than a “meeting.”
No progress has been made on major pending issues like the issue of discrimination against Korean-made electric vehicles caused by the US’ Inflation Reduction Act, or the issue of compensations for victims of forced labor during the Japanese colonial period.
Yoon’s hot mic moment was reference to Korean opposition parties, not Biden, says spokesperson
After meeting with US President Joe Biden on Wednesday (local time), President Yoon Suk-yeol, who was in New York to attend the UN General Assembly, was caught on camera using profanity while seemingly referring to the US Congress. With the controversy growing, the South Korean presidential office claimed that the foul language was actually directed at the Korean National Assembly, not the US Congress. On Wednesday afternoon, Yoon attended the Global Fund to Fight AIDS, Tuberculosis and Malaria’s Seventh Replenishment Conference held in New York, after which he had a brief, 48-second conversation with US President Joe Biden before leaving the venue.
The KyungHyangShinmun (http://english.khan.co.kr/)
Presidential Office Claims “Idiots” Referred to the Opposition Party, and President Yoon Says He Expects Willing Cooperation from the National Assembly
On September 22, President Yoon Suk-yeol, who was in New York to attend the United Nations General Assembly, wrote on social media about the South Korean government’s pledge to give US$100 million to the Global Fund and said, “I expect the willing cooperation of the National Assembly of the Republic of Korea.” Just before the president’s message, the Office of the President explained that the recent foul language used by President Yoon, was aimed at the massive opposition party in the National Assembly. The Democratic Party of Korea immediately disapproved, and the president’s road to obtaining willing cooperation from the opposition party does not look smooth.
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)?”
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.
KBS(http://world.kbs.co.kr/service)
Yoon: N. Korea Likely to Provoke If China Attacks Taiwan
President Yoon Suk Yeol says that a Chinese attack on Taiwan raises the likelihood that North Korea would engage in further provocations. The president shared the perspective in an interview that aired on Sunday with CNN anchor Fareed Zakaria conducted in New York last Wednesday during his participation at the UN General Assembly, the presidential office said on Monday. Yoon said while global attention is focused on Ukraine as well as China’s escalation of tensions with respect to Taiwan, the most imminent threat for South Korea is posed by Pyongyang’s nuclear missile program.
JCS: N. Korea Fires One Short-Range Ballistic Missile Sunday
South Korea's Joint Chiefs of Staff (JCS) said that North Korea fired a short-range ballistic missile into the East Sea on Sunday morning. The JCS said that it detected the launch from an area around Taechon, North Pyongan Province, at 6:53 a.m. toward the East Sea. It added that the missile reached an altitude of about 60 kilometers and traveled a distance of some 600 kilometers at a top speed of Mach 5. The JCS said the intelligence authorities of the South and the United States are analyzing other details of the missile and the launch.
Outdoor Mask Mandate Fully lifted on Mon.
The outdoor mask mandate has been completely lifted nearly one and a half years after the nation introduced the stringent rules amid the COVID-19 pandemic. The Korea Disease Control and Prevention Agency announced on Monday that the remaining outdoor mask-wearing rules became fully optional amid signs that the latest wave of COVID-19 is increasingly abating in the nation. Implemented on October 13 of 2020, the outdoor masking restrictions were partially eased in early May of this year, but rallies, concerts, sporting events and other gatherings of 50 people or more had been continuously subject to mask rules until now.
Yonhap (http://english.yonhapnews.co.kr)
N. Korea holds politburo session on agriculture without leader Kim's attendance
North Korea held a ruling Workers' Party politburo meeting to discuss the issue of improving the country's agricultural situation, its state media said Monday. Jo Yong-won, secretary for organizational affairs of the ruling Workers' Party's Central Committee, presided over the politburo meeting the previous day, according to the official Korean Central News Agency (KCNA). North Korean leader Kim Jong-un did not attend the meeting.
S. Korean effort not enough as Internationals fall to U.S. at Presidents Cup
A final day surge by South Korean golfers proved too little, too late at the Presidents Cup, as the International Team fell to the United States at the biennial match play golf competition for the ninth consecutive time. The U.S. defeated the International Team, made up of players from outside America and Europe, by the score of 17.5-12.5 at Quail Hollow Club in Charlotte, North Carolina, after the end of the 12 singles matches Sunday (local time).
S. Korea's NSC condemns N. Korea's missile launch 'provocation'
- South Korea's presidential National Security Council (NSC) on Sunday condemned North Korea's test-firing of a short-range ballistic missile as a "provocation" that heightened tensions on the Korean Peninsula and the region. The condemnation came as National Security Adviser Kim Sung-han chaired an emergency meeting shortly after Pyongyang fired the short-range ballistic missile into the East Sea. President Yoon Suk-yeol was briefed about the North's launch of the ballistic missile, the presidential office said.
The Korea Herald (http://www.koreaherald.com)
North Korea fires 1 short-range ballistic missile into East Sea: JCS
North Korea fired one short-range ballistic missile into the East Sea on Sunday, two days after a US Navy’s nuclear-powered aircraft carrier arrived here for a joint exercise. South Korea’s Joint Chiefs of Staff said Sunday that Pyongyang fired a short-range ballistic missile from Taechon in North Pyongan Province at 06:53 a.m. The missile traveled about 600 kilometers and reached a maximum altitude of 60 km, the JCS confirmed. The launch of the ballistic missile comes in an apparent show of force against the arrival of the US Navy’s nuclear-powered aircraft carrier USS Ronald Reagan here.
Japan ambassador voices positive view of Yoon-Kishida meeting in New York
Japanese Ambassador to South Korea Koichi Aiboshi publicly gave a positive assessment Sunday of a meeting between President Yoon Suk-yeol and Japanese Prime Minister Fumio Kishida in New York last week, describing it as a "forward-looking" step to improve bilateral ties. Aiboshi made the remarks earlier in the day at a meeting in Seoul on bilateral exchanges, days after Yoon and Kishida met in New York and agreed on the need to improve relations between the neighboring countries by resolving pending issues.
Complaints about Russia's chaotic mobilization grow louder
The strongly pro-Kremlin editor of Russia's state-run RT news channel expressed anger on Saturday that enlistment officers were sending call-up papers to the wrong men, as frustration about a military mobilization grew. Wednesday's announcement of Russia's first public mobilization since World War Two, to shore up its faltering Ukraine war, has triggered a rush for the border, the arrests of over 1,000 protesters, and unease in the wider population.
The Korea Times (http://www.koreatimes.co.kr)
Yoon faces mounting calls to replace national security team
President Yoon Suk-yeol is facing mounting calls to replace his aides in charge of foreign affairs and national security, as his seven-day trip to the United Kingdom, the United States and Canada resulted in multiple controversies. Yoon, who returned home on Saturday night, did not hold an in-flight press conference, as he is believed to be avoiding thorny questions about his diplomatic gaffes that took place during the trip. With the president anticipated to take questions from reporters on his way to work on Monday, all eyes are on whether Yoon will accept and respond to the heavy criticism.
Britain's top diplomat to visit Korea this week
Britain's top diplomat will visit South Korea this week as part of his Asia tour to discuss bilateral cooperation, his office said Sunday. British Foreign Secretary James Cleverly will meet with his South Korean counterpart Park Jin in Seoul on Wednesday and discuss cooperation in global security and economic affairs, according to the office. He also plans to meet with other high-ranking government officials and visit the Demilitarized Zone (DMZ) separating the two Koreas, it added. The Seoul visit comes after the two countries adopted "A Bilateral Framework for Closer Cooperation" in June.
Korea preparing 'several' measures to stabilize financial markets: finance minister
South Korea is preparing "several" steps to stabilize domestic financial markets that have been going through heightened volatility, including the won's sharp slide against the U.S. dollar, amid worries over global tightening and economic slowdown, Seoul's top financial and economic policymaker said Sunday. Finance Minister Choo Kyung-ho still emphasized that there is no need to panic, saying that current financial market situations are "quite different" from what was going on during previous financial crises in 1997 and 2007.
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