Tuesday, September 27, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
‘Independent, neutral Turkmenistan successfully conducts multilateral, integrated foreign policy’
In the Autumn of 1991, Turkmenistan proclaimed itself as an independent state. The independence is valuable for each citizen of Turkmenistan. After gaining its independence, Turkmenistan got the opportunity to freely interact with the rest of the world. The Neutrality of Turkmenistan is inseparably connected with its Independence, since the statehood gave our country the opportunity to implement its independent policy around the world. Thus, Turkmenistan freely expresses its position on any regional or international issues with its full openness.
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.
Chosun Ilbo (http://english.chosun.com)
N.Korea Fires Ballistic Missile Before S.Korea-U.S. Drills
North Korea fired a short-range ballistic missile into the East Sea on Sunday, ahead of joint maneuvers by South Korea and the U.S. in the same waters for the first time in five years. It was the regime's first missile launch since it committed itself to preemptive use of nuclear weapons on Sept. 8. The Joint Chiefs of Staff here on Sunday said the missile was fired from Taechon, North Pyongan Province at 6:53 a.m. and flew about 600 ㎞ at an altitude of 60 ㎞ and a speed of Mach 5. It seems to have been fired from a mobile launcher.
Korea Lifts Remaining Outdoor Mask Mandate
Korea will completely lift the outdoor mask mandate next week. Prime Minster Han Duck-soo on Friday said masks are now optional for outdoor events even if more than 50 people gather "as the risk of outdoor transmission is relatively low." But the indoor mask mandate will be maintained "for a while" for fear of a possible COVID-flu "twindemic" in winter, he added. The outdoor mask mandate was partially lifted on May 2 but still required at rallies, performances and sports events when more than 50 people were gathered.
KOSPI Plummets by 1/3 in Dollar Terms
The Korea Composite Stock Price Index has tanked by the biggest margin among G20 bourses as the won weakened to over W1,400 to the U.S. dollar. Daeshin Securities compared the stock markets of G20 countries in the first nine months of this year and found that the KOSPI plummeted a full third or 33.6 percent. It plunged 22 percent in won terms, but the drop was much greater in dollar terms. Germany's DAX30 index plunged 31.8 percent, Italy's FTSE MIB fell 31.5 percent, the EU's Euro Stoxx 31 percent and France's CAC40 28.5 percent.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Hanwha chosen as preferred bidder for 49.3 percent of DSME
A preferred bidder has been chosen to buy 49.3 percent of Daewoo Shipbuilding and Marine Engineering (DSME), a troubled shipbuilder that's controlled by a state-owned bank. As a stalking-horse bidding process will be used, a higher bid can still be lodged and accepted by Korea Development Bank (KDB), owner of 55.7 percent of the company. A group of related companies is making the bid, and the stocks of the two that are public dropped on the news of the possible purchase of the shares.
Seoul starts shelters for stalked women and men
Shelters for stalking victims are being set up following the recent murder in a subway station restroom of a woman who had been stalked by a colleague. Seoul Mayor Oh Se-hoon announced Monday that the city is opening three protection facilities for stalking victims — the first of their kind in the country — in October that offer shelter as well as counseling.“A tragic incident occurred recently,” Oh said at a meeting at Seoul 1366, an emergency support center for women, on Monday afternoon, referring to the Seoul Metro worker who was fatally stabbed in the ladies' toilet in Sindang Station on Line No. 2 on Sept. 14. She was stalked by her colleague for years.
First joint Korea-U.S. naval exercise in five years begins
South Korea and the United States began their first combined naval exercise in five years on Monday, a day after North Korea conducted a ballistic missile launch. The four-day exercise in the East Sea will involve more than 20 vessels including the aircraft carrier USS Ronald Reagan, the nuclear-powered USS Annapolis submarine and South Korean destroyers ROKS Seoae Ryu Sung-ryong and ROKS Munmu the Great. These ships, along with a range of naval aircraft such as F/A-18E Super Hornets, P-3 and P-8 maritime surveillance aircraft, F-15K and KF-16 fighter jets and AH-64E Apache helicopters, will conduct anti-ship and anti-submarine drills, tactical maneuvers and other maritime operations, the South Korean Navy said.
The Dong-A Ilbo (http://english.donga.com/)
‘King dollar’ brought KOSPI and KOSDAQ to the bottom
The “king dollar” surge brought about another “Black Monday” in the Asian financial market. Korean won against the dollar soured to 1,430 level, and KOSPI and KOSDAQ reported the lowest number in the year. KOSDAQ, responding sensitively to interest hikes, dropped over a whopping five percent, collapsing under the 700 line in two years and three months. The won against the dollar closed at 1,431.3 - the highest figure in 13 years and six months since March 16, 2009 (1,440.0) - on Monday in the Seoul exchange market. This is a 22.0 won jump from Friday’s closing.
Yoon: N. Korea may engage in provocation if China attacks Taiwan
“If China attacks Taiwan, it is also very likely that North Korea will make a provocation,” said South Korean President Yoon Suk-yeol on Sunday (local time). “South Korea’s priority is to address North Korea’s provocations based on a strong alliance between South Korea and the U.S.” It is believed as the president drew a line regarding the U.S.’ request for South Korea to support the defense of Taiwan by mentioning concerns about North Korean provocations. “My answers do not change when it comes to questions about Taiwanese issues and policies regarding China regardless of when or who asks the questions under whatever circumstances,”
Meloni becomes Italy’s first far-right PM in a century
Giorgia Meloni, a hard-right coalition leader in Italy, is poised to become the first far-right leader in a century since Benito Mussolini and the country’s first-ever female prime minister. The nationalist Brothers of Italy, a hardliner party that had been finding itself on the periphery of national politics, has come to power in the E.U.’s third-largest economy, hinting at significant changes in the political landscape in Europe. According to an exit poll released by the public media Rai on Monday, a right-wing coalition with the extreme-right party at the center is on course to win 45 percent of the vote, taking the lead in the election.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
DSME privatized after 2 decades to go under Hanwha Group at $1.4 bn
South Korea’s Daewoo Shipbuilding & Marine Engineering Co. (DSME) is going under the wing of Hanwha Group to put an end to decades-long management by state lender Korea Development Bank since the first bailout in the wake of Asian currency crisis in late 1997. The privatization scheme at 2 trillion won ($1.4 billion) gained a go-ahead at the ministerial meeting and the board of main creditor Korea Development Bank on Monday.
Korea’s inflation to stay in 5~6%, weak KRW could add pressure: BOK chief
South Korea’s inflation rate could run in the range of 5 to 6 percent for “a considerable period” and the entrenched weakening of the Korean won could add to the inflationary pressure, said the country’s central bank chief on Monday. Private consumption has been recovering at a slower pace entering the second half of the year as economic growth slows, Bank of Korea Governor Rhee Chang-yong told a legislative committee hearing. Rhee projected the country’s economic growth to stay subdued next year against the backdrop of a volatile external environment.
Korean firms leave $90 bn income overseas due to heavy tax, govt proposes to axe levy
The South Korean government has been trying to ease or lift taxes on dividends paid out by overseas enterprises South Korean companies hold equity stakes to bring some of $90.2 billion stockpile of reserves back home in efforts to stall the freefall in the Korean won. According to an analysis on the Bank of Korea’s international balance of payments over the past 41 years from 1980 to 2021, the return from re-investment profit from Korean companies’ equity holdings in overseas entities reached $90.2 billion last year. The amount added $10.4 billion last year alone.
HanKyoReh Shinmun (http://english.hani.co.kr)
Yoon returns from headache-filled trip to opposition’s calls to reshuffle security team
President Yoon Suk-yeol returned home to South Korea on Saturday evening after completing a seven-day tour of the UK, the US and Canada. Ordinarily, the president meets with the press corps on the flight home after such tours to expound on outcomes. But in contrast with his previous trip in late June to attend a NATO summit, Yoon did not speak with the press on the flight back. It’s an omission that speaks volumes about the mood in the presidential office over the latest diplomatic travels. At his first stop in the UK, Yoon drew much criticism for his decision to send condolences for the death of Queen Elizabeth II without paying his respects in person.
Kim Jong-un complained of “unnecessary” interest from Moon in 2018 letter to Trump
Letters exchanged between North Korean leader Kim Jong-un and former US President Donald Trump were released Sunday by a national security and foreign affairs journal. In his letters, Kim repeatedly indicated his desire to negotiate directly with Washington without going through Seoul, while also offering an unvarnished glimpse at his displeasure over joint South Korea-US military drills. The letters appeared in the Korus Journal, a quarterly publication by the Korean-American Club, an association of current and former Korean foreign correspondents in the US.
Outmoded as security system, THAAD retains rhetorical utility in Korea
The debate between South Korea and China over the THAAD missile defense system has reignited under Korean President Yoon Suk-yeol. This is a political debate that has little to do with actual security. The Yoon administration has criticized former President Moon Jae-in for groveling before China with his “three noes” over THAAD in 2017 — the commitment not to let the US deploy any more THAAD batteries, not to take part in an American missile defense system, and not to seek a trilateral military alliance with Japan and the US.
But Yoon has gone a step further, stating that Korea will approve more THAAD deployments and even buy its own THAAD batteries. That pledge dates back to Yoon’s presidential campaign.
The KyungHyangShinmun (http://english.khan.co.kr/)
“Media Coverage Was Different from Fact, Tarnishing the Alliance. The Truth Must Be More Accurately Clarified,” President Yoon Speaks on His Controversial Foul Language
On September 26, President Yoon Suk-yeol spoke on his controversial remark during his trip to New York and argued, “Tarnishing the alliance with media coverage different from fact is putting the people at risk.” There was no apology or mention of regret for stirring the controversy. His use of foul language now has everyone guessing at the truth, and in this situation, the president opted to face the controversy head on. On his way to work at the Office of the President in Yongsan this day, President Yoon met with reporters and when asked about the comment in question, he said, “I would describe it like this rather than call it a controversy,” and made his argument.
DPRK Launches Ballistic Missile after the Arrival of USS Ronald Reagan: Further Provocation with SLBMs Could Follow
President Yoon Suk-yeol’s schedule to attend the state funeral of Queen On September 25, the Democratic People’s Republic of Korea (DPRK) fired a short-range ballistic missile. The missile was launched a month after the North fired a cruise missile last month. The latest launch is seen as a demonstration of military power in response to a nuclear-powered aircraft carrier, a U.S. strategic asset, coming to South Korea and taking part in an ROK-US joint exercise at sea. The National Security Council (NSC) gathered the standing committee for an emergency meeting, over which Kim Sung-han, director of national security, presided. The government detected signs that the North may be preparing to launch a submarine-launched ballistic missile (SLBM) and is paying sharp attention for any possibility of additional provocation.
President Yoon’s Summit Diplomacy: A Humble 30 Minutes and 48 Seconds
President Yoon Suk-yeol’s meetings with the leaders of the United States and Japan, which was the highlight of his trip to the U.K., U.S. and Canada, end as a “chat” and an “informal meeting.” The formality of the meeting was shorter and more casual than initially planned, and there were no notable outcomes. In the meeting with U.S. President Joe Biden, President Yoon expressed his concern on the U.S. Inflation Reduction Act (IRA). In the meeting with Japanese Prime Minister Fumio Kishida, the two leaders agreed to improve bilateral relations by resolving the issue of forced labor. The leaders reaffirmed their basic position rather than produce any visible outcomes.
KBS(http://world.kbs.co.kr/service)
S. Korea Explains Yoon's Remarks to US
South Korea has offered an explanation to the United States on President Yoon Suk Yeol’s crude hot mic comment in New York that has generated controversy at home. A senior government official told reporters on Monday that diplomatic authorities explained that the remarks made last Wednesday about a potentially embarrassing legislative loss, punctuated by an obscenity, were not about the U.S. in any way. Following Seoul's explanation, the official said that the White House’s National Security Council(NSC) said it fully understood the situation and the remark did not cause any problems, noting that no explanation was ever requested by the U.S.
Pres. Yoon Says Untrue Reports Can Harm Alliance
President Yoon Suk Yeol has responded to the controversy over his crude remarks in New York by saying that untrue claims that harm the South Korea-U.S. alliance put the Korean people in jeopardy. Yoon made the assertion on Monday when asked to comment on the fallout from his statement as he arrived at his office in Yongsan. Calling for the truth to be uncovered, the president emphasized the necessity of strong alliances between countries, saying that apart from two or three superpowers, no country in the world can defend its people on its own.
Prime Minister Departs for Japan to Attend Abe's Funeral
Prime Minister Han Duck-soo has departed for Japan to attend the funeral of former Japanese Prime Minister Shinzo Abe set for Tuesday in Tokyo. The prime minister set off on a two-day trip to Japan on Tuesday morning from the Seoul Air Base in Seongnam. Han will attend Abe's state funeral on behalf of the South Korean government, leading an official delegation that will include Chung Jin-suk, the interim leader of the ruling People Power Party, and South Korea's Ambassador to Japan, Yoon Duk-min.
Yonhap (http://english.yonhapnews.co.kr)
N. Korea claims Korean Peninsula faces 'vicious cycle' of confrontation due to U.S. hostility
North Korea lashed out at the United States on Monday, accusing the U.S. of creating confrontation on the Korean Peninsula with the intention of toppling the Pyongyang regime while also trying to unjustly force "Western values" on sovereign states such as North Korea. The latest attack on the U.S. was made by head of the North Korean mission to the United Nations. "The security environment of the Korean Peninsula is now caught in a vicious cycle of tensions and confrontation due to the growing hostility of the United States and its following forces against the DPRK," the North Korean diplomat, Kim Song, said while addressing the U.N. General Assembly in New York
Leaders of S. Korea, U.S. reaffirm commitment to resolve EV tax credit issue: ambassador
South Korean President Yoon Suk-yeol and U.S. President Joe Biden have reaffirmed their commitment to resolving issues and concerns from the Inflation Reduction Act (IRA), Seoul's top diplomat in the U.S. said Monday. Amb. Cho Tae-yong also said the countries are discussing various ways to offset any potential damage caused by the new U.S. law to South Korean carmakers. "President Yoon Suk-yeol and U.S. President Joe Biden met three times during the U.N. General Assembly and discussed key issues between South Korea and the United States," Cho said in a meeting with reporters.
Yoon says alliance with U.S. damaged by untrue reports of remarks caught on hot mic
President Yoon Suk-yeol said Monday that untrue media reports of his remarks caught on hot mic damaged South Korea's alliance with the United States in his first response to the controversy. Last week, Yoon was caught on video making a remark privately to aides in New York that appeared to include vulgar words. Though the recording was not clear due to noise, many thought Yoon was talking about U.S. Congress and U.S. President Joe Biden. But Yoon's office rejected the claim, saying he was referring to South Korea's opposition-controlled National Assembly without mentioning U.S. Congress or Biden.
The Korea Herald (http://www.koreaherald.com)
N. Korea in period of provocation but US prepared for dialogue: State Dept.
North Korea may conduct its seventh nuclear test without warning but the United States remains committed to engaging with Pyongyang in serious diplomacy, a state department spokesperson said Monday. Ned Price also said the North currently remains in a period of provocations. "We have spoken of North Korea's pattern of provocations in recent months. We have warned repeatedly that North Korea could well conduct another nuclear test, its seven nuclear tests with no warning," the spokesperson told a daily press briefing.
Hanwha signs conditional takeover deal with DSME for W2tr
South Korea's defense-to-energy conglomerate Hanwha Group said Monday it has signed a conditional memorandum of understanding with Daewoo Shipbuilding & Marine Engineering to acquire a controlling stake of 49.3 percent and managerial control of the shipbuilder, which has been under the state supervision for 21 years. Under the memorandum, Hanwha’s six affiliates -- including its defense unit Hanwha Aerospace and an energy equipment company, Hanwha Systems Co. -- will purchase DSME’s newly issued stocks worth 2 trillion won ($1.39 billion), according to the state-run Korea Development Bank.
Top-level talks with US, Japan, Britain this week, after Yoon's tour
A number of top-level discussions on alliance, security and the economy are expected to take place this week, as top officials, including US Vice President Kamala Harris, are set to visit Seoul. The meetings will be follow-ups to the talks South Korean President Yoon Suk-yeol had with world leaders during his seven-day trip to Britain, the US and Canada last week. Seoul’s Ministry of Foreign Affairs confirmed Monday that Prime Minister Han Duk-soo will be traveling to Japan on Tuesday to lead the country’s delegation to attend a state funeral for former Japanese Prime Minister Shinzo Abe.
The Korea Times (http://www.koreatimes.co.kr)
Yoon, Kishida find their hands tied
President Yoon Suk-yeol stressed again that he would keep pushing to get South Korea's strained relations with Japan back on the right track. "South Korea-Japan relations are not something you can improve dramatically with a single effort," he said on Monday while answering questions from journalists on his way to the presidential office in Yongsan, Seoul. "Bilateral ties receded a lot during the past (Moon Jae-in) administration. To normalize it from the current sour relations, we need to keep watching how Koreans and Japanese are reacting and make efforts accordingly."
President Yoon blames media for foul language reports
President Yoon Suk-yeol blamed the media for reports on his apparent use of foul language during his visit to New York last week, saying such "false reports" are "undermining the alliance" with the U.S. "Except for two or three powerful nations, there are no other nations that can protect singlehandedly the lives and safety of their peoples," Yoon told reporters on his arrival to the presidential office in Seoul. "Thus, an alliance (with the U.S.) is essential in protecting lives and safety, and false reports that undermine the alliance are simply putting the people under great risk."
Hanwha Group to take over debt-ridden DSME for 2 trillion won
Hanwha Group will take over debt-ridden Daewoo Shipbuilding & Marine Engineering (DSME) as the two firms signed a preliminary investment deal on a conditional sale, Korea Development Bank (KDB) said Monday. The state-run bank, which is the main creditor and largest shareholder of DSME with a 55.7 percent stake, said Hanwha Group signed a memorandum of understanding (MOU) to acquire a 49.3 percent stake in the ailing shipbuilder.
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