Thursday, October 6, 2022


Round-up of important news from major Korean dailies and from international media today

 

The Korea Post ( www.koreapost.com )

I would like to praise the strategic, friendly, cooperative relations between Saudi Arabia and Korea!”
Ambassador Sami M. Alsadhan of the Kingdom of Saudi Arabia in Seoul said, “Taking this opportunity, I would like to praise the strategic, friendly, and cooperative relations between the Kingdom of Saudi Arabia and the Republic of Korea, which marks the 60th anniversary this year since the establishment of diplomatic ties between the two countries in 1962.” Ambassador Alsadhan made the remarks at a gala reception he hosted at Hotel Shilla in Seoul on Sept. 23, 2022 in celebration of the 92nd National Day of the Kingdom of Saudi Arabia as well as the 60th anniversary of diplomatic relations between Korea and Saudi Arabia.

 

I will do my best to revive the economy in Osan City”
Mayor Lee Kwon-jae of Osan City said at a press conference held on the 100th day of his inauguration, “I will do my best to revive the economy by making the 8th-term popular vote the first year of economic recovery in Osan City." At the press conference held at Osan City Hall on Oct. 5, Mayor Lee explained the policy direction and vision of the provincial city. Noting that he will continue to work hard to find answers in the field by communicating with citizens after his inauguration, Mayor Lee said. “I will lead the city with a new resolution every day.” The mayor declared a super-austerity finance at the inaugural press conference in July, saying that Osan City is facing the financial crisis.

 

Hana Securities sues an executive on suspicion of breach of trust
Hana Securities, led by CEO Lee Eun-hyung, sued an incumbent executive who committed a breach of trust worth 4.8 billion won (some $3.4 million). According to the Financial Supervisory Service's electronic disclosure system on Oct. 4, Hana Financial Group announced on Sept. 30 that it has sued Chung, an incumbent executive of Hana Securities, for violating the Act on Aggravated Punishment of Specific Economic Crimes (Breach of trust). The amount of the charges is 4.83 billion won (some $3.4 million). It is equivalent to 0.09 percent of its equity capital at the end of last year.


                                                            


Chosun Ilbo (http://english.chosun.com)
Naver Buys U.S. E-Retailer Poshmark for $1.2 Billion

Naver said Tuesday it will buy U.S. online marketplace Poshmark for US$1.2 billion, the biggest acquisition deal yet for a Korean internet portal.  Naver has been suffering from plummeting share prices and a murky earnings outlook due to the global economic slowdown. Naver CEO Choi Soo-yeon said, "The customer-to-customer market is the fastest-growing field in the IT industry." Poshmark is a popular alternative to eBay. Since opening in 2011, it has drawn more than 80 million users and ranks at the top of the customer-to-customer market in the U.S.

 

Gov't Must Halt the Collapse of the Won
The Korean won has fallen past the psychological barrier of W1,400 to the dollar for the first time since the global financial crisis in 2009. This shows that the current crisis is as grave as the subprime mortgage disaster that led the global economy into a slump. The Korea Composite Stock Price Index and tech-heavy Kosdaq are in freefall. Bloomberg News quoted Wall Street analysts warning of a mass exodus of foreign capital from Asia due to the sharp devaluations of the Japanese yen and Chinese yuan, which could give rise to another Asian financial crisis like in 1997.


N.Korea Fires Missile over Japan
North Korea on Tuesday morning fired a ballistic missile over Japan, triggering alarms in the island country. The Joint Chiefs of Staff here said the missile was fired from Jagang Province at around 7:23 a.m. and flew about 4,000 km. President Yoon Suk-yeol condemned the launch while speaking to reporters at his office in Yongsan, Seoul on Tuesday morning. The JCS said the South "is fully prepared to deal with the North's provocation in close cooperation with the U.S. while strengthening surveillance and vigilance."

 

                                                                                     

Joongang Ilbo (https://koreajoongangdaily.joins.com )

USS Ronald Reagan does U-turn after North's missile
The USS Ronald Reagan is turning around and coming back to the East Sea to respond to North Korea's launch of an intermediate range ballistic missile (IRBM) over Japan on Tuesday, according to the South Korean military on Wednesday. The aircraft carrier’s U-turn, which Seoul’s Joint Chiefs of Staff (JCS) described as “highly unusual,” is meant to “strengthen the joint South Korean-U.S. readiness” and “showcase the steadfast determination of the South Korea-U.S. alliance to respond sternly to North Korea’s continuous provocations and threats,” according to the JCS. 

 

Biden tells Yoon in letter that IRA discussions will continue
U.S. President Joe Biden sent a letter to President Yoon Suk-yeol reassuring him that discussions will continue over Korean concerns about the Inflation Reduction Act (IRA), according to Yoon's office. The message, which was received Tuesday, is the latest indication from the White House that some compromise may be possible allowing buyers of Korean EVs to qualify for a subsidy despite these EVs not meeting local-content requirements set out in the IRA. "It stressed that honest and open discussion will continue between Korea and the United States," an official from the president's office said.

 

 

Korea's inflation rate falls to 5.6 percent in September
Inflation came in at 5.6 percent in September, the second consecutive month in which the number fell after the 24-year peak of 6.3 percent was hit in July. 
Easing inflation will give the central bank more room to maneuver, as it is under pressure to raise rates to contain prices and under pressure to lower them to offer relief to households and corporations. Korea's consumer price index (CPI) was up 5.6 percent in September on year, according to Statistics Korea on Wednesday. Korea's September figure was pulled down in part by lower oil prices and cheaper rice and eggs.

 


                                                               
 

The Dong-A Ilbo (http://english.donga.com/)

Biden sends letter to Yoon to address concerns on IRA
South Korean President Yoon Suk-yeol received a letter from U.S. President Joe Biden, which says that the U.S. will continue to discuss with South Korea to ease concerns arising from the enforcement of the Inflation Reduction Act, or IRA. The act contains a potentially discriminatory measure against Korean-manufactured electric vehicles.President Yoon received an official letter signed by Mr. Biden regarding the U.S.’s IRA and the two nation’s alliance,” a senior official from President Yoon’s office stated during a briefing on Wednesday.

 

SK hynix successfully localizes neon gas
SK hynix’s effort to localize neon gas, a key ingredient for semiconductor production, bore fruit for the first time in Korea. Until now, companies have been entirely relying on the import of neon gas. However, gas prices were going stratospheric due to the recent war between Russia and Ukraine. According to the South Korean company on Wednesday, it first succeeded the gas production in April this year, and 40 percent of its product manufacturing was based on localized neon gas. SK hynix announced it has become a stable supply source of neon and achieved extensive cost savings. It plans to accomplish 100 percent gas localization by 2024.

 

Russia, Saudi Arabia engage in hegemonic war over oil with US
As the Organization of the Petroleum Exporting Countries Plus (OPEC+), which Russia and Saudi Arabia lead, decided to cut oil production heavily, the global economy will experience a significant impact. The decision is viewed as Russia and Saudi Arabia’s announcement of the “oil war” to the world ahead of winter, where energy consumption increases as the two countries have lost their profit foundation amidst extremely high dollars with rising inflation across the world and decreasing oil prices.

 

                                                                   
 

Maeil Business News Korea (http://www.pulsenews.co.kr/)

Korea’s inflation eases for 2nd month Sept to around mid-5%, peak may not be over
South Korea’s inflation slightly eased for the second straight month in September, with the headline gain under 6 percent to raise hopes for a peak-out, although global oil output cut decision and utility price hike pose upward pressure. According to Statistics Korea on Wednesday, the country’s consumer price index (CPI) rose 5.6 percent year over year in September, staying under the pace of 6 percent for the second consecutive month. The index jumped to 6.0 percent in June and 6.3 percent in July in the highest gain since 6.8 percent in November 1998 in the wake of financial crisis.


More than half of Korea’s top 100 firms expect little or no growth next year
More than half of South Korea’s top 100 companies cannot expect any growth in profit in next year from this year as a majority expect global economy to normalize only after 2024 from the wrecks of a strong dollar, supply woes, and other negative trade conditions, a survey showed. According to a survey conducted by Maeil Business Newspaper on chief financial officers of 100 major Korean companies on Tuesday, 14.6 percent projected revenue to fall next year from this year and 21.9 percent unchanged. Another 7.3 percent could not make any estimate.

 

Blockbuster Korean IPOs of 2021 turn into major upsets for retailers from epic fall
South Korean retail investors retaining last year’s blockbuster initial public offering stocks like Kakao Pay, KakaoBank, and SK ie technology would be kicking themselves at the sight of their epic fall. Kakao Pay Wednesday traded at 47,450 won ($34.77), nearly halved from last year’s IPO price of 90,000 won. KakaoBank was at 20,050 won, losing nearly 80 percent from peak and 49 percent from its IPO of 39,000 won. SK ie technology has fallen to 52,700 won, off 77.83 percent from its peak, and Krafton at 202,000 won, more than halved from its expensive IPO of 498,000 won.


                                                     
 

HanKyoReh Shinmun (http://english.hani.co.kr)

N. Korea’s proof of Guam missile strike capabilities threatens repeat of 2017 crisis
North Korea fired an intermediate-range ballistic missile (IRBM) that crossed Japanese airspace and landed in the Pacific Ocean on Tuesday. Since Sept. 25, North Korea had been staging a series of short-range ballistic missile launches. But by targeting the US and Japan with an intermediate-range ballistic missile, the country has ratcheted up the level of its military activities. South Korea and the US responded with joint attack squadron flights and precision bombing drills.

 

US center sees evidence of “new activity” at N. Korean nuclear test site
New activity has recently been detected at the Northern Nuclear Test Site located in Punggye-ri, a village in the Kilju county of North Korea’s North Hamgyong Province. We see new work being done at Tunnel No. 4,” reported Beyond Parallel, a US media outlet affiliated with the Center for Strategic and International Studies (CSIS), on Monday. Based on its analysis of high-resolution satellite images taken near the Punggye-ri Nuclear Test Facility from Sept. 19 to 29, it concluded that the “timing of a seventh nuclear test now remains solely within the hands of [North Korean leader] Kim Jong-un.

 

Five months after inauguration, Yoon administration targets Moon
The announcement that the Board of Audit and Inspection (BAI) plans to question former South Korean President Moon Jae-in in writing in relation to the 2020 shooting death of a government employee by North Korean soldiers in the West Sea has observers suggesting that current President Yoon Suk-yeol’s administration is ramping up its investigation into its predecessor’s activities. Some analysts said Yoon may have resorted to this approach in an attempt to reverse the plunge in his approval ratings in the wake of a furor over vulgar remarks he made during an overseas tour, which he returned from more or less empty-handed, diplomatically speaking.

 

                                                  

The KyungHyangShinmun (http://english.khan.co.kr/)

Probes into the Previous Government on an Unprecedented Scale: More than a Dozen Cases Simultaneously Targeting Former Government Officials
The Board of Audit and Inspection’s (BAI) attempt to obtain written answers from former President Moon Jae-in in connection with the death of a civil servant, who was said to be killed in the Yellow Sea while attempting to defect to North Korea, has triggered an argument that investigations under the Yoon Suk-yeol government are now officially aiming at former President Moon. Some argue that investigative authorities are now openly taking action against the Moon Jae-in government and trying to tame the Democratic Party of Korea.


ROK-US Launch Four Missiles into the East Sea: A Hyeonmu Missile Malfunctioned and Fell
On October 5, the militaries of South Korea and the United States fired surface-to-surface missiles into the East Sea in response to North Korea’s launch of an intermediate-range ballistic missile (IRBM) Tuesday. On Wednesday, the Joint Chiefs of Staff announced that the South Korean military and the U.S. Forces Korea launched a total of four ATACMS, two at a time, into the East Sea and that they made a precision strike on a virtual target. The military authorities of the two countries had also launched a Hyeonmu-2 ballistic missile in a joint response fire around 1 a.m. this day, but the missile fell inside the base after making an abnormal flight immediately after it was fired.


The LH Land & Housing University, Just a Source of Income for Retirees
The LH Land & Housing University turned out to be an income source for retired employees of the Korea Land and Housing Corporation (LH). On October 4, People Power Party lawmaker Jeong Dong-man of the parliamentary Land, Infrastructure and Transport Committee said, “LH claimed to promote bold innovations after the land speculation by its employees last year, but there are still many problems throughout the corporation.” According to the “Status of LH Land & Housing University Faculty,” which lawmaker Jeong Dong-man received from LH on Tuesday for the parliamentary inspection, the eleven full-time professors subject to the peak wage system and the six non-full-time professors, who were former board members, received up to 90 million won a year for teaching 2-6 hours a week.

 

 

                                                             

KBS(http://world.kbs.co.kr/service)

JCS: N. Korea Fires 2 Short-Range Ballistic Missiles toward East Sea
South Korea's Joint Chiefs of Staff(JCS) said that North Korea fired two short-range ballistic missiles toward the East Sea on Thursday. The JCS said that it detected the missiles were fired from the Samsok area in Pyongyang between 6:01 a.m. and 6:23 a.m. The South Korean military is conducting a detailed analysis of the launch, including the range, altitude and speed. The JCS said that the military is maintaining its readiness posture in close cooperation with the United States.


Ministry Preparing Legal Revisions to Abolish Gender Equality Ministry
The vice interior minister sought opinions from the main opposition Democratic Party(DP) on the government's plan to downgrade the gender equality ministry into a division within the health ministry. Vice interior minister Han Chang-seob on Wednesday announced revisions to the Government Organization Act that would abolish the Ministry of Gender Equality and Family and transfer its functions to a headquarters under the health ministry. Following the briefing, DP spokesperson Oh Yeong-hwan told reporters that his party raised concerns over the demotion of the new headquarters chief to the vice ministerial-level, thereby losing leverage when negotiating with other ministries or agencies.

 

US Vice President Harris Warns N. Korea at Demilitarized Zone
U.S. Vice President Kamala Harris visited South Korea on Thursday. Touring the heavily fortified inter-Korean border facing nuclear-armed North Korea, Harris issued a warning against the regime, saying that the U.S. will do "everything in our power" to ensure its security commitment to South Korea. She also sat down with President Yoon Suk Yeol and discussed key pending issues, including the effect of the Inflation Reduction Act on Korean automakers.

 

 

                                                                        
 

Yonhap (http://english.yonhapnews.co.kr)

N. Korea fires 2 short-range ballistic missiles into East Sea: S. Korean military
North Korea fired two short-range ballistic missiles toward the East Sea on Thursday, South Korea's military said, after a U.S. nuclear-powered aircraft carrier was redeployed to the waters the previous day. The Joint Chiefs of Staff (JCS) said it detected the launches from the Samsok area in Pyongyang between 6:01 a.m. and 6:23 a.m. It did not provide other details. The launches came just two days after the North's intermediate-range ballistic missile launch over Japan. "While strengthening our monitoring and vigilance, our military is maintaining a full readiness posture in close cooperation with the United States," the JCS said in a text message sent to reporters.

 

Foreign reserves shrink at fastest pace in 14 yrs in September amid strong dollar
South Korea's foreign reserves shrank at the fastest pace in about 14 years last month as authorities unloaded dollars to stall the local currency's excessive slide against the greenback, central bank data showed Thursday. The country's foreign reserves had stood at US$416.77 billion as of end-September, down $19.66 billion from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the fastest pace of an on-month decline since October 2008, when the reserves declined by the largest ever $27.42 billion in the midst of the financial crisis.

 

Busan film festival back in full force with packed events
The Busan International Film Festival (BIFF) kicked off its 10-day run Wednesday with a tightly packed opening ceremony, returning in full force after two years of scaled-down events. Celebrities in lavish dress posed for photos to claim the spotlight of the night and then walked the red carpet in front of shouting fans, who filled up about 5,000 open theater seats at the Busan Cinema Center in the southeastern port city of Busan. The opening ceremony, co-hosted by South Korean actors Ryu Jun-yeol and Jeon Yeo-been, was in a festive mood, as it was held in full scale for the first time in three years since the pandemic. Tickets were sold out for the opening night, according to the organizer.

 

                                                    


The Korea Herald (http://www.koreaherald.com)

Yoon set to speak with Japan's Kishida amid N. Korea missile launches
President Yoon Suk-yeol is set to speak by phone with Japanese Prime Minister Fumio Kishida on Thursday following a series of North Korean missile tests that included a launch over Japan. The plan for a phone call was announced Wednesday, a day after North Korea fired an intermediate-range ballistic missile that flew over Japan before crashing into the Pacific Ocean. The launch was the biggest provocation by North Korea in years and sent the Japanese people scrambling to evacuate while suspending train operations in some areas.

 

N. Korea will only be more isolated if it continues provocation: Blinken
US Secretary of State Antony Blinken urged North Korea to engage in dialogue on Wednesday, saying its provocative actions will only lead to increased condemnation and isolation. The top US diplomat said the North will also face increased repercussions from the international community if they continue to take such actions. "We believe that North Korea would be much better served by not only refraining from these actions, but actually engaging in dialogue," Blinken said in a joint press briefing with his Chilean counterpart in Santiago.


N. Korea rebukes redeployment of US aircraft carrier to East Sea
North Korea condemned the United States Thursday for redeploying a US aircraft carrier into the waters east of South Korea, saying that the move poses a "grave" threat to stability in the region. The North's foreign ministry made the condemnation in a public notice, a day after the USS Ronald Reagan aircraft carrier returned to waters near the Korean Peninsula for a joint exercise with South Korea and Japan following the North's firing of an intermediate-range ballistic missile (IRBM) earlier this week.

 

 

                                                   

 

The Korea Times (http://www.koreatimes.co.kr)

Washington's nuclear umbrella should be called into question: US scholar
Even when North Korea is ramping up the development of its weapons at an unprecedented pace and escalating the threat of a nuclear war against South Korea, Washington has so far issued vague warnings such as to "take all necessary measures" without mentioning whether a nuclear attack by the regime would be met with a nuclear response. To Jennifer Lind, an associate professor of government focused on East Asia at Dartmouth College, the reason for the ambiguity is plain and simple: the U.S. government will not make a concrete statement that it cannot back up with action.

 

Biden vows to continue consultations with Yoon over IRA
U.S. President Joe Biden sent a letter to President Yoon Suk-yeol, promising that Washington will continue to consult with South Korea over Seoul's concerns about the fallout of the U.S. Inflation Reduction Act (IRA) on carmakers here, the presidential office said, Wednesday. Senior presidential secretary for public relations Kim Eun-hye said Yoon received the letter on Tuesday, which contained Biden's messages on the IRA and the recent missile provocations from North Korea. The presidential office declined to unveil the full details of the letter, but Kim said that Biden "stressed that he is well aware of President Yoon's concerns over the IRA, and the U.S. will continue consultations with South Korea in a candid and open-minded manner."

 

Busan mayor visits El Salvador, Costa Rica to promote Expo bid
As part of his campaign to host the World Expo 2030, Busan Mayor Park Heong-joon flew to Central America in an attempt to win over the leaders of two countries there. With South Korea's former Foreign Affairs Minister Yu Myung-hwan (2008-2010) joining the trip as a special envoy, Park and a presidential delegation sent by President Yoon Suk-yeol visited El Salvador on Sept. 28 and Costa Rica the following day. The two countries mark this year as the 60th anniversary of diplomatic ties with Seoul. In the city of San Salvador, Park and Yu met President Nayib Bukele and Vice President Felix Ulloa separately and shared words of appreciation for the past diplomatic efforts shared by both countries.


                                                                                                                   

 

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.com, bfp@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
                                                                                                               

 

The Korea Post is running video clips from the different embassies.

Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM

Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s

Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE

And many other countries.
 

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