Friday, October 7, 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.
LS Materials to supply industrial battery to US wind farm
LS Cable is spurring expansion of renewable energy-related businesses with its subsidiaries. LS Materials announced on Oct. 5 that it will supply Ultra Capacitor (UC) to NextEra Energy, the largest renewable energy operator in the United States. UC is an industrial special battery with high speed charging and discharging and long lifespan. It is mainly used for wind turbines, UPS (uninterruptible power supply), factory automation, unmanned transport robots (AGV), and electric vehicles.
“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.
Chosun Ilbo (http://english.chosun.com)
U.S. Nuclear Aircraft Carrier Forced Back by N.Korean Missile Launches
North Korea's latest missile launches forced the U.S. nuclear-powered aircraft carrier USS Ronald Reagan to return to South Korean waters on Wednesday after the end of joint naval drills. The decision was made in the belief that North Korea is limbering up to another nuclear test. The Joint Chiefs of Staff here said, "The USS Ronald Reagan will be redeployed to the East Sea. It is extremely rare for an aircraft carrier to be redeployed, which demonstrates the firm resolve of the U.S.-South Korea alliance to respond to any North Korean provocation or threat."
Biden Promises Consultations over Subsidies for Korean EVs
U.S. President Joe Biden on Wednesday wrote to his Korean counterpart Yoon Suk-yeol promising to continue consultations with Seoul over the scrapping of subsidies for Korean-made electric cars. According to the presidential office here, Biden pledged to continue consultations with Korea on the protectionist Inflation Reduction Act "with an open mind," with the emphasis on the common goal of strengthening the bilateral alliance. In a press briefing, presidential press secretary Kim Eun-hye did not show the letter but insisted that Biden has a "clear understanding" of Seoul's concerns over the IRA.
Korea to Serve 8th Straight Term as ICAO Council Member
Korea will serve as a council member of the International Civil Aviation Organization for another three years. The Ministry of Land, Infrastructure and Transport said on Wednesday the country has been re-elected as one of 36 council members of the UN agency for an eighth consecutive term. At the organization's general assembly meeting in Montreal, Korea was elected with 151 votes from 175 member countries, along with the United Arab Emirates (161), Qatar (160), Ethiopia (154) and Ghana (150).
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Korea finance minister optimistic, doesn't expect repeat of 1997
Finance Minister Choo Kyung-ho is concerned about 2023 growth as he remains generally sanguine and doesn't anticipated stagflation or a repeat of the 1997 crisis. "What we are concerned with currently is next year's economic growth," Choo said on Thursday in a meeting with reporters. He said he expects the economy to grow around 2.6 percent this year, in line with estimates. For next year, he is worried about slower growth in advanced countries due to financial market instability and a slow recovery in China.
Yoon gov't will scrap Gender Ministry
The Yoon Suk-yeol administration said it would ask the National Assembly to abolish the Gender Ministry, fulfilling a controversial campaign pledge. Under a reorganization plan that was finalized this week and announced in a press conference Thursday by Minister of the Interior and Safety Lee Sang-min, the Gender Ministry will be scrapped and some of its functions given to a new organization within the Ministry of Health and Welfare. The head of that new organization, said Lee, will be an official whose rank will be “in between those of a minister and vice minister,” similar to the rank of the minister for trade in the Ministry of Trade, Industry and Energy.
Posco Holdings and GS Energy to establish battery recycling venture
Posco Holdings will establish a battery recycling joint venture with GS Energy, the companies said Thursday. They will together invest 170 billion won ($120 million) in the joint venture, with Posco Holdings holding 51 percent and GS Energy the rest. Posco-GS Eco Materials will operate a battery recycling business, which is to extract raw materials from used batteries to use in the making of batteries. The battery recycling market has been expanding in recent years as the prices of critical minerals are rising rapidly amid increasing demand.
The Dong-A Ilbo (http://english.donga.com/)
Washington to gather feedback for EV subsidy guidance
Having signed the Inflation Reduction Act (IRA) to restrict the eligibility of EV subsidies to North American manufacturers, the Biden administration is entering a process of gathering opinions to devise guidance for IRA tax credits. And the Korean government and automakers are preparing a proposal to alleviate discrimination against Korean-made vehicles. Reportedly, Seoul has demanded to Washington that Korean electric vehicles, under the free trade agreement, and the EVs produced by Hyundai Motor for which the U.S. committed investments should be included as recipients of America’s EV subsidies.
Court dismisses Lee’s petition for provisional disposition
On Thursday, the court dismissed former People Power Party leader Lee Jun-seok’s petition for provisional disposition for suspension of duty of the PPP’s emergency response committee chairman Jeong Jin-seok. The dismissal came 41 days after the court’s decision to suspend the duty of the Emergency Response Committee led by Joo Ho-young in August, which drove the ruling party into extreme chaos. Now that the court’s decision has opened a breathing space for the People Power Party, which has been mired in a leadership suspension risk, the People Power Party plans to elect a new party leader at the party convention scheduled for next February.
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.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Samsung Elec to keep competition at bay by upping NAND height to 1,000 by 2030
Samsung Electronics plans to defend memory supremacy by initiating commercial production of flash memory on ninth-generation processing technology in 2024 and raise the height in NAND architect to 1,000-layers by 2030 through persistent investment regardless of the up and down cycle in chip industry, the world’s dominant DRAM and NAND maker said at its annual conference held in the U.S. on Wednesday (local time).
Biden sends letter to S. Korea’s Yoon over IRA and N.K. provocations
Washington sympathizes with the concerns about the impact on South Korean products from the Inflation Reduction Act (IRA) and will continue consultations with Seoul to find a solution, U.S. President Joe Biden wrote in a letter sent to Korean President Yoon Suk-yeol, a presidential official said Wednesday. “President Yoon received a letter from Biden on Oct. 4 on the U.S. IRA and Korean companies’ role,” said Kim Eun-hye, senior presidential secretary for public relations, Wednesday.
Foreign exodus from Korea third largest in Asia, geopolitical risks add to scare
Nearly $2 billion in foreign capital has been pulled out of the South Korean stock markets last month, third largest after Japan and Taiwan, to underscore rising doubts about the Korean economy heavily reliant on global commerce and laden with overwhelming debt on top of geopolitical risk with North Korea renewing missile launches of all sorts. Foreign investors have taken out $1.9 billion from Korean stocks in September, the third largest after Japan and Taiwan, comparative study by Bloomberg showed.
HanKyoReh Shinmun (http://english.hani.co.kr)
K-taxonomy’s inclusion of nuclear power only partially draws on EU model, says ambassador
Ambassador Maria Castillo-Fernandez, 59, has spent more than 12 years working on EU-South Korea relations. Her first time working with the country came during the first inter-Korean summit in 2000. At the time, Castillo-Fernandez was working at the European Commission, managing overall relations with the Korean Peninsula. Between 2005 and 2008, she took over as the EU Delegation’s deputy head of mission in Seoul, in charge of the EU’s political relations and economic cooperation with both South and North Korea.
S. Korean missile launched as show of force to N. Korea backfires, crashes
A South Korean surface-to-surface missile fired during joint drills by South Korean and US militaries on Tuesday in response to North Korea’s launch of an intermediate-range ballistic missile (IRBM) crashed after an abnormal flight shortly following its launch. Though anxieties ran high among nearby residents due to the flames and boom caused by the falling missile, the Joint Chiefs of Staff proceeded to fire four more missiles within the following hour and 50 minutes without explaining the circumstances of the accident.
S. Korea’s low birth rate means its no time to gamble with the future
A president’s appointments send a message in and of themselves. The president informs the public who he or she views as the optimal people to execute the administration’s vision and policies, and it is their history and qualifications that allow the public to envision what kind of country the president is seeking to create. If there is any area where the South Korean president ought to be sending a message in 2022, it has to do with measures to address the population decline.
The KyungHyangShinmun (http://english.khan.co.kr/)
Probes into the Previous Government on an Unprecedented The DPRK Fires Two Short-range Ballistic Missiles into the East Sea
The Joint Chiefs of Staff announced that the Democratic People’s Republic of Korea (DPRK) launched ballistic missiles into the East Sea on October 6. According to the Joint Chiefs of Staff, North Korea fired two short-range ballistic missiles into the East Sea from Samsok, Pyongyang from 6:01 to 6:23 a.m. Thursday. The Joint Chiefs of Staff announced, “The first short-range ballistic missile traveled about 800 kilometers at an altitude of 80 kilometers and speeds of Mach 5 (five times the speed of sound), and the second missile traveled 800 kilometers at an altitude of 60 kilometers and speeds of Mach 6,” and explained, “The R.O.K. and U.S. intelligence agencies are conducting a thorough analysis of detailed specifications.”
The Presidential Office Received a Report on the IRA Before the President’s Phone Call with Speaker Pelosi
On Thursday, it was confirmed that the South Korean Embassy in the United States had sent a report on key details of the Inflation Reduction Act (IRA) just before President Yoon Suk-yeol spoke on the phone with Nancy Pelosi, speaker of the U.S. House of Representatives, on August 4 when she was visiting South Korea. The phone call took place eight days after the Inflation Reduction Act was released, which was before the U.S. Congress had passed the bill. The Office of the President announced, “At the time of her (Speaker Pelosi) visit, discussions on the IRA had just begun in the Senate, so it was difficult to discuss details with the U.S.”
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.
KBS(http://world.kbs.co.kr/service)
PPP Ethics Committee Suspends Ex-Party Leader for One Year
The ethics committee of the ruling People Power Party(PPP) has suspended the party membership of former chair Lee Jun-seok for one year. The committee decided on the heavy penalty in a plenary session at the National Assembly after deliberating the case for about five hours from 7 p.m. Thursday, adding 12 months to his earlier six-month suspension over allegations of sexual bribery and an attempted cover-up. Enumerating the reasons for the latest penalty, the committee pointed to Lee’s court injunction seeking to prevent the party from holding a national committee meeting early last month to launch a new emergency steering committee.
Yoon Meets Chief of US Indo-Pacific Command
President Yoon Suk Yeol met with the commander of the U.S. Indo-Pacific Command on Thursday and stressed the importance of the allies' combined military exercises. Presidential spokesperson Lee Jae-myoung said in a briefing that President Yoon met Admiral John Aquilino at the presidential office in Seoul on Thursday afternoon and hailed the South Korea-U.S. alliance as the key to maintaining peace and stability on the Korean Peninsula. The president continued to say that restoring the combined exercises will increase deterrence against North Korea and contribute to further peace on the peninsula and in Northeast Asia.
Pentagon: Joint Drills with S. Korea, Japan Defensive, not Threat to Region
The United States said that its combined military exercises with South Korea and Japan around the Korean Peninsula are defensive and not a threat to the region. In a press briefing on Thursday, Pentagon spokesperson Brig. Gen. Pat Ryder said that U.S. involvement in bilateral or trilateral exercises in the region is not new. Responding to a question about the recent participation of the USS Ronald Reagan aircraft carrier and its strike group in drills with South Korea and Japan in the East Sea on Thursday, Ryder said such exercises send a clear message that the unity among the allies is resolute.
Yonhap (http://english.yonhapnews.co.kr)
S. Korea posts current account deficit in Aug. amid slowing exports, mounting import bills
South Korea posted a current account deficit for the first time in four months in August as exports grew at a slower pace and import bills continued to mount amid high crude oil and raw material prices, central bank data showed Friday. The country's current account shortfall came to US$3.05 billion in August, a sharp turnaround from a surplus of a revised $790 million tallied a month earlier, according to the preliminary data from the Bank of Korea (BOK). This marked the first time in four months that the country has posted a current account deficit. The country last posted a shortfall of $79.3 million in April.
Man gets 30-yr prison term for smuggling record amount of methamphetamine from Mexico
A regional court meted out a 30-year prison term to a man on Thursday on charges of smuggling in 902 kilograms of methamphetamine from Mexico, the biggest amount of drug smuggling ever in South Korea, officials said. The 38-year-old, whose name was withheld, was accused of bringing in the drugs in December 2019 and July 2020 from Mexico in collusion with an international crime ring. He and his accomplice allegedly imported the drugs hidden inside helical gears and smuggled 498 kilograms back to Australia, according to court records.
Ruling party suspends ex-chair Lee's membership for additional year
The ruling People Power Party (PPP) suspended the membership of former leader Lee Jun-seok for another year Friday in addition to a six-month suspension imposed earlier, effectively thwarting his run in the 2024 general elections. The PPP's ethics committee made the decision, holding Lee accountable for criticizing President Yoon Suk-yeol and the party with excessive expressions and filing a series of injunction suits against the party's decision to form an emergency leadership committee. With Friday's decision, Lee's membership will be suspended for a total of 1 1/2 years.
The Korea Herald (http://www.koreaherald.com)
What is behind N.Korea’s sudden burst of ballistic missile launches?
North Korea on Thursday fired two short-range ballistic missiles -- pushing up the total to 10 ballistic missiles in 12 days -- claiming that the country’s ballistic missile launches are the “just counteraction measures” against combined military exercises between South Korea and the US. The latest missile launches have come as an apparent tit-for-tat military action against the redeployment of a US aircraft carrier near the Korean Peninsula on Wednesday.
Minister confirms Gender Ministry merger plan
The Ministry of Gender Equality and Family will be abolished and its core functions will be subsumed by other ministries, according to the reform plans announced by the Ministry of Interior and Safety on Thursday. The plans also include the creation of a new body to address issues concerning overseas Koreans, and elevation of the Ministry of Patriots and Veterans Affairs' status. The government will aim to pass the proposed amendment to the Government Organization Act at the National Assembly. If the government's reform plan goes through as planned, the Gender Ministry will cease to exist 21 years after it was inaugurated.
UNSC fails to reach consensus on NK provocations with China, Russia backing NK
The United Nations Security Council failed to reach a consensus on how to handle the series of ballistic missile launches by North Korea, as China and Russia backed Pyongyang's actions as reasonable. The 15-member council held a public meeting on Wednesday to discuss North Korea's consecutive ballistic missile launches that include an intermediate-range missile that flew over Japan to land in the Pacific. The United States accused China and Russia, two permanent members of the council with veto power, of providing "blanket protection" to allow North Korean leader Kim Jong-un to continue test-firing ballistic missiles in breach of UNSC resolutions.
The Korea Times (http://www.koreatimes.co.kr)
Tensions in East Asia reach dangerous new level
A series of phone conversations between the leaders of South Korea, the United States and Japan following North Korea's latest missile launches demonstrates just how much tensions have escalated in East Asia. North Korea fired two short-range ballistic missiles (SRBMs) on Thursday, marking the sixth launch in the last 12 days. According to South Korea's Joint Chiefs of Staff (JCS), the SRBMs were launched from the Samsok area near Pyongyang between 6:01 a.m. and 6:23 a.m.
JCS chief grilled over trilateral drills involving Japan, rising tensions
South Korea's top military officer vowed to sharpen capabilities to respond to and deter North Korea's evolving missile and nuclear threats, Thursday, during the National Assembly audit in which he was criticized over combined drills involving Japan and the rising tensions on the Korean Peninsula. Earlier that day, North Korea fired two short-range ballistic missiles toward the East Sea in its latest provocation, which prompted South Korea, the United States and Japan to begin another round of trilateral joint exercises in the waters east of the peninsula.
Justice ministry to crack down on undocumented immigrants
The Ministry of Justice announced a plan to crack down on undocumented foreign residents for two months, starting next Tuesday. The ministry will team up with the Korean National Police Agency, the Ministry of Employment and Labor, the Ministry of Land, Infrastructure and Transport and the Korea Coast Guard to conduct the crackdown between Oct. 11 and Dec. 10, it said in a statement released on Wednesday. Since the breakout of the COVID-19 pandemic, the ministry has been focused on preventing and managing the spread of the virus among undocumented foreigners in the country.
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.
What are you waiting for?
Use us!
The Korea Post media are more than eager to be used, and to serve you—with the following five news outlets, 37 years old this year!
Korean-language Internet edition: http://www.koreapost.co.kr
English-language Internet edition: http://www.koreapost.com
Korean-language print newspaper:
http://pdf.koreapost.co.kr/38/3801.pdf
http://pdf.koreapost.co.kr/38/3802.pdf
http://pdf.koreapost.co.kr/38/3803.pdf
http://www.koreapost.co.kr/pdf/list.php?category=&syear=2018&smonth=03&sday=26&hosu=40
English E-daily: http://www.koreapost.com/news/articleView.html?idxno=10690