Tuesday, October 11, 2022


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

 

The Korea Post ( www.koreapost.com )

President Yoon gets letter from US President Biden on Inflation Reduction Act
President Yoon Suk-yeol on Oct. 4 received a letter from U.S. President Joe Biden expressing the latter's willingness to continue consultations on the U.S. Inflation Reduction Act (IRA) to ease Korea's fears over the bill. Senior Presidential Secretary for Public Relations Kim Eun-hye on Oct. 5 told a media briefing about the letter at the presidential office in Seoul's Yongsan-gu District. Secretary Kim quoted President Biden as saying he is "well aware of President Yoon's fears over the IRA" and that the U.S. "will continue consultations with Korea in an honest and open-minded manner."

 

SK On joins hands with Global Lithium Resources to bolster key battery materials supply chain
SK On recently signed a Memorandum of Understanding (MOU) with Australia’s Global Lithium Resources to bolster its key battery materials supply chain. The representatives from SK On and Global Lithium Resources signed the MOU in Perth, Australia on Sept. 28. The two sides agreed to explore future business opportunities together in regard to stable supply of lithium, a critical raw material for EV battery. Through this MOU, SK On would have potential investment, funding and offtake opportunities in Global Lithium Resources’ lithium assets.

 

South Korea ranks sixth in the global national power, surpassing Japan
Korea ranked sixth in the global national power in 2022. A survey result showed that Korea was ranked 6th as a result of evaluating global national power. In the same evaluation last year, the Korea’s ranking rose two notches, beating France and Japan. U.S. news magazine US News reported that Korea ranked 6th in the 'World Power Rankings' category in the '2022 Best Countries' surveyed by BAV Group, an affiliate of VMLY&R, a global marketing and communications company, and the Wharton School of the University of Pennsylvania.

 

                                                             


Chosun Ilbo (http://english.chosun.com)
New Data Confirms Looming Shortage of Specialist Doctors

Fresh data confirms that a shortage of doctors is looming in some vital fields that are unpopular with medical students and the specializations are in danger of dying out. The situation is particularly strained in obstetrics and gynecology and general surgery, which are physically demanding or unlucrative and are perceived as putting doctors at risk of malpractice lawsuits if they make a mistake. According to data from the Ministry of Health and Welfare last week, the average age of general and thoracic surgeons, ob-gyn specialists, pediatricians, urologists and neurosurgeons was an alarming 50.2 as of the end of last year. This mean that substantial numbers are on the brink of retirement.

 

N.Korean Warplanes Stage Show of Force
Twelve North Korean warplanes staged a rare show of force by flying in formation and firing air-to-surface missiles near the inter-Korean border on Thursday afternoon. The South Korean military responded by scrambling about 30 warplanes. North Korea also fired two short-range ballistic missiles earlier that day. The North seems to be protesting against joint naval drills by South Korea, the U.S. and Japan, which have been going on since last week. 

 

Women's Equality Ministry to Be Abolished

The government on Thursday said it will make good on President Yoon Suk-yeol's controversial election pledge to abolish the Ministry of Gender Equality and Family and subsume it into other agencies. The ministry dedicated to improving women's rights and welfare was created 20 years ago by President Kim Dae-jung. Its functions will be transferred to agencies with similar responsibilities like the Ministry of Health and Welfare and the Ministry of Employment and Labor.

 

                                                                                      

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

Kim Jong-un says he doesn't have to discuss his nukes with anyone
North Korean leader Kim Jong-un said his regime's recent spate of missile tests confirmed its ability to carry out tactical nuclear strikes and dismissed the necessity of dialogue with Seoul or Washington, according to Pyongyang's state media on Monday. The report, issued by the state-run Korean Central News Agency (KCNA) on the anniversary of the founding of the ruling Workers’ Party, quoted Kim as saying, “There is no need to engage in talks with our enemies, nor is there anything to discuss,” while vowing to strengthen his regime’s nuclear capabilities “by all means necessary.”

 

Samsung Electronics may lose top chip spot to TSMC
Samsung Electronics may lose the title of largest chipmaker by sales to archrival TSMC after a tough quarter for the Korean company. The loss of the top spot is a reflection of the diverging fates of the two companies as they enter a brutal downturn with a different mix of products and contrasting revenue streams.  On Friday, Hsinchu, Taiwan's TSMC reported estimate-beating third-quarter revenue of $19.4 billion, all of it chip related.

 

Koreans rush to return to Japan as borders are opened
Japan throws open its borders to individual tourists Tuesday, and Koreans are rushing to book tickets. For the first time in two years and seven months, Japan is lifting its suspension of visa-free entry for 68 regions and countries, including the United States and Korea. Koreans are able to stay in Japan for up to 90 days without a visa for tourism, visiting relatives and business. From Tuesday, Japan is also lifting a daily cap of 50,000 arrivals. Travelers are no longer limited to package tours. Antivirus measures will also be simplified.

 

                                                               
 

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

Hyundai E&C inks a Philippines railway project deal
Hyundai Engineering and Construction announced Monday that it signed a formal contract for the South Commuter Railway Project. Last month, the company received the Letter of Award for a project of the Department of Transportation of the Philippines valued at about 1.9 trillion won. The signing ceremony was joined by Mr. Ferdinand Marcos Jr., president of the Philippines, and Mr. Yoon Young-Joon, CEO of Hyundai E&C. The South Commuter Project (SCRP) is a new 56-kilometer railway that will connect Metro Manila with Calamba.

 

U.S. to thwart China's semiconductor industry on all fronts
The Biden administration's announcement envisioned as early as Friday local time to impose sweeping semiconductor export restrictions on Chinese entities is apparently aiming to thwart China's semiconductor industry at all fronts as the measures ban exports for system semiconductors serving as the brain of advanced weapons and AI but the memory chips used in all electronic products.

 

September service inflation rises 4.2%
With the 5-percent inflation growth continuing for five consecutive months, seven out of the ten frequently consumed processed food by consumers are found to have their prices increased. The service inflation, including restaurants, has witnessed the highest jump in 21 years, soaring over 4 percent year-on-year. As the high inflation persists, together with the speed of the U.S. interest rate hike picking up, the Bank of Korea (BOK) is expected to take another round of “big step” (raising the base rate by 0.5 percentage points).

 

                                                                   
 

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

Seoul digging up more relief actions in case capital markets crash further
South Korea will immediately activate additional foreign exchange stabilization measures so the Korean won is not affected by a current-account deficit and ready a safety net for the stock market on expectations of a lengthening in the “insecure external environment.” An emergency economy meeting was headed by President Yoon Suk-yeol on Friday after the country’s current-account balance delivered a deficit of $3.05 billion to face a twin deficit with a fiscal deficit that may further scare away foreign capital and weaken the won, according to a press release from the Ministry of Finance and Economy.


BOK to proceed with rate increases as inflation likely run at 5 to 6% for sometime
The South Korean central bank will have to continue with rate increases as inflation is expected to run at 5 to 6 percent for a “considerable period” and will take prompt stabilization actions when finding foreign exchange market volatility excessive. In its report submitted during the National Assembly audit on Friday, the Bank of Korea (BOK) reiterated its rationale for keeping up rate increases to contain inflationary expectations and further rise in prices.
It is important to contain spread of inflation expectations and prevent current high inflation getting entrenched in the society,” it said.

 

Korean fin min Choo to meet with Wall Street investors, global institutions
South Korean deputy prime minister co-serving as the finance minister Choo Kyung-ho will sponsor an IR event in New York next Tuesday in hopes to bolster foreign confidence in the Korean economy in the face of crisis-like woes of a sharp weakening in the local currency and twin fiscal and current-account deficits due to reduced revenue from worsening trade conditions. He would be pitching on Korean fundamentals before Wall Street investors while in New York for the Group of 20 (G-20) meeting of finance chiefs, the Monetary and Financial Committee (IMFC) conference and other events, the Ministry of Finance and Economy said in a press release Friday.

 


                                                     
 

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

N. Korea threatens US “extended deterrence” with missile tests
North Korea conducted multiple rounds of missile tests in a matter of just a few days last week on Sept. 25, 28, and 29. The tests came against the backdrop of South Korea-US joint naval exercises from Sept. 26 to 29, which included the nuclear-powered aircraft carrier USS Ronald Reagan. Also taking place around the same time were US Vice President Kamala Harris’ visit to the DMZ on Sept. 29 and trilateral anti-submarine warfare exercises with the US and Japan on Sept. 30. The recent missile launches by North Korea have two unique characteristics.

 

Limits of cooperation with US, Japan for solving Korean Peninsula problems
North Korea launched more short-range ballistic missiles on Thursday. An American aircraft carrier took part in another joint military exercise with South Korea and Japan in the East Sea on the same day, and South Korean President Yoon Suk-yeol and Japanese Prime Minister Fumio Kishida agreed during a phone call that their two countries would keep cooperating on making a stern response to North Korea. On the same day, North Korea sent a formation of 12 jet fighters and bombers south of the “special reconnaissance line” defined by the South Korean military in a show of force. South Korea responded by scrambling 30 jets of its own.

 

Missile, drills, missile, drills: Korean Peninsula stuck in endless tit-for-tat
North Korea fired two more short-range ballistic missiles (SRBMs) on Thursday. The latest launches came only two days after North Korea fired an intermediate-range ballistic missile (IRBM), believed to be a Hwasong-12, over Japanese airspace into the Pacific Ocean from the village of Mupyong in Jagang Province. The latest missile launch appears to be a show of force in response to the return of the USS Ronald Reagan, a nuclear-powered aircraft carrier, to the East Sea for more trilateral maritime missile defense drills with South Korea and Japan.

 

                                                  

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

President Yoon, “We Are Eliminating the Gender Ministry to Stop Seeing Victims as a ‘Person Pleading Damages’”
President Yoon Suk-yeol spoke on the plan to abolish the Ministry of Gender Equality and Family, which was included in the government reorganization plan by the Ministry of the Interior and Safety, and said, “We are eliminating the gender ministry to further strengthen the protection of women, families, children, and the socially vulnerable.” He also argued, “Even when it comes to the so-called issue of sexual irregularities due to abuse of power, we are trying to completely get away from the perspective of referring to people as a ‘person pleading damages.’

 

Lee Jun-seok, Party Rights Suspended for 1 More Year: No Longer Eligible for Party Convention
On October 7, the People Power Party (PPP) central ethics committee decided to enforce additional penalties against former party leader Lee Jun-seok and suspend his party rights for one more year for requesting an injunction to block the party’s national committee and for making reckless comments targeting pro-Yoon lawmakers. The suspension against Lee will now last longer than his remaining term as party leader, so the party has practically decided to keep the leader position vacant. This also removes any possibility of Lee running for key positions in the party convention.


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.”

 

                                                            

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

Assembly Speaker Discusses Economic Cooperation with Ethiopian President
National Assembly Speaker Kim Jin-pyo held talks with Ethiopian President Sahle-Work Zewde in Addis Ababa and discussed ways to boost economic cooperation and exchanges between the two countries. During the 50-minute conversation held Sunday at the Ethiopian presidential office, Kim stressed the need to expand public sector cooperation as well as private sector trade and investment. He asked for active support from the African nation noting that new investments are possible when difficulties faced by existing businesses are resolved.


N. Korea Unveils New SLBM Launch Platform at Reservoir
North Korean state media have disclosed dozens of photos of missile drills held at multiple military units during the two past weeks with leader Kim Jong-un present at the sites. The photos unveiled Monday show Kim observing test-launches of a mini submarine-launched ballistic missile, the KN-23 ballistic missile modeled after Russia's Iskander, and the Hwasong-12 intermediate-range ballistic missile as well as a super-large multiple rocket launcher. North Korea also claimed ballistic missile drills held on September 25 simulated the loading of tactical nuclear warheads at an underwater launch site in a reservoir in the country's northwest.

 

S. Korea Rolls Out Omicron-Modified COVID-19 Vaccine Tuesday
Starting Tuesday, the nation begins administering the new Moderna COVID-19 vaccine that targets the original novel coronavirus strain, as well as the omicron variant. The new bivalent vaccine will be available to those in priority groups first, such as the immunocompromised and those in their 60s and older. Health authorities have received reservations since September 27 from high risk and vulnerable groups, including workers and patients at facilities that are vulnerable to infections.

 

                                                                        
 

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

N.K. leader inspects training of tactical nuclear weapon units: KCNA
North Korean leader Kim Jong-un has inspected an exercise of tactical nuclear operation units held in order to check and assess the "war deterrent and nuclear counterattack capability" in response to recent joint military trainings by South Korea and the United States, Pyongyang's state media said Monday. The drills were conducted from Sept. 25 to Oct. 9 while the South and the U.S. were staging a large-scale combined naval exercise in the waters near the peninsula involving the nuclear-powered Ronald Reagan aircraft carrier, according to the Korean Central News Agency (KCNA).

 

Yoon's approval rating edges up to 32 percent: Realmeter survey
President Yoon Suk-yeol's approval rating edged up to 32 percent last week, a survey showed Monday, rebounding from a drop blamed on his use of foul language caught on a hot mic during a trip to New York. The Realmeter poll of 2,012 people from Tuesday to Friday showed that Yoon's approval rating rose 0.8 percentage point from a week earlier while his disapproval rating fell 0.2 percentage point to 65.8 percent. The rating had dropped after he was caught on a hot mic making remarks that appeared to include vulgar words. Also at issue was whether he talked about U.S. Congress or President Joe Biden when using such words as the recording was not clear due to noise.

 

Yoon says N. Korea has nothing to gain from nuclear weapons
President Yoon Suk-yeol said Tuesday that North Korea has nothing to gain from nuclear weapons. Yoon's comment comes as the North has ratcheted up tensions with a series of provocative missile launches, including what it says were exercises on loading them with tactical nuclear weapons. "North Korea is advancing its nuclear development and threatening not only the Republic of Korea but the world," Yoon told reporters as he arrived for work. "I believe it has nothing to gain from nuclear weapons."

 

                                                    


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

Kim Jong-un vows to bolster nuclear combat capabilities with 'all means possible,' rejects dialogue
North Korean leader Kim Jong-un vowed to bolster nuclear weapons capabilities “with all possible means” as he led a weekslong military training of tactical nuclear weapon units, the country’s state media said Monday. Leading a “field inspection” of the military drill conducted from Sept. 25 to Sunday, Kim also said there is no need to speak with “enemies,” while blaming the United States and South Korea for raising military tension on the Korean Peninsula.

 

Government says Gender Ministry abolition would lead to strengthened functions
The government and the ruling party are trying to persuade the opposition party on the abolishment and reorganization of the Gender Ministry, arguing that the ministry’s functions will be strengthened following the measures. The ruling People Power Party’s government organization reform bill has caused major ripples over the past few days with the Gender Ministry reorganization. The reform involves abolishing the ministry and dividing its functions between the Ministry of Health and Welfare and the Ministry of Employment and Labor.


Amid trilateral naval drill, opposition leader resurrects 'pro-Japanese' slur
The recent trilateral naval drill among South Korea, US and Japan has become the center of a dispute, after the main opposition party leader denounced it as “pro-Japanese.” Criticizing the military drill involving Japan, which annexed Korea from 1910-1945, Rep. Lee Jae-myung, the chairman of the main opposition Democratic Party of Korea, claimed the current Yoon Suk-yeol administration may one day let Japan's Self-Defense Forces enter the Korean Peninsula.

 

                                                   

 

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

North Korea raises stakes with 'tactical nuclear' drills
North Korean leader Kim Jong-un said its recent barrage of missile launches were "tactical nuclear" drills aimed at testing its capabilities of striking targets. The regime also revealed some details of the ballistic missiles it launched, apparently involving new technologies for submarine-launched ballistic missiles (SLBMs) and an improved engine for intermediate-range ballistic missiles (IRBMs). Experts said the launches appear to be part of the regime's efforts to expand and upgrade its much-touted tactical nuclear capability as well as to commemorate the 77th anniversary of the founding of the North's Workers' Party of Korea.

 

Justice minister's motives behind New York trip questioned
Justice Minister Han Dong-hoon's visit to New York three months ago is belatedly rekindling the interest of some members of the main opposition Democratic Party of Korea (DPK). They claimed that the primary purpose of Han's visit was to investigate if there were any unlawful acts allegedly committed by President Yoon Suk-yeol's political opponents. DPK lawmaker Kim Eui-kyeom claimed during a radio interview on Sunday that Han's nine-day business trip to New York starting June 29 seems to have been related to the prosecution's investigation into several politicians, including Rep. Lee Jae-myung, the current DPK leader.

 

Former Fed chair Bernanke shares Nobel for research on banks

This year's Nobel Prize in economic sciences has been awarded to the former chair of the U.S. Federal Reserve, Ben S. Bernanke, and two U.S.-based economists, Douglas W. Diamond and Philip H. Dybvig, ''for research on banks and financial crises." The prize was announced Monday by the Nobel panel at the Royal Swedish Academy of Sciences in Stockholm. The committee said their work had shown in their research ''why avoiding bank collapses is vital.'' With their research in the early 1980s, the laureates laid the foundations for regulating financial markets and dealing with financial crises, the panel said.


                                                                                                                  

 

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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