Thursday, October 13, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
SK On signs a lithium supply deal with Australia’s Lake Resources
SK On, a global leading electric vehicle (EV) battery manufacturer, announced today it has signed a lithium supply deal with Australia’s Lake Resources, a move that will further strengthen its key battery materials supply chain in response to robust business growth and geopolitical risks. Under the agreement signed on Oct. 11, SK On anticipates the delivery of battery-grade lithium commencing as early as the fourth quarter of 2024 after acquiring a 10 percent stake in Lake Resources. The offtake deal has an initial five-year term with an option for an additional five years.
POSCO Holdings signs an MOU with LG Energy Solutions for rechargeable battery business
POSCO Holdings and LG Energy Solutions will further strengthen cooperation related to the rechargeable battery business With global supply chain issues emerging as a pending issue due to the United States-Mexico-Canada Agreement (USMCA) and the Inflation Reduction Act (IRA), the POSCO Group and global battery leader, LG Energy Solutions plans to further strengthen its cooperative relationship to further enhance its competitiveness. The two companies signed a memorandum of understanding for strategic business cooperation in rechargeable battery materials in the presence of POSCO Group Chairman Choi Jeong-woo and LG Energy Solution Vice Chairman Kwon Young-soo at Park One in Yeouido, Seoul on Oct. 7.
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."
Chosun Ilbo (http://english.chosun.com)
Korea Turns Back Russian Yachts After Putin's Conscription Order
Twenty-three Russians tried to enter Korea on their yachts since Russian President Vladimir Putin announced partial conscription, but all but two were turned back. According to data from the Korea Coast Guard, three yachts carrying 10, five and four Russians were discovered on the East Sea on Oct. 1, while one yacht with four Russians was found there on Oct. 2 and another carrying three Russians on Oct. 5. Four of the boats docked in Pohang, North Gyeongsang Province and all 23 Russians aboard applied for entry as tourists.
IMF Raises Korea's Growth Outlook on Improved Consumption
The International Monetary Fund on Tuesday projected this year's economic growth outlook for Korea at 2.6 percent, up 0.3 percentage points from an earlier forecast in July on the back of improved consumption as a result of eased lockdown. But the IMF lowered the country’s growth rate for next year from 2.1 percent to two percent. The Korean economy is hampered by its export dependency. Its trade deficit has already surpassed US$30 billion this year as the country faces growing import costs and exports show signs of flagging due to worldwide inflation and the soaring dollar.
Korea Starts Administering New Bivalent COVID Vaccine
Korea on Tuesday began jabs with a new COVID-19 vaccine that targets both the original strain and Omicron variants. Health authorities said Moderna's new bivalent booster is being administered at about 12,000 medical facilities around the country. People who have completed their first two jabs or recovered from COVID at least four months ago can get the booster. Some 60,000 people received the new vaccine on Tuesday. Among the first are high-risk groups like people over 60 and workers and patients at facilities where infections can be fatal such as nursing homes and shelters for the homeless
Joongang Ilbo (https://koreajoongangdaily.joins.com )
U.S. grants waiver to SK hynix for tech transfers to China
SK hynix has received a one-year waiver on U.S. restrictions related to the importing of certain semiconductor-related technologies into China. With the permission in place, the world’s second-largest memory chipmaker will be able to transfer advanced equipment essential for the operations of two dynamic random-access memory (DRAM) factories in Wuxi.“Our discussions with the Department of Commerce led to an approval to supply equipment and items needed for development and production of DRAM semiconductors in Chinese facilities without additional licensing requirements,” the company said in a statement Wednesday.
Local government leaders discuss the world in Daejeon
President Yoon Suk-yeol called on leaders of local and regional governments around the world to come together to fight global challenges like the pandemic and climate change. Yoon was addressing the 7th United Cities and Local Governments (UCLG) World Congress, hosted by the Daejeon Metropolitan Government and the UCLG Secretariat. UCLG is the largest organization of local and regional governments in the world and the only local government organization recognized by the United Nations.
Seoul's only four-term mayor finishes 100 days
The United States remains open to dialogue with North Korea but is also committed to the regime's denuclearization and the maintenance of the U.S. nuclear umbrella over South Korea, U.S. officials said Tuesday. Speaking at an online press briefing, National Security Council (NSC) coordinator for strategic communications John Kirby stated Washington’s goal is “the complete and verifiable denuclearization of the Korean Peninsula” and said the U.S. government “believes that there’s still a diplomatic path forward” to that goal.
The Dong-A Ilbo (http://english.donga.com/)
Burden rises by 12trillion won in 3% interest rate era
To tame strong inflations, the Bank of Korea (BOK) took another “big step” and raised the base rate by 0.5 percentage points to 3 percent, the highest since October 2012. The second big step translates to over 12 trillion won more interest burden on households and enterprises. The central bank’s Monetary Policy Board held a meeting on Wednesday to discuss the future direction of their policy and decided to raise the policy rate by 0.5 percentage points to 3 percent. The central bank took its first big step in July, and it seemed to have been pacing the speed of interest hike by raising only 0.25 percentage points in August.
‘Denuke declaration should be scrapped if N. Korea pushes with nuclear testing’
As North Korea increases provocation to the South by legalizing nuclear energy and holding training for tactical nuclear-operating units, the ruling party has suggested the need to bring back tactical nuclear weapons previously relocated by the U.S., highlighting the need for the balance of terror. “If North Korea pushes forward with a seventh nuclear testing, the September 19 South-North Korea’s Military Agreement signed during the former Moon Jae-in administration and the 1991 Joint Declaration on the Denuclearization of the Korean Peninsula should be scrapped as well,”
NATO holds nuclear exercises amid growing Russian threats
Tension is mounting as North Atlantic Treaty Organization (NATO) announced to hold its regular nuclear deterrence exercise amid growing concerns about Russia’s nuclear threats. G7 leaders warned of serious consequences should Russia use biochemical or nuclear weapons. At the press conference held in Brussels on Tuesday, NATO Secretary General Jens Stoltenberg announced to chair a meeting of the Nuclear Planning Group that checks the alliance’s nuclear policy and implements extended deterrence policies.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korean economy to slow down further in H1 2023: Fin Min
The South Korean economy is projected to grow at a slower pace next year than the government’s previous outlook of 2.5 percent as it faces multiple headwinds from high inflation and volatile financial markets, the country’s top economic policymaker said Tuesday, although dismissing concerns about a potential crisis.“Korea will be for sure affected by the predominant outlook of a slowdown in economy next year,” Deputy Prime Minister and Finance Minister Choo Kyung-ho told reporters Tuesday, local time, in a press conference in New York, the United States. “(The economy will face even more hardships) in the first half of next year.”
S. Korean financial authorities scramble to come up with stabilization measures
The Korea Exchange (KRX) and the Korea Financial Investment Association (KOFIA) are holding a meeting to discuss measures to stabilize the plunging stock market after an unprecedented second 50-basis point hike by the Bank of Korea amid continued tensions between the U.S. and China as well as the protracted Russia-Ukraine war. Korea Exchange Chairman Son Byung-doo and KOFIA Chairman Na Jae-chul embarked on a discussion on Tuesday afternoon to come up with measures such as separate taxation of dividend income to lift investor sentiment which has soured on the U.S. Federal Reserve’s aggressive tightening that led stock markets across the world to plummet.
Kospi plunges nearly 40% in U.S. dollar term, gov’t readies stabilization fund
South Korea’s benchmark Kospi index on Tuesday retreated below 2,200 for the second time in five trading days, plunging nearly 40 percent in U.S. dollar term to date this year amid increasing risk aversion from the weakening Korean currency on top of the U.S.’s uninterrupted rate hikes and the heightened geopolitical risk from the Russia-Ukraine war. The Kospi lost 1.83 percent to end at 2,192.97 on Tuesday, dipping below 2,200 again in five trading days after finishing at 2,155.49 on Sept. 30 and erasing last week’s 3.59 percent gain. Institutions dumped 310 billion won ($216.5 million) worth stocks on the Kospi, whereas foreigners and individuals net purchased 199.4 billion won and 106.8 billion won, respectively. While 60 stocks gained, 866 stocks fell.
HanKyoReh Shinmun (http://english.hani.co.kr)
Yoon administration draws criticism for pressure tactics on N. Korea
South Korean President Yoon Suk-yeol renewed his emphasis on the South Korea-US alliance and trilateral security cooperation with Japan on Tuesday, a day after North Korea ratcheted up the tenor of its nuclear threats with reference to “tactical nuclear operation units.” Yoon also stressed that his “audacious initiative” offering a roadmap for North Korea’s denuclearization remains valid even after the North Korean leader’s remarks about feeling “no need” for dialogue with Seoul or Washington. The situation shows the lack of practical exit strategies for the current vicious cycle of escalating tensions.
N. Korea carries out 7 shows of nuclear capabilities over 2 weeks
North Korean news outlets’ major coverage of military drills for “tactical nuclear operation units” on Monday appeared meant to send the message that Pyongyang does not intend to back down in the face of joint military activities involving the South. In particular, the North signaled that it has the nuclear capabilities to respond to drills by South Korea, the US and Japan near the Korean Peninsula amid the presence of the 103,000-ton USS Ronald Reagan aircraft carrier. By firing off different kinds of missiles, the North also showed that it has the means to deliver nuclear weapons regardless of weather conditions.
US-China trade war fuels S. Korea-Taiwan chip competition in US
Since the start of the US-China trade war, the gap between Korea and Taiwan in the US import market has narrowed, while the two countries’ export similarity index has increased. This is the result of intensifying competition between Korea and Taiwan in the semiconductor sector. The gap between Korea and Japan in the automobile sector has also been narrowing. According to a report released by the Korea International Trade Association (KITA) Tuesday, Korea, Vietnam and Taiwan have seen rising shares in the US import market between 2017 and 2021, during which the gap between Korea (3.05%→3.35%) and Taiwan (1.81%→2.72%) decreased from 1.24 percentage points to 0.63 percentage points.
The KyungHyangShinmun (http://english.khan.co.kr/)
Monetary Policy Board Takes a Second “Big Step” and Raises the Base Interest Rate from 2.50% to 3.00%
The Bank of Korea Monetary Policy Board took another “big step” raising the base interest rate by 0.5% from the current 2.50% to 3.0%. On the morning of October 12, the Monetary Policy Board held a meeting to discuss the direction of the nation’s monetary policy at the Bank of Korea in Jung-gu, Seoul and decided to raise the base rate 0.5%. This is the first time in a decade since October 2012 that the base rate has reached 3%. The Monetary Policy Board raised the base interest rate for the fifth consecutive time following their decisions in April, May, July and August, which was also a first.
Chung Jin-suk, “It’s Not a Colonialist Interpretation of History, But History as It Is”
On October 12, Chung Jin-suk, chairman of the People Power Party emergency response committee, refuted the criticism that his argument that Joseon did not fall because of Japanese aggression revealed his colonialist perspective on history and said, “That is not a colonialist interpretation of history, but history as it is. Please, do the research.” This day, Chung also called for the government to annul the joint declaration on the denuclearization of the Korean Peninsula, which appears to be his attempt to change the topic after he came under fire for his comment the previous day.
“We Are Listening to Various Opinions,” President Yoon Speaks on Redeploying Tactical Nuclear Weapons to South Korea
President Yoon Suk-yeol spoke on the suggestion that South Korea redeploy tactical nuclear weapons on the Korean Peninsula and said, “We are carefully listening to and examining various opinions from the government and civilians in South Korea and the United States.” President Yoon met with the press on his way to work at the Office of the President in Yongsan on the morning of October 11, and when a reporter mentioned the opinion, “Since North Korea has tactical nuclear capability, we should redeploy tactical nuclear weapons albeit temporarily,” the president said, “As the president, this is not an issue on which I can publicly state a certain position at this time.”
KBS(http://world.kbs.co.kr/service)
KCNA: N. Korean Leader Guides Test Launch of Long-range Strategic Cruise Missiles
North Korean leader Kim Jong-un reportedly inspected the test-firing of long-range strategic cruise missiles earlier this week. According to the North's official Korean Central News Agency(KCNA) on Thursday, the North fired two long-range strategic cruise missiles deployed at its tactical nuclear operation units on Wednesday. The missiles were reportedly fired from the area of Kaechon in South Pyongan Province toward the western waters and flew for ten-thousand-234 seconds to clearly hit the target two thousand kilometers away.
UN Adopts Resolution Condemning Russia’s ‘Illegal Annexation’ of Ukraine Land
The United Nations General Assembly has adopted a resolution condemning Russia's attempts to annex four regions of Ukraine. The assembly held an emergency special session at the U.N. headquarters in New York on Wednesday and adopted the resolution in a vote of 143 to five. Thirty-five nations abstained, including China, India and Pakistan. The resolution condemns the “illegal” referendums held in Russian-occupied four regions of Ukraine and demands that Russia immediately and unconditionally drop the supposed annexations and withdraw from Ukraine immediately.
S. Korea, Chile Agree to Resume FTA Upgrade Talks This Year
Prime Minister Han Duck-soo held talks with Chilean President Gabriel Boric on Tuesday and decided to restart negotiations within this year to update their existing bilateral free trade agreement. The prime minister, who is on a tour to Chile, Uruguay and Argentina, met with President Boric at the Chilean presidential palace La Moneda in Santiago. In the meeting, the two sides agreed to elevate bilateral relations to a "strategic partnership" from its comprehensive cooperative partnership established in 2004, when South Korea’s first ever FTA with a partner nation went into effect.
Yonhap (http://english.yonhapnews.co.kr)
PM arrives in Uruguay for official visit
Prime Minister Han Duck-soo arrived in Uruguay on Wednesday for an official visit as South Korea seeks to deepen economic cooperation with the Latin American nation. During his two-day stay in Montevideo, Han will hold talks with Uruguayan President Luis Lacalle Pou and discuss measures to bolster economic and trade ties between the two nations. It was the first time in 11 years that South Korea's prime minister has visited Uruguay. Uruguay is serving as a rotating chair of Mercosur, a four-nation economic bloc in the region that includes Brazil, Argentina and Paraguay.
BOK's big-step rate hike coincides with gov't view: finance minister
South Korea's finance minister said Thursday the central bank's decision to take another big-step rate hike was necessary to cope with inflation and the strong U.S. dollar. On the previous day, the Bank of Korea (BOK) raised the benchmark seven-day repo rate from 2.5 percent to 3 percent in line with efforts to bring inflation under control. It is the first time in about 10 years that the rate has risen to the 3 percent range. "There are absolutely no differences in the point of view with the BOK," Finance Minister Choo Kyung-ho told reporters during his trip to Washington for a Group of 20 (G-20) meeting of finance chiefs and central bankers.
Yoon says he is looking carefully at extended deterrence options
President Yoon Suk-yeol said Thursday he is listening carefully to various opinions in South Korea and the United States regarding measures to strengthen extended deterrence against North Korea's nuclear threat. Yoon also said he is looking carefully into "various possibilities," when asked by reporters about a newspaper report claiming South Korea has asked the U.S. for a nuclear-sharing arrangement amid the possibility of a seventh nuclear test by the North.
The Korea Herald (http://www.koreaherald.com)
US says it supports nuclear-free peninsula amid dispute over tactical nuke redeployment
The United States on Tuesday reiterated its goal of achieving complete denuclearization of the Korean Peninsula and extended its deterrence commitment to South Korea, as North Korea’s nuclear saber-rattling has sparked a debate on the redeployment of US tactical nuclear weapons in South Korea. North Korea’s pronouncement that the recent flurry of ballistic missile launches aimed to simulate striking South Korea with tactical nuclear weapons has generated a whirlwind of discussions on South Korea’s military countermeasures.
Seoul to look into former mayor’s ties to US cryptocurrency expert's attempts to help N. Korea evade sanctions
Seoul Mayor Oh Se-hoon said the Seoul city government will look into whether late former Seoul Mayor Park Won-soon was involved in a US cryptocurrency expert’s attempts to help North Korea evade US sanctions via cryptocurrency, during a parliamentary inspection of the city government at Seoul City Hall, Seoul, Wednesday. Oh provided the answer to Rep. Cho Eun-hee of the ruling People Power Party, who asked if the former mayor was related to the case involving cryptocurrency expert Virgil Griffith.
South Korea loses election for membership at UNHRC for first time
South Korea was not reelected as a member of the United Nations Human Rights Council on Wednesday, conceding to Bangladesh and the Maldives, among others. It is the first time the country has been turned down membership since the council was established in 2006. At the UN General Assembly in New York on Wednesday, Korea received 123 votes, landing fifth among seven Asian countries running to be part of the UN organization for the 2023-25 term.
The Korea Times (http://www.koreatimes.co.kr)
N. Korean leader inspects long-range cruise missile launches by 'tactical nuke' units
North Korean leader Kim Jong-un inspected the test-firing of long-range strategic cruise missiles involving units operating "tactical nukes" earlier this week aimed at strengthening the country's war deterrence, Pyongyang's state media said Thursday. On Wednesday, the North fired two long-range strategic cruise missiles that flew for "10,234 seconds along an oval and pattern-8 flight orbits in the sky above the West Sea of Korea and clearly hit the target 2,000 km away," the official Korean Central News Agency (KCNA) said in an English-language report.
KITA chairman asks U.S. senator to delay IRA implementation
Korea International Trade Association (KITA) Chairman Koo Ja-yeol met with U.S. Senator Jon Ossoff of Georgia on Tuesday (local time), requesting the legislator to help delay the implementation of the Inflation Reduction Act (IRA) for three years, KITA said Wednesday. "The U.S. is Korea's largest investment destination. As Korea plays a crucial role in the U.S. supply chain of high-tech industries, we ask you to take care of Korean companies operating there to prevent any discrimination against them," said Koo, who is currently in the United States. "Find a way to postpone the adaptation of the IRA for three years as Korean companies, including Hyundai Motor, are contributing to production increases and job creation in Georgia and other states by making large investments."
Why Renault aims to establish Korea as export hub
French carmaker Renault has selected Korea to become its export hub for its large vehicle lineup despite suffering continuous labor-management conflicts and low brand recognition in the country. In the Korean market this year, Renault sold only 39,487 vehicles from January to September, placing it in fourth place with a mere 3.9 percent market share. Renault's labor union is known to have challenged management by conducting strikes for three consecutive years until last year. This year, Renault Korea's labor union and management successfully completed wage negotiations without a strike for the first time in four years.
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