Thursday, October 20, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
2022 Itaewon Global Village Festival in Seoul draws attention from Koreans, expats
There are many festivals in Korea and among them one of the most unique ones may be the ‘2022 Itaewon Global Village Festival’ where people from all over the world come together. This year, residents from a total of 31 different countries of the world are known to have diparticipated-adding addition charm to the name of Itaewon as “A Global Village in Korea.” This year, the Festival began with performance by a Taekwondo demonstration team on the main stage on October 15. It can be enjoyed only at the Itaewon Global Village Festival, which is a traditional cultural performance national competition with Embassies of 14 countries.
Uzbekistan's initiatives in Astana contribute to strengthening economic, social security
The world is going through a difficult period. As a result of increased international competition, contradictions in the field of global security have deepened, which has led to many sanctions restrictions on trade. This has a devastating effect on trade flows and international value chains. As the President of Uzbekistan Shavkat Mirziyoyev said: “Today we are witnessing an unprecedented lack of dialogue and trust, growing uncertainty in international relations. All this undermines the foundations of multilateral cooperation, provokes the escalation of conflicts, leads to systemic failures in the global economy.”
“Nepal is interested in further promoting relations, cooperation, friendship in religious, many other fields”
Newly accredited Ambassador Madam Jyoti Pyakuryal (Bhandari) said that she was very much interested in the promotion of relations, friendship and cooperation between her country of Nepal and Korea. At a meeting with Publisher-Chairman Lee Kyung-sik and his editorial team at the Embassy on Oct. 14, 2022, she said that cooperation in the religious area was also very important. Publisher-Chairman Lee met with Ambassador Pyakuryal and Charge d’Affaires Ram Singh Thapa together with Chief Abbot Hyangdeok of the Cheonman-sa Buddhist Temple in Ulsan who was visiting Nepal and India for meeting with the Buddhist leaders in the two countries.
Chosun Ilbo (http://english.chosun.com)
N.Korea Fires More Artillery Shells at Inter-Korean Buffer Zone
North Korea fired another 100 artillery rounds on Tuesday night into a buffer zone that was established under a 2018 military pact with South Korea aimed at reducing cross-border tensions. The North already fired 560 artillery rounds into the buffer zone last week. A South Korean military official said, "North Korea usually refrains from provocations when China's Communist Party Congress is in session, but it has done so this time without any concern." According to the Joint Chiefs of Staff here, the North fired more than 100 rounds from howitzers at around 10:30 p.m. on Tuesday.
Gov't Mulls Buying New Presidential Jet
Korea's presidents are to get a new official jet in order to save money on a more elaborate scheme, the government said Tuesday. But while the jet, which will serve as the leader's second official plane, may be chosen during President Yoon Suk-yeol's five-year term in office, the purchase may be left to the next administration. It is to replace an aging Boeing B-737, which has been in use since 1985 for domestic and regional trips. According to the Defense Ministry, the National Security Council decided in July 2018 that the president needs a new official plane. At that time, the idea was to lease a third airplane for presidential use in addition to the two existing jets.
N.Korea 'Upset' at Stronger U.S.-S.Korea Alliance
U.S. State Secretary Antony Blinken said North Korea's latest round of missile provocations shows it is upset that Washington and its Asian allies are strengthening cooperation. "Over the last months... we have significantly increased our own work with our allies and partners in the region -- South Korea, Japan." He added, "I think that Kim Jong-un saw that and didn't like it. And it's a response to that." Speaking at a discussion at Stanford University with former U.S. State Secretary Condoleezza Rice, Blinken said, "We brought [large-scale military exercises] back... to make sure that we could defend and hopefully deter any kind of North Korean aggression.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Kakao needs to get back to basics after 'wake-up call': CEO
One Kakao CEO resigned Wednesday and another CEO, who will remain on the job, promised to get the company to focus on basics again after a dramatic "wake-up call" over the weekend, in which almost all the company's offerings failed due to the lack of effective and robust backup. The resignation of co-CEO Namkoong Whon is effective Oct. 19, according to a Kakao disclosure. Co-CEO Hong Eun-taek will remain at the top post as the sole CEO. The resigning co-CEO made the announcement at a press conference Wednesday at the company’s office in Pangyo
North's ripped off $1B in 2 years, says Mayorkas
North Korea has stolen as much as $1 billion worth of cryptocurrencies and hard currency in the past two years to fund its nuclear program, said the U.S. Secretary of Homeland Security Alejandro Mayorkas at Singapore International Cyber Week (SICW) on Tuesday.“In the last two years alone, North Korea has largely funded its weapons of mass destruction programs through cyber heists of cryptocurrencies and hard currencies totaling more than $1 billion,” Mayorkas said. “They have perpetrated these cyber heists against entities within countries present today [at the conference], and they have done so with near impunity.”
North shows pique with South's drill by firing artillery
North Korea conducted two artillery drills mere hours apart late Tuesday night and Wednesday, with the shells landing in a maritime buffer zone in the Yellow Sea in violation of an inter-Korean military agreement, South Korean defense officials said Wednesday. According to Seoul's Joint Chiefs of Staff (JCS), North Korea fired more than 100 artillery shots from coastal areas of South Hwanghae Province at 12:30 p.m. on Wednesday. At 10 p.m. and 11 p.m. Tuesday night, it fired around 250 artillery shells into waters off its eastern and western coasts , according to the JCS.
The Dong-A Ilbo (http://english.donga.com/)
N. Korea fires artillery into the maritime buffer area
North Korea fired some 350 artillery shells into the maritime buffer zones between the two Koreas in the nighttime on Tuesday and during the daytime on Wednesday, in flagrant violation of the Sept. 19 inter-Korean military agreement. Residents in Yeonpyeong Island were awash in fear as the artillery shells made sounds of roaring gunfire and shook the windows. North Korea has fired 910 artillery barrages into the buffer zones in just six days. It is reported that North Korea mobilized a 122mm multiple rocket launcher.
It took over three years to get their first job, 360,000 youths say
For almost 360,000 youth, getting their first jobs took over three years. The average time required to land their first jobs is 10.8 months. According to Statistics Korea on Wednesday, 358,000 young people with job experience aged 15 to 29 have spent over three years until they found their first jobs as of May. Those who landed their first job two and three years after job hunting accounted for 275,000. On average, it took 10.8 months for the youth with experience as salary workers (numbering 4,018,000) to find their first jobs.
US warplanes intercept Russian bombers near Alaska
Russian bombers capable of carrying nuclear missiles were intercepted by U.S. fighter planes in the Alaskan air defense identification zone (ADIZ). As the North Atlantic Treaty Organization (NATO) began nuclear deterrence training and Russia is forecasted to stage an armed protest targeting the U.S., there are concerns about the rising military tension between the U.S. and Russia with regard to the war in Ukraine. The Ministry of Defence of the Russian Federation announced that two Tu-95 bombers carried out a scheduled 12-hour flight mission over the Pacific Ocean and the neutral waters of the Bering Sea and the Sea of Okhotsk on Monday (local time).
Maeil Business News Korea (http://www.pulsenews.co.kr/)
GM to produce 500,000 cars from Korea in `23, release 10 EV models by ’25
GM has set a goal to churn out 500,000 cars from its Korean plants next year and diversify its vehicle lineup for the Korean market with 10 new EV models released by 2025. GM Korea, the Korean operation of U.S. auto giant General Motors (GM), unveiled its production goal and shared its investment activities at the 20th anniversary event of the Korean unit foundation at the Changwon plant on Wednesday. GM Korea last year produced a total of 230,000 vehicles for domestic sales and exports.
LG Chem to acquire Nasdaq-listed U.S. firm Aveo for $566 mn
LG Chem will spend $566 million to acquire Nasdaq-listed U.S. firm Aveo Pharmaceuticals in a bid to make inroads into the American oncology market. The Korean chemicals giant said in a regulatory filing on Tuesday that its board approved a plan to fully own Aveo for $15 per share in an all-cash transaction. The deal is expected to close in three to six months, which would make LG Chem the first Korean company to buy a biotech firm with a new FDA-approved drug.
Korean-made 8K TVs at risk of sales ban in Europe
The global market for high-definition large-sized premium TV sets such as 8K and micro-LED TVs dominated by Samsung Electronics and LG Electronics is in danger of contraction from March next year when tighter energy efficiency requirements will take effect in Europe, according to industry sources on Tuesday. The two South Korean TV giants are focusing on cementing their market leadership for next-generation premium TV products to prevent chasing by Chinese rivals.
HanKyoReh Shinmun (http://english.hani.co.kr)
Prosecution seeks arrest warrant for Seoul’s ex-defense chief over case involving N. Korea
Prosecutors investigating the 2020 death of a fisheries official in the West Sea requested arrest warrants for former Defense Minister Suh Wook and former Coast Guard Commissioner General Kim Hong-hee on Tuesday. The request was made a mere four days after the Board of Audit and Inspection (BAI) released a report tantamount to an indictment. Despite this case being a low priority, demonstrated by the fact that this is the first request for arrest warrants after the prosecution began its investigation in July, the Seoul Central District Prosecutors’ Office requested the warrants on the day of parliamentary inspection, an unusual and unprecedented decision.
N. Korea fires 250 artillery shells off east, west coasts
North Korea fired some 250 artillery shells into the waters off its eastern and western coasts on Tuesday evening. The show of force followed a barrage of 560 artillery shells that were fired into the East Sea and the Yellow Sea in the early morning and evening of Oct. 14. The artillery shells fired by North Korea on Tuesday fell into the maritime buffer zone defined by South and North Korea’s Comprehensive Military Agreement (CMA). Along with the shelling on Oct 14, that constitutes the second violation of the CMA, South Korea’s Joint Chiefs of Staff explained.
Labor Ministry looks to apply Serious Accidents Punishment Act to death of SPC worker
The Ministry of Employment and Labor is conducting a sweeping investigation examining whether there were violations of the Occupational Safety and Health Act and the Serious Accidents Punishment Act in the case of a worker in her 20s who died after being caught in machinery at SPL, an SPC affiliate. The Ministry of Labor said Tuesday that it has set up an investigation team comprising 18 people, including labor supervisors from the Gyeonggi and Pyeongtaek district employment and labor offices and the Korea Industrial Safety Health Headquarters, to investigate the incident. This represents a large deployment of investigators for the case relative to the scale of the disaster.
The KyungHyangShinmun (http://english.khan.co.kr/)
Lee Jae-myung Criticizes Banks for “Reaping Profits from Excessive Interest Rate Spreads”
On October 19, Lee Jae-myung, leader of the Democratic Party of Korea, asked, “Is it right for banks, which should be tending to public interests, to reap excessive profits from the interest rate spread, while putting a heavy burden on households and companies?” Lee asked the question in a meeting of the party’s Supreme Council at the National Assembly on Wednesday, and said, “Bank profits from the interest rate spread exceeded 40 trillion won in the second quarter, and they are expected to earn more than 80 trillion won from interest by the end of the year.”
Selling Security and the Return of the Far-Rights: Ruling Party Turns Back into the Korea Party
The far-right politicians Kim Moon-soo (pictured, left), chairman of the Economic, Social and Labor Council, and Hwang Kyo-ahn (right), former leader of the United Future Party, have returned to the People Power Party (PPP). The PPP is criticizing the impeachment of former President Park Geun-hye and starting an anti-Communist debate calling for nuclear armament, using the security crisis as an excuse. The ruling PPP no longer has a force centered on former leader Lee Jun-seok to keep it in check, while President Yoon Suk-yeol’s approval ratings remain low.
Park Hong-keun, “The Ruling Party Won’t Stop Their Reckless Comments, Because President Yoon Won’t Admit His Foul Language”
Park Hong-keun, floor leader of the Democratic Party of Korea, said on October 18, “President Yoon Suk-yeol won’t admit it (to using foul language), so they (ruling party) won’t stop the parade of reckless comments.” In a meeting to discuss the Democratic Party’s strategy in the parliamentary inspections this day at the National Assembly, Park made the statement while criticizing the remark by Kim Moon-soo, chairman of the Economic, Social and Labor Council, who called former President Moon Jae-in “a supporter of Kim Il-sung’s philosophy,” and the comment by Chung Jin-suk, chairman of the People Power Party emergency committee, who said, “Japan never went to war against Joseon.”
KBS(http://world.kbs.co.kr/service)
Prosecutors Return from DP Headquarters after 8-Hour Standoff with DP Lawmakers
The prosecution attemted to raid the headquarters of the main opposition Democratic Party(DP) on Wednesday as part of its investigation into a close aide to DP chair Lee Jae-myung, but failed to do so due to the protest and blockage by DP lawmakers. The Seoul Central District Prosecutors' Office sent investigators and prosecutors to the DP headquarters in Yeouido in Seoul at around 3 p.m., where the party-affiliated think tank Institute for Democracy led by Kim Yong is located. The prosecution arrested Kim on Wednesday on charges of violation of the political funds act and attemted to raid Kim's office at the DP headquarters.
DP to Hold Emergency Meeting of Party Members on Prosecutors' Raid Attempt
The main opposition Democratic Party(DP) will hold an emergency meeting of party members on Thursday to discuss its responses to the prosecution's attempt to raid the party in a probe of corruption allegations in volving the DP chair's former aide. The party's supreme council held a closed session on Wednesday night to discuss the matter and decided to draw a conclusion in a general meeting of the party's lawmakers on Thursday. Prosecutors on Wednesday attempted to raid the DP headquarters as part of its investigation into Kim Yong, a close aide to DP chair Lee Jae-myung, but failed to do so due to the protest and blockage by DP lawmakers.
Yoon Urges Olympic Spirit to Ride out Global Challenges at ANOC Assembly
"The global community faces the pandemic, climate change, attempts to alter the status quo by force, and the systemic violations of human rights which have become grave challenges to the efforts for international solidarity. We must overcome these challenges with the Olympic spirit for the advancement of humanity and the promotion of world peace. The spirit of freedom and solidarity pursued by the South Korean government is no different to the spirit of the Olympics. We are going to do our best to instill the spirit of freedom and solidarity in the field of sports, as well as make contributions to the international community through sports."
Yonhap (http://english.yonhapnews.co.kr)
Yoon stresses importance of firm belief in liberal democracy
President Yoon Suk-yeol said Wednesday it is important to maintain a firm belief in the liberal democratic system amid challenges in the economy and national security. Yoon made the remark during a lunch meeting with the heads of local chapters of the ruling People Power Party (PPP), according to his office. "The economy is struggling in and outside the country, and the security situation is tough as well," Yoon said, according to deputy presidential spokesperson Cheon Hyo-jeong. "At times like this, the most important thing is for us to maintain a firm belief and confidence in the liberal democratic system."
DP bristles at prosecution probes targeting top officials of previous administration
The main opposition Democratic Party (DP) strongly protested prosecution investigations that led to arrest warrant requests for former top officials of the previous Moon Jae-in government, the detention of a close aide to party chief Lee Jae-myung and an attempt to raid the party's headquarters. Prosecutors sought arrest warrants Tuesday for former Defense Minister Suh Wook and former Coast Guard Commissioner General Kim Hong-hee on charges related to the Moon administration's conclusion without sufficient evidence that a South Korean fisheries official was killed while attempting to defect to North Korea in 2020.
Ex-presidential chief of staff questioned in N. Korean fishermen repatriation case
Prosecutors on Wednesday questioned former presidential chief of staff Noh Young-min as part of an investigation into the previous Moon Jae-in government's repatriation of two North Korean fishermen in 2019. Prosecutors are looking into the case on suspicions that the Moon government deported the two North Korean fishermen back home despite their wishes to defect to South Korea. Noh who served as the presidential chief of staff at that time presided over a meeting at Cheong Wa Dae where the deportation of the North Koreans was decided.
The Korea Herald (http://www.koreaherald.com)
N. Korea continues artillery barrage, labels firing as ‘tit-for-tat’
North Korea has continued to fire hundreds of artillery shells into inter-Korean maritime buffer zones, while justifying the barrages as “strong countermeasures” against live-fire exercises staged by “enemies” near the inter-Korean border. South Korea’s Joint Chiefs of Staff said Wednesday that North Korea unleashed another artillery barrage near the inter-Korean border starting from 12:30 p.m. on the day.
Brace for second era of the digital age: Don Tapscott
Humanity is entering a second era of the digital age, with the rise of new technologies such as blockchain and the virtual world. In its transition, new leaders will emerge, which could include South Korea, renowned tech visionary Don Tapscott said.“There’s no reason why one of the global centers can’t be Korea,” Tapscott, the executive chairman of Toronto-based Blockchain Research Institute, said Wednesday in Seoul pointing to this Asian country’s strength in related technologies.
Yoon says global challenges should be overcome with Olympic spirit
President Yoon Suk-yeol said on Wednesday that the spirit of freedom and solidarity pursued by the Korean government is no different from the spirit of the Olympics, adding that global challenges should be overcome with the Olympic spirit.“We will do our best to bring the spirit of freedom and solidarity into the overall sports field and do our best to contribute to the international community through sports,” Yoon said in a keynote speech at the 26th General Assembly of the Association of National Olympic Committees in Seoul.
The Korea Times (http://www.koreatimes.co.kr)
Samsung, SK hynix at crossroads while TSMC soars
Samsung Electronics and SK hynix are facing a bleak outlook in terms of their bread-and-butter memory chip businesses as soaring global inflation, the won's fall against the dollar and the ongoing Russia-Ukraine war have dampened demand for IT products using those chips, according to industry analysts, Monday. The analysts said Samsung and SK will face even more unfavorable business conditions in 2023, because they are heavily dependent on memory chips that account for only 30 percent of the entire chip market and are severely affected by the global economy.
Town hall meeting on new incinerator plant turns into chaos
Seoul Metropolitan Government's plan to host a town hall meeting with the residents of the city's western district of Mapo to explain how the district was chosen to house another waste incinerator plant at Nuri Dream Square in the Sangam-dong area came to a halt as angry residents raised their voices and protested against the city authorities for the decision. The meeting turned into a melee as upset protestors fiercely opposed the plan and prevented the city authorities from running the event.
Putin adds martial law in Ukraine regions, limits in Russia
Russian President Vladimir Putin doubled down Wednesday on his faltering invasion of Ukraine with a declaration of martial law in four illegally annexed regions and preparations within Russia for draconian new restrictions and crackdowns. Putin's drastic efforts to tighten his grip on Ukrainians and Russians follow a series of embarrassing setbacks: stinging battlefield defeats, sabotage and troubles with his troop mobilization. The martial law order belies the Kremlin's attempts to portray life in the annexed regions as returning to normal.
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