Monday, October 24, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
“The gov’t-pursued spirit of freedom and solidarity is never different from the Olympic spirit”
South Korea hosted the 26th Association of National Olympic Committees (ANOC) General Assembly in Seoul from Oct. 18-21. With 206 countries as members, ANOC is called the "United Nations of the sports world." In a keynote speech at the General Assembly on Oct. 19, President Yoon Suk-yeol said, "The Republic of Korea has kept working in solidarity with the international community through the great sports festival that is the Olympics and jointly worked for global peace," adding, "The international community should cooperate to ensure that efforts toward freedom and solidarity through sports continue as shown by the IOC and ANOC."
POSCO Holdings to invest in salt water lithium factory in Argentina
OSCO Holdings decided to invest in the second stage of a salt water lithium commercialization factory in Argentina, the company said on Oct. 18. POSCO Holdings reported the second investment business on Oct. 7 to its board and they approved the production of lithium hydroxide with salt water in Argentina. POSCO Holdings decided to start the second stage of the business now instead of next year due to increased demand for lithium at home and by foreign customers amid booming investment in secondary battery sector with the start of IRA from the United States.
Gov. Jeon Jin-seon of Yangpyeong-gun unveils the county’s five future directions
Governor Jeon Jin-seon of Yangpyeong-gun County held a press briefing to celebrate the 100th day of his inauguration on Oct. 5. The briefing, which was attended by more than 40 journalists, was held after the inauguration of Governor Jeon, who was elected as the 9th governor in the June 1 provincial election. It was designed to announce the direction of administrative affairs and the past business performance of the county. The briefing started with watching videos of Governor Jeon's activities since his inauguration, followed by Yangpyeong County's performance during the 100 days.
Chosun Ilbo (http://english.chosun.com)
Most Colon Cancer Patients Are over 60
Seven out of 10 colon cancer patients are over 60 as the disease becomes more prevalent in Korea's aging society. Male patients outnumber their female counterparts, but the growth rate is higher among women. According to the National Health Insurance Service on Thursday, 148,410 patients were treated for colon cancer last year, up 6.6 percent from 2017. The number of male patients increased by 5.5 percent to 87,740 but that of female patients by 8.4 percent to 60,670. Patients over 60 accounted for the largest proportion or 71.9 percent.
Drug Use Rampant Among Illegal Immigrants
More and more illegal immigrants are being arrested for drug offenses, exposing an endemic problem among low-paid laborers in farming and other menial industries. In 2018, 172 undocumented aliens were arrested for drug crimes, accounting for 29 percent of the 596 foreign drug offenders, according to data from the National Police Agency. But that jumped to 716 from January to September this year or 58 percent of all 1,243 foreign offenders. The number of illegal immigrants has grown dramatically in the pandemic, from about 360,000 in 2018 to 400,000 as of August this year. On Oct. 11, Gangwon Province police arrested 65 illegal immigrants from Thailand for distributing drugs among foreign workers here.
Young People Embrace Hanbok at Home and Abroad
Many foreign fans of K-pop juggernaut Bangtan Boys, also known as BTS, were dressed in hanbok at their concert in Busan last weekend, or at least in modern takes on traditional Korean dress. Some were even sporting the traditional tassel known as norigae. BTS often perform in hanbok overseas, and members Suga and Jin have been known to don the traditional dress in everyday life, which prompted fans to follow suit. Hanbok is gaining ground among young people not only in Korea but abroad. A search for hanbok on Instagram yields more than a million postings, and many of the selfies are taken by tourists in London or Paris.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Korea caught in the superpower squeeze
eoul wants to avoid a future in which intensifying tensions between Washington and Beijing spiral into regional catastrophe. But gone are the days where South Korea could depend on its traditional ally, the United States, for security and China, its largest trading partner, for economy. The rising military and technology rivalry between the United States and China is putting to test South Korea’s balancing ability. Both Washington and Beijing, in light of a shifting world order, expect Seoul to take a clearer stance.
Government to expand liquidity programs to calm corporate bond market
Korea's financial authorities announced plans to expand funding for liquidity programs to at least 50 trillion won ($35 billion) on Sunday in an effort to calm corporate bond market jitters. Finance Minister Choo Kyung-ho admitted the current market situation is “very severe” and vowed to “fully mobilize policy measures available” at a meeting held in central Seoul to discuss corporate bond and short-term funding markets. The meeting was attended by Bank of Korea Gov. Rhee Chang-yong, Financial Services Commission (FSC) Chairman Kim Joo-hyun and Financial Supervisory Service Gov. Lee Bok-hyun.
Former defense minister, ex-Coast Guard chief arrested
rmer Defense Minister Suh Wook and former Coast Guard Commissioner General Kim Hong-hee were arrested by prosecutors Saturday over their alleged mishandling of the death of a South Korean fisheries official killed by North Korean soldiers in September 2020. The Seoul Central District Court issued the arrest warrants for Suh and Kim earlier Saturday, citing the risk of them fleeing or destroying evidence. This marks the first arrest under the Yoon Suk-yeol government of a minister-level official from the preceding Moon Jae-in administration.
The Dong-A Ilbo (http://english.donga.com/)
Xi Jinping’s ‘one man’ dictatorship begins with loyalist group
The ‘one man dictatorship’ era opens as Chinese President Xi Jinping has confirmed his third term. He completely pulled down the 40-year-old collective leadership system by filling up all the members of the Central Committee Politburo with his closest people. With Xi not designating his successor and inserting ‘protection of Xi Jinping’s core position’ into the Communist Party Constitution, which holds a higher status than the national Constitution, he paved the way for a lifelong ruling.
NK’s nuclear test imminent after China’s Congress, watchers say
With the conclusion of the 20th National Congress of the Chinese Communist Party, which confirmed Chinese President Xi Jinping’s third consecutive term, there is speculation that North Korea's seventh nuclear test is imminent. U.S. nuclear experts say North Korea could conduct a series of nuclear tests, including tactical nuclear tests and a hydrogen bomb test at a third secretive nuclear test site other than the Punggye-ri nuclear test site where the first to sixth nuclear tests were conducted.
German magazine: Kia’s EV6 GT outranks Audi’s EV
The EV6 GT-Line from Kia has outranked Audi’s Q4 Sportback e-tron 50 in a competitive evaluation of electric vehicle models by Auto Motor Und Sport, a leading German automotive magazine. AMS is one of Germany’s top three automotive magazines along with Auto Bild and Auto Zeitung. The magazine enjoys a massive influence on car buyers across Europe, including Germany. According to Kia on Sunday, the evaluation compared two electric vehicle models: the EV6 GT-Line and the Q4 e-tron. The EV6 GT-Line received higher scores than the Q4 e-tron in six categories, except ‘convenience.’
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Seoul deploying debt buyback fund amid fast spread of ABS-triggered financial risk
South Korean authorities are readying to deploy 1.6 trillion won ($1.1 billion) in buyback fund to ease the crunch in the local debt market worsened by a default in financing related to Legoland theme park in Gangwon Province on top of uncertainties from unprecedentedly speedy rises in interest rates.“We have about 1.6 trillion won left in 3 trillion stabilization fund created since the Covid-19 pandemic crisis. We will deploy the fund as soon as possible to help ease the liquidity squeeze stemming from the default in Legoland project financing,” said Kang Seog-hoon, chairman of state lender Korea Development Bank, in a parliamentary hearing on Thursday.
Korea’s trade deficit balloons to $34 bn on deepening fall in chip exports and Chinese demand
South Korean exports fell on double-digit losses in major revenue sources of chips and Chinese demand during 20 days this month, setting the trade balance on path for a deficit streak into the seventh month and stretching annual red to fresh record of $33.8 billion. According to data released by Korea Customs Service on Friday, the country’s exports fell 5.5 percent on year to $32.4 billion in the first 20 days of October. Average daily export was down 9.0 percent on year based on 13.5 working days, 0.5 days longer than a year earlier.
Samsung SDI, EcoPro BM complete JV on cathode materials in world’s largest capacity
South Korean battery makers Samsung SDI and EcoPro BM shares rallied 5 to 6 percent Friday as their joint-venture facility to produce cathode materials in the world’s largest capacity became ready for operation. Samsung SDI shares gained 5.77 percent to trade at 623,000 won ($433.45) by midday Friday, and EcoPro BM up 4.61 percent to 106,700 won. EcoPro BM’s holding entity EcoPro shares also rose 0.96 percent to 147,900 won. The two on Friday celebrated the construction of their JV cathode materials plant in Pohang capable of turning out 54,000 tons per year, which would be largest in the world as a single factory.
HanKyoReh Shinmun (http://english.hani.co.kr)
The self-evident answer to rising threat of nuclear crisis on Korean Peninsula
Late last month, Russia officially annexed Ukraine’s occupied Donbas region into its official territory through a referendum. Now, Russia will logically consider an attack by outside forces on this region an attack against its own territory. Also, by saying he is prepared to “use all means” to defend Russian territory, Russian President Vladimir Putin is implying the possible use of nuclear weapons. However, if Putin does indeed go ahead and use nuclear weapons, there is a possibility that, no matter how the situation develops, the move could affect the situation on the Korean Peninsula.
Two Koreas’ contest of strength reaches fever pitch as both show readiness to “fight tonight”
It began with the arrival of the USS Ronald Reagan carrier strike group to the port city of Busan on Sept. 23. North Korea, which refused to sit idly by as this unfolded, launched a ballistic missile designed to simulate one loaded with a tactical nuclear warhead at an underwater launch site in a reservoir in the country’s northwest early on Sept. 25. This missile launch was North Korea’s first ever conducted in a reservoir rather than at sea and can be understood as an attempt to avoid South Korea’s “kill chain,” a system designed to carry out a preemptive strike against the North in the face of an imminent threat.
Prosecutors must reflect on impression aggressive investigations give public
South Korea’s public prosecutors announced once again on Thursday that they intend to search the headquarters of the opposition Democratic Party in connection with the Daejang neighborhood development scandal. While the Democratic Party agreed to resume the parliamentary audits it had suspended the previous day, it boycotted the audit of the Supreme Prosecutors’ Office at the Legislation and Judiciary Committee on Thursday. While we’ve dodged the worst-case scenario of a complete shutdown of the audits, the vacuum in politics continues as the government and the opposition party remain in a standoff.
The KyungHyangShinmun (http://english.khan.co.kr/)
$5 Billion Trade Deficit from Oct. 1 to 20: Deficit Reached $33.8 Billion So Far This Year, a Record High
The trade deficit in October recorded US$4.95 billion as of October 20. Exports are decreasing, while the amount of imports is increasing, making it difficult to reduce the deficit. According to the Korea Customs Service on October 21, the amount of imports from October 1 to 20 was $32,401,000,000, 5.5% down from the same period last year. The number of working days during this period was 13.5, half a day more than the same period last year (13 days). So the daily average amount of imports dropped 9.0%.
Women’s Groups Meet Minister Kim Hyun-sook, “We Expressed Deep Concerns about Abolishing the Gender Ministry, But the Minister Simply Insisted on an Optimistic Outlook”
Women’s groups, such as Women Link, the Korea Women’s Associations United, and the Korea Women’s Hot Line, conveyed their concerns on the abolition of the Ministry of Gender Equality and Family to the minister, Kim Hyun-sook. On the afternoon of October 20, the gender ministry held a meeting on the government restructuring plan at the government building in Seoul, with Minister Kim presiding over the meeting. The meeting on Thursday was the second meeting with women’s groups following the first meeting on October 10.
Lee Jae-myung, “I Never Spent a Single Won of Illegal Funds in the Presidential Election”
Lee Jae-myung, leader of the Democratic Party of Korea, said on October 20, “I never spent a single won of illegal funds in the presidential election.” Lee made the statement at a meeting with the press after a general meeting of the Democratic Party lawmakers at the National Assembly on Thursday. Earlier on Wednesday, prosecutors arrested Kim Yong, one of Lee’s closest aides and also the vice director of the Institute for Democracy, for receiving political funds for the presidential election. They also attempted to conduct a search and seizure of the institute.
KBS(http://world.kbs.co.kr/service)
JCS: N. Korean Vessel Crossed NLL, Retreated after Warning Shots
A North Korean merchant ship crossed the Northern Limit Line(NLL), the de facto maritime border between the two Koreas in the Yellow Sea, on Monday. The Joint Chiefs of Staff(JCS) said the North Korean vessel, the Mupo, violated the NLL some 27 kilometers northwest of Baengnyeong Island in the West Sea at around 3:42 a.m. The military sent a warning message through a communication line and also fired warning shots compelling the vessel to retreat, it said. The military regards the crossing of the NLL as an “intrusion” and is analyzing the circumstances related to the incident.
Gov't's Liquidity Supply Programs to Expand to 50 Tln Won or More
The government has decided to expand its liquidity supply programs to 50 trillion won or more amid growing concerns over a liquidity crunch prompted in part by a default on debt repayment by a Legoland amusement park as well as high interest rates. Following an emergency meeting of the country's top economic and financial officials on Sunday, the government announced that the measures worth roughly 35 billion U.S. dollars include doubling the maximum for corporate bond-buying by state-run banks to 16 trillion won.
1st Parliamentary Audit under Yoon Gov't to Wrap up
The first parliamentary audit sessions of government agencies under the Yoon Suk Yeol administration will wrap up on Monday. The National Assembly plans to conduct comprehensive audits led by ten standing committees, which are expected to set off clashes between the ruling People Power Party(PPP) and main opposition Democratic Party(DP). The Legislation and Judiciary Committee will audit the justice ministry, the Board of Audit and Inspection and the Corruption Investigation Office for High-ranking Officials amid criticism that a set of pending investigations into the opposition bloc and the previous government are “political persecution.”
Yonhap (http://english.yonhapnews.co.kr)
Two Koreas exchange warning shots along western border
South Korea's military said Monday it has fired warning shots at a North Korean ship that crossed the Northern Limit Line (NLL) in the Yellow Sea, the de facto maritime border. The North also opened "warning fire" against the South in response. A North Korean merchant vessel violated the NLL in waters near the front-line island of Baengnyeong at 3:42 a.m. and it retreated northwards after the South's Navy issued warning messages and fired warning shots, according to the South's Joint Chiefs of Staff (JCS).
Korean Air flight overruns Cebu runway, no injuries reported
Korean Air Lines Co. said Monday its flight KE631 with 173 people on board overran the runway while landing at Cebu International Airport in the Philippines a day earlier but no injuries were reported. Korean Air expressed its "genuine" regret as it always prioritizes safety in all of its operations. "A thorough investigation will be performed together with the local aviation authorities and Korean authorities to determine the cause of this event," Korean Air President Woo Kee-hong said in a statement.
Gov't to expand liquidity programs amid corporate bond market jitters
South Korea's financial authorities announced plans Sunday to expand liquidity supply programs to at least 50 trillion won (US$34.7 billion) as part of efforts to calm corporate bond market jitters. Finance Minister Choo Kyung-ho made the announcement right after an emergency meeting with the central bank chief and top financial regulators in response to increased concerns about a possible credit and liquidity crunch. "Amid the growing concerns in the corporate bond and short-term money markets, and to prevent a liquidity crunch, we plan to activate more liquidity programs on top of existing market stabilization measures, expanding the fund to 50 trillion won and more," Choo told reporters.
The Korea Herald (http://www.koreaherald.com)
Prosecution accelerates investigation on former administration and opposition party
Pressure on the main opposition Democratic Party of Korea and the previous administration is growing, with the prosecution honing in on Democratic Party leader Lee Jae-myung and past developments that could implicate former President Moon Jae-in. The opposition party, for its part, is denouncing the investigations as "political oppression," increasing the possibility of deepening the rift between the ruling and opposition blocs.
Two Koreas exchange warning shots along western border
South Korea's military said Monday it has fired warning shots at a North Korean ship that crossed the Northern Limit Line in the Yellow Sea, the de facto maritime border. The North also opened "warning fire" against the South in response. A North Korean merchant vessel violated the NLL in waters near the front-line island of Baengnyeong at 3:42 a.m. and it retreated northwards after the South's Navy issued warning messages and fired warning shots, according to the South's Joint Chiefs of Staff.
North Korea may carry out more than one nuclear test, experts say
North Korea could carry out consecutive nuclear weapons tests, experts say, as intelligence authorities warn of the rising possibility of Pyongyang conducting the first test of its kind in five years. “It is likely that they need several tests to meet the requirements of their ambitious nuclear weapons program, which has tactical nuclear weapons, intermediate range and intercontinental ballistic missiles," Olli Heinonen, former deputy director general of the International Atomic Energy Agency, told Voice of America, in an article released on Saturday.
The Korea Times (http://www.koreatimes.co.kr)
Two Koreas exchange warning shots along western border
South Korea's military said Monday it has fired warning shots at a North Korean ship that crossed the Northern Limit Line (NLL) in the Yellow Sea, the de facto maritime border. The North also opened "warning fire" against the South in response. A North Korean merchant vessel violated the NLL in waters near the front-line island of Baengnyeong at 3:42 a.m. and it retreated northwards after the South's Navy issued warning messages and fired warning shots, according to the South's Joint Chiefs of Staff (JCS).
UK's Johnson ends bid for comeback as PM
Britain's Boris Johnson on Sunday dramatically ended an audacious bid to return to power within weeks of having been ousted, announcing he would not run to replace outgoing leader Liz Truss. The surprise decision, which the ex-premier said had been reached reluctantly after recognizing he would not lead "a united party in parliament", removes a major obstacle to his political foe, former finance minister Rishi Sunak, becoming leader. That could now happen as soon as Monday.
Unionists at HD Hyundai's shipyards begin strike vote
Unionized workers at HD Hyundai's three shipyard units kicked off a joint strike vote Monday amid little progress in their collective negotiations. Unionists at the three shipbuilders ― Hyundai Heavy Industries, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries ― are slated to cast votes till Wednesday, according to union officials. It marks the first time that the labor unions of the shipbuilders have held a joint strike vote. The outcome of the vote is due late Wednesday, with unionized workers widely expected to vote for a strike.
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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
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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
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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
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