Headline, November 4, 2022
Headline, November 4, 2022
  • Lee Kyung-sik
  • 승인 2022.11.04 00:00
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Friday, November 4, 2022

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


The Korea Post ( www.koreapost.com )

North Korea fires missiles near South Korea's territorial waters
North Korea fired missiles very near South Korea’s territorial waters. The Republic of Korea Government today strongly denounced North Korea's launching of its first missile into a region near South Korea’s territorial waters since the division of the Korean peninsula into the north and south since 1945. In response to North Korea's ballistic missile launch, the Joint Chiefs of Staff (JCS) of the Republic of Korea Army fired air-to-ground missiles into North Korean waters.

Hyundai Oilbank signs a long-term supply contract of gasoline and diesel to Hawaii
Hyundai Oilbank announced on Nov. 3rd that it has signed a contract with SUNOCO, a U.S. petroleum product import and export company, to extend the supply of petroleum products in 2023. Hyundai Oilbank has established a stable export channel for petroleum products to the U.S. through the extension of the long-term supply contract this time. Unlike transactions through traders, long-term direct transactions have the advantage of being able to stably sell products under certain conditions. Lee Seung-soo, head of Hyundai Oilbank's global business division, said, "The extension of the long-term supply contract with SUNOCO is a result of building deep ties and maintaining cooperative relationships even though this year is a first-time transaction."


The 2022 World Culture Week ends in great success
Hosted by Pyeongtaek City (Mayor Jung Jang-seon) and organized by the Pyeongtaek International Foundation, the World Culture Week was held under the theme of 'World Travel Enjoying in Pyeongtaek. It started with Poland in September, then Uzbekistan and Croatia in October. Pyeongtaek City said that it provided a special experience for local citizens and foreigners who visited the global cultural event. According to the city, the Pyeongtaek World Cultural Week, which started in 2021, will be held in 5 countries (Canada, Czech, USA, South Africa, Russia) in 2021 and 3 countries (Poland, Uzbekistan, Croatia) in 2022.



Chosun Ilbo (http://english.chosun.com)
Itaewon Tragedy Sparks Fears About Overcrowding in Korea

Packed subways and buses are nothing new to rush-hour commuters in Seoul, one of Asia's biggest cities, but safety experts point out that any space where more than five people per square meter are gathered can be dangerous. Even a small push can then force a group to topple over and cause injuries. In crammed subways and buses that transport commuters from Seoul to their dormitory towns, this risk is a constant reality, and conditions get even more cramped in winter when commuters are wearing thick clothes. "There are times when I have to get off the subway before reaching my stop to catch a breath," said one commuter.


More People Sign up for First Aid Classes

Both emergency workers and ordinary citizens played a part in helping the victims of the Halloween stampede in Itaewon by providing first aid to the injured, prompting more and more people to sign up for cardiopulmonary resuscitation classes. The website of the Korean Association of Cardiopulmonary Resuscitation saw a fourfold increase in visitors, while the Korean Red Cross is also inundated with inquiries about CPR lessons.


Saudi Ruler to Visit Korea
Saudi Crown Prince Mohammed bin Salman is expected to visit Korea later this month. Despite an earlier message from Riyadh that it might be difficult for the de facto Saudi ruler to travel to Korea this year, the two countries are talking about a visit again. Diplomatic source on Tuesday said the two foreign ministries are "fine-tuning schedules" so that he can come this month -- most likely right after the G20 summit in Bali, Indonesia on Nov. 15-16. Riyadh seems to have agreed that a visit is necessary for the two countries to mark the 60th anniversary of diplomatic relations. Mohammed last visited Korea in 2019.


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

Day after missile barrage, North fires 3 more, including ICBM
A day after an unprecedented barrage of 23 missiles, North Korea fired three more ballistic missiles into the East Sea on Thursday morning that included an intercontinental ballistic missile, South Korean military officials said. According to Seoul’s defense ministry, the North fired the intercontinental ballistic missile (ICBM), believed by experts to be a Hwasong-17 type, from the Sunan area near Pyongyang around 7:40 a.m.  The missile flew about 760 kilometers, peaking at an altitude of approximately 1,920 km and reaching a top speed of Mach 15, according to the Joint Chiefs of Staff (JCS).

Police chain of command didn't work on Halloween

Big flaws in how the police report bad news up the chain of command are coming to light in the wake of the Itaewon crowd crush that took at least 156 lives. On Thursday, the National Police Agency (NPA) began a probe into the chief of the Yongsan Police Station and a senior officer of the Seoul Metropolitan Police Agency after accusing them of negligence on the night of disaster, especially about informing their superiors of the gravity of the situation. There was no shortage of riot police nearby the scene of the tragedy. Over 4,800 officers were in locations in downtown Seoul controlling rallies earlier Saturday.

Samsung C&T proposes $153 million solar power plant in Texas
A unit of Samsung C&T is considering developing a solar power plant worth $153 million in Texas with the aim of making it operational by the end of 2027, according to documents filed with the state. A spokesperson at Samsung C&T confirmed Thursday that it is working to carry out the project, adding that its maximum capacity will be 150 megawatts. The documents made public on Texas Comptroller's website said that Samsung C&T America is aiming to have the solar farm up and running by December, 2027 after commencing construction in January of that year. It will sit on a surface area of approximately of 880 acres in Delta country, Texas.


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

The Fed raises interest rates to 4 percent
The Federal Reserve raised the benchmark interest rate to 4 percent. Fed Chairman Jerome Powell said the terminal rate would be higher than expected, hinting the U.S. central bank could raise rates above 5 percent in 2023. At the Federal Open Market Committee (FOMC) meeting on Wednesday (local time), the Fed took a giant step of raising the interest rate by 75 basis points, from the current range of 3.0 to 3.25 percent to a range of 3.75 to 4.0 percent.


N. Korea spends $170 million on 2-day missile launch
North Korea has poured up to 170 million U.S. dollars into launching missiles for the past two days. Considering that North Korea’s export volume to China in September stood only at 14.2 million dollars, it means the country blew its annual amount of export in just two days.A short-range missile costs between $2 million and $3 million a shot,” said Bruce Bennett, a senior defense analyst of the U.S. think tank RAND Corporation, adding that the North might have spent 50 to 75 million dollars on the 25 missiles fired on the day.

Foreign exchange reserves decreased by $2.7 billion while defending FX rates
Following the recent sharp drop in the value of the won, the foreign exchange authorities took measures to defend the exchange rate, reducing the nation’s foreign-exchange reserves by nearly 3 billion U.S. dollars in one month. According to the Bank of Korea (BOK) on Thursday, Forex reserves stood at 414.1 billion dollars last month, down USD2.76 billion from the end of September (USD416.77 billion). Forex reserves decreased for four consecutive months since March of this year and rebounded in July but declined again for three consecutive months since August.



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

Credit in Korean papers at risk after a midsized insurer forfeits call option
Confidence in Korean Inc. could be in question after a midsized insurer forfeited the option to repay U.S. dollar-denominated perpetual bonds, the first move by a Korean financial issuer in 13 years. Heungkuk Life Insurance on Tuesday informed global investors that it would not be exercising Nov. 9-set call option over perpetual papers worth $500 million issued in 2017 upon lukewarm response to its plan of offering $300 million in new bonds for refinancing last month when the Korean credit market shook from a default declare on a municipal debt related to Legoland Korea financing.

Heungkuk Life’s bond buyback delay splashes cold waters on fragile debt market
A decision by a Korean midsized insurer not to buy back its perpetual bonds has triggered scare in Korean issues at home and abroad, aggravating liquidity woes for Korean Inc following the default crisis over a municipal bond related to Legoland Korea. The move by Heungkuk Life could splash cold waters to debt financing plans of Korean Inc. and raise the borrowing costs. After forfeiture to buyback in five years, Heungkuk Life’s coupon, or annual interest it pays to bondholders, rose to 6.74 percent from 4.475 percent, according to NH Investment & Securities.


Heights of state chief executive seem to matter in Korean rate path

Heights of policymakers behind rate and states decisions may matter in South Korean rates running at their fastest pace to keep up with big strides in the U.S.  The so-called height chart, measuring the physical stature of the Federal Reserve chair, had been watched by some after the surprising coincidental parallel in U.S. rate movements over the last 40 years.Paul Volcker, famous for yanking up the benchmark funds rate from an average 11.2 percent in 1979 to 20 percent by mid-1981, was 2 meter tall. Under average- or shorter-than average Alan Greenspan and Ben Bernanke and Janet Yellen the rate came down to near zero.



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

South, North Korea exchange missile fire across NLL
North Korea fired 25 missiles into the waters off its eastern and western coasts on Wednesday, one of which crossed the Northern Limit Line (NLL) and triggered an air raid warning for Ulleung Island. President Yoon Suk-yeol in South Korea said of the latest action, “North Korea’s provocations today are a territorial violation of the NLL by missiles, the first of its kind since the division of the Korean Peninsula,” and called for “a swift and strict response to make North Korea pay a price for its provocations.”


After losing son in Itaewon tragedy, mother bows goodbye to teachers in his stead
My baby, what am I going to do?” The mother wailed when the hearse came through the gate of a certain high school in Seoul at 8 am on Wednesday, carrying the body of her 17-year-old son, surnamed Kim, a victim of the Itaewon disaster last weekend. As Kim’s mother ran her fingers along the coffin in the hearse, her cries rang through the school’s sports field. Following the funeral procession, Kim was taken on his final journey to school.


Amid mounting public ire over Itaewon response, growing calls for PM’s removal
With the revelation that the government responded poorly to the Itaewon disaster — the police ignoring more than 10 reports concerned about a crowd crush — both the ruling and opposition parties have been demanding that those responsible for the incident be reprehended. Some have also demanded an apology from President Yoon Suk-yeol, in addition to calling for several high-ranking officials to be replaced, including Minister of Internal and Safety Lee Sang-min, National Police Agency Commissioner General Yoon Hee-keun, and Prime Minister Han Duck-soo, who showed “inappropriate behavior” at a foreign press meeting the previous day.




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

Lee Sang-min’s False Explanation Revealed by the 112 Reports Delayed Authorities from Uncovering the Truth
The crowd wasn’t so large as to cause particular concern.” “It wasn’t a problem that we could solve by assigning police officers beforehand.” These were the words of the Minister of the Interior and Safety Lee Sang-min in the government’s first official press briefing on October 30, the day after the Itaewon Halloween crowd crush. His words implied that the tragedy was a natural disaster that the state or the police could not prevent. Meanwhile, he also said, “The police force was dispersed because of disturbances and demonstrations throughout downtown Seoul.”


DPRK Fires 3 Missiles Including a Long-Range Ballistic Missile into the East Sea
The Democratic People’s Republic of Korea (DPRK) fired three ballistic missiles into the East Sea on November 3, according to the Joint Chiefs of Staff. North Korea engaged in provocations two days in a row, after firing 25 missiles on four occasions on Wednesday. The Joint Chiefs of Staff announced, “The military detected North Korea firing a projectile believed to be a long-range ballistic missile, into the East Sea from Sunan, Pyongyang at around 7:40 a.m. this day, and two projectiles thought to be short-range ballistic missiles, into the East Sea from Kaechon, South Pyongan Province at 8:39 a.m.”

Air-raid Alarm Blares as North Korean Ballistic Missile Falls Near South Korean Waters on Its Way to Ulleungdo
On November 2, the Democratic People’s Republic of Korea (DPRK) launched unidentified ballistic missiles into the East Sea, according to the Joint Chiefs of Staff. Initially, the missiles headed toward Ulleungdo Island. A military representative announced, “The initial direction of the North Korean ballistic missiles was toward Ulleungdo, and one missile fell into international waters.” He explained that the military issued an air-raid alert in the area, since the missiles were headed for Ulleungdo. On Wednesday, the DPRK fired more than two ballistic missiles. The military has heightened vigilance and fire power preparedness.




Allies Reaffirm US Commitment to Deploy Strategic Assets to Peninsula as Necessary
South Korea and the United States have reaffirmed the U.S.’ commitment to deploy strategic assets on the Korean Peninsula as the allies brace against nuclear threats from North Korea. South Korea's defense minister Lee Jong-sup and his U.S. counterpart Lloyd Austin released a communique after the 54th South Korea-U.S. Security Consultative Meeting(SCM) at the Pentagon on Thursday outlining their discussion.

N. Korea Fire Missiles, Artillery after S. Korea, US Extend Air Drills
North Korea launched three more ballistic missiles and fired artillery rounds on Thursday evening after a top North Korean military official denounced South Korea and the U.S. for extending their combined Vigilant Storm air exercise. South Korea's Joint Chiefs of Staff(JCS) said that it detected three short-range ballistic missiles fired from the area of Koksan County in North Hwanghae Province toward the East Sea from 9:35 p.m. to 9:49 p.m. The JCS said the missiles traveled about 490 kilometers at a speed of Mach Six with an altitude of 130 kilometers, adding that the intelligence authorities of South Korea and the U.S. are working on a detailed analysis of the launch.


N. Korea Slams US, S. Korea for Extending Air Drills, Warns of "Uncontrollable" Tensions
North Korea denounced South Korea and the United States on Thursday for extending their combined Vigilant Storm air exercise, calling it an "awful mistake and dangerous choice." In a statement carried by the Korean Central News Agency, vice chairman of the Central Military Committee of North Korea's ruling Workers' Party Pak Jong-chon said that the decision by Seoul and Washington to extend the joint drills was a "very dangerous and false choice."




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

N. Korea fires 3 short-range ballistic missiles toward East Sea: S. Korean military
North Korea fired three more short-range ballistic missiles toward the East Sea Thursday night, the South Korean military said, about an hour after Pyongyang slammed Seoul and Washington's decision to extend joint air drills as a "very dangerous and wrong choice." The missiles were launched from Koksan County in North Hwanghae Province at around 9:35 p.m., according to South Korea's Joint Chiefs of Staff (JCS). Earlier in the day, the North fired an intercontinental ballistic missile (ICBM) and two short-range ballistic missiles.

Yoon orders creation of 'one-stop' support center for families of Halloween crowd crush victims
President Yoon Suk-yeol instructed his aides Thursday to set up a "one-stop" support center where families of victims and others affected by the Halloween crowd crush can continue to receive medical and other assistance after the national mourning period ends. Yoon also told his aides to focus their efforts on providing trauma recovery and psychotherapy services to the public in the wake of the tragedy, according to deputy presidential spokesperson Lee Jae-myoung.


S. Korea, U.S. codify 4 categories of 'extended deterrence' cooperation against N.K. nuke threats
South Korea and the United States agreed Thursday on specific categories of "extended deterrence" cooperation against North Korea's evolving nuclear and missile threats, in a move to fortify the credibility of America's security commitment to its Asian ally. Defense Minister Lee Jong-sup and his U.S. counterpart, Lloyd Austin, reached the agreement at their annual Security Consultative Meeting (SCM) at the Pentagon amid worries that Pyongyang is ready for a fresh nuclear test that will further compound security challenges facing the allies.



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

Inter-Korean military agreement 'dead' after N. Korean saber-rattling
In an unprecedented level of saber-rattling this week, North Korea has launched over two dozen ballistic missiles into the East and Yellow seas, and also fired some 100 artillery shots, violating a symbolic inter-Korean military agreement, again. With the North’s rising hostility and disregard for the 2018 Comprehensive Military agreement, calls are rising for the South to break off the inter-Korean pact that has effectively been invalidated. At the same time, experts warn that Seoul should think carefully about making the first move to scrap the pact, as it would only give Pyongyang an excuse to justify more military provocations.

N. Korea fires three missiles after denouncing US, S. Korea for extending aerial drills
North Korea fired three more short-range ballistic missiles Thursday night, after a top North Korean military official denounced South Korea and the US for extending the “Vigilant Storm” air combat exercise. The South Korean military detected three short-range ballistic missiles being fired from the area of Koksan County in North Hwanghae Province toward the East Sea from 9:35 p.m. to 9:49 p.m., according to the Joint Chiefs of Staff.

S.Korea, US agree to step up coordination in surveilling N.Korea to enhance deterrence
South Korea and the United States on Wednesday agreed to step up coordination in monitoring North Korea in a bid to reinforce the alliance’s deterrence amid North Korea’s continuing saber-rattling, South Korea’s Defense Ministry said. South Korean Defense Minister Lee Jong-sup visited the headquarters of the National Geospatial-Intelligence Agency -- an intelligence and combat support agency under the auspices of the US Defense Department -- during his visit to the US.




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

Gaffes over Itaewon tragedy anger public
While President Yoon Suk-yeol has visited the memorial altar to the victims of the Halloween crowd disaster four days in a row since Monday, the gaffes of his close aides have infuriated the public. Prime Minister Han Duck-soo offered an apology for an inappropriate joke made during a press conference on the incident with foreign reporters at the Korea Press Center, Tuesday. "Regardless of its context, I apologize for making people uncomfortable (with my behavior)," Han said in a statement released by the Prime Minister's Office, Wednesday.


Envoys invited to share condolences for Itaewon tragedy victims
The wounds are still fresh. Korea is reeling from the deadly crowd crush that took the lives of 156 people and injured many others who gathered in the alleys of central Seoul's Itaewon last Saturday for Halloween celebrations. The tragedy is ongoing as families of the victims are gripped by the deep pain of loss and 38 others who were injured during the nightmare are still hospitalized and receiving medical treatment. Among those who lost their lives are 26 foreign nationals from 14 different countries, which has brought messages from around the entire world in mourning for the tragic losses.


BOK in dilemma over another big rate hike
The Bank of Korea (BOK) faces a growing dilemma over whether to take another big step of increasing the key interest rate by 50 basis points during the upcoming rate-setting meeting, as heightened recession fears and a credit crunch in the local bond market still come as a serious burden for the central bank's aggressive tightening despite the U.S. Federal Reserve's latest giant rate hike of 75 basis points, experts said Thursday. The Korean central bank was widely forecast to raise the key rate by half a percentage point again in November amid lingering woes over inflation and a widening rate gap with its U.S. counterpart.



What’s ticking around the world at this second?

See what the world media around the world have to report:

USA Today www.usatoday.com aallman@gannett.com

The New York Times www.nytimes.com inytletters@nytimes.com

Wall Street Journal www.wsj.com support@wsj.com, service@wsj-asia.com

Financial Times www.ft.com ean@ft.com

The Times www.thetimes.co.uk help@timesplus.co.uk

The Sun www.thesun.co.uk talkback@the-sun.co.uk

Chinese People's Daily www.people.com.cn kf@people.cn

China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn

Gwangmyeong Daily www.gmw.cn webmaster@gmw.cn

Japan's Yomiuri www.yomiuri.co.jp japannews@yomiuri.com

Asahi www.asahi.com customer-support@asahi.com

Mainichi www.mainichi.jp

Le Monde www.ilemonde.com

Italy LaRepubblica www.quotidiano.repubblica.it vittorio.zucconi@gmail.com

Germany Frankfurter AllgemeineZeitung www.faz.net anzeigen.ausland@faz.de

SüddeutscheZeitung www.sueddeutsche.de forum@sueddeutsche.de

Australia Brisbane Times www.brisbanetimes.com.au syndication@fairfaxmedia.com.au

Sydney Morning Heraldwww.smh.com.au

Colombia Reports http://colombiareports.com

Bogota Free Planet http://bogotafreeplanet.com, bfp@bogotafreeplanet.com

El Universal http://www.eluniversal.com.mx/english

Andes http://www.andes.info.ec/en

Ecuador Times http://www.ecuadortimes.net

The Jordan Times https://www.jordantimes.com

LSM.lv http://www.lsm.lv/en

The Baltic Times http://www.baltictimes.com lithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com

El Pais http://elpais.com/elpais/inenglish.html

Philippine Daily Inquirer https://www.inquirer.net

Daily News Hungary http://dailynewshungary.com

Budapest Times http://budapesttimes.hu


The Korea Post is running video clips from the different embassies.

Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM

Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s

Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE

And many other countries.

What are you waiting for?
Use us!
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with the following five news outlets, 37 years old this year!

Korean-language Internet edition: http://www.koreapost.co.kr
English-language Internet edition: http://www.koreapost.com
Korean-language print newspaper:
English E-daily: http://www.koreapost.com/news/articleView.html?idxno=10690

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