Monday, November 14, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
President Yoon Suk-yeol expected to have Korea-Saudi Summit in Seoul on Nov. 17
President Yoon Suk-yeol is expected to meet with Crown Prince Mohammed bin Salman of Saudi Arabia at the Presidential Office in Yongsan on October 17 this year. The plan to cooperate with the world's largest construction project 'Neom City' in Saudi Arabia is expected to be on the main agenda for discussion between the two Heads of States. According to the Presidential Office in Seoul on November 8, Crown Prince bin Salman is expected to visit Seoul after attending the G20 Summit in Bali, Indonesia on November 15-16 this year.
Chairman of Taihan Electric Wire of Hoban Group discusses with Saudi Investment Minister for local business promotion
The Taihan Cable & Solution Co., Ltd. (CEO Na Hyung-gyun) announced on November 13, 2022 that the company leaders had met with Minister Khalid A. AlFalih of Investment of Saudi Arabia, who was visiting Korea on the afternoon of the November 11 to discuss the company’s plans for investment and business expansion in Saudi Arabia. According to Public Relations Manager Park Bo-ra of Taihan, Minister Al-Faleh visited Korea to commemorate the 60th anniversary of diplomatic relations between Korea and Saudi Arabia.
President Yoon meets with German President to seek economic, security cooperation
President Yoon Suk-yeol held a summit with German President Frank-Walter Steinmeier at the Office of the President in Seoul's Yongsan-gu District on Nov. 4. President Steinmeier arrived for an official three-day trip in Korea on Nov. 3 as the first European leader to visit since the launch of the Yoon administration on May 10. In an opening statement before the summit, President Yoon said, "Korea and Germany have maintained a special relationship by sharing their experience of success in overcoming the ruins of war to achieve incredible economic development as well as share the pain of national division."
Chosun Ilbo (http://english.chosun.com)
Budget Airlines Expand to Longer-Haul Flights
Low-cost carriers are putting their larger aircraft on mid to long-distance routes and hauling cargo after the coronavirus pandemic took a toll on their earnings. Their mainstay used to be cheap regional flights, but China remains mostly locked down while demand for other destinations is recovering slowly. T'way Air will start flying to Sydney on Dec. 23, its first long-distance route. T'way Air bought three Airbus A330-300 passenger planes in the first half of this year, each capable of carrying 347 passengers for longer routes.
Growth Forecasts Shrink as Exports Fizzle
The state-run Korea Development Institute on Thursday slashed its economic growth forecast for Korea next year from 2.3 percent to 1.8 percent due to "slowed export growth and lackluster investments." The only other times growth fell below two percent were in 2020, at the height of the coronavirus pandemic, the global financial crisis in 2008, the Asian financial crisis in 1997 and the second oil shock in 1980. Other analysts are also cutting their projections. The state-run Korea Institute of Finance expects Korea's economy to grow just 1.7 percent next year, the government still predicts 2.5 percent growth, and the Bank of Korea forecasts 2.1 percent.
Korean-American Lawmaker Reelected for 3rd Time
Korean-American representative Andy Kim was reelected Tuesday to a third term in New Jersey's Third Congressional District, defeating Republican Bob Healey. A Democrat, Kim was first elected as a House representative for the district in 2018. The only other Korean-American representative to win three times was Republican representative Kim Chang-joon in 1996. Kim captured the attention of voters by picking up trash after supporters of former U.S. President Donald Trump stormed the Capitol. The latest win is expected to consolidate his standing within the Democratic Party.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Yoon, Biden, Kishida vow to reinforce extended deterrence against North
The leaders of South Korea, the United States and Japan vowed to reinforce extended deterrence against North Korea on Sunday and urged the international community to abide by sanctions. The call was made by South Korean President Yoon Suk-yeol, U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida in Phnom Penh as they met in a trilateral summit on the sidelines of the Association of Southeast Asian Nations (Asean) summits. In a joint statement issued to the press after the meeting, the three leaders warned against a seventh nuclear test by North Korea, stressing that if Pyongyang carries out another test, it would face a strong and firm response from the international community.
National treasure conservation projects finally see the limelight
hirteen pieces of traditional Korean masks, known as the Hahoe Mask and Byeongsan Mask of Andong, are state-designated national treasures. But these important cultural heritages that are supposed to be placed carefully inside a showcase at the Hahoe Mask Museum in Andong, North Gyeongsang, were instead lying on a desk, out in the open, at the National Research Institute of Cultural Heritage in Daejeon on Nov. 3.“Wow, is this really the national treasure we learned about in school?” said Lim So-hyung, a university student majoring in Conservation Science of Cultural Heritage at Kongju National University. “The traces of time are evident as I look at the masks up close. It’s amazing to see the detail of craftsmanship as well.”
IFEZ envisages Incheon soaring as a truly global city
Kim Jin-yong, the Incheon Free Economic Zone (IFEZ) commissioner, wants Incheon to become a truly global city like Hong Kong and Singapore. He is the first commissioner of the IFEZ to serve a second term, which started in September. Kim served as the IFEZ chief between 2017 and 2019. Incheon is the country’s oldest free economic zone. The commissioner stressed his determination to make Incheon’s free economic zone more business friendly to attract more foreign companies. He wants to lift regulations with the help of the government.
The Dong-A Ilbo (http://english.donga.com/)
Democrats’ victory in Nevada allows for party’s dominance in Senate
The Democratic Party picked up a seat in the Senate in a hard-won battle against the Republican Party in Nevada, making it possible for President Joe Biden and the ruling DP to keep control of the Senate in the midterm elections. Democratic Senator Catherine Cortez Masto beat up Republican candidate Adam Laxalt in Nevada, according to reports from local media outlets, including CNN and The New York Times, on Saturday (local time), allowing the ruling party to obtain 50 seats, half the Senate.
US to expand strategic asset deployment to counter N.K.’s provocations
‘Military and security presence’ mentioned by the White House means the practical strengthening of U.S. forces stationed in Korea, going beyond the expansion of military drills between South Korea and the U.S. and among South Korea, the U.S., and Japan. Accordingly, some watchers say the Joe Biden administration could increase the operational combat forces of the US troops stationed in South Korea and Japan through the expansion of rotational deployment of U.S. troops by going beyond the deployment of American strategic assets in the event the North conducts a seventh nuclear test.
Ashes of patriots Lee Han-ho, Hong Jae-ha to return to home country
The ashes of patriots Lee Han-ho (1895-1960) and Hong Jae-ha (1892-1960), who dedicated their lives to the independence of Korea overseas, will return to their country in 62 years. The Ministry of Patriots and Veterans Affairs is also working to have back the ashes of patriot Hwang Ki-hwan who served as a sojourning employee at the London office of the Provisional Government of the Republic of Korea’s Ministry of Foreign Affairs and inspired a character named Eugene Choi in South Korean TV series “Mr. Sunshine.”
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korea’s M&A scene in a standstill as financing rate nears double digits
The merger and acquisition market in South Korea has entered a wintry season as funds dried up amid rapid rises in borrowing rates. According to multiple sources from the investment bank industry on Thursday, the consortium of The Carlye Group backed by Korean conglomerate GS Group of Korea has lost the preferential status to buy Medit Corp., leading dental scanner developer, as it failed to narrow difference in the terms with the seller during the exclusive negotiation period,.
Korean brokerage major to up bond rescue program to $1.5 bn
Nine securities majors of South Korea have agreed to extend the ceiling of a fund to aid liquidity woes of smaller peers to 2 trillion won ($1.5 billion), four times bigger than original 450 billion won. Mirae Asset Securities, NH Investment & Securities, Korea Investment & Securities, and six other big brokerage houses on Thursday have launched a specific purpose vehicle with the initial capital of 450 billion won by each pitching in 50 billion won.
Korea’s Nov 1-10 exports fall 2.8% and imports 6.1% on slowed chipmaking
South Korea’s exports fell 2.8 percent while imports dipped by greater pace during the first 10 days of November to imply slowed global demand starting to impact manufacturing activity of exporters. According to the Korea Customs Service on Friday, the country’s exports amounted $17.75 billion from Nov. 1 to 10, down 2.8 percent from the same period a year ago. Daily exports averaged at $2.08 billion, down 2.8 percent on year, with 8.5 working days.
HanKyoReh Shinmun (http://english.hani.co.kr)
I awoke one morning and found Korea less advanced
Recently, South Korea seems to have reached a point where the functions of the state in almost all fields, including politics, foreign policy, society, and economy, are not working properly. A series of recent events have proven that there is a big hole in the country’s state management system. Last year, a book titled “Advanced Country Already, But Not Yet” drew much attention in Korea. This year, however, everyone seems to be talking about South Korea as an “underdeveloped country.”
S. Korea-US-Japan summit set for Sunday
President Yoon Suk-yeol, who is scheduled to leave for a six-day trip to Cambodia and Indonesia on Friday, will hold a trilateral summit with President Joe Biden of the US and Prime Minister Fumio Kishida of Japan on Sunday. The summit will likely focus on responses to North Korea’s continued shows of force and measures for trilateral security cooperation. This will be the first summit for the three nations in five months, following the one that took place on the sidelines of the NATO summit in Madrid, Spain, in June.
Announcement: Hankyoreh reporters will not board presidential jet to cover Yoon’s SE Asia tour
The Hankyoreh decided on Thursday to not fly on the presidential jet to cover President Yoon Suk-yeol’s tour of Southeast Asia, which he leaves for on Friday to return Wednesday. The decision is based on the Hankyoreh’s conclusion that the presidential office’s decision to ban MBC reporter from making use of the jet for the trip — a decision based on the office’s claims that the broadcaster is guilty of “repeated distorted and biased coverage of foreign policy issues” — is an anti-constitutional attempt to suppress the media.
The KyungHyangShinmun (http://english.khan.co.kr/)
Kyunghyang Shinmun’s Position on the Office of the President’s Decision to Ban MBC Reporters from Boarding Code One
On November 10, the Kyunghyang Shinmun decided not to board the presidential plane (Code One) when covering President Yoon Suk-yeol’s upcoming ASEAN and G20 summit meetings. On November 9, the Office of the President banned MBC reporters from boarding the presidential plane during President Yoon Suk-yeol’s trip to Southeast Asia on grounds that they repeatedly “published distorted and biased news on foreign affairs recently.” The Kyunghyang Shinmun judged this decision to be an unfair act that violates the freedom of the press. Journalists boardthe presidential plane to cover the official activities of the president, the chief executive of state affairs.
Prosecutors, “Kim Yong Pressed Yoo Dong-kyu for Money When Kim Man-bae Refused to Provide Campaign Funds for Presidential Primary”
In a document of criminal charges against Kim Yong, vice president of the Institute for Democracy--a think tank affiliated to the Democratic Party of Korea (DP)--prosecutors wrote that Kim pressed former director of the Seongnam Development Corporation (SDC) Yoo Dong-kyu (Yoo Dong-gyu) for money to fund Democratic Party leader Lee Jae-myung’s bid in the presidential primary. Prosecutors charged Kim with receiving illegal campaign funds. They believe that attorney Nam Wook, a developer in the Daejang-dong project, asked Kim Yong for business favors and that Kim accepted the request. Kim fiercely denied the allegation saying, “I will stop the prosecutors from writing fiction.”
President Yoon Denies MBC a Seat on Code One, “Our National Interest Is at Stake in the Overseas Trip”
On November 10, President Yoon Suk-yeol spoke on the latest decision to ban MBC reporters from boarding the presidential plane, Code One, in his upcoming trip to Southeast Asia. He said, “The reason the president spends a lot of taxpayers money to make a trip overseas is because important national interests are at stake, and the convenience was offered to journalists, to help them cover foreign affairs and security issues.” He asked the public to understand the latest decision in this aspect. Earlier, the Office of the President announced that it would ban MBC reporters from boarding the presidential plane, which will depart on November 11 for the president to attend ASEAN-related meetings and a G20 summit.
Yoon, Biden Agree to Use Every Available Means to Respond to N. Korean Nuke
The top leaders of Seoul and Washington have reaffirmed the U.S.’ commitment to strengthening extended deterrence against growing North Korean threats and agreed to continue closely discussing related measures.
Seoul’s presidential office said Presidents Yoon Suk Yeol and Joe Biden reached the agreements during their summit in Cambodia on Sunday on the sidelines of a host of multilateral summits involving the Association of Southeast Asian Nations(ASEAN). During the 50-minute bilateral summit, Yoon and Biden shared serious concerns over the North’s missile provocations and agreed to maintain and strengthen watertight coordination and joint defense posture.
Pres. Yoon Arrives in Bali to Attend G20 Summit
President Yoon Suk Yeol arrived in Indonesia on Monday for the second leg of his Southeast Asia tour that brings him to the island of Bali for the G20 summit the following day. The presidential plane landed in Bali early Monday morning after Yoon wrapped up a series of summits with member states of Association of Southeast Asian Nations(AEAN), the U.S. and Japan in Cambodia, according to the presidential office. Later in the day, he will attend the Business 20(B20) summit of business groups and entrepreneurs from G20 member nations and deliver a keynote speech there before taking part in a business roundtable between South Korea and Indonesia.
Death Tally of Itaewon Crowd Crush Rises to 158
The number of the deaths from the fatal crowd crush in Itaewon late last month has risen to 158 after the passing of another person injured in the disaster on Sunday. According to the Central Disaster and Safety Countermeasures Headquarters, a South Korean woman in her 20s died and was included in the death tally last updated as of 11 p.m. Sunday. The authorities said the funerals are under way for the latest victim and another person recently pronounced dead after sustaining serious injuries in the October 27 tragedy, while the funerals for the other 130 Korean victims entered the final stages.
Yoon arrives in Indonesia for G-20 summit
President Yoon Suk-yeol arrived in Bali, Indonesia, late on Sunday for a three-day visit that will include his attendance at a Group of 20 (G-20) summit and various business events. In Bali, Yoon will continue his two-nation tour that took him first to Phnom Penh, Cambodia, for summits involving the Association of Southeast Asian Nations, and separate summits with the leaders of the United States, Japan, Cambodia, Thailand and the Philippines. On Monday, Yoon will take part in a South Korea-Indonesia business roundtable and a B20 summit involving businesses from the G-20 nations.
Looking to do nation proud, S. Korean players depart for Qatar
South Korean players competing at the upcoming FIFA World Cup will try to make their supporters proud, head coach Paulo Bento said Sunday night, hours before the team traveled to the host country, Qatar. Bento announced his 26-man roster for the big tournament Saturday afternoon in Seoul. Of those, 18 players were to take a 12:25 a.m. Monday flight to Doha. They will be joined by eight players flying in from Europe, including Son Heung-min of Tottenham Hotspur, later in the week.
Yoon, Biden vow to respond with overwhelming force if N.K. uses nuclear weapons
President Yoon Suk-yeol and U.S. President Joe Biden warned Sunday the two countries will respond with "overwhelming force using all available means" should North Korea use nuclear weapons. The leaders reached the agreement during a one-on-one summit held in Phnom Penh on the sidelines of regional gatherings amid heightened tensions in the wake of North Korea's unprecedented provocations and concerns the regime could conduct its seventh nuclear test. "The two leaders shared their serious concern over North Korea's recent unprecedented and aggressive provocations, and agreed to maintain and strengthen the seamless coordination and firm combined defense posture between South Korea and the U.S," Yoon's office said in a press release.
The Korea Herald (http://www.koreaherald.com)
Korea, US, Japan leaders agree to strengthen cooperation against NK threats
The leaders of South Korea, the US and Japan met on the sidelines of the ASEAN Summit in Cambodia on Sunday afternoon, expressing concerns about North Korea’s continued provocations and agreeing to strengthen the trilateral cooperation against the threats. They released a joint statement promising to strengthen deterrence against the North and share real-time information on its missiles among the three countries. "North Korea is making more hostile and offensive provocations based on confidence in its nuclear and missile capabilities," President Yoon Suk-yeol said in a speech at the multilateral summit.
Why and how should S. Korea, US retool alliance in face of China challenge?
South Korea and the US should move toward retooling their alliance to collectively counter the challenge from China, including in relation to Taiwan, according to Randall Schriver, a top Asia policy official in the Pentagon during the previous Donald Trump administration. Schriver took note of the alliance’s imperative to focus on countering escalating and existential North Korean threats and to preserve deterrence on the Korean Peninsula. But South Korea and the US should expand the scope of strategic focus to meet key shared challenges in the Indo-Pacific region, including the protection of sovereignty and free and open maritime commons -- waters navigable to all -- without overlooking the big picture.
Hyundai Motor chief urges bold action on climate change, energy poverty at B-20
Hyundai Motor Group Executive Chair Chung Euisun on Sunday urged global action to tackle climate change and energy poverty at the 2022 Business 20 summit of business groups and entrepreneurs that precedes the Group of 20 summit held on the Indonesia island of Bali from Tuesday. The B-20 is an official G-20 dialogue forum formed to facilitate a delivery of policy recommendations to the leaders to G20. This year’ s G-20 will be held under the theme of “Advancing Innovative, Inclusive and Collaborative Growth.” While speaking during the B-20 Summit’s "Energy, Sustainability & Climate and Finance & Infrastructure" session, Chung stressed the need for businesses and governments to make bold decisions, using their leadership.
The Korea Times (http://www.koreatimes.co.kr)
Yoon, Biden, Kishida agree to strengthen extended deterrence against North Korea
South Korean President Yoon Suk-yeol, U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida agreed to strengthen trilateral cooperation to thwart North Korea's escalating missile and nuclear threats during a trilateral summit in Cambodia, Sunday. The three leaders held a flurry of summits among them amid North Korea's escalating provocations in recent weeks. "North Korea has been staging more hostile and assertive provocations than ever before," Yoon said during the three-way summit held on the sidelines of the East Asia Summit in Phnom Penh.
Yoon arrives in Indonesia for G-20 summit
President Yoon Suk-yeol arrived in Bali, Indonesia, late on Sunday for a two-day visit that will include his attendance at a Group of 20 (G-20) summit and various business events. In Bali, Yoon will continue his two-nation tour that took him first to Phnom Penh, Cambodia, for summits involving the Association of Southeast Asian Nations, and separate summits with the leaders of the United States, Japan, Cambodia, Thailand and the Philippines. On Monday, Yoon will take part in a Korea-Indonesia business roundtable and a B20 summit involving businesses from the G-20 nations.
Yoon says NK denuclearization is precondition for peaceful Indo-Pacific
President Yoon Suk-yeol said Sunday that North Korea's denuclearization is a precondition for peace in the Indo-Pacific region and that South Korea remains prepared to provide unsparing assistance should the North decide to denuclearize. Yoon made the remarks during an East Asia Summit in Phnom Penh, which brought together the leaders of member states of the Association of Southeast Asian Nations and eight dialogue partners, including South Korea, the United States, Japan and China.
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