Thursday, November 17, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
“We will make Uijeongbu a business city with offering many good jobs!”
The slogan that Mayor Kim Dong-geun of the Uijeongbu City put forward right after taking office in July this year an impressive slogan: “Uijeongbu is a city that is good for business and a city with many jobs.”“Even though Uijeongbu City is the central city of the northern Gyeonggi region, there is not a single large company that can represent the region,” Kim said remorsefully. “It is a city where only typical residential facilities are concentrated,” he said.
However, Mayor Kim emphatically and with confidence said: “Uijeongbu is the best place to attract large IT and high-tech industries such as semiconductors from the northern Gyeonggi region.”
Gyeongsangnam-do Gov. Park meets with Hungarian new ambassador to Korea
Governor Park Wan-soo of Gyeongsangnam-do Province met with Hungary's new ambassador to South Korea, Istvan Szerdalheyi, at the reception room of the provincial government on Nov. 14. The meeting was made during Amb. Szerdalheyi’s visit to Gyeongsangnam-do Province, which had a friendly relationship with the Fejér Megye State of Hungary. Governor Park said, "Hungary has been the first Eastern European country to establish diplomatic relations with the Republic of Korea in 1989, and we look forward to continuing to strengthen friendly relations between Gyeongsangnam-do and the Fejér Megye State of Hungary."
Oman to celebrate 52nd National Day on November 18
The Sultanate of Oman will celebrate the 52nd National Day on Friday, the 18th of November. Omani people will mark the Renewed Renaissance and its glorious reign under the leadership of His Majesty Sultan Haitham bin Tarik, who affirmed his constant quest to advance Oman’s modern cultural and economic status and his keenness to make Omani citizens as true partners in their country’s comprehensive development. His Majesty the Sultan’s vision for the future of this benign land reflected positively on the integration of government departments with private sector establishments and civil society institutions.
Chosun Ilbo (http://english.chosun.com)
Korea, China Hold 1st Summit in 3 Years
President Yoon Suk-yeol and his Chinese counterpart Xi Jinping met for the first time on Tuesday on the sidelines of the G20 Summit in Bali, Indonesia. The two leaders discussed ways to strengthen bilateral relations and cooperate in dealing with North Korea's nuclear and missile provocations. In the first summit between the two country's leaders since December 2019, Yoon urged Xi to play an "active and constructive role" in resolving the North Korean nuclear impasse.
Koreans Still Work Longer Hours Than Most Rich Countries
Koreans still worked the fifth-longest hours in the OECD last year with 1,915 hours even though the working week has been capped for some years. In 2011 Koreans worked the longest at 2,136 hours, but the current figure is still 199 hours longer than the average in the 38 OECD member states of 1,716 hours. The reason Korea moved down the rankings is not just that the working week here was capped at 52 hours but also because two other countries with longer work hours -- Costa Rica with 2,073 hours and Colombia with 1,964 hours -- newly joined the rich countries club
Korea Confirms 3rd Monkeypox Case
Korea has confirmed its third case of monkeypox. Health authorities said on Tuesday a Korean national arriving from the UAE on Nov. 4 tested positive for the disease. The patient was asymptomatic after arriving in Korea but came down with a fever and experienced dizziness four days later. The person went to hospital complaining of skin pain another five days later on Sunday and tested positive for monkeypox the following day. The patient was admitted to a hospital in Seoul on Tuesday and has been receiving treatment. The person is reportedly in good condition with mild pain.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Saudi crown prince to meet with president, and possibly business leaders
Saudi Arabian Crown Prince Mohammed bin Salman Al Saud will meet with President Yoon Suk-yeol as early as Thursday in Seoul to explore cooperation on a smart city project, nuclear power and defense. A separate dinner with Korean business leaders is also possible. National Security Adviser Kim Sung-han confirmed Wednesday that the presidential office is now working to determine the specifics of the meeting with the Prince Mohammed, without further information on the exact date or time.
Korea wants to build first Saudi nuclear power plant
Expectations that Korea could build Saudi Arabia’s first nuclear power plant are rising with the visit of Crown Prince Mohammed bin Salman Al Saud, the kingdom’s prime minister, starting Thursday. This is the crown prince's first visit to Seoul since June 2019. Saudi Arabia has shown significant interest in Korean technology since it was used to build the Middle East’s first nuclear reactor in United Arab Emirates. That project in Barakah was landed by Korea in 2009 and went on line in April 2021.
Time is ripe for Korea to sell Saudi Arabia more weapons
The visit of Saudi Arabia's Crown Prince Mohammed bin Salman is being closely watched for clues as to whether Riyadh and Seoul will negotiate new deals for Korean weapons, following up on contracts signed earlier this year.
The Middle Eastern kingdom, which is the world’s largest weapons purchaser, is said to have expressed interest in the past for advanced air defense systems from Korea, according to industry analysts. According to domestic media reports, Hanwha Defense Co., an affiliate of Hanwha Group, is seeking to sell weapons such as Biho-II, an anti-aircraft defense system, to Saudi Arabia.
The Dong-A Ilbo (http://english.donga.com/)
Donald Trump officially announces 2024 presidential run
Former President Donald Trump announced Tuesday that he would run for the Republican presidential nomination in 2024. “In order to make America great and glorious again, I am tonight announcing my candidacy for president of the United States,” Trump told a crowd. Trump has become the third former president to run again, following Grover Cleveland and Theodore Roosevelt. His announcement marks Donald Trump’s third White House run, following ones made in 2016 and 2020.
Female PPP lawmakers call for resignation of a DP lawmaker
The female lawmakers of the People Power Party are calling for the resignation of the Democratic Party of Korea’s supreme council member Jang Kyung-tae who made a comment referring to First Lady Kim Keon-he’s overseas visit as ‘poverty porn.’ However, Jang said he had no intention of apologizing at all. The female lawmakers of the People Power Party are calling for the resignation of the Democratic Party of Korea’s supreme council member Jang Kyung-tae who made a comment referring to First Lady Kim Keon-he’s overseas visit as ‘poverty porn.’ However, Jang said he had no intention of apologizing at all.
Fed vice chair says it may soon be appropriate to slow rate hikes
“I think it will probably be appropriate soon to move to a slower pace of rate increases,” said Federal Reserve Vice Chair Lael Brainard in a live interview with Bloomberg News. Pundits suggest her remarks hint at the possibility that the Fed might shift the gear down from the giant step (an increase of 0.75 percentage points of base rate) to the big step (an increase of 0.5 percent points). “There are likely to be lags, and it’s going to take some time for that cumulative tightening to flow through,” she said, explaining the rationale behind the adjustment.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
S. Korea to cap power wholesale price gains to ease deficit-ridden KEPCO
From next month, South Korea will set a cap on rises in wholesale power rates every month reflecting market conditions to relieve state power monopoly sinking under colossal debt and deficit. According to sources on Wednesday, the Ministry of Trade, Industry and Energy will introduce a monthly cap on system marginal price (SMP), the rate Korea Electric Power Corp. (KEPCO) pays to power generators from Dec. 1. The move is to help KEPCO mired in a deficit of 22 trillion won ($16 billion) as of September due to the yawning difference in its rates charged for power and buys from generators amid spike in fuel cost.
Korean consortium to build $6.5 bn clean fuel resource plant in Saudi Arabia
South Korea public utility and private companies are teaming up to see through a project to build ammonia and green hydrogen production facility worth an estimated $6.5 billion in Saudi Arabia’s Neom smart and clean city, timed with Saudi crowned prince Mohammed bin Salman AI Saud’s visit to Seoul. Korea Electric Power Corp. (KEPCO), Korea Southern Power Co., Korea National Oil Corp., Samsung C&T and POSCO Holdings will sign a memorandum of understanding Thursday with Saudi Arabia’s sovereign wealth fund Public Investment Fund on the plant to be a part of the Neom city project, according to unidentified industry sources.
Hyundai Samho Heavy ascends to No. 3 in order book ahead of IPO
Hyundai Samho Heavy Industries has stood out among HD Hyundai family of top shipyards with annual order book swelling at $8.1 billion, greater than last shipbuilding boon year of 2007 for impressive scorecard ahead of the initial public offering. Thanks to its LNG focus, Hyundai Samho Heavy Industries has booked $8.1 billion orders for this year, exceeding its last best result of $7.4 billion in 2007. Its bigger sibling Hyundai Heavy Industries won orders of $10.5 billion, below its 2007 record of $15.8 billion.
HanKyoReh Shinmun (http://english.hani.co.kr)
Yoon, Xi meet for first in-person summit in Bali
President Yoon Suk-yeol and Chinese leader Xi Jinping held their first summit on Tuesday in Bali, Indonesia, on the sidelines of the G-20 summit, in which they discussed issues including North Korea’s nuclear weapons program and strengthening exchange and cooperation between their respective countries. Yoon asked Xi for China to play an “active, constructive role” in responding to North Korea’s threats, while Xi stuck to the principle that South Korea should be the party actively working to improve inter-Korean relations.
Xi hits back at SK-US-JP partnership, criticizing “politicizing” of economic cooperation
Tuesday’s summit between South Korean President Yoon Suk-yeol and Chinese President Xi Jinping in Bali, Indonesia, was significant in that the leaders of the two countries sat down for the first time since December of 2019 — two years, 11 months ago — and pledged to improve the bilateral relationship and strengthen communication. However, during the short, 25-minute talk, the two leaders revealed differences regarding several pending issues, including the North Korean nuclear and missile threat and the reorganization of the US-led supply chain network.
Yoon’s SE Asia trip tainted by scandals over constraints on free press
President Yoon Suk-yeol’s tour of Southeast Asia from Nov. 11 to 16 has been tainted with controversy over restricting and taming the press, particularly regarding the banning of journalists from a particular media company from the presidential airplane, the closed-door nature of Yoon’s major bilateral talks, and his separate chat with friendly journalists in the president’s reserved space on the plane. Observers say the controversy is the result of Yoon’s poor understanding of what constitutes “the public” and his narrow-minded view of the media.
The KyungHyangShinmun (http://english.khan.co.kr/)
An 84m2 Dunchon Jugong Apt. to Cost More than 1.3 Billion Won: 38.29 Million Won Per 3.3m2
The Dunchon Jugong Apartment in Gangdong-gu, Seoul, the largest reconstruction project in the history of South Korea, will be sold to the general public at 38.29 million won per 3.3m2. The Housing Price Review Committee at the Gangdong-gu Office notified the price to the Dunchon Jugong Reconstruction Association on November 16. The Association had originally proposed the price of 41.8 million won per 3.3m2, but is expected to accept the price set by the district office without much protest.
“They Tend to Think It Is Happier to Live Alone” Na Kyung-won Criticizes MBC’s “I Live Alone”
Na Kyung-won, vice chairperson of the Presidential Committee on Aging Society and Population Policy mentioned the MBC TV show, I Live Alone and said, “I think they tend to think that it is happier to live alone.” Na appeared on the KBS radio show, Choi Gyeong-yeong’s Power Current Affairs on November 16 and spoke on the problems of an aging society and the low birth rate. She said, “Policies are important, but the most important thing is social perception.” On the show, Na said, “I heard there was a program called I Live Alone,”
Former Defense Minister Suh Wook Released, Pulling the Brakes on the Investigation of the “Masterminds” Behind the Yellow Sea Murder Case
On November 8, the court released Suh Wook (pictured), former minister of national defense, who was arrested for his involvement in the murder of a civil servant in the Yellow Sea. He was released seventeen days after his arrest. This may pull the brakes on the prosecutors’ investigation, which was heading toward high-ranking officials in Moon Jae-in’s Cheongwadae. On Tuesday, the Criminal Appeal Division 5-2 (chief judges Won Jeong-suk, Jeong Deok-su, Choi Byeong-ryul) of the Seoul Central District Court held a habeas corpus proceeding requested by Suh and released the former minister on condition that he pay a deposit of 100 million won. A habeas petition is a request made by the suspect detained during an investigation asking the court to review the need for the detention.
UN Third Committee Adopts N. Korea Human Rights Resolution for 18th Straight Year
The Third Committee of the UN General Assembly adopted a resolution on Wednesday condemning human rights violations by North Korea. The Third Committee, in charge of human rights issues, held a meeting at the UN headquarters in New York and passed the resolution, the 18th of its kind since 2005, by consensus without a vote. With European Union countries taking the lead and South Korea co-sponsoring for the first time in four years, the resolution will be presented to the plenary session of the General Assembly next month.
US Reiterates China's Obligation to Urge N. Korea to Act Responsibly
The U.S. State Department has called on China to join efforts to dissuade North Korea from engaging in provocation. Vedant Patel, principal deputy spokesperson for the department, said in a press briefing on Wednesday that the U.S. is ready to engage along with China, South Korea and Japan to advance dialogue and serious diplomacy regarding the North's nuclear and missile threats. The spokesperson said that the U.S. must limit the North's ability to advance its unlawful ballistic missiles program and its weapons of mass destruction program, reaffirming the goal of complete denuclearization of the Korean Peninsula.
S. Korea, US Hold Working-level Talks on N. Korea Cyber Threats
South Korea and the United States held working-level talks on Wednesday to discuss responses to cyber threats from North Korea. Seoul's foreign ministry said Lee Tae-woo, director-general of the ministry's North Korean nuclear affairs bureau, met with his U.S. counterpart, Deputy Special Representative for North Korea Jung Pak, and about 60 diplomatic, security and intelligence officials from both countries. The officials reportedly shared updates on the situation involving North Korean information technology(IT) experts dispatched overseas to earn foreign currency working in their field, with the funds being used for the North's nuclear and missile projects.
Police launch probe into media outlets over disclosure of names of crowd crush victims
Police launched an investigation Wednesday into two online media outlets that disclosed a list of victims of the Itaewon crowd crush without the consent of bereaved families. On Monday, Mindeulle and the Citizen Press released the names of 155 deceased victims of the Oct. 29 tragedy that killed at least 158 people during Halloween celebrations. A Seoul city councilman and some conservative civic groups filed separate complaints against the news services on the charge of violation of the Personal Information Protection Act.
Nat'l college entrance exam to kick off
More than half a million students were set to sit for the college entrance exam on Thursday, the nation's most important annual academic event that includes an English listening test during which all airplane takeoffs and landings are banned nationwide. A total of 508,030 high school seniors, graduates and others signed up to take the state-administered College Scholastic Ability Test (CSAT), a nine-hour five-session exam, held at some 1,300 test sites across the country. It is the third CSAT the country has held since the onset of the COVID-19 pandemic in early 2020
Yoon to meet with Saudi crown prince
President Yoon Suk-yeol will meet with Saudi Arabia's Crown Prince Mohammed bin Salman in Seoul on Thursday, his office said. The two are scheduled to hold talks followed by lunch. Discussions are expected to focus on ways to enhance economic cooperation between the two countries, with South Korean businesses eager to win construction projects in Neom, a Saudi smart city project overseen by the crown prince.
The Korea Herald (http://www.koreaherald.com)
Yoon-Xi summit reveals gap in approach to North Korea
The first Seoul-Beijing summit in three years laid bare the differences in the two sides' approach to North Korea, experts say. President Yoon Suk-yeol and Chinese President Xi Jinping held a 25-minute talk in Indonesia during the G20 Summit on Tuesday. It has been three years since the last Korea-China summit was held at the Great Hall of the People in Beijing, during the former Moon Jae-in government.
South Korea, US vow to strengthen cooperation to counter NK threats in cyberspace
#South Korea, US vow to strengthen cooperation to counter NK threats in cyberspace North Korea funneled $1b for its nuclear programs through cyber crypto heists. South Korea and the United States vowed to strengthen cooperation to counter North Korean threats in cyberspace Wednesday, after news that the reclusive state reaped billions of dollars in cryptocurrency scams to fund its nuclear program.
Yoon in hot water over strained media relations
President Yoon Suk-yeol is once again facing controversy over his interaction with the media during an overseas trip. Yoon returned home Wednesday from a trip to Cambodia and Indonesia where he attended a series of multilateral and bilateral summits. However, his actions on the international stage are again being overshadowed by actions taken by himself and his office in dealing with the media. Yoon’s six-day trip kicked off Friday amid a prolonged confrontation with MBC.
The Korea Times (http://www.koreatimes.co.kr)
Saudi crown prince's visit to bring opportunities for Korean companies
Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman Al Saud will visit Korea today with his itinerary packed with meetings with Korea's President Yoon Suk-yeol as well as high-profile business leaders. His visit centers on seeking partnerships for Neom, a project initiated by the crown prince back in 2017. The $500 billion (657 trillion won) project aims to develop eco-friendly and smart cities covering a total of 26,500 square kilometers in Saudi Arabia's northwestern Tabuk Province near the Red Sea.
Relations with China grow trickier after Yoon-Xi summit
The summit between South Korean President Yoon Suk-yeol and Chinese President Xi Jinping on Tuesday served its role of creating momentum to improve tangled Seoul-Beijing relations, but at the same time showed that the two countries' differences on key diplomatic issues are at a standstill after a three-year hiatus in their summit diplomacy. Experts said the summit left South Korea with the difficult task of looking for ways to renew its relations with China in a productive way while strengthening its commitment to the alliance between Seoul, Washington and Tokyo.
Korea moves closer to becoming global semiconductor hub
Korea is moving to become a hub for the semiconductor industry, as global chip companies are building their facilities here one after another. As part of its efforts, ASML, the Netherlands-based semiconductor equipment maker, held a groundbreaking ceremony to build its facility in Hwaseong, Gyeonggi Province, Wednesday. ASML is the only company in the world that can produce extreme ultraviolet lithography (EUV) equipment, an essential tool for manufacturing ultra-fine chips smaller than 7 nanometers. Korea's top memory chip makers ― Samsung Electronics and SK hynix ― are some of the biggest clients of the Dutch company, as Korea accounted for over 30 percent of its total sales as of 2021.
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