Monday, March 13, 2023
Round-up of important news from major Korean dailies and from international media today

 

The Korea Post ( www.koreapost.com )

World Expo 2030 Busan Bid Committee signs MOU with Busan City, Lotte for joint promotion
The Ministry of Trade, Industry and Energy (MOTIE) announced on March 8 that the Bid Committee for World Expo 2030 Busan signed a cooperation memorandum of understanding (MOU) with Busan Metropolitan City and Lotte Holdings for promotion of Korea’s bid to host World Expo 2030 in Busan. The main purpose of the cooperation MOU is to prepare for local due diligence by the Bureau International des Expositions (BIE), which will take place April 3-7, and to draw nationwide interest and support for World Expo 2030 Busan.

 

LG Electronics establishes R&D subsidiary in Vietnam
LG Electronics’ R&D center in Vietnam has officially become an R&D subsidiary in a move aimed at strengthening LG’s rapidly growing electric vehicle related business. The opening ceremony for the new subsidiary was held on March 8 in Hanoi, Vietnam. Among those in attendance were Nguyen Le Hung, deputy director of High Technology Department of Ministry of Science and Technology in Vietnam, Oh Young-ju, ambassador at Embassy of the Republic of Korea in Vietnam, and Lee Sang-yong, senior vice president of R&D Laboratory at LG Electronics Vehicle component Solutions (VS) Company.

 

I play a significant role in providing a window into socio-cultural aspects of India”
I think that the role of the spouse and family of a diplomat is quite unique. While the professional diplomats represent their country, the spouse and the family also play an important role,” said Surabhi Kumar, spouse of Ambassador Amit Kumar of India in Seoul. In an interview with The Korea Post media, publisher of 3 English and 2 Korean language news publications since 1985, Madam Kumar said, “As the spouse of a career diplomat, I play a significant role in representing my country and in providing a window into socio-cultural aspects of India.

 

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Chosun Ilbo (http://english.chosun.com)

Cross-River Cable Car Among New Attractions for Seoul
A cable car crossing the Han River from Jamsil to Tteukseom is among several grand projects with which Seoul hopes to make itself more attractive to visitors. Seoul Mayor Oh Se-hoon announced the projects on Thursday, which consist of several fashionable new landmarks in the capital. "We will pursue the projects mostly with private-sector funding to ensure huge sums of money don't have to come from the city coffers," Oh said. Cable cars have become popular attractions in cities around the world. The Jamsil-Tteukseom gondolas will travel a distance of 1.6 km at a speed of 4 to 5 m/s, offering panoramic views of the river below during the six-minute journey.


Yoon to Visit Tokyo Next Week
President Yoon Suk-yeol will visit Japan on March 16-17 at the invitation of the Japanese government and meet with Japanese Prime Minister Fumio Kishida, the presidential office said Thursday. The last time a Korean president visited the island country was in June 2019. The presidential office here said that means shuttle diplomacy, where the heads of the two countries visit each other every year for a summit, will resume after a 12-year hiatus, making the trip "an important milestone for the improvement and development of bilateral relations."

 

U.S. Firms to Pay into Fund for Korean Victims of Wartime Forced Labor

The American Chamber of Commerce in Korea has pledged donations to a government fund that will be set up to compensate Korean victims of wartime forced labor under Japanese rule. This will pose some pressure on Japanese firms under the Korean government's plan to seek business donations to compensate the victims. AMCHAM chairman James Kim said in a meeting with Finance Minister Choo Kyung-ho Wednesday, "I would like to take this opportunity to welcome the historic agreement announced by the Korean and Japanese governments concerning the conclusion of discussions on sensitive historical issues."

 

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

North fires two submarine-launched ‘strategic cruise missiles’ on Sunday
North Korea fired two submarine-launched “strategic cruise missiles” on Sunday, the North’s Korean Central News Agency (KCNA) said. The missiles were fired from 8.24 Yongung in waters off Kyongpho Bay in the East Sea, the KCNA reported on Monday morning. "The drill confirmed the reliability of the weapon system and examined the underwater-to-surface offensive operations of submarine units that constitute one of other major forces of the DPRK nuclear deterrent," the KCNA said in an English report. DPRK refers to North Korea's official name.

 

North fires two submarine-launched ‘strategic cruise missiles’ on Sunday
North Korea fired two submarine-launched “strategic cruise missiles” on Sunday, the North’s Korean Central News Agency (KCNA) said. The missiles were fired from 8.24 Yongung in waters off Kyongpho Bay in the East Sea, the KCNA reported on Monday morning. "The drill confirmed the reliability of the weapon system and examined the underwater-to-surface offensive operations of submarine units that constitute one of other major forces of the DPRK nuclear deterrent," the KCNA said in an English report. DPRK refers to North Korea's official name.

 

Ball in Japan's court after Korea's gesture on forced labor issue
As President Yoon Suk Yeol’s visit to Tokyo nears, the heat is on Japan to reciprocate following Korea's gesture on the forced labor issue. Yoon’s office on Sunday stressed that its recent decision to compensate Korean victims of Japan’s wartime forced labor through a Seoul-backed public foundation was a show of “resolve” to normalize ties. In a YouTube short-form video, the president's office said it was high time that Seoul and Tokyo “revitalize” relations on security, the economy and cultural exchanges, saying Yoon accepts “full responsibility” for his policy decisions.

 

 

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

Silicon Valley Bank’s sudden collapse causes fear over 'Black Monday'
Silicon Valley Bank (SVB), the primary bank of U.S.-based tech companies, collapsed 48 hours after a bank run. The bank with 277 trillion won in assets failed suddenly while trying to respond to a sharp decline in the value of government bonds due to a rapid interest rate rise. Global start-up companies are calling for governments’ emergency support in fear of bankruptcy. The Department of Financial Protection and Innovation in California shut down SVB on Friday morning (local time) and named the Federal Deposit Insurance Corporation (FDIC) as the receiver.

 

Tower crane drivers subject to license suspension after unfaithful work
Tower crane drivers are subject to a one-year license suspension if they work under alcohol or put off getting on the equipment to cause delay intentionally. On Sunday, the Ministry of Land, Infrastructure, and Transport detailed guidelines to suspend tower crane drivers’ licenses if caught committing illegal or wrongful acts, such as operating the equipment at an intentionally slow pace. The regulation came after the slowdown of work prevailed across construction sites in the country following the government’s announcement to suspend the licenses of tower crane drivers getting paid monthly.

 

Saudi Arabia, Iran agree to normalize relations at meetup in China
A war of nerves is unfolding between the United States and China after the latter announced that it mediated the relations between Saudi Arabia and Iran, which have long been at odds with each other. While Saudi Arabia, one of Washington’s global allies, has been drifting apart, Beijing intends to play an active role as a mediator in mitigating regional tension across the Middle East. Major global news outlets including Iranian and Saudi Arabian media reported on Friday that the two countries agreed to restore their diplomatic relations and reopen their embassies in their counterpart country.

 

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

Korea posts record current account deficit in Jan. on weak exports
South Korea’s current account balance swung to a deficit in January after a brief surplus in the previous month due to sluggish exports. According to data released by the Bank of Korea on Friday, the country’s current account balance recorded a deficit of $4.52 billion in January, the largest deficit since the central bank began compiling related data in January 1980. Korea’s current account balance managed to swing to a surplus of $2.68 billion in December last year thanks to an increase in dividend income from a deficit of $220 million in November.

 

Korean Air to expand China routes to nearly half of pre-pandemic levels
Korean Air Lines Co., the largest full-service carrier in South Korea, announced plans to gradually expand its routes to China and recover flights to up to 43 percent of pre-pandemic levels. Korean Air will increase the number of round-trip flights from Korea to mainland China to 99 flights per week by June, which is a 43 percent recovery compared with its 2019 operations. Korean Air will resume flights from Incheon to Beijing four times a week from March 19 and seven times a week from March 26. There will be 9 flights per week from May 1.

 

Many Korean government officials switching to join private sector
Key government officials at ministries from economy and trade to foreign affairs are leaving to join private companies as growing global economic uncertainties and the mounting tensions between the U.S. and China have increased the need for advisers to help them navigate through these sensitive issues. According to multiple sources from the government on Thursday, a director of energy at the Ministry of Trade, Industry and Energy is preparing for a retirement to join a large private company as an executive.
 

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

At 86, is it too late for man kidnapped from North Korea to see justice?
Kidnapped at 19, Kim Ju-sam is now 86. In the interim, he has spent 67 tortuous, drawn-out years, time that deprived him of his friends and family, dreams and youth, and his one chance at living life to the fullest. On Feb. 14, 2023, Kim Ju-sam felt a rush of mixed feelings as his lawyer informed him of the court’s verdict. The days he spent living in abject poverty, complete loneliness, and deep longing flashed through his mind like a faded black-and-white movie. On that day, the Seoul Central District Court ruled in favor of Kim, ordering the state to pay Kim 1 billion won (US$756,000) in consolation money.

 

Korea is walking into a trap by buying into America’s fearmongering about China
It seems that President Yoon Suk-yeol wholeheartedly believes that, at some point during his term as president, there will be a catastrophic collision between the US and China. During a US Senate hearing in March 2021, then-Commander of US Indo-Pacific Command Philip Davidson made waves when he declared that China could invade Taiwan by 2027. The prophecy is based on the belief that, if Washington and its allies encircle and pressure Beijing, the “Chinese dream” of building a “first-rate, advanced state” will collapse, pushing China to take aggressive military action against Taiwan so as to prevent further fall from grace.

 

S. Korea’s trade minister voices concern over US semiconductor subsidy criteria
On a visit to the US to discuss concerns of fallout from American semiconductor policies for South Korean chipmakers, Trade Minister Ahn Duk-geun said of US policy that there are portions that “could be quite problematic.” While the US is emphasizing “economic security” through cooperation with its allies, a sense that South Korea’s economic interests are being threatened has spurred Seoul to act fast. Ahn met reporters at an airport near Washington on Wednesday (local time). When asked to respond to the US Commerce Department’s recent unveiling of the criteria for a US$39 billion subsidies program for semiconductor production facilities, he stated that he came to consult relevant parties about that plan.

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

Banks Frequently Refuse to Extend Loans for Jeonse Fraud Victims, But Government Keeps Insisting It “Is Possible”
The government announced that it would help the victims of jeonse (housing rental contract based on a lump-sum deposit) fraud get their loans extended, but at the bank desk, a number of victims have had their loan extensions denied. Some victims ended up with bad credit standings after they were forced to repay the loan on the deposit, which the homeowners failed to pay. A was a victim of jeonse fraud in Michuhol-gu, Incheon, who died on February 28. The bank refused to extend his loan after they lost contact with the homeowner. When the press covered A’s story, the Ministry of Land, Infrastructure and Transport and the Financial Services Commission released an explanation on March 8 and announced, “Loan extensions are possible even when the tenant cannot contact the landlord or when the contract period has ended.”

 

Lee Jae-myung’s Former Chief of Staff When Lee Was Gyeonggi Governor Found Dead
The former chief of staff of Democratic Party of Korea leader Lee Jae-myung, when Lee served as governor of Gyeonggi, was found dead in his home. The Seongnam Sujeong Police Station in Gyeonggi announced that they discovered Jeon, a former chief of staff in the Gyeonggi Provincial Office, in an apartment in Changgok-dong, Sujeong-gu in Seongnam-si, Gyeonggi at around 8:50 p.m. March 9. The police believe Jeon committed suicide based on a note he left behind and are trying to confirm the exact cause of death. Jeon served as the first chief of staff to Lee Jae-myung, when he was the Gyeonggi governor.

 

Kim Gi-hyeon Elected New Leader of Ruling Party: Yoon’s Intention Takes over Party Allegiance
Kim Gi-hyeon was elected as the leader of the ruling People Power Party (PPP) at PPP’s first national convention since the inauguration of the Yoon Seok-yol administration. The party members wanted their new leader to be on good terms with President Yoon. A majority vote was given to Kim, who was elected without the final voting process. As the Yoon Administration enters its second year, Kim is now responsible for leading the national agenda with the government and driving the party to victory in the 2024 general election. All the five new Supreme Council members elected on this occasion are also pro-Yoon.

 

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KBS(http://world.kbs.co.kr/service)

N. Korea Says Two Strategic Cruise Missiles Fired from Sub on Sun.
North Korea said on Monday that it test-fired two strategic cruise missiles from a submarine on Sunday. The North’s official Korean Central News Agency(KCNA) said an “underwater launch drill” was conducted early Sunday morning, with an 8.24 Yongung submarine launching the missiles from Kyongpo Bay in the East Sea. The bay administratively belongs to Hongwon County, South Hamgyong Province and is close to Sinpo, where the North bases its submarines. The KCNA claimed that the missiles struck a target in the East Sea after flying a one-thousand-500-kilometer distance along a figure-eight flightpath.

 

S. Korea, US Begin 'Freedom Shield' Joint Exercise
South Korea and the United States kicked off their largest joint military exercise in years on Monday. The combined springtime “Freedom Shield” exercise will be staged for eleven consecutive days, involving over 20 outdoor live exercises around the Korean Peninsula aimed at checking up on the allies’ joint defense posture and strengthening their response capability. The exercise will incorporate real-life combat scenarios, reflecting the changing security environment with advancing threats from North Korea's nuclear weapons and missiles.

 

KCNA: N. Korea Decides on War Deterrent Measures
North Korea reportedly discussed and decided on war deterrence measures in a meeting of the ruling party's military commission, ahead of joint military exercises between South Korea and the United States. According to the North's state Korean Central News Agency (KCNA) on Sunday, leader Kim Jong-un presided over the meeting of the Central Military Commission of the Workers' Party's of Korea. The KCNA said that the meeting discussed and adopted "important practical steps" for more "effective, powerful and offensive" use of the war deterrent of the country in coping with the present situation in which the war provocations of the United States and South Korea are reaching the redline.

 

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

Exports down 16 pct during first 10 days of March
South Korea's exports fell 16.2 percent on-year in the first 10 days of March, data showed Monday, due to sluggish shipments of chips. The country's outbound shipments stood at US$15.8 billion in the March 1-10 period, compared with $18.8 billion a year earlier, according to the data from the Korea Customs Service. Imports advanced 2.7 percent on-year to $20.8 billion during the cited period, resulting in a trade deficit of $4.9 billion. In February, the country's outbound shipments fell 7.5 percent on-year to $50.1 billion as exports of chips dived 42.5 percent over the period.

 

S. Korea wary of greater market volatility over Silicon Valley Bank failure
The collapse of the United States' Silicon Valley Bank (SVB) could heighten volatility and uncertainties in the financial market, South Korea's finance ministry said Sunday, vowing to beef up monitoring and swift responses to minimize potential impacts on the economy. On Friday, U.S. banking regulators shut down the startup-focused lender SVB Financial Group and took control of its customer deposits in the largest failure of a U.S. bank since the 2008 financial crisis. The issue was a key agenda item of the Sunday meeting between South Korea's Finance Minister Choo Kyung-ho and top economic policymakers

 

N. Korea fired 2 'strategic cruise missiles' from submarine Sunday: KCNA
North Korea fired two "strategic cruise missiles" from a submarine in waters off its east coast over the weekend, state media said Monday, in apparent protest over a regular South Korea-U.S. combined military exercise to begin this week. The missiles were fired from the 8.24 Yongung in waters off Kyongpho Bay in the East Sea in an underwater launching drill held at dawn Sunday, according to the official Korean Central News Agency (KCNA).

 

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

N.Korea warns to offensively use ‘war deterrent’ ahead of S. Korea-US military exercise
North Korea has determined significant, practical steps to offensively use its “war deterrent” at a key military meeting in the run-up to the longest-running military exercise between South Korea and the United States. North Korean leader Kim Jong Un convened an enlarged meeting of the eighth Central Military Commission of the Workers’ Party of Korea, North Korean state media reported on Sunday without specifying the date of the meeting.

 

'Buck stops here': Yoon reaffirms push to mend ties with Japan amid backlash
South Korea's presidential office on Sunday reaffirmed its push to ease strains over the wartime forced labor dispute with Japan amid further backlash following the Japanese Foreign Affairs Minister's refusal to acknowledge the victims as forced laborers. President Yoon Suk Yeol's office released Sunday clips of Yoon saying during the closed-door meetings with the Cabinet on Tuesday that his effort to mend ties with Japan "will deliver on his presidential election campaign promise" as Korea "feels a dire need to revitalize exchanges in the field of economy, regional security and culture."

 

State should pay in assault after police left scene: court
A court ruled that police officers were accountable for a second assault that happened when a victim was left alone with perpetrators. It was revealed that the officers left the scene after the perpetrators requested a private conversation. The Seoul Central District Court sentenced the three perpetrators to pay a cumulative fine of about 23 million won ($17,000) to the victim, of which 9.48 million won must be paid by the state, legal sources said Sunday.

 

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

Xi's iron grip on power clouds Korea-China relations
Strained relations between Korea and China could continue and possibly worsen under Chinese President Xi Jinping, whose iron grip on power was solidified in a parliamentary vote, according to diplomatic observers, as Beijing becomes increasingly wary of Seoul's tilt toward Washington. Following the unanimous vote passed at the National People's Congress on Friday, Xi secured a historic third term as president until 2028. He first took power in 2013. Diplomatic experts think that the tricky relations between Korea and China are unlikely to be resolved under Xi's third term.

 

NK fired 2 'strategic cruise missiles' from submarine Sunday: KCNA
North Korea fired two "strategic cruise missiles" from a submarine in waters off its east coast over the weekend, state media said Monday, in apparent protest over a regular South Korea-U.S. combined military exercise to begin this week. The missiles were fired from the 8.24 Yongung in waters off Kyongpho Bay in the East Sea in an underwater launching drill held at dawn Sunday, according to the official Korean Central News Agency (KCNA).


US stems SVB fallout by backing customer deposits

Silicon Valley Bank customers will have access to their deposits starting on Monday, U.S. officials said on Sunday, as the federal government announced actions to shore up deposits and stem any broader financial fallout from the collapse of the tech startup-focused lender. The boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, in consultation with President Joe Biden, approved the FDIC's resolution of SVB, according to a joint statement from U.S. Treasury Secretary Janet Yellen, Fed Chair Jerome Powell and FDIC Chairman Martin Gruenberg on Sunday evening.

 

 

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

 

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

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

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