Headlines, December 12, 2019

Parliament in lull before storm over electoral, prosecution reform bills
Political parties here appeared to be taking a breather Wednesday following a round of arguments over the handling of next year's budget bill. The National Assembly passed the bill, worth 512.3 trillion won (US$429.9 billion), Tuesday night, the last day of this year's regular session.

S. Korea, Germany to open joint R&D center for deeper tech ties
South Korea and Germany have agreed to establish a joint research and development (R&D) center to further promote bilateral cooperation and penetrate deeper into new lucrative industries such as material and part industries, Seoul's trade ministry said Wednesday. The state-run Korea Institute for Advancement of Technology and NRW.INVEST, an investment promotion agency of the German state of North Rhine-Westphalia, signed a memorandum of understanding to build the new research center there in the first half of 2020, according to the Ministry of Trade, Industry and Energy.

U.S. says it is ready to be flexible, urges N. Korea to avoid provocations
The United States is ready to be flexible in negotiations with North Korea on dismantling the regime's nuclear weapons program, the U.S. envoy to the United Nations said Wednesday, urging Pyongyang to refrain from provocations. Ambassador Kelly Craft made the remarks at a U.N. Security Council session as Pyongyang's year-end deadline for nuclear negotiations with Washington draws near.

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China, Russia Urge UNSC to Ease N. Korea Sanctions
China and Russia, key allies of North Korea, have urged the UN Security Council to ease sanctions against the regime in a bid to move the situation on the Korean Peninsula forward. At a UN Security Council session on Wednesday, China's Ambassador to the UN Zhang Jun said that it is imperative for the Security Council to take action and invoke reversible provisions in North Korea-related resolutions as soon as possible in light of the evolving situation on the peninsula.

Authorities Continue to Fight Forest Fire in Gangwon Province
Fire and forest authorities resumed operations on Thursday morning to put out a forest fire that broke out the previous day on a mountain in Gangwon Province. Authorities mobilized about 110 firefighters and forestry officials and seven helicopters at 7 a.m. to contain the blaze, which started on Mount Baekseok in Jeongseon County at 7:18 p.m. Wednesday.

38 North: Personnel Likely Stationed at N. Korea's Punggye-ri Nuclear Test Site
A U.S.-based North Korea monitoring website says that recent commercial satellite imagery reveals vehicle and personnel tracks at North Korea's Punggye-ri nuclear test site. In an article and photos published Wednesday, 38 North says vehicle tracks along roads leading to the site's former Main Administrative Support Area as well as personnel foot tracking in the lower courtyard of that area are visible in imagery from November 18 and December 7. The website said the foot tracking appears to lead to a small assembly area at the base of the stairs leading to a courtyard.

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'Seoul becoming darling of city diplomacy'

Korea's modern history could be described as "turbulent." Starting with the colonial occupation, the nation was divided and almost totally destroyed by war. It also experienced rapid economic development and decades of dictatorships as well. However, Seoul Mayor Park Won-soon believes that what he calls the "experience of troubles" is a selling point as he pursues "city diplomacy," under which the capital shares its best practices and systems in public transportation, water supply, e-government and smart city planning with developing cities and even countries.

Biegun may visit Panmungak for 'undisclosed meeting' with NK

U.S. Special Representative for North Korea Stephen Biegun may visit the North Korean side of the Joint Security Area early next week, for a meeting with a high-level North Korean official, sources familiar with the issue told The Korea Times, Wednesday. "Biegun plans to visit South Korea later this week or early next week, after attending a meeting of the United Nations Security Council (UNSC) in New York. Talks are underway for Biegun to possibly meet with a high-level North Korean diplomat on the North's side of the border village of Panmunjeom," a senior lawmaker from the ruling Democratic Party of Korea (DPK) said.

Japanese Foreign Minister allegedly describes Korean counterpart Kang as 'decoration'

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U.S. Ramps up Pressure on N.Korea

The U.S. is ramping up diplomatic and military pressure on North Korea ahead of the year-end deadline set by Pyongyang for restarting nuclear talks. Stephen Biegun, the U.S. special representative for North Korea, on Wednesday met representatives of UN Security Council member countries, who gathered to discuss a response to North Korea's latest provocations. Biegun asked for their cooperation in putting pressure on the North.

Samsung's Network Business Buoyed by 5G

Samsung's network business, which makes communications equipment, is expected to post record earnings this year thanks to the next-generation 5G mobility services. Over the past year, Samsung doubled its share of the global market for communications equipment. It started supplying 5G equipment to SKT, KT and LG Uplus last year. According to market researcher IHS Markit on Tuesday, Samsung ranked fifth last year in the global communications equipment market with five percent, behind ZTE (12 percent). But by the end of the third quarter this year it had risen to fourth place with 11 percent after Huawei (34 percent), Ericsson (24 percent) and Nokia (19 percent).

Young Schoolkids Would Rather Be YouTubers Than Doctors

Elementary schoolchildren would rather be YouTubers than doctors, according to a survey on Tuesday. The Ministry of Education and the Korea Research Institute for Vocational Education and Training conducted an online survey of 24,738 students in 1,200 elementary, middle and high schools. The top job in the eyes of elementary schoolkids was athlete followed by teacher, but YouTube creator came third. Teacher had been the favorite job until 2017 but dropped to second place last year.

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U.S. to return 4 USFK bases to S. Korea

Four military bases of the United States Forces Korea (USFK) are returned to the South Korean government on Wednesday after a long delay since the agreement between South Korea and the U.S. The two countries will begin the return process of the Yongsan Garrison as well. “The governments came to an agreement on Wednesday at a joint committee meeting of the Status of Forces Agreement (SOFA),” said the Ministry of National Defense and the Ministry of Foreign Affairs at a joint briefing session on Wednesday.

SoftBank CEO to withdraw investment in Wag

The Vision Fund led by SoftBank CEO Masayoshi Son decided to sell its shares of Wag, a dog- walking agency. The fund recorded its worst performance in the third quarter of this year since its launch in 2016 due to failed investments in WeWork and Uber. The investment in Wag is another case added to the list of Son’s failed investments. The serious decline of the Vision Fund’s performance seems to have created a vicious cycle by affecting the rest of the group.

Vietnam explodes in jubilation over its SEA victory

Vietnamese people across the country exploded in jubilation when the final whistle was blown after Vietnam won the gold medal at the 2019 Southeast Asian Games (SEA) on Tuesday. A local daily newspaper described the moment, “The whole nation is in joy and delight after realizing a dream cherished for 60 years. The country is in a self-congratulatory mood.”

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Korean PEFs with abundant capital eye on major M&A deals
South Korea’s merger and acquisition (M&A) market is expected to heat up next year as the country’s major private equity funds with a large fresh capital worth more than $12 billion in total are expected to seek attractive buyout deals aggressively for higher returns. According to multiple sources from the investment banking industry on Wednesday, local private equity fund majors are anticipated to raise a combined 15.23 trillion won ($12.7 billion) capital once they complete their ongoing capital raising for blind funds.

S. Korean lab develops new catalyst to convert CO2 into gasoline
South Korean scientists have successfully developed a new catalyst to convert carbon dioxide (CO2) into commercially viable gasoline, according to state-run Korea Research Institute of Chemical Technology (KRICT) on Tuesday. A research team of Dr. Jun Ki-won and Dr. Kim Seok-ki at the institute’s Carbon Resources Center said when carbon dioxide passes through the conversion process, 20 percent of the gas is made into gasoline and the direct conversion rate goes up to 90 percent through a repeated conversion process.

S. Korea’s fiscal deficit at all-time high by Oct as tax revenue falls below target
South Korea’s fiscal deficit stretched to a record high by October this year as tax revenue failed to keep up with the government’s supersized spending plans amid stubbornly sluggish economy. According to the finance ministry’s monthly fiscal report published on Tuesday, the country’s consolidated fiscal balance, or the difference between the government’s total income and spending, recorded a deficit of 11.4 trillion won ($9.6 billion) for the January-October period this year. The operational fiscal balance, which excludes social security funds from the consolidated balance, was 45.5 trillion won also in the red.

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