Headlines, June 4, 2020
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Headlines, June 4, 2020
  • Lee Kyung-sik
  • 승인 2020.06.04 10:19
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Thursday June 4, 2020

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

The Korea Post (http://www.koreapost.com/)
The 102nd anniversary of the Azerbaijan Democratic Republic
On May 28, 1918, the first parliamentary democracy in the Muslim world – the Azerbaijan Democratic Republic was founded with the adoption of the Declaration on Independence. The sovereign territory of the Azerbaijan Democratic Republic was 114,000 square kilometers.
Despite facing grave internal and external challenges arising from the collapse of a Russian empire, the Azerbaijan Democratic Republic succeeded in setting effective state institutions, upholding the rights of its citizens, and gaining the trust of the international community. Universal suffrage right, as well as the right of voting of women, was guaranteed.

Says President Koo of Korea Forestry Promotion Institute
“We are a semi-governmental agency of the Republic of Korea committed to disseminating forestry science and technologies and to increasing the income of people in the forestry business by creating higher added value of the forestry and forest industries.” This statement was made by President Koo Gilbon of the Korea Forestry Promotion Institute (KOFPI) at his office in Seoul on May 22, 2020.

Special notice : The Korea Post is organizing a tour for the Ambassadors and Madams to the Pyeongkang Oriental Medicine Hospital on Tuesday June 9, 2010. Ambassadors and Madams are cordially invited to the Tour where an Oriental medicine pack against COVID-19 is presented to each Excellency. In the event of absence of Invitation, please advise the Editor at The Korea Post at 010-5201-1740.

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KBS (http://world.kbs.co.kr/english/news/)
N. Korea Threatens to Scrap Inter-Korean Military Agreement
North Korea has threatened to scrap its military tension reduction agreement with South Korea, taking issue with anti-Pyongyang propaganda leaflets sent into the North.
North Korean leader Kim Jong-un's powerful sister Kim Yo-jong issued the warning in a statement carried by the North's official Korean Central News Agency on Thursday.
Kim Yo-jong said that South Korea must be well aware of the 2018 Panmunjeom Declaration and the 2019 inter-Korean military accord, in which the two Koreas agreed to ban all hostile acts, including flying anti-Pyongyang propaganda leaflets across the border.

S. Korea Suffers Largest Current Account Deficit in April since 2011
South Korea suffered the largest current account deficit in almost a decade in April due to a sharp decline in exports amid the COVID-19 pandemic.
According to preliminary data by the Bank of Korea Thursday, the country posted a current account deficit of three-point-12 billion dollars that month.

It marks the first deficit since April of last year and the largest deficit since January 2011.
Kyodo: Japan Rejects S. Korea's Proposal of Easing Entry Restrictions for Businesspeople
Japan has reportedly rejected South Korea's proposal of easing coronavirus-related entry restrictions at an earlier date for business people.
Japan's Kyodo News quoted a source at the Japanese Foreign Ministry as saying that South Korean Foreign Minister Kang Kyung-wha made the proposal on Wednesday during a phone conversation with her Japanese counterpart Toshimitsu Motegi.
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Yonhap (http://english.yonhapnews.co.kr)
N.K. threatens to scrap military agreement unless Seoul takes action against anti-Pyongyang leaflets
North Korean leader Kim Jong-un's powerful sister threatened Thursday to scrap a military tension reduction agreement with South Korea and shut down major exchange projects unless Seoul takes action against anti-Pyongyang leaflets that defectors in the South send into the communist nation.

S. Korea suffers largest current account deficit in nearly decade in April
South Korea suffered the largest current account deficit in almost a decade in April due mainly to a sharp decline in exports caused by the coronavirus pandemic, central bank data showed Thursday.
The country posted a current account deficit of US$3.12 billion in the month, marking a turnaround from a $5.96 billion surplus the month before, according to preliminary data from the Bank of Korea (BOK).

S. Korea's 'Peninsula,' 'Heaven' among Cannes' 2020 official selection
"Peninsula" by South Korean filmmaker Yeon Sang-ho and "Heaven: To The Land of Happiness" by fellow Korean director Im Sang-soo were selected among the 73rd Cannes Film Festival lineup Wednesday (local time).
The two Korean films made the list of the 2020 Official Selection, consisting of 56 movies, which would have been screened had the festival not been canceled due to the new coronavirus pandemic.

The Korea Herald (http://www.koreaherald.com)
NK threatens to scrap military agreement unless Seoul takes action against anti-Pyongyang leaflets
North Korean leader Kim Jong-un's powerful sister threatened Thursday to scrap a military tension reduction agreement with South Korea and shut down major exchange projects unless Seoul takes action against anti-Pyongyang leaflets that defectors in the South send into the communist nation.
Kim Yo-jong, first vice department director of the Central Committee of the Workers' Party of Korea, issued the warning in a statement, adding that good faith and reconciliation can never go together with such hostile activities.

S. Korea suffers largest current account deficit in nearly decade in April
South Korea suffered the largest current account deficit in almost a decade in April due mainly to a sharp decline in exports caused by the coronavirus pandemic, central bank data showed Thursday.
The country posted a current account deficit of $3.12 billion in the month, marking a turnaround from a $5.96 billion surplus the month before, according to preliminary data from the Bank of Korea (BOK).

S. Korea unveils W35.3tr extra budget plan to brace for post-coronavirus era
South Korea has finalized the single-largest supplementary budget worth 35.3 trillion won ($29 billion), marking its third set of extra fiscal spending in the face of the COVID-19 pandemic, the Ministry of Economy and Finance said Wednesday.
The supplementary budget bill was approved in an extraordinary Cabinet meeting held at Seoul Government Complex to overcome the economic crisis and brace for the forthcoming post-coronavirus era. It is slated to be submitted to the National Assembly on Thursday.
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The Korea Times (http://www.koreatimes.co.kr)|
Gov't to spend W35.3 tril. in 3rd extra budget
The government presented a 35.3 trillion won ($28.9 billion) extraordinary budget draft today, drawn up to combat any economic collapse brought on by the COVID-19 pandemic.
The broad stimulus package seeks to provide firms with liquidity, bolster consumption and strengthen the country's social safety net. Also included is the first step of implementing a digitization- and green-related long-term vision for growth.

Korea to develop COVID-19 treatments this year, vaccines in 2021
Korea is aiming to develop treatments for COVID-19 by the end of the year and vaccines by next year, Health and Welfare Minister Park Neung-hoo said Wednesday, vowing to offer full support to promising pharmaceutical companies.
"We will fully support promising companies and gather all the abilities of universities, research institutions, hospitals and the government with an aim of developing treatments this year and vaccines next year," Park said during a meeting of a government committee for COVID-19 treatment and vaccine development.

US accepts Korea's offer to fund USFK local workers' wages
Thousands of furloughed Korean workers at American military bases here will return to work from the middle of the month after the U.S. accepted the government's proposal to pay their wages regardless of the stalled defense cost-sharing talks.
Starting April, 4,000 of 8,500 Korean employees were put on unpaid leave due to the absence of a new Special Measures Agreement (SMA) despite seven rounds of talks between Seoul and Washington. The SMA determines the amount of money the government pays for the stationing of the USFK here and includes wages for Korean workers as well as the cost for construction projects and logistical support.

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HanKyoReh Shinmun (http://english.hani.co.kr)
Navigating a new world order
As the conflict between the US and China escalates in all areas, exacerbated by the spread of COVID-19, South Korean President Moon Jae-in has agreed to accept an invitation from US President Donald Trump to attend the G7 summit. As a member of the G20, South Korea may well regard G7 participation as a good opportunity to raise its international profile. But with Seoul stuck between the two superpowers as they struggle for hegemony, the government is facing calls to carefully craft its foreign policy. Experts underline the need for a two-track diplomatic strategy that outlines principles while simultaneously diversifying risk.

The US-China battle for hegemony and the South Korean economy
Trade, finance, and all aspects of the economy are becoming the front lines in the hegemonic struggle between the US and China. After slapping sanctions on Chinese telecommunications giant Huawei, US President Donald Trump is now pushing to build a global supply network dubbed the “Economic Prosperity Network” that would leave China in the cold and likely suck the South Korean economy into the maelstrom. With Seoul forced to decide whether or not to join the anti-China coalition, the conflict between the two countries will have major consequences for the Korean economy.

Conscientious objector has sports instructor certifications revoked despite Constitutional Court ruling
“K” is a 24-year-old conscientious objector who chose prison over mandatory military service. Following his release in May 2017, he attempted to acquire three certifications as a sports instructor. He passed both the written and practical examinations in 2018, but he was ultimately disqualified. His certifications as a “lifestyle sports instructor” and “children’s sports instructor,” which he had respectively obtained in 2014 and 2015 before his imprisonment, had been revoked “due to grounds for disqualification.” His record of having violated the Military Service Act had put him in conflict with the “grounds for disqualification for athletic instructors” as established by the National Sports Promotion Act.
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Chosun Ilbo (http://english.chosun.com)
Per Capita Income Plummets by Historic Margin
Korea's per capita income fell 4.3 percent last year, the steepest decline in a decade, and hovered barely above US$30,000.
The reason was that economic growth factoring in inflation stood at a mere 1.1 percent, the lowest since the Asian financial crisis of the late 1990s, while the exchange rate plunged.
According to the Bank of Korea on Tuesday, Korea's per capita gross national income reached $32,115 last year. It surpassed the $30,000 mark for the first time in 2017 and seemed well on the way to crossing the $40,000 milestone soon.

Business Debt Soars over W50 Trillion
Many companies barely survived for the first three months of this year amid the coronavirus epidemic by taking out loans of more than W50 trillion (US$1=W1,223).
According to the Bank of Korea data on Tuesday, the outstanding debt by companies and self-employed businesses stood at W1,259.2 trillion as of the end of the first quarter, up W51.4 trillion from a quarter earlier and an all-time high.
In comparison, the balance rose only W24.1 trillion in the previous quarter and W19.6 trillion in the first quarter of last year.

Patriarchal System Takes Knock Due to Coronavirus Aid
Korea's patriarchal family-registration system where the man is often still the head of any household is taking a knock as the government doles out its coronavirus relief money to them.
The government is paying emergency aid not to 58 million individual Koreans but the heads to 21.7 million households. A person is not necessarily considered the head of a separate household when he or she does not live with the rest of the family and derives an independent income at another home.

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The Dong-A Ilbo (http://english.donga.com/)
U.S. accepts S. Korea’s proposal to pay local USFK base workers
The US Defense Department announced Tuesday that it reached an agreement with the South Korean government regarding the payment of wages to local workers who are on unpaid leave at U.S. military bases in South Korea, who will settle the wages. The decision was reached after the US accepted South Korea’s proposal to settle the wage issue amid prolonged disputes on the sharing of U.S. military troops based in South Korea.

Hyundai, Kia do well in U.S. market in May with SUVs
The Hyundai Kia Automotive Group’s sales in May rose slightly after the worst sales record in April in the U.S. due to the COVID-19 outbreak. The resumption of economic activities and the sales growth of SUVs have led the group’s sales increase.
Hyundai Motor and Kia Motors each sold 57,619 and 45,817 units in May, showing 69.6 percent and 44.5 percent increase respectively from the previous month, the automotive group announced on Tuesday (local time).

Hitler’s birthplace to be turned into police station by 2023
Nazi leader Adolf Hitler’s (1889-1945) birthplace in Austria will be turned into a police station in an attempt to prevent it from becoming a neo-Nazi pilgrimage site. American e-commerce firm Amazon banned the sale of Hitler’s political manifesto “My Struggle,” which is often called a bible for far-right extremists, in March this year.
According to AFP, Austria’s Interior Minister Karl Nehammer said on Tuesday (local time) that Austrian architecture firm Marte was chosen among 12 competitors to be in charge of the refurbishment project. About 5 million euros will be put into the project over the next three years for its completion in early 2023.

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The KyungHyang Shinmun (http://english.khan.co.kr/)
Joining an Expanded G7: An Opportunity to Enhance International Status
But a Difficult Road to Find Balance Between the U.S. and China
On June 2, Cheong Wa Dae spoke on the invitation to join the G7 summit extended by the United States and said, “It is not a one-time visit as an observer at the G7, but an invitation to join a new international system that could be the G11 or G12, which will significantly contribute to a higher international status and to national interest.” Cheong Wa Dae interpreted the participation in an expanded G7 summit as an opportunity to strengthen the international status of South Korea in the post-COVID-19 era. This has drawn views that the nation is in need of a strategic response to the conflicts between the U.S. and China.
Schools Open Doors Further to Students in Grades 3, 4, 8, and 10 on June 3

On June 3, 1.7 million students in grades three, four, eight and ten begin offline classes in schools.
But cluster transmission of COVID-19 continues sporadically in the Seoul metropolitan area, and private educational institutions have emerged as a major channel of transmission in the local community, so schools remain on alert. Students also experienced problems logging on to a self-diagnosis website, where they are checked for any suspected symptoms of COVID-19 before going to school, as the number of those trying to log on increased after schools opened their doors to more students.

Distancing Was Never an Option for People Trying to Handle Multiple Jobs
The cluster transmission of COVID-19 at the Coupang logistics center in Bucheon, Gyeonggi-do again revealed the people who could not afford to temporarily “pause.” Some people had to make a living working multiple jobs day and night.
In order to sustain the increasing amount of “untact” consumption, someone had to go to work everyday to a logistics center where distancing was difficult.
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
Kospi tops 2,100 for first time in 100 days on record extra budget
South Korea’s benchmark Korea Composite Stock Price Index (Kospi) rallied on Wednesday to recover above 2,100 for the first time in 100 days as the government’s largest-ever extra budget of 35.3 trillion won ($29 billion) spurred expectations for economic recovery.
The main stock index Kospi finished 2.87 percent higher on Wednesday at 2,147.00 after hitting the intraday high of 2,156.55. The index opened 1.02 percent higher from previous day’s closing at 2,108.55.

S. Korea seeks $29 bn in 3rd extra budget, the bulk in new debt issues
The fight to contain the virus spread and economic contagion from COVID-19 has stretched to 270 trillion won, or about 14 percent of this year’s estimated South Korean gross domestic product, with the government packaging a third supplementary budget in yet another record scale of 35.3 trillion won ($29 billion).

SK Biopharm will use IPO proceeds for M&As to spur growth: CEO Cho Jung-woo
SK Biopharmaceuticals, Co., Ltd. under limelight for its growing power to compete in the global market is intent to make its Kospi debut a blockbuster to shore up its ammunitions for M&As.
For SK Biopharm CEO Cho Jung-woo, the IPO is the company’s first step to become a global player. He said the IPO proceeds will fuel the company’s rapid growth through business acquisitions based on SK’s notable track record in the M&A market, adding he is eager on potential targets during a recent interview with Maeil Business Newspaper. The following is the excerpt of the interview.
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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
GwangmyeongDaily 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
AustraliaBrisbaneTime
www.brisbanetimes.com.au syndication@fairfaxmedia.com.au
Sydney Morning Heraldwww.smh.com.au
Colombia Reports http://www.colombiareports.com
BogotaFree Planet http://www.bogotafreeplanet.com,bfp@bogotafreeplanet.com
El Universal https://www.eluniversal.com.mx/english
Andes https://www.redaktionstest.net/andes-info-ec/
Ecuador Times https://www.ecuadortimes.net/
The Jordan Times https://www.jordantimes.com/
LSM.lv https://www.lsm.lv//
The Baltic Times http://www.baltictimes.com lithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com
El Pais https://english.elpais.com/
Philippine Daily Inquirer https://www.inquirer.net/
Daily News Hungary https://dailynewshungary.com/
Budapest Times https://www.budapesttimes.hu/

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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.

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