Modday, May 1, 2021
Round-up of important news from major Korean dailies and international media today
The Korea Post ( http://www.koreapost.com/ )
"KOVIFA seeks co-prosperity in Korea and Vietnam at the private level"
"Korea-Vietnam Friendship Association (KOVIFA) is a private organization established in 2002 that seeks international friendship and co-prosperity between the two countries at the private level," said Choi Young-joo, chairman of the association.
Choi, the third chairman of KOVIFA, said in a recent interview with The Korea Post media, "In terms of political system, Korea has a democratic system and Vietnam adopts a socialist system. Because of the different systems, there is no right contact route at the private level between the two countries. However, KOVIFA has been playing such a role faithfully.”
"KOVIFA is composed of former Korean ambassadors to Vietnam and businessmen, but the Vietnam-Korea Friendship Association consists of incumbent lawmakers and the minister-level chairman of the Chamber of Commerce," said Choi, who also serves as chairman & CEO of PANKO Corp., a global apparel manufacturer operating factories in Vietnam.
The following is a summary of the interview with Choi, chairman of the Korea Vietnam Friendship Association, as part of a special event to commemorate the 46th anniversary of Vietnam's reunification day on April 30, 2021.
“PANKO boasts of no labor disputes for 12 years in Vietnam”
"PANKO Corp., a global clothing manufacturer, is a Korean company without labor disputes for 12 years since its establishment in Vietnam in 2002, despite the different culture and social environment," said Choi Young-joo, chairman of PANKO Corp.
"We are currently operating three local subsidiaries, including PANKO Vina, in Vietnam, but we are proud to have maintained good relationships with workers based on mutual trust and no labor disputes," PANKO Chairman Choi, who is also the third chairman of the Korea Vietnam Friendship Association, told The Korea Post Media.
The following is a summary of an interview with PANKO Chairman Choi, who is actively engaged in clothing manufacturing business in Vietnam as part of a special feature to commemorate Vietnam's 46th anniversary of the Unification Day on April 30, 2021.
Question: Would you tell me about the background and activities of PANKO Corp.?
Answer: PANKO Corp. started as a small clothing manufacturing and exporting company in 1984 and has grown into a global company with a total of 16,000 employees at home and abroad, six production bases in Vietnam and Myanmar and annual exports of some $350 million.
The Vertical Production Base, built in Ho Chi Minh and Da Nang, Vietnam, boasts the world's best status in terms of size, production capacity, and technology by having state-of-the-art production systems that handle knitting/dyeing/sewing processes.
Artist Sion Khan paints the faces of world leaders, one million people
Artist Sion Khan (Bae Hee-kwon in Korean name) stands out from other artists in Korea and around the world in the fact that he has drawn the faces of leaders of the United States and many other countries of the world, including international personalities as well as Korean celebrities.
Artist Khan is also well known for his successful recovery of health from the terminal stage of gastric cancer by drawing smiling faces of all the different countries around the world as well as in Korea.
His works are in ink and color, which are strangely harmonized in the eyes of many art critics.
“The energy made by his brush has the power to brighten and clear the faces of people who are tired of life” is the comment commonly shared among many art critics.
At one time in the past, Artist Khan had his exhibition entitled “Painting a Million Faces for Peace” held at the 'Hand-made Korea Art Fair' at the Gangnam COEX in Seoul.
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KBS ( http://world.kbs.co.kr/english/news/ )
Pres. Moon Assures Public on Vaccine Supply
Anchor: President Moon Jae-in has ensured that the COVID-19 vaccination program is going well and better than expected. This comes amid rising concerns that South Korea may face a vaccine shortage after more than three million people have received their first doses.
Our Kim Soyon has more.
Report: President Moon Jae-in said Monday that COVID-19 vaccines have gone smoother than expected, and if the country continues the pace, the goal to vaccinate 12 million people in the first half could be raised to 13 million.
Chairing a special virus response meeting, the president said the government has already secured enough vaccines for twice the population and beat its goal to inoculate three million people by the end of April by 10 percent.
Although nearly three-point-four million people, or six-point-six percent of the population, have received their first COVID-19 vaccine shots as of Sunday, only 529-thousand doses of the Pfizer vaccine were left unused in the nation as of 12 a.m. as of Monday.
US Says Its N. Korea Policy Aimed at Solutions, Not Hostility
Anchor: North Korea issued statements condemning the U.S. a day after it completed a months-long review of its North Korea policy and after U.S. President Joe Biden called the North a serious threat in his first address to Congress. In response to such statements, U.S. National Security Adviser Jake Sullivan stressed that Washington’s policy towards the North is aimed at solutions and not hostility.
Our Bae Joo-yon has more.
Report: In an interview with ABC's "This Week” on Sunday, U.S. National Security Adviser Jake Sullivan said Washington is prepared to engage in diplomacy with North Korea. He stressed that the U.S.’ North Korea policy is not aimed at hostility, but solutions, and ultimately, the complete denuclearization of the Korean Peninsula.
Sullivan said that the U.S. will work on practical measures that can help make progress towards achieving that goal.
Infectious Disease Expert Skeptical over Herd Immunity
An infectious disease expert says that while the vaccine rollout is in full swing in South Korea, reaching herd immunity may be a tall order.
Seoul National University professor Oh Myoung-don, who heads the country's central clinical committee on new infectious diseases, said at a press conference on Monday that COVID-19 is likely here to stay.
While herd immunity is believed to be attained when 70 percent of the population is vaccinated, Oh said that is not the case, noting there isn't a vaccine yet that is over 95 percent effective in preventing secondary transmissions.
The professor said the Pfizer vaccine's 95 percent efficacy refers to the prevention of contracting the virus and not the prevention of the spread.
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Yonhap ( http://english.yonhapnews.co.kr )
Moon says 13 mln S. Korean may get coronavirus vaccine shots by JuneSouth Korea's President Moon Jae-in expressed optimism Monday about South Korea's COVID-19 vaccination program, saying it is proceeding faster than initially planned.
"The introduction of vaccines and inoculation are going smoothly beyond the original plan," he said during a special interagency meeting on the nation's coronavirus prevention and control.
His remarks came amid lingering public concerns about the supply of foreign-made vaccines. The government is reportedly running out of vaccines currently in stock.
The government aims to offer vaccine shots to 12 million people by the end of June for the goal of achieving herd immunity by November. Under the state vaccination campaign that began in late February, more than 3 million people here received Pfizer or AstraZeneca vaccines, according to health authorities.
Former Vice Justice Minister Kim Oh-soo named as new prosecutor general: Cheong Wa Dae
President Moon Jae-in named former Vice Justice Minister Kim Oh-soo as the new chief of South Korea's prosecution service, Cheong Wa Dae said.
Justice Minister Park Beom-kye recommended Kim, who was a veteran prosecutor, for the position that has been vacant for two months since Yoon Seok-youl stepped down. The president accepted the recommendation, according to Cheong Wa Dae spokesperson Park Kyung-mee.
Kim is required to go through the National Assembly's confirmation hearing, for which a date has yet to be set.
He served as vice justice minister from 2018-2020 under the Moon administration..
New cases back to 400s on fewer tests amid low vaccine supply
South Korea's daily new virus cases fell back to the 400s on Monday as fewer people took new virus tests over the weekend with concerns over another round of the pandemic still worrisome amid a low vaccine supply.
The country reported 488 more COVID-19 cases, including 465 local infections, raising the total caseload to 123,728, the Korea Disease Control and Prevention Agency (KDCA) said.
The country added one more death, raising the death toll to 1,834.
The fatality rate fell to 0.69 percent from March 1 to May 1, sharply down compared with 1.49 percent from Jan. 20, 2020, to May 1, 2020, and with 2 percent during the Nov. 10-Jan. 25 period, health authorities said.
The daily caseload has been in the 600s for the past six days.
Due to worries over a potential rise in new cases amid warm weather, health authorities extend social distancing rules and a ban on private gatherings of five or more people for three more weeks until May 23.
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The Korea Herald ( http://www.koreaherald.com )
Pyongyang slams Washington, Seoul after US completes NK policy review
North Korea lashed out at South Korea and the US, upping the ante as the Biden administration announced the completion of its monthslong policy review on how to deal with a nuclear-armed Pyongyang.
The North released three heated statements directed at the allies on Sunday via its state-run Korea Central News Agency. It attacked US President Joe Biden for labeling North Korea a serious threat, calling the remark a “big blunder,” while condemning South Korea for failing to stop activists from launching anti-Pyongyang leaflets across the border.
Kwon Jong-gun, director general of the North’s Foreign Ministry’s Department of US Affairs, said Biden’s remark was “intolerable,” referring to the president’s speech to the US Congress last week in which he said nuclear programs in North Korea and Iran posed threats and pledged to use “diplomacy as well as stern deterrence.”
Will FM Chung meet with Japan’s Motegi at G-7 in London?
South Korean Foreign Minister Chung Eui-yong is in London to attend the Group of Seven meeting, and all eyes are on Chung to see whether he finally gets to hold talks with his Japanese counterpart, Toshimitsu Motegi, and set the stage for a thaw in bilateral ties.
Chung flew to London on Sunday to attend the gathering of G-7 foreign and development ministers, which will last through Wednesday. During his stay, Chung is scheduled to hold a series of bilateral talks on the margins, with meetings with his US, UK, EU and Indian counterparts confirmed so far.
A trilateral talk between Chung, Motegi and US Secretary of State Antony Blinken is also expected Wednesday, with North Korea’s nuclear issue likely to top the agenda.
If realized, it will be the first time Chung and Motegi meet in person since the South Korean diplomat took office in February.
Also drawing attention is whether the top envoys of the bickering neighbors will hold a separate bilateral session. According to the Foreign Ministry it is pushing to arrange the talks, but no meeting has been confirmed yet.
Surviving victims of sexual slavery by Japan reduced to 14
A South Korean woman forced into sexual slavery for Japanese troops during World War II has died, a civic group said Monday, bringing down the number of registered surviving victims to 14.
The woman, identified only with her surname Yoon, died at around 1 p.m. Sunday at the age of 92 in Seoul, according to the Korean Council for Justice and Remembrance for the Issues of Military Sexual Slavery by Japan.
Born in North Chungcheong Province in 1929, she was dragged away to Japan in 1941 at age 13, while protesting against Japanese soldiers who were assaulting her grandfather.
She was forced to work at a textile factory in Shimonoseki, the westernmost city of Japan's Honshu island, for around three years before being taken to a military brothel in Hiroshima.
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The Korea Times ( http://www.koreatimes.co.kr )
Vaccination hits snag due to supply and demand imbalance
The government's vaccination plan is hitting a snag due to an imbalance between supply and demand, adding uncertainty to its goal of fully vaccinating 12 million people in the first half of the year.
According to the Korea Disease Control and Prevention Agency (KDCA), around 3.39 million people have received at least one dose of a vaccine as of Sunday, among which 236,468 have been fully vaccinated with two doses.
But rising demand for second shots of the two-dose regimen vaccines is causing a supply-demand imbalance, leading to the temporary suspension of initial shots.
The health authorities announced Friday that they would temporarily halt giving first shots of the Pfizer vaccine until mid-May, in order to inoculate those scheduled for their second doses.
Accordingly, the KDCA requested local governments to refrain from making new appointments for first shots. Since its April 1 rollout, the Pfizer vaccine is currently being administered to the elderly population aged over 75.
Bio, battery stocks plunge on short-selling resumption
The partial resumption of the short-selling of shares on the local stock market Monday did not cause much confusion, even though some in the overvalued sectors, such as biotechnology and electric vehicle batteries, plunged.
According to data from the Korea Exchange, the benchmark KOPSI did not fluctuate by a huge margin despite concerns that the partial resumption would derail investor sentiment. The main bourse closed Monday at 3,127.20, down 20.66 points or 0.66 percent, from the last trading day.
Market analysts voiced a consensus that the market was unlikely to be shaken by the impact of short-selling from the short- to mid-term.
"The KOSPI experienced only a slight adjustment Monday, and this proves that fears surrounding short-selling are not so much of an issue," Hwang Sei-woon, an economist at the Korea Capital Market Institute, said.
Samsung chief's sister may take role in group's financial units
After the death of Samsung Group Chairman Lee Kun-hee, investors are focused on whether or not Samsung Electronics will pursue a more simplified business structure, with the late Samsung chairman's scions taking respective roles within the conglomerate.
Samsung has remained tight-lipped about any restructuring plans, but a possible scenario is that Samsung Vice Chairman Lee Jae-yong will manage the group's tech affiliates, while his younger sister Lee Boo-jin, also Hotel Shilla CEO, could take a role in managing the conglomerate's financial units, according to industry sources, Monday.
Earlier, Samsung said it would look into the possibility of transforming itself into a holding company, adding it would have more to say on the issue at a "later date." The core reason is that a possible breakup would be beneficial to the owner family.
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HanKyoReh Shinmun ( http://english.hani.co.kr )
Moon to meet Biden at White House on May 21
South Korean President Moon Jae-in will meet US President Joe Biden at the White House on May 21, the Blue House said.
Chung Man-ho, senior secretary to the president for public communication, told reporters in a Friday briefing that they’re scheduled to meet in person, despite the COVID-19 pandemic, highlighting “the importance of the South Korea-US alliance.”
“[Moon and Biden,] through the summit, will reaffirm the robustness of the alliance and expand comprehensive and reciprocal cooperation based on the friendship between the two leaders and their peoples,” Chung added. “The two leaders also plan to have an in-depth discussion about making progress on the complete denuclearization of the Korean Peninsula and establishing a permanent peace regime, as well as trade, climate change, fighting COVID-19 and other transnational challenges.”
National Assembly passes conflict of interest bill, 8 years after its introduction
A conflict-of-interest prevention bill that seeks to block public servants from using work-related information to line their pockets has passed the National Assembly, eight years after it was first tabled. Lawmakers have also passed a revision to the National Assembly Act that will keep them from profiting from their parliamentary activity.
South Korea’s ruling and opposition parties passed the Public Servant Conflict-of-Interest Prevention Act Thursday in a regular session, with 240 of 251 attending lawmakers in favor, two opposed, and nine abstaining. A revision to the National Assembly Act that applies the same restrictions to lawmakers was also approved by 248 of 252 attending lawmakers, with the other four abstaining.
The Public Servant Conflict-of-Interest Prevention Act was originally submitted by the government along with the Improper Solicitation and Graft Act (colloquially known as the Kim Young-ran Act) in 2013, but it was held up at the National Assembly over the past eight years on the grounds that the concept of being “related to work” was too ambiguous.
Forum explores rural basic income's role in developing "local circular economies"
For a long time now, South Korea's strategy for balanced regional development has been focused on creating incentives for major institutions, corporations, and basic infrastructure — which are largely concentrated in and around the capital of Seoul — to the countryside. As part of that strategy, the government has relocated state-owned enterprises and government agencies to "innovative cities" in rural areas and has also designated industrial parks, free trade zones, free international cities, and free economic zones at various sites around the country. Furthermore, it has built large-scale transportation facilities in different areas, including trunk roads and high-speed railways and bridges connecting islands with the mainland.
But these projects have been limited in their impact; sometimes, they have even proven counterproductive. Innovative cities tend to suck in the workers and resources around them, while corporations with factories and branches in those areas transfer a significant portion of the wealth they create to their headquarters in the capital region. High-speed railways and other transportation networks have only increased access to the capital region. In effect, policies that were supposed to benefit the provinces have ultimately drained them of the wealth created there.
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Chosun Ilbo ( http://english.chosun.com )
Vaccine Supplies Run Almost Dry
Korea is running short of even the few coronavirus vaccines it has managed to secure, which is threatening the country's entire vaccination schedule.
A total of 11.5 million people are scheduled to get their shots in the second quarter, 5.45 million of them this month, but the government has only 345,000 doses of AstraZeneca's vaccine left. Those targeted for inoculation this month included preschool teachers and people between 65 and 74, but the elderly will probably miss out for now.
The government has promised to vaccinate senior citizens first to lower the COVID-19 fatality rate, but inoculations are proceeding at a snail's pace due to the shortage.
By last Friday, just over 3 million people had been given their first shot. But now a number of regions have temporarily halted the first Pfizer jabs of 3.3 million people over 75 because there are not enough supplies..
Moon's Approval Rating Nosedives Below 30%
President Moon Jae-in's approval rating has dropped below 30 percent for the first time since he took office.
According to a Gallup Korea poll last week, only 29 percent of respondents approved of Moon's performance, down two percentage points from a week earlier, compared to 60 percent who disapproved. It was the first time Moon's approval rating has dipped below the psychological milestone.
His approval ratings were particularly poor among voters in their 20s (21 percent), 50s (29 percent), and the over-60s (20 percent) but relatively high among 30-somethings (41 percent) and 40-somethings (43 percent).
Half of State Enterprises Lose Money
According to government data announced on Sunday, the combined net profits of state-run companies has fallen steadily since 2016 and shifted into the red last year. Of the country's 36 state enterprises, 18 or half lost money.
In addition to KORAIL and Korea Coal Corporation, which have suffered losses for the last five years, 11 others posted losses, including the Korea Racing Authority, Incheon International Airport Corporation and Korea Airports Corporation due to the coronavirus pandemic. Korea Gas, Korea Western Power and other energy companies also lost money due to a decline in global oil prices, the government said..
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The Dong-A Ilbo ( http://english.donga.com/ )
Biden takes a firm stance on N. Korean nuclear issue
The Joe Biden administration of the U.S. suggested on Friday (local time) a new framework for North Korea policy, which looks for a practical approach of imposing sanctions and continuing on with diplomacy, while maintaining the goal of complete denuclearization of the Korean Peninsula. As a response, North Korea put pressure on both South Korea and the U.S. on Sunday through warnings made in three occasions by Kim Yo Jong, first vice department director of the Central Committee of the Workers' Party of Korea, a foreign ministry spokesperson, and a director for the U.S. of the foreign ministry. Some believe that it may be difficult to have inter-Korean talks in the near future.
California Disneyland reopens for first time in 412 days
Societies including the U.S. and the U.K. where Covid-19 vaccination is making headway is fast returning to normalcy. Disneyland has reopened for the first time in 412 days since March 14, 2020. In the U.K., more than 3,000 people enjoyed dancing and music without wearing masks at a club in Liverpool.
According to the media including the Los Angeles Times, Disneyland in Anaheim, California that had been shut down due to the pandemic, reopened on Friday. Only California residents are allowed to enter and the theme park is receiving only 25 percent of its full capacity visitors, but tickets have been fully booked through the next seven weeks. Visitors can use most of the rides in the amusement park, but parades and fireworks involving crowds are prohibited. Visitors are also obliged to wear masks and have their temperature checked. Also, they are allowed to eat only at designated places.
Woo Ha-ram, Kim Young-nam secure Olympics berth in synchro diving
Korean divers have secured a berth for the Olympics in the synchro competition for the first time Korea’s diving history.
Woo Ha-ram (23) and Kim Young-nam (25) received 383.43 points overall to rank fifth in the final round of men’s 10-meter synchro diving competition in the 2020 FINA Diving World Cup, which doubled as the final qualifying round for the 2020 Summer Olympics in Tokyo, Japan. The event took place at the Tokyo Aquatics Center in Japan on Sunday. The Woo Ha-ram and Kim Young-nam pair was granted a berth as it was ranked within the top four except the U.K. group, which already secured a berth for the Tokyo Olympics in the previous group race.
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The KyungHyang Shinmun ( http://english.khan.co.kr/ )
Guarantee Leave and Severance Pay for Domestic Workers: Shedding Light on Blind Spots in the Labor Law for the First Time in 70 Years
Domestic workers, who have provided labor in the blind spot of the labor bills for nearly 70 years, will be guaranteed paid leave, annual leave, severance pay, and social insurance.
On April 29, the parliamentary Environment and Labor Committee held a plenary session and passed a bill on better employment conditions for domestic workers. The latest bill is a mix of proposals by the government, Democratic Party of Korea lawmaker Lee Su-jin, Justice Party lawmaker Kang Eun-mi, and People Power Party lawmaker Lim Lee-ja. If the bill is passed by the Legislation and Judiciary Committee and by lawmakers in the National Assembly next month, it will be enforced a year after it is publically announced.
According to the bill, the government can certify businesses meeting certain requirements as domestic service providers. The certified businesses must directly hire their workers and clearly state the wages, minimum working hours, days of paid leave and annual leave when signing an employment contract with the workers. The companies must guarantee at least 15 hours of work a week.
Young People Account for 41% of Single-Person Households in Seoul, “We Can’t Even Dream of Buying a New Apartment”
Yi Yeong (34), who lives in Seocho-gu, Seoul, has been living in a multiplex housing near Nonhyeon Station, near her workplace since late 2019. She made a 150 million won deposit and pays a monthly rent of 350,000 won for her home. Yi said, “I was lucky to get the contract on the house when it came up for urgent sale, but I always wonder whether I will have to live like this my whole life.” Yi has been a single-person household for a decade since she found employment, and the assistance she wants most from the government is housing support.
Yi said, “I have been putting money into a housing subscription savings account for nearly fifteen years since I was in college, but I can’t even dream of buying a new apartment because I am a one-person household. Besides I can’t even afford to buy a house in Seoul with my salary.” She said, “Public housing for young people and long-term housing leases are only temporary measures, but the government keeps telling us to live on a long-term lease in public housing for young people. I don’t think they know how cruel it sounds to ‘dirt spoons’ like me, who have nowhere to turn to, when they tell us to work hard and earn a lot of money while living in the public housing for young people and buy my own house.” She added, “If I could buy a home by being frugal and saving up a million won every month, I would, but even that is impossible.”
Summers 20 Days Longer, Winters 22 Days Shorter on the Korean Peninsula
For the last thirty years, summers in South Korea have been extended by 20 days, while winters have grown shorter by 22 days. The number of extremely hot days, with heatwaves when the daily temperature peaked at over 33 degrees Celsius and the daily low remained over 25 degrees, increased and the number of cold waves and freezing temperatures decreased. The number of rainy days decreased, but the nation experienced stronger rainfall, so the summer rainfall actually increased.
On April 28, the Korea Meteorological Administration analyzed data from meteorological observations from 1912 to 2020 (109 years) in six locations nationwide--Seoul, Busan, Incheon, Mokpo, Daegu, and Gangneung--and announced the results claiming that the climate in South Korea has changed. The number of extreme weather, such as heatwaves, tropical nights, and localized torrential downpour, has increased threatening the “everyday health” of the people, not to mention putting them at risk of natural disasters.
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Maeil Business News Korea ( http://www.pulsenews.co.kr/ )
Short-selling is back in Korea, hits Kosdaq harder on the first day
Short-selling has become permissible for large-cap South Korean stocks from Monday after a 14-month ban, causing greater upset to the secondary stock market.
The Kospi 200 closed the day a tad 0.47 percent lower at 420.36 and Kosdaq 150 down 3.12 percent at 1,361.61. The broader Kospi ended 0.66 percent down at 3,127.20 and Kosdaq 2.2 percent off at 961.81.
Short-selling is restricted to the 200 top stocks on the Kospi and 150 on the Kosdaq.
As expected, Kospi No. 10 Celltrion lost 6.2 percent and its biosimiliar distributor Celltrion Healthcare, No. 1 on Kosdaq, fell 5.97 percent as they had been regular targets for short sale.
Seoul warns of “heaviest possible penalization” on illegal short sale practices
The South Korean government warned of “heaviest possible penalization” for any illicit short selling activities as it has partially lifted its ban on the practice after a 14-month ban on Monday.
“The government will closely monitor the market situation through authorities like Financial Supervisory Service and Korea Exchange and take stern actions by imposing the toughest penalization allowed by the law,” said Doh Kyu-sang, vice chairman of the Financial Services Commission (FSC), at a video conference on Monday.
Stock short sale has partially resumed for large-cap stocks on the Kospi 200 and Kosdaq 150 indexes after a ban since March 16 last year. Doh said the authorities expect there will be no illicit activities on the market as they have strengthened supervision and punishment for illegal practices.
Lee family of Samsung sweep top four in stock-rich list after inheritance
The Lee owner family behind Samsung Group dominated top four in stock-rich rank in Korea after they shared the holdings of Lee Kun-hee who died in October as the country’s wealthiest man with stock value of $20 billion.
According to an analysis conducted by CXO Research Center on stock value held by 90 family members of Korea’s 60 business groups on Monday, Jay Y. Lee, de facto chief of Samsung Group and vice chairman of Samsung Electronics Co. is the most stock-rich in Korea as of Friday’s closing price.
His stock worth jumped from 8.9 trillion won ($8 billion) in the end of March to 15.6 trillion won in April after he came into the holdings of his father whose stock wealth worth 20.4 trillion won was evenly divided among the four members according to the legal ratio except for the holding in Samsung Life Insurance.
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