Tuesday, October 20, 2021
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
Amb. Fen greatly contributes to promoting ties between Korea, Uzbekistan, also other countries
On Oct. 6, 2021, The Korea Post media honored Ambassador Vitaliy Fen of the Republic of Uzbekistan in Seoul with a Plaque of Citation for the unreserved efforts and dedication he has made to the promotion of relations, cooperation and friendship between Korea and his country of Uzbekistan.
With an ability of impeccable ability of communication in the Korean language, Ambassador Fen has immeasurably contributed to the enhancement of relations between Korea and Uzbekistan. Ambassador Fen was also very instrumental in the promotion of relations between Korea and the 117 different countries of the world with resident embassies in Korea as the dean of the Seoul Diplomatic Corps.
Candidates are holding meetings with prospective voters
The election campaign for the Presidential Elections in Uzbekistan continues. Presidential candidate of the Republic of Uzbekistan from the Ecological Party of Uzbekistan Narzullo Oblomurodov met with Karakalpakstan voters in Muynak. The candidate’s authorized person in the Republic of Karakalpakstan Leyla Seitova informed about the biography and pre-election program of Narzullo Oblomurodov. The Presidential candidate highlighted the work carried out by the Ecological Party in improving the standard of living of the population of the Aral Sea region, strengthening people's health, eliminating environmental problems.
Grand Josun Jeju launches ‘Romantic Escape Ⅱ’ package for honeymooners
‘Grand Josun Jeju,’ a luxury hotel brand under Josun Hotels & Resorts, is launching its ‘Romantic Escape Ⅱ (Season 2)’ package with the aim to deliver ultimate luxury honeymoon experiences to guests in time for the autumn wedding season. The ‘Romantic Escape Ⅱ (Season 2)’ package is specifically tailored to newly-weds on a honeymoon with exclusive offerings of various Grand Josun Jeju Hill Suite services and facilities. The ‘Romantic EscapeⅠ (Season 1)’ was first introduced last December, enjoying a great popularity among its guests.
KBS (http://world.kbs.co.kr/service)
N. Korea Confirms It Test-Fired New SLBM, Calls It Success
North Korea confirmed on Wednesday that it test-fired a submarine-launched ballistic missile(SLBM) the previous day. The North’s official Korean Central News Agency(KCNA) said the test-launch of a new SLBM was conducted by the Academy of Defense Science on Tuesday, involving the same submarine that launched the regime’s first strategic SLBM five years ago. It called the new test a success. The outlet said the latest missile is equipped with evolved control and guidance technologies, adding that it will significantly contribute to the advancement of the North’s defense technologies and the enhancement of underwater naval operations.
US Condemns N. Korea's Missile Launch, Stresses Dialogue
The United States has denounced North Korea’s latest ballistic missile launch. In a media briefing on Tuesday, White House spokesperson Jen Psaki called it a violation of multiple UN Security Council resolutions and a threat to the region. She then said that the U.S. urges the regime to refrain from additional provocation. Psaki said the launch sheds light on the urgent need for dialogue and diplomacy, noting that the U.S.’ proposal to meet with the North anywhere, anytime without preconditions remains valid. The U.S. Department of State issued a similar response while answering a written inquiry from Yonhap News.
COVID-19 Vaccine Reservation Rate for Teens Aged 12-15 at 6.8% on 1st Day
The government estimated that six-point-eight percent of adolescents aged 12 to 15 signed up for the COVID-19 vaccine on Monday, the first day of reservations for the age group. The state vaccine task force said Tuesday that of some one-point-87 million teenagers in that group, roughly 127-thousand made vaccine reservations between 8 p.m. Monday and 12 a.m. Tuesday. This is lower than the 20-point-eight percent reservation rate posted by teens aged 16 and 17 during the first four hours of reservations on October 5. Hong Jeong-ik, a senior official on the task force, said the government will receive reservations for 12 to 15 year olds for a month to give parents sufficient time to decide whether to get their children vaccinated.
Yonhap (http://english.yonhapnews.co.kr)
N. Korean missile launch highlights need to engage in diplomacy: official
North Korea's latest missile launch highlights the urgent need to engage with the reclusive state in dialogue, a senior South Korean official said Tuesday. The official also said South Korea, Japan and the United States share concerns over the North's missile launch. "There were concerns since the North's continued missile launches may affect our efforts (to resume dialogue) to a certain extent as we discuss ways to bring North Korea back to dialogue," the official said while speaking to reporters on condition of anonymity.
U.S. condemns N. Korean missile launch as threat to region: State Dept.
The U.S. State Department on Tuesday condemned North Korea's latest missile launch as a threat to the region while urging the reclusive state to engage in dialogue. "The United States condemns the DPRK's ballistic missile launch. These launches are a violation of multiple United Nations Security Council resolutions and are a threat to the region," a State Department spokesperson told Yonhap News Agency in an email. "We call on the DPRK to refrain from further provocations and engage in sustained and substantive dialogue. Our commitment to the defense of the Republic of Korea and Japan remains ironclad," the spokesperson added.
Court keeps key suspect in land development scandal in detention
A Seoul court on Tuesday ordered a key suspect in a snowballing corruption scandal surrounding a lucrative land development project near Seoul to be kept in detention, rejecting the suspect's request to review the legality of his arrest. Yoo Dong-gyu, former acting president of Seongnam Development Corp., has been arrested on charges of breach of trust and bribery in connection with the project to develop the Daejang-dong district in the city of Seongnam, south of Seoul, into apartment complexes.
Yoo had asked the Seoul Central District Court to review the legality of his arrest, but the court rejected the request, court officials said.
The Korea Herald (http://www.koreaherald.com)
US nuclear envoy to visit Seoul this week to discuss ‘end-of-war’ declaration
Washington’s point man on North Korea, Sung Kim, said Monday that he will visit Seoul later this week to discuss ways to bring Pyongyang back to the dialogue, and that declaring an official end to the Korean War will be part of the agenda. Kim, the US special representative on North Korea, revealed his plans after talks with South Korea’s chief nuclear envoy, Noh Kyu-duk, in Washington on Monday, ahead of a three-way meeting Tuesday with their Japanese counterpart, Takehiro Funakoshi.
Falling Samsung shares: what it means to S. Korean investors
A 39-year-old investor in Seoul, surnamed Choi, had a strong belief that the share value of Samsung Electronics would soon reach 100,000 won ($84.80). Despite its continuous fall, recently to below 70,000 won, Choi has no plan to sell shares of the nation’s largest conglomerate and the world’s largest chipmaker. Instead, he sees the falling price as an investment opportunity. “I believe in Samsung Electronics. Although it appeared to go into free fall from some 90,000 won-level marked earlier this year, I recently bought an additional 100 shares of Samsung Electronics,” he said. “The stock price will eventually rise in the future.”
Tough road ahead for end-of-war declaration
There will be no immediate breakthrough in the ongoing discussions toward an end-of-war declaration without a change of attitude not just from North Korea, but also from the US, experts here said Tuesday. President Moon Jae-in proposed declaring a formal end to the 1950-53 Korean War in his UN speech last month, a last-ditch effort to resume stalled diplomacy with North Korea before he leaves office in May. Seoul officials have held a series of high-level meetings in recent weeks, wooing support for the proposal from the US and other countries. Even North Korea hinted at its intention to join the talks despite its confusing messages: back-to-back missile tests interspersed with reconciliatory gestures.
The Korea Times (http://www.koreatimes.co.kr)
North Korea fires another missile despite US attempts for dialogue
North Korea launched a ballistic missile into the East Sea, Tuesday, despite the U.S.'s apparent efforts to entice Pyongyang to return to denuclearization talks by opening up the possibility of discussions to formally end the Korean War. According to the Joint Chiefs of Staff (JCS), North Korea fired a submarine-launched ballistic missile (SLBM) from Sinpo, South Hamgyong Province, at 10:17 a.m. However, Japan's military authorities announced the North launched two missiles. The National Security Council held an emergency meeting shortly after the JCS announcement and expressed "serious regrets" over the incident, noting that North Korea had launched a missile again "despite the ongoing discussions between South Korea, the U.S., China, Japan, Russia and other neighboring countries on a peace process on the Korean Peninsula."
Shinhan outruns rivals in resuming investor roadshows abroad
Shinhan Financial Group Chairman Cho Yong-byoung will resume his overseas business trips next week, while the leaders of other financial holding companies here remain cautious about going abroad during the COVID-19 pandemic. This is the first time for him to travel abroad for business, since his attendance at the IMF's annual meeting in Washington, D.C., in October 2019. The main purpose of his forthcoming trip is to introduce Shinhan's strategies for net-zero emissions to the participants of the 26th U.N. Climate Change Conference (COP26) Finance Day event that will be held Nov. 3 in Glasgow, Scotland, following a two-day meeting of political leaders worldwide.
Greenflation feared to loom over Korean economy amid carbon neutral transition
Surging energy prices and the government's finalized plan to drastically cut greenhouse gas emissions are prompting concerns over "greenflation" ― price hikes in metals, minerals and other natural resources needed for renewable technologies. Industry sources said Tuesday that Korea "has plenty of reasons be nervous" about increases in utility costs, as the prices of major energy sources worldwide have been climbing sharply. On Monday, Brent Crude oil hit a three-year high price of $86.04 per barrel, while U.S. West Texas Intermediate (WTI) Crude Futures reached a seven-year-high of $83.73 per barrel.
Chosun Ilbo (http://english.chosun.com)
Local Festivals to Resume as Korea Returns to Normal
Traditional local festivals that have been canceled due to the coronavirus pandemic will resume as Korea starts a phased return to normal early next month. First up is Inje in Gangwon Province with its annual Icefish Festival, one of the country's most popular winter festivals. "It was uncertain until last month whether the festival will be able to open due to the prolonged pandemic, but we recently decided to go ahead and are making a detailed plan," an official at the Inje regional government said Monday. The Icefish Festival takes place every January and attracts over 200,000 visitors but was canceled this year.
LG to Launch Battery Joint Venture with Automaker Stellantis
LG Energy Solution will join hands with global automaker Stellantis to produce batteries for electric cars. Stellantis, a merger between Fiat-Chryslar and France's PSA Group, is now the world's sixth-largest automaker. LG Energy Solution said Monday that the two firms have signed a memorandum of understanding to build an EV battery factory in North America with an annual production capacity of 40 gigawatt hours or enough to power 600,000 electric cars. They did not specify the size of their investment, which is estimated at around W4 trillion (US$1=W1,188). Besides Fiat and Chrysler, Stellantis owns the Maserati, Jeep and Alfa Romeo brands. It plans to increase the proportion of EVs to more than 40 percent in the U.S. and 70 percent in Europe by 2030.
N.Korea 'Poised to Resume Nuke, ICBM Tests'
North Korea could be poised to resume tests of nuclear bombs and intercontinental ballistic missiles, a U.S. intelligence agency warns. In a report released last week, the U.S. Defense Intelligence Agency said, "Integrating a nuclear weapon with a ballistic missile and enabling that nuclear-armed missile to function reliably as a system is North Korea's ultimate operational goal. Further underground nuclear tests to validate weapon capabilities are possible if North Korea reconstitutes its nuclear test site or establishes a new one."
HanKyoReh Shinmun (http://english.hani.co.kr)
S. Korea must stand its ground against US requests for semiconductor secrets
Amid controversy over the US government’s demands for Samsung Electronics, SK Hynix and other global semiconductor companies to hand over sensitive business secrets, the South Korean government stated its official position on the matter Monday. It did not go into much detail, saying only that Seoul had relayed its concerns to Washington and would be actively discussing matters in the days ahead. This is all too passive of a response to these demands from the US, which are a serious issue bordering on infringement of South Korea’s economic sovereignty.
Lee Jae-myung turns Daejang allegations against PPP during parliamentary audit
Gyeonggi Province Gov. Lee Jae-myung, the Democratic Party candidate for next year’s presidential election, described himself Monday as the “designer” of Seongnam’s Daejang neighborhood, in a message signaling his intent to get on top of an issue that has been creating problems for his campaign. A parliamentary audit that day, which essentially turned into a hearing of Lee Jae-myung, failed to land any decisive blows for the rival People Power Party (PPP), which has announced its plans to explore all the related allegations in detail. Instead, Lee characterized the Daejang situation as a scandal for the PPP itself and the asset management company Hwacheon Daeyu, insisting that the “culprits in corruption are the ones who took the money.”
Flurry of high-level talks between US, S. Korea rekindle hope for dialogue with N. Korea
Amid a series of high-level deliberations between South Korea and the US, attention is focusing on whether the two countries can find a way to resume dialogue with North Korea, perhaps by pushing for an official end to the Korean War. An end-of-war declaration is something that South Korean President Moon Jae-in has repeatedly proposed. “I expect there will be full-fledged deliberations at the working level on several ways [to resume the Korean Peninsula peace process], including an end-of-war declaration,” said Noh Kyu-duk, special representative for Korean Peninsula Peace and Security Affairs, while visiting Washington, DC, on Saturday, following a trip to Russia.
The Dong-A Ilbo (http://english.donga.com/)
N. Korea fires SLBM amid efforts to resume nuclear talks
North Korea fired a new submarine-launched ballistic missile (SLBM) into the East Sea on Tuesday. The missile launch, which was the seventh this year, was carried out on the day when intelligence chiefs and nuclear envoys of South Korea, the U.S. and Japan met in Seoul and Washington, respectively. The latest provocation came amid efforts from South Korea and the U.S. to bring North Korea back to the negotiating table through discussions on end-of-war declaration and humanitarian aid to the North.According to the Joint Chiefs of Staff (JCS) on Tuesday, an SLBM was launched from waters east of Sinpo at 10:17 a.m. and flew 590 kilometers, hitting an altitude of 60 kilometers. The JCS suspects that a new mini-SLBM, which had never been launched before, was launched from a submarine.
FDA to allow booster shots of Moderna and Janssen vaccines
The New York Times reported on Monday (local time) that the Food and Drug Administration (FDA) is planning to allow Americans to receive a different Covid-19 vaccine as a booster from the one they initially received. According to The New York Times, the FDA is expected to authorize boosters of the Moderna and Johnson & Johnson vaccines by Wednesday evening. The agency authorized booster shots of the Pfizer vaccine last month. The FDA plans to allow the mix-and-match approach to booster shots. However, using the same vaccine as a booster when possible is preferable, said The New York Times.
Pope Francis smiles as he receives Messi’s shirt
Soccer-loving Pope Francis wore a huge smile after receiving Lionel Messi’s PSG shirts signed by the legendary player himself. Reuters reported on Tuesday that French Prime Minister Jean Castex, visiting the Vatican to commemorate the 100th anniversary of the diplomatic relations between the Roman Curia and France, met Pope Francis and gave a Paris-Saint Germain jersey signed by Lionel Messi. The French prime minister gave the pontiff the glass-framed number 30 jersey, along with the 1836 edition of the Notre-Dame de Paris by the French novelist Victor Hugo.
The KyungHyangShinmun (http://english.khan.co.kr/)
Sung Kim, “Continue Discussing an End-of-War Declaration on the Korean
Peninsula” along with Humanitarian Assistance for North Korea
The U.S. special representative for the Democratic People’s Republic of Korea (DPRK), Ambassador Sung Kim met with Ambassador Noh Duk-kyu, special representative for Korean Peninsula peace and security affairs on October 18 (local time) and discussed the end-of-war declaration and expressed his wishes to continue discussing the issue in the future. Reportedly, the two representatives also examined a wide range of ideas on engaging with the North, including humanitarian cooperation with North Korea. This day, Kim shared his thoughts with reporters after a talk between the South Korea-United States senior representatives on the North Korean nuclear issue with Ambassador Noh at the State Department in Washington D.C.
Prime Minister Kim, “From Next Week, up to 8 People Can Gather in the Greater Seoul Area and up to 10 People in Other Areas”
On October 15, Prime Minister Kim Boo-kyum announced the new distancing measures that will be applied beginning October 18 and said, “Even in areas where level-4 distancing is enforced, private gatherings of up to eight people will be allowed, regardless of whether the time is before or after 6 p.m. In level-3 areas, up to 10 people can gather.” This day, the prime minister presided over a Central Disaster and Safety Countermeasure Headquarters meeting on COVID-19 and said, “The government will adjust some of the disease prevention measures after taking into consideration the changing circumstances in order to relieve some of the pain of small business owners and self-employed business owners who are struggling to make ends meet.”
Prime Minister Kim Boo-kyum, “We Are Now at a Stage to Prepare a Return to Our Daily Lives after a Period of Adversity”
On October 13, Prime Minister Kim Boo-kyum said, “After going through a period of adversity, we are now at a stage for preparations to carefully restore our everyday life.” This day, the prime minister presided over the first meeting of a committee to support the return to everyday life following COVID-19 at the government office in Seoul and said, “The government will prepare a phased journey to restore everyday life based on our performance in disease control and the rising vaccination rate.” However, Kim said, “This does not mean, by any means, that we should immediately take off our masks,” and explained, “It means we will gradually promote a harmony between disease control and everyday life when preparing a return to our daily lives.”
Maeil Business News Korea (http://www.pulsenews.co.kr/)
19th World Korean Business Convention kicks off online and offline
The 19th World Korean Business Convention, the biggest networking event for Korean entrepreneurs working across the globe, kicked off on Tuesday at the Lotte Hotel World in southern Seoul, returning with a mix of virtual and on-site programs after one-year hiatus due to the Covid-19 pandemic. This year’s event jointly organized by Maeil Business Newspaper, MBN, and Overseas Koreans Foundation will center on the theme of “Fourth Industry Revolution and Green New Deal to Tackle Climate Change.”
KDB issues $1.5 bn multi-tranche global bonds at lowest spread
State-run Korea Development Bank (KDB) has marketed multi-tranche global bonds worth $1.5 billion at cheapest rate despite growing external risks over inflation and debt in emerging countries. According to KDB on Tuesday, the fixed-rate bonds were issued Monday in three tranches – $700 million with three and a quarter years maturity, $500 million in five and a half years, and $300 million in 10 years. The shortest notes were priced at 15 basis points over the three-year U.S. Treasury note, the 5.5-year at 30 basis points over five-year U.S. Treasury note, and 10-year debts 45 basis points over 10-year U.S. Treasury note.
SK E&S to invest $400 mn in Rev Renewables, Posco mulls stake in Senex
South Korean energy companies have been active on the M&S scene to accelerate their green push by leveraging on overseas resource and technology. SK E&S said on Monday that its board last week approved a plan to fund $425.25 million to SK E&S Americas Inc. for its investment in Rev Renewables LLC, a leading energy solution firm in the United States. It will invest up to $400 million excluding advisory fees for ownership in Rev Renewable shares. Details on financial terms were not disclosed.
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Philippine Daily Inquirer https://www.inquirer.net
Daily News Hungary http://dailynewshungary.com
Budapest Times http://budapesttimes.hu
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