Friday, October 22, 2021
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
“Through friendship come trust and good business partnership”
Newly appointed Ambassador Coronel Kinloch of the Republic of Nicaragua in Seoul said, “Through friendship comes trust and through trust comes a good business partner. Thus, every Korean investor and company can feel assured that Nicaragua is a land filled with investment opportunities.”
Excerpts from the interview follow: Question: As a new Nicaraguan ambassador to Korea, please tell us your major business objectives for this year. Answer: First off, I want to express the deep and sincere gratitude of the people of The Republic of Nicaragua towards the friendship given by the people of The Republic of Korea. Gratefulness is my main business and affair in this beautiful country. I want every Korean to know they have a friend ready to lend a hand in every Nicaraguan.
Charm VIT Group donates scholarship to 100 children of Vietnamese patriotic martyrs
Charm VIT Group, led by Chairman Lee Dae-bong, delivered a 1 billion Vietnamese currency dong in scholarship to 100 children of Vietnamese patriotic martyrs recommended by the Vietnamese Ministry of Public Security at the Vietnamese Embassy in Korea (Ambassador Nguyen Vu Tung) on Oct. 19. Nguyễn Ngọc, assistant minister of the Vietnamese Ministry of Public Security attended the event. This year marks the 15th year of the Charm VIT Group's overseas scholarship project, which started in 2007. Charm VIT Group also decided to provide a total of 20 million won in scholarships to 10 Vietnamese university students studying in Korea, and 600 million dong in scholarship to 300 children of the poorest ethnic minorities in Hoa Binh, Vietnam.
Candidates are holding meetings with prospective voters
The following article is based on materials provided by the Embassy of Uzbekistan in Seoul for publication by The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985.—Ed. 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.
KBS (http://world.kbs.co.kr/service)
Pres. Moon: Launch of Nuri Marks Great Achievement
President Moon Jae-in has dubbed the launch of Korea's first locally-developed space launch vehicle Nuri a significant achievement for the nation's budding space program, despite failing to attain its ultimate goal. Addressing the nation shortly after the launch of Nuri rocket Thursday, the president said the Korea Aerospace Research Institute(KARI) was unable to place a dummy satellite into orbit. Still, Nuri's flight exceeding an altitude of over seven-hundred kilometers after a successful liftoff is a tremendous achievement that brought South Korea one step closer to its dreams of space exploration.
Yoon Seok-youl Expresses Regret over Chun Doo-hwan Comments
Former Prosecutor-General Yoon Seok-youl, a leading presidential contender for the main opposition People Power Party(PPP), expressed regret over comments he made that seemed to defend former President Chun Doo-hwan. At a press conference on Thursday, Yoon said he humbly accepts all criticism that his comparison was inappropriate. He also pledged to further honor public wishes and work to achieve a change of administration. Stressing that he has repeatedly called to include the spirit of the 1980 Gwangju pro-democracy movement in the Constitution, Yoon said he never intended to defend or praise the Chun administration.
Prosecutors Raid Offices of Seongnam Mayor, Mayor's Secretary
Prosecutors investigating political favor allegations surrounding a lucrative development project in Seongnam raided the mayor's office and that of the secretary on Thursday. The raid came after prosecutors faced criticism for excluding the mayor’s office which had the final decisive power in approvals and permits for the project. Previously, prosecutors raided the Seongnam City Hall on two occasions but not the mayor’s office in search of past records that may still exist. With the latest move, observers say prosecutors are likely to expand their probe into Gyeonggi Province Gov. Lee Jae-myung, who served as Seongnam mayor, as well as his aides, at the time of the project.
Yonhap (http://english.yonhapnews.co.kr)
Moon says Nuri rocket completes all flight sequences but fails to put dummy satellite into orbit
President Moon Jae-in said Thursday South Korea's first domestically-built space rocket completed all flight sequences as scheduled but fell short of putting a dummy satellite into orbit. Moon praised scientists and engineers for developing the space rocket that reached a target altitude of 700 kilometers, describing it as a "creditable achievement." "The test-launch of Nuri-ho was completed. I am proud of it," Moon told the public after witnessing the launch at the Naro Space Center, the nation's sole spaceport. "Regrettably, we did not perfectly reach the goal, but we made a very creditable achievement in the first launch."
New virus cases slightly dip amid speedy vaccination campaign
South Korea reported fewer than 1,500 daily cases Thursday, continuing a downward trend since the fourth wave of the pandemic peaked in late September, due to the accelerating rate of vaccinations.The country reported 1,441 new cases, including 1,430 local infections, raising the total caseload to 347,529, the Korea Disease Control and Prevention Agency (KDCA) said. Thursday's tally is down by 130 from the 1,571 counted the previous day. It is also down by 498 from the number reported a week ago. The death toll came to 2,709, up 11 from a day earlier. Although the country has reported over 1,000 coronavirus cases a day since early July, the pandemic is believed to be relatively under control as the country has ramped up its vaccination efforts.
Prosecution indicts key figure for bribery amid snowballing land development scandal
The prosecution on Thursday indicted a key suspect widely deemed to be a close aide to the ruling party's presidential candidate, Lee Jae-myung, on charges of bribery related to a corruption-laden urban development scandal engulfing South Korean politics, officials said. The Seoul Central District Prosecutors Office accused Yoo Dong-gyu, former acting president of Seongnam Development Corp., of receiving kickbacks worth 350 million won (US$298,000) from local developers for a project to develop the Daejang-dong district in the city of Seongnam, south of Seoul, into residential complexes.
The Korea Herald (http://www.koreaherald.com)
NK: SLBM test not aimed at US
North Korea on Thursday defended its latest test-firing of a submarine-launched ballistic missile as necessary for its own defense and said the weapon does not target the US. A spokesperson for the North’s Foreign Ministry said it is “truly concerned” that the US is showing “abnormal reactions” to the country’s exercise of its right to self-defense and criticized the US for taking “provocative moves” by calling for an emergency UN Security Council meeting on the issue. The North said it successfully tested a new type of SLBM on Tuesday, the latest in a series of recent weapon launches.
Korea sees silver lining in Nuri launch
South Korea’s first homegrown satellite launch vehicle has failed to put its payload into the targeted orbit after what appeared to be a successful liftoff, the government said Thursday. The satellite launcher, dubbed the Nuri, or Korean Space Launch Vehicle-II, lifted off from the Naro Space Center in Goheung, South Jeolla Province, Thursday at 5 p.m. According to the Korea Aerospace Research Institute, it successfully traveled into a low orbit 700 kilometers above the Earth.
LG pledges to create 39,000 jobs for young people
LG Group, the fourth-largest conglomerate in South Korea, on Thursday pledged to create a total of 39,000 new jobs over the next three years. The group’s Chairman and CEO Koo Kwang-mo unveiled the plan during a meeting with Prime Minister Kim Boo-kyum at LG Science Park in Magok, western Seoul. The meeting was attended by the top brass of LG Group, including Vice Chairman Kwon Young-soo and President Lee Bang-soo. The meeting was part of the Korean government’s youth employment project, called “On-Going,” to address issues faced by young Koreans in the job market.
LG is the third participating group, following Samsung and KT.
The Korea Times (http://www.koreatimes.co.kr)
Military urged to prepare for personnel shortage amid demographic cliff
Calls are growing for the government to discuss how to deal with an upcoming personnel shortage in its armed forces, as the country is facing a demographic cliff, a major drop in the working population amid low birthrates. The military has already been reducing the armed forces to counter the demographic cliff as well as pursue a change in the method of warfare by switching its previous "troop-intensive" structure to a "technology-intensive" one. The number of troops has been cut from 618,000 in 2017 to 530,000 this year, and the military is planning to reduce it further to 500,000 next year and maintain it at that level.
Gov't aims to shift to 'Living with COVID-19' phase from Nov. 1
The government is pushing to introduce its "Living with COVID-19" phase Nov. 1 at the earliest, as the nation's vaccination rate is expected to reach 70 percent in the coming days, according to Minister of Health and Welfare Kwon Deok-cheol. Kwon said the government was "considering" beginning the plan that day, under which the health authorities will ease social distancing measures and focus more on managing critically ill patients rather than all virus cases. The minister made the remarks during the National Assembly's audit of the health ministry and the Korea Disease Control and Prevention Agency (KDCA), Wednesday.
High inheritance tax hampering entrepreneurship
Oct. 25 marks the first anniversary of the death of Samsung Group Chairman Lee Kun-hee. During the past year, the bereaved family handled a huge task: paying 12 trillion won ($10.1 billion) in inheritance tax. The family, which obtained loans to pay the tax, recently decided to sell 2 trillion won worth of shares. The story has turned the spotlight on Korea's high inheritance tax, which the business circle says hampers entrepreneurship, and has prompted the government to consider revising the taxation system
Chosun Ilbo (http://english.chosun.com)
S.Korea Alarmed by N.Korea's Sub-Launched Missile
South Korean military authorities were flustered Wednesday after North Korea confirmed it successfully tested a "new type of missile" from a submarine a day earlier. Such launches are much more difficult for existing South Korean and U.S. surveillance and missile defense systems to detect and intercept, not least because the new missile appears to be flying at a low altitude of only about 50 to 60 km on an unpredictable trajectory. Until it pops out of the water, the missile might well not appear on surveillance systems at all. South Korea is in the process of acquiring two additional Green Pine early-warning radars from Israel in preparation for North Korean SLBM strikes. But it remains to be seen how successfully it can intercept a missile even if it is detected on the radar.
Ex-USFK Chief Warns of N.Korea's Submarine-Launched Missile
A former chief of the U.S. Forces Korea on Wednesday warned that North Korea's submarine-launched ballistic missiles pose "another threat" to the South Korea-U.S. alliance. Curtis Scaparrotti was speaking at a meeting hosted by the Korea-U.S. Alliance Foundation and the Korea Defense Veterans Association in Seoul on Wednesday. Commenting on Tuesday's test launch of an Iskander SLBM, he warned the North is "irresponsible with these missiles and the nuclear capability it developed and certainly, it poses another problem to the alliance." Scaparrotti, who led the USFK between 2013 and 2016, said that what troubles him most today is that China and Russia are becoming more hostile and North Korea is also becoming a greater threat. But he added North Korea's military power is no match to the South Korea-U.S. alliance.
U.S. Hits 200 Million COVID Vaccine Donations Worldwide
The United States on Thursday marked the successful distribution of 200 million COVID-19 vaccines to more than 100 countries, a move the White House says fulfills President Joe Biden's vow to become "the world's arsenal of vaccines." White House deputy press secretary Karine Jean-Pierre said this is just the start. In September, Biden announced plans to donate more than 1 billion vaccines to low- and lower-middle-income nations. "Donating vaccines is one urgent effort we are taking to tackle this pandemic globally, and we've committed to donate 1.2 billion [vaccines], along with lifesaving assistance to countries in need to enhance their ability to get shots into arms," she said Thursday. "We also reiterate support for an intellectual property waiver and bolstering manufacturing here at home and abroad."
HanKyoReh Shinmun (http://english.hani.co.kr)
Kim Jong-un absent from SLBM test confirmed by N. Korea, signalling restraint
North Korea’s Academy of Defence Science “test-fired a new type submarine-launched ballistic missile on Tuesday,” the Rodong Sinmun newspaper reported in a second-page article on Wednesday. Leader Kim Jong-un was not present to observe the launch. The newspaper quoted the academy as saying that it had “presented a report [. . .] of succeeding in the test-launch of new type SLBM from the same ‘8.24 Yongung’ ship from which the first submarine-launched strategic ballistic missile was successfully launched five years ago to demonstrate the military muscle of the DPRK.” This indicates that the new SLBM was launched with the use of an existing submarine. The reference to “the same ‘8.24 Yongung’ ship from which the first submarine-launched strategic ballistic missile was successfully launched five years ago” is especially noteworthy.
What S. Korea’s Nuri rocket carries with it into space
The South Korean Nuri carrier rocket is scheduled for a launch on Oct. 21 from the Naro Space Center in Goheung, South Jeolla Province. Development of the Nuri began in 2010, with the design, production, testing, and launch management all based on domestic technology. The first stage of the rocket combines four 75-ton liquid fuel engines to produce 300 tons of thrust, with a second stage consisting of one 75-ton engine and a third stage consisting of one seven-ton engine. At the tip is a 1.5-ton model satellite. If the launch is successful, it will place South Korea among the ranks of countries with the ability to place a 1.5-ton working satellite into an orbit 600 to 800km above the earth’s surface.
N. Korea launches short-range missile presumed to be SLBM
North Korea launched a short-range ballistic missile that is presumed to be a submarine-launched ballistic missile (SLBM) on Tuesday. This is the North’s first launch of an SLBM — a strategic weapon deemed a “game changer” on the battlefield — since October 2019. On the same day, the standing committee of the Blue House National Security Council (NSC) in an emergency meeting expressed “deep dismay” toward Pyongyang regarding the launch. The Joints Chiefs of Staff (JCS) said, “At around 10:17 today [Tuesday], North Korea launched an unidentified short-range ballistic missile believed to be an SLBM from the sea east of Sinpo, South Hamgyong Province, into the East Sea,” adding, “South Korean and US intelligence are conducting detailed analyses of additional specifications and characteristics.”
The Dong-A Ilbo (http://english.donga.com/)
Pyongyang connects SLBM launch to matter of sovereignty
North Korea called on South Korea and the United States to withdraw from a “double standard,” by claiming that the recent launch of a new SLBM is a way of exercising sovereignty in normal and legitimate manners. The North made it clear that it will refuse to join discussions on a declaration of end of war if the two nations do not revert a “double standard and hostile policy,” which have been part of their recent talks of an end-of-war declaration.
Biotech cluster in Songdo to be expanded twice
The city of Incheon that successfully invited the government’s K-BioLab Hub in July announced its plan to profoundly increase the size of its biotech cluster in Songdo International City. The Incheon Free Economic Zone (IFEZ) stated on Thursday that it plans to provide 357,000 square meters of the land in Zone 11 of Songdo International City as a site for cutting-edge pharmaceutical manufacturing facilities producing next generation vaccines and therapeutics. The IFEZ will accept applications until Nov. 30 and hold a meeting to determine preferred bidders on Dec. 10. Preferred bidders will enter into a land sale contract after three months of negotiation.
SK Hynix develops world’s first HBM3 DRAM chip
SK Hynix has developed the industry’s first HBM3 DRAM chip, which improved data processing speed by about 80 percent. High Bandwidth Memory (HBM) refers to a high performance DRAM product that boasts improved data processing speed by vertically stacking multiple DRAM chips. In 2013, SK Hynix became the world’s first to release the first generation HBM. After developing the second generation HBM 2, the company succeeded in mass production of the third generation HBM2E in July last year. The latest product is the fourth generation of high bandwidth memory.
The KyungHyangShinmun (http://english.khan.co.kr/)
Edison Motors to Acquire SsangYong Motor: CEO Kang Young-kwon, “We Will Overcome Tesla”
Edison Motors, an electric bus manufacturer, has been selected as the new owner of SsangYong Motor Company. Thus SsangYong Motor just got another opportunity to revive following an acquisition in 2009. But even if Edison Motors acquires SsangYong Motor, challenges are expected before management can return to normal. On October 20, SsangYong Motor Co. and Ernst & Young Hanyoung Corporation, the accounting firm overseeing the acquisition, announced that they selected the Edison Motors consortium as the preferred bidder and that they would apply for a court approval. If the court approves, SsangYong Motor will sign a binding MOU with Edison Motors and begin due diligence as well as negotiations for the acquisition next month.
“South Korean Soldiers Are Paper Cats” North Korean Media Mentions Sexual Assault Incidents and Claims South Koreans Deplore the Military
North Korea mentioned the sexual assault incidents in the South Korean military, which were recently criticized in a parliamentary inspection, and said, “South Korean citizens are raising their voices in condemning the military claiming they are not even paper tigers, but paper cats.” On October 21, Meari, a North Korean state propaganda site claimed, “The weakness of the military revealed in the South Korean parliamentary inspection is currently the target of criticism from the South Korean citizens.” The media outlet presented statistics presented by the South Korean lawmakers: 48 fatal accidents in the South Korean military from January to June this year; 5 suicides by female soldiers who were sexually assaulted (January-September 2021); and 518 cases of desertion in the last four years. The media outlet used these figures as the grounds for its criticism.
The Aftermath of the Democratic Primaries Rings an Alarm: 40% of Lee Nak-yon’s Supporters Went to Yoon Seok-youl
On October 14, the results of a survey showed that some of the supporters of Lee Nak-yon, former leader of the Democratic Party of Korea who lost in the party primaries, expressed their support for former Prosecutor General Yoon Seok-youl, a presidential candidate of the People Power Party and not Gyeonggi Governor Lee Jae-myung, who was elected as the Democratic Party candidate. Wounds from the party primaries have yet to heal, and they appear to be behind the latest result. Some experts believe this is a warning sign on the “one team” that the Democratic Party is trying to form ahead of the presidential race. According to an OhmyNews survey of 2,027 people conducted by Realmeter on October 11-12, when the respondents were asked which candidate they supported in a four-way presidential race of Lee Jae-myung, Yoon Seok-youl, Sim Sang-jeung, and Ahn Cheol-soo, 34.0% chose Lee Jae-myung and 33.7% chose Yoon Seok-youl.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
S. Korea succeeds in maiden flight of homemade rocket, but fails to put payload into orbit
South Korea fell short of making a milestone leap in space program as its maiden flight of its first entirely domestically made rocket KSLV II dubbed Nuri failed to put a dummy payload into orbit. The success rate of a new rocket in the first attempt is typically at 30 percent. Only six – the U.S., France, China, Japan, and India – so far have successfully flown an over 1-ton satellite into orbit without outside help. The space launch vehicle carried out its three-stage mission to arrive at the destination 700 kilometers (434 miles) above the Earth, but failed to place the 1.5-ton dummy payload into orbit as it ran out of fuel and lost speed about 15 minutes after it blasted off from the Naro Space Center in Goheung, 473 kilometers south of Seoul, at 5 p.m., according to the Korea Aerospace Research Institute (KARI).
Edison Motors CEO vows to bolster EV lineup and normalize output without layoffs
Edison Motors is not considering any streamlining after it comes to command SsangYong Motor Co. as it sees annual output can be normalized to 300,000 units through EV enhancement by leveraging on the electric bus maker’s knowhow, according to its CEO after winning the preferential candidacy to buy a controlling stake in the carmaker under court management. “We’ll help SsangYong Motor break its streak of bad luck. With the help of SsangYong employees, a turnaround is possible from next year,” Kang Young-kwon, CEO of Edison Motors said in his interview with Maeil Business Newspaper on Wednesday.
Upbit operator Dunamu joins race for partial stake in Woori Financial
Dunamu Inc., operator of South Korea’s top crypto currency exchange Upbit, joined the race for a partial stake in the offering of 10 percent government holding in Woori Financial Holdings, pitted against contenders ranging from foreign financial players to telecom network operator. According to multiple sources from the investment bank industry on Wednesday, Dunamu was confirmed to have vied for the tender for a 10 percent stake in Woori Financial Holdings held by state-run Korea Deposit Insurance Corporation (KDIC).
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