Friday, November 12, 2021
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
Amb. Teymurov of Azerbaijan hosts gala reception at Floating Island near in Seoul
On the occasion of the National Flag Day and the First Anniversary of the Victory Day of Azerbaijan on Nov. 8, 2021, Ambassador Ramzi Teymurov of the Republic of Azerbaijan hosted a reception on the Dung Dung Seom Floating Island on the southern end of the Double-deck Bridge of Banpo over the Han River. It was so far the first diplomatic function following the seemingly nearing end of the COVID-19 pandemic in Korea. The reception consisted of a gala dinner with performing artist performances of singers and dancers. Many ambassadors attended the reception with their spouses and there also were a good number of Korean society figures who included Mrs. Park Jae-kyu, madam of the president of the Kyungnam University. Among the ambassadors were (in alphabetical order) Ambs. Edgar Gaspar Martins of Angola, Bakyt Dyussenbayev of Kazakhstan, Dinara Kemelova of Kyrgyz Republic, Daul Matute-Mejia of Peru and Abdulla Saif Al Nuaimi of the United Arab Emirates.
Bangladesh’s Mega Projects help Bangladesh in reviving its economy during this pandemic
Bangladesh's ability to spend money has increased even earlier. Ability to borrow and repay foreign loans has also increased. In the meantime, Bangladesh has also written its name in the list of middle-income countries. Top 10 Mega Project in Bangladesh such as Padma Bridge, Dhaka Metro Rail, Dhaka-Chittagong Elevated Expressway, Dhaka to Chittagong Express Railway, Dhaka-Sylhet 4 Lane Highway, Dhaka Cox’s Bazar Railway Link, Dhaka Elevated Expressway, Paira Deep Sea Port, 4 Lane Expansion of Major Highways in Bangladesh, Ruppur Nuclear Power Plant that will change the country rapidly. The development partners have also been informed about the capacity of internal resources by implementing large projects like the Padma Bridge with their own funds. Besides, construction work of Metro Rail, Karnaphuli Tunnel, Bay Terminal, Ruppur Nuclear Power Station, Dhaka Elevated Expressway, Bus Rapid Transit, Third Terminal of the airport is also going ahead in the Corona epidemic. The workers and engineers are working day and night in compliance with the hygiene rules.
“Angola marks Independence Day on Nov. 11, has many Korean firms contributing to bilateral cooperation”
Ambassador Edgar Gaspar Martins of the Republic of Angola in Seoul said, “Angola celebrates her National Day on November 11 marking her winning of independence from Portugal in 1975.” Speaking at a recent interview with The Korea Post at the Embassy of Angola in Seoul, Ambassador Martins said that many Korean companies are contributing to the promotion of cooperation and friendship between the two countries. He said, “In the recent past, Korean companies, such as Sonangol E.P. and DSME (Daewoo Shipbuilding & Marine Engineering), have developed several projects in the field of shipbuilding and equipment for the oil industry. Then he cited many other Korean companies actively engaged in the promotion of economic cooperation between the two countries as well as to the economic growth and development in their host country of Angola.
KBS (http://world.kbs.co.kr/service)
EU Drug Watchdog Recommends Authorization of Celltrion's COVID-19 Treatment
The European Union's drug watchdog has recommended the authorization of a COVID-19 antibody treatment made by South Korean biopharmaceutical company Celltrion for people at risk of severe disease. Celltrion's Regkirona was given the green light on Thursday from the European Medicines Agency(EPA), along with Ronapreve, made by Swiss pharma giant Roche with U.S. biotech firm Regeneron. The EPA said Regkirona should be offered only for adults who don't yet require oxygen support but are at risk of worsening COVID-19. Regeneron was recommended for treating adults and adolescents over age 12 with similar conditions.
Exports Prices Rise for 11th Straight Month in October
Export and import prices both rose last month amid rising prices of oil and raw materials. According to data from the Bank of Korea(BOK) on Friday, the country's export price index marked 116-point-18, up one-point-six percent on-month, in October. The reading marked the eleventh consecutive monthly increase and was the largest figure since September 2012. From a year earlier, it posted a rise of 23-point-three percent. Meanwhile, the import price index also jumped four-point-eight percent on-month in October, extending the rising streak to six months. From a year earlier, the reading surged 36-point-eight percent, the largest on-year growth since October 2008, when it soared 47-point-one percent.
Incheon Airport Drops from No. 5 to No. 8 in ACI World Rankings
Incheon International Airport dropped three notches in world rankings, becoming the eighth best airport in 2020 on the Airports Council International(ACI) list. According to the transport ministry on Thursday, though it made the top of the list for Asia, Incheon dropped from No. 5 in 2019 ACI world rankings due to the COVID-19 pandemic. The ministry said the number of international flights at Incheon Airport dropped by 83 percent last year from 2019, with nearly 12 million international passengers recorded. Airports in Paris and Frankfurt that were ranked lower than Incheon Airport previously leveled up a few notches with relatively less strict quarantine on international passengers.
Yonhap (http://english.yonhapnews.co.kr)
China to work with S. Korea to address urea solution shortages: Amb. Xing
China will work with South Korea to resolve urea solution shortages, Chinese Ambassador Xing Haiming said Thursday, after the ruling Democratic Party's presidential nominee, Lee Jae-myung, called for help from the neighboring nation. Xing made the remark during a visit to Lee at the ruling party's headquarters, saying China takes seriously difficulties South Korea is suffering due to shortages of the material used to reduce emissions in diesel vehicles. South Korea has been grappling with a shortage of the diesel exhaust fluid and its surging prices in recent weeks, as China tightened exports of fertilizers and related materials, including urea, in October amid a power crisis caused by a coal supply shortage. Coal is the main feedstock for urea.
S. Korea temporarily cuts fuel taxes to tackle soaring oil prices
South Korea temporarily lowered fuel taxes Friday in an effort to ease the impact of surging oil prices on the country's consumer inflation and people's lives. Government officials said the 20 percent reduction in taxes on gasoline, diesel and liquefied petroleum gas (LPG) will remain in place for six months until the end of April next year. Under the move, the fuel tax on gasoline drops to 656 won (US$0.55) per liter from 820 won, with that on diesel falling to 466 won from 582 won. Taxes account for around 40 percent of domestic gasoline prices. Industry watchers said it will likely take a couple of weeks for local gas stations to reflect the lowered taxes in their prices.
Biopic to be made on first Korean Catholic priest
A film based on the life of St. Andrew Kim Tae-gon, the first native Korean Catholic priest, will be produced as South Korea celebrates the bicentenary of his birth this year. Kim was born in 1821 during the Joseon Dynasty in Dangjin, about 120 kilometers south of Seoul, to a devout Catholic family. He traveled on foot to a seminary in Macau, China, at the age of 15 and was ordained as a priest in Shanghai in 1845. Back home, he was assigned to arrange for missionaries to enter Korea by sea to elude border patrols. He was arrested, tortured and finally beheaded at the Han River near Seoul the following year at the age of 25. Kim was canonized as a saint by Pope John Paul II during his visit to South Korea in 1984.
The Korea Herald (http://www.koreaherald.com)
Seoul to invest over 240 billion won to attract foreign capital
Seoul Metropolitan Government will invest 241.8 billion won ($204 million) over five years as part of its plans to transform the city into a global financial hub, the city said Thursday. The city also plans to establish an agency for overseeing foreign investment in the city, with the goal of attracting more than 250 foreign financial firms and attaining foreign direct investment of $30 billion by 2030. The agency, which is set to open in 2024, will work with Korea Trade-Investment Promotion Agency’s investment hosting agency Invest Korea and directly negotiate with target firms. It is also looking to open a digital finance support center the following year for local firms to use.
Top US diplomat for East Asia discusses supply chain, NK issue in Seoul
The top US diplomat for East Asia held talks with officials in South Korea on Thursday, with the two sides agreeing to bolster ties in dealing with the global supply chain disruption and bring Pyongyang back to the stalled denuclearization talks. Daniel Kritenbrink, the US assistant secretary of state for East Asian and Pacific affairs, arrived in Seoul on Wednesday following a four-day stop in Tokyo. It marks his first Asia trip since taking office in September. Kritenbrink met with his South Korean counterpart, Yeo Seung-bae, deputy minister for political affairs, in the morning.
US repeats decision on when to change command has not yet come
South Korea and the US have not made any decisions on when Seoul will take over wartime operational control from Washington, the US Defense Department said Wednesday, amid signs of a rift in the allies’ position on the wartime role the US first assumed in the 1950-53 Korean War. Last week, Gen. Paul LaCamera, the US military chief overseeing the 28,500 American troops here, said the two countries could make changes to South Korea’s plan to retake command by May next year or set a deadline, in what many here understood as pushing back the transfer.
The Korea Times (http://www.koreatimes.co.kr)
Korea's two-track diplomacy between U.S., China losing luster
The government's two-track diplomacy of separating its national security and economic interests is raising some serious questions on its efficacy, after Seoul experienced some negative consequences in recent weeks that seem to be byproducts of the ongoing diplomatic row between the U.S. and China. So far, the government has engaged in a "balancing act" between the two superpowers ― standing as an ally of the U.S. on security matters, while partnering with China for economic reasons. However, experts say the U.S.-China conflict is now blurring the line between national security and the economy, making Korea's conventional strategy outdated. In recent weeks, Korea has been suffering from a nationwide shortage of diesel exhaust fluid (DEF), an additive used in diesel engines to reduce emissions.
Bank of Korea warns of deepening inflationary pressures
The Korean economy will continue to be exposed to escalating inflationary pressures due to external risk factors on global supply chain disruptions and international oil price hikes, Bank of Korea (BOK) Governor Lee Ju-yeol said Thursday. "Consumer prices will be on the rise for the time being at a higher-than-expected rate amid global supply bottlenecks, oil price increases and rising demand-pull inflationary pressures," Lee said during a meeting with seven economists from private research organizations. The central bank chief also emphasized the difficulties in mapping out policies due to such widening uncertainties.
SpaceX crew launch marks 600 space travelers in 60 years
A SpaceX rocket carried four astronauts into orbit Wednesday night, including the 600th person to reach space in 60 years. The repeatedly delayed flight occurred just two days after SpaceX brought four other astronauts home from the International Space Station. They should have been up there to welcome the newcomers, but NASA and SpaceX decided to switch the order based on Monday's ideal recovery weather in the Gulf of Mexico. ''It was a great ride, better than we imagined,'' mission commander Raja Chari said after the spacecraft reached orbit.
Chosun Ilbo (http://english.chosun.com)
Korea's Working-Age Population Declines
Korea's rapidly declining working population has been cited as the main culprit in the OECD's recent forecast of decades of economic stagnation. The country's working-age population has been declining since 2019, and the core working population aged 25 to 49 peaked at 21.01 million in 2008 and has been falling since. A drop in the working-age population leads to a decline in GDP and the pace of economic growth slows down. Fiscal spending increases to cover welfare payments for the elderly, but the number of working citizens who pay for them with their taxes shrinks.
Park Hang-seo Continues to Helm Vietnam's Nat'l Football Team
Korean coach Park Hang-seo will stay on as coach of Vietnam's national football team for another year. He agreed on Wednesday to extend his contract with the Vietnam Football Federation until January 2023. Park has become a national hero in Vietnam since he took the helm of both the senior and U-23 teams in October 2017. Among his achievements, he led the senior team to its first Southeast Asian Games title in 60 years in 2019, and the junior team to the runner-up spot at the Asian Football Confederation U-23 Championship in 2018. Under the new contract, he will take charge of only the senior team from May next year.
Moon Plans TV Town Hall Meeting on Nov. 21
President Moon Jae-in will hold a live TV town hall meeting on Nov. 21, only about three months ahead of the presidential election. This may be his last attempt to defend his record in office to the public before his term ends on May 9 next year. Cheong Wa Dae spokeswoman Park Kyung-mee said Wednesday the 100-minute meeting will start from 7:10 p.m. and promised "candid" exchanges with handpicked citizens on KBS about the fight against the coronavirus pandemic and people's livelihoods. The audience of some 300 people is selected by age, gender and regional background. About 200 fully vaccinated people will be in the studio while another 100 will attend via Zoom.
HanKyoReh Shinmun (http://english.hani.co.kr)
In the choppy waters of global supply chains, no boat is unshaken
Now that China has reportedly announced plans to proceed with exports of 18,700 tons of urea that Korean companies were under contract to receive, the panic over diesel exhaust fluid that spread through Korea over the past few weeks is expected to subside. This series of events revealed the vulnerability of the Korean economy, which is inextricably tied to the global supply chain. But aside from maintaining friendly relations with other countries, surefire solutions for overcoming that vulnerability are proving difficult to find. The panic was set off by a terse notice that China’s customs authority sent out on Oct. 11. The notice said that as of Oct. 15, export inspections would be mandatory for 29 materials that hadn’t been previously subject to inspections, one of which being urea.
Lee Jae-myung admits shortcomings of Moon administration, apologizes
Democratic Party presidential nominee Lee Jae-myung acknowledged criticisms that the administration’s “attempts to reform the social economy have not only failed to live up to the public’s hopes but also made the real estate problem worse.” He also offered his “apology as someone who was part of the Moon Jae-in administration and Democratic Party government.” Lee’s remarks came during a Kwanhun Club invitational roundtable Wednesday at the Korea Press Center in central Seoul’s Jung District. “I don’t think the third Democratic Party administration has done a 100% good job,” he said.
Moon conveys desire to work on S. Korean-Japan relations in letter to Japanese PM Kishida
South Korean President Moon Jae-in sent a letter to Japanese Prime Minister Fumio Kishida on Wednesday afternoon communicating his desire to work together to develop relations between the two countries, the Blue House said. Blue House spokesperson Park Kyung-mee told the press in a written statement on Wednesday that Moon had sent a letter congratulating Kishida on his election as Japan’s 101st prime minister. “The government hopes to keep working with the new Japanese Cabinet [Kishida’s second Cabinet] with a spirit of communication and cooperation to address not only bilateral issues but also global issues such as COVID-19 and climate change,” Park said.
The Dong-A Ilbo (http://english.donga.com/)
Chung: Talks with U.S. over end-of-war declaration are in final stage
South Korean Foreign Minister Chung Eui-yong said coordination between Seoul and Washington over the declaration to end the Korean War has already made significant progress but added it won’t be easy to reach an agreement with Pyongyang. Asked whether the two allies’ talks over the declaration made progress, Minister Chung answered in a parliamentary session, “That is correct. We’ve reached an agreement for major principles and are currently discussing on the format and the substance of our agreement.” Earlier this week, Korean Ambassador to the U.S.
Elon Musk sells 3% of his holdings in Tesla
Tesla CEO Elon Musk, the richest man in the world, sold part of his holdings in Tesla, following his recent Twitter poll asking the public whether he should sell part of his Tesla shares. This was Elon Musk’s first sales in more than five years since 2016 when he first sold his shares to cover income tax payments. The Wall Street Journal reported on Wednesday that the Tesla CEO sold 4.53 million shares, which amounts to about 3% stake in the company, from Monday to Wednesday, raising over 5 billion dollars. Musk did not say where he would use the money. Musk asked his Twitter followers Saturday whether they agree on him selling 10% of Tesla shares and promised that he would abide by the poll result.
Drone delivery to be made available early next year
Drone and robot delivery will be made available as early as the first half of 2022. Drones and mobile robots are expected to be especially beneficial to making deliveries to remote areas, including island communities and mountainous regions, loading and unloading of parcels, and classification. The Ministry of Economy and Finance announced on Wednesday that it reached agreement with relevant parties to include drones and robots in the means of transportation under the Logistics Services Development Act through the “one-step model” approach, which is designed to curb friction and find the middle ground with existing businesses.
The KyungHyangShinmun (http://english.khan.co.kr/)
“Yoon Seok-youl’s Visit to the May 18 Cemetery Was a Huge Disappointment” Cold Gaze from Gwangju Citizens and Civic Groups
Yoon Seok-youl, the presidential candidate of the People Power Party, went to Gwangju and paid his respects at the May 18th National Cemetery, but the response from the citizens and civic groups, as well as groups connected to the May 18 Democratic Uprising was cold. The May 18 Memorial Foundation, the May 18 Association of Bereaved Families of Pro-democracy Activists, the May 18 Memorial Injured, and the May 18 Memorial for the Arrested and Injured released a joint statement shortly after Yoon visited the May 18th National Cemetery on November 10 and said, “It was a huge disappointment.” These groups said, “It was doubtful as to why he apologized. It was an outrage for May 18 organizations and citizens who were to receive the apology.”
Yoon Seok-youl and Lee Jae-myung Meet for the First Time after Being Chosen as Their Parties’ Candidates: “Met Often in Court” “Don’t Remember”
Democratic Party of Korea’s presidential candidate Lee Jae-myung and People Power Party’s candidate Yoon Seok-youl met at a formal event on November 10. This was their first meeting since they were elected as the presidential candidates of their parties. This morning, Lee and Yoon both attended the Global HR Forum 2021 at the Grand Walkerhill Seoul in Gwangjin-gu, Seoul. Sim Sang-jeung, the presidential candidate of the Justice Party was also present, so the three presidential candidates gathered this morning. Ahn Cheol-soo, the presidential candidate of the People’s Party did not attend the event. Lee and Yoon met in the venue for the opening ceremony and engaged in a brief conversation after exchanging greetings. Yoon said, “I often saw you in court in Seongnam some twenty-something years ago.”
Public Support for Candidates in Upcoming Presidential Election: Yoon Seok-youl 44.4%, Lee Jae-myung 34.6%
People Power Party’s presidential candidate Yoon Seok-youl continues to enjoy a lead outside the margin of error against Democratic Party of Korea’s candidate Lee Jae-myung in a survey of public support for presidential candidates. A YTN survey conducted by the polling firm, Realmeter on November 8-9, asked 1,030 adults nationwide which candidate they would vote for in the next presidential election. The result showed that 44.4% of the respondents chose Yoon. Lee trailed Yoon by 9.8% and only received 34.6% of the votes. He was followed by Ahn Cheol-soo (5.4%) of the People’s Party, Sim Sang-jeung (2.8%) of the Justice Party, and Kim Dong-yeon (1.5%) of the New Wave (tentative name).
Maeil Business News Korea (http://www.pulsenews.co.kr/)
BOK chief suggests inflation buildup to last longer than expected, KDI disagrees
Inflation that grew by the fastest pace in nearly 10 years last month in South Korea won’t likely ease next year due to protracted bottleneck in global supplies and demand-added price pressure, said Bank of Korea Governor Lee Ju-yeol, building up the mood for another rate hike later this month. “The inflation rate outpacing expectations may continue for the time being as demand bounces back strongly from vaccination progress while global supply chain is disrupted by output and shipping setback,” Lee said in his opening remark to a breakfast meeting with economists on Thursday.
S. Korea’s exports up 29.3% in first 10 days of Nov, imports stronger at 59%
South Korean exports remain unfazed this month, gaining nearly 30 percent in the first 10 days of November on high demand for mainstay products from chips to petrochemicals and automobiles. According to data released by Korea Customs Service on Thursday, outbound shipment turnover was valued at $18.3 billion in the first 10 days of November, up 29.3 percent from the same period a year ago. Daily exports were 14.1 percent stronger at $2.15 billion during the same period, based on 8.5 working days, 1 day added from a year-ago period.
LG Energy Solution, Hyundai Engineering to open 2022 market with mega IPOs
LG Energy Solution Ltd., pure-play electric vehicle battery maker of South Korean LG Group, will pursue Kospi debut delayed from recall issue in January in scaled-back initial price offering in light of lackluster market sentiment. According to multiple sources from the investment bank industry on Wednesday, LG Energy Solution that spun off from LG Chem in December last year, is aiming to complete its IPO by the end of January next year. The company plans to submit a securities registration statement with Korea Exchange early next month and invite institutional investors from home and abroad for bookbuilding and public subscription in January.
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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
Australia Brisbane Times www.brisbanetimes.com.au syndication@fairfaxmedia.com.au
Sydney Morning Heraldwww.smh.com.au
Colombia Reports http://colombiareports.com
Bogota Free Planet http://bogotafreeplanet.combfp@bogotafreeplanet.com
El Universal http://www.eluniversal.com.mx/english
Andes http://www.andes.info.ec/en
Ecuador Times http://www.ecuadortimes.net
The Jordan Times https://www.jordantimes.com
LSM.lv http://www.lsm.lv/en
The Baltic Times http://www.baltictimes.com lithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com
El Pais http://elpais.com/elpais/inenglish.html
Philippine Daily Inquirer https://www.inquirer.net
Daily News Hungary http://dailynewshungary.com
Budapest Times http://budapesttimes.hu
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Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s
Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE
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