Friday, November 26, 2021

 

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

 

The Korea Post ( www.koreapost.com )

Exchange of visits by Heads of State greatly contribute to furthering bilateral ties”

Economic & Commercial Counsellor Dario Jose Saez Mendez at the Embassy of the Kingdom Spain in Seoul said that Spain takes great interest in the promotion of relations, cooperation and friendship with Koreain the economic, commercial and many other fields. Speaking at a recent interview with The Korea Post media at his office in Seoul, Counsellor Darío Sáez said that amidst the growing ties of bilateral cooperation there was a visit by H.M. King Felipe VI of Spain toKorea on Oct. 23, 2019. Then in return, he said, President Moon Jae-in visited Spain at the invitation of H.M. King Felipe VI on June 15 this year.

 

CEO Paul KS Hwang prepares for the future through welfare agriculture

My goal is to discover many companies and many people with a mind that combines welfare and agriculture like me, and put all of my energy into cloning, and contribute to making Korea and the world a better place to live,” said CEO Paul KS Hwang of Fine Enterprise. In an interview with The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985, CEO Paul Hwang said, “Due to industries developed for human convenience, animals and plants have been sick with environmental pollution, harmful bacteria, and viruses (such as swine flu, SARS, MERS, COVID-19). In the end, humans realized a world struggling with diseases, and after long research and planning. And I had a firm belief that small practices with organic agriculture could save the soil and further change the world healthy.”

 

President of Bulgaria decorates Korean envoy with the highest medal

On Nov. 24,, 2021, the Embassy of the Republic of Bulgaria in Seoul organized a small reception to honor former Ambassador Jeong Jin-kyu of Korea in Sofia. At the ceremony Ambassador Petko Draganov of Bulgaria in Seoul spoke about Ambassador Jeong’s outstanding contributions made to the development of relations between Bulgaria and Korea and on behalf of President Rumen Radev of Bulgaria, bestowed upon Ambassador Jeong the Order of the Madara Horseman of the First Degree, the highest Bulgarian decoration conferred on a foreign diplomat.

 

                                                                                                             

KBS (http://world.kbs.co.kr/service)

Pres. Moon Expresses Need for New Standard in Human Rights

President Moon Jae-in called on collective efforts to create a new human rights standard in keeping with the changing era. Marking the 20th anniversary of the foundation of the National Human Rights Commission of Korea on Thursday, the president noted the lack of an anti-discrimination law, a challenge for the nation on the road to becoming an advanced nation that ensures fundamental freedom. Anti-discrimination bills have been submitted to the National Assembly since 2007, but none have passed due to friction among civil groups, lawmakers and religious groups. Saying that the human rights commission must also play a role in keeping the government in check and demanding necessary measures, Moon pledged that the group’s complete independence would be guaranteed.

 

Foreign Minister: Tragedy of Japan's Wartime Sexual Slavery Must Not Be Forgotten

Foreign Minister Chung Eui-yong said he is duty bound to help recover the dignity of the surviving victims of Japan's wartime sexual slavery and to ensure that such tragedies never recur. During his opening speech at the Third International Conference on Action with Women and Peace on Thursday, Chung criticized that it's unethical for perpetrators to deny the truth and wait for their acts of shame to be forgotten. Citing his conversation with surviving victim Lee Yong-soo, the prime minister said a victim-centered approach is the only way to heal their wounds and restore their dignity. He assessed that late victim Kim Hak-sun's courageous testimony on the horrors of Japan's sexual slavery, which was the first, has encouraged other victims to come forward, leading to global support.


BOK Chief: 1% Interest Rate Still Accommodative, Won't Affect Recovery

Bank of Korea(BOK) Governor Lee Ju-yeol said Thursday's interest rate hike is still tractable and won't hamper economic recovery efforts, hinting at more rate hikes down the road. He made the remark in an online press hearing following Thursday’s monetary policy meeting where the interest rate was raised by point-25 percentage points to one percent, ending 20 months of a zero-bound rate. Lee stressed that the rate is still at an accommodative level that does not overly tax the real economy considering next year's growth and inflation projections. He analyzed that the rate is still below the neutral level as the real rate remains in the minus range with plenty of liquidity.


                                                                                                                

 

Yonhap (http://english.yonhapnews.co.kr)

BOK raises key rate to 1 pct to tame inflation, household debt

South Korea's central bank raised its key policy rate Thursday to fight inflation and household debt, ending 20 months of the zero rate range put in place to stimulate the pandemic-hit economy. The Bank of Korea (BOK) also revised up its consumer inflation outlook for 2021, saying the policy rate still remains "accommodative," leaving the possibility for yet another rate hike in the first quarter of next year. As widely expected, the BOK's monetary policy board voted to raise the benchmark seven-day repo rate by 0.25 percentage point to 1 percent. The hike put an end to 20 months of the policy rate staying in the zero range after the central bank slashed it by a half percentage point to 0.75 percent in March last year. Two months later, it trimmed the rate again to an all-time low of 0.5 percent.

 

Foreign ownership of S. Korean land rises 1.3 pct in H1

Foreign ownership of South Korean land expanded 1.3 percent in the first half of the year from six months earlier, the land ministry said Friday. Foreigners owned 256.7 square kilometers of land here as of end-June, up 3.39 million square meters from the end of December last year, according to the Ministry of Land, Infrastructure and Transport. The amount accounts for 0.26 percent of South Korea's total land area and is slightly more than four times the size of Manhattan in New York. The value of land held by foreigners increased 0.6 percent to 31.7 trillion won (US$26.6 billion) over the cited period. U.S. nationals topped all nationalities in terms of ownership, holding 136.75 million square meters, or 53.3 percent of all land owned by foreigners.

 

Cargo truckers launch 3-day strike to demand freight rate hike

Unionized truck drivers launched a three-day general strike Thursday to protest rising transport costs and demand a hike in freight rates, raising fears of a nationwide logistics crisis. The Cargo Truckers Solidarity (CTS), composed of self-employed truck drivers and those working for companies, said its members across the country commenced the general strike at the beginning of the day to demand an extension of the "Safe Trucking Freight Rates System" designed to prevent dangerous driving and guarantee minimum freight rates for truck drivers.

 

                                                                                   

 

The Korea Herald (http://www.koreaherald.com)

Lee seeks to break away from hard-line image in about-face

The Democratic Party’s presidential candidate Lee Jae-myung appears to have ditched his dogmatic views and hard-line stance, instead opting to woo voters with apologies and tears. On Wednesday, he apologized on behalf of his party for failing to empathize with the “painful hearts of the people,” and got down on his knees, saying he will apologize at every opportunity and bring about changes in the party. A day earlier, Lee apologized for using abusive language against his sister-in-law and the allegations over his role in the Daejang-dong property speculation scandal.

 

LG Group reshuffles top brass, promotes LG Electronics CEO

LG Electronics CEO Kwon Bong-seok has been named the chief operating officer of LG Corp., LG Group’s holding company, becoming the No. 2 man at the nation’s fourth-largest conglomerate, in a major executive reshuffle announced on Thursday. The 58-year-old was awarded with vice chairman title, joining the top brass assisting Chairman Koo Kwang-mo. The group currently has three vice chairmen: LG Energy Solution CEO Kwon Young-soo, LG Household & Health Care CEO Cha Suk-yong and LG Chem CEO Shin Hak-cheol.

 

BOK raises rate to 1% amid inflation concerns

South Korea’s central bank on Thursday raised its benchmark interest rate by 25 basis points, returning to the 1 percent rate range after 20 months, while upgrading this year’s inflation target. In a largely expected move, the Bank of Korea carried out a rate hike as a result of the last monetary policy meeting of the year. The central bank stood pat on its base rate in the previous rate-setting meeting last month, after carrying out a rate hike of 25 basis points to 0.75 percent in August. The move in August ended more than a year of ultralow interest rates amid the COVID-19 pandemic.

 

                                                                                     

 

The Korea Times (http://www.koreatimes.co.kr)

Ruling party candidate slams Japan's opposition to end-of-war declaration

Presidential candidates including Lee Jae-myung of ruling Democratic Party of Korea (DPK) and Yoon Seok-youl of the main opposition People Power Party (PPP) put forth diplomatic visions on how to mend the soured relations between South Korea and Japan during the KOR-ASIA Forum 2021 hosted by The Korea Times and its sister paper the Hankook Ilbo, Thursday. As well as Lee and Yoon, Prime Minister Kim Boo-kyum, Justice Party candidate Sim Sang-jeung, People's Party candidate Ahn Cheol-soo and chairmen of the DPK and the PPP expounded on various ideas on improving bilateral ties during the forum held at the Westin Josun Seoul hotel in central Seoul, under the theme, "New Korea-Japan Relations: For a Future with Cooperation and Respect."

 

BOK head hints at another rate hike in 1st quarter of 2022

Bank of Korea Governor Lee Ju-yeol hinted at another key rate hike in the first quarter of next year, Thursday, in what is widely seen as an attempt to dispel concerns over inflation and soaring household debt. His remarks came less than an hour after the BOK monetary policy board voted to hike the key rate by 25 basis points to 1 percent, a widely expected move brought on by rising inflation but buttressed by the country's solid economic recovery. "I don't think the possibility is ruled out of a rate hike in the first quarter of next year,"

 

Former UN chief not fully satisfied with COP26 results

Former United Nations Secretary-General Ban Ki-moon expressed a sense of regret over the outcome of the recent U.N. Climate Change Conference (COP26), as he felt that the international community failed to come up with concrete measures to fight climate change during the global event, held between Oct. 31 and Nov. 13 in Glasgow, Scotland. "There was something regrettable about the fact that 11 years after the world leaders made a promise in Copenhagen's COP15, they were not able to make a firm decision on how they will provide $100 billion per year to developing countries," he said. "They were supposed to provide $100 billion from this year, but this year is almost gone without anything."

 

                                                                                                                

 

Chosun Ilbo (http://english.chosun.com)
Marriage, Birthrate Continue Rapid Decline

Korea's marriage and birth rates have hit yet another record low as young people increasingly see no hope of ever affording their own home to settle down in. Only 13,733 couples tied the knot in September, down 10.4 percent from a year earlier and the fewest since statistics began in 1981. And only 21,920 babies were born, down 6.7 percent from a year earlier and also the lowest for the month. The number of births has been dropping for 70 months in a row now. But as society ages, deaths are on the rise, reaching 25,566 people died in September, up five percent from a year earlier and an all-time high for the month. Deaths outnumbered births by 3,646, yet another record.

 

Celltrion's COVID-19 Treatment Prescribed to More Patients
Health authorities are expanding the use of the COVID-19 antibody treatment Regkirona, which was developed by Korean bio-pharmaceutical company Celltrion. From Thursday, Regkirona is being supplied to nursing and quarantine facilities to prevent COVID-19 patients with mild symptoms from developing more serious illness. Previously, the antibody treatment was only given to patients hospitalized with severe COVID-19. It has been administered to more than 23,000 patients nationwide so far.

U.S. Takes up over 15% of Korea's Exports
The U.S. is expected to account for around 15 percent of Korea's total exports this year, the highest since 2004. Korea's shipments to the U.S. have been increasing steadily over the last five years. According to the Federation of Korean Industries, exports to the U.S. during 2017-2021 increased 17.9 percent compared to the previous five years and jumped 31 percent this year alone. Korea's exports to China increased just 7.1 percent over the same period but peaked at 26.9 percent in 2018 and fell to 25.2 percent this year. The FKI said the Biden administration's carbon-neutrality policy led to a rise in demand for electric and hybrid cars, resulting in increased shipments. But the main drivers were semiconductors, whose prices soared amid a global shortage, and rechargeable batteries.

                                                                                                 

HanKyoReh Shinmun (http://english.hani.co.kr)
Hot on TSMC’s heels, Samsung Electronics picks Taylor, Texas, for new foundry location

Samsung Electronics has selected Taylor, Texas, as the site of its new semiconductor fabrication plant. Samsung will be pouring US$17 billion into the factory to help strengthen its foundry division, which has long been regarded as a weak point at the company. Four reasons for choosing Taylor. Samsung announced the decision in a press conference at the Texas governor’s mansion on Tuesday that was attended by Gov. Greg Abbott, US Senator John Cornyn, and Samsung Electronics Vice Chairman and CEO Kim Ki-nam. Work will begin on the new factory in the first half of next year with the goal of beginning operations in the second half of 2024. The factory will be used to manufacture system semiconductors in 5G, high-performance computing and artificial intelligence (AI).

 

S. Korea mulls ending shift to normal life amid new COVID-19 cases exceeding 4,000

South Korea’s new daily confirmed COVID-19 cases exceeded 4,000 on Tuesday, reaching an all-time high 24 days after the easing of disease control restrictions to allow for a gradual return to everyday life. The government is now pumping the brakes on plans for shifting to stage two of the “living with COVID-19” scheme, which was scheduled to go into effect around the middle of next month, as it weighs whether to implement a partial emergency plan for the greater Seoul area. The Central Disease Control Headquarters announced Wednesday that an all-time high of 4,115 new confirmed cases (4,087 domestic, 28 imported) had been counted as of the end of Tuesday.

 

Chun may be gone, but the struggle marches on

A heavy snow alert had been issued for the Honam region that morning as I boarded a city bus to Seoul’s Insadong neighborhood to see an exhibition titled “Meeting Yoon Sang-won through Writing, Ink-and-Wash Painting, and Photography.” The cold had descended suddenly, and people were scuttling down streets, their collars turned up. Gazing out the bus window onto the early winter landscape, I found myself thinking of Ha Seong-heup — an artist who had often painted Yoon over the years — when I heard the news that Chun Doo-hwan had died. My mind went blank for a moment, and then image after image flashed before my eyes like a film. I thought of the South Jeolla Provincial Office, how it looked out over Gwangju’s Geumnam Road with decades of grief inscribed in its windows.

                                                                                    

 

The Dong-A Ilbo (http://english.donga.com/)

Lee says he would collect corporate carbon tax to give citizens basic income  

Presidential candidate Lee Jae-myung of the Minjoo Party of Korea has revealed his determination to introduce the carbon tax system, describing it as the only way to a low carbon society. He proposed to levy a carbon tax on businesses to finance basic income. Lee talked of carbon tax in an interview with the Dong-A Ilbo on Thursday, explaining that he aims to help reduce carbon emissions by guiding businesses to lead industrial shift and adapt to a new system. “In the meanwhile, I plan to give out benefits evenly to all South Korean citizens in an effort to relegate repulsive response and social cost,” he said, adding that carbon tax will be primarily paid by businesses.

 

Saudi Arabia, Russia warn of reduction in oil production

The U.S.-led initiative to release strategic oil reserve in an attempt to curb rising oil prices, joined by South Korea, China, Japan, India, and the U.K., was encountered by the opposition from major oil producing countries including Saudi Arabia and Russia, signaling a move to phase out oil production. As global oil price keeps rallying despite the plan to release strategic oil reserves and major oil producers stage a counterattack, concerns are growing over a possible oil price spike. The Wall Street Journal cited an anonymous source and reported that Saudi Arabia and Russia, the two largest oil producers, are weighing a shift in oil policy by cutting down oil production in a response to the U.S.-led plan to release strategic oil reserve in an effort to reduce oil prices.

 

Minister of Land says housing prices are stabilizing

Minister of Land, Infrastructure and Transport Noh Hyeong-wook said on Wednesday that housing prices are certainly showing signs of stability, highlighting that housing prices are at their highest peak, and warned that people should avoid being house poor by exercising caution against excessive borrowing to buy houses. The number of homes available for sale is increasing, but home sales are showing downward trend,” Minister Noh said at “Kim Hyun-jeong’s News Show,” a radio program at CBS Radio.

 

                                                                                                

 

The KyungHyangShinmun (http://english.khan.co.kr/)
Bank of Korea Monetary Policy Board Raises Base Interest Rate by 0.25%: End of the Sub 1% Base Rate

The Bank of Korea Monetary Policy Board raised the base interest rate by 0.25%. This ends the sub 1% interest rate, which lasted for twenty months. On November 25, the Monetary Policy Board held a meeting at the Bank of Korea in Jung-gu, Seoul and decided to raise the base rate by 0.25%, from an annual 0.75% to 1.0%. The decision was made three months after the Board raised the interest rate by 0.25% in August, after announcing its determination to normalize the monetary policy following the COVID-19 outbreak. The Board had lowered the interest rate by 0.5% and 0.25% in March and May 2020 respectively when the economy quickly froze with the spread of COVID-19. The Board maintained the lowered rate until it raised it for the first time in fifteen months in August.

 

No State Funeral for Chun Doo-hwan: Government “Will Not Support Chun’s Funeral”

On November 24, the Ministry of the Interior and Safety announced that the funeral of former President Chun Doo-hwan, who died on November 23, would not be held as a state funeral. Thus the government will not provide any assistance for Chun’s funeral. An official from the interior ministry said, “We will not hold a state funeral according to the announcement by the Cheongwadae spokesperson, who mentioned that Chun’s funeral would be held as a private family funeral in a briefing on November 23.” He further explained, “The words of the Cheongwadae spokesperson that Cheongwadae had no plans to pay a visit or send flowers means that the funeral will not be a state funeral,” and said that the announcement by the Cheongwadae spokesperson was the government’s position.

 

Chun Doo-hwan Dies at 90

Former President Chun Doo-hwan died on November 23, less than a month after the death of former President Roh Tae-woo, who joined him in the December 12 coup d’etat. His former secretary Jeon Gwang-pil conveyed that the former president died at around 8:45 this morning in his home in Seodaemun-gu, Seoul in a phone conversation with the Kyunghyang Shinmun reporter this day. Chun’s body will be moved to the Yonsei University Severance Hospital in Seoul. Chun was born in Hapcheon-gun, Gyeongsangnam-do on January 23, 1931. He walked the path of a soldier after he graduated in the eleventh class of the Korea Military Academy in 1955. When former President Park Chung-hee was assassinated on October 26, 1979, Chun became the head of the joint investigation headquarters that oversaw the case at the time. Chun then came into power with the coup d’etat on December 12.

 

                                                                                                

 

Maeil Business News Korea (http://www.pulsenews.co.kr/)

BOK raises base rate to 1%, ending 20-month zero range rate

Upon bringing the base rate back above 1.0 percent after an unprecedented loose policy to fight Covid-19, the Bank of Korea on Thursday indicated it will proceed with “normalization” of rates until the dangers of inflationary and household debt buildup ease. The economic recovery won’t likely be affected by the latest raise, when taking account of the present financial and economic circumstances. We have to see why we are raising the base rate. It is for normalization, not tightening,” said BOK Governor Lee Ju-yeol Thursday.

 

Foreigners turn aggressive buyers of Korean shares in Nov

Offshore investors who had dumped as much as 31 trillion won ($26 billion) worth shares throughout the year have turned aggressive buyers of Korean shares this month, finding them cheaper after lengthy correction and versus a strong U.S. dollar. According to data from Korea Exchange on Wednesday, foreign investors net purchased 2.97 trillion won ($2.5 billion) worth of Korean stocks between November 1 and 24, shifting position from net selling of 31.6 trillion won from January to October.

 

Cargo truck drivers’ union goes on strike, adding to Korea’s logistics crisis

Logistics unrest looms over South Korea that has been already grappling with the prolonged urea water solution shortage as 23,000 unionized cargo truck drivers have gone on a general strike demanding improvement of working conditions. The Cargo Truckers Solidarity (CTS) under the Korean Confederation of Trade Unions (KCTU) has launched a three-day full-scale strike as of Thursday midnight, demanding expansion of the safe freight rates system that guarantees minimum freight rates for truckers. The CTS said it is studying to stage another strike next month.

 

                                                                                                                   

 

What’s ticking around the world at this second?

See what the world media around the world have to report:

USA Today www.usatoday.com aallman@gannett.com

The New York Times www.nytimes.com inytletters@nytimes.com

Wall Street Journal www.wsj.com support@wsj.com, service@wsj-asia.com

Financial Times www.ft.com ean@ft.com

The Times www.thetimes.co.uk help@timesplus.co.uk

The Sun www.thesun.co.uk talkback@the-sun.co.uk

Chinese People's Daily www.people.com.cn kf@people.cn

China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn

GwangmyeongDaily www.gmw.cn webmaster@gmw.cn

Japan's Yomiuri www.yomiuri.co.jp japannews@yomiuri.com

Asahi www.asahi.com customer-support@asahi.com

Mainichi www.mainichi.jp

Le Monde www.ilemonde.com

Italy LaRepubblica www.quotidiano.repubblica.it vittorio.zucconi@gmail.com

Germany Frankfurter AllgemeineZeitung www.faz.net anzeigen.ausland@faz.de

SüddeutscheZeitung www.sueddeutsche.de forum@sueddeutsche.de

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
                                                                                                                

 

The Korea Post is running video clips from the different embassies.

Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM

Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s

Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE

And many other countries.
 

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