Tuesday, April 5, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Bangladesh is emerging as a promising investment destination for Korean companies
Bangladesh, a huge market with a population of 170 million, is emerging as a promising investment destination for Korean companies. Bangladesh has continued its economic growth of 6-7% every year for the past decade, but recorded the highest growth rate in the world at 8.4% in 2019 just before COVID-19 pandemic. The GDP of Bangladesh has also surpassed that of Vietnam. Korea's exports to Bangladesh also increased by 62% year-on-year as of the end of November 2021, drawing keen attention as a post-China country after COVID-19 pandemic. Recently, local assembly production in Bangladesh of Korean products such as home appliances, mobile phones, and automobiles has begun in earnest.
Han Duck-soo nominated as 1st prime minister of the Yoon’s administration
President-elect Yoon Suk-yeol named former Prime Minister Han Duck-soo as the nominee for his first prime minister on April 3. At a press conference at the transition committee's office in Tongui-dong, Seoul, President-elect Yoon said, "Han served as deputy prime minister for economy and prime minister during the Roh Moo-hyun administration and served as ambassador to the United States during the Lee Myung-bak administration "Therefore, I think he is the right person to control overall state affairs, including economy and diplomacy and security.”
POSCO Holdings begins to build saltwater lithium plant in Argentina
POSCO Holdings has started construction of a lithium commercialization plant in Argentina, the company said on March 31. POSCO Group is the first to produce lithium hydroxide for batteries in Argentina throughout the entire process from the acquisition of mining rights to exploration, construction and operation of a production plant. POSCO Group CEO Choi Jeong-woo attended the groundbreaking ceremony for the brine lithium plant based on the Hombre Muerto Salt Lake, located in the 4,000-meter-high Salta Province in Argentina, which was held on March 23, along with Yoo Byeong-og, head of the Green Materials & Energy Business Team of POSCO Holdings, Kim Kwang-bok, president of POSCO Argentina, Gustavo Saenz, governor of Salta, Raul Jalil, governor of Catamarca, and Jang Myung-soo, South Korean ambassador to Argentina.
Chosun Ilbo (http://english.chosun.com)
N.Korean Hackers 'Stole Missile Intercept Technology'
North Korean hackers have stolen foreign technology to evade intercept defenses against hypersonic missiles, a UN report suggests. The annual report by the UN Security Council's Panel of Experts overseeing sanctions against North Korea last Friday warns the North continues development of nuclear weapons and ballistic missiles and has probably stolen the intercept-evasion technology. The regime has already succeeded in testing a hypersonic missile capable of flying at a low altitude along an irregular trajectory from a mobile missile launcher, which is hard to intercept with the existing defense systems of South Korea and the U.S.
1/3 of Young Koreans Start Working Life in Insecure Jobs
Six out of 10 young Koreans begin their working life in small companies rather than the secure positions in conglomerates they supposedly aspire to, and three out of 10 in menial contract jobs. According to a survey by the National Youth Policy Institute last year, two-thirds of some 2,000 respondents between 18 and 34 were employed as regular staffers in their first job, but the rest only found temporary positions. Most of them found their first jobs in small businesses, with only 7.7 percent jumping straight into a job with a big company employing more than 500 workers. Some 63.9 percent began their first job in small businesses with fewer than 30 staff and 26.3 percent in workplaces with only one to four employees.
Ukrainians' Plight Prompts Calls for More Open Immigration Policy
In the middle of February, Darya Chemeris was preparing for the Russian invasion of Ukraine. A resident of Korea for the past five years, Demeris has elderly parents in Kiev and is their only child. She worried that no one would be there to take care of them, so she tried to help them apply for visas to Korea. But the coronavirus pandemic had made visa applications more complicated, and she was not able to complete the process before Russia invaded Ukraine on Feb. 24. "In February I sent an e-mail to the embassy and we prepared and sent all the necessary documents," Chemeris said. "Then the war started and the embassy closed."
Joongang Ilbo (https://koreajoongangdaily.joins.com )
PCR test to be waived for Covid-recovered foreigners
Foreigners living in Korea who had Covid-19 will no longer have to submit a negative PCR test when they return from a trip abroad. The new rule goes into effect April 11. Previously, only Korean nationals who recovered from Covid-19 within 10 to 40 days of departure date were exempted from the requirement. The exemption will now apply to foreigners living here who have records of a Covid-19 infection in Korea, the Central Disease Control Headquarters announced Monday. Foreigners will be exempted from PCR tests only if they were infected in Korea. Korean nationals can have overseas Covid-19 infection records recognized.
Seoul's Mayor Oh aims to make city a global beauty hub
Korea's capital is marketing itself as a global beauty hub to attract more tourists. Seoul Metropolitan Government on Monday announced a masterplan to nurture the city as a center for beauty and invest 204 billion won ($167.9 million) in businesses through 2026. The campaign is one of the main ambitions laid out by Mayor Oh Se-hoon in his "Seoul Vision 2030" to help Seoul take off as a globally-competitive metropolis. In October, Oh told the Korea JoongAng Daily that his concept of beauty is "not just about beauty products" but "also includes other products and services."
Park's lawyer says he's his own man in Daegu mayoral race
Yoo Yeong-ha, who represented former President Park Geun-hye at her impeachment trial, denied that he is running for Daegu mayor because Park asked him to.“As I do with all my decisions, I made the decision on my own to run for mayor,” Yoo said in a CBS radio program Monday morning. “I did ask Park for her opinion, but only because I wanted to make sure that my decision [to run for mayor] does not affect her negatively.” \The disgraced former president will be in charge of fundraising for Yoo. Yoo announced his decision to run for mayor in Daegu last Friday, to compete against five-term conservative lawmaker Hong Joon-pyo and former People Power Party's Supreme Council member Kim Jae-won. The election is scheduled for June.
The Dong-A Ilbo (http://english.donga.com/)
Democratic Party vows to scrutinize PM nominee
The ruling Democratic Party of Korea declared to make a detailed scrutiny into the confirmation of Han Deok-soo, the candidate for the South Korean prime minister, dismissing his experiences from the previous administrations. The members of the DPK mounted offensives against Mr. Han, who served in major posts during the Kim Dae-jung and Roh Moo-hyun administrations, mockingly labeling him as “old boy,” “prime minister for election only,” and “puppet prime minister.”“We won’t repeat the past mistakes of the People Power Party by pursuing blind slandering and mud-slinging,” said Yoon Ho-joong, the chairman of the DPK’s joint emergency committee during a meeting in Busan Monday.
Bitcoin mining hits 19 million milestone
The cumulative mining 0f Bitcoin, which has a 21-million minting limit, has hit the mark of 19 million on Friday, Cointelegraph reported on Sunday (local time). According to Cointelegraph, the 19th millionth Bitcoin was mined by SBI Crypto, cutting the number of Bitcoin left mining below two million. Bitcoin is a digital asset based on blockchain technology that was created by a man with an alias “Nakamoto Satoshi” in 2008. The users of Bitcoin update the record of its entire transactions across the world every 10 minutes on behalf of central banks, the entity that typically mints and manages the national currency. The one who solves a complex computational puzzle and verifies the integrity of the ledger first gets rewarded with virtual asset, which is called “mining.” The records of transactions renewed every 10 minutes are linked like chains through the blockchain technology.
Kim Yo Jong denounces South Korean defense minister
Deputy Department Director Kim Yo Jong (photo) of North Korea, who is also the younger sister of Kim Jong Un, denounced South Korean defense minister by calling him “crazy, driven to war and trash.“ The deputy director, who issued a statement in six months, made it clear that the remarks were reflected by the North Korean leader. Some view that the remarks are to rationalize North Korea’s ICBM test launch and possible nuclear testing by defending itself from South Korea. Meanwhile, the U.S. imposed five North Korean groups supporting the ICBM development program on Friday for violating the UN Security Council resolutions.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Investors on the sidelines ahead of Samsung Elec Q1 earnings guidance
Samsung Electronics Co. is expected to deliver its best first quarter sales in earnings guidance this week but whether the bellwether stock will break out of the boxed range of under 70,000 won ($57) remains to be seen. Shares of Samsung Electronics were trading 0.14 percent lower at 69,000 won on Monday morning after its six-month-low closing on Friday. Samsung Electronics shares have stayed subdued after falling under 70,000 won on March 8. Shares that rose to near 10,000 won early last year on chip super cycle outlook have been battered amid sluggish chip industry environment since last summer led by a decline in DRAM prices.
SK on becomes self-sufficient on battery monitoring IC upon localization
Pure play battery maker SK on under SK innovation has successfully developed battery monitoring integrated circuit (BMIC) jointly with a local developer Autosilicon to localize the key component for electric vehicle batteries reliant on imports. SK on announced Monday it has succeeded in development of BMIC after three years of efforts with its partner Autosilicon, local battery and automotive chip developer. BMIC is an IC for battery management to support control of battery management system in EV batteries or energy storage systems by understanding the voltage and temperature information of each cell to find out abnormally operating one.
Listed Korean Inc. confirmed to have performed best in 2021
Listed Korean companies have been confirmed to have performed their best in 2021. According to the Korean Exchange on Monday, 595 members on the Kospi, excluding financial firms, recorded a net profit of 156 trillion won ($128.5 billion) in 2021 on a consolidated basis, up 160.56 percent from the previous year. Operating profit surged 73.59 percent to 183.96 trillion won while sales rose 19.82 percent to 2,299 trillion won. Both operating and net profits were record-highs, and the ratio of operating profit to sales and net profit ratio reached 8 percent and 6.81 percent, gaining 2.48 percent and 3.68 percent, respectively.
HanKyoReh Shinmun (http://english.hani.co.kr)
Kim Yo-jong upbraids S. Korean defense minister, military over missile comments
Kim Yo-jong, vice department director of the Workers’ Party of Korea (WPK) Central Committee, issued a press statement that was published by North Korea’s party-run Rodong Sinmun newspaper on Sunday. In it, she warned that South Korea “may face a serious threat owing to the reckless remarks made by its Defence Minister.” She also said that Pyongyang planned to “reconsider a lot of things concerning south Korea.” In the press statement credited to her that day, Kim said, “As long as the south Korean military revealed its intent to seek provocative incentive of serious level and escalate a showdown with the DPRK, I will give a serious warning upon authorization.”
Suggestions for Yoon to build facts-based foreign policy
The Korean Peninsula is facing a trifold challenge. First, North Korea has been stepping up the offensive by test-firing intercontinental ballistic missiles (ICBMs) since it scrapped the testing moratorium it had maintained since 2018. Second, the situation in Ukraine remains unpredictable, and though that doesn’t pose a direct military threat to South Korea, its geopolitical and geoeconomic ramifications will be considerable. Third, the relationship between the US and China, which are rapidly moving toward a new Cold War, is sure to put Korea in a serious bind.
Yoon becomes first conservative president-elect to attend memorial for Jeju April 3 Uprising and Massacre victims
South Korean President-elect Yoon Suk-yeol said Sunday that he “will work to fully restore the reputations of the victims and bereaved families of the April 3 Incident” while attending a memorial service for the victims on the 74th anniversary of the uprising and massacre. The April 3 Incident refers to an uprising that occurred on Jeju Island in 1948 and was brutally suppressed by the South Korean government. This is the first time a president or president-elect from a conservative party has attended a memorial service for the April 3 Incident.“I want to express my sincere condolences for the victims. I also extend a word of consolation to their bereaved loved ones, who had to endure a period of suffering as they built Jeju into an ‘island of peace,’”
The KyungHyangShinmun (http://english.khan.co.kr/)
President Moon, “It Was a Great Pleasure to Be with the People of the Jeju April 3 Incident for 5 Years”
On April 3, the 74th anniversary of the Jeju April 3 incident, President Moon Jae-in said, “It was a great pleasure to be with the people of the Jeju April 3 incident for five years. I will never forget the spring in Jeju,” in memory of the victims of the Jeju uprising. This day, President Moon wrote on social media, “Once again, I remember the victims, who have blossomed as rape flowers, and show my respect for the residents of Jeju-do and the bereaved families of the victims who stand tall after overcoming their grief.” According to the amendment of the Special Act on the Jeju 4·3 Incident, which was revised during President Moon’s term, the first retrial and the special retrial of those convicted in connection to the April 3 incident were recently held, and the prosecutors asked to have all the defendants acquitted.
President-elect Yoon Seok-youl Planning to Announce the Cabinet Next Week
On April 4, President-elect Yoon Seok-youl’s spokesperson, Kim Eun-hye said, “We will have to explain our decision on the new cabinet sometime next week, in mid-April at the latest.” This morning, at a press briefing held in the press room of the presidential transition committee in Tongui-dong, Jongno-gu, Seoul, when a reporter asked if the committee had begun verifying the chief of staff and other figures, Kim Eun-hye said, “When we request the National Assembly for a confirmation hearing, the National Assembly will need about three weeks to review the matter.” In other words, the transition committee will announce its cabinet members as early as next week in time for the launch of the Yoon Seok-youl government on May 10.
“Every Little Helps” The Miracle of the Ethnic Koreans from Central Asia in Gwangju: Providing Flights for Over 100 People Escaping Ukraine
“It hurt to see the ethnic Koreans who left Ukraine to escape the war but had trouble entering South Korea, and we wanted to help.” Jeon Olga (36), is an ethnic Korean from Uzbekistan, who runs the Korean Village Family Café in Wolgok-dong, Gwangsan-gu, Gwangju. Jeon settled in South Korea ten years ago and runs a store selling bread and groceries. Jeon’s family recently gave five million won to the Korean Cooperative, a community of ethnic Koreans from Central Asia, after they heard that many ethnic Koreans who barely managed to leave Ukraine to escape the war had trouble because they could not come up with the money to purchase flight tickets to Korea.
KBS(http://world.kbs.co.kr/service)
Sister of N. Korean Leader: N. Korea Does Not View S. Korea as Enemy
The powerful sister of North Korean leader Kim Jong-un has repeated criticism of South Korea's defense chief for talk of "preemptive strike" capabilities, but said her country does not view the South as its principal enemy. In a statement carried by the North's official Korean Central News Agency, Kim Yo-jong said that North Korea would not fire a single bullet or shell at South Korea, adding the North does not view the South as the target of an attack by the North. Stressing that the North is a nuclear weapons state, Kim reportedly said the two Koreas are countries with the same roots that should not fight each other, adding that the North opposes war.
'PM-Nominee Given Effective Right to Suggest Ministers in Yoon Suk Yeol Cabinet'
As part of the incoming president’s efforts to hand more power to his prime minister, President-elect Yoon Suk Yeol has reportedly solicited input from his nominee Han duck-soo on the formation of his inaugural Cabinet. Yoon’s chief of staff Chang Je-won told reporters on Monday that he was instructed by Yoon to brief the prime minister nominee on a draft plan of prospective Cabinet ministers ahead of time. Chang said he gave the briefing on Friday, one day before Han met with Yoon to be personally confirmed as his prime minister. The nomination was made public on Sunday.
Top Nuke Envoys of S. Korea, US Agree to Push for New UNSC Resolution on N. Korea
The top nuclear envoys of South Korea and the United States have agreed to push for a new United Nations Security Council resolution against North Korea in response to its recent series of missile launches. Special Representative for Korean Peninsula Peace and Security Affairs Noh Kyu-duk and his American counterpart Sung Kim held talks on Monday in Washington to exchange views on pending regional security issues, including the North Korean provocations. After the talks, Kim told reporters that the two sides reaffirmed their condemnation of the ballistic missile launches as serious violations of multiple UN Security Council resolutions.
Yonhap (http://english.yonhapnews.co.kr)
Pyongyang will not fire 'single bullet' toward Seoul: Kim Yo-jong
The sister of North Korean leader Kim Jong-un said South Korea is no match for her nuclear-armed country, as she reiterated Pyongyang's position that Seoul is not a "principal enemy," according to state media Tuesday. She was again taking issue with South Korean defense chief's talk in public last week of his troops' "preemptive strike" capabilities. Kim Yo-jong, vice department director of the Central Committee of the Workers' Party of Korea, described the minister's remarks as an "irretrievable very big mistake." "If anyone does not provoke us, we will never strike it before anything else," she said in her second press statement in a few days carried by the Korean Central News Agency.
Soaring energy costs push up inflation growth to over 4 pct in March
South Korea's consumer prices grew more than 4 percent for the first time in more than 10 years in March as energy prices jumped amid Russia's invasion of Ukraine, data showed Tuesday. The consumer prices rose 4.1 percent last month from a year earlier, accelerating from a 3.7 percent on-year gain in February, according to the data compiled by Statistics Korea. Consumer inflation exceeded 4 percent for the first time since December 2011, when consumer prices climbed 4.2 percent on-year. Inflation topping the 4 percent level came after consumer prices grew more than 3 percent for the fifth straight month in February. Inflation growth stayed above 2 percent
S. Korea to issue travel documents for Ukrainians of Korean descent
South Korea has decided to issue travel documents for Ukrainians of Korean descent and other locals with families in South Korea, even if they have no passports, a related ministry said Monday. The measure is meant to support their entry into South Korea from the humanitarian perspective amid the Ukraine-Russia war, according to the Ministry of Foreign Affairs. It said the government will simplify the entry procedure for Ukrainians without a passport or visa, as the issuance of passports has been suspended since Russia's invasion of Ukraine.
The Korea Herald (http://www.koreaherald.com)
Yoon faces familiar dilemma over restoring Japan relations
President-elect Yoon Suk-yeol’s pledge to restore relations with Tokyo appears likely to experience difficulties, with the issue of distorting history in Japanese textbooks reemerging. Yoon stressed Seoul-Tokyo relations as a priority during his campaign, and expectations have risen since his election win. Yoon is reportedly considering sending a delegation to Japan for policy coordination and to meet with Japanese Prime Minister Fumio Kishida around May.
People Power Party to elect new floor leader Friday
South Korea's conservative People Power Party is preparing to elect a new floor leader that is expected to face strong opposition from the liberal Democratic Party of Korea in the following year. The party is holding an internal election on Friday, and its outcome will determine what direction the party will take with the new government and who to pick as key parliamentary supporters of the Yoon Suk-yeol administration that kicks off in May.
Two Koreas hold daily liaison call despite Pyongyang's renewed threat
The South Korean government called Monday on North Korea to refrain from escalating tensions in the region, responding to the latest statement, directed at Seoul, by Kim Yo-jong, the influential sister of North Korea's leader. "The Ministry of Unification clearly points out that North Korea should not cause additional tension on the Korean Peninsula in any case," the ministry's spokesperson Lee Jong-joo told a regular press briefing. The ministry, which handles inter-Korean affairs, "strongly urges" the North to return to the path toward dialogue and cooperation instead of tension and confrontation, according to Lee.
The Korea Times (http://www.koreatimes.co.kr)
Pyongyang will not fire 'single bullet' toward Seoul: Kim Yo-jong
The sister of North Korean leader Kim Jong-un said South Korea is no match for her nuclear-armed country, as she reiterated Pyongyang's position that Seoul is not a "principal enemy," according to state media Tuesday. She was again taking issue with South Korean defense chief's talk in public last week of his troops' "preemptive strike" capabilities. Kim Yo-jong, vice department director of the Central Committee of the Workers' Party of Korea, described the minister's remarks as an "irretrievable very big mistake."
Hope and worry coexist about prime minister nominee Han
President-elect Yoon Suk-yeol's nomination of Han Duck-soo as his first prime minister has received mixed reactions. He is a veteran bureaucrat who served in key posts during previous administrations. But some believe he is too old to push for changes in the incoming administration. Yoon dropped hints about allowing the 72-year-old former prime minister to have a greater say in nominations of Cabinet ministers and key policy areas than his predecessors did. Despite the possibility of having more discretion, the road ahead for Han is murky as a tough confirmation hearing is expected in the National Assembly.
Yoon to complete Cabinet nominations by next week
President-elect Yoon Suk-yeol is set to follow up his nomination for prime minister with the designation of ministers by the end of next week, according to his spokesperson, Monday. Yoon, scheduled to take office, May 10, tapped former Prime Minister Han Duck-soo, Sunday, to serve as the first premier in his administration, kicking off the process of nominating Cabinet members. "Given that about three weeks are required for the National Assembly confirmation process, we need to announce the full list of Cabinet nominees by the end of next week," Kim Eun-hye said during a press briefing.
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