Friday, June 17, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
“I would like to see bilateral relations increasingly strengthened”
Madam Domingas Martins, spouse of the Ambassador of the Republic of Angola in Seoul, said, “As an Angolan citizen and the spouse of the Angolan Ambassador in Seoul, I would like to see bilateral cooperation relations between our countries increasingly strengthened.”
“We oppose tyranny that does not stop in Ukraine”
The following address by the President of Ukraine to both Houses of the Parliament of the Czech Republic was provided by the Embassy of Ukraine in Seoul for publication.—Ed. Address by the President of Ukraine to both houses of the Parliament of the Czech Republic: Dear Mr. President of the Senate! Dear Madam President of the Chamber of Deputies! Dear Prime Minister, members of the government! Dear members of the parliament, attendees,
Kim Jun introduces SK Innovation's eco-friendly business portfolio
SK Innovation Vice Chairman Kim Jun said that he would present future business directions according to changes in the energy mix and accelerate innovation of eco-friendly business models. Vice Chairman Kim attended the 'SK Innovation Global Forum' held in San Jose, western California on June 11 and gave a keynote speech, saying, “We will promote future growth through the development of an eco-friendly portfolio.”
Chosun Ilbo (http://english.chosun.com)
Lexus Releases Latest Electric Vehicles in Korea
Lexus released its latest electric vehicles in Korea on Wednesday. The Japanese carmaker's first plug-in hybrid, NX450h+, can travel up to 56 km on battery power alone, which is twice as far as most European models. It has both a 2.5-liter gasoline engine and electric motor offering 307 horsepower, and comes with price tags between W71 million and W78 million (US$1=W1,291).
Korea Joins U.S.-Led Minerals Security Partnership
Korea has joined the new Minerals Security Partnership led by the U.S. which aims to secure stable and diversified supplies of vital minerals independently of China. Government officials attended the launch ceremony in Toronto, Canada on Tuesday. The other members are Australia, Canada, Finland, France, Germany, Japan, Sweden, the U.K. and the EU. China is increasingly weaponizing its monopoly on rare-earth supplies.
Gyeongbok Palace to Offer Guided Tours in Spanish
Gyeongbok Palace in central Seoul will begin offering tours in Spanish starting this week. The tours will be conducted every Friday and Saturday at 10:30 a.m. and 3 p.m., according to the Cultural Heritage Administration. Among four major palaces in Seoul, Gyeongbok Palace is the first site to provide the Spanish service regularly. Admission to the palace is W3,000 for adults but the guided tours are free of charge (US$1=W1,291).
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Yoon proposes tax cuts and other pro-market measures
The administration of Yoon Suk-yeol issued a raft of proposals Thursday for policy that will put the private sector first and help those hit hard by economic turmoil. Yoon's wish list, which includes tax cuts for businesses and homeowners and tax credits for some, signals an about face from the previous administration, which sought to change the economic paradigm by boosting demand with income support.
Paramount+ hopes to use Korea as gateway to Asia
Paramount+ expects Korea to be a gateway to the Asian video streaming market, said Mark Specht, executive vice president, Paramount. Paramount+ began its video streaming service in Korea through Tving, local streaming service provider, Thursday. Starting that day, Tving features a Paramount+ tab, and subscribers will have access to its content without paying any additional fees.
Korea, Japan inching back to intelligence-sharing pact
Top figures in Korea and Japan are expressing interest in returning to an intelligence sharing pact that was suspended in 2019 over bitter historical disputes. Soon after Korea’s Foreign Minister Park Jin said in a joint press conference with U.S. Secretary of State Antony Blinken in Washington on Monday that Korea wants the General Security of Military Information Agreement (Gsomia) “normalized as soon as possible.”
The Dong-A Ilbo (http://english.donga.com/)
Defense Ministry pushes for normalization of THAAD base in Seongju
The Ministry of National Defense pitched in to form a consultative body for the general environmental impact assessment of a U.S. THAAD missile defense unit in Seongju, North Gyeongsang Province on Thursday. Its move can be interpreted as a signal of the normalization of the unit in five years left in the status of temporary installation during the entire term of the former Moon Jae-in administration.
N. Korea is expected to conduct consecutive nuclear tests
North Korea might be arranging another nuclear test, as suggested by a series of photographs capturing the rebuilding of tunnels at the Punggye-ri nuclear test site. North Korea earlier completed the restoration of Tunnel No. 3 for the seventh nuclear test, and it is now prepping for the construction of Tunnel No. 4 for potential future testing. As Tunnel No. 4 is presumed to be a hydrogen bomb test site, North Korea could be planning consecutive nuclear tests in the near future.
K-bio enjoys much improved status on the world stage
News on Covid-19 vaccines put the mRNA and digital therapeutics at the center of attentions and the two technologies are under the spotlight again in 2022 Bio International Convention, one of the biggest bio-pharmaceuticals exhibitions currently being in San Diego, the U.S. from June 13 to 16 (local time).
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Seoul to cut corporate, property taxes on slowed growth and near 5% CPI estimate
The South Korean government under Yoon Suk-yeol presidency in its first economic policy outline will lower the maximum corporate tax rate from 25 percent to 22 percent and up exemption for property ownership tax from the second half as it sees the economy running at around mid 2-percent range and inflation near 5 percent this year.
Seoul authorities vow vigilance, but place inflation as top priority to imply BOK big step
South Korea fiscal, monetary, and authorities on Thursday scurried to discuss concerted actions to stabilize the financial markets shaken by tantrums over steeper monetary tightening in the U.S. that could fasten rate increases at home. “We shared the view that the economy was in complex crisis and may remain in such perils for some time due to accelerated U.S. Fed rate increases, protracted Ukraine crisis and supply bottleneck,” said Choo Kyung-ho
KEPCO to demand electricity bill hike Q3 despite inflationary concerns
State utility Korea Electric Power Corporation (KEPCO) is pressing the government for a hike in electricity fees in the third quarter despite inflationary impact to contain its snowballing losses and debt from surging fuel costs. KEPCO on Thursday submits its rate outline for the coming quarter to the Ministry of Trade, Industry and Energy and the Ministry of Economy and Finance where it would argue strongly for a hike in electricity charges in spite of inflationary concern.
HanKyoReh Shinmun (http://english.hani.co.kr)
Launch of S. Korea’s Nuri rocket delayed again over oxidizer tank sensor glitch
The launch of South Korea’s Nuri rocket, which was scheduled for Thursday, has been postponed once again after a sensor in its oxidizer tank was discovered to be malfunctioning during launch prep on Wednesday. The launch had been delayed by a day already due to strong winds the previous day. The Ministry of Science and ICT and the Korea Aerospace Research Institute (KARI) announced around 5 pm on Wednesday
“This is my first time as president”: Yoon defends first lady amid questions over conduct
“This is my first time as president, so I’m not sure how to distinguish between official and unofficial engagements…” President Yoon Suk-yeol is drawing criticism after he made the above comment concerning the controversy surrounding first lady Kim Keon-hee for paying a visit to Bongha Village while accompanied by a personal acquaintance.
S. Korea’s top diplomat calls for “normalization” of military intel-sharing pact with Japan
South Korean Minister of Foreign Affairs Park Jin said he hopes to normalize Korea’s military information-sharing pact with Japan “as soon as possible.” This suggests that Korea is gearing up to resume military cooperation with Japan, which has been suspended for some time.“With regard to GSOMIA, we want GSOMIA to be normalized as soon as possible together with the improvement of Korea-Japan relationship.
The KyungHyangShinmun (http://english.khan.co.kr/)
Arrest Warrant for Paik Un-gyu Denied: Brakes on the Investigation into the “Trade Ministry Blacklist”
On June 15, the court refused to issue an arrest warrant for Paik Un-gyu, the former trade minister suspected of exercising unwarranted authority over personnel matters in the Ministry of Trade, Industry and Energy in the Moon Jae-in government. Prosecutors conducted a massive search and seizure three years after they received a report on the so-called “trade ministry blacklist” aiming at the Moon Jae-in government, but the investigation came to a halt when the court denied the arrest warrant.
Government and Central Bank Expects a Complex Economic Crisis to Last for “Some Time” and Pledges to Focus on Inflation
As the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve decided to raise the benchmark interest rate 0.75% on June 16, South Korean authorities overseeing fiscal, monetary, and financial policies announced that they would concentrate all efforts to stabilize consumer prices.
President Yoon Speaks about the Office of the First Lady for Kim Keon-hee, “It’s My First Time as President... I Will Decide Slowly after Listening to Public Opinion”
President Yoon Suk-yeol spoke on suggestions to establish the Office of the First Lady following his wife, Kim Keon-hee’s activities and said, “I’m not sure how to organize the matter, since I’ve only started working (as president) myself.” He also said, “I will slowly think about this while listening to public opinion.”
US Stocks Tumble on Recession Fears after Rate HikeThe U.S. U.S. stocks tumbled on Thursday, a day after the U.S. Federal Reserve raised its key interest rate by zero-point-75 percentage points, the largest hike in 28 years. On the New York market, the Dow Jones Industrial Average plunged two-point-42 percent to finish at 29-thousand-927-point-07. The index fell below 30-thousand for the first time since January of last year. The benchmark S&P 500 tumbled over three percent to end at three-thousand-666-point-77.
Minimum Wage Commission Decides Not to Apply Differential Wages Next Year
The Minimum Wage Commission has decided not to introduce differential wages and apply the universal minimum wage across industries next year. The commission, a trilateral panel composed of nine representatives each from labor, management and the general public, made the decision in a vote during a plenary session on Thursday. Eleven members voted for differential wages, while 16 others voted against.
Sullivan: US Conveyed Concerns about N. Korean Nuke Test to China
U.S. National Security Advisor Jake Sullivan said that the U.S. has conveyed its concerns to China about a possible nuclear test by North Korea. Sullivan made the remarks on Thursday in a discussion session hosted by the Washington-based think tank Center for a New American Security(CNAS). Sullivan met with top Chinese diplomat Yang Jiechi, head of the Chinese Community Party's foreign affairs bureau, in Luxembourg on Monday.
S. Korea to closely monitor market after Fed's aggressive monetary tightening
South Korea will keep close tabs on the financial market following the Federal Reserve's overnight rate hike decision as worries are growing over heightening volatility from the U.S.' aggressive monetary tightening, the country's top financial policymaker said Thursday. On Wednesday (U.S. time), the Fed decided to hike its interest rate by 0.75 percentage point in the latest move to tighten monetary policy and tame soaring inflation.
Panel votes not to differentiate minimum wage by industry next year
A tripartite panel tasked with determining next year's minimum wage has agreed not to apply different rates to different industries, maintaining the current system, officials said Friday. The Minimum Wage Commission, which is composed of 27 representatives, nine each from labor, business and the general public, met at the government complex in Sejong for its fourth plenary session this year to negotiate next year's minimum wage.
Technical inspection of Nuri space rocket under way after canceled launch
South Korean aerospace engineers were inspecting the country's homegrown Nuri space rocket Thursday, a day after a last-minute technical glitch in the oxidizer tank sensor forced the country to call off the rocket launch. The Korea Aerospace Research Institute (KARI) on Wednesday decided to indefinitely postpone the launch of Nuri scheduled for Thursday after the sensor was seen malfunctioning during a final pre-launch check-up at the launch pad in Naro Space Center in Goheung, a southern coastal village some 470 kilometers south of Seoul.
The Korea Herald (http://www.koreaherald.com)
‘Not defection’: Authorities U-turn on South Korean man’s killing by North Korea
South Korea’s Coast Guard on Thursday reversed its earlier assertion that South Korean government worker Lee Dae-jun, who was killed by North Korean soldiers at sea nearly two years ago, was attempting to defect to the North. “After a comprehensive investigation, we have failed to find any evidence to believe that the official had intended to defect to North Korea,” said Park Sang-chun, chief of the Incheon Coast Guard, in a news conference.
Yoon to carry out deregulations, tax reform to pursue market-oriented economy
The Yoon Suk-yeol administration on Thursday unveiled a five-year plan to pursue a business-friendly and market-oriented economy by carrying out intensive deregulatory measures and alleviating the corporate tax burden. In a major shift from the previous administration‘s liberal agenda of an income-driven economy, the new government also vowed to minimize state intervention in the market. In addition, the plan includes a series of reforms, such as restructuring the national pension system.
FM suggests holding ‘2+2’ ministerial summit with top US commerce chief
South Korea and the US have agreed on strong industrial cooperation and on enhancing supply resilience, Seoul’s Foreign Minister Park Jin said on Wednesday (US time). In his meeting with US Commerce Secretary Gina Raimondo in Washington, Park also suggested holding “2+2” ministerial summit involving the top commerce chiefs and foreign affairs chiefs of the respective countries.
The Korea Times (http://www.koreatimes.co.kr)
Korea to overhaul visa system to attract more highly-skilled foreigners
The government has decided to fix its visa policy for foreign nationals in a bid to attract more highly-skilled professionals from abroad ― a move aimed at tackling the population decline and reinvigorating the nation's growth potential. This move is part of the Yoon Suk-yeol administration's economic policy directions unveiled by the Ministry of Economy and Finance, Thursday.
Korea to cut corporate taxes, redress industrial accident law
The government will cut the maximum income tax rate for businesses to 22 percent from 25 percent in a bid to facilitate corporate investments and create more jobs, while easing the property tax burden on homeowners. Beginning in July, the government will also work on the shortcomings of the so-called Serious Accidents Punishment Act and amend it if necessary.
US conveyed concerns over N. Korean nuclear test to China
The United States has discussed with China the growing concerns over a possible North Korean nuclear test, U.S. National Security Advisor Jake Sullivan said Thursday. He also reiterated U.S. concerns over what will be North Korea's seventh nuclear test. "On North Korea, we have expressed our concern that North Korea is preparing to conduct another nuclear test. We have said that publicly. We have communicated that to China
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Ecuador Times http://www.ecuadortimes.net
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