Wednesday, July 27, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
“Angola has many areas for increased cooperation with Korea in mining, related areas”
Director General Canga Xiaquivulia of the Geological Institute of the Republic of Angola said, “There are many areas in my country where Korea can cooperate for mutual benefit, especially in the development of mining and mineral resources.” Speaking at an exclusive interview with The Korea Post media at the Embassy of Angola in Seoul on July 22, 2022, Director General Xiaquivulia said, “We came to Korea this time to explore the possibilities of promoting cooperation between the two countries in the geological area.”
“Korea has huge potential for cooperation with Angola in textile, steel, car, shipbuilding, electronics, many more”
Chairman Antonio Henriques da Silva of the Agency for Private Investment and Exports Promotion of the Republic of Angola said, “The Republic of Korea has a robust industrial sector such as textile, steel, car manufacturing, shipbuilding and electronics.” Chairman Silva then added that South Korea has a huge impact in the sectors mentioned in Africa and setting up manufacturing companies close to its customers serves as a great advantage.
“Ties between the two countries made an upsurge, shall continue to do so”
Ambassador Khaled Abel Rahman of the Arab Republic of Egypt in Seoul said, “The ties between Egypt and Korea have witnessed an upsurge over the past years and shall continue to do so given the keenness of both countries to work together across all fields, political, economic and cultural to promote mutual benefit and cooperation.” Ambassador Rahman made the speech at a reception the Embassy of Egypt hosted at the Four Seasons Hotel in Seoul on July 22, 2022 in celebration of the 70th National Day of Egypt.
Chosun Ilbo (http://english.chosun.com)
Ruling Party Overtaken by Opposition in Approval Rating
The ruling People Power Party, which had enjoyed a solid lead over the main opposition Minjoo Party in approval ratings since the change of government, has been overtaken by the Minjoo Party again. In a poll of 1,002 adults by the Korea Society Opinion Institute last week, the PPP's approval rating dropped to 32.1 percent, down 2.4 percentage points from a week earlier, but Minjoo's rating rose nine percentage points to 41.9 percent.
N.Korea Faces Famine
North Korea is experiencing a dramatic food shortage, according to witness accounts. The North sealed its border with China again over a surge in coronavirus infections since May, which squeezed the last life out of its devastated economy, and now people starving to death in some parts of the isolated country. The official Rodong Sinmun daily has referred to the situation as an "emergency,"
Experts Recommend Freezing Eggs Before 35
Many single women around the world are having their eggs frozen, but experts recommend doing it before they hit 35. According to figures from fertility clinic CHA Medical Center, some 1,194 single women here had their eggs frozen last year, a two-fold increase from 2020. A decade ago, fewer than 10 women had their eggs frozen. Frozen eggs can be stored for more than 20 years.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Tesla's king-of-the-road status under threat globally
For more than a decade, Tesla has reigned supreme in electric vehicle (EV) land. That is changing fast as it loses its No. 1 spot. It is being challenged on affordability — as it is constantly raising its prices — and on features. Tesla sold 575,000 EVs in the global markets in the first half, losing its crown to Shenzhen's BYD in terms of the number of units sold. BYD sold 647,000 all-electric vehicles and plug-in hybrid vehicles in the first half, up 323 percent on year, according to data from SNE Research.
Forget fitted, loose unisex fashion is here to stay
Recent trends have shown that the “genderless” style is here to stay. Earlier this month, Nike chose to “just do it” by launching a gender-fluid store, the first such store worldwide, in Hongdae. Turns out fashion simply does not care what gender someone identifies as, and Korean fashion is no exception. The clothes, sneakers and accessories in this store by the apparel and footwear company are arranged entirely by fit and size, rather than gender.
Mayor Oh Se-hoon resurrects plan to redevelop Yongsan train yards
Empty land in Yongsan District will be transformed into an international business district that could become an Asian Silicon Valley, the Seoul city government said. Mayor Oh Se-hoon unveiled a blueprint for development in the heart of Seoul on Tuesday, painting a picture of international business, residential and cultural complexes.“I will maximize Yongsan District’s infinite potential and promote development that fits the future environment before it becomes too late,” Oh said in a press conference.
The Dong-A Ilbo (http://english.donga.com/)
Wall of Remembrance is reminder of Korean War legacy
“We can forever leave the legacy of the Korean War, where more than 36,000 U.S. soldiers lost their lives to protect the freedom and democracy of South Korea,” said Larry Kinard, chairman of the Korean War Legacy Foundation (KWKF), in an interview with The Dong-A Ilbo, crediting the Korean War Memorial Wall of Remembrance in Washington, D.C. as the “proud” work.
Former unification minister to be summoned after return to Korea
Former Unification Minister Kim Yeon-cheol (photo), who was charged for forcefully returning North Korean fishermen who defected to the South, is expected to return to Korea this week. According to sources from the legal and ministry community on Tuesday, former Unification Minister Kim is planning to return to Korea after visiting his children studying in the U.S. The Public Investigation Department 3 of the Seoul Prosecution Office is planning to summon Kim in early August to investigate the background in which Kim had announced that the "North Korean defectors' will to defect to South Korea did not appear to be sincere."
LG to build joint company for battery recycling with Chinese partner
LG Energy Solution will join hands with Huayou Cobalt, China's No. 1 cobalt refinery company, to build a joint corporation to recycle batteries. The joint company will help improve supply stability of materials and promote stronger ESG management. LG Energy Solutions announced on Tuesday that it had signed an MOU with Huayou to build a company for battery recycling by extracting key source materials from used batteries.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
SK chief to discuss investment, job creation in US with Biden in video conference
SK Group Chairman Chey Tae-won will go online for a rare virtual meeting with U.S. President Joe Biden to raise speculation about mass-scale investment pledge by South Korea’s second largest conglomerate strong in chip and battery production. The videoconference will be held at 2 p.m. on Tuesday (U.S. time). U.S. Commerce Secretary Jina Raimondo will join the meeting, according to the White House on Monday.
LGES and GM JV in the U.S. eligible to $2.5 bn federal loan to complete battery projects
South Korea’s LG Energy Solution Ltd. (LGES) and General Motors have gained a boost to expand their capacity in the United States amid fast rising interest rates as their joint venture has become eligible to a $2.5 billion federal loan for helping electrification and jobs in the U.S. The U.S. Energy Department in its blog on Monday announced grant of a conditional loan to Ultium Cells LLC to help the completion of construction of three lithium-ion battery cell facilities in Ohio, Tennessee, and Michigan.
Kakao puts Kakao Mobility stake sale plan on hold amid union opposition
South Korea’s platform giant Kakao Corp. has temporarily shelved the plan to shed more than 10 percent of its ownership in Kakao Mobility to retreat to a second-largest shareholder in the face of strong inner opposition. Kakao Mobility CEO Ryu Geung-seon in his notice to employees on Monday announced that the parent company has decided to put M&A scheme on hold. Ryu said he recently met with Hong Eun-taek, co-CEO of Kakao, to deliver the concerns and opposition from employees over Kakao’s stake sale plan.
HanKyoReh Shinmun (http://english.hani.co.kr)
Korean interior minister sparks outrage by likening police gathering to coup
Minister of the Interior and Safety Lee Sang-min sparked controversy with remarks comparing a nationwide meeting of police station chiefs opposing the creation of a new “police bureau” in his ministry to the military coup of Dec. 12, 1979, which led to Chun Doo-hwan taking power in South Korea. Noting that police “are allowed to carry weapons,” Lee voiced an attitude that seemed to bizarrely suggest that armed police might attempt to overturn the government if the issue of their meeting is left unaddressed.
S. Korea’s president faces limited options for reversing approval rating freefall
With President Yoon Suk-yeol’s approval rating plummeting to the low 30% range, the presidential office as well as the ruling camp are racking their brains to come up with ways to rally his polling numbers. The fact that a new administration just over 70 days into its term is recording a support rating in the low to mid 30% range indicates that even those within the president’s conservative support base are souring on Yoon.
Punitive response to gathering of Korean police chiefs prompts objections, bafflement
In the wake of a recent meeting of chiefs of police stations across Korea, the National Police Agency (NPA) began placing leaders of the meeting on standby and carrying out sweeping inspections. The NPA implied that it would take collective disciplinary action against those who attended the meeting to oppose the creation of a new police bureau with the Ministry of the Interior and Safety. Tempers are flaring within the police, as many claimed Minister of the Interior and Safety Lee Sang-min
The KyungHyangShinmun (http://english.khan.co.kr/)
President Yoon’s Approval Rating at 30.4% and Could Drop Ruling Party’s Double Standards When It Comes to Prosecutors and the Police
After the nation’s first ever meeting of national police chiefs opposing the establishment of a police bureau in the Ministry of the Interior and Safety, police executives announced that they would suspend the superintendent who organized the meeting from his position and conduct an inspection of all superintendents who personally attended the meeting. On July 24, the Office of the President described the meeting of police chiefs as “inappropriate behavior,” and the People Power Party claimed it was a “violation of office regulations.”
President Yoon Says, “Interior Ministry and Police Agency Will Take Necessary Measures” Against Collective Action by Police Officers
On July 25, President Yoon Suk-yeol met with reporters on his way to work at the Office of the President in Yongsan and spoke on the warning of collective action involving police inspectors and senior inspectors following the meeting of superintendents against the establishment of the police bureau in the Ministry of the Interior and Safety and said, “I expect the interior ministry and the police agency to take necessary measures.”
South Korean Fighter KF-21 Successfully Makes First Flight: In the Air for 33 Minutes
On July 19, the KF-21 Boramae, South Korea’s first homemade fighter, made a successful first flight. The first prototype of the KF-21 departed from the airstrip of the Air Force 3rd Flight Training Wing in Sacheon, Gyeongsangnam-do and successfully completed the test flight. This day, the Defense Acquisition Program Administration (DAPA) announced, “The South Korean fighter, the KF-21 took off at 3:40 p.m. this afternoon and landed at 4:13 p.m. and successfully completed its first flight.” The administration explained,
General Meeting of Entire Police Force Canceled
A general meeting of the nation’s entire police force of some 140-thousand which was set to take place on Saturday to protest the planned launch of a police oversight bureau under the interior ministry has been canceled. Kim Seong-jong, a senior inspector at the Seoul Gwangjin Police Station who sought to organize the meeting, posted an announcement on the police force’s internal network on Wednesday informing his colleagues of a “voluntary withdrawal” of the meeting.
IMF Slashes S. Korea's Growth Outlook to 2.3%
The International Monetary Fund(IMF) has cut its economic outlook for South Korea for this year to two-point-three percent. The organization issued a revised outlook for some 30 major countries on Tuesday, in which it marked down its forecast for Asia’s fourth largest economy by zero-point-two percentage points from three months ago. The downward revision appears to have reflected the potential impacts of a slowing global economy on the nation’s export-driven economy,
S. Korea's Expected Inflation Hits Record High 4.7%
Consumers' expected inflation hit an all-time high in July as the nation faces growing stagflation risks. According to the Bank of Korea(BOK) on Wednesday, expected inflation, measuring consumers’ estimates on price increases in the next 12 months, stood at four-point-seven percent this month, up zero-point-eight percentage points from June.
Expected inflation hits record high, consumer sentiment dips to 21-month low, in July
Expected inflation in South Korea hit a record high in July amid rising energy and commodity costs, while consumer sentiment fell to the lowest point in 21 months, central bank data showed Wednesday. Expected inflation, an index gauging 12-month consumer price gains, hit a 4.7 percent, the highest since 2008 when the central bank began compiling related data, according to the Bank of Korea (BOK).
NASA 'impressed' by technical astuteness, dedication of S. Korea's 1st lunar orbiter project: cooperation manager
A senior official of the U.S. space agency has said he was "very impressed" by South Korea's technical astuteness, as aerospace engineers of the two countries were working together to launch South Korea's first lunar orbiter mission next month. The Korea Pathfinder Lunar Orbiter (KPLO) -- also known as Danuri -- is set to launch on a SpaceX Falcon 9 rocket from Cape Canaveral Space Force Station in Florida at around 8:20 a.m. on Aug. 3 (Korean Time).
Special parliamentary committee kicks off to help improve people's livelihoods
The National Assembly launched a special committee designed to help stabilize the livelihoods of ordinary people amid soaring inflation and other economic woes. The committee, comprised of lawmakers from the ruling People Power Party (PPP) and the main opposition Democratic Party, is set to operate until Oct. 31 and will try to help address difficulties from high inflation, oil prices and high exchange rates.
The Korea Herald (http://www.koreaherald.com)
Korea’s growth outlook darkens over poor exports, rising prices
South Korea entering the fog of economic uncertainty became more obvious on Tuesday with the International Monetary Fund revising down the country‘s growth forecast and figures showing that trade deficit for the export-led economy is worsening. In its latest world economic outlook report, the IMF revised down its prediction on the gross domestic product growth of Korea by 0.2 percentage point from its earlier suggestion of 2.5 percent to 2.3 percent,
Seoul to turn Yongsan‘s idle land into tech complex, transportation hub
The Seoul Metropolitan Government announced its development plan to turn massive idle land near Yongsan Station in central Seoul into the “Asian Silicon Valley” and a city transportation hub. In a press briefing on Tuesday, Seoul Mayor Oh Se-hoon said the government will transform the area into an “international business district as a new center for global urban competitiveness and technological innovation.”
Aging South Korea turns to immigration
South Korea struggles to cope with falling birth rates and an aging population. After briefing President Yoon Suk-yeol on Tuesday morning, Justice Minister Han Dong-hoon told reporters that the plans for a central bureau overseeing policies relating to immigration will begin to take shape over the remaining year.
The Korea Times (http://www.koreatimes.co.kr)
S. Korea's SK Group chief unveils plan to invest $22 bil. in meeting with Biden
Chey Tae-won, chairman of South Korea's SK Group, on Tuesday unveiled an ambitious plan to invest an additional $22 billion in the United States in a rare meeting with U.S. President Joe Biden. Biden welcomed the announcement, calling it one of the most "significant investments" ever seen in the U.S. "Today we are announcing another $22 billion in new investment in the U.S.," Chey told the U.S. leader.
LG Energy Solution to build battery recycling plants with Chinese partner
LG Energy Solution (LGES) signed a memorandum of understanding with Huayou Cobalt to set up a joint venture for battery recycling in China, the Korean firm said Tuesday. This is the first such venture by Korean and Chinese companies for battery recycling in China. Both companies plan to finish establishing the body by the end of this year, after discussing details of its operation.
Slowdown in exports raises concerns over Korea's growth
The Korean economy grew at a faster-than-expected pace in the second quarter of this year, on the back of an increase in private spending. But exports, the key engine for growth, suffered a major setback amid a global slowdown fanning worries that the economy will lose steam in the latter half of this year. In its preliminary report, Tuesday, the Bank of Korea said the nation's gross domestic product (GDP) grew 0.7 percent during the second quarter from the previous quarter, compared to a 0.6 percent expansion in the January-March period.
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Colombia Reports http://colombiareports.com
El Universal http://www.eluniversal.com.mx/english
Ecuador Times http://www.ecuadortimes.net
The Jordan Times https://www.jordantimes.com
Philippine Daily Inquirer https://www.inquirer.net
Daily News Hungary http://dailynewshungary.com
Budapest Times http://budapesttimes.hu
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