Headline, July 29, 2022
Headline, July 29, 2022
  • Lee Kyung-sik
  • 승인 2022.07.29 00:00
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Friday, July 29, 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.”


Neo Cremar leads the organic market as the world's 1st organic galactooligosaccharide maker
Neo Cremar is the world’s first organic galactooligosaccharide manufacturer, leading the organic market,” said CEO Han Ki-soo of Neo Cremar, which boasts of the world’s fourth-largest organic milk powder market share. In an exclusive interview with the Korea Post, CEO Han said, "Europe and Oceania, which are leading the premium market, are the main export markets of Neo Cremar and account for more than 60% of its exports. The US and Asia account for the remaining 40%. Along with the expansion of the microbiome market, our company’s steady growth is expected in the future. "


18th JIMFF film fest singles out works for official competition
The 18th Jecheon International Music & Film Festival has announced its official selection for the Official Competition. The Korean section showcases the new vision of Korean music filmmakers. The Korean competition jury consists of actress Moon Geun-young, Director James Junwon Bang and Producer Shim Bo-kyoung. One feature film will be chosen as the best picture during the festival and will receive a cash prize of KRW15 million, and a short film will receive a cash prize of KRW 5 million for the best picture award.




Chosun Ilbo (http://english.chosun.com)
Korea Signs Massive Arms Deal with Poland

Poland on Wednesday signed a W25 trillion contract to buy K2 tanks, K9 self-propelled howitzers and FA-50 light combat fighter jets from Korea (US$1=W1,313). The weapons will be shipped on three occasions over the next decade, with the first shipment alone worth W10 trillion, making it the biggest arms contract Korea has ever clinched. The two countries' defense ministers met in May and President Yoon Suk-yeol also talked about defense cooperation with his Polish counterpart Andrzej Duda on the sidelines of the NATO summit in Spain in June.

N.Korean Economy on Its Knees
North Korea's economy shrank another 0.1 percent last year as the impoverished country locked down its border with China for a second year. The Bank of Korea here on Wednesday estimated North Korea's GDP at W31.41 trillion last year, much the same as 2003 (US$1=W1,313). The North's gross national income was worth W36.30 trillion last year, a mere 1.7 percent of South Korea's and per-capita GNI stood at W1.42 million, 1/28th of South Korea's W40.48 million.

Indonesian President Arrives in Korea
ndonesian President Joko Widodo arrived in Seoul on Wednesday evening for a summit with President Yoon Suk-yeol. The two leaders are expected to discuss bilateral cooperation in defense, infrastructure and economic security. Widodo attends a dinner hosted by Yoon at the presidential office in Yongsan, Seoul after the meeting.


Joongang Ilbo (https://koreajoongangdaily.joins.com )

Leaders of Korea, Indonesia affirm their strategic partnership

President Yoon Suk-yeol stressed the strategic importance of Southeast Asia to Korea at a summit with Indonesian President Joko Widodo in Seoul Thursday. "In an era in which economy is security and security is the economy, economic and security cooperation between the two countries, such as stabilizing the supply chain, is very important," Yoon said at the start of bilateral talks at the presidential office in Yongsan, central Seoul.


Kim Jong-un calls out Yoon Suk-yeol three times in hostile anniversary speech
North Korean leader Kim Jong-un blasted South Korean President Yoon Suk-yeol for suggesting Seoul would enhance its preemptive strike capabilities against Pyongyang — a course of action Kim said would lead to South Korea's "annihilation." The North Korean leader made the remarks at an outdoor gathering in Pyongyang Wednesday celebrating the end of the Korean War in 1953. The speech was Kim's first public appearance in 19 days.


Korea vows vigilance as U.S. rates rise above local interest rates
Korea will take preemptive measures to prevent market volatility in the wake of the U.S. Federal Reserve's 75-basis-point rate increase Wednesday, Finance Minister Choo Kyung-ho said. The Fed raised the federal funds rate by 75 basis points for the second consecutive time on Wednesday, putting it in a range of 2.25 to 2.5 percent. Korea's base rate is 2.25 percent. The Fed's decision "was in accordance with the market expectations," and its "impact on the domestic finance markets is projected to be limited," Choo said in a meeting with Bank of Korea Gov. Rhee Chang-yong in central Seoul on Thursday.




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

U.S. Fed takes another giant step
The U.S. Federal Reserve has taken a giant step by raising key interest rates by 0.75 percentage points for a second month. The base interest rate in the U.S., which stands at 2.25-2.5 percent, is now higher than that of South Korea (2.25 percent), bringing back the interest rate reversal in two years and five months since February 2020. Against this backdrop, the Fed’s rate hike is likely to cause a ripple effect in the Korean economy, including the possibility of capital outflows.


Posco to build blast furnace, cold rolling mill in Indonesia
Posco will build additional blast furnace in Indonesia while embarking on anither project to build new waterworks. The South Korean steelmaker signed an MOU with the Indonesian government and its state-run steelmaker Krakatau Steel on Thursday at Lotte Hotel in Seoul. The ceremony was attended by Indonesia President Joko Widodo, Karakatau Steel CEO Silmy Karim, and Posco Vice Chairman Kim Hak-dong.


Illegal short-selling practices to be cracked down
Investors who committe illegal short-selling will be directly subject to prosecutorial investigation without going through investigation from the financial authorities. The Financial Services Commission, the Financial Supervisory Service, the Supreme Prosecutors’ Office, and the Korea Exchange held a meeting on Thursday and released measures to curb illegal stock short-selling activities. The gist of the new measures is to tighten scrutiny and strengthen punishment of wrongful short-selling practices and stock-price manipulation in relation to short-selling.





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

Samsung Elec scales back capex Q2 on softening demand despite record chip sale
Samsung Electronics Co. scaled back facility spending by around 13 percent during the first six-month period from a year ago as it has become unsure of the second-half business prospects after record sales in mainstay chips and income aid from favorable exchange rate in the first half. In the finalized and detailed financial report for the second quarter and first half Thursday, the world’s largest memory chip maker disclosed it had spent 20.3 trillion won ($15.5 billion) in capital expenditure (capex) in the first six months


POSCO to back Indonesian steel expansion and capital relocation projects
South Korean steel giant POSCO Holdings has entered an agreement with Indonesia’s state-owned steelmaker Krakatau Steel for a $3.5 billion joint project in enhancing steel capacity in the Southeast Asian country and is joining an ambitious capital relocation project. According to POSCO on Thursday, it signed a memorandum of understanding (MOU) with Krakatau Steel to jointly invest $3.5 billion over the next five years to build a second furnace and a cold rolling mill for PT Krakatau POSCO


Korean markets shrug off another big Fed step placing U.S. rates above Korea’s
South Korean markets shrugged off the back-to-back 75-basis-point hike in U.S. base rate that placed U.S. rates above Korea’s as they have already factored in speedy tightening in the U.S. and Korea. After a series of big steps, the U.S. Fed fund rate range is at 2.25 percent to 2.50 percent, placing the median above Korea’s 2.25 percent after Korea’s own unprecedented 50-basis raise earlier this month.



HanKyoReh Shinmun (http://english.hani.co.kr)

North Korea has changed – our policy toward it should change too
Many are calling for South Korea to completely overhaul its North Korea policy on the grounds that the North’s nuclear capabilities have reached the point of no return. The primary goal of Seoul’s North Korea policy has been the denuclearization of the Korean Peninsula. But since that’s effectively no longer an option, those pundits say, South Korea needs to revise its North Korea policy.


Regulator OKs plan to dump Fukushima water amid unclear impact on Korea
What effects will Korea face when Japan releases contaminated water from the Fukushima nuclear power plant into the ocean? The ocean release’s impact on Korea is drawing renewed attention after Japan’s Nuclear Regulation Authority (NRA) approved the Tokyo Electric Power Company (TEPCO) plan on Friday, which raises the likelihood that the plan will be put into motion next spring.


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.




The KyungHyangShinmun (http://english.khan.co.kr/)

Kim Jong-un, “If He Attempts a Dangerous Move, Yoon Suk-yeol’s Government and His Military Will Be Annihilated”
On July 28, the North Korean state media reported that leader Kim Jong-un fiercely condemned the Yoon Suk-yeol government’s military policy against North Korea and said, “Such a dangerous attempt will be immediately punished by our powerful force, and the Yoon Suk-yeol government and his military will be annihilated.” This was the first time that Chairman Kim personally stated his position on the Yoon Suk-yeol government.


Woo Sang-ho “He Sent the Text Because He Was Happy after Getting Rid of Lee Jun-seok. Is There Any Hope in Such a President?”
On July 27, Woo Sang-ho, chair of the Democratic Party of Korea’s emergency committee criticized President Yoon Suk-yeol and asked, “Does the Republic of Korea have so much spare time that the president can text a message to the acting party leader just because he was happy to have gotten rid of the previous party leader?” He mentioned President Yoon’s text message to acting leader and floor leader of the People Power Party (PPP) Kweon Seong-dong from the previous day,


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.




Yoon, Widodo Agree to Cooperate on Supply Chains, Economic Security
President Yoon Suk Yeol and Indonesian President Joko Widodo held a summit in Seoul on Thursday and agreed to enhance strategic cooperation in economic security issues. In a joint press conference after the summit, President Yoon said the two nations share the goals of peace and mutual prosperity in the Indo-Pacific region. Yoon added that President Widodo and he agreed to strengthen the two countries' strategic cooperation in step with the changing state of international affairs.

State Dept.: N. Korea Wouldn't be Surprised to Hear the Same Message from US
Hours after North Korea issued threats against the U.S. and South Korea on Thursday, the U.S. State Department said that North Korea would not be surprised to hear the same message from the U.S. The North's state Korean Central News Agency reported on Thursday its leader Kim Jong-un said in a speech the previous day that the North's armed forces are fully prepared to respond to any crisis and his country is willing to use its nuclear weapons against the U.S. and South Korea.


Industrial Output Rises but Consumption Falls for Fourth Month in June
Industrial output increased for a second month, but consumption declined for the fourth consecutive month in June. Statistics Korea said on Friday that the index of the nation’s overall industrial production came to 117-point-nine in June, up zero-point-six percent from a month earlier. Production in the manufacturing industry increased one-point-eight percent from a month earlier, leading the growth in overall industrial production. Output in the service industry, however, dropped zero-point-three percent in June after growing for the three preceding months.



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

3 candidates shortlisted for main opposition party's leadership race
The main opposition Democratic Party (DP) on Thursday announced that it shortlisted three candidates, including the party's former presidential candidate, Rep. Lee Jae-myung, for its new chairperson. Rep. Park Yong-jin and Rep. Kang Hoon-sik were also shortlisted as candidates seeking to be the DP's new leader, the party said, without disclosing the number of votes they received.


N.K. leader says blood-sealed ties with China will develop for generations
North Korean leader Kim Jong-un said his country's ties with China, "sealed in blood," will further develop for generations to come as he marked the anniversary of the armistice that halted the 1950-53 Korean War, state media said Friday. On Thursday, Kim visited the Friendship Tower in Pyongyang and paid tribute to the fallen Chinese soldiers that fought in the war, the Korean Central News Agency (KCNA) said.


U.S. remains committed to defense of S. Korea, engagement with N. Korea: State Dept.
The United States remains firmly committed to the defense of South Korea, a state department spokesperson said Thursday, hours after North Korea warned South Korea that it may face "annihilation." Ned Price said the U.S. also remains open to engaging in dialogue with Pyongyang, but that the reclusive regime continues to remain unresponsive to U.S. overtures.




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

Korea launches Jeongjo the Great, Navy's first 8,200-ton Aegis destroyer
President Yoon Suk-yeol traveled to the southeastern port city of Ulsan to join a ceremony to celebrate the launch of the country’s first 8,200-ton Aegis destroyer, the Jeongjo the Great destroyer, on Thursday. We have now become capable of building a world-class Aegis destroyer with our own technologies,” Yoon celebrated the launch of the new destroyer, during his speech at the ceremony held at the shipyard of Hyundai Heavy Industries in Ulsan, joined by some 150 people, including first lady Kim Keon-hee, and high-ranking officials from the government, military and industry.


N.Korean leader warns of annihilation if Seoul attempts preemptive strike
The North Korean leader warned that the country will “annihilate” South Korea’s conventional forces should they seek preemptive military action and confrontation against North Korea, lambasting the Yoon Suk-yeol government’s defense strategy and military buildup. North Korean leader Kim Jong-un on Wednesday delivered a speech at an outdoor event in front of the Monument to the Victorious Fatherland Liberation War in Pyongyang to mark “Victory Day” in the Korean War


NK leader says blood-sealed ties with China will develop for generations
North Korean leader Kim Jong-un said his country's ties with China, "sealed in blood," will further develop for generations to come as he marked the anniversary of the armistice that halted the 1950-53 Korean War, state media said Friday. On Thursday, Kim visited the Friendship Tower in Pyongyang and paid tribute to the fallen Chinese soldiers that fought in the war, the Korean Central News Agency (KCNA) said.




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

Korea to share experience on capital relocation with Indonesia

President Yoon Suk-yeol and Indonesian President Joko Widodo agreed to work together in the Southeast Asian country's ongoing project to relocate its capital during their summit in the presidential office in Seoul, Thursday. The two sides also pledged to enhance their cooperation in the areas of supply chain, economic security and a joint fighter jet program.


Ukraine war reshapes European arms procurement market in Korea's favor
Since Russia's invasion of Ukraine, some Eastern European countries, still armed largely with Soviet-era weapons, have sent their equipment to help Kyiv ― in a move that could reshape the future of the region's weapons systems. In a major procurement deal illustrating such a shift, Poland, which has provided Ukraine with its Soviet-designed T-72 tanks, agreed Wednesday (local time) to buy 48 FA-50s, a light combat jet co-developed by Korea Aerospace Industries (KAI) and Lockheed Martin,


Korea to attract immigrants to depopulated rural areas
The government plans to attract immigrants to settle in rural regions that are struggling with severe labor shortages due to a rapidly shrinking population. Earlier this week, the Ministry of Justice announced the launch of the so-called region-specific visa, which will be granted from October this year to foreign nationals seeking to live and work in rural regions designated by the government.



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

Gwangmyeong Daily 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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