Friday, August 26, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Korean-Chinese ties continue to grow in trade, other areas despite obstacles
Today, the Republic of Korea and the People’s Republic of China commemorate the 30th anniversary of bilateral diplomatic ties with events in their capital cities. The Ministry of Foreign Affairs of Korea announced this morning that official anniversary ceremonies will be held concurrently at the Four Seasons Hotel in Seoul at 7 p.m. today and the Diaoyutai State Guesthouse in Beijing at 6 p.m., China time also today. Foreign Minister Park will attend the Seoul gathering and read President Yoon Suk Yeol’s letter celebrating the 30-year milestone between the two countries.
President of Uzbekistan attends the opening ceremony of the Int’l Tourist Center
On August 23, the President of the Republic of Uzbekistan Shavkat Mirziyoyev arrived in Samarkand to attend the opening ceremony of the Great Silk Road International Tourist Center. A conversation took place with elders and the intelligentsia of Samarkand, in the Eternal City Complex. A dua was recited with the wish that the new structures would serve for the benefit of our people for a long time. The solemn opening ceremony of the Great Silk Road International Tourist Center took place. Shavkat Mirziyoyev delivered a speech and congratulated everyone on this joyful event.
Lotte E&C CEO Ha Suk-joo encourages employees with 'Safe-Tea'
Lotte E&C announced on Aug. 24 that it will hold a 'Cheering Safe-Tea' event where President & CEO Ha Suk-joo will attend until the end of November. This event will be held in a way that Angel-In-Us drinks such as coffee and iced tea, as well as a vehicle containing a bakery, will visit during lunch time and provide snacks. Lotte E&C prepared this event to encourage employees, partners, and field workers who are exhausted from the heat and the prolonged COVID-19 pandemic and pray for health and safety.
Chosun Ilbo (http://english.chosun.com)
Population Mobility Falls to Lowest in Half a Century
Population mobility fell to the lowest level in 46 years last month. According to Statistics Korea on Wednesday, only 460,000 Koreans moved house in July, down 18.3 percent from a year ago and the lowest number since January 1976. he figure has been declining since January 2021 as housing prices spiraled out of control. Statistics Korea attributes the latest decline to a drop in apartment sales. In May and June, only 113,504 apartments were bought and sold in Korea, down 39 percent from a year ago and just half the volume seen two years ago.
Korean Airlines Lose Money Due to Plummeting Won
Korean airlines are suffering snowballing losses due to the weakening won. Carriers have to pay airplane leases and fuel and other fixed costs in U.S. dollars, and the exchange rate is working against them. Korean Air loses around W35 billion for every W10 devaluation against the dollar (US$1=W1,342). That means if the exchange rate weakens from W1,200 to W1,300 per dollar, Korean Air loses around W350 billion. Asiana Airlines loses W28.4 billion for every W10 devaluation.
N.Korea Sees Suspected COVID-19 Cases After Victory Claim
North Korea on Thursday said it found four new fever cases in its border region with China that may have been caused by coronavirus infections, two weeks after leader Kim Jong-un declared a widely disputed victory over COVID-19. The state-run [North] Korean Central News Agency said health workers were conducting genetic tests on the samples taken from four people in Ryanggang province who exhibited fevers to confirm whether they were caused by the "malignant epidemic."
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Rates upped by a quarter point as central bank battles inflation
The Bank of Korea raised the base interest rate by a 25 basis points to 2.50 percent on Thursday. The decision by the Monetary Policy Board came just a month after the board unanimously raised the rate by a historic 50 basis points in July. Korea's central bank is in a difficult position as the won weakens and the property market teeters. If it is too dovish, the currency could further weaken and inflation could remain high. If it is too hawkish, bankruptcies could increase and the economy could slow dramatically.
CIO says it might investigate first lady
The government anti-corruption watchdog could launch a probe into first lady Kim Keon-hee following a formal complaint by a civic group and growing calls from the Democratic Party (DP) for an investigation into various allegations.
At a meeting with lawmakers on the National Assembly’s Judiciary and Legislation committee on Wednesday, Kim Jin-wook, chief of the Corruption Investigation Office for High-Ranking Officials (CIO), confirmed the possibility of a probe into allegations against first lady in responses to questions from committee member and DP lawmaker Park Beom-kye.
Yoon Suk-yeol brushes with hoi polloi to improve his image, ratings
President Yoon Suk-yeol is working on his man of the people image with activities that have him brush shoulders with the hoi polloi. On Thursday, Yoon visited the Amsa Complex Market in Gangdong District, eastern Seoul to meet merchants, deliverymen and small business owners. He presided over a meeting on the economy and livelihood issues at the market and promised support for small businesses and the self-employed. "Small businesses and self-employed merchants are facing difficulties from a decline in sales and an increase in debt due to the Covid-19 pandemic," said Yoon, "and I believe properly taking care of these people is the whole reason for the existence of the state and the government."
The Dong-A Ilbo (http://english.donga.com/)
Poland bent on arms expansion to fend off Russia
“Our military must get stronger. I will join the army next year,” said a Polish college student named Piotr, who was chanting military songs and waving the Polish national flag at a choir competition hosted by the Polish defense ministry at Pilsudski Square of Warsaw. Thousands of citizens including those in their 20s and 30s gathered for the event. Poland, which will sign the first formal contract on Friday to buy the K2 Black Panther tanks and K9 self-propelled howitzers from South Korea, is witnessing droves of young people volunteering to join the military.
Pres. Yoon and his wife report 7.6 billion won of assets
President Yoon Suk-yeol reported around 7.64 billion won of assets in the names of himself and his wife Kim Keon-hee. Their assets shrank by 100 million won compared to the amount reported to the National Election Commission during the presidential campaign in February this year. The Government Ethics Committee disclosed on Thursday the registered assets of 184 high-level officials at the ministerial and vice-ministerial levels who were appointed or retired after the Yoon administration took office.
Lee Jae-yong, Bill Gates to work on Humanity Challenges
Samsung Electronics Vice Chairman Lee Jae-yong and Bill & Melinda Gates Foundation Chairman Bill Gates have developed a toilet that can be used without water to solve the toilet problem in underdeveloped countries. Its goal is to prevent the tragedy of typhoid and diarrhea, which kills more than 360,000 children each year in underdeveloped countries, where water and sewage treatment facilities are scarce.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
BOK hints base rate at near 3% by yearend after this year’s fifth hike to 2.5%
The Bank of Korea (BOK) can push up the base rate to 3.0 percent by this year’s last policy meeting in November as it sees inflation running at above or around 6 percent to average at 5.2 percent for the full year, steepest in 24 years and far above the target range of 2 percent.“Even if consumer prices peak out possibly toward the late third quarter (September), prices will likely stay in high rate of 5 percent range until the beginning of next year.
Seoul forms task force with industry to address to U.S. CHIPS and Inflation Acts
The Seoul government is forming a task force with chip, battery, and automobile industry to respond to an array of legislative challenges from the United States from the U.S. Inflation Reduction Act that can hamper with sales of Korean electric vehicles and batteries to the CHIPS Act that can affect Korean chip production in China. Minister of trade, industry, energy Lee Chang-yang held a meeting with executives from Korean chip, battery, and auto majors Thursday to discuss countermeasures against new U.S. legislations designed to promote domestic cleantech and chip supply chain but nevertheless can negatively impact Korean production activity and sales.
LG Innotek to deliver $746 mn worth camera module supplies to Tesla: sources
LG Innotek Co., materials and component unit of South Korean conglomerate LG Group, has won orders for vehicle camera modules worth an estimated 1 trillion won ($745.9 million) from U.S. electric carmaker Tesla Inc. According to multiple sources from the components industry on Wednesday, LG Innotek has recently concluded negotiations with Tesla for terms on supply of an automotive component. The order is speculated to be camera modules for Tesla Model Y, Model 3, Tesla Semi electric truck, and yet-to-be-released Tesla Cybertruck shipments for North America and Europe markets.
HanKyoReh Shinmun (http://english.hani.co.kr)
S. Korean panel recognizes state’s culpability in past abuses at Brothers Home facility
For the first time, victims of egregious human rights violations at Brothers Home in South Korea have been recognized as victims of state violence. The decision came 35 years after the atrocities perpetrated at the facility for those deemed vagrants came to light with the arrest of Park In-geun, the institution’s owner, in January 1987. Whether the government will issue an official apology and come up with plans to support victims and their bereaved families for the psychological and financial damage they suffered is drawing interest.
Yoon says he looks forward to meeting, discussing ties with Xi
In an address Wednesday celebrating 30 years of diplomatic relations with China, South Korean President Yoon Suk-yeol said he hoped to be able to meet Chinese President Xi Jinping for discussions. “I hope that South Korea and China can progress toward a mature and healthy relationship as we explore new avenues for cooperation based on a spirit of mutual respect,” he said. Xi responded by saying that the two sides should be “good neighbors, good friends, and good partners.”
S. Korean Supreme Court delivers landmark ruling on sexual orientation-based discrimination
The Supreme Court of South Korea has ruled that a Seoul district and facilities management corporation must pay compensation for damages for committing “discriminatory acts based on sexual orientation” after canceling a queer women’s organization’s rental of a public gymnasium. According to Hankyoreh coverage on Wednesday, after the organization Unni Network (affiliated with QueerWomen) and four activists filed a lawsuit against Dongdaemun District and the Dongdaemun District Facilities Management Corporation, the Supreme Court upheld the judgment of a previous lower court ruling in favor of the plaintiffs by deciding to discontinue a trial on Aug. 19.
The KyungHyangShinmun (http://english.khan.co.kr/)
MB’s Son, Lee Si-hyung Returns as Director of Cheonggye Foundation 4 Years after Leaving DAS
Former President Lee Myung-bak’s youngest son, Lee Si-hyung was registered as a director of the Cheonggye Foundation (Lee & Kim Foundation). According to the corporate register of the Cheonggye Foundation on August 24, Lee Si-hyung took the position of director on September 7, 2021. That day was the day that attorney Lee Sang-joo, former President Lee’s son-in-law married to his eldest daughter, resigned from the foundation’s board of directors. The Cheonggye Foundation was established with former President Lee’s private property in August 2009.
Bank of Korea Raises Base Rate 0.25% to an Annual 2.5%: First Time the Base Rate Was Raised for the Fourth Consecutive Time
The Bank of Korea Monetary Policy Board raised the base interest rate for the fourth consecutive time in response to the high inflation rate. This was the first time that the central bank raised the rate in four consecutive decisions. On August 25, the Monetary Policy Board gathered at the Bank of Korea in Jung-gu, Seoul and decided to raise the base rate 0.25% from an annual 2.25% to 2.5%. The Board had raised the base interest rate earlier in April, May and July, and it will raise it once again for the fourth time this August.
Government to Continue Restricting Face-to-face Visits at Care Hospitals During the Chuseok Holiday
On August 24, Prime Minister Han Duck-soo said, “We will concentrate more on managing care hospitals and facilities,” and announced, “We will continue to restrict face-to-face visits to prevent the infection of the elderly during the Chuseok holiday.” The prime minister made the announcement in a meeting of the Central Disaster and Safety Countermeasure Headquarters in response to COVID-19 at the government office in Sejong this day. Prime Minister Han also said, “It’s a sad measure, but we ask the people to understand that it was inevitable for the health of our senior citizens.”
KBS(http://world.kbs.co.kr/service)
President Yoon, First Lady Report 7.6 Bln Won in Personal Assets
President Yoon Suk Yeol and First Lady Kim Keon-hee have reported seven-point-six billion won in personal assets in their first disclosure since Yoon took office in May. The Government Ethics Committee on Friday released the personal asset information of the president and senior presidential officials in the government gazette. The couple’s personal assets increased by 470 million won from a year earlier, when they reported about seven-point-17 billion won. The lastest figure, however, marks a decrease of 100 million won from February of this year according to his filing with the National Election Commission when he was running for president.
S. Korea Wins 3 Tln Won Deal for Egypt's Nuclear Power Plant Project
South Korea has won a three trillion won contract to build the first nuclear power plant in Egypt. South Korea's state-run Korea Hydro and Nuclear Power Corporation(KHNP) on Thursday signed the deal with Atomstroyexport JSC, commonly referred to as ASE, a subsidiary of Russia's state-owned nuclear energy company Rosatom. Under the deal, KHNP will supply equipment and construct turbine buildings for Egypt's nuclear power plant project in El Dabaa, 300 kilometers northwest of Cairo.
S. Korea, Japan to Hold Director-level Talks on Forced Labor Issue
Senior diplomats of South Korea and Japan will hold working-level talks in Tokyo on Friday to discuss compensation for Korean victims of Japan's wartime forced labor. According to Seoul's Ministry of Foreign Affairs, Director General for Asian and Pacific Affairs Lee Sang-ryol will sit down for talks with his Japanese counterpart, Takehiro Funakoshi, from 10 a.m. to discuss major pending issues between the two nations.
Yonhap (http://english.yonhapnews.co.kr)
Yoon calls for unity between gov't, ruling party to improve people's livelihoods
President Yoon Suk-yeol on Thursday called for closer cooperation between the government and the ruling party as he focuses on improving people's livelihoods to regain trust from the public amid low approval ratings. Yoon made the remarks during a dinner workshop of the ruling People Power Party held in Cheonan, 92 kilometers south of Seoul, the first of its kind since he took office in May. "The party and the government must now become one, and once (we) only think about the people's livelihoods, all the difficult issues will be resolved, and the government and the party will receive the trust from the people," he said.
DP proposes controversial 'bulletproof' charter revision again
The main opposition Democratic Party launched a second attempt Thursday to revise its charter to allow the cancellation of party membership suspension for those indicted for corruption charges amid criticism it is aimed at protecting upcoming party chair Lee Jae-myung. The DP's party affairs committee re-approved the revision proposal and sent it to the party's central committee again, a day after the central committee voted down a package of amendments, including the membership suspension cancellation proposal.
S. Korean military leading key exercise with U.S. in step toward OPCON transition
South Korea is leading the entirety of a major combined military exercise with the United States for the first time, Seoul officials said Wednesday, in a sign of progress in the allies' plan for the transition of wartime operational control (OPCON). Gen. Ahn Byung-Seok, the deputy commander of the South Korea-U.S. Combined Forces Command (CFC), is leading the ongoing Ulchi Freedom Shield (UFS) exercise -- a venue for a key test of Seoul's capabilities to retake the OPCON from Washington.
The Korea Herald (http://www.koreaherald.com)
BOK makes 4th consecutive rate hike
The Bank of Korea returned to its usual 25 basis point rate hike Thursday, half the historic size seen in July, while slashing its growth forecast for the year amid the persistent inflation forcing the central bank to back a raise for a fourth time in a row for the first time. The unanimous decision reached by all seven board members comes as the country fights inflation at an almost 24-year high. In July, prices jumped 6.3 percent on-year. The policy rate now stands at 2.5 percent, up from 1.25 percent in January and closer to the low-3 percent range expected by year-end.
North Korea reports 4 new fever cases after declaring victory over COVID-19
North Korea reported four new fever cases in Ryanggang Province on Thursday, just 13 days after the country claimed victory over the COVID-19 pandemic. Citing data from the state emergency epidemic prevention headquarters, Pyongyang’s state media said four fever cases suspected of being infected with the “malignant epidemic” occurred in Ryanggang Province in the northeastern region on Tuesday. Instead of directly referring to COVID-19, the North has been calling the coronavirus the “malignant epidemic,” and describing patients with symptoms as those with fever.
Gender Ministry to provide accommodation for stalking victims
The Ministry of Gender Equality and Family will hold a meeting Friday to discuss measures for supporting the victims of stalking crimes. After the enactment of the Act on the Punishment of Stalking Crimes, more simply known as the anti-stalking law, the Gender Ministry has been working on expanding support for the victims of stalking crimes. The ministry plans to provide an emergency temporary accommodation for victims of stalking crimes using state rental housings, allowing victims to be able to leave their residential areas for immediate safety.
The Korea Times (http://www.koreatimes.co.kr)
Korea wins $2.25 bil. nuclear power plant deal in Egypt
Korea won a 3 trillion won ($2.25 billion) project to construct nuclear power plants in El Dabaa, Egypt, a much-awaited contract for the government, which has been trying to restore nuclear plants as a major export item, the industry ministry said Thursday. The El Dabaa project will see four 1,200-megawatt nuclear reactors being built. For the project, ASE, a subsidiary of Russian energy company Rosatom, won the construction order from the Egyptian Nuclear & Radiological Regulatory Authority.
Yoon calls for unity between gov't, ruling party to improve people's livelihoods
President Yoon Suk-yeol on Thursday called for closer cooperation between the government and the ruling party as he focuses on improving people's livelihoods to regain trust from the public amid low approval ratings. Yoon made the remarks during a dinner workshop of the ruling People Power Party held in Cheonan, 92 kilometers south of Seoul, the first of its kind since he took office in May. "The party and the government must now become one, and once (we) only think about the people's livelihoods, all the difficult issues will be resolved, and the government and the party will receive the trust from the people," he said.
Will proposed bill affect market share of Samsung's Galaxy phones?
A proposed bill designed to ban recording of phone conversations without the other party's consent has ignited debates on privacy and the usefulness of Samsung smartphones. The bill would protect people from having their words used against themselves, and prevent phone recordings from being used as evidence in legal cases. As it is proposed by a politician who was once shamed over a profanity-laden phone recording, many question the motives behind the bill and whom it will protect.
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