Wednesday, October 5, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
“We hope to enter a new period of prosperity in overall Korea-Iran relations”
“The Islamic Republic of Iran has played a key role in providing energy to the Republic of Korea and during last 4 years tried to keep the bilateral relations in good conditions,” said Ambassador Saeed B. Shabestari of the Islamic Republic of Iran in Seoul. Historically and traditionally, the Islamic Republic of Iran has been a very close economic partner of Korea, thanks, in great part, to the hard-working successive ambassadors, especially Ambassador Entezari as well as the incumbent. In an exclusive interview with The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985, Amb. Shabestari said, “It is my hope in the upcoming new era, under sagacity and leadership of His Excellency Mr. Yoon Suk-yeol, the existing problems will be resolved and we witness entering of new period of prosperity in the overall bilateral relations between the two countries.”
Nigerian artist Nike Okundaye appointed as the Goodwill Amb. for the Busan 2030 World Expo
Ahead of final voting in November 2023 for hosting rights for 2030 World Expo, the Embassy of Republic of Korea in Nigeria has appointed notable Nigerian artist, Ms. Nike Okundaye as a goodwill ambassador to drum up support for the country’s bid to host the global event. The Nigerian iconic artist, Ms. Okundaye is expected to be leading voice for global business and cultural festival to be hosted by port city of Busan, South Korea with the theme: “Transforming Our World, Navigating Toward a Better Future”
President Yoon meets with visiting U.S. Vice President Kamala Harris
President Yoon Suk-yeol held talks with visiting U.S. Vice President Kamala Harris on issues of common interest and regional and global issues on Sept. 29, the presidential office said. In his introductory speech at the presidential office in Seoul's Yongsan-gu District in the morning, President Yoon said, "The Korea-U.S. alliance is developing into a global alliance going beyond the Korean Peninsula and expanding from a military alliance to an economic and technological alliance."
Chosun Ilbo (http://english.chosun.com)
N.Korea Fires Missile over Japan
North Korea on Tuesday morning fired a ballistic missile over Japan, triggering alarms in the island country. The Joint Chiefs of Staff here said the missile was fired from Jagang Province at around 7:23 a.m. and flew about 4,000 km. President Yoon Suk-yeol condemned the launch while speaking to reporters at his office in Yongsan, Seoul on Tuesday morning. The JCS said the South "is fully prepared to deal with the North's provocation in close cooperation with the U.S. while strengthening surveillance and vigilance."
Korea Suffers Longest Run of Trade Deficits Since 1997
Korea suffered a sixth consecutive month of trade deficits for the first time in 25 years in September. The country posted a US$3.77 billion trade deficit last month, the first six-month run of trade deficits since May 1997, just before the Asian financial crisis erupted. According to the Ministry of Trade, Industry and Energy on Sunday, Korea's exports increased a sluggish 2.8 percent in September to $57.46 billion, but imports surged 18.6 percent to $61.23 billion. Imports have stood at over $60 billion for seven months running due to rising energy import costs. Imports of crude oil, gas and coal surged 81.2 percent from a year ago to $17.96 billion.
Kishida Pledges 'Close Communication' with Seoul
Japanese Prime Minister Fumio Kishida on Monday said South Korea is an "important neighbor" and Japan should cooperate with it when dealing with global issues. Speaking in an extraordinary session of the Diet, Kishida also pledged to maintain "close communication" with the South Korean government, and stressed the "need to restore a wholesome relationship between the two countries and further develop it based on friendly and cooperative relations that have been built since the establishment of diplomatic ties."
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Latest missile from North goes farther than all others before
North Korea fired a missile that flew farther than any before — 4,600 kilometers (2,850 miles) — and South Korean President Yoon Suk-yeol warned of a "resolute" response. The intermediate-range ballistic missile (IRBM) travelled over Japan before landing in the Pacific Ocean, reaching an apex of 1,000 kilometers and a terminal speed of Mach 17 in its final re-entry phase, according to South Korean military authorities. The test triggered a nationwide emergency alert in Japan — known as a J-Alert — for the first time in five years.
Samsung Electronics sets 2027 target for 1.4 nanometer chips
Samsung Electronics is targeting 2027 for the production of 1.4-nanometer chips and aims to triple production capacity for advanced chips by then. The announcement of the goals, made by a company executive at the Samsung Foundry Forum in San Jose, California on Monday, came as the chipmaker faces intense competition and yield challenges and as all semiconductor companies struggle with overcapacity. If the aggressive timeline is met, the pace could keep Samsung Electronics a tick ahead of TSMC in meeting key manufacturing benchmarks.
Czech envoy explains country's priorities, plans as EU Council head
While it’s true the Czechs played a part in resolving a Russian gas crisis during their previous presidency of the European Union Council, they face an altogether different energy crisis this time around as the country takes on the helm of the council once more, said the top Czech envoy in Seoul. “At the time, it was a problem that was viewed as something that could be solved through negotiations,” said Gustav Slamecka, the Czech ambassador to Korea, speaking in an interview at the embassy in Seoul. In January 2009, the Czech Republic assumed presidency of the council, the policymaking body of the EU, amid an escalating diplomatic spat between Russia and Ukraine on gas prices.
The Dong-A Ilbo (http://english.donga.com/)
Russian submarine believed to have set off carrying a nuclear torpedo
According to an Italian news outlet La Repubblica on Sunday, NATO intelligence warned its allies that the Russian submarine K-329 Belgorod, which is carrying the nuclear torpedo Poseidon also dubbed as "weapon of the Apocalypse," is believed to be headed to the Arctic, suggesting a possible nuclear test by Russia. On top of that, The Times, a British daily newspaper, reported on Monday that a train operated by the Russian Defense Ministry's nuclear munitions division was seen headed to the Ukrainian borders during the weekend.
Ruling party accuses the opposition party of favoritism
People Power Party lawmaker Yoon Chang-hyun alleged the corruption of the opposition party lawmakers in the employment of Eastar Jet. On Tuesday, at the National Assembly’s regular inspection of the government offices, Yoon argued as such by publicly naming former Prime Minister Han Myung-sook and opposition party lawmakers Lee Won-wook and Yang Ki-dae. The accused refuted this by denouncing such accusation as “groundless.”
U.S. bans advanced semiconductor exports to China
The Biden administration is expected to announce as early as in the week ending October 8 strict restrictions on advanced semiconductor exports to China. The measures are said to be modeled after using export controls aimed at hobbling China's tech giant Huawei by cutting off China's access to U.S. advanced semiconductor technology that powers AI and supercomputers. They would build on the rule that struck a blow to Huawei by prohibiting companies worldwide from sending China products made using American technology.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Seoul may employ pandemic emergency stock relief of $7 bn fund and short sale ban
South Korean financial authorities could activate the emergency stabilization measures for the stock markets last employed during the unprecedented pandemic outbreak in 2020 including the 10 trillion won ($7 billion) firearms to prop up the stock market and short sale ban if Korean stocks continue free fall from external uncertainties. According to multiple sources from the financial sector on Tuesday, the Financial Services Commission (FSC) has been engaged in working-level consultation and administrative procedures with securities related offices to reactivate the private-public fund to stabilize financial market.
Seoul studying tax incentives for return of individual dollar assets to home
The South Korean government is studying tax incentives to bring home funds invested in overseas assets by Korean nationals in desperate measures to slow the Korean currency’s depreciation versus the greenback. According to related ministries on Monday, the Ministry of Economy and Finance has been internally reviewing a slew of tax breaks on capital gains when funds are cashed out of overseas assets and brought home. Under the country’s income tax law, gains from the withdrawal from foreign securities held for a year or longer by Korean nationals are taxed by 20 percent.
Samsung Elec to employ 1.4 nano process in foundry output by 2027
Samsung Electronics Co. will employ 1.4 nanometers (nm) process technology for foundry mass production in 2027 as it races to close the gap with dominant foundry player Taiwan’s TSMC that has also announced to introduce 1.4nm technology. Samsung Electronics during an annual Samsung Foundry Forum event held on Sunday (local time) in San Jose, California, announced that it will adopt 2nm process technology by 2025 and mass produce on 1.4nm process technology by 2027 to triple production capacity by 2027.
HanKyoReh Shinmun (http://english.hani.co.kr)
Five months after inauguration, Yoon administration targets Moon
The announcement that the Board of Audit and Inspection (BAI) plans to question former South Korean President Moon Jae-in in writing in relation to the 2020 shooting death of a government employee by North Korean soldiers in the West Sea has observers suggesting that current President Yoon Suk-yeol’s administration is ramping up its investigation into its predecessor’s activities.
Some analysts said Yoon may have resorted to this approach in an attempt to reverse the plunge in his approval ratings in the wake of a furor over vulgar remarks he made during an overseas tour, which he returned from more or less empty-handed, diplomatically speaking.
S. Korean defense export orders poised to top US$10 billion
South Korea’s defense export orders, which previously stood at US$2–3 billion per year, reached a record US$7.25 billion last year. The jump in sales is seen as resulting from a resumption of major export business activities that had been delayed due to the global pandemic and changes in the international security environment. The surge in arms exports is continuing this year. The Korea Institute for Industrial Economics and Trade (KIET) is even predicting that defense exports could surpass the US$20 billion mark, which would mean a more than twofold increase compared with last year.
“Dollars for won” swaps a good deal for the US too
Currency swaps with foreign central banks may not be politically popular, but they could be essential in protecting the US economy, said Ben Bernanke, former chairperson of the US Federal Reserve. As the won-to-dollar exchange rate continues to soar, a debate is raging over the issue of currency swaps. Analysts are also offering varying interpretations on the possibility of a South Korea-US currency swap line and the interests of the US, which has been taking the initiative in the situation.
The KyungHyangShinmun (http://english.khan.co.kr/)
“Many Things Were Achieved During the Trip” and “Inappropriate for President to Talk about the Independent BAI” Says President Yoon
On October 4, President Yoon Suk-yeol spoke on North Korea’s mid-range ballistic missile launch and said, “I mentioned it on Armed Forces Day, but a rash nuclear provocation will come across a firm response from our allies and the international community as well as from our military.” This morning, President Yoon met with the press on his way to work at the Office of the President in Yongsan and said, “We will hold a National Security Council meeting at nine, and I will attend the meeting midway.”
The LH Land & Housing University, Just a Source of Income for Retirees
The LH Land & Housing University turned out to be an income source for retired employees of the Korea Land and Housing Corporation (LH). On October 4, People Power Party lawmaker Jeong Dong-man of the parliamentary Land, Infrastructure and Transport Committee said, “LH claimed to promote bold innovations after the land speculation by its employees last year, but there are still many problems throughout the corporation.” According to the “Status of LH Land & Housing University Faculty,” which lawmaker Jeong Dong-man received from LH on Tuesday for the parliamentary inspection, the eleven full-time professors subject to the peak wage system and the six non-full-time professors, who were former board members, received up to 90 million won a year for teaching 2-6 hours a week.
The Presidential Office Received a Report on the IRA Before the President’s Phone Call with Speaker Pelosi
On Thursday, it was confirmed that the South Korean Embassy in the United States had sent a report on key details of the Inflation Reduction Act (IRA) just before President Yoon Suk-yeol spoke on the phone with Nancy Pelosi, speaker of the U.S. House of Representatives, on August 4 when she was visiting South Korea. The phone call took place eight days after the Inflation Reduction Act was released, which was before the U.S. Congress had passed the bill. The Office of the President announced, “At the time of her (Speaker Pelosi) visit, discussions on the IRA had just begun in the Senate, so it was difficult to discuss details with the U.S.”
KBS(http://world.kbs.co.kr/service)
S. Korea, US Fire 4 Missiles into East Sea in Response to N. Korea's Provocation
South Korea and the United States have responded to North Korea’s missile provocation on Tuesday with their own launch of four ground-to-ground missiles into the East Sea on Wednesday. According to the Joint Chiefs of Staff(JCS), the South Korean military and U.S. Forces Korea ran joint drills, firing missiles at mock targets in the East Sea following the North's launch of an intermediate-range ballistic missile over Japan and into the Pacific Ocean the day before. Each force fired two Army Tactical Missile System(ATACMS) missiles in drills the JCS said demonstrated the allies' capability to deter further provocations by North Korea.
Lawmakers Rumble over BAI’s Notice of Questioning for Fmr. Pres. Moon
The rival parties faced off over the state audit agency's notice of questioning sent to former President Moon Jae-in over his administration's handling of the case of a South Korean fisheries official killed by North Korea in 2020. Tuesday's audit by the National Assembly's Legislation and Judiciary Committee began some 50 minutes late as the two sides carried out protests by holding up placards. Members of the main opposition Democratic Party(DP) instigated with signs that read "stop political crackdowns," evoking a rebuttal by ruling People Power Party(PPP) lawmakers with their own message that denounced a parliamentary audit marred by partisan wrangling.
Parties Adopt Hearing Report for Health Minister Nominee
The rival political parties were able to find enough common ground to adopt a confirmation hearing report for health minister nominee Cho Kyoo-hong. The bipartisan move came during a plenary meeting of the National Assembly's Health and Welfare Committee on Tuesday. In the report, the committee said the nominee has an understanding of policy measures from his term as vice health minister as well as acting minister since May, adding that he is fit for the job given his policy visions and his commitment to pushing them through.
Yonhap (http://english.yonhapnews.co.kr)
Allies fire 4 missiles into East Sea in response to N. Korea's provocation: military
South Korea and the United States fired four ground-to-ground missiles into the East Sea on Wednesday in joint drills, a day after North Korea's intermediate-range ballistic missile (IRBM) launch, according to the South's military. The two sides each launched two Army Tactical Missile System (ATACMS) missiles, which precisely hit mock targets and demonstrated the allies' capability to deter further provocations, the Joint Chiefs of Staff (JCS) said. On Tuesday, the North fired an IRBM from Mupyong-ri in its northern province of Jagang in its first launch of an IRBM in eight months. It flew around 4,600 kilometers over Japan and landed in the Pacific.
Yoon appoints former finance ministry official as health minister
President Yoon Suk-yeol on Tuesday appointed a former senior finance ministry official as health minister, his office said. The appointment came after the National Assembly adopted a confirmation hearing report on Health Minister nominee Cho Kyoo-hong, after two previous nominees withdrew their nominations over allegations of various irregularities. The parliamentary committee on health and welfare unanimously approved Cho's nomination following last week's hearing, saying he is qualified to lead the Ministry of Health and Welfare considering his policy vision and motivation.
S. Korean F-15K fighter fires 2 JADAM precision bombs in response to N.K. missile launch
A South Korean F-15K fighter fired two JADAM precision bombs at a firing range on a Yellow Sea island on Tuesday, in response to North Korea's intermediate-range ballistic missile (IRBM) launch earlier in the day, the military said. The Joint Chiefs of Staff (JCS) said that the F-15K dropped the Joint Direct Attack Munition bombs at a target in the range on the uninhabited island of Jikdo following air drills with U.S. warplanes in a combined strike package. The strike package consisted of four F-15Ks and four U.S. F-16 fighters.
The Korea Herald (http://www.koreaherald.com)
Gender gaps overshadow South Korea’s human development progress
South Korea has progressed a long way over the past three decades. But that journey has not been the same for the country’s women, the United Nations Development Program’s Human Development Report suggests. In an interview with The Korea Herald, Pedro Conceicao, the UNDP director of the Human Development Report Office, said that Korea “has evolved since the 1990s to have a very balanced growth” on the Human Development Index.
Parties put reprisals before scrutiny as feuding engulfs Assembly audit
The Yoon Suk-yeol administration's first parliamentary audit kicked off Tuesday, with the ruling and opposition parties clashing head-on over controversies and allegations as people’s livelihoods were put on the back burner. The ruling People Power Party focused on examining various allegations raised during the former Moon Jae-in administration, and the judicial risks of the main opposition Democratic Party of Korea’s leader Lee Jae-myung.
Parliamentary inspection crippled as opposition demands foreign minister exit
The parliamentary inspection of the Foreign Ministry failed to proceed as it kicked off Tuesday, with the main opposition lawmaker demanding the minister leave the session, holding him to account for the president’s overseas trip it claims to have ended as a “diplomatic disaster.” The main opposition Democratic Party of Korea has taken issue with President Yoon Suk-yeol's seven-day trip to the UK, US and Canada last month, assessing that the trip was a "diplomatic fiasco" that yielded no accomplishments and only hurt the country's international reputation.
The Korea Times (http://www.koreatimes.co.kr)
Moon gov't proposed $15-billion investment for Pyongyang through joint Olympics
Seoul proposed investing billions of dollars to develop North Korea's infrastructure last year by co-hosting the Olympics jointly with Pyongyang in 2032, documents revealed Tuesday. According to a proposal the previous Moon Jae-in administration sent to the International Olympic Committee (IOC) through the Seoul Metropolitan Government on April 1, 2021, it would cost more than 22.6 trillion won ($15.7 billion) to improve infrastructure to the levels necessary to host the sporting event in Pyongyang; for Seoul, it would cost an additional 5.9 trillion won.
Ruling party questions POSCO's preparedness for Typhoon Hinnamnor
Lawmakers of the ruling People Power Party (PPP) raised questions at Tuesday's National Assembly audit on whether POSCO had taken proper countermeasures last month against Typhoon Hinnamnor, which flooded the steelmaker's main plant in Pohang, North Gyeongsang Province. In contrast, lawmakers of the main opposition Democratic Party of Korea (DPK) defended the steelmaker, arguing that the Yoon Suk-yeol administration is trying to shift blame for its failure onto a private business.
3 physicists share Nobel Prize for work on quantum science
Three scientists jointly won this year's Nobel Prize in physics on Tuesday for their work on quantum information science that has significant applications, for example in the field of encryption. Alain Aspect, John F. Clauser and Anton Zeilinger were cited by the Royal Swedish Academy of Sciences for discovering the way that particles known as photons can be linked, or ''entangled,'' with each other even when they are separated by large distances. ''Quantum information science is a vibrant and rapidly developing field,'' said Eva Olsson, a member of the Nobel committee. ''It has broad and potential implications in areas such as secure information transfer, quantum computing and sensing technology.''
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