Wednesday, October 12, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
President Yoon gets letter from US President Biden on Inflation Reduction Act
President Yoon Suk-yeol on Oct. 4 received a letter from U.S. President Joe Biden expressing the latter's willingness to continue consultations on the U.S. Inflation Reduction Act (IRA) to ease Korea's fears over the bill. Senior Presidential Secretary for Public Relations Kim Eun-hye on Oct. 5 told a media briefing about the letter at the presidential office in Seoul's Yongsan-gu District. Secretary Kim quoted President Biden as saying he is "well aware of President Yoon's fears over the IRA" and that the U.S. "will continue consultations with Korea in an honest and open-minded manner."
POSCO Holdings signs an MOU with LG Energy Solutions for rechargeable battery business
POSCO Holdings and LG Energy Solutions will further strengthen cooperation related to the rechargeable battery business With global supply chain issues emerging as a pending issue due to the United States-Mexico-Canada Agreement (USMCA) and the Inflation Reduction Act (IRA), the POSCO Group and global battery leader, LG Energy Solutions plans to further strengthen its cooperative relationship to further enhance its competitiveness. The two companies signed a memorandum of understanding for strategic business cooperation in rechargeable battery materials in the presence of POSCO Group Chairman Choi Jeong-woo and LG Energy Solution Vice Chairman Kwon Young-soo at Park One in Yeouido, Seoul on Oct. 7.
KGCCI, KOTRA to jointly hold a business forum on Oct. 13
The Korean-German Chamber of Commerce and Industry (KGCCI) and Korea Trade-Investment Promotion Agency (KOTRA), supported by 17 foreign chambers in Korea, will jointly hold the “KGCCI x KOTRA Business+ Forum” at Lotte Hotel in Seoul on Oct. 13, 2022. At the forum, Chung In-hee, vice president at Corporate Sustainability Center of Samsung Electronics, will address her speech as a guest speaker on the topic of “ESG (Environmental, Social and Corporate Governance) in Business Management and ESG Cases of Foreign/Korean Companies.”
Chosun Ilbo (http://english.chosun.com)
Kim Jong-un 'Watched Simulated Nuke Attacks on S.Korea'
North Korean leader Kim Jong-un watched seven short- and mid-range missile launches that simulated nuclear attacks on South Korea in recent weeks, state media said Monday. The North's official Korean Central News Agency said the launches were designed to simulate striking major South Korean facilities with tactical nuclear weapons. In a frenzy of activity from Sept. 25 to Oct. 9, the North fired ballistic missiles with ranges between 300 and 3,500 km, sometimes at a rate of two a day.
Bankruptcies on the Rise Among Young Koreans
A growing number of Koreans in their 20s and 30s are filing for bankruptcy protection after borrowing heavily to make imprudent investments. One in five people who turned to the Seoul Bankruptcy Court between July and August were in their 20s, rising to one in two if people in their 30s are included. There has been a steep increase in bankruptcies among people in their 20s, rising from 245 in the first half of this year to 322 in July and 315 in August. They accounted for an unprecedented 19.6 percent of all bankruptcy protection filings in July and August.
Women's Equality Ministry to Be Abolished
The government on Thursday said it will make good on President Yoon Suk-yeol's controversial election pledge to abolish the Ministry of Gender Equality and Family and subsume it into other agencies. The ministry dedicated to improving women's rights and welfare was created 20 years ago by President Kim Dae-jung. Its functions will be transferred to agencies with similar responsibilities like the Ministry of Health and Welfare and the Ministry of Employment and Labor.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Korean culture festival plays in Washington after two missed years
One of the largest overseas Korean cultural festivals in years kicked off on Monday in Washington, as Seoul’s culture minister vowed to take bilateral ties to the next level. The Korean Cultural Festival DC 2022 runs through Nov. 1 in various locations across Washington, with many types of Korean performances and events including Taekwondo demonstrations, movie screenings and an arts and craft exhibit. The Korean Embassy in Washington and Seoul’s Ministry of Culture, Sports and Tourism are the hosts.
DP chief's warning about Japan sets off political firestorm
Democratic Party (DP) chief Lee Jae-myung's warning that Japanese troops could end up stationed in South Korea provoked an outraged response from the presidential office and People Power Party (PPP). On a YouTube live stream Monday, Lee commented on recent trilateral naval drills involving Seoul, Washington and Tokyo and the danger of getting too involved with Japan. "While a day when the Japanese military invades the Korean Peninsula and hangs the Rising Sun Flag again is unacceptable to our people, and unimaginable," he said, "it could come true."
Seoul's only four-term mayor finishes 100 days
Seoul Mayor Oh Se-hoon finished the 100th day of his fourth term on Saturday. In the first 100 days, he faced challenges including record rainfall, a backlash over a new garbage incineration plant, and a shortage of late-night taxis. Policies Oh rolled out during his fourth term were centered on the city's vulnerable groups. On the first day of his term on July 1, after his inauguration, he walked around the village of Changsin-dong in Jongno District, central Seoul. Changsin-dong is known for its many jjokbang, or flop houses. Since then, Oh visited residential child care facilities and support centers for stalking victims to come up with measures for the socially marginalized.
The Dong-A Ilbo (http://english.donga.com/)
Yoon solicits opinions on deployment of strategic nuclear weapons
Regarding the growing demand for the re-deployment of strategic nuclear weapons in response to the advancement of North Korea’s nuclear and missile threats, President Yoon said he is currently “listening to the opinions from both South Korea and the U.S. and examining them.” “Now is not the time to publicly announce my opinion as the president,” said President Yoon in his doorstepping sessions on Tuesday. “The ironclad alliance between Korea and the U.S. and security cooperation among South Korea, the U.S., and Japan will be utilized to build a strong response mechanism that will help us better prepared (for threats from North Korea).”
Biden promises advanced air defense systems for Ukraine
On Monday, U.S. President Joe Biden vowed to provide advanced air defense systems for Ukraine following Russia’s indiscriminate missile attacks against Ukraine as a retaliatory step in the wake of the explosion of the Crimea bridge. “Let’s make the battlefield even more painful for the enemy,” declared Ukrainian President Volodymyr Zelensky, vowing to a tit-for-tat for Russia’s missile strike. Russia responded that it would fight back against the expanded Western intervention. "President Biden pledged to continue providing Ukraine with the support needed to defend itself, including advanced air defense systems," a White House statement on the phone call said.
Hyundai E&C inks a Philippines railway project deal
Hyundai Engineering and Construction announced Monday that it signed a formal contract for the South Commuter Railway Project. Last month, the company received the Letter of Award for a project of the Department of Transportation of the Philippines valued at about 1.9 trillion won. The signing ceremony was joined by Mr. Ferdinand Marcos Jr., president of the Philippines, and Mr. Yoon Young-Joon, CEO of Hyundai E&C. The South Commuter Project (SCRP) is a new 56-kilometer railway that will connect Metro Manila with Calamba.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korea’s Oct 1-10 exports off 20% vs 11% fall in imports to cause deficit of $3.8 bn
South Korea’s exports and imports turned negative this month, with outbound shipments in a bigger double-digit fall due to subdued demand for mainstay chips to cause a trade deficit of around $4 billion in just the first 10 days of October. According to the Korea Customs Service on Tuesday, exports totaled at $11.8 billion from Oct 1 to 10, down 20.2 percent from a year ago. Daily average was $2.36 billion, down 12.2 percent on year. There were only 5 working days, 0.5 day shorter than a year earlier.
S. Korea mulling to lower the age of dual citizenship filling to 55 from 65
South Korea is working to lower the age for ethnic Koreans seeking to file for naturalization to 55 from 65 to bring home more Koreans and overseas capital to address thinning population, according to Prime Minister Han Duck-soo on Sunday during a visit to the U.S. “The government is pursuing to lower the application age for dual citizenship,” Han told Korean Americans and businesses at a dinner meeting in Houston, Texas, Sunday. “We expect positive results on the issue.”
KSOE partnering with Shell and others to test hydrogen power on sea transportation
South Korea’s largest shipyard Hyundai Heavy Industries Group is collaborating with global energy companies to employ fuel cells to power large container ships in line with the stricter environmental guidelines. Korea Shipbuilding & Offshore Engineering (KSOE), the holding company of Hyundai Heavy Industries, signed an agreement on Tuesday to form a consortium to test fuel cells for ship voyage with energy companies such as Shell Energy, Doosan Fuel Cell, HyAxiom, and DNV.
HanKyoReh Shinmun (http://english.hani.co.kr)
N. Korea carries out 7 shows of nuclear capabilities over 2 weeks
North Korean news outlets’ major coverage of military drills for “tactical nuclear operation units” on Monday appeared meant to send the message that Pyongyang does not intend to back down in the face of joint military activities involving the South. In particular, the North signaled that it has the nuclear capabilities to respond to drills by South Korea, the US and Japan near the Korean Peninsula amid the presence of the 103,000-ton USS Ronald Reagan aircraft carrier. By firing off different kinds of missiles, the North also showed that it has the means to deliver nuclear weapons regardless of weather conditions.
S. Korea was unable to detect North’s unprecedented SLBM launch from reservoir
On Monday, North Korea claimed to have fired a submarine-launched ballistic missile (SLBM) from a reservoir while detailing a series of drills by its tactical nuclear weapon units. There’s little precedent, either in Korea or elsewhere, for launching an SLBM from an inland reservoir, rather than from the ocean. North Korea appears to be increasing its options for launching SLBMs to prevent South Korea’s “kill chain” — its system for responding to North Korea’s nuclear program — from detecting signs of a launch.
Current N. Korean situation more dangerous than 2017, says former US Joint Chiefs chairman
Given North Korea’s recent missile tests, the former chairman of the US Joint Chiefs of Staff says that the threat of North Korea using a nuclear weapon is greater than in late 2017, when tensions between the US and North Korea reached a peak. According to the former chairman, Pyongyang and Washington should resolve the situation through direct dialogue. In 2017, Michael Mullen had said on broadcaster ABC’s “This Week” that the world was closer to nuclear war with North Korea than ever before.
The KyungHyangShinmun (http://english.khan.co.kr/)
“We Are Listening to Various Opinions,” President Yoon Speaks on Redeploying Tactical Nuclear Weapons to South Korea
President Yoon Suk-yeol spoke on the suggestion that South Korea redeploy tactical nuclear weapons on the Korean Peninsula and said, “We are carefully listening to and examining various opinions from the government and civilians in South Korea and the United States.” President Yoon met with the press on his way to work at the Office of the President in Yongsan on the morning of October 11, and when a reporter mentioned the opinion, “Since North Korea has tactical nuclear capability, we should redeploy tactical nuclear weapons albeit temporarily,” the president said, “As the president, this is not an issue on which I can publicly state a certain position at this time.”
BAI Secretary-General Ryou Byeong-ho Claims Text Message to Presidential Office Was “Normal Communication”
On October 11, Board of Audit and Inspection (BAI) Secretary-General Ryou Byeong-ho described the controversial text message he sent to Lee Kwan-sup, senior secretary to the president for policy planning, and said, “That communication was normal.” Ryou made the statement in a parliamentary inspection of the Board of Audit and Inspection by the Legislation and Judiciary Committee at the National Assembly this morning, and added, “I apologize for stirring controversy.”As for the argument that a certain audit by the BAI was not approved by the Council of Commissioners, Secretary-General Ryou refuted and said, “The argument that an individual audit was not approved by the Council is false based on the regulations, history and practices of the Board.”
The DPRK Fires Two Short-range Ballistic Missiles into the East Sea
The Joint Chiefs of Staff announced that the Democratic People’s Republic of Korea (DPRK) launched ballistic missiles into the East Sea on October 6. According to the Joint Chiefs of Staff, North Korea fired two short-range ballistic missiles into the East Sea from Samsok, Pyongyang from 6:01 to 6:23 a.m. Thursday. The Joint Chiefs of Staff announced, “The first short-range ballistic missile traveled about 800 kilometers at an altitude of 80 kilometers and speeds of Mach 5 (five times the speed of sound), and the second missile traveled 800 kilometers at an altitude of 60 kilometers and speeds of Mach 6,” and explained, “The R.O.K. and U.S. intelligence agencies are conducting a thorough analysis of detailed specifications.”
KBS(http://world.kbs.co.kr/service)
IMF Cuts S. Korea’s Growth Outlook for Next Year to 2%
The International Monetary Fund(IMF) has trimmed its economic growth outlook for South Korea for next year to two percent. In its World Economic Outlook published on Tuesday, the IMF marked down its forecast for Asia’s fourth largest economy by zero-point-one percentage point from three months ago. The organization, however, raised its growth outlook for this year by zero-point-three percentage points to two-point-six percent from its estimate in July.
US Reaffirms Commitment to Extended Deterrence to S. Korea
The United States has reaffirmed its goal of denuclearization of the Korean Peninsula, refusing to comment on calls within South Korea for deploying tactical nuclear weapons to counter growing threats from North Korea. John Kirby, spokesperson for the U.S. National Security Council issued the position on Tuesday during a virtual press briefing. Asked if South Korea asked the U.S. to deploy tactical nuclear weapons, Kirby said that the U.S.' goal is the complete, verifiable denuclearization of the Korean Peninsula. The spokesperson apparently refused to answer the question in light of the sensitive nature of the question.
S. Korea Rolls Out Omicron-Modified COVID-19 Vaccine Tuesday
Starting Tuesday, the nation begins administering the new Moderna COVID-19 vaccine that targets the original novel coronavirus strain, as well as the omicron variant. The new bivalent vaccine will be available to those in priority groups first, such as the immunocompromised and those in their 60s and older. Health authorities have received reservations since September 27 from high risk and vulnerable groups, including workers and patients at facilities that are vulnerable to infections.
Yonhap (http://english.yonhapnews.co.kr)
BOK delivers another big-step rate hike to rein in inflation
South Korea's central bank delivered another big-step rate hike Wednesday as it is striving to bring inflation under control despite worries that it could excessively slow down economic growth. The monetary policy board of the Bank of Korea (BOK) voted to raise the benchmark seven-day repo rate from 2.5 percent to 3 percent at a rate-setting meeting earlier in the day, according to the central bank. It is the first time in about 10 years that the rate has risen to the 3 percent range.
BOK delivers another big-step rate hike to rein in inflation
South Korea's central bank delivered another big-step rate hike Wednesday as it is striving to bring inflation under control despite worries that it could excessively slow down economic growth. The monetary policy board of the Bank of Korea (BOK) voted to raise the benchmark seven-day repo rate from 2.5 percent to 3 percent at a rate-setting meeting earlier in the day, according to the central bank. It is the first time in about 10 years that the rate has risen to the 3 percent range.
S. Korea, Chile agree to resume FTA upgrade talks this year
South Korean Prime Minister Han Duck-soo held talks with Chilean President Gabriel Boric on Tuesday and agreed to resume negotiations this year to upgrade a bilateral free trade agreement that went into effect in 2004. They also agreed to elevate bilateral relations to a strategic partnership as the two nations mark the 60th anniversary of establishing diplomatic ties this year. Chile was South Korea's first free trade deal partner, and the deal has served as a springboard for South Korean firms seeking to tap the Central and South American markets.
The Korea Herald (http://www.koreaherald.com)
Yoon criticizes NK provocations, stresses military cooperation with Japan
President Yoon Suk-yeol on Tuesday criticized North Korea for making nuclear threats against the world, saying there is nothing to be gained through nuclear weapons. Yoon also vowed to establish solid security cooperation with the US and Japan amid growing criticism from the opposition party. North Korea has launched ballistic missiles 23 times and cruise missiles twice this year, with 11 missile launches since Yoon took office in May.“As North Korea continues to develop and upgrade its nuclear weapons, it is threatening not only South Korea, but the world with nuclear weapons,” Yoon told reporters on Tuesday morning. “(North Korea) has nothing to gain from nuclear weapons.”
Visa waivers to Japan resume, with expectations for economic recovery
The Japanese government resumed visa waiver programs for 68 countries and regions Tuesday, lifting COVID-19-induced restrictions for South Koreans visiting Japan. With the visa waiver program reinstated, visitors from 68 countries and regions are able to stay in Japan for up to 90 days without a visa. The upper limit of people entering the country per day -- set at 50,000 -- has also been abolished, and individual visitors coming for sightseeing are now allowed.
UN kicks off investigation into North Korea's acquisition of Niuean ship passing Busan port
The United Nations kicked off an investigation into a Niuean vessel that appears to have been sold to North Korea after it passed by the South's Busan Port, according to local reports on Tuesday. Citing the biannual report released by the UN Panel of Experts on UN Security Council sanctions against North Korea, Radio Free Asia reported that the UN is currently looking into a laden cargo ship, An Hai 6, that was spotted outside Nampo lock gate in North Korea around mid-June of this year.
The Korea Times (http://www.koreatimes.co.kr)
Most schools near Korean nuclear plants lack protective gear: lawmaker
Most kindergartens and schools close to nuclear power plants in Korea are either not equipped with a sufficient number of protective suits or lack such gear altogether, a lawmaker said. Rep. Kim Young-ho of the main opposition Democratic Party of Korea (DPK) said Monday that over 388,000 students in 1,112 kindergartens and elementary, middle and high schools in the country are located inside Urgent Protective Action Planning Zones (UPZ) ― within 20 to 30 kilometers of a nuclear power plant, according to the International Atomic Energy Agency (IAEA).
Visa-free entry to Japan resumes
Citizens of 68 countries and regions including South Korea are now allowed to enter Japan again without a visa starting Tuesday. Visa-free entry for Korean nationals to Japan had been suspended for two years and seven months amid the COVID-19 pandemic. The Japanese government had posed strict border restrictions to control the entry of foreign coronavirus patients. On March 9, 2020, Japan halted visa-free entry for Korean nationals and shut down its borders completely to foreign nationals in November of last year.
12 international schools found using textbooks that do not contain East Sea name
Twelve international schools in Korea have been found to be using textbooks that refer to the body of water that lies to the east of the Korean Peninsula only as the Sea of Japan, without mentioning East Sea, which is the name used by Korea. According to Rep. Ahn Min-suk of the main opposition Democratic Party of Korea (DPK), 12 out of 38 international schools in the country use 24 textbooks that use only the names Sea of Japan or Takeshima, islets better known as Dokdo in Korea. The number of Korean nationals who attend these schools stands at 1,173.
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