Thursday, October 27, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Hwacheon opens cable car service at Baegam-san Mountain
The 46-seat cable car runs to the top of Mt. Baegam-san at 1,178 meters above sea level in the Hwacheon County area. The Hwacheon Baegam-san Cable Car, at the the northernmost and highest city in Korea, offers a panoramic view of South Korea and also North Korea. This impressive cable car service began operation in earnest with the opening ceremony held on Oct. 21, 2022. The Baegam-san Cable Car, which was unveiled for the first time in eight years since the construction began in March 2014, is the only cable car in Korea that goes north and south of the civilian control line south of the Demilitarized Zone in the Hwacheon County, the forefront of the Central-Eastern region of the Republic of Korea.
Chairman Choi Chul-hong of Boram Group selected as the person who made the Korean economy shine
Chairman Choi Chul-hong of Boram Group was selected as Korea’s representative person who led customer-oriented management at the ‘People & Management Who Lighted the Korean Economy in 2022’ awards ceremony. In addition, Boram Group received the Minister of Gender Equality and Family Award in recognition of its efforts to create jobs. An official from the Boram Group said, "Chairman Choi Chul-hong has led the Boram Group for the past 32 years and has always put the customer first with the philosophy of 'customer-centered sharing management'."
Chairman Chung Eui-sun on a business trip to the US
Chairman Chung Eui-sun of Hyundai Motor Group went on a business trip to the United States to attend a groundbreaking ceremony for a plant dedicated to electric vehicles in Georgia. According to industry sources, Chairman Chung left to the United States on a private plane from Gimpo International Airport on Oct. 24. Chairman Chung is planning to attend the groundbreaking ceremony for an electric vehicle-only plant in Georgia, USA, scheduled for Oct. 25 (local time), while staying there for about a week. Hyundai Motor Group announced in May that it would invest $5.5 billion (about 7.93 trillion won) to build an electric vehicle-only plant in Georgia, USA.
Chosun Ilbo (http://english.chosun.com)
Banks to Post Record Profits Again as Interest Income Soars
Banks are on track to post record net profit again this year, boosted by soaring interest income. Korea's top four lenders -- Hana, KB Kookmin, Shinhan and Woori -- posted a combined net profit of W13.85 trillion in the first three quarters of this year, already nearing 90 percent of their record annual net profit of W14.8 trillion posted last year (US$1=W1,433). Shinhan took the top spot with a cumulative net profit of W4.32 trillion, followed by KB Kookmin with W4.03 trillion, Hana with W2.85 trillion and Woori with W2.66 trillion.
S.Korea, U.S. Kick off Massive Maritime Exercises in West Sea
The South Korean military kicked off four days of large-scale maritime drills in the West Sea on Monday, amid a series of recent North Korean provocations.The Navy, Army, Air Force and Coast Guard are all participating alongside the U.S. Forces Korea. The drills are part of an annual defense exercise that ends on Friday. The Navy is mobilizing about 20 warships, including Aegis destroyers and frigates, as well as maritime patrol aircraft and helicopters. The Army's Apache helicopters and the Air Force's F-15K and KF-16 fighter jets are also taking part.
S.Korea, U.S. Kick off Massive Maritime Exercises in West Sea
The South Korean military kicked off four days of large-scale maritime drills in the West Sea on Monday, amid a series of recent North Korean provocations. The Navy, Army, Air Force and Coast Guard are all participating alongside the U.S. Forces Korea. The drills are part of an annual defense exercise that ends on Friday. The Navy is mobilizing about 20 warships, including Aegis destroyers and frigates, as well as maritime patrol aircraft and helicopters. The Army's Apache helicopters and the Air Force's F-15K and KF-16 fighter jets are also taking part.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Hyundai Motor Group breaks ground in Georgia for electric vehicle factory
Ground was broken Tuesday for Hyundai Motor Group’s $5.54 billion electric vehicle (EV) factory in Georgia. The facility will be the largest Korean automaker’s first U.S. plant dedicated to making EVs. The groundbreaking ceremony was held Tuesday in Georgia, about six months earlier than originally anticipated as the U.S. passed the Inflation Reduction Act. The Hyundai Motor Group Metaplant America (Hmgma), which will be built on a 2,923-acre site in Bryan County, Georgia, is scheduled to start mass production in the first half of 2025, with an annual capacity of 300,000.
Chinese envoy to U.S.: Don't meddle with Taiwan
China's envoy in Seoul said Washington should mind its own business when it comes to Taiwan affairs on Wednesday.“We will never acknowledge Taiwan’s independence,” said Xing Haiming, the Chinese ambassador to Korea, at a press conference at the Korea Press Center in central Seoul. “And we will not accept any external parties’ attempts to get involved in the matter.“If any external party does try to get involved,” Xing added, “China will not hesitate to resort to all possible measures to respond.”
Pared-down carbon neutrality commission starts work
The Yoon Suk-yeol administration’s carbon neutrality commission officially started work about six months after the president took office, and promised “a balance between nuclear energy and renewable energy.” The Presidential Commission on Carbon Neutrality and Green Growth held its first meeting Wednesday in Seongbuk District, central Seoul, chaired by Prime Minister Han Duck-soo. The carbon neutrality commission, established by the previous Moon Jae-in administration, is a private-public organization that serves as a control center for Korea's sustainability policy.
The Dong-A Ilbo (http://english.donga.com/)
Cho Sang-joon of NIS suddenly resigns
Cho Sang-joon, the head of the Planning and Coordination Office of the National Intelligence Service (NIS), who is considered to be one of the closest advisors of President Yoon Suk-yeol, suddenly submitted a letter of resignation on Tuesday, which the president immediately approved in the evening of the same day. During a briefing on Wednesday, the president’s office announced that Cho indicated his intention to resign to a relevant secretary of the office.
Former police commissioner receives prison sentence for election interference
Kang Shin-myung, a former police commissioner of South Korea, received a prison sentence in the first trial for interference in the 20th election of the members of the National Assembly. The 27th Division of the Criminal Agreement of the Seoul Central District Court sentenced the former police commissioner on Wednesday to one year and two months in jail for violating the Public Official Election Act, abusing his authority, and obstructing the exercise of a right.
U.S. big tech stocks plunge following disappointing earnings
U.S. big tech stocks plunged after earnings on Tuesday local time, following Google’s disappointing third-quarter results, which turned out to be way below the market expectation, sparking fears of a recession. Google-parent Alphabet’s third-quarter revenue was 69 billion U.S. dollars, which was way below the market expectation of 71 billion dollars. Shares of Alphabet dropped by 6.9 percent in after-hours trading. Alphabet’s six percent revenue growth is its lowest since 2013, except in the early days of the COVID-19 pandemic.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
SK hynix to halve capex ‘23 with Q3 income off over 60%, worries Wuxi fab fate
South Korean chipmaker SK hynix Inc. will have to axe capital investment by more than half next year as it enters a bust cycle in memory chips, underscored by the plunge of more than 60 percent in operating income in the third quarter from three months and year earlier. SK hynix, the world’s second-largest memory maker after Samsung Electronics, on Wednesday disclosed income from July-September operation stopped at 1.66 trillion won ($1.16 billion), down 60.5 percent on quarter and 60.3 percent on year.
LG Energy Solution, Samsung SDI end Q3 with record sales on strong EV battery demand
South Korea’s battery majors LG Energy Solution and Samsung SDI ended the third quarter on record sales and were buoyant for the coming quarter as green migration won’t likely be affected by economic uncertainties. LG Energy Solution, global No. 2, revised up its sales estimate for fiscal 2022 to 25 trillion won ($17 billion) upon reporting record sales of 7.6 trillion won in the quarter ended in September on Wednesday. Its operating income came to 521.9 billion won, up 166.8 percent from the previous quarter and in yawning contrast to the loss of 372.8 billion won posted a year earlier.
Hyundai Motor breaks ground on $5.5 bn EV, battery plant in U.S. ahead of schedule
U.S. statesmen and legislators held up champagne served by a robotic dog to toast the launch of South Korean Hyundai Motor Group’s $5.5 billion project to establish its first electric vehicle (EV)-devoted battery plant in Georgia on Tuesday in media extravaganza amidst complaints about loss of tax credit for Korean electric vehicles from new Inflation Reduction Act and ahead of crucial midterm elections. The shoveling ceremony was celebrated by Chung Euisun, Hyundai Motor Group Executive Chair; Jose Munoz, the president and chief executive officer of Hyundai Motor America; Brian Kemp, Georgia Governor; and senators Raphael Warnock and Jon Ossoff and congressman Buddy Carter.
HanKyoReh Shinmun (http://english.hani.co.kr)
Yoon’s budget speech first in Korean history to be boycotted by half of lawmakers
South Korean President Yoon Suk-yeol’s first budget address before the National Assembly since his inauguration was the first in Korean history to be boycotted by a major party. The 169 lawmakers in the opposition Democratic Party boycotted in protest of an investigation by prosecutors aimed at Lee Jae-myung, leader of the party.“The ruling and opposition parties need to overlook their differences so that we can overcome the grave issues affecting our economy and national security,” Yoon said during the speech, while urging the National Assembly to pass his budget bill before the legal deadline of Dec. 2.
Warning of completed prep for N. Korean nuke test, Yoon leverages security in budget address
Commenting on recent shows of force by North Korea with its missile testing and firing of multiple rocket launchers, South Korean President Yoon Suk-yeol said the North “appears to have already completed preparations for a seventh nuclear test.” His message was that, in light of the severe security situation, the National Assembly needs to pass next year’s budget plan by the legally designated deadline of Dec. 2. In an administrative policy speech before the National Assembly on the 2023 budget, Yoon said Tuesday that North Korea has “recently continued to engage in threatening provocations with unprecedented frequency, including the launching of ballistic missiles.”
IMF official calls S. Korea’s fundamentals “strong,” while warning of government debt
Krishna Srinivasan, the director of the International Monetary Fund’s (IMF) Asia and Pacific Department, predicted that the South Korean economy’s “strong fundamentals” will play a buffer role even amid a downturn in the global economy. At the same time, he voiced “concerns” about the increase in government debt over the past few years and advised Seoul to establish stronger regulations for fiscal management going forward. On Tuesday, Srinivasan visited the Bank of Korea (BOK) press center to speak about the current economic situation and prospects in Asia and South Korea.
The KyungHyangShinmun (http://english.khan.co.kr/)
“Simplified Chinese” Characters on a Life Vest Worn by the Civil Servant Killed in the Yellow Sea
Prosecutors investigating the death of a civil servant in the Yellow Sea, allegedly disguised as an attempt to defect to North Korea, believe that the Chinese characters written on the life vest worn by the late Lee Dae-jun, a public official in the Ministry of Oceans and Fisheries, when he was discovered by North Korean soldiers, were likely to be simplified Chinese. Earlier, the Board of Audit and Inspection (BAI) argued on these grounds that Lee had no intention to defect to North Korea and put more weight on the possibility of Lee receiving help from a Chinese fishing boat. But in this case, authorities still have to explain how Lee, who was rescued by the Chinese fishing vessel, fell back into the sea wearing the life vest.
Central Disaster & Safety Headquarters, “COVID-19 Vaccine Booster Shots Available for People Ages 18 and Older”
The government will make the COVID-19 vaccine booster available to all adults ages eighteen and older. Currently, they are being administered to people vulnerable to health issues. According to the Central Disaster and Safety Countermeasure Headquarters on October 26, the government decided to provide the vaccine booster shots to more people in time for winter. They will administer COVID-19 vaccine booster shots to adults ages eighteen and older. Until now, the booster shots were available only to people with weak immune systems, people in facilities vulnerable to infection, such as care hospitals and facilities, and the elderly ages sixty and older.
Public Agencies Obligated to Cut Energy Use by 10%, But Not the Courts and the Presidential Office
The government has enforced a 10% energy reduction plan, which restricts the temperature in government buildings to 17°C when providing indoor heating, but constitutional institutions, such as the National Assembly, courts, the Constitutional Court, and the National Election Commission, and the Office of the President, an administrative office, were excluded from the mandatory measure stirring controversy. The government explained that the Office of the President and the Office of the Prime Minister were not subject to the plan, but were still taking action to reduce the amount of energy they used.
KBS(http://world.kbs.co.kr/service)
Economy Grows 0.3% in Q3
The economy grew zero-point-three percent in the third quarter from the previous quarter thanks to a rise in private consumption and facility investment. The Bank of Korea on Thursday released the estimate on the country's gross domestic product(GDP) for the July-to-September period, which surpassed market expectations to post on-quarter growth for the ninth consecutive quarter after shrinking in the first and second quarters in 2020. The on-quarter growth was driven by a one-point-nine percent increase in private consumption and a five-percent jump in facility investment.
State Dept.: US Has Various Tools to Hold N. Korea Accountable for Nuclear Test
The U.S. State Department said that a nuclear test by North Korea would constitute a "grave escalatory action" and the United States has various tools to respond. Vedant Patel, principal deputy spokesperson for the department, said in a press briefing on Wednesday that a seventh nuclear test by the North would seriously threaten regional and international stability and security. Refusing to elaborate on possible response measures the U.S. could use to hold the North accountable, Patel said simply that Washington has “a number of tools available.”
Yoon to Hold Televised Economic Crisis Response Meeting
President Yoon Suk Yeol will hold a televised pan-government meeting on the economy and the people's livelihood on Thursday to assess the current economic situation and seek crisis response measures. The presidential office said that the subject of the meeting is ways to revitalize the economy as the people suffer from the worsening economic conditions at home and abroad. The meeting presided over by Yoon will run for about 80 minutes at the top office on Thursday afternoon and be broadcast live in its entirety, including Yoon's opening remarks and discussions among the participants.
Yonhap (http://english.yonhapnews.co.kr)
Gov't to lower criminal age limit by 1 year to 13
The age of criminal responsibility will be lowered by one year from the current 14, the Ministry of Justice said Wednesday, announcing measures to cope with an increasing number of serious crimes committed by juveniles. The ministry said it will revise the criminal and juvenile laws to lower the criminal age limit to be able to charge youths criminally from the age of 13. Currently, minors under the age of 14 cannot be convicted of a crime in South Korea. If such children commit offenses, they are referred to community service programs or youth correction institutions.
Defense minister calls for changing N.K. policy to nuclear deterrence
Defense Minister Lee Jong-sup said Wednesday the focus of efforts to deal with the North Korean nuclear issue should be shifted to deterring the use of nuclear weapons from curbing their development. "We have put our focus on trying to prevent North Korea from conducting additional nuclear tests and advancing its nuclear capabilities, but it's time to change our strategy," Lee said in a meeting of the ruling People Power Party's (PPP) committee on the North's nuclear threat.
Yoon voices regret over opposition's boycott of budget speech
President Yoon Suk-yeol voiced regret Wednesday after the main opposition party boycotted his budget speech, saying the party has left a bad precedent that could weaken public confidence in the National Assembly. Yoon delivered a budget speech in a half-empty National Assembly hall Tuesday after the main opposition Democratic Party (DP) decided to boycott the session in protest over the prosecution's recent raid of its headquarters and other actions it described as suppression of the opposition.
The Korea Herald (http://www.koreaherald.com)
Nigerian President hopes to boost trade and investments with Korea
Nigerian President Muhammadu Buhari expressed hopes for more trade and investment from Korea, stressing the Nigerian government’s recent policies to encourage foreign investment in an exclusive written interview with The Korea Herald in Seoul. "Our government has improved the ease of doing business in our country, and we have created a 'one stop shop' at the Nigeria Investment Promotion Commission. We have also reinvigorated the commission with all the resources needed to attract FDI into our country," Buhari said.
N. Korean nuclear test would constitute a 'grave escalatory action': State Dept.
A nuclear test by North Korea would constitute a "grave escalatory action" that will be met by serious consequences, a state department spokesperson said Wednesday. Vedant Patel, principal deputy spokesperson for the department, insisted the US has a "number of tools" to hold North Korea accountable for any future provocations. "A seventh nuclear test, should it happen, would constitute a grave escalatory action and seriously threaten regional stability, international stability, security in the region, and it would also undermine the global non-proliferation regime and efforts that are being undertaken," he said in a daily press briefing.
Ex-commanders of S. Korea, US divided on S. Korea’s nuclear acquisition
Former South Korean and US military commanders are divided on whether to consider South Korea’s acquisition of nuclear weapons as a potential option to deter North Korea’s escalating nuclear threats. The policy debate has rapidly evolved over the past few weeks in South Korea in the aftermath of North Korea’s pronouncement on first-use nuclear doctrine and explicit threats to strike targets in South Korean territory with tactical battlefield nuclear weapons.
The Korea Times (http://www.koreatimes.co.kr)
Korea, US work as a team to thwart North Korean threats: Yoon
President Yoon Suk-yeol said on Wednesday that South Korea and the United States will work as a team, like a living organism, to respond to growing threats from North Korea. "South Korea and the U.S. will mobilize every available measure for an overwhelming and resolved response to all types of North Korea's nuclear or missile threats, and during that process they will work as a team to actively and swiftly thwart North Korean threats," he said in a speech at The Korea Times forum, "New Challenges for Korea-U.S. Alliance," held at the Korea Chamber of Commerce and Industry building in Seoul.
Banks to supply liquidity while minimizing bond issuance
Financial authorities and local banks have agreed to provide liquidity to the country's short-term funding market, aiming to help stabilize the local corporate bond and commercial paper (CP) markets. The short-term funding markets recently witnessed a mounting credit crunch following the default of 205 billion won ($143 million) in asset-backed commercial paper (ABCP) issued by the Gangwon Province-led developer of Legoland Korea earlier this month.
POSCO encourages cooperation in green steel era
POSCO held the second Hydrogen Iron & Steel making Forum (HyIS) in Fotografiska, Stockholm, on Oct. 12, the company said Thursday. HyIS is a forum where experts from the steel industry, raw material suppliers, engineering firms, academia and associations gather to discuss carbon-neutral strategies and sustainable growth in the steel-making industry based on hydrogen iron. The steelmaker hosted the world's first HyIS forum in Seoul last year, proposing cross-border cooperation and solidarity to speed up the realization of carbon neutrality.
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