Thursday, November 3, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
North Korea fires missiles near South Korea's territorial waters
North Korea fired missiles very near South Korea’s territorial waters. The Republic of Korea Government today strongly denounced North Korea's launching of its first missile into a region near South Korea’s territorial waters since the division of the Korean peninsula into the north and south since 1945. In response to North Korea's ballistic missile launch, the Joint Chiefs of Staff (JCS) of the Republic of Korea Army fired air-to-ground missiles into North Korean waters.
3rd India- Republic of Korea army staff talks held
A high level delegation from Indian Army led by Major General Anil Kumar Kashid, Additional Director General (International Cooperation) visited Republic of Korea to participate in the 3rd edition of India-ROK Army Staff Talks scheduled from 26-28 October 2022. The bilateral discussion was hosted by a delegation led by the Deputy Chief of Policy at ROK Army HQ. At the onset of the visit, the Indian delegation interacted with Mr. Amit Kumar, Ambassador of India to ROK and briefed him about the planned engagements with the ROK side.
“Blood brotherhood through Korean war is a source of pride for Türkiye and Korea”
“The year 2022 marks the 10th anniversary of our strategic partnership with Korea. We consider it a good time to give new impetus to our all-round cooperation through reciprocal high-level visits,” said Ambassador-designate H.E. Murat Tamer on the occasion of the 99th anniversary of the proclamation of the Republic of Türkiye on Oct. 28, 2022. Delivering a speech at the Turkish National Day reception held at Lotte Hotel in Seoul, Ambassador-designate Tamer said, “Our close relationship with the Republic of Korea is a source of pride for both countries. These relations, which date back many centuries, have transformed into a blood brotherhood with the Korean War. This soil, where our martyrs and veterans shed their blood, is considered as a second homeland for us.”
Chosun Ilbo (http://english.chosun.com)
N.Korean Missile Crosses De-Facto Sea Border
North Korea launched three short-range ballistic missiles toward the East Sea on Wednesday morning. One of them fell into South Korean territorial waters, triggering an air raid alert and sending residents on Ulleung Island scurrying for shelter. The Joint Chiefs of Staff here said the missiles were fired from multiple areas at around 8:51 a.m. One of them flew across the Northern Limit Line, the de facto maritime border, for the first time since the Korean War and fell into the East Sea only 57 km from Sokcho, Gangwon Province and 167 km from Ulleung Island.
Saudi Ruler to Visit Korea
Saudi Crown Prince Mohammed bin Salman is expected to visit Korea later this month. Despite an earlier message from Riyadh that it might be difficult for the de facto Saudi ruler to travel to Korea this year, the two countries are talking about a visit again. Diplomatic source on Tuesday said the two foreign ministries are "fine-tuning schedules" so that he can come this month -- most likely right after the G20 summit in Bali, Indonesia on Nov. 15-16. Riyadh seems to have agreed that a visit is necessary for the two countries to mark the 60th anniversary of diplomatic relations. Mohammed last visited Korea in 2019.
Police Ignored Crowd Warnings Hours Before Halloween Stampede
Police received calls from worried pedestrians three hours and 40 minutes before the fatal stampede in Itaewon this Halloween weekend that killed at least 156 people and injured scores of others. Records of emergency calls on the fateful night show people voicing fears of getting crushed and others asking for police intervention to regulate the crowds. The first call was made at 6:34 p.m. with one person saying, "We are having problems going down the alley and we might get crushed because people keep pouring in. I think police need to regulate things."
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Pyongyang fires SRBM toward South Korean territory
North Korea fired a short-range ballistic missile into the South Korean side of the East Sea for the first time on Tuesday morning as well as 16 other missiles of various types into waters off its eastern and western coasts, South Korea's military said. According to Seoul’s Joint Chiefs of Staff (JCS), the North first launched four short-range ballistic missiles (SRBM) into the Yellow Sea at 6:51 a.m. from Chongju and Pihyon in North Pyongan Province, followed by three SRBMs into the East Sea at 8:51 a.m. from Wonsan, Kangwon Province.
MMCA reflects on annual Korea Artist Prize ahead of proposed overhaul
Marking its 10th anniversary this year, the National Museum of Modern and Contemporary Art (MMCA) is reflecting on its annual Korea Artist Prize.
Through its archival exhibition “10-Year Path of Korea Artist Prize,” which kicked off last week at the Seoul branch in Jongno District, central Seoul, the museum presents interview videos and other materials from the finalists and other art experts who have contributed to the award. The Korea Artist Prize stems back to 1995, when it was an exhibition series called “Artist of the Year.” In 2012 it transformed into its current award-based system and is co-organized with SBS Foundation.
Police received calls warning of crowd size hours before Itaewon tragedy
A total of 11 calls warning of the dangerous size of the crowds in Itaewon were made to police prior to the crowd crush that took 156 lives on Saturday, according to transcripts released Tuesday. The first call expressing concern about the size of the crowds in Itaewon was made at 6:34 p.m. Saturday, nearly four hours before the crowd crush, according to transcripts released by the National Police Agency. A total of 11 calls were made to the 112 emergency number specifically mentioning the crowd size, with police only telling four of the callers that they would dispatch officers to the scene. The other seven callers were told that police would "follow-up" on the issue.
The Dong-A Ilbo (http://english.donga.com/)
N. Korea fires missiles to below NLL
North Korea fired ballistic missiles on Wednesday to the south of the Northern Limit Line (NLL) for the first time. An air-raid warning rang on the Ulleung island, but test messages and broadcasts for evacuation were sent to residents belatedly. Controversy over the government’s response is rising as the people on the island failed to evaluate on time. According to the Ulleung County office on the same day, the three minutes long sound of air-the raid alarm awakened the entire island at 8:55 a.m., right after the North’s missile fire.
Opposition demands oust of safety minister, police chief
The Democratic Party of Korea demanded that Minister Lee Sang-min of the Interior and Safety and Commissioner General Yoon Hee-gun of the National Police Agency be released and held accountable for the Itaewon accident that killed at least 154 people. The Justice Party also called for an apology from the President on Wednesday, suggesting a heated debate at the National Assembly. “The existence of a nation is to make people responsible for those who should be responsible,”
Europe tightens its energy belt
‘Air dry laundry instead of using the dryer’ (Denmark), ‘Keep shower time under two minutes’ (Slovakia), and ‘Use sauna with others, not alone’ (Finland). European countries are ‘tightening their energy belts’ before winter as they struggle with sourcing natural gas due to the Ukrainian war, according to the New York Times on Tuesday. As Russian President Vladimir Putin cut off the gas supply to Western countries supporting Ukraine, weaponizing energy, the countries are making efforts to reduce energy consumption in public offices and homes.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korean corporate debt market still under squeeze despite aid actions
Despite multiple aid measures including state-led purchase program, Korean Inc. still struggles to raise debt for refinancing and operation as public enterprises have little choice but to defy government order on restraint in debt issues to sustain operation against ballooning losses. At least 4 trillion won ($2.8 billion) worth new offering is expected from public issuers this month, causing the widening in the spread between government and corporate bonds regardless of various state’s measures to bolster demand for corporate bonds.
Nuclear reactor technology can push Korea out of trade challenges: trade min
The letter of intent South Korea has signed with Polish energy companies to build a new nuclear plant in Poland bears a significant meaning at a time when exports buttressing the South Korean economy have been losing steam. We may see a breakthrough in reactor export stalemate after the first achievement of building nuclear reactors based on home-developed APR1400 technology in the United Arab Emirates in 2009. After turbine building order for the reactor project in Egypt earlier this year, we may break into the European market through Polish inroads.
Debt market questions how KEPCO’s new bonds sell at below 6%
State utility Korea Electric Power Corp. (KEPCO) which has been regularly issuing debt to sustain business amid staggering losses from spike in energy purchase cost has managed to raise new debt below 6 percent despite its debt overload and worsening business conditions to raise speculation about collaboration to keep coupon level worthy of a state entity which should be more or less on par with sovereign debt yield. On Oct. 28, it sold 290 billion won worth two-year bonds at a coupon of 5.9 percent and 120 billion won worth in three-year maturity at 5.99 percent.
HanKyoReh Shinmun (http://english.hani.co.kr)
Yoon administration rushes to defend itself from blame over Itaewon tragedy
Questions about the Yoon Suk-yeol administration’s responsibility for the deadly crowd crush in Seoul’s Itaewon neighborhood on Saturday have been intensifying after revelations that the police did not adequately respond to calls to the 112 emergency services number in which people voiced concerns that they could be “crushed to death.” Now the administration appears likely to face criticism for focusing solely on superficial explanations and defending itself against accusations of responsibility in the wake of the tragedy.
N. Korea voices ire over US-SK drills, vows to consider “more powerful” responses
North Korea’s Foreign Ministry described Vigilant Storm, the joint air exercises between the US and South Korea running from Oct. 31 to Nov. 4, as a “war drill for aggression.” Some 240 military aircraft from the two countries took part in the drill on Tuesday, the largest number to ever participate. North Korea said that “if the US continuously persists in the grave military provocations,” it will consider “more powerful follow-up measures.” South Korea’s Ministry of Unification urged North Korea to “stop its provocations and respond to the audacious initiative” proposed by President Yoon Suk-yeol.
Police warned of unsafe Itaewon crowd conditions as early as 6:34 pm night of crush
“I thought I might get crushed to death. It’s chilling. No one is controlling it.” (Oct. 29, 6:34 pm) “People are pushing and shoving and it’s a total mess; people are falling down and getting hurt.” (8:09 pm) People are falling down on the street; it feels like an accident’s going to happen, things look dangerous.” (8:33 pm)“People are practically getting crushed to death. It’s a complete mess.” (8:53 pm) Around three hours before a crowd crush killed over 150 in Itaewon, police received 11 reports signaling the severity of the overcrowding, with people saying that they felt like they were getting crushed to death. However, officers were only dispatched in response to four of those reports.
The KyungHyangShinmun (http://english.khan.co.kr/)
Air-raid Alarm Blares as North Korean Ballistic Missile Falls Near South Korean Waters on Its Way to Ulleungdo
On November 2, the Democratic People’s Republic of Korea (DPRK) launched unidentified ballistic missiles into the East Sea, according to the Joint Chiefs of Staff. Initially, the missiles headed toward Ulleungdo Island. A military representative announced, “The initial direction of the North Korean ballistic missiles was toward Ulleungdo, and one missile fell into international waters.” He explained that the military issued an air-raid alert in the area, since the missiles were headed for Ulleungdo. On Wednesday, the DPRK fired more than two ballistic missiles. The military has heightened vigilance and fire power preparedness.
“They Could Get Crushed” Police Ignored 112 Reports Made Four Hours Before the Tragic Event
Four hours before the tragic Halloween crowd crush in Itaewon, the police received a stream of 112 reports claiming that the people were about to be crushed to death, but failed to respond properly. Despite that citizens clearly informed the police of the dangerous situation, they failed to take appropriate safety measures, such as dispatch additional officers to the site. The police had insisted that the massive injuries to human lives could not have been predicted, but it turns out the tragedy was man-made, due to poor responses on the field.
Government Employees Instructed to Wear Black Ribbons Without the Word, “Condolences”
“I’ve worn many ribbons expressing condolences, but this is a first. Why do we have to do this?” Civil servants nationwide pinned black ribbons to their chest on October 31, when the government set up memorial centers to remember the victims of the Halloween crowd crush in Itaewon. But a closer look revealed that the black ribbons were not marked with the Chinese characters for “condolences (謹弔, pronounced ‘geunjo’ in Korean),” mourning the victims.
KBS(http://world.kbs.co.kr/service)
JCS: N. Korea Has Conducted a Second Launch toward East Sea Thurs. Morning
The South Korean Joint Chiefs of Staff(JCS) said that North Korea conducted a second launch toward the East Sea on Thursday morning. Prior to the latest launch, the JCS said earlier on Thursday that the North had fired what appeared to be an intermediate or long-range ballistic missile toward the East Sea. The first launch prompted Japan to issue an alert urging its residents in Miyagi, Yamagata, and Niigata prefectures to take shelter inside a building or underground.
US Fed Raises Key Interest Rate by 0.75% Again
The U.S. Federal Reserve has raised its key interest rate by three-quarters of a percentage point for the fourth consecutive time as it steps up its effort to cool soaring inflation. After a meeting of the Federal Open Market Committee(FOMC) on Wednesday, the Fed said in a statement that it raised its benchmark short-term interest rate by zero-point-75 percentage points. The new target range is three percent-75 percent to four percent, the highest since January 2008 and one percentage point higher than South Korea's three percent.
US Condemns N. Korea's Missile Launches, Warns of Consequences for Nuclear Test
The U.S. State Department has condemned North Korea's launch of a ballistic missile below the de facto inter-Korean maritime border as a "reckless decision." The department released a statement on Wednesday in response to the more than 20 missiles and 100 artillery shells fired by North Korea earlier in the day, with one of the missiles falling in waters south of the Northern Limit Line. The statement said that these launches are in violation of multiple UN Security Council resolutions and pose threat to peace and stability in the region, while reaffirming the U.S.' ironclad commitment to the defense of South Korea and Japan.
Yonhap (http://english.yonhapnews.co.kr)
N. Korea fires unspecified ballistic missile toward East Sea: S. Korean military
North Korea fired an unspecified ballistic missile toward the East Sea on Thursday, the South Korean military said. The Joint Chiefs of Staff (JCS) announced the launch without providing details immediately. An informed source said the North appears to have fired what is presumed to be an intermediate- or long-range missile, with its presumed propellant and warhead apparently having been separated. Japanese media reported that the missile flew over Japanese territory.
Police chief received 1st report on Itaewon tragedy after nearly 2 hours
The police chief only became aware of Saturday's deadly Itaewon crowd crush nearly two hours after the incident began, the National Police Agency said Wednesday, amid mounting criticism over the police response. The agency said it made its first report to Commissioner General Yoon Hee-keun over the incident in Seoul's entertainment district of Itaewon at 12:14 a.m. Sunday, one hour 59 minutes after the crowd crush began. Yoon gave his first orders to Seoul Metropolitan Police Agency commissioner Kim Gwang-ho to swiftly respond to the situation at 12:19 a.m.
Yoon asks former Japanese PM Aso to help promote development of bilateral ties
President Yoon Suk-yeol met with former Japanese Prime Minister Taro Aso on Wednesday and asked him to help promote the development of bilateral relations by working to increase people-to-people exchanges, the presidential office said. Aso, vice president of the ruling Liberal Democratic Party, is visiting South Korea as head of a Japan-South Korea cooperation committee made up of elders and established in 1969 following the normalization of relations between the two countries. He is also deputy head of the Japan-Korea Parliamentarians' Union.
The Korea Herald (http://www.koreaherald.com)
North tests grieving South with barrage of artillery, missiles, one over NLL
North Korea fired 25 missiles and around 100 artillery shells over the course of about 11 hours on Wednesday, the South Korean military said. But one North Korean ballistic missile unprecedentedly flew over the de facto inter-Korean maritime border and landed in waters south of the border for the first time since the division of the Korean Peninsula. In response, the South Korean military fired three missiles from fighter jets toward the north of the inter-Korean maritime boundary to demonstrate its precision-strike capabilities, denouncing the missile launch as a “direct and very serious provocation.”
Proxy battle looms at Samsung as Lee Jae-yong tightens grip
Lee Jae-yong’s formal ascension to the top seat at Samsung Electronics, the crown jewel of the nation’s largest conglomerate, is fueling speculation about potential changes in the founding family’s governance structure across Samsung companies. His promotion to chairman has long been considered a crucial step for Lee to wield more power at Samsung. With the new title, Lee’s vision for a “New Samsung” will take a clearer shape, while stalled talks on mega deals are expected to gain fresh momentum. Not to mention giving a big morale boost to employees after years of a perceived “leadership void.”
Police face full force of fury over Itaewon response
The police are speeding up their investigation into the authorities’ part in the Itaewon disaster, while criticisms of its response to the incident rises. Following the release of 11 phone transcripts to the police, which were made hours before the incident took place on Saturday, the police have faced increasing criticism from the public and political circles, as well as pressure from the government. Yongsan Police Station Chief Lee Im-jae has been put on a standby order, the first figure to be dismissed for the tragedy. The National Police Agency explained that Lee is not in a situation to carry out his duties.
The Korea Times (http://www.koreatimes.co.kr)
Fed unleashes another big rate hike but hints at a pullback
The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point for a fourth straight time to fight high inflation but also hinted that it could soon reduce the size of its rate hikes. The Fed's move boosted its key short-term rate to a range of 3.75 percent to 4 percent, its highest level in 15 years. It was the central bank's sixth rate hike this year ― a streak that has made mortgages and other consumer and business loans increasingly expensive and heightened the risk of a recession.
BIXPO 2022 to advance carbon neutrality, sustainable growth
Over 4,000 energy authorities and business executives from around the world gathered in Gwangju, south of Seoul, Wednesday, to share their insights into advancing carbon neutrality initiatives at an annual international conference, according to Korea Electric Power Corp. (KEPCO), the event organizer. fficials of 233 local and global energy firms attended the BIXPO 2022 held at Kimdaejung Convention Center, where academic discussions and new energy technologies demonstrations will continue through Friday. KEPCO seeks to elevate the annual conference to a global must-visit event, as underpinned by compelling storytelling whereby attendees are able to understand and experience the inner workings and growth potential of energy value chain operations.
Yoon asks ex-Japanese PM Aso to help promote development of bilateral ties
President Yoon Suk-yeol met with former Japanese Prime Minister Taro Aso on Wednesday and asked him to help promote the development of bilateral relations by working to increase people-to-people exchanges, the presidential office said. Aso, vice president of the ruling Liberal Democratic Party, is visiting South Korea as head of a Japan-South Korea cooperation committee made up of elders and established in 1969 following the normalization of relations between the two countries. He is also deputy head of the Japan-Korea Parliamentarians' Union.
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