Monday, November 7, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
LS Electric boosts exports to the ASEAN market with Bac Ninh Plant in Vietnam as a central hub
LS Electric will expand its presence in the ASEAN market with its Bac Ninh plant in Vietnam serving as a central hub of exports. LS Electric announced on Oct. 26 that a full-fledged plant rollout ceremony was held for the Bac Ninh plant at the Yenfong Industrial Complex in Bac Ninh Province, Vietnam. There were 300 officials in attendance, including LS Electric’s CEO Koo Ja-kyun, Chairperson Nguyen Huong Giang of the Bac Ninh Province People’s Committee, and South Korean Ambassador Oh Young-joo in Hanoi.
Korea, Saudi Arabia hold talks on energy supply chain cooperation
Trade, Industry and Energy Minister Lee Chang-yang held a videoconference with Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on Nov. 2 at the latter’s request and discussed bilateral cooperation in energy sectors. The two countries shared the emphasis on the need for communication and cooperation between them, as crude oil supplier and consumer, to seek out oil market stabilization measures. Noting that Saudi Arabia is Korea’s major source of crude oil and the two are mutually reliable partners, they concurred that continued collaboration in petrochemicals and other diverse energy and industry sectors is beneficial for supply chain stabilization.
China's sports industry on fast track of development
In recent years, China's sports industry has achieved remarkable progress as domestic fitness consumption has seen robust growth and homegrown sports brands have gained popularity among consumers. At the recently concluded 2022 China International Fair for Trade in Services (CIFTIS), the 20,000-square-meter sports services exhibition attracted 353 enterprises and organizations participating in the event online or offline. Sports service deals worth a record high of about 12.72 billion yuan (around $1.77 billion) were signed at the exhibition.
Chosun Ilbo (http://english.chosun.com)
'Smart' CCTV Cameras Could Prevent Future Stampedes
Cutting-edge artificial intelligence technology could help prevent a repeat of the deadly Halloween stampede in Itaewon last weekend. By watching a crowd surge in real time with the help of mobile network information stored at base transceiver stations, CCTV cameras with AI technology could warn of dangers in advance. According to the Seoul Metropolitan Government, a total of 85,242 surveillance cameras are installed in 25 districts throughout Seoul. They are used chiefly for investigations of crimes and accidents after the fact, but they could also be used to prevent a massive accident like the latest stampede if the technology is added.
Drastic U.S. Rate Hike Puts BOK Under Pressure
The U.S. Federal Reserve has hiked the benchmark interest rate by 0.75 percentage points for the fourth time, increasing pressure on the Bank of Korea to follow suit. The Fed's giant step puts the U.S. benchmark rate at over four percent, a full percentage point higher than Korea's. That puts enormous pressure on the Korean won, which has already fallen to record lows. Normally the BOK tries to keep one step ahead of the Fed, but last month it only raised the rate by a half percentage point to three percent.
Samsung Ranked World's 5th Most Valuable Brand
Samsung has been ranked fifth on the world's 100 top brands list for the third year running. According to a list of the best global brands by consulting firm Interbrand released Thursday, Samsung's brand value was estimated at US$87.69 billion, up 17 percent from a year earlier. Samsung attributed its growth mostly to higher demand for memory chips due to an increase in data usage. Hyundai maintained its 35th spot, but its brand value grew 14 percent to $17.31 billion thanks to the favorable global response to its Ioniq 5 and 6 electric cars and the expansion of its business into future mobility technologies such as metaverse and robotics.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Vigilant Storm ends with more North Korean missile launches
North Korea maintained its barrage of missile launches with four more on Saturday morning as the United States flew two B-1B supersonic strategic bombers over the Korean Peninsula on the last day of a high-profile joint exercise with South Korea. Seoul's Joint Chiefs of Staff said that it detected four short-range ballistic missiles being fired from 11:32 to 11:59 a.m. Saturday. The missiles all flew approximately 130 kilometers (81 miles), peaking at 20 kilometers and reaching a top speed of Mach 5.
Director Joseph Juhn tells multi-layered story about Koreans in American politics
In the new independent documentary “Chosen,” director Joseph Juhn, 38, tells the stories of five Korean Americans who ran for Congress in 2020 and the historic results of the elections. But peel one layer deeper, Juhn told the Korea JoongAng Daily in an interview, and “it’s a story about family, the collective history of Korean Americans and Korean American identity.” The inspiration for the film came from a book by John Bolton, U.S. National Security Advisor during Trump’s administration.
Trade is key to Korea-Kazakhstan relations
Korea's biggest trade partner in Central Asia, Kazakhstan aims to strengthen those ties even more with further cooperation in mineral mining and power plant projects. Easing regulations for foreign companies' mining projects is one of the many modes of support the country aims to provide, welcoming more partnerships with Korea.“It’s all about how much Korean companies are interested in mining rare earth minerals in Kazakhstan,” said Said Ayan Yerenov, chairman of the Chamber of International Commerce of Kazakhstan, in speaking with the Korea JoongAng Daily during his recent visit to Seoul. “If countries show interest in wanting to participate in lithium mining in Kazakhstan, we are willing to start such projects as fast as even next week.”
The Dong-A Ilbo (http://english.donga.com/)
Experts: ‘Miraculous survival due to harmonious mixture of air, water, food’
“It would have been difficult for them to survive if rescue was delayed by three or four days.” This part of remarks by Bang Jong-hyo, head of the nephrology department at Andong Hospital who is treating two workers who dramatically survived 221 hours in isolation after being stranded inside a zinc mine in Bonghwa County, North Gyeongsang Province. “(If rescue was delayed), they would have faced a dangerous situation where muscles die, and heart muscles halt functioning,” Bang said. “As the two workers mentally supported each other, they were able to regain psychological stability and maintain hope, which helped them survive the ordeal.”
Far-right surges in Europe
Italy’s new Prime Minister Giorgia Meloni, known as “female Mussolini,” who took office in late October, closed ports to rescue ships, during her first trip overseas. French far-right political party Rassemblement National (RN) picked Jordan Bardella as its new leader, attempting to attract younger voters. Some voice concerns that far-rightist movements in France and Italy, the second and third largest economies in the European Union, may encourage similar political movements in Europe.
S. Korean military seeks to salvage debris from N. Korea’s SRBM
The South Korean military is conducting an operation to salvage debris from a submarine-launched ballistic missile, fired Wednesday by North Korea across the Northern Limit Line for the first time. Suppose the military succeeds in the operation by collecting key parts, including projectile and warhead. In that case, they can be important clues to identifying the specifications of Pyongyang’s SRBMs that belong new KN group. According to the South Korean military on Friday, the Navy’s maritime salvage and rescue ship Gwangyang (3,500 tons) have been mobilized to the waters where the North’s SRBM fell and carefully examined the sites.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Posco International to spend $2.7 billion to become a major LNG player
Posco International plans to invest 3.8 trillion won ($2.7 billion) in the next three years to strengthen its liquefied natural gas network as it received approval from shareholders to merge with Posco Energy Co. to become a major player in the global green energy market. Shareholders approved Posco International’s plan to merge with Posco Energy at a meeting Friday. Posco Energy is an unlisted company that operates LNG terminal in Gwanyang, south of Seoul, and has businesses in renewable energy.
Business investors in private venture fund of fund to get up to 8% tax cut
Private businesses that invest in a fund of funds investing in South Korean ventures will be eligible to receive a tax reduction of up to 8 percent of their investment, while individual investors will receive a 10 percent tax return on their investment, according to a new measure announced by the government on Friday. The measure is part of a package released during an emergency government meeting of economy-related ministers led by Finance Minister Choo Kyung-ho, who vowed to strengthen policy efforts to facilitate the flow of private capital into the local venture community, which is heavily dependent on the government.
Korean Air up nearly 5% by record quarterly profit on reopening
Korean Air Lines Co. shares rose the most in a week in Seoul trading after the country’s biggest full-service carrier reported its largest quarterly operating profit in the third quarter, helped by a recovery in travel demand amid border reopening with eased Covid restrictions and strong cargo demand. The company on Thursday reported an operating profit of 839.2 billion won ($588 million) on a separated basis in the three months to September, 91.3 percent higher than the same period a year ago and 14.0 percent higher from the previous quarter. Sales jumped 64.7 percent on year and 10.1 percent on quarter to 1.44 trillion won.
HanKyoReh Shinmun (http://english.hani.co.kr)
S. Korean public polarized by Yoon’s push for security collaboration with Japan
In response to North Korean missile tests and signs suggesting an imminent nuclear test, the administration of South Korean President Yoon Suk-yeol has shared remarks over the past weeks stressing the importance of security cooperation with Japan. The kind of security cooperation that he is emphasizing elicits polarized reactions among the South Korean public. The “alliance of liberal democratic systems” in opposition to authoritarian regimes like those in North Korea, China, or Russia also represents a “pro-Japanese” course that aims to bring back Japanese influence on the Korean Peninsula.
N. Korea fires ICBM for first time since May, heightening tensions
North Korea fired one intercontinental ballistic missile (ICBM) and two short-range ballistic missiles (SRBM) into the East Sea on Thursday. North Korea has not fired an ICBM since May 25, making Thursday’s launch the first in roughly five months. With the South Korean and US air forces announcing that they would extend their Vigilant Storm joint air drills past their original end date of Friday, tensions are escalating on the Korean Peninsula. South Korea’s Joint Chiefs of Staff announced that they had detected a long-range ballistic missile launched toward the East Sea at 7:40 am on Thursday, and two short-range ballistic missiles at 8:39 am.
Breakdown in police control tower led to missing critical window for Itaewon response
More and more evidence is emerging to suggest that the South Korean government missed numerous opportunities to prevent the deaths of 156 people in the crowd crush that occurred in Seoul’s Itaewon neighborhood last Saturday. With revelations that the police leadership only received its first report on the situation five hours after the first reports to the 112 emergency service number from callers voicing fears that people might be “crushed to death,” the police are likely to come under fire from the public for the effective collapse of their control tower when they should have been taking action to protect safety and lives.
The KyungHyangShinmun (http://english.khan.co.kr/)
The Chief of Yongsan-gu Passed by the Site Two Hours Before the Crowd Crush, But Left Without Doing Anything
The whereabouts of Park Hee-young, the district mayor of Yongsan-gu, on the day of the Halloween crowd crush in Itaewon is stirring controversy. Park passed by the place where the tragic incident occurred two hours before the stampede but failed to take any action. It was also revealed that the tragic site was near her residence. At the time of the incident, Park was on her way home after taking part in a festival in Uiryeong-gun, Gyeongsangnam-do, her hometown. According to the explanation by the Yongsan-gu Office on November 4, the chief of Yongsan-gu visited Uiryeong-gun, her hometown and also a sister city with Yongsan-gu, on October 29.
Netflix Launches a Monthly 5,500 KRW Membership with 4-5 Minutes of Commercials Per Hour: Will It Bring Back Subscribers?
The over-the-top (OTT) video streaming service, Netflix, announced that it would launch a cheaper membership with advertisements in nine countries including South Korea on November 3 (local time). The streaming giant introduced the “Basic with Ads” membership in the U.S., Brazil, the U.K., France, Germany, Italy, Japan, and Australia, as well as South Korea beginning 9 a.m. November 3 according to the Pacific Standard Time (1:00 a.m. Nov. 4 Korean time). The latest membership tier will be introduced in twelve countries. On November 1, it was first introduced in Canada and Mexico, and the membership will be provided in Spain beginning November 10.
Lee Sang-min’s False Explanation Revealed by the 112 Reports Delayed Authorities from Uncovering the Truth
“The crowd wasn’t so large as to cause particular concern.” “It wasn’t a problem that we could solve by assigning police officers beforehand.” These were the words of the Minister of the Interior and Safety Lee Sang-min in the government’s first official press briefing on October 30, the day after the Itaewon Halloween crowd crush. His words implied that the tragedy was a natural disaster that the state or the police could not prevent. Meanwhile, he also said, “The police force was dispersed because of disturbances and demonstrations throughout downtown Seoul.” On October 31, the Office of the President defended the interior minister and said, “The police do not have legal and institutional authority to pre-emptively restrain citizens when there is no request from the organizer.”
KBS(http://world.kbs.co.kr/service)
Anti-Disaster Authorities Reveal Responses to Deadly Itaewon Crowd Surge
Anti-disaster management authorities revealed that about half an hour passed before the initial-stage response alert was issued for the deadly crowd crush in Itaewon late last month. Rep. Cheon Jun-ho of the main opposition Democratic Party(DP) on Sunday released the recorded conversations between 119 callers and dispatchers on October 29 showing a 119 call was made three minutes prior to 10:15 p.m., which the authorities said was when the first call came in about the crowd surge.
S. Korea Participates in Japan's Fleet Review for 1st Time Since 2015
A South Korean naval ship took part in an international fleet review hosted by Japan for the first time in seven years on Sunday. The 10-thousand-ton logistics support vessel Soyang was among a host of naval ships from 12 countries such as the U.S., Canada, Australia and India that joined host Japan in the event held at Sagami Bay in Kanagawa Prefecture on Sunday. It marks the first South Korean presence at Japan’s naval fleet review since 2015 and came amid a growing threat to Seoul’s national security by North Korea’s nuclear weapons and missiles.
Bivalent COVID-19 Boosters Become Available for All Adults
All adults in South Korea will be eligible to get bivalent COVID-19 boosters beginning Monday. According to the state vaccine task force on Monday, inoculation of omicron-specific boosters for people aged between 18 and 59 who signed up in advance will begin. Previously, only those with an immune deficiency or those aged 60 or older were eligible for boosters. Boosters produced by Moderna and Pfizer specifically targeting the omicron subvariant BA.1 have so far been used, and boosters targeting the BA.4 and BA.5 subvariants will be administered to all volunteering adults from Monday of next week.
Yonhap (http://english.yonhapnews.co.kr)
Yoon apologizes to nation over Itaewon crowd crush
President Yoon Suk-yeol apologized to the nation Monday for the deadly Itaewon crowd crush, saying he will ensure a thorough investigation into the tragedy and hold those responsible to account. Yoon issued the apology during a meeting held to review crowd control and other safety regulations in the wake of the tragedy that killed 156 people on Oct. 29. "I dare not compare myself to the parents who lost their sons and daughters, but as the president who should protect the people's lives and safety, I grieve and my heart is heavy," he said.
Train derails in central Seoul, injuring 30 passengers
A train derailed in central Seoul on Sunday, injuring some 30 passengers, the operator said. The derailment occurred at 8:52 p.m., when the Mugunghwa train with 275 passengers on board was entering Yeongdeungpo Station in central Seoul, according to the Korea Railroad Corp. (KORAIL). Six railroad cars including five passenger cars ran off the tracks, it added. The train was on its way to Iksan, in North Jeolla Province, some 180 kilometers south of the South Korean capital, from Yongsan, Seoul, at 8:15 p.m.
N. Korea threatens to take 'overwhelming' military steps against S. Korea, U.S.
North Korea's military said Monday it will take "sustained, resolute and overwhelming" practical military measures in response to joint military drills of South Korea and the United States amid speculation that Pyongyang may carry out another nuclear test just before or after the U.S. midterm elections this week. In a "report" carried by the official Korean Central News Agency, the General Staff of the Korean People's Army (KPA) also said it conducted a four-day "military operations" last week against the allies' Vigilant Storm exercise, claiming to have fired two strategic missiles just 80 kilometers off the southeastern coast of Ulsan.
The Korea Herald (http://www.koreaherald.com)
Legoland Korea operator confident on future investment
Legoland Korea Resort, a theme park in Chuncheon, Gangwon Province that opened in May in partnership with a local developer, does not plan to cut back on its operations and will fund any further expansion itself, regardless of the developer’s recent default, the UK-based attractions operator Merlin Entertainments told The Korea Herald last week.
NK’s missile provocation deepens military rivalry on Korean Peninsula
North Korea’s ramped up missile provocations last week highlight the deepening divide between the West and Pyongyang's allies China and Russia, building more tension on the Korean Peninsula. North Korea launched an unprecedented number of missiles last week, prompting the United Nations Security Council to hold an emergency council session on Friday to discuss ways to handle the multiple sanctions violations by Pyongyang. The meeting, however, failed to draw a unified voice to hold North Korea liable for its violations, as China and Russia -- its close allies and permanent UNSC members -- justified the North's military provocations as self-defense measures.
Politics encroaches on mourning for victims of Itaewon tragedy
Candlelight vigils honoring the 156 people killed in the Itaewon crowd surge were held across South Korea over the weekend, with some gathering thousands of people. While the events were to commemorate the dead, some participants held signs calling for President Yoon Suk-yeol to step down and appeared focused on delivering a rebuke to the current administration. On Saturday, thousands of people gathered in central Seoul, paying tribute to the Itaewon victims and clutching white candles. Contrasting the white candles were visible black signs demanding that Yoon step down.
The Korea Times (http://www.koreatimes.co.kr)
Yoon apologizes to nation over Itaewon crowd crush
President Yoon Suk-yeol apologized to the nation Monday for the deadly Itaewon crowd crush, saying he will ensure a thorough investigation into the tragedy and hold those responsible to account. Yoon issued the apology during a meeting held to review crowd control and other safety regulations in the wake of the tragedy that killed 156 people on Oct. 29. "I dare not compare myself to the parents who lost their sons and daughters, but as the president who should protect the people's lives and safety, I grieve and my heart is heavy," he said. "I am apologetic and sorry to the bereaved families who are facing an indescribable tragedy and to nation that is sharing in the pain and sadness."
Funeral services conducted for 17 out of 26 foreign Itaewon crowd crush victims
Funeral services for 17 out of 26 foreign victims who died in the Itaewon crowd crush have been conducted as of Sunday. The deadly incident killed 156 people who were enjoying the Halloween festivities in the bustling nightlife district on Oct. 29. Four foreign nationals are currently receiving medical treatment, according to the Central Disaster and Safety Countermeasures Headquarters. Funeral services for six out of the nine remaining victims will be carried out within this week.
South Korea joins naval review in Japan despite flag controversy
South Korea took part in Japan's international naval fleet review for the first time since 2015 in Sagami Bay off Tokyo, Sunday, in a symbolic gesture for rapprochement amid intensifying threats from North Korea. Soyang, a 10,000-ton logistics support ship of South Korea's Navy, was among the 18 vessels from 12 countries participating in the event to promote peace and commemorate the 70th founding anniversary of the Japanese Maritime Self-Defense Force (JMSDF). As the host, Japan showcased 20 vessels to celebrate the special day with the "rising sun" flags fluttering on them.
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