Tuesday, November 15, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Yoon, Biden agree to respond with overwhelming force if North Korea uses nuclear weapons
President Yoon Suk-yeol and U.S. President Joe Biden reaffirmed their position on Nov. 13 that if North Korea uses nuclear weapons in any form, South Korea and the U.S. will "respond with overwhelming force using all available means." President Yoon met U.S. President Biden in Phnom Penh, Cambodia, and held a 50-minute summit between South Korea and the U.S. In the summit, President Yoon said, "It is nice to meet President Biden again in Phnom Penh less than two months after the visit to New York," adding, "The Korea-U.S. alliance has become the most reliable compass for us, facing various new challenges at the inflection point of international order."
President Yoon Suk-yeol expected to have Korea-Saudi Summit in Seoul on Nov. 17
President Yoon Suk-yeol is expected to meet with Crown Prince Mohammed bin Salman of Saudi Arabia at the Presidential Office in Yongsan on October 17 this year. The plan to cooperate with the world's largest construction project 'Neom City' in Saudi Arabia is expected to be on the main agenda for discussion between the two Heads of States. According to the Presidential Office in Seoul on November 8, Crown Prince bin Salman is expected to visit Seoul after attending the G20 Summit in Bali, Indonesia on November 15-16 this year.
Hyundai Motor Chairman Chung calls for bold action on climate change
Hyundai Motor Group Chairman Chung Eui-sun delivered a keynote speech at the 2022 B20 Summit in Bali, Indonesia on Nov. 13 on the theme of ‘Energy Poverty and Accelerate a Just and Orderly Sustainable Energy Use.’ The B20 Summit, Nov. 13-14, facilitates a consultative body comprised of private economic groups and businesses that delivers policy recommendations to the leaders of the 2022 G20 Bali Summit, Nov. 15-16, under the theme of ‘Advancing Innovative, Inclusive and Collaborative Growth.’
Chosun Ilbo (http://english.chosun.com)
Budget Airlines Expand to Longer-Haul Flights
Low-cost carriers are putting their larger aircraft on mid to long-distance routes and hauling cargo after the coronavirus pandemic took a toll on their earnings. Their mainstay used to be cheap regional flights, but China remains mostly locked down while demand for other destinations is recovering slowly. T'way Air will start flying to Sydney on Dec. 23, its first long-distance route. T'way Air bought three Airbus A330-300 passenger planes in the first half of this year, each capable of carrying 347 passengers for longer routes.
S.Korea, U.S., Japan Vow to Contain N.Korea, China
The leaders of South Korea, the U.S. and Japan pledged to put up a united front against the North Korean nuclear threat and China. In a joint statement Sunday they vowed to coordinate their response to the North Korean nuclear threat, global supply chains, energy and security issues and climate change. "Trilateral cooperation between South Korea, the U.S. and Japan that began with responses to North Korea's nuclear threat is growing into a cooperative framework playing a much wider role including a concerted response to China," a government official here said.
Parents of Stampede Victim Donate His Organs
The parents of a victim of the Halloween stampede in Itaewon who died later in hospital have decided to donate his organs. The victim, a soldier, was seriously injured in the crowd crush and hospitalized at Ewha Womans University Mokdong Hospital. But he never woke up from a coma and was declared brain dead on Wednesday. The parents decided to donate his organs the same day. A staffer at the Korea Organ Donation Agency said, "Organ donation becomes possible once a person is declared brain dead" and up to nine patients can benefit from the various organs.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Yoon, Biden, Kishida vow to reinforce extended deterrence against North
The leaders of South Korea, the United States and Japan vowed to reinforce extended deterrence against North Korea on Sunday and urged the international community to abide by sanctions. The call was made by South Korean President Yoon Suk-yeol, U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida in Phnom Penh as they met in a trilateral summit on the sidelines of the Association of Southeast Asian Nations (Asean) summits. In a joint statement issued to the press after the meeting, the three leaders warned against a seventh nuclear test by North Korea, stressing that if Pyongyang carries out another test, it would face a strong and firm response from the international community.
Kakao's market dominance is a focus for FTC Chairman Han
IT companies abusing their dominant market positions are top priority for the Fair Trade Commission (FTC) Chairman Han Ki-jeong. On Monday, he singled out Kakao, which he said is failing to innovate and take its social responsibilities seriously due to the lack of competitive pressures.“As such we need to address the dysfunction caused by the monopoly effectively while respecting creativity and innovation,” Han said on Monday during his first press briefing as the head of the FTC.
Posco's Pohang plant to be fully operational in early 2023
A Posco steel plant in Pohang damaged in a September typhoon is unlikely to be operational again until early next year. The company has been aiming for an end-of-the-year return to normal. According to the Ministry of Trade, Industry and Energy on Monday, three blast furnaces and six out of 18 steel-processing facilities are back online at the Pohang site. Nine are expected to be up and running this year. Other facilities, including an electroplating line, are expected to fully restored in the first half of 2023. One of the key problems is that the facility currently being worked on is old. Posco has to decide whether to fix it or just scrap it.
The Dong-A Ilbo (http://english.donga.com/)
Iran issued death sentence for an anti-hijab protester
A Revolutionary Court in Iran has issued the death penalty against an anti-government protester over an Iranian woman’s suspicious death. It is the first time that the death sentence for a person who participated in the protests was officially announced. According to the Iranian judicial news agency Mizan on Sunday, the Revolutionary Court recently sentenced the death penalty to an anti-government protester who was arrested for starting a fire at the government office. The other five protesters convicted of violating national security and public order were sentenced to five- to 10-year imprisonment.
Minister Lee Sang-min apologizes for the comment
Minister of Interior and Safety Lee Sang-min apologized for his remarks of “resigning in a fancy manner” on Monday. The Democratic Party urged Minister Lee to resign, criticizing the minister for not stepping down. Lawmaker Jeong Woon-chan of the People Power Party also criticized the minister at the Special Committee Meeting on Budget and Accounts for his remarks in a recent interview that “who would not want to resign in a fancy manner and escape from this situation,” stating that his remarks have become disputable again.
US to expand strategic asset deployment to counter N.K.’s provocations
‘Military and security presence’ mentioned by the White House means the practical strengthening of U.S. forces stationed in Korea, going beyond the expansion of military drills between South Korea and the U.S. and among South Korea, the U.S., and Japan. Accordingly, some watchers say the Joe Biden administration could increase the operational combat forces of the US troops stationed in South Korea and Japan through the expansion of rotational deployment of U.S. troops by going beyond the deployment of American strategic assets in the event the North conducts a seventh nuclear test.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Seoul to build cruise port in Yeouido by 2026 for international tourists
From 2026, uninterrupted trip by sea from Shanghai to the heart of Seoul may be realized as the capital city of South Korea is planning to add an internatinal dock at the Han River section of Yeouido. Under a so-called West Sea Waterway project unveiled by the Seoul Metropolitan Government on Monday, the municipality will build an international passenger terminal called ‘Seoul Port’ in Yeouido by 2026 to increase the tourism resource value of the West Sea Waterway, which connects the Han River to the West Sea and Northeast Asia.
Hyundai, Kia shares rise on hopes for IRA concessions for Korean EVs
Shares of South Korean automakers Hyundai Motor Co. and Kia Corp. rose around 3 percent upon expectations for concessions for Korean electric vehicles who lost eligibility for consumer tax refunds under the Inflation Reduction Act (IRA). During bilateral talks with his U.S. counterpart Joe Biden, President Yoon Suk-yeol has once again raised the concerns over IRA impact on Korean EV sales in the U.S. The two had been at Phnom Penh, Cambodia, for the summit of Association of Southeast Asian Nations.
POSCO to fully normalize flood-damage steel mill in Pohang by March
POSCO’s main steel mill in Pohang, southern coast, will be fully normalized by March next year from damages of Typhoon Hinnamnor in early September, according to the Korean government’s interim report on local steel supply status Monday. POSCO is still fixing facilities at its Pohang steel mill, located in the southeastern coastal region in South Korea, which were damaged from flooding caused by the Typhoon Hinnamnor. The steelmaker for the first time since founding had to shut down blast furnaces.
HanKyoReh Shinmun (http://english.hani.co.kr)
Yoon, Biden, Kishida adopt comprehensive joint statement on N. Korea
South Korean President Yoon Suk-yeol, US President Joe Biden, and Japanese Prime Minister Fumio Kishida met for a trilateral summit on Sunday in Phnom Penh, Cambodia, where they reaffirmed in a joint statement that a nuclear test by North Korea would be “met with a strong and resolute response from the international community.” South Korea, the US, and Japan vowed to share North Korean missile warning data in real time and to launch a dialogue among the three countries on economic security. The joint statement covers many issues including maintaining peace and stability in the Taiwan Strait, emphasizing the three nations’ commitment to stand with Ukraine, and working together to strengthen supply chains for emerging technologies.
Yoon’s Indo-Pacific strategy rolls back S. Korea's ambiguity on US-China rivalry
South Korea’s Indo-Pacific strategy, which was unveiled by President Yoon Suk-yeol during his summit with the Association of Southeast Asian Nations in Phnom Penh on Friday, amounts to a public declaration that Korea will stand with the US in its hegemonic and strategic rivalry with China. What Yoon has dubbed “Korea’s Indo-Pacific strategy” resembles the US’ Indo-Pacific strategy in more than name only. The US’ strategy is designed to surround and contain China. Former President Moon Jae-in distanced himself from both the US’ Indo-Pacific strategy and China’s Belt and Road Initiative in the “New Southern Strategy,”
S. Korean president raises eyebrows by restricting press pool access to key summits
The office of the South Korean president stirred controversy with its refusal to allow the accompanying combined press corps access to summits with the US and Japan on Sunday in Phnom Penh. Observers accused the office of “restricting” the activities of media covering key summits that included discussions on major issues such as regional security and the political situation on the Korean Peninsula amid threats of a seventh nuclear test by North Korea. In a scheduled briefing delivered in the Cambodian capital that morning, presidential office deputy spokesperson Lee Jae-myoung said that South Korea’s summits with Japan and the US would be “taking place under an exclusive coverage format.”
The KyungHyangShinmun (http://english.khan.co.kr/)
“We’ll See If They Investigate Higher Ranking Officials” Police Infuriated by the Death of the Yongsan Police Station Intelligence Chief
A, head of public safety and intelligence at the Yongsan Police Station in Seoul, was found dead after being questioned for allegedly cajoling employees to delete an intelligence report. His death has fueled criticism from inside the police about the investigation conducted by the special investigation headquarters in the National Police Agency. The police argue that the investigation headquarters is targeting public officials on the field, such as police officers and firefighters, while leaving the higher-ranking officials untouched.
20% of Cars Submerged Due to Torrential Downpour This Year Still Not Scrapped: Transport Ministry Is “Watching Closely”
Over 18,000 vehicles were submerged in floods due to the torrential downpour this summer, and among them approximately 20% have yet to be scrapped by their owners. On November 14, the Ministry of Land, Infrastructure and Transport verified the submersion history of vehicles submerged in floods due to the torrential downpour and typhoons in August-September and confirmed that a total of 18,289 vehicles were submerged. Among them, 14,849 (81%) have been scrapped. According to the transport ministry, 148 vehicles have been sold and are currently owned by dealers, and 3,292 are still in the possession of individuals.
Kyunghyang Shinmun’s Position on the Office of the President’s Decision to Ban MBC Reporters from Boarding Code One
On November 10, the Kyunghyang Shinmun decided not to board the presidential plane (Code One) when covering President Yoon Suk-yeol’s upcoming ASEAN and G20 summit meetings. On November 9, the Office of the President banned MBC reporters from boarding the presidential plane during President Yoon Suk-yeol’s trip to Southeast Asia on grounds that they repeatedly “published distorted and biased news on foreign affairs recently.” The Kyunghyang Shinmun judged this decision to be an unfair act that violates the freedom of the press. Journalists boardthe presidential plane to cover the official activities of the president, the chief executive of state affairs.
KBS(http://world.kbs.co.kr/service)
Yoon Meets Indonesian President to Discuss Economic Cooperation
President Yoon Suk Yeol met with Indonesian President Joko Widodo in Indonesia on Monday. The presidential office said that in the, Yoon said that the two nations are seeing active follow-up cooperation in various high-tech industries like electric vehicles and batteries, infrastructure, and defense after the bilateral summit held in July in Seoul. The president also underscored South Korea’s optimal suitability as Indonesia’s partner for its "Making Indonesia 4.0" strategy as the advanced manufacturing technologies of South Korean companies can help Indonesia foster its manufacturing industry using its rich natural resources.
Pres. Yoon to Attend G20 Summit Tuesday
President Yoon Suk Yeol will attend the summit of Group of 20(G20) nations on Tuesday and address sessions on food, energy, security and health. The G20 summit will be held on Tuesday and Wednesday under the theme "Recover Together, Recover Stronger" set by host Indonesia. The summit will focus on three priority sectors – global health architecture, sustainable energy transition and digital transformation. Earlier, senior presidential secretary for economic affairs Choi Sang-mok stressed the importance of the G20 summit, saying that it would determine if the spirit of global coordination can be restored and provide a glimpse of the future direction of global cooperation.
Biden Says China Has Obligation to Urge N. Korea to Act Responsibly
U.S. President Joe Biden made clear to Chinese President Xi Jinping that China has an obligation to urge North Korea to act responsibly during their first summit since Biden took office. In a press briefing after the summit in Bali, Indonesia on Monday, Biden said he cannot be certain that China can rein in the North's escalatory actions including a nuclear test, but is sure that Beijing does not want Pyongyang to further escalate regional tensions with provocations. The president added that he made clear that the U.S. would take certain actions that would be "more defensive" if the North engaged in such actions to protect the U.S. as well as its allies, South Korea and Japan.
Yonhap (http://english.yonhapnews.co.kr)
Biden says U.S. will have to take 'defensive' steps if N. Korea conducts nuclear test
The United States will have to take certain actions that will be "more defensive" should North Korea conduct a nuclear test, President Joe Biden said Monday. The U.S. leader said he has also called on Chinese President Xi Jinping to try and prevent North Korea from taking further escalatory steps, noting the U.S.' defensive actions, if taken, will be "up in the face of China." "I made it clear to President Xi Jinping that I thought they had an obligation to attempt to make it clear to North Korea that they should not engage in long range nuclear tests," Biden said when asked in a press conference if China had enough influence over North Korea to stop the reclusive country from conducting a nuclear test.
Ruling party chief slams list naming Itaewon tragedy victims
Ruling party leader Chung Jin-suk condemned an online media outlet on Tuesday for disclosing a list of victims in the Itaewon crowd crush without the consent of bereaved families. "Disclosing the victims' list without the consent of bereaved families is again inflicting wounds in their pains," Rep. Chung of the People Power Party (PPP) wrote on Facebook, stressing that legal countermeasures are necessary. "The PPP and I will not turn a blind eye to the tragic pain of the Itaewon crowd crush victims' bereaved families. We will do our best in investigating the truth and preparing measures."
Import prices up for 2nd straight month in Oct. on energy costs, weak currency
South Korea's import prices rose for the second straight month in October on high energy prices and the weak local currency that drove up overall import bills, central bank data showed Tuesday. The import price index rose 1.5 percent in October from a month earlier, following a 3.4 percent on-month increase in September, according to the preliminary data from the Bank of Korea (BOK). Compared with a year earlier, the index jumped 19.8 percent.
The Korea Herald (http://www.koreaherald.com)
Biden discusses Taiwan with Xi in effort to avoid ‘conflict’
President Joe Biden objected to China’s “coercive and increasingly aggressive actions” toward Taiwan and raised human rights concerns about Beijing’s conduct in Xinjiang, Tibet, and Hong Kong during his first in-person meeting on Monday with President Xi Jinping, the White House said. In a news conference following the meeting, Biden reiterated U.S. support for its longstanding “One China” policy. He also said that despite China’s recent saber rattling, he does not believe “there’s any imminent attempt on the part of China to invade Taiwan.”
South Korea aligns Indo-Pacific strategy with US, Japan: experts
South Korea’s first diplomatic strategy for the Indo-Pacific region appears to show the intention to align with the United States in the US-China rivalry, experts based in Seoul said Monday. South Korean President Yoon Suk-yeol on Friday unveiled the country's first Indo-Pacific strategy for freedom, peace and prosperity for the region, at the biannual Association of Southeast Asian Nations summit in Cambodia. There, Yoon highlighted the importance of maintaining peace and stability in the Indo-Pacific region -- which has gained increasing strategic importance amid the US-China competition -- and said any unilateral change in the status quo by force should not be tolerated.
Antitrust chief hints at tighter scrutiny of Kakao
South Korea’s Fair Trade Commission chief hinted Monday at tighter scrutiny of local platform operators like Kakao that enjoy an almost monopoly status. Referring to the recent nationwide meltdown of Kakao services following a fire at its main data center, FTC Chairman Han Ki-jeong said there is a need to effectively correct the adverse effects of monopoly power. “We will be revising regulations that hinder innovative companies from entering the online platform market and also regulations that excessively restrict business activities,” said Han, who was speaking at his first official press conference.
The Korea Times (http://www.koreatimes.co.kr)
Biden says China must try to prevent North Korea nuclear test
U.S. President Joe Biden said on Monday he told Chinese President Xi Jinping that Beijing has an obligation to try to talk North Korea out of resuming nuclear testing, although it was unclear whether China would be able to sway Pyongyang. Biden met with Xi for more than three hours ahead of the G20 summit in Bali, their first face-to-face meeting since Biden took power last year. He told a news conference afterwards he had warned Xi the United States would do what it needs to do to defend itself and allies South Korea and Japan in the event of North Korea resuming testing of nuclear weapons, something Pyongyang has not done since 2017.
Yoon stresses importance of private sector-led digitization
President Yoon Suk-yeol stressed the importance of private sector-led digitization during a keynote speech at the B20 Summit, the official G20 dialogue forum for the global business community, according to the trade ministry, Monday. "The private sector-led supply innovation should be the answer to solving the supply shock-induced global economic crisis," he said during the summit organized by the Indonesian Chamber of Commerce at the Bali Nusa Dua Convention Center in Indonesia. The priority of the Korean government, he said, is digital transformation, the core driver of policy directives under his leadership, adding that he will lead G20-level discussions to establish a new global digital norm.
Korean crypto stocks plunge amid FTX bankruptcy
The meltdown of FTX has triggered a chain reaction in Korea's cryptocurrency-linked stocks, which saw their values plummet on the first trading day after one of the world's largest crypto exchanges filed for bankruptcy. Shares of Com2uS, a game developer which listed its C2X token on the exchange in March, suffered a double-digit decline on Monday, dipping to a new eight-year low. Com2uS shares closed Monday at 61,900 won, down 14.74 percent, from the previous trading day. Other crypto-related stocks in Korea also went on a losing streak on the same day. Vidente, the single-largest shareholder of Bithumb Holdings, was also hit hard in the aftermath of the FTX collapse. Bithumb is the nation's second-largest crypto exchange.
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