Friday, November 18, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
“We will make Uijeongbu a business city with offering many good jobs!”
The slogan that Mayor Kim Dong-geun of the Uijeongbu City put forward right after taking office in July this year an impressive slogan: “Uijeongbu is a city that is good for business and a city with many jobs.”“Even though Uijeongbu City is the central city of the northern Gyeonggi region, there is not a single large company that can represent the region,” Kim said remorsefully. “It is a city where only typical residential facilities are concentrated,” he said. However, Mayor Kim emphatically and with confidence said: “Uijeongbu is the best place to attract large IT and high-tech industries such as semiconductors from the northern Gyeonggi region.”
The First Plenary Session of the Foreign Investors Council under the President of the Republic of Uzbekistan takes place
On November 16, at the Kuksaroy Residence, President Shavkat Mirziyoyev chaired the First Plenary Session of the Foreign Investors Council under the President of the Republic of Uzbekistan. The event was attended by the EBRD President Odile Renaud-Basso, heads of such leading companies and banks as Suez, Calik Holding, Cengiz Enerji, Halyk Bank, VEON Group, TBC Bank, Abu Dhabi Fund for Development, ACWA Power, Zeppelin International AG, EDF, AME International, CNH Industrial, Youngone Corporation, Procter & Gamble, Mitsui, Sojitz Generation DMCC, KIA Motors, General Electric, John Deere, Silverleafe, Knauf, White & Case, as well as representatives of international financial institutions
Main goal of reforms is the openness of the national economy
On November 16, at the Kuksaroy Residence, President Shavkat Mirziyoyev chaired the First Plenary Session of the Foreign Investors Council under the President of the Republic of Uzbekistan. President of the Republic of Uzbekistan Shavkat Mirziyoyev gave a speech at this event. Dear ladies and gentlemen! Dear guests! First of all, I give a warm welcome to all participants at the First Plenary Session of the Foreign Investors' Council. It gives me great pleasure to see the leaders of the world's leading companies and financial institutions - our dear friends and partners - present at today's event.
Chosun Ilbo (http://english.chosun.com)
Saudi Ruler in Korea for Big Business Contracts
Saudi Crown Prince Mohammed bin Salman arrived in Korea early Thursday morning to consolidate business relations as the Gulf kingdom plans huge construction project. He was welcomed by Prime Minister Han Duck-soo at Seoul Air Base in Seongnam, Gyeonggi Province. The two governments signed two dozen memoranda of understanding on railway, housing, chemical and hydrogen plant construction deals involving Neom, a "smart" city being built in Tabuk Province in northwestern Saudi Arabia, to help the desert country emerge from its dependence on the oil economy.
U.S. Warns of N.Korean 'Cyber Heists'
North Korea is believed to have stolen more than US$1 billion in "cyber heists" using malware over the last two years, U.S. Secretary of Homeland Security Alejandro Mayorkas warned Tuesday. These include attacks with ransomware, where a computer is paralyzed and users are prompted to pay a ransom in cryptocurrency if they want their data back. Many victims pay up even though computers are never restored. In written testimony he submitted Tuesday to the U.S. House Committee on Homeland Security, Mayorkas said, "In the last two years alone, North Korea has largely funded its weapons of mass destruction programs through cyber heists of cryptocurrencies and hard currencies totaling more than $1 billion."
Trump May Face Challenges in Organizing Republican Support
In the days leading up to former President Donald Trump's announcement Tuesday evening that he would seek the Republican Party's nomination again in 2024, influential voices in conservative political circles expressed their opposition to the idea of handing the party's reins back to him. With Trump leading the party after his election in 2016, Republicans lost control of the House of Representatives in 2018. Then in 2020, despite his false claims to the contrary, Trump lost the presidential election to Joe Biden and watched as his party also lost control of the Senate.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Yoon and Saudi crown prince agree on economic cooperation
President Yoon Suk-yeol and Saudi Arabian Crown Prince Mohammed bin Salman Al Saud agreed to strengthen defense, energy and infrastructure cooperation and work towards a "future-oriented strategic partnership" on Thursday. "Saudi Arabia is Korea's largest trading partner in the Middle East, and a key partner for economic and energy security as well as in overseas construction," Yoon said during the in their first bilateral summit in Seoul, according to the presidential office. The crown prince kicked off a one-day official visit to Seoul early Thursday. It is his first trip to the country in over three years.
Korea, Saudi companies sign over 20 MOUs, Prince Mohammad arrives in Seoul
Some 26 memorandums of understanding between Korean companies and Saudi Arabia were announced with the arrival of Crown Prince and Prime Minister Mohammad bin Salman Al Saud in Seoul on Thursday. The business agreements, though they have no legal bound, include a $7 billion petrochemical project by S-Oil, the biggest single foreign investment, as well as Hyundai Rotem’s railroad and hydrogen train development cooperation related to Saudi’s NEOM city project. The crown prince's trip to Seoul is his first since 2019.
First Google Asia Women Startup Forum is held in Seoul
Google held its first offline demo day event for women-led start-ups in Asia-Pacific regions on Thursday.“What I find so important about this demo day is […] the impact [these women] leave for the next generation of women founders,” said Mike Kim, head of Google for Startups in the Asia-Pacific region, during his opening remarks for the Google Asia Women Startup Forum held in Gangnam District, southern Seoul. The Google Asia Women Startup Forum, attended by local and global venture investors, is the first women entrepreneur-centered start-up pitching program hosted by Google for Startup, according to the company.
The Dong-A Ilbo (http://english.donga.com/)
Saudi Crown Prince visits Korea for large-scale projects
The state visit of Saudi Crown Prince Mohammed bin Salman to South Korea gave shape to large-scale projects worth 29 billion U.S. dollars. Under the project, the public agencies and companies of Korea and Saudi Arabia will cooperate in 26 business areas, including energy, construction, and bio-industry. Expectations are high on the economy making a rebound out of the current global recession, as it did in the 1970s under the cooperation with the Middle East. South Korean President Yoon Suk-yeol had a dialogue with the crown prince of Saudi Arabia. He arrived in the country on Thursday morning and had a luncheon at his residence in Hannam-dong, Seoul.
UN Third Committee passes resolution on N. Korean human rights
On Wednesday, the UN Third Committee (Social, Humanitarian, and Cultural) adopted a draft resolution condemning the human rights violations in North Korea. The resolution, the first in four years for South Korea to propose along with other nations, addresses the killing of a South Korean public servant in the Yellow Sea in 2020 and the forced repatriation of North Korean fishermen in 2019. In response, the North denounced the South Korean government, mentioning the tragic crowd crush in Itaewon at the end of last month.
Zelensky suggests an open talk with Russia
Ukrainian President Volodymyr Zelensky said on Wednesday that it received a signal from Western countries that Russian President Vladimir Putin wanted a direct negotiation and that he suggested an open talk to Russia. Nearly nine months into the war upon the Russian invasion of Ukraine, the Ukrainian army reclaimed Kherson, which Russia had forcefully annexed. Upon retaking Kherson, Zelensky said it was the “beginning of the end of the war.” The recent meeting between the chiefs of intelligence in the U.S. and Russia and the visit to Ukraine by high-ranking U.S. government officials have indicated a possible involvement of the U.S. in mediation between Russia and Ukraine.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Samsung, LG, net up record CES 2023 innovation awards
South Korean tech giants Samsung Electronics Co. and LG Electronics Inc. swept up record number of innovation awards from U.S. Consumer Technology Association (CTA) ahead of CES 2023, the world’s largest tech exhibition kicking off in January. CTA on Wednesday announced products and technologies in 28 categories for CES 2023 Innovation Award honors. CES Innovation Award from CTA that organizes CES 2023 is given to innovative technology and products that will lead the world.
Korean makers ready to sign business deals with Saudi during crown prince visit
South Korea and Saudi Arabia are expected to strike 21 business deals in multibillion dollars on Thursday during Saudi Arabia’s Crown Prince Mohammed bin Salman’s two-day stay in Seoul. According to multiple sources from the conglomerate circle on Wednesday, major Korean companies are readying to sign 21 preliminary agreements on procurement deals with Saudi authorities on Thursday. Six of the deals will be led by state firms like Korea Electric Power Corporation (KEPCO) and the remaining 15 by private companies. Each of the deal is expected to be in multibillion dollars.
Hyundai Department Store Group to shed rental unit to become leaner
Hyundai Department Store Group (HDSG) has become first among big Korean conglomerates to streamline business to ready ammunitions against an economic downturn. According to multiple sources from the retail and investment bank industries on Wednesday, the retail group plans to shed Hyundai Rental Care, a rental and care services unit, to become leaner amid forecasts of the economy turning weakest since pandemic and financial crisis period.
HanKyoReh Shinmun (http://english.hani.co.kr)
In opting for bloc diplomacy, Yoon puts Korean Peninsula peace at stake
“Other national leaders work hard on pursuing diplomacy of national interest, yet President Yoon Suk-yeol appears to be singularly waving the flag of values diplomacy." “The Indo-Pacific strategy of the government of South Korea… Well, it’s to the point that it’s hard to tell whether it’s South Korean diplomacy, US diplomacy or Japanese diplomacy. Diplomacy without a nationality isn’t diplomacy.” This is former unification minister and State Council member for unification, diplomacy and security affairs Jeong Se-hyun’s general take on President Yoon Suk-yeol’s recent diplomatic tour of Southeast Asia, as expressed to the Hankyoreh on Wednesday.
S. Korea’s climate aid pledge pales in comparison to status as top 10 CO2 emitter
The South Korean government has announced plans to provide an additional 3.6 billion (US$2.7 million) won in support over a three-year period to assist developing countries in adapting to climate change. Its gesture comes as the 27th UN Climate Change Conference (COP27) — an occasion for the countries of the world to assemble and discuss the Earth’s shared future — draws to a close. But observers called the plan “severely inadequate” in light of South Korea’s top 10 global status as both a CO2 emissions source and an economic power.
Yoon, Xi meet for first in-person summit in Bali
President Yoon Suk-yeol and Chinese leader Xi Jinping held their first summit on Tuesday in Bali, Indonesia, on the sidelines of the G-20 summit, in which they discussed issues including North Korea’s nuclear weapons program and strengthening exchange and cooperation between their respective countries. Yoon asked Xi for China to play an “active, constructive role” in responding to North Korea’s threats, while Xi stuck to the principle that South Korea should be the party actively working to improve inter-Korean relations.
In the summit, which lasted 25 minutes, the two leaders discussed topics such as how Korea-China relations should develop, the problems faced by the Korean Peninsula, and various regional and global considerations.
The KyungHyangShinmun (http://english.khan.co.kr/)
An 84m2 Dunchon Jugong Apt. to Cost More than 1.3 Billion Won: 38.29 Million Won Per 3.3m2
The Dunchon Jugong Apartment in Gangdong-gu, Seoul, the largest reconstruction project in the history of South Korea, will be sold to the general public at 38.29 million won per 3.3m2. The Housing Price Review Committee at the Gangdong-gu Office notified the price to the Dunchon Jugong Reconstruction Association on November 16. The Association had originally proposed the price of 41.8 million won per 3.3m2, but is expected to accept the price set by the district office without much protest.
“They Tend to Think It Is Happier to Live Alone” Na Kyung-won Criticizes MBC’s “I Live Alone”
Na Kyung-won, vice chairperson of the Presidential Committee on Aging Society and Population Policy mentioned the MBC TV show, I Live Alone and said, “I think they tend to think that it is happier to live alone.” Na appeared on the KBS radio show, Choi Gyeong-yeong’s Power Current Affairs on November 16 and spoke on the problems of an aging society and the low birth rate. She said, “Policies are important, but the most important thing is social perception.” On the show, Na said, “I heard there was a program called I Live Alone,”
Former Defense Minister Suh Wook Released, Pulling the Brakes on the Investigation of the “Masterminds” Behind the Yellow Sea Murder Case
On November 8, the court released Suh Wook (pictured), former minister of national defense, who was arrested for his involvement in the murder of a civil servant in the Yellow Sea. He was released seventeen days after his arrest. This may pull the brakes on the prosecutors’ investigation, which was heading toward high-ranking officials in Moon Jae-in’s Cheongwadae. On Tuesday, the Criminal Appeal Division 5-2 (chief judges Won Jeong-suk, Jeong Deok-su, Choi Byeong-ryul) of the Seoul Central District Court held a habeas corpus proceeding requested by Suh and released the former minister on condition that he pay a deposit of 100 million won. A habeas petition is a request made by the suspect detained during an investigation asking the court to review the need for the detention.
S. Korea, Netherlands Agree to Upgrade Bilateral Ties to 'Strategic Partnership'
President Yoon Suk Yeol held a summit with Dutch Prime Minister Mark Rutte on Thursday and agreed to elevate ties to a "strategic partnership." The two leaders sat down for talks on Thursday afternoon at the Yongsan presidential office in Seoul, the first meeting since their summit in late June in Spain on the sidelines of the summit of the North Atlantic Treaty Organization. In a joint statement following their second summit, Yoon and Rutte said they agreed to upgrade their relationship to a strategic partnership, six years after the countries established the comprehensive, future-oriented partnership in 2016.
Pentagon: N. Korea's Missile Launches Destabilize Region, Not New Normal
The U.S. Department of Defense has reaffirmed the U.S.’ commitment to the defense of South Korea and other allies amid continued missile launches by North Korea that the department says is destabilizing to the region. Pentagon spokesperson Sabrina Singh reiterated the stance in a press briefing on Thursday when asked about the North’s missile provocations, saying that the unprecedented increase in launches is not the new normal and is unbelievably unsettling to security. The spokesperson added that if Pyongyang continues to launch these ballistic missiles, it further destabilizes the region, confirming that the U.S. commitment remains strong to South Korea and Japan.
US NSC Official: N. Korea Funding 30% of Weapons Programs through Illicit Cyber Activities
A White House official said on Thursday that North Korea is funding some 30 percent of its nuclear and missile programs with proceeds from illegal cyber activities. In a press briefing in Washington, Anne Neuberger, the deputy national security advisor for cyber and emerging technologies at the National Security Council, spoke about North Korea’s acquisition of vast sums of money through cyber attacks on cryptocurrency infrastructure. Neuberger said that the U.S. is "particularly concerned" about malicious cyber activity by North Korea, saying that the North is believed to be financing just about 30 percent of its missile and other malicious programs from cyber attacks.
S. Korean biz heavyweights, Saudi crown prince discuss cooperation
South Korean business leaders met Saudi Arabia's Crown Prince Mohammed bin Salman in Seoul on Thursday to discuss business cooperation, including the construction of a futuristic mega city. Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won and Hyundai Motor Group's Chairman Euisun Chung were among the eight South Korean business leaders who attended the meeting held late in the day with the crown prince at a hotel in downtown Seoul.
N. Korean missile launches destabilize region: Pentagon
North Korean missile launches continue to destabilize the region, a Pentagon spokesperson reiterated Thursday, soon after Pyongyang resumed its ballistic missile testing. North Korea fired a short-range ballistic missile into the East Sea on Thursday (Seoul time) in its latest military provocation that came after an eight-day hiatus. "It continues to be destabilizing that they launch these ballistic missiles and if they continue to do that, it just further destabilizes the region," deputy spokesperson for the defense department Sabrina Singh told a press briefing.
Interior ministry, Seoul city gov't raided over Itaewon crowd crush
A special investigation team on Thursday raided 22 locations, including the interior ministry and the Seoul metropolitan government, in a wide-ranging probe into the bungled response to the deadly Itaewon crowd crush. The team sent 65 investigators to 12 emergency response-related offices of the Ministry of the Interior and Safety, eight such offices inside Seoul City Hall and two offices of Seoul's self-governing police body to seize related evidence.
The Korea Herald (http://www.koreaherald.com)
Saudi crown prince's visit brings $30b in busines deals
Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman arrived in Seoul on Thursday to hold talks with President Yoon Suk-yeol and top business leaders, initiating a slew of agreements worth an estimated $30 billion between the two countries. The crown prince’s trip to Seoul is his first in three years. In a closed meeting held earlier in the day, Yoon and the crown prince agreed to develop bilateral relations into a “future-oriented strategic partnership” and establish a “strategic partnership committee” at the leadership level to promote cooperative projects more systemically, according to a written statement released by the presidential office.
N.Korea fires ballistic missile after warning US, allies of ‘fierce’ tit-for-tat
North Korea on Thursday fired a ballistic missile off its east coast, after the country warned it would take “fierce” military action against US efforts to strengthen its extended deterrence posture against Pyongyang. A short-range ballistic missile was fired from an area around the coastal city of Wonsan in Kangwon Province toward the East Sea at around 10:48 a.m. local time, South Korea’s Joint Chiefs of Staff said in a statement. The short-range ballistic missile traveled about 240 kilometers at a speed of Mach 4 and an altitude of around 47 km, the JCS said in a statement, adding that South Korean and US intelligence authorities were still analyzing the missile's specifications.
Seoul wins at World Smart City Awards for its projects for the underprivileged
The Seoul Metropolitan Government has won the city category at the Smart City Expo World Congress, the organizer announced Wednesday, in recognition of its smart city strategies for the underprivileged. The World Smart City Awards is given for innovative city strategies, that can make an impact on the lives of citizens and make cities more sustainable and inclusive. Seoul has been “proven to be an inspiration for those concerned by inequalities. The digital transformation is amplifying,” said Barcelona Deputy Mayor Laia Bonet, upon presenting the awards' main prize. Seoul’s work “is truly honoring the motto of this smart city expo world congress. Cities inspired by people, and those who are citizens are not left behind.”
The Korea Times (http://www.koreatimes.co.kr)
Chaebol chiefs meet Saudi crown prince to seek lucrative deals in oil-rich nation
The heads of Korea's top business groups gathered at Lotte Hotel Seoul, Thursday afternoon, to meet Saudi Arabia's Crown Prince Mohammed bin Salman and seek more business opportunities in the $500 billion Neom smart city project in the Middle Eastern country, industry officials said Thursday. The crown prince arrived in Seoul early Thursday and held a tea meeting for one and a half hours with the chiefs of Korea's eight major conglomerates, including Samsung Electronics Chairman Lee Jae-yong.
S. Korea, Saudi Arabia seek stronger partnership for Vision 2030
President Yoon Suk-yeol and Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman agreed on the importance of bilateral economic partnership to move the kingdom's ambitious Vision 2030 initiative forward during their meeting in Seoul, Thursday. The Saudi crown prince arrived in South Korea on Wednesday after attending the G-20 Summit in Bali, Indonesia. Before meeting Yoon, the crown prince held a flurry of meetings with South Korean government officials and business leaders to discuss ways to deepen the two countries' economic partnership, which was followed by business deals worth up to 40 trillion won ($30 billion).
S. Korea, Netherlands upgrade relations to strategic partnership
South Korean President Yoon Suk-yeol and Dutch Prime Minister Mark Rutte agreed on Thursday to elevate bilateral relations to a strategic partnership, underscoring the importance of the two countries in lowering vulnerabilities in the semiconductor supply chain. The leaders also made a series of agreements to enhance bilateral ties in the fields of politics, security, economy and culture during their summit at the presidential office in Seoul. This was the second summit between Yoon and Rutte following one that took place on the sidelines of the North Atlantic Treaty Organization Summit in Spain in June.
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