Headline, December 6, 2022
Headline, December 6, 2022
  • Lee Kyung-sik
  • 승인 2022.12.06 00:00
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Tuesday, December 6, 2022

Round-up of important news from major Korean dailies and from international media today


The Korea Post ( www.koreapost.com )

MICAM, world's largest shoe exhibition, successfully completes teaser event
A teaser event of the world's largest shoe exhibition, MICAM Milano, was successfully completed on December 5 amidst the interest of many people. 
MICAM is a global shoe exhibition jointly organized by the Italian Trade Corporation and the Italian Shoe Association, and is a big event that many brands and companies from all over the world participate in every year. This teaser aims to directly introduce the exhibition to major buyers and media before holding the MICAM exhibition, which celebrates its 95th this year, and to share a seminar on the history of Italian shoes and 2023 S/S shoe trends. It is currently attracting the expectations of many fashion industry leaders.

Current President Park Jae-kyu named the 12th head of Kyungnam University
Park Jae-kyu, former Unification Minister, has been appointed as the 12th president of Kyungnam University. Hanma Hakwon, a school corporation, held a board meeting on November 29 and appointed current president Park Jae-kyu as the 12th president of Kyungnam University. "Local universities are currently experiencing various crises such as a decrease in school age population and concentration of universities in the metropolitan area. In order to wisely overcome the crisis and bring true student success and educational innovation, Park Jae-kyu, who has led the diversification of local education with strong leadership and laid the foundation for future talent required by the times and society, is the right person,” said an official of Hanma Hakwon.

CEO Sung Rae-eun of Youngone Corp. promoted to vice chairman
Youngone Corp. announced on Nov. 29 that it conducted regular personnel reshuffle, including the promotion of CEO Sung Rae-eun to the group's vice chairman. Vice Chairman Sung Rae-eun is the second daughter of Sung Ki-hak, chairman of Youngone Holdings. Vice Chairman Sung's promotion came six years after she was promoted to Youngone Holdings president in 2016 and two years after she was promoted to Youngone Corp. CEO in 2020. She will also serve as CEO of Youngone Holdings and vice chairman of the Youngone Group. 
Vice Chairman Sung graduated from Choate Rosemary Hall, a prestigious private high school in the United States and studied sociology at Stanford University in the U.S.



Chosun Ilbo (http://english.chosun.com)
UAE's New Banknote Features Korean-Built Nuclear Plant

A new banknote in the UAE feature a nuclear power plant built by Korea. According to Gulf News on Sunday, the Central Bank of the UAE marked the country's 51st national day by unveiling the new 1,000 dirham note last week featuring the Barakah nuclear plant. The daily said it "highlights UAE's global achievements in space and clean energy." Work on the plant started in July 2012 under a project spearheaded by KEPCO. It consists of four nuclear reactors with three operating and one still under construction.

How Do Korea's 1% Get Rich?
An estimated 424,000 Koreans own more than W1 billion in financial assets. That means just 0.82 percent of the country's population own 58.5 percent of total household assets (US$1=W1,300). Typically these people amassed an average of W820 million at the age of 42 and then increased their wealth. Their number has increased eight percent in just one year, though the rate of growth was smaller than the 10.9 percent during the stock market boom of 2020. KB Financial Group announced the figures on Sunday based on Statistics Korea data and a survey of 400 of the very rich.


EU Slaps Oil Embargo on Russia with Price Cap, Uncertain Impact
A European Union embargo against maritime shipments of crude oil from Russia went into effect Monday, along with a price cap agreed to by the Group of Seven leading industrialized economies and Australia. Targeting seaborne deliveries that make up two-thirds of the EU's crude imports from Russia, the embargo counts among a raft of steadily tougher EU sanctions against Moscow for its war in Ukraine. Some analysts call it Europe's most significant step to date in reducing its dependency on Russian energy -- which is helping fund the war.


Joongang Ilbo (https://koreajoongangdaily.joins.com )

Yoon welcomes Vietnam's president in first state visit
Hosting his first foreign state visit, President Yoon Suk-yeol welcomed Vietnam's president to Seoul on Monday, emphasizing the two countries' growing ties.Vietnam is our key partner in Korea’s Indo-Pacific strategy and Korea-Asean Solidarity Initiative,” Yoon said in a joint press briefing at the presidential office with Nguyen Xuan Phuc, citing his administration’s two key policies toward the Asean region. Phuc is on a state visit, the first since Yoon was inaugurated last May, the highest level of a visit by a foreign leader.

71st Operation Christmas Drop begins, Korea joins U.S. and its allies
Korea is taking part in Operation Christmas Drop for the second consecutive year, with an Air Force C-130 flying to remote Pacific islands and dropping toys, clothing, medicine, fishing gear, daily necessities and other gifts by parachute. It joins Australia, Japan, New Zealand and the United States in the humanitarian mission, which has been held annually for 71 years. Led by the U.S. Pacific Air Forces, participants will deliver donated goods to 20,000 people living on 56 islands throughout Micronesia and Palau. Operation Christmas Drop is the longest running Defense Department humanitarian assistance mission.


China-linked shares rise as Covid rules are relaxed a bit
Cosmetics and duty-free stocks are rising as China, one of their biggest markets, eases some Covid-19 restrictions — and Chinese tentatively prepare to return to a more normal life. Shares of Amorepacific rose 6.08 percent to 139,500 won ($107.80) on Monday. LG Household & Health Care rose 6.72 percent to 715,000 won and Aekyung rose 6.95 percent to 20,000 won. The rises follow expectations that spending in China will increase if more people are allowed to resume normal lives.


The Dong-A Ilbo (http://english.donga.com/)

Korea’s elderly has smallest disposable income among OECD members
A man surnamed Lee (aged 66) who retired in 2014 after working in a state-owned company for 33 years, had worked as head of the apartment management office and recently began his career as a drone instructor. This is because 1.62 million won he receives from the national pension is far from enough to cover his and his wife’s living expenses. Despite his monthly earnings of around 700,000 won as an instructor, his monthly income including his pension entitlements stands only at 30 percent of his pre-retirement revenue. “I already used up all my severance pay. It is so regretful that I broke my personal pension that I’d been putting in for more than ten years,”


Lee visits Abu Dhabi as first overseas destination since taking office
Chairman Lee Jae-yong of Samsung Electronics (photo) chose the Middle East as his first overseas destination after taking office. He will be attending a private high-level meeting of political and business leaders in the United Arab Emirates. According to the business community on Sunday, Chairman Lee departed Korea to visit Abu Dhabi. Details of the trip have not been made public, but Lee is expected to visit the annual private roundtable hosted by President Mohammad bin Zayed Al Nahyan of the United Arab Emirates.

Iran reviews the hijab law after death of Mahsa Amini
Amid several months of anti-government protests triggered by the suspicious death of Mahsa Amini in Iran, Tehran hinted that it would review the current law that mandates wearing the hijab. According to the British Guardian on Saturday (local time), Iranian President Ebrahim Raisi said in a televised speech, “Iran’s Islamic foundation is legally solid. However, there could be more flexibility in how the laws are applied.” It was a step back from its current stance that obligates the hijab. Iran's Justice Minister Mohammad Jafar Montazeri said, "The parliament and the judiciary are examining the issue." Minister Montazeri said, “On Wednesday, judiciary officials met with the Parliament and started reviewing it. Results will be available in one or two weeks.”



Maeil Business News Korea (http://www.pulsenews.co.kr/)

Samsung Electronics appoints first female president
Samsung Electronics Co. on Monday appointed its first female president outside the owner family members in its annual executive reshuffle. The South Korean tech giant promoted Lee Young-hee to the president of the Global Marketing Center for Device eXperience (DX) division that overseas its mobile business. Lee joined Samsung Electronics in 2007 and was promoted to vice president in 2012. As a marketing expert from L‘Oreal, Lee is credited for successfully building Samsung Galaxy mobile phone brand.

Non-regular workers at Korean SMEs account for more than 40 percent of total
ver four out of 10 workers at Korean small and mid-sized enterprises are non-regular workers, while the disparity in the portion of temporary employees between large businesses and SMEs is at a record high, government data showed on Monday. According to Statistics Korea, the number of workers not employed on regular, full-time hours at SMEs with fewer than 300 staff stood at 7,679,000 as of August, accounting for 41.1 percent of all those working in such companies.


Korean corporations turn more active in spin-off this year in econ downturn
South Korean corporations have turned more active in spinning off their business units as part of preemptive restructuring or fund-raising efforts amid growing recession fears, with the number of spinoffs this year hitting a 12-year high, the similar level seen in the global financial meltdown. According to Financial Supervisory Service (FSC) on Sunday, 13 companies have announced spin-offs so far this year, which is the highest since 2010 when 14 corporations separated business units mainly to transform into holding companies. This is also more than four times higher than last year with three.



HanKyoReh Shinmun (http://english.hani.co.kr)

Yoon’s nonchalance at ILO notice is worrying sign for labor rights in Korea
The International Labour Organization (ILO) has sent an official letter to the South Korean government about its alleged violations of basic labor rights in connection with the truckers’ strike, the Hankyoreh learned on Sunday. While that essentially illustrates the international concerns prompted by the Korean government’s hard-line response, President Yoon Suk-yeol ordered the government on Sunday to immediately draft a return-to-work order not only in the cement sector but also in the oil refining and steel sectors.


Arrest of former national security advisor: A stepping stone for targeting ex-President Moon?
Prosecutors investigating the previous administration’s response to the shooting of a South Korean government employee by North Korean soldiers in the West Sea arrested former Blue House Office of National Security Director Suh Hoon as the top decision-maker in the Moon Jae-in administration’s security lineup at the time. Many are now watching to see if the prosecutors will call Moon himself in for questioning. While prosecutors previously referred to Suh as the “final decision-maker” in connection with the case, the possibility of the investigation’s net widening in the wake of Suh’s arrest cannot be ruled out.


Korean women take to streets to protest lax response to “structural” femicides
Around 500 people gathered in front of the Bosingak belfry in Seoul’s Jongno District on Sunday afternoon for a rally to call for stronger punishment of violent crimes against women. Despite frigid temperatures with a wind chill factor of 5 degrees below zero, they were out to make their voices heard through the rally. Femicide is a structural issue that must not be treated as a personal one,” participants shouted. The real perpetrators of femicide are social structures.”



The KyungHyangShinmun (http://english.khan.co.kr/)

President Yoon’s Approval Ratings Approach 40%, Up 2.5%
A survey result on December 5 showed that President Yoon Suk-yeol’s approval ratings were nearing 40%. Disapproval of the president dropped below 60% for the first time in five months. According to the poll results released by the polling firm, Realmeter, on Monday, the approval rating of President Yoon Suk-yeol’s handling of state affairs recorded 38.9%, up 2.5% from a survey conducted the week before. The latest survey was conducted by Realmeter upon request from Media Tribune. They surveyed 2,507 men and women ages eighteen and older throughout the nation from November 28 until December 2.

Prosecutors Cause Bereaved Families of Itaewon Disaster More Pain: One Prosecutor Mentioned the Possibility of Drugs when Suggesting an Autopsy
News that a prosecutor mentioned drugs when asking the family of an Itaewon crowd crush victim if they wanted an autopsy was belatedly released, stirring controversy. According to the Supreme Prosecutors’ Office on December 4, on October 30, the day after the Halloween crowd crush, a prosecutor from the Gwangju District Prosecutors’ Office visited a funeral parlor in Gwangju and asked a victim’s family if they wanted an autopsy. When suggesting the autopsy, the prosecutor mentioned the possibility of drugs and the need to identify the accurate cause of death. He said that an autopsy would give them a clear cause of death--whether it was due to pressure on the chest or due to drugs--mentioning the possibility of drugs.

President Yoon Claims Exports Declined Due to the Cargo Truckers’ Strike and Asks for Their Cooperation to Overcome Crisis
On December 1, President Yoon Suk-yeol asked the Cargo Truckers Solidarity, currently engaging in a strike, to end the walkout and cooperate in overcoming the economic crisis. Thursday night, President Yoon wrote on social media, “I ask those in the freight transportation business to end the strike and put in your efforts to overcome the economic crisis.” He also wrote, “Inflation and the energy crisis is weighing down on the global economy even before we have completely made our way out of the crisis brought on by Covid.” The president continued and said, “Due to the additional impact of the collective refusal to transport freight by the Cargo Truckers Solidarity, exports in November have declined 14% from the same period last year, and we have recorded a trade deficit of over seven billion dollars.”



JCS: N. Korea Fires over 100 Artillery Rounds in Violation of Military Agreement
North Korea fired apparent artillery rounds into the inter-Korean military buffer zone in the East and West seas on Monday. South Korea's Joint Chiefs of Staff (JCS) said it had detected the firing of around 130 projectiles presumed to come from multiple rocket launcher systems into the military buffer zones Monday afternoon. They were fired from an area in Kumgang County, Kangwon Province toward the East Sea and from Jangsan Cape in South Hwanghae Province toward the West Sea with the launches beginning at 2:59 p.m. according to the JCS.

Trade Minister Seeking to Maximize S. Korean Interests in IRA Talks
Trade minister Ahn Duk-geun said that he will attempt to ensure South Korean interests are maximized in the final sub-clauses of the Inflation Reduction Act(IRA), which currently excludes South Korean electronic vehicle(EV) makers from U.S. tax credit. Ahn, who arrived in Washington on Sunday as a member of the South Korean delegation, said, however, that it would be premature to predict what U.S. President Joe Biden meant when he recently said there could be "tweaks" made to the act.


President Yoon Praises Team Korea's Hard Work in World Cup
President Yoon Suk Yeol offered encouragement to the South Korean national football team on Tuesday after its 2022 World Cup campaign in Qatar came to an end with a 4-1 loss to top-ranked Brazil in their Round of 16 match. In a social media post right after the match on Tuesday morning, Korea time, the president praised captain Song Heung-min and his 25 teammates as well as head coach Paulo Bento and the staff for their hard work through the journey, saying that the players did their best despite injuries.



Yonhap (http://english.yonhapnews.co.kr)

SK On-Ford venture breaks ground on EV battery plant in Kentucky
South Korean battery maker SK On Co. said Tuesday its joint venture with Ford Motor Co. has broken ground on an electric vehicle battery plant in the U.S. state of Kentucky. The project is part of the US$11.4 billion investment the two companies announced in September last year to build two EV battery manufacturing facilities in Kentucky and a third one in Tennessee. The ground-breaking ceremony in Glendale on Monday (U.S. time) drew some 400 state and business leaders, including SK Group Executive Vice Chairman Chey Jae-won, SK On President Jee Dong-seob, BlueOval SK CEO David Hahm and Kentucky Gov. Andy Beshear.

S. Korea to report best ever exports performance this year: trade ministry
South Korea is expected to log a record annual value of exports this year to become the world's sixth-largest exporter despite a global economic slowdown, the trade ministry said Monday. The country, however, is experiencing extended trade deficit over high global energy prices and sluggish global demand in recent months, and the government vowed all-out effort to boost growth momentum for exporters facing multiple challenges. The value of the country's exports is expected to come to over US$680 billion for this year, which will be larger than an all-time high of $644.4 billion set the previous year, according to the Ministry of Trade, Industry and Energy.


S. Korea, Japan cooperation critical to dealing with N. Korea, economic challenges: envoys
South Korea and Japan must work closely together bilaterally and also trilaterally with the United States to deal with the various challenges at hand such as North Korean provocations and supply chain resiliency, the countries' top envoys in the U.S. said Monday. South Korean Ambassador to the U.S. Cho Tae-yong said the Seoul government stands ready to strengthen its cooperation with the U.S. and Japan. Cho highlighted the importance of trilateral cooperation between the U.S., Japan and South Korea in dealing with provocative North Korea, while hailing joint anti-submarine warfare (ASW) exercises the countries held last month in the wake of North Korea's intercontinental ballistic missile launch.



The Korea Herald (http://www.koreaherald.com)

Yoon likens local truckers strike to N. Korea’s nuclear threats
President Yoon Suk-yeol has likened the ongoing truckers strike to North Korea's nuclear threats, saying the government should respond sternly with principles like it does to protect the people from Pyongyang's repeated actions of menace. "If we had pursued (consistent) North Korea policies based on the principle of nuclear intolerance, we wouldn't be facing North Korea's nuclear threat as we do now," he was quoted as saying by multiple officials, according to Yonhap News Agency on Monday.


Vietnam wants S. Korea’s help to upgrade economy: top envoy
South Korea -- the biggest investor in the Vietnamese economy -- is well positioned to provide key support for Hanoi to be part of global supply chains, Vietnam’s foreign minister said Monday. Vietnam welcomes and encourages Korean firms to make new investments or expand existing ventures in Vietnam … We look forward to receiving the Republic of Korea’s assistance to be part of the global value chains of Korean corporation,” the minister, Bui Thanh Son, told The Korea Herald in an interview Monday.

Korea envoy looks to the next chapter of Korea-Vietnam ties
When South Korea first forged diplomatic ties with Vietnam 30 years ago, not many expected the fledgling bond to become as strong as it is today. Now the Southeast Asian country is one of Korea’s closest partners, or a “diplomatic hotspot” as Korea’s Ambassador to Vietnam Oh Young-ju likes to put it. When the Korean embassy was first established 30 years ago, there were only two government officials here – an ambassador and an attache. Now a total of 13 government ministries have representatives stationed in Vietnam, while some 30 public agencies, including the Korea Creative Content Agency, have since entered here,” she said, in a recent interview with The Korea Herald at the Korean Embassy in Hanoi.




The Korea Times (http://www.koreatimes.co.kr)

Korea, Vietnam elevate ties to comprehensive, strategic partnership
President Yoon Suk-yeol and his Vietnamese counterpart, Nguyen Xuan Phuc, held a summit in Seoul, Monday, agreeing to elevate bilateral ties to "a comprehensive and strategic partnership." The two leaders especially vowed to strengthen cooperation in strategy, security, industry, and supply chains. Phuc arrived in Seoul on Sunday as part of a three-day state visit to Korea on the occasion of the 30th anniversary of diplomatic ties between the two countries. Phuc is the first foreign head of state to make a state visit to Korea since Yoon took office on May 10.


Samsung chief picks UAE as destination of 1st trip after becoming chairman
Lee Jae-yong, chairman of Samsung Electronics, chose the United Arab Emirates (UAE) as the destination of his first overseas business trip since becoming chairman of Korea's largest conglomerate in October, according to industry sources. The sources said Lee left for the UAE on Sunday. Although it remains unclear who he will meet there, the chairman is expected to have a meeting with Sheikh Mohammed bin Sultan Al Nahyan, the president of the UAE. Fueling the speculation is the fact that the UAE president has invited global business figures and politicians every winter to hold private social gatherings. Lee also visited the UAE in December last year.


11 students from multicultural backgrounds and teacher awarded for accomplishments
Eleven talented students from diverse backgrounds and one teacher were recognized for their achievements and exemplary deeds at the 11th Korea Multicultural Youth Awards ceremony, Monday. The awards, given by The Korea Times, are aimed at encouraging students from multicultural backgrounds, who at times experience hardships due to cultural or language barriers. The ceremony, held at the Korea Press Center in Seoul, was attended by awardees and their family members, as well as Gender Equality and Family Minister Kim Hyun-sook, the judges and representatives of the sponsors including Seong Sang-hwan, head of the Korean Association for Multicultural Education.




What’s ticking around the world at this second?

See what the world media around the world have to report:

USA Today www.usatoday.com aallman@gannett.com

The New York Times www.nytimes.com inytletters@nytimes.com

Wall Street Journal www.wsj.com support@wsj.com, service@wsj-asia.com

Financial Times www.ft.com ean@ft.com

The Times www.thetimes.co.uk help@timesplus.co.uk

The Sun www.thesun.co.uk talkback@the-sun.co.uk

Chinese People's Daily www.people.com.cn kf@people.cn

China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn

Gwangmyeong Daily www.gmw.cn webmaster@gmw.cn

Japan's Yomiuri www.yomiuri.co.jp japannews@yomiuri.com

Asahi www.asahi.com customer-support@asahi.com

Mainichi www.mainichi.jp

Le Monde www.ilemonde.com

Italy LaRepubblica www.quotidiano.repubblica.it vittorio.zucconi@gmail.com

Germany Frankfurter AllgemeineZeitung www.faz.net anzeigen.ausland@faz.de

SüddeutscheZeitung www.sueddeutsche.de forum@sueddeutsche.de

Australia Brisbane Times www.brisbanetimes.com.au syndication@fairfaxmedia.com.au

Sydney Morning Heraldwww.smh.com.au

Colombia Reports http://colombiareports.com

Bogota Free Planet http://bogotafreeplanet.com, bfp@bogotafreeplanet.com

El Universal http://www.eluniversal.com.mx/english

Andes http://www.andes.info.ec/en

Ecuador Times http://www.ecuadortimes.net

The Jordan Times https://www.jordantimes.com

LSM.lv http://www.lsm.lv/en

The Baltic Times http://www.baltictimes.com lithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com

El Pais http://elpais.com/elpais/inenglish.html

Philippine Daily Inquirer https://www.inquirer.net

Daily News Hungary http://dailynewshungary.com

Budapest Times http://budapesttimes.hu


The Korea Post is running video clips from the different embassies.

Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM

Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s

Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE

And many other countries.

What are you waiting for?
Use us!
The Korea Post media are more than eager to be used, and to serve you
with the following five news outlets, 37 years old this year!

Korean-language Internet edition: http://www.koreapost.co.kr
English-language Internet edition: http://www.koreapost.com
Korean-language print newspaper:
English E-daily: http://www.koreapost.com/news/articleView.html?idxno=10690

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