Wednesday, January 11, 2023
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Lee Jae-myung questioned over Seongnam FC bribery scandal
Lee Jae-myung, the leader of the main opposition Democratic Party (DP), appeared for questioning by prosecutors on Jan. 10 over his involvement in a bribery scandal surrounding the Seongnam FC, a football club, in Seongam City, Gyeonggi Province when he was the city mayor. Chairman Lee showed up at the Suwon District Prosecutors' Office with some 20 DP lawmakers and read a five-page statement. In the statement, Lee said, "It is unacceptable to regard Seongnam city officials' and my own sincere efforts in the interest of citizens as a crime.
Norma, Saudi ITB sign MOU for exports of quantum security solutions
Norma, led by CEO Jung Hyeon-cheol, recently signed an MOU with Saudi Arabia's IT infrastructure company ITB and agreed to export solutions that are applied with Post Quantum Cryptography (PQC) technology. The export product will be the IoT security solution "Q Care" series applied with PQC, and the size is estimated to be about $2 million (worth 2.5 billion won). Norma is an IoT security-specialized company based on quantum security technology. Founded in 2008, ITB (ITBELT) is one of the leading companies in IT consulting and information technology.
SK Geo Centric signs MOU with Plastic Energy of Britain
SK Geo Centric, a subsidiary of SK Innovation, has signed a contract with British company Plastic Energy, which specializes in plastic pyrolysis, completing the “last puzzle” of the world’s first plastic recycling complex to be built in 2025. Amid a surge in demand for plastic recycled products worldwide, SK Geo Centric’s green business is building momentum. SK Geo Centric announced on Jan. 6 (local time) at CES 2023 that it had signed a contract with Plastic Energy to introduce the technology to build a pyrolysis plant in the Ulsan plastic recycling complex.
Chosun Ilbo (http://english.chosun.com)
Opposition Chief Questioned over Seongam Bribery Scandal
Opposition leader Lee Jae-myung appeared for questioning by prosecutors on Tuesday over his involvement in a bribery scandal in Seongam, Gyeonggi Province when he was mayor there. Lee showed up at the Suwon District Prosecutors' Office with a group of Minjoo Party lawmakers and read a five-page statement. "It is totally unacceptable to try Seongnam city officials' and my own sincere efforts in the interest of citizens as a crime," he said. "The summons is a politically motivated trap and I will stand up and face it."
U.S. Official Visits Korea to Discuss Economic Woes
The U.S. under secretary of state for economic growth, energy and the environment, Jose Fernandez, arrived in Korea on Monday afternoon for a visit to discuss global economic issues. Fernandez on Tuesday met with his Korean counterpart Lee Do-hoon to discuss issues like ensuring reliable supply chains and the U.S.' protectionist Inflation Reduction Act. He leaves on Wednesday for the fifth annual Indo-Pacific Business Forum in Japan.
Elementary School Population Dwindles Fast
The school-age population is dwindling rapidly to the point where there will be fewer than 2 million kids in elementary school by 2028. The figure is less than one-third of the 5.75 million in 1970 and over 30 percent fewer than last year. According to a report by the Education Ministry, there will be 5.2 million schoolkids this year, 5.12 million next year, 5.01 million in 2025 and just 4.25 million in 2029. The elementary school population will shrink dramatically due to the record low birthrate. It stood at 2.66 million last year but is expected to dwindle to 1.84 million by 2028.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Rift widens between Yoon and Na Kyung-won
Na Kyung-won, vice chair of the Presidential Committee on Aging Society and Population Policy, resigned after conflicting with the chairman, who is President Yoon Suk Yeol. The resignation was confirmed by Na’s office, and Yonhap reported that the former judge and four-time lawmaker announced her resignation through Chief Of Staff Kim Dae-ki while apologizing to Yoon for causing concerns. Na was appointed by Yoon to lead the committee on Oct. 14.
Chinese court rules Wemade can decide what to do with its IP
A Chinese court ruled in favor of Wemade in relation to multiple lawsuits against the Korean game publisher over adaptation rights. The lawsuit was filed by Actoz Soft, a Korean game company subsidiary of Chinese game publisher Shengqu Games. Actoz Soft tried to ban any intellectual property (IP) adaptations or licensing of Wemade’s massively multiplayer online role-playing game (MMORPG) The Legend of Mir 2.
Fugitive underwear boss arrested in Thailand
The fugitive Kim Seong-tae, ex-chairman of the underwear company SBW Group, was arrested in Thailand on Tuesday, eight months after he fled the country. The 55-year along with SBW Group chairman and CEO Yang Seon-gil were arrested at a golf course in Pathum Thani, north of Bangkok. The two men rush out of the country allegedly after receiving a tip that the Suwon Prosecutor’s Office was seeking an arrest warrant for violating the Capital Markets Act and embezzlement.
The Dong-A Ilbo (http://english.donga.com/)
Prosecutors seek arrest warrant for Lee Jae-myung
Lee Jae-myung, the leader of the Democratic Party of Korea, appeared for questioning by the prosecution on Tuesday as a suspect in the bribery case related to Seongnam FC. While the former presidential candidate is adamantly refusing all charges against him, the prosecution plans to request an arrest warrant as soon as the investigation is completed. “The prosecution has laid out a preordained outcome. I will fearlessly fight against a trap set up by this politically biased prosecution,” said Lee.
Korean shipbuilding ranks 2nd in order volume 4 years running
South Korea was ranked 2nd in total shipbuilding orders for four consecutive years last year, narrowing its gap with the industry leader China. South Korean shipbuilding industry lost first place to China for four years, run topping the list in 2018, but it has managed to narrow the gap with China. According to Clarkson Research, South Korea received shipbuilding orders worth a total of 16.27 million CGT (Compensated Gross Tonnage) last year, ranked second only to China (with 20.82 billion CGT).
Prosecution launches compulsory probes into Itaewon tragedy
The prosecution is pressing ahead with an investigation into the cases of negligence of duty and destruction of evidence regarding the tragic crowd crush of Itaewon. Seoul Western District Prosecutors’ Office carried out a search and seizure Tuesday morning, sending prosecutors and investigators to 10 spots including the Korean National Police Agency, Seoul Metropolitan Police Agency, and Seoul Yongsan Police Station.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
S. Korea’s current account swings to deficit in Nov. on slow chip exports
South Korea’s current account logged a deficit in November of last year for the first time in three months due to a plunge in chip exports. According to tentative data released by the Bank of Korea on Tuesday, the country’s current account balance recorded a deficit of $620 million in November, a significant $7.44 billion drop from a surplus of $6.82 billion a year ago.
Ford said to team up with LG Energy for battery plant in Turkey
Ford Motor Co. will join hands with South Korean battery maker LG Energy Solution Ltd. (LGES) instead of SK on Co. to build a new battery plant in Turkey, according to Bloomberg on Monday. Multiple sources told Bloomberg that U.S. auto giant Ford and LGES will sign a memorandum of understanding (MoU) in late January or early February on a joint battery factory in Turkey.
World’s leading economists to gather in Seoul in 2025
Korea will host one of the world’s largest events for economists as the country has been chosen to hold the 2025 Econometric Society World Congress in August that year by the Econometric Society. Korea has been chosen to be the host of the 2025 congress event, according to the American Economic Association Annual Meeting on Sunday, which took place in New Orleans, Louisiana.
HanKyoReh Shinmun (http://english.hani.co.kr)
Korean-style armistice out of the question for Ukraine, says defense council secretary
“We will not have any ‘38th parallel.’ This is our land. And we’re not going to give in to anyone,” said Oleksiy Danilov, secretary of Ukraine’s National Security and Defense Council, during an interview with the Hankyoreh at the council’s office in Kyiv, capital of Ukraine, on Jan. 3. Danilov added that he thinks the armistice that ended the Korean War in 1953 “was a mistake.” Danilov was pushing back against the Korean-style armistice model that some Western media outlets and experts have recently suggested could be a solution to Russia’s war against Ukraine.
Ukraine could serve as proving ground for West’s newest weapons: Ukrainian deputy defense minister
Following a visit to the US by Ukrainian President Volodymyr Zelenskyy on Dec. 21, the US and other countries decided to provide Ukraine with Patriot anti-air missiles, light tanks and other armaments. Ukrainian deputy defense minister Hanna Maliar, 44, discussed this military aid during an interview with the Hankyoreh at her office in Kyiv on Jan. 3. Maliar said that the Ukrainian forces putting Patriot missiles and other new weapon systems to use in such an intense conflict would also be a good opportunity for Ukraine’s partners in the West.
Nukes vs. cutting-edge weapons: Two Koreas carry over arms race into new year
On the first day of the new year, we were met with news headlines that couldn’t have been further from the prospect of peace. Early in the morning, breaking news alerts announced that North Korea had fired a missile from a multiple rocket launcher and three missiles the day before, which was followed by reports of the results of North Korea’s party plenary meeting throughout the day. For instance, leader Kim Jong-un ordered the “mass production” of tactical nuclear weapons and an “exponential increase” of North Korea’s nuclear arsenal, as well as proposing a new strategy for North Korea’s military arsenal by increasing new intercontinental ballistic missile nuclear warheads and strengthening mobilization.
The KyungHyangShinmun (http://english.khan.co.kr/)
Park Hong-keun, “Opposition Party Leader Subpoenaed for the First Time in the History of Our Constitution... Even the Nazis Advocated the Rule of Law”
Park Hong-keun, the floor leader of the Democratic Party of Korea, criticized prosecutors after they subpoenaed Lee Jae-myung for questioning on January 10 and said, “When the German Nazis and the Japanese Government-General of Korea threatened the people, they also claimed the rule of law.” In a meeting to discuss the party’s strategy on the floor at the National Assembly Tuesday, Park said, “This government is the first in the history of our Constitution to summon an incumbent leader of the major opposition party to the Prosecutors’ Office,”
More than 80 Pieces of Satirical Artwork Depicting President Yoon Removed from the National Assembly
The National Assembly Secretariat stirred controversy after removing more than eighty pieces of artwork from the exhibit, Goodbye Exhibition in Seoul, displayed at the Members Office Building in the National Assembly on January 9. The Secretariat removed the artworks, which included works satirizing President Yoon Suk-yeol, on grounds of internal regulations. The lawmakers who organized the exhibit condemned the act as a “violation of the freedom of expression,” but Lee Kwang-jae, secretary-general of the secretariat explained, “There was an agreement that it would be better to have the exhibit after the parliamentary inquiry into the Itaewon disaster.”
U.S. Satellite May Crash Near Korean Peninsula: Science Ministry Issues Readiness Alert
On January 9, the Ministry of Science and ICT announced that a U.S. Earth Radiation Budget Satellite (ERBS) was falling and that there was a possibility that the defunct satellite could crash near the Korean Peninsula. The science ministry issued a “readiness” alert at 7 a.m. Monday. The ministry explained that as of 4 a.m. Monday, according to the orbit analysis by the Korea Astronomy and Space Science Institute, there is a strong possibility that the U.S. Earth observation satellite, the ERBS, may crash sometime between 12:20-1:20 p.m. Monday, and the Korean Peninsula was included in the expected crash area.
KBS(http://world.kbs.co.kr/service)
After Facing 12 Hours of Questioning, DP Leader Says Prosecution’s Mind Made up on Indictment
Following 12 hours of questioning in an investigation into third-party bribery allegations on Tuesday, main opposition Democratic Party(DP) leader Lee Jae-myung said that it is clear the prosecution will indict him. Leaving the Seongnam branch of the Suwon District Prosecutors' Office at around 10:40 p.m., Lee said that he faithfully provided explanations about allegations against him. The DP chair added that the conclusion was already fixed and the truth will ultimately be determined in court.
World Bank Cuts Global Economic Growth Outlook to 1.7%
The World Bank has sharply lowered its forecast for global economic growth for this year from three percent to one-point-seven percent. The bank presented the grim outlook in a report on Tuesday, citing high inflation, aggressive central bank policies, deteriorating financial conditions and Russia’s invasion of Ukraine. The one-point-seven-percent figure represents a decrease of one-point-three percentage points from the bank's estimate in July of last year and marks the lowest over the past 30 years with the exceptions of the recessions of 2009 and 2020.
Unification Ministry Urges Defector Group to Halt Leaflet Activity
South Korea's unification ministry requested that a North Korean defector group refrain from sending anti-Pyongyang leaflets across the border. Speaking to reporters on Tuesday, an official from the ministry stressed the need to desist leaflet activity in consideration of existing laws and the sensitivity of inter-Korean relations as well as public safety. According to Yonhap News, Park Sang-hak, the head of Fighters for Free North Korea said on Monday that his group was preparing to send leaflets by drones, two weeks after the regime's drone incursion into South Korea late last month.
Yonhap (http://english.yonhapnews.co.kr)
Opposition leader questioned over bribery allegations, calls investigation "fabricated"
Opposition leader Lee Jae-myung appeared at a prosecutors office for questioning over bribery allegations Tuesday, accusing the prosecution of fabricating charges against him. Lee, chairman of the main opposition Democratic Party (DP), arrived at the Seongnam branch of the Suwon District Prosecutors Office located just south of Seoul at 10:20 a.m., surrounded by a large crowd of supporters, including DP lawmakers.
U.S. monitoring N. Korea, others for potential chemical weapons proliferation: Pentagon
The United States continues to keep a close watch on North Korea and others for possible use or proliferation of illegal chemical and biological weapons, a Pentagon spokesperson said Tuesday. Brig. Gen. Pat Ryder also said the U.S. will take all necessary measures to hold any country accountable should they use or spread such weapons. "When it comes to chem-bio capabilities worldwide, it's something that the Department of Defense monitors very closely," the defense department spokesperson told a press briefing.
Exports down 0.9 pct during first 10 days of Jan.
South Korea's exports slipped 0.9 percent on-year in the first 10 days of January, data showed Wednesday, as demand for chips and precision machinery slowed. The country's outbound shipments stood at US$13.86 billion in the Jan. 1-10 period, compared with $13.98 billion a year earlier, according to the data from the Korea Customs Service. Imports, on the other hand, moved up 6.3 percent on-year to $20.13 billion during the cited period, resulting in a trade deficit of $6.2 billion. By sector, exports of chips, the mainstay export products, fell 29.5 percent on-year to $2 billion.
The Korea Herald (http://www.koreaherald.com)
Opposition leader appears for questioning in bribery case, denies charges
Main opposition party leader Lee Jae-myung appeared at a prosecutors office for questioning Tuesday, denying the bribery charges against him and accused authorities for pushing ahead with "a politically motivated investigation." Prosecutors have already made a conclusion to indict me whatever the circumstances might be," Lee told the media as he was entering the district public prosecutors' office in Seongnam, Gyeonggi Province. Calling the probe a "political trap" set by the prosecution, Lee accused them of fabricating evidence to make it seem like the companies' advertising spending on a professional soccer team was an illicit donation.
S. Korea, US reaffirm economic ties
South Korea and the United States are “indispensable partners” that share such universal values as freedom and human rights -- the commitment central to their economic solidarity, Second Vice Foreign Minister Lee Do-hoon said Tuesday ahead of marking the allies’ 70 years of security ties in October. Lee and his US counterpart, Undersecretary of State for Economic Growth, Energy and the Environment Jose Fernandez, discussed bolstering support for economic security or plans to deal with economics disruptions like supply bottlenecks prompted by the war in Ukraine at a meeting in Seoul earlier in the day.
N. Korea says it will never compromise over sovereignty
North Korea will never compromise or concede on the fundamental interests and sovereignty of the country despite any challenges, North Korean state media said Tuesday, legitimizing the ruling party’s intransigence and determination to stand against foreign powers. In an article, the Rodong Sinmun, an organ of the ruling Workers’ Party of Korea, echoed the country’s principle of strength-for-strength and head-on confrontation that North Korean leader Kim Jong-un reaffirmed at the year-end party plenum.
The Korea Times (http://www.koreatimes.co.kr)
Bank of Korea expected to deliver 7th straight rate hike Friday
The Bank of Korea (BOK) is likely to deliver its seventh straight rate hike in this year's first rate-setting meeting scheduled for Friday, as inflation remains high and has room to rise higher due to planned hikes on utility costs, according to analysts, Tuesday. They said the BOK will also need to ensure the interest rate gap with the United States does not widen by too much, at a time when the U.S. Federal Reserve is poised to raise its policy rate to as high as 5.1 percent this year.
Korea's Indo-Pacific strategy to improve relations with ASEAN countries: Vietnamese ambassador
The introduction of the Republic of Korea (ROK) strategy for a free, peaceful and prosperous Indo-Pacific region on the last days of 2022 was a welcome event. Not only was it another strategy applied to the Indo-Pacific region by an important and regionally residing country, it also represented a much-awaited piece of regional policy by the new Korean government following the election of President Yoon Suk Yeol. Although its main features were debuted by President Yoon in November in Cambodia, the introduction of the strategy in a full-text document gave rise to positive reactions from Korea's foreign policy watchers.
World Bank cuts 2023 world growth forecast in 'sharp, long-lasting slowdown'
Global growth is slowing "perilously close" to recession, the World Bank said Tuesday, slashing its 2023 economic forecast on high inflation, rising interest rates and Russia's invasion of Ukraine. Economists have warned of a slump in the world economy as countries battle soaring costs and central banks simultaneously hiked interest rates to cool demand ― worsening financial conditions amid ongoing disruptions from the war in Ukraine. The World Bank's latest forecast points to a "sharp, long-lasting slowdown" with growth pegged at 1.7 percent this year, roughly half the pace it predicted in June, said the bank's latest Global Economic Prospects report.
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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
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El Universal http://www.eluniversal.com.mx/english
Andes http://www.andes.info.ec/en
Ecuador Times http://www.ecuadortimes.net
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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
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