Wednesday, March 8, 2023
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Jindo is a treasure island with modern ‘Moses' Miracle of Sea Road’
Mayor Kim Hee-soo of the Jindo County of the Jeollanam-do Province, in the opinion of many people in Korea, is a person who gives the impression of a man with ‘A Great Stone Face’ appearing in the story of a great American writer, Nathaniel Howthorne (1804-1864), who authored the book. Shortly after the American Civil War, a boy named Ernest hears from his mother that a child resembling a large rock face on a rocky hill will be born and become a great figure.
ICCK plans to invite a Korean delegation of auto components makers to India
“We are planning to take a Korean Delegation for the Automobile Components manufacturer to India in the near future and will be facilitating 1:1 meetings with the Indian car and components manufacturers,” said Chairman Anil Sinha of the Indian Chamber of Commerce in Korea (ICCK). “Additionally we are planning to have meetings with the related associations. The purpose of this delegation is to find more opportunities for the Korean and Indian companies looking for new technology and advancement.”
"We will further develop the unique color and charm of Hadong-gun”
"If the culture of a region disappears, so does the region. Hadong-gun, where the natural environment, history, and tradition are harmonized, must find future answers in culture,” said Mayor Ha Seung-cheol of Hadong-gun. In an interview with the Korea Post media, publisher of three English and two Korean-language news publications since 1985, Mayor Ha said, "We will restore the beautiful rural beauty by improving the space as a living place, workplace, and shelter." The followings are excerpts from an interview with Mayor Ha Seung-cheol of Hadong-gun.
Chosun Ilbo (http://english.chosun.com)
Pressure Grows on BOK to Hike Interest Rates Again
The U.S. Federal Reserve is widely expected to hike the federal funds rate later this month, increasing pressure on the Bank of Korea to do the same. Fed Chairman Jerome Powell on Tuesday told the U.S. Senate Banking Committee, "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes. The process of getting inflation back down to two percent has a long way to go and is likely to be bumpy." The BOK froze the interest rate last month at 3.5 percent, halting a string of hikes since April last year. The Monetary Policy Committee holds its next rate setting meeting on April 11.
Plans for Huge Ferris Wheel in Seoul Unveiled
The Ferris wheel that is to become a new Seoul landmark will be built in the northeastern suburb of Sangam-dong, the Seoul Metropolitan Government said Wednesday. The city unveiled an artist's impression of the Seoul Ring and said construction will begin in 2025 for completion by 2027. The wheel will have a radical new design. Instead of a wheel turning on spokes around an axle, it will be a hollow tube that the cabins travel along on a gear fixed to the circumference. Each pod will have a motor that will propel it along the ring in such a way that stays upright on the turn.
U.S. Firms to Pay into Fund for Korean Victims of Wartime Forced Labor
The American Chamber of Commerce in Korea has pledged donations to a government fund that will be set up to compensate Korean victims of wartime forced labor under Japanese rule. This will pose some pressure on Japanese firms under the Korean government's plan to seek business donations to compensate the victims. AMCHAM chairman James Kim said in a meeting with Finance Minister Choo Kyung-ho Wednesday, "I would like to take this opportunity to welcome the historic agreement announced by the Korean and Japanese governments concerning the conclusion of discussions on sensitive historical issues."
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Former assistant to Democratic Party chairman found dead
A former executive assistant of Democratic Party Chairman Lee Jae-myung was found dead in his apartment on Thursday.The man, surnamed Jeon, worked for Lee when he was Gyeonggi governor from 2018 to 2021 and was being investigated by the police for his alleged role in a corruption and influence peddling case linked to Lee. Jeon was questioned for his role as acting executive of the Gyeonggi Housing and Urban Development Corporation, a public urban development corporation established by the Gyeonggi provincial government, from November 2021 to December 2022.
North Korea fires short-range missile into West Sea: JCS
North Korea fired a single short-range ballistic missile from Nampo into the West Sea, according to South Korea's Joint Chiefs of Staff on Thursday. The South Korean military detected the launch at around 6:20 p.m. The launch comes ahead of the South Korean and U.S. militaries' joint exercise Freedom Shield, scheduled to begin March 13.
S-Oil breaks ground on $7 billion Korean petrochemical project
S-Oil broke ground on a 9-trillion-won ($7 billion) petrochemicals project in Ulsan, Thursday, with President Yoon Suk Yeol and Aramco CEO Amin H. Nasser in attendance. The “Shaheen” project, meaning falcon in Arabic, involves the building of a 3.2-million-ton petrochemicals production facility in the southeastern city by 2027. S-Oil is investing 9.26 trillion won in the project. Saudi Arabia’s state-run Aramco owns 63.4 percent of the company.
The Dong-A Ilbo (http://english.donga.com/)
South Korea, Japan to resume mutual diplomatic visits
President Yoon Suk Yeol will visit Japan for a summit with Prime Minister Fumio Kishida next Thursday to signal the resumption of regular mutual visits between the two countries, which had remained dormant for the past 12 years. The restoration of the regular diplomatic visits, which will serve as a symbol of improved Korea-Japan relations, is picking up speed, with Prime Minister Kishida’s return visit as early as the latter half of this year, which will be his first to Korea, coordinated.
New report shows the decline of monthly users of Facebook in Korea
The number of monthly active users (MAU) of Facebook fell below 10 million in South Korea due to the young user base beginning to spend more time on Instagram and other social network services that are better for uploading short text and images. According to Mobile Index, a big data analysis platform, Facebook’s MAU in South Korea was tallied at 9,795,810 on the Google Play and Apple App Store as of February 2023, down 2.6 percent from February 2022, from 11,697,509.
Seoul City unveils Great Han River Project
Gondolas will be installed to let people enjoy the scenery while crossing the Han River. Large-scale infrastructure for tourism, culture, and art, such as the second Sejong Cultural Center and a harbor for water activities, will also be built along the river. On Thursday, Seoul Mayor Oh Se-hoon presented a plan for the “Great Han River Project,” which includes 55 projects in a press conference held at the City Hall. It is the project under the “Han River Renaissance 2.0,” an upgraded version of the “Han River Renaissance” announced by Mayor Oh in 2007. “The “Han River Renaissance” sparked a new culture of the Han River, but many people still say that the city is not easily accessible and lacks things to enjoy. It is now time for us to take a leap forward for the Han River,”
Maeil Business News Korea (http://www.pulsenews.co.kr/)
New Korean union allows members access to its financials
A new labor council in South Korea that is represented by young members in their 20s and 30s will allow its members to leave freely and browse through its accounting book under a more open and transparent guideline compared with the traditional federations. Under the rules set by Saerogochim, a labor council that comprises of young office workers, obtained by Maeil Business Newspaper on Wednesday, the council has specified in Clause No. 9 that its members are allowed to access financial book as it is part of their rights. The members can look into the results of an accounting audit, details of budget spending and income.
LG Electronics rolls out 2023 OLED TV lineup with upgraded features
LG Electronics Inc., which has been at the top in the global organic light emitting diode (OLED) market for 10 years, will release new OLED TV models for 2023 on March 13 that offer “brighter and crisper” images. According to the South Korean tech giant on Wednesday, the 2023 OLED TV lineup consists of 7 series which include the premium OLED evo G and C, B and A that have reasonable specifications, M series that is almost wireless without power cable connections, and R and Z series that include rollable models. The new lineup has 29 models in total.
Samsung starts group-wide recruitment across 19 units for first half
Samsung Group has launched its group-wide open recruitment process for the first half of the year to hire 16,000 new employees. The group’s 19 units that are hiring include Samsung Electronics Co., Samsung Display Co., and Samsung Electro-Mechanics Co., as well as at financial companies like Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co. Applications will be received by March 15 at its in-house recruitment website, Samsung Careers.
HanKyoReh Shinmun (http://english.hani.co.kr)
Tracing year one of Yoon’s rampant prosecutor cronyism
The fears of South Korea becoming a republic ruled by prosecutors voiced after Yoon Suk-yeol took office as president have taken just one year to turn into a reality. A year after Yoon’s election, prosecutors can be found occupying every sort of official government position, as the state’s management system has been taken over by the rigid organizational logic of oneness with the prosecution system. The selection process for official positions — including everything from nomination to vetting and appointment
Worrying shows of Yoon’s unilateral diplomacy
Shortly after rushing to patch up relations with Japan with his administration’s plan to resolve the forced labor issue, South Korean President Yoon Suk-yeol announced an upcoming state visit to the US. The Korean presidential office and the White House revealed Wednesday that Yoon will be holding a summit with US President Joe Biden in Washington on April 26. The first state visit to the US by a South Korean president in 12 years coincides with the 70th anniversary of the South Korea-US alliance.
Yoon likely to use summit with Biden as launchpad for Quad working group participation
The South Korean and US governments have begun coordinating the key items on the agenda of the summit between South Korean President Yoon Suk-yeol and US President Joe Biden slated to take place on April 26. When Yoon and Biden sit down together in Washington, following previous meetings in Seoul last May and in Phnom Penh on the sidelines of the ASEAN summit last November, they’re expected to discuss a wide range of issues, including deterrence against North Korea, economic security, cutting-edge technology and outstanding issues in the region and around the world.
The KyungHyangShinmun (http://english.khan.co.kr/)
Kim Gi-hyeon Elected New Leader of Ruling Party: Yoon’s Intention Takes over Party Allegiance
Kim Gi-hyeon was elected as the leader of the ruling People Power Party (PPP) at PPP’s first national convention since the inauguration of the Yoon Seok-yol administration. The party members wanted their new leader to be on good terms with President Yoon. A majority vote was given to Kim, who was elected without the final voting process. As the Yoon Administration enters its second year, Kim is now responsible for leading the national agenda with the government and driving the party to victory in the 2024 general election. All the five new Supreme Council members elected on this occasion are also pro-Yoon. PPP now has a system of ‘the united party and government’ as President Yoon always wanted.
JMS Stories Flooding Online: People Post Suspected Church Addresses to “Prevent Further Harm”
“Run if anybody invites you to a Bible study. If you decide to join, be on your guard if they mention things like the ‘big father’ or ‘Wolmyeong-dong.’ Since Netflix aired “In The Name of God: A Holy Betrayal,” an exposé documentary about a Korean religious cult, the general public is increasingly interested in the issue. More and more people are telling their personal stories about religious cults. A retail franchise is allegedly known as the source of profit for a religious cult, and there are signs of boycotting the store.
Int’l Women’s Day: Half of All Legislators Did Not Hire Women for Senior Aides
To what extent are women represented in the National Assembly, where legislators make the law? Among the 299 lawmakers in the twenty-first National Assembly, 57 or 19.06% were women. South Korea ranked 121st among the 109 member countries of the Inter-Parliamentary Union and 36th among the 38 member countries of the Organization for Economic Cooperation and Development (OECD). Women only accounted for 35% of the staff who assist the legislators. According to the data obtained from the National Assembly Secretariat on March 7, 65.9% (1,565) of the legislators’ staff were men and 34.1% (810) were women as of February, and the higher the position, the fewer the women.
KBS(http://world.kbs.co.kr/service)
KCNA: N. Korean Leader Oversaw Fire Assault Drill
North Korea said on Friday that its leader Kim Jong-un oversaw a "fire assault drill" by an artillery unit a day earlier. The North's state-run Korean Central News Agency(KCNA) said that Kim gave field guidance to the Hwasong artillery unit charged with an “important operational task” of the Korean People's Army on the western front on Thursday and watched the drill. Overseeing the exercise, Kim reportedly stressed the need to "overwhelmingly respond" to any war preparations by the enemy.
Current Account Swings Back to Deficit in January
The country's current account balance swung back into the red in January due to sluggish exports. According to tentative data released by the Bank of Korea on Friday, the country's current account balance logged a deficit of four-point-52 billion U.S. dollars in January, reversing from a surplus of two-point-68 billion dollars a month earlier. The balance of goods posted a deficit of seven-point-46 billion dollars in January, logging a shortfall for the fourth consecutive month to plunge by nine billion dollars from a surplus of one-point-54 billion dollars a year earlier.
DP Chair's Former Aide Found Dead in Apparent Suicide
The police have launched an investigation into the apparent suicide of the former chief of staff of the main opposition Democratic Party Chairman Lee Jae-myung. According to police and fire officials, Lee's former aide, surnamed Jeon, was found dead at his home in Gyeonggi Province city of Seongnam at around 6:45 p.m. on Thursday. Police believe Jeon died by suicide based on circumstantial evidence. Jeon served as Lee's policy secretary during his term as Seongnam mayor before becoming his first chief of staff after Lee was elected governor of the province.
Yonhap (http://english.yonhapnews.co.kr)
N. Korean leader inspects tactical guided weapons test apparently targeting S. Korean military airport: state media
North Korea announced Friday its leader Kim Jong-un oversaw a "fire assault drill" of an artillery unit a day earlier as he stressed the need to "overwhelmingly respond" to any war preparations by its "enemy." Photos released by the North's official Korean Central News Agency (KCNA) also showed Kim's daughter Ju-ae attending the "field guidance." Kim inspected the "Hwasong artillery unit charged with important operational task of the Korean People's Army on the western front on March 9 and watched a fire assault drill," the KCNA said in an English-language report.
Yoon to visit Japan next week for summit with Kishida
President Yoon Suk Yeol will visit Tokyo next week for a summit with Prime Minister Fumio Kishida, his office said Thursday, the first bilateral presidential trip to Japan in 12 years made possible after Seoul announced a solution to a dispute over wartime forced labor. The March 16-17 trip will be the first such visit since former President Lee Myung-bak traveled to the neighboring country in 2011. Former President Moon Jae-in visited Osaka in 2019, but that trip was for a summit of the Group of 20 nations, not a bilateral visit.
Cost of provocation will increase until N. Korea changes behavior: State Dept.
North Korea will continue to face increased consequences unless it changes its behavior, a state department spokesperson said Thursday, hours after Pyongyang potentially fired multiple ballistic missiles in its latest provocation. Ned Price said the U.S. remains equally committed to the defense of its allies as it is to dialogue with the provocative North. "We are seeking with our partners around the world
The Korea Herald (http://www.koreaherald.com)
S. Korea looks to revive military pact with Japan upon thaw
The Yoon Suk Yeol administration will resume regular military intelligence sharing with Japan depending on how a recent thaw in ties unfolds, a senior official at Yoon’s office said Thursday, ahead of a two-day summit starting Thursday next week between Yoon and his Japanese counterpart. The South Korean leader is seeking to use the opportunity to make stronger three-way ties with Japan and the US to fend off North Korea’s nuclear threats. But the General Security of Military Information Agreement (GSOMIA) -- a military intelligence sharing pact with Japan
N. Korea fires short-range ballistic missile toward Yellow Sea: S. Korean military
North Korea fired a short-range ballistic missile toward the Yellow Sea on Thursday, Seoul's military said, in the latest show of force ahead of a major South Korea-US military exercise set to begin next week. The Joint Chiefs of Staff said it detected the launch from the North's western port city of Nampo at 6:20 p.m. It did not elaborate further. "While strengthening its monitoring and vigilance, our military is maintaining a full readiness posture in close cooperation with the United States," the JCS said in a text message sent to reporters.
Hyundai Motor sets ambitious goals to beef up domestic output
Hyundai Motor Co. on Thursday laid out its goals to ramp up domestic production and exports to the highest figures since the COVID-19 pandemic began three years ago, showing the auto giant’s willingness to overcome various economic and geographical uncertainties. The record-high targets were announced as President Yoon Suk Yeol visited the automaker’s Ulsan plant. Hyundai Motor Group Executive Chair Chung Euisun accompanied Yoon as the president toured the automaker’s plant.
The Korea Times (http://www.koreatimes.co.kr)
Korea posts current account deficit of $4.52 bil. in Jan. amid sluggish exports
Korea posted a current account deficit of over $4 billion in January as exports sharply dwindled amid growing worries over a global economic recession, central bank data showed Friday. The country's current account shortfall came to $4.52 billion in January, swinging from a surplus of $2.68 billion a month earlier, according to the preliminary data from the Bank of Korea (BOK). It also compared with a surplus of $2.24 billion a year earlier.
Organic EU food eyes Korean market
Organic food products ranging from fruits, olive oil and wine sourced from the European Union (EU) are poised to approach the Korean market, showcasing their superior quality, which is attributed to the favorable climate conditions and certified organic farming methods. Bio Net West Hellas, a group of organic producers in Greece, and the Bulgarian Organic Products Association hosted an event introducing organic products from the EU in Seoul, Tuesday, in cooperation with the Korean company, Hellenic Trading.
NK leader inspects tactical guided weapons test apparently targeting S. Korean military airport: state media
North Korea announced Friday its leader Kim Jong-un oversaw a "fire assault drill" of an artillery unit a day earlier as he stressed the need to "overwhelmingly respond" to any war preparations by its "enemy." Photos released by the North's official Korean Central News Agency (KCNA) also showed Kim's daughter Ju-ae attending the "field guidance." Kim inspected the "Hwasong artillery unit charged with important operational task of the Korean People's Army on the western front on March 9 and watched a fire assault drill," the KCNA said in an English-language report.
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Budapest Times http://budapesttimes.hu
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