Thursday, March 23, 2023
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
“Gangwon Province to host a month-long Forestry Exhibition from Sept. 22”
"Under the theme of 'the World, the Future of Humanity, and Finding in the Forest', the 2023 Gangwon Forestry Exhibition will be held in Goseong, Sokcho, Inje, and Yangyang for a month from Sept. 22 to Oct. 22 this year," said Governor Kim Jin-tae of Gangwon Province. This was disclosed at a recent interview with Kim Jin-tae conducted by The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985. Governor Kim said, "Forests in Gangwon-do account for 63 percent of the nation's forest area, which is the lungs of Korea, the ecological axis of the Korean Peninsula, and the driving force behind carbon-neutral green growth."
2023 Suncheonman Int'l Garden Expo 2023 invites domestic and foreign visitors
The 2023 Suncheonman (Bay) International Garden Expo will be held for seven months from April 1 to October 31 under the theme of “Live in the Garden.” On March 2, the Suncheonman International Garden Expo Organizing Committee held the 2023 garden fair D-30 press day with local journalists at the Suncheon Bay International Wetland Center and shared the preparations for the fair. This press day was designed to share the overall preparation for the event and enhance citizens' understanding of the fair as of 30 days before the opening ceremony, starting with an on-site inspection of the fair presided over by Noh Kwan-kyu, chairman of the organizing committee.
Korea Recycled Materials signs a joint research MOU with SK Ecoplant
Korea Recycled Materials (Co-CEOs Park Byung-hoon, Seo Dong-hyun) and environmental and energy companies SK Ecoplant signed a joint research MOU on March 16, 2023, to demonstrate eco-friendly gypsum manufacturing technology that recycles by-products of semiconductor production processes. Korea Recycled Materials was selected as an excellent company in the eco-friendly field for related patented technology at the Contech Meet-Up Day ceremony, a technology contest for small and medium-sized companies and startups held at SK Ecoplant on November 21, 2022.
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Chosun Ilbo (http://english.chosun.com)
Samsung, SK to Keep Chinese Factories Despite U.S. Sanctions
Samsung and SK Hynix are expected to be allowed to keep their factories in China despite U.S. sanctions against Beijing. The U.S. Department of Commerce on Monday announced details of so-called "guardrail" provisions under the CHIPS and Science Act that punishes global companies for investing in China. Large-scale new investments in China are still forbidden if Korean companies want American subsidies, but the details have been watered down in negotiations between Seoul and Washington.
Korea Lands Middle Ranking on Baffling Happiness Report
Korea ranks in the upper middle of the new World Happiness Report, which controversially finds that the entire world was just as happy in lockdown as before. The annual report is published by the UN Sustainable Development Solutions Network and Columbia University and compiled by economists who feel policymakers should pay more attention to people's wellbeing. It claims that "positive social environments were far more prevalent than loneliness and that gains from increases in positive social connections exceed the well-being costs of additional loneliness, even during COVID-19."
Gwanghwamun Plaza to Be Lit up to Promote Busan World Expo Bid
Gwanghwamun Plaza in downtown Seoul will be lit up to promote Korea's bid to bring the World Expo 2030 to Busan. The bid committee said Monday that the plaza will be decorated with multimedia and light installations to show what the expo is to the public, from March 30 until April 3. Experts from the Bureau International des Expositions will visit Busan to conduct an on-site inspection from April 2 to 7. The country's top conglomerates including Samsung, Hyundai and SK will also participate in the promotion to help Korea win the bid to hold the expo.
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Joongang Ilbo (https://koreajoongangdaily.joins.com )
U.S. Chips Act offers some comfort to Korean chip makers
Samsung Electronics and SK hynix will be able to maintain and upgrade their manufacturing facilities in China — albeit marginally — even after the implementation of Washington’s proposed rules aimed at preventing U.S. subsidies from being used in China, Korea’s Trade Ministry said Wednesday. The U.S. Commerce Department announced Tuesday that it will limit recipients of Chips and Science Act funding from investing in the expansion of semiconductor manufacturing in the "foreign countries of concern" including China and Russia.
North Korea fires multiple cruise missiles
North Korea launched multiple cruise missiles from Hamhung, South Hamgyong Province toward the East Sea on Wednesday, said the South's Joint Chiefs of Staff (JCS). The JCS said it detected the launch from North Korea's east coast at around 10:15 a.m. but did not immediately provide further details.
South Korean and U.S. intelligence authorities are analyzing missile data, including models and flight distances.
Workweek reform hurts public support for Yoon, PPP
The controversy over the government’s proposed workweek reform continues to grow, harming public support for the president and his party. In his first meeting since returning from Japan, President Yoon Suk Yeol ordered his staff to come up with measures to reduce public anxiety over working hour reform. President Yoon particularly emphasized compensation for extended working hours, namely, wages and vacation. The government has met with a backlash since announcing plans to increase the flexibility of the 52 hour workweek system on March 6, especially from young people.
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The Dong-A Ilbo (http://english.donga.com/)
US Treasury promises support to smaller banks facing risks
U.S. Treasury Secretary Janet Yellen (photo) said that the government could once again rescue depositors if small lenders suffer bank runs, suggesting that the government would provide a full guarantee of deposits for smaller banks. The government and Wall Street are working to restore confidence in banks as the risk of U.S. bank crisis impacting commercial real estate, which has weakened against high-interest rates. In a speech at the American Bankers Association in Washington, D.C. on Tuesday (local time), Secretary Yellen stressed that the government stepped in to protect all depositors when the Silicon Valley Bank and the Signature Bank failed.
Democratic Party rejects arrest warrant bill for Lee Jae-myung
The Democratic Party of Korea, which had got an arrest warrant bill for its Chairman Lee Jae-myung “by consensus,” showed a different stance towards an arrest motion for ruling People Power Party lawmaker Ha Young-jae. The main opposition party simply rehashed stereotypical statements that it would let party members vote independently without determining a majority opinion on either approval or rejection of the motion. According to the National Assembly on Wednesday, the Ministry of Justice submitted a request for consent to the arrest of Ha, against whom an arrest warrant has been issued on the charge of receiving illegal political contributions.
US State Department releases Report on Human Rights Practices
The U.S. State Department’s 2022 Country Report on Human Rights Practices: North Korea revealed that the country committed extensive acts of human rights violations such as deliberately breaking the legs or severing Achilles tendons of North Korean laborers working in China, Russia, etc. to prevent them from escaping and suffered repatriation. Reportedly, those who watched the South Korean Netflix series “Squid Game” were punished severely, defining Korean culture as antiregime.
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
Maeil’s Vision Korea to discuss 5 advanced manufacturing sectors for growth
South Korea is moving to take the lead in five advanced manufacturing sectors that may create another foundry market worth 4,000 trillion won ($3.1 trillion) in 2040, which includes small modular reactors, small-size satellites and carbon capture storage facilities. Maeil Business Newspaper, in collaboration with global consulting firm Boston Consulting Group (BCG), will present strategies for Korea to enhance its manufacturing power and stay ahead in the five advanced foundry markets at the 33rd Vision Korea National Conference at The Shilla Seoul hotel on Wednesday.
Korea revises down emission reduction target for businesses
The South Korean government has decided to revise down its 2030 greenhouse gas reduction target for the industrial sector to 11.4 percent from 14.5 percent set by the former administration, a move that will load off some regulatory burden on businesses. The 2050 Presidential Commission on Carbon Neutrality and Green Growth on Tuesday unveiled its first basic plan between 2023 and 2042 to achieve carbon neutrality and green growth. The plan is expected to serve as a basis for the future initiatives led by the Yoon Suk Yeol government.
LVMH’s Arnault exploring ways to enter luxury hotel industry in Korea
LVMH Moët Hennessy Louis Vuitton SE, the world’s largest luxury group that owns Louis Vuitton and Christian Dior, is pushing to enter the luxury hotel industry in South Korea as the French company’s Chairman and Chief Executive Officer Bernard Arnault met with top executives of Korean retail and distribution companies. Arnault met with leaders in the retail and distribution industry during his three-day visit to Seoul to discuss ways for LVMH-owned hotel brands to advance into the Korean market, according to distribution industry sources on Tuesday.
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HanKyoReh Shinmun (http://english.hani.co.kr)
Yoon deflects criticism of Tokyo summit as politically motivated
On Tuesday, President Yoon Suk-yeol stated that “we should acknowledge and remember the past but should not let that hold us back,” in reference to the South Korea-Japan summit held in Tokyo on March 16. The president argued that the bilateral relationship between South Korea and Japan “should move forward, beyond the past.” With many criticizing the government’s behavior as pushing for “one-sided” and “giveaway” diplomacy, Yoon appealed directly to South Korean citizens by claiming that “the normalization of bilateral relations between South Korea and Japan will inspire a new sense of pride in our people.”
What to expect following the “normalization” of Korea-Japan ties
“It is too early to discuss the Japanese Prime Minister’s visit to South Korea when the Statue of Peace is still standing in front of the Japanese Embassy.” Let’s suppose that the Japanese government makes this demand of Korea. The consensus in Japan after the South Korean Supreme Court finalized its ruling on the issue of forced mobilization in 2018 was one of “teaching Korea a lesson.” I wonder if that is exactly what is happening now, and, if so, what comes next.
Yoon cries wolf of political attacks amid criticism over Tokyo summit
South Korean President Yoon Suk-yeol spent more than 20 minutes of a Cabinet meeting on Tuesday loudly justifying his recent summit with the Japanese prime minister and bragging about his achievements. There was no indication that he was aware in the slightest of the sheer diplomatic incompetence entailed in acceding to all of Japan’s demands without getting any tangible concessions out of the Japanese. Yoon contended that “Japan has already apologized to us and expressed contrition dozens of times,” while framing domestic criticism as being the work of “groups that seek political gain by endorsing exclusionary nationalism and anti-Japanese sentiment.”
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The KyungHyangShinmun (http://english.khan.co.kr/ )
Lee Jae-myung, “The Age of Growth by Squeezing the People Is Over. We Will Stop Free Labor and Overtime”
On March 22, Democratic Party of Korea leader Lee Jae-myung said, “The Democratic Party will stop changes for the worse in labor policies that could force an excessive workload on citizens,” and announced, “We will improve unreasonable wage policies to prevent businesses from forcing people to provide free labor and to work overtime for free. We also need to head toward a 4.5-day work week.” Lee made the statement at a meeting of the party’s Supreme Council at the National Assembly Wednesday.
Citizens Worried President Yoon Might Import Marine Products from Fukushima
News got out that Japan asked South Korea to lift import regulations on marine products from Fukushima, Japan in the latest summit, igniting concern among the citizens of Korea. Given the government’s lowly attitude toward Japan, confirmed in its solution to the forced mobilization under Japanese occupation, the people find it hard to trust the government to stand by its principle of putting top priority on the safety and health of the people. The Japanese Sankei Shimbun reported on March 20 that Prime Minister Fumio Kishida requested South Korea to lift restrictions on the import of marine products from Fukushima in the summit with President Yoon Suk-yeol on March 16.
“Why Yield When They Have Not Repented?” Even Yoon’s Supporters Turn Away
The government and the ruling People Power Party (PPP) have all argued to block public criticism of the summit with Japan, but their self-praise of the summit ended up fueling public opposition. On March 20, comments poured out online claiming that the boasting of the presidential office was far from public opinion. On social media including Twitter, people posted a string of reactions, such as, “He opened the hearts of the Japanese people and pierced the hearts of the citizens of the Republic of Korea” and “How can one who injures the hearts of his own people be the president of the Republic of Korea?”
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KBS(http://world.kbs.co.kr/service)
US Fed Hikes Key Interest Rate by 25 Basis Points
The U.S. Federal Reserve has raised its key interest rate by a quarter of a percentage point in its continuing effort to rein in inflation. After a two-day meeting of the Federal Open Market Committee(FOMC) on Wednesday, the Fed said in a statement that it raised its benchmark short-term interest rate by 25 basis points. The new target range is four-point-75 percent to five percent, reaching the highest level since 2007.
White House: No Imminent Signs of Nuclear Attack by N. Korea
A White House official said on Wednesday that there is no indication that a nuclear attack by North Korea is imminent. John Kirby, a spokesperson for the National Security Council(NSC) at the White House, made the remarks during a press briefing when asked about the North's firing of a short-range ballistic missile on Sunday. The North claimed the firing was a simulation of a "tactical nuclear counterattack," while regime leader Kim Jong-un reportedly stressed the need to be fully ready to swiftly and accurately launch a nuclear attack.
US Seeks to Limit Samsung, TSMC Expansion in China and Russia
To strengthen domestic semiconductor production, Washington last year passed the so-called CHIPS Act, under which some 52 billion dollars will be offered to semiconductor researchers and manufacturers in grants. The U.S. on Tuesday unveiled detailed conditions attached to those grants, effectively prohibiting Samsung Electronics, TSMC and other potential recipients from expanding their production capacities in China and Russia by more than five percent. The Seoul government says South Korean manufacturers can handle the requirements for the grant.
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Yonhap (http://english.yonhapnews.co.kr )
S. Korea to raise guard against market instability after Fed rate hike
South Korea's chief economic policymaker warned Thursday of the possibility of further instability in the global financial market, such as a recent bank turmoil sparked by the failure of American lenders, amid the continued monetary tightening moves by the United States and major economies. Finance Minister Choo Kyung-ho made the assessment during an emergency meeting on the macroeconomic situation, which was also attended by Bank of Korea Gov. Rhee Chang-yong and other officials.
S. Korean president to host Summit for Democracy meeting on economic growth
South Korean President Yoon Suk Yeol will host a leader-level discussion on economic growth and shared prosperity during the Summit for Democracy next week, the U.S. state department announced Wednesday. The meeting will be one of five leader-level plenary sessions to be held virtually during the two-day summit. The upcoming summit will mark the second of its kind, following the first summit hosted by U.S. President Joe Biden in December 2021.
DP leader to keep position despite indictment
The main opposition Democratic Party (DP) decided Wednesday to allow party leader Lee Jae-myung to retain his position despite his indictment on corruption charges. Earlier in the day, the prosecution charged him with bribery and breach of trust stemming from his time as mayor of Seongnam, south of Seoul, years ago. Under Article 80 of the DP charter, the party is supposed to suspend those indicted on corruption charges from duty. But the rule does not apply when the indictment is deemed politically motivated.
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The Korea Herald (http://www.koreaherald.com )
Korea, Japan to expedite trade talks after summit
South Korea and Japan are accelerating their efforts to break down bilateral trade barriers induced by a historical row and to push for revival of economic cooperation. As early as this week, Japan will wrap up procedures to lift restrictions on exports of key semiconductor materials to Korea, while Korea will withdraw its complaint filed with the World Trade Organization against the export curbs, Minister of Trade, Industry and Energy Lee Chang-yang said during a press briefing Wednesday.
Korea, Japan to expedite trade talks after summit
South Korea and Japan are accelerating their efforts to break down bilateral trade barriers induced by a historical row and to push for revival of economic cooperation. As early as this week, Japan will wrap up procedures to lift restrictions on exports of key semiconductor materials to Korea, while Korea will withdraw its complaint filed with the World Trade Organization against the export curbs, Minister of Trade, Industry and Energy Lee Chang-yang said during a press briefing Wednesday.
Samsung, SK breathe tentative sigh of relief over US chip subsidy rules
The United States has revealed the details of its “guardrail” proposal for global chipmakers who wish to receive its chips subsidy and have production facilities in China, "loosening" the restriction by allowing the limited expansion of production capacity in China. Home to two of the world's largest memory chipmakers, Samsung Electronics and SK hynix, Korea's chip industry is somewhat relieved that the guardrail statute “slightly opens up the windpipe” for Korean chipmakers. But it says more room is needed and calls the government to engage in further negotiations with the US.
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The Korea Times (http://www.koreatimes.co.kr )
US Fed lifts key interest rate amid banking sector fears
The U.S. Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing high inflation and averting further upheaval in the commercial banking sector. The quarter-point increase, which was in line with expectations, lifted the target range to 4.75-5.00 percent at the end of a two-day policy meeting. While the Fed has expressed commitment to lowering inflation, there have been concerns that higher rates could deepen banking sector turmoil following Silicon Valley Bank's (SVB) rapid collapse.
Samsung, SK avoid worst-case scenario as US 'guardrails' are less stringent than feared
Samsung Electronics and SK hynix have avoided the worst-case outcome from the U.S. CHIPS Act ― which embodies Washington's attempt to limit Beijing's chip technology development ― because details of the regulation did not specify the banning of increases in output through technological upgrades at their chip factories in China, industry officials said Wednesday. The U.S. Department of Commerce announced on Tuesday (U.S. time) details of the proposed "guardrails" for the CHIPS for America Incentives Program, which involves $52 billion in funding.
Indonesian students advise Korean bank on entering Indonesian market
"Team Garuda, semangat (good luck)!" Four Indonesian college students shouted enthusiastically. They had just landed in Korea to participate in a debate competition hosted by KB Financial Group. Named KB Solveathon, the event pitted 64 college students in competition against each other in November 2022 to come up with a potential strategy for KB Financial Group within 42.195 hours, just like running a marathon. Agnes Michelle Liu, Matahari Sukmadjati, Shavira Amelia Johan and Zahid Ibrahim participated in the event as an Indonesian special team and offered in-house opinions related to the country's financial market to the group, which has been trying to enter the Indonesian market.
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.
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