Headlines, July 19, 2019

The Korean daily media headlines and humor

Friday July 19, 2019

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

The Korea Post media (www.koreapost.com) in English, (www.koreapost.co.kr) in Korean.

Moon, political party chiefs unite against Japan's export restrictions

President Moon Jae-in and the heads of five major political parties agreed to launch a bipartisan task force to cope with Japan's use of trade as a means of retaliation over a historical issue.The decision came during three-hour-long talks Moon held with the ruling and opposition party leaders at Cheong Wa Dae, the first such talks in 16 months. They "shared the perception that Japan's measure of export restrictions are unfair economic reprisal that contravenes the free trade order," the parties' spokespersons said in a joint press statement.

Japan's export curbs could cut S. Korea's economic growth: minister

South Korea's economy could suffer a setback from Japan's export restrictions, the finance minister said Thursday, as an escalating standoff between South Korea and Japan shows no signs of abating. Japan has tightened regulations on exports to South Korea of three materials -- resist, etching gas and fluorinated polyimide -- essential for the production of semiconductors and flexible displays.

Seoul mulling 'various scenarios' after Tokyo's deadline for forced labor arbitration panel

South Korea is considering "various scenarios" for what to do about an escalating row over Japan's wartime forced labor, depending on how Tokyo reacts after its deadline for an arbitration panel on the issue expired on Thursday, officials said. Tokyo gave Seoul until Thursday to respond to its June 19 request to form a panel consisting of three third-country members. On Tuesday, Korea's presidential office Cheong Wa Dae publicly spurned the request, calling it "unacceptable."

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KBS (http://world.kbs.co.kr/english/news/)

Typhoon Warning Issued for Waters South of Jeju Island

The Korea Meteorological Administration(KMA) on Friday morning issued a typhoon warning for waters south of Jeju Island. With Typhoon Danas traveling northward from waters off the coast of Shanghai, the KMA forecast strong winds of between ten to 20 meters per second over waters near Jeju on Friday and Saturday, with waves as high as six meters.

Parties Look to End June Extra Session Empty-handed

Rival parties have thus far failed to hold a plenary session on the final day of the current parliamentary session over disagreements on proper follow-up measures to a North Korean boat incursion into South Korean waters last month. The main opposition Liberty Korea Party sought the launch of a parliamentary probe into the incident or a two-day plenary session next week to entertain a motion to dismiss Defense Minister Jeong Kyung-doo and discuss a pending budget bill.

S. Korea to Support Nigeria's War against Crime

South Korea's aid agency plans to support the Nigerian government’s fight against crime by training its police officers. Poor security conditions have hampered the West African nation’s development, despite the country’s abundant natural resources.

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

Japan calls South Korea's rejection of arbitration offer 'very regrettable'

Japan called in South Korea's ambassador to the country and filed a protest on Friday after Seoul rejected its call for an arbitration panel on wartime forced labor, with the escalating row showing signs of spreading to the security realm. Thursday was the deadline Tokyo set for Seoul to respond to its June 19 request to form a panel consisting of three third-country members. Seoul rejected the demand, saying the issue should be resolved through diplomatic talks, rather than a dispute settlement process.

Man seriously injured after setting fire to his car near Japanese Embassy

A man in his 70s suffered burns all over his body after setting fire to his car as it was parked in front of a building housing the Japanese Embassy in Seoul on Friday, police said. The man maneuvered his car onto the sidewalk in front of the entrance of the building and set fire to the inside of the vehicle around 3:24 a.m. according to police. Inside the car inflammable materials including butane gas were found.

Fate of S. Korea-Japan military pact in doubt amid escalating export row

A rancorous diplomatic spat between South Korea and Japan is casting doubts over the fate of a military intelligence-sharing pact seen as a rare symbol of their trust and a key platform for trilateral security cooperation involving the United States. The tussle that started from a simmering row over Japan's wartime forced labor has been escalating into the economic domain with Tokyo's July 4 measure to tighten restrictions on exports to South Korea of key industrial materials.

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

Moon, party leaders vow to work together to deal with Japan's economic reprisal

The government and political parties are to establish an emergency cooperation body to respond to Japan’s trade restrictions against South Korea, the parties and the presidential office said Thursday. The agreement, reached at a meeting of President Moon Jae-in and the leaders of five political parties, called on Japan to immediately withdraw the measures and said that any further trade restrictions would threaten the security of Northeast Asia.

Japan calls South Korea's rejection of arbitration offer 'very regrettable'

S. Korea’s top financial regulator offers to resign ahead of Cabinet reshuffle

Financial Services Commission Chairman Choi Jong-ku said Thursday he has offered to resign, to give President Moon Jae-in a wider range of options in the upcoming Cabinet reshuffle.“The term of office for a Financial Services Commission chairman is three years, but I have tendered my resignation to give (President Moon) a wider option in the reshuffle under the current situation, where Cheong Wa Dae is considering a Cabinet reshuffle,” Choi told reporters during a briefing held at the Government Complex in Seoul.

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

Typhoon Danas to hit Korean Peninsula tomorrow

Authorities have issued a typhoon warning for Jeju Island and southern parts of the country on Friday as typhoon Danas barrels toward the Korean Peninsula. Danas ― classified as "small," with central pressure of 990 hectopascals (hPa) ― is moving northeast at 24 kilometers an hour from 360 kilometers northeast of Taiwan (as of 3 a.m. of Friday), according to the Korea Meteorological Administration (KMA).

Moon, Abe, do some art!

There are some myths as Korea and Japan are locked in a trade dispute triggered by the latter's virtual embargo on essential items for Korea's bread-and-butter industry of semiconductor manufacturing. Here are three.

[INTERVIEW] Mr. Abe, you are not Trump

A globally known Korean economist warned Korea and Japan over their looming as trade war, reminding them that their dispute is destroying the free-trade system of which they are the two greatest beneficiaries. "Japan has risen from the ashes as the defeated nation in World War II and it is the free trade born in the post-war new liberal global order that has enriched it and made it the world's No. 3 economy," Dr. Sakong Il told The Korea Times.

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Chosun Ilbo (http://english.chosun.com)

Sanctions Regime Against N.Korea Full of Holes

A veritable fleet of ships are suspected of violating international sanctions against North Korea by transporting North Korean coal or carrying out ship-to-ship transfers of crude oil to the North while exploiting tracking flaws.

BOK Lowers Interest Rates

The Bank of Korea on Thursday slashed the base interest rate by a quarter percentage point from 1.75 to 1.5 percent. The last time the central bank cut interest rates was in June 2016. The move reflects the need to stimulate growth as sputtering exports are compounded by export restrictions imposed by Japan on key high-tech materials.

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

US diplomat says Washington will do “what we can” to resolve S. Korea-Japan trade dispute

On July 17, the US’ top diplomat for East Asia policy addressed the ongoing conflict between South Korea and Japan, which was intensified by Japan’s recent imposition of retaliatory export controls. “[The] United States is a close friend and ally to both. We will do what we can to support their efforts to resolve this,” said David Stilwell, the new assistant secretary of state for East Asian and Pacific affairs.

S. Korean semiconductor companies conduct tests for domestic materials to replace Japan’s

Samsung Electronics, SK Hynix, and other South Korean semiconductor companies are conducting quality testing on domestic materials and working busily to acquire stockpiles of materials outside Japan in response to Tokyo’s recent controls on its semiconductor material exports. According to accounts from industry sources on July 17, South Korean semiconductor companies have acquired roughly one to two months’ worth of the three materials, which include highly pure hydrogen fluoride, and are awaiting the results of their import applications to Japanese companies. In a press conference that day, Korea International Trade Association (KITA) CEO Kim Young-ju said, “Right now, the companies have applied to the Japanese government for import [permission] and are awaiting a response.”

US nonprofit ranks S. Korea 17th for strategic material management; Japan ranks 36th

Evidence continues to emerge contradicting the arguments of the Japanese government, which is tightening controls on exports to South Korea because of alleged weaknesses in its management of exports, including the “catch-all” system. A comparison of the two countries’ catch-all regulations and operational methods shows that South Korea’s system of preventive controls, which are designed to block the export of materials that could be used in the development or manufacture of weaponry, is more thorough than Japan’s. In a study by a US nonprofit organization, South Korea’s system for managing trade in strategic materials ranked 17th, while Japan’s system came in at 36th. The South Korean government has presented Japan with a written request to quickly arrange deliberations at the bureau-director level.

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

Korea, Germany to jointly develop laser glass-welding technology

The Korea Institute of Machinery Materials (KIMM) will jointly develop laser-enabled glass-welding and underwater processing technologies with the Laser Zentrum Hannover (LZH) in Germany, a globally renowned research institution in the field of cutting-edge laser technology. KIMM Vice President Kang Geon-yong and its research team signed Tuesday a memorandum of understanding for the joint development of advanced laser technologies during their visit to the LZH headquarters in Hanover.

U.S. Congress committee stresses importance of Korea-Japan relations

The U.S. House Foreign Affairs Committee adopted a resolution Thursday reaffirming the importance of tripartite cooperation among Seoul, Washington, and Tokyo, to call on Korea and Japan to build more future-oriented relations. The latest move from the House committee is drawing attention as it stresses the necessity of resolving the much strained bilateral relations.

Critical component for nuclear fusion to be mined on the moon

July 20 marks the 50th anniversary of the first humans landing on the moon. Launched on July 16, 1969, U.S. space probe Apollo 11 entered the lunar orbit after a three-day flight, before astronauts Neil Armstrong and Buzz Aldrin set foot on the moon's surface on July 20. Fifty years later, the world is paying renewed attention to the moon. After China became the first country in history to land an unmanned probe on the far side of the moon, SpaceIL, an Israeli company, attempted to land an unmanned spacecraft on the moon. The NASA plans to send humans to the moon again in 2024. South Korea plans to launch its first unmanned lunar orbiter in 2021 or later.

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The KyungHyang Shinmun (http://english.khan.co.kr/)

Stilwell Says, As an Ally, U.S. Will Engage in All Issues Between the U.S. and South Korea

On July 17, U.S. Assistant Secretary of State for the Bureau of East Asian and Pacific Affairs David Stilwell, who is currently in South Korea, mentioned the trade retaliation by Japan and said that the U.S. would do what it could to help South Korea and Japan solve the problem, as a friend and ally of both nations.

"The Suspension of Semiconductor Production Could Lead to Terrible Consequences"

The Japanese government announced plans to exclude South Korea from a list of "white countries" and on July 17, a South Korean government official said, "If Japan excludes South Korea from the 'white list,' it will trigger a serious problem igniting tension in the tripartite cooperation of South Korea, the United States and Japan."

[Exclusive] Japan Blocks "Third-Country Detour" of Semiconductor Materials

Reportedly, the Japanese government has restricted exports of materials used in manufacturing semiconductors and display panels by checking the end user, the final destination in the distribution process, of each item. Samsung Electronics and SK Hynix have concluded that importing the restricted materials--high-purity hydrogen fluoride (etching gas), photoresist (sensitizer), and fluorinated polyimide--through a third country would be difficult. An alternative that had been considered as a solution to the export restrictions has been blocked, while the restrictions of key chemicals for the manufacture of semiconductors are expected to be enforced for a prolonged period of time.

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

Boehringer signs to pick up IPF drug from Korean startup for up to $1.2 bn

Germany-based Boehringer Ingelheim (BI) offered to pay maximum $1.2 billion for the rights in an investigational idiopathic pulmonary fibrosis (IPF) drug under development by four-year-old Korean biotech startup Bridge Biotherapeutics The company said it received €45 million ($51 million) upfront and is entitled to receive up to €1.1 billion as future milestone payments contingent upon achievement of certain commercial objectives.

Korea’s H2 M&A calendar packed with big names from LG, Asiana to smaller Coway, Talim

South Korea’s merger and acquisition (M&A) calendar is packed in the second half with several near $1 billion deals in the pipeline in diverse category from IT, packaging to rentals and airliners. Streamlining against business slowdown means good business in the M&A market, with blockbuster sales of Daewoo Shipbuilding & Marine Engineering (DSME) to Hyundai Heavy Industries for about 2 trillion won, copper foil maker KCF Technologies (KCFT) to SKC for 1.2 trillion won and industrial gas supplier Linde Korea to local private equity IMM PE achieved in earlier part of the year.

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Lee Kyung-sik edt@koreapost.com