Friday August 7, 2020
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
“Korea’s spectacular development is for Côte d'Ivoire a model to emulate”
“Côte d'Ivoire was the first African country to establish diplomatic relations with the Republic of Korea (south) on July 23, 1961, and since that date, the two countries have continued to maintain relations of sincere friendship and frank cooperation.” So said Ambassador Sylvestre Kouassi Bile of the Republic of Cote d’Ivoire in Seoul in an exclusive interview with The Korea Post media at his office in Seoul on Aug. 3, 2020.
Then he disclosed Korea’s spectacular development in the time span of half a century is for Côte d'Ivoire a model to emulate.”
‘Throne Day coincides with holy festival of Eid Al-Adha, symbol of sacrifice, loyalty, value, ideals’
The following message of H.M. King Mohammed VI of Morocco on the Throne Day of Morocco on July 30, 2020 was provided by the Embassy of Morocco in Seoul for publication by The Korea Post media, publisher of 3 English and Korean-language publications since 1985.—Ed.
Praise be to God, May peace and blessings be upon the Prophet, His Kith and Kin!
Dear Citizens,
It is an auspicious sign that the celebration of the anniversary of my accession to the throne should coincide this year with the holy festival of Eid Al-Adha – the symbol of sacrifice, loyalty and unwavering commitment to the right values and ideals.
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KBS (http://world.kbs.co.kr/english/news/)
6 Chief Presidential Secretaries Offer to Resign in Flap Over High-Priced Homes
Anchor: The nation's top presidential secretaries have offered to resign on the heels of criticism over the government's attempts to tame soaring real-estate prices, which have been largely ineffective so far. Making matters worse, a number of key presidential aides became the targets of public criticism for their apparent reluctance to sell apartments in expensive neighborhoods, defying the president's instructions.
Sam Len reports.
Report: Six senior presidential secretaries, including Chief of Staff Noh Young-min, tendered their resignations on Friday, apparently taking responsibility for the government's ineffective attempts to deal with skyrocketing apartment prices, especially in the capital Seoul.
The chief presidential secretaries for political affairs, civil affairs, communication, human resources and civic society have offered to resign, a key presidential office official said.
Rain Leaves 17 Dead, 10 Missing as of Friday Morning
Heavy rains that have pounded South Korea since August 1 have left 17 people dead and ten missing as of 6:00 a.m. Friday.
The Central Disaster and Safety Countermeasure Headquarters's figure does not include the victims of Thursday's incident at Uiam Dam in Chuncheon, Gangwon Province, which has been classified as a boat accident.
Some two-thousand-500 people have been displaced by the rain and flooding, a slight uptick from Thursday evening.
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Yonhap (http://english.yonhapnews.co.kr)
Moon's chief of staff, five senior aides offer to resign
President Moon Jae-in's chief of presidential staff and five other senior aides offered to resign on Friday, taking responsibility for recent management of administration, the presidential office Cheong Wa Dae said.
The officials include Presidential Chief of Staff Noh Young-min and all five senior secretaries of Noh's team: Kang Gi-jung for political affairs, Yoon Do-han for public communication, Kim Jo-won for civil affairs, Kim Geo-sung for civil society, Kim Oe-sook for personnel management.
Week of heavy rain in central region displaces 2,500 people
Unusually intense rainfall for the past week has displaced some 2,500 people in the central region, the national disaster control center said Friday.
Torrents have left 10 people dead and 17 missing, and wrecked havoc on 6,162 buildings, the Central Disaster and Safety Countermeasure Headquarters said, adding 60 percent of the damage has been repaired so far.
The number tallied at 6 a.m. Friday did not include the casualties from three capsized vessels in Uiam Dam in Chuncheon, Gangwon Province, which claimed one life the previous day. Five others who were swept away in a strong current during a repair operation are still unaccounted for as the search in the water continues.
N.K. leader visits flood-damaged village, orders release of reserve grain for victims
North Korean leader Kim Jong-un visited a flood-damaged village in North Hwanghae Province after recent heavy rains left more than 900 homes inundated or destroyed there, state media said Friday.
During the visit to the Taechong-ri aArea of Unpha County, Kim ordered officials to send his special stock of grain to the flood victims and facilitate the use of necessary supplies, such as cement, in rebuilding the damaged sites, the official Korean Central News Agency (KCNA) said.
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HanKyoReh Shinmun (http://english.hani.co.kr)
No signs of compromise in S. Korea-Japan diplomatic dispute
There are no signs of compromise in South Korea and Japan’s protracted dispute over a ruling by the South Korean Supreme Court that ordered Japanese companies to compensate victims of forced labor during the Japanese colonial occupation. It would be extremely difficult to reach a compromise that could simultaneously satisfy both sides: Seoul is set on abiding by the Supreme Court’s ruling and Japan wants to preserve the “1965 system.”
S. Korean researchers show COVID-19 causes inflammation in both organs and blood vessels
A team of South Korean researchers has become the first to show through animal testing that the virus causing COVID-19 causes inflammation not only in the respiratory organs but also in the blood vessels.
The Korea Research Institute of Bioscience and Biotechnology (KRIBB) announced on Aug. 5 that a research team led by Hong Jung-joo had demonstrated for the first time that SARS-CoV-2 causes vascular inflammation and provokes immunosuppression in an experiment using nonhuman primate models. Hong is a senior research fellow at KRIBB’s Korea National Primate Research Centre, as well as a professor at the veterinary college at Chungnam National University.
Samsung unveils five new products in Unpacked 2020
Samsung Electronics unveiled five new products, including its Galaxy Note 20, during its Unpacked 2020 event, which was streamed live on Aug. 5. Other products included the tab PCS Galaxy Tab S7 and the Tab S7+, the smart watch Galaxy Watch 3, the wireless earbuds Galaxy Buds Live, the smartphone Galaxy Note 20 Ultra. Samsung also announced it was accepting pre-orders for its Galaxy Z Fold 2, the company’s second generation of foldable smartphones, starting Sept. 1. The photos show Roh Tae-moon, chief of Samsung’s mobile division, presents the Galaxy Note 20 Ultra, as well as the Galaxy Buds Live, the Galaxy Watch 3, the Galaxy Note 20 Ultra, and the Galaxy Tab S7.
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Chosun Ilbo (http://english.chosun.com)
Credit Cards Show How COVID-19 Is Changing Lifestyles
The coronavirus epidemic is changing the way Koreans live as more and more of them forgo the pleasures of socializing and stay home.
KB Kookmin Bank analyzed credit card usage of its 19 million card holders and found that spending surged during the peak pandemic period between March 11 to May 19 on food delivery, streaming services and games.
The increase was particularly noticeable among the middle-aged, who embraced Netflix and other online services that were formerly the domain of young people. People in their 40s were the biggest spenders on food delivery. Total spending on food-delivery apps increased 77.9 percent on-year, and 118.5 percent among customers in their 40s.
Gov't Approves Massive Aid for N.Korea
The government on Thursday approved a US$10 million aid package for North Korea through the UN World Food Programme as the crackpot country teeters on the brink of famine.
In a meeting chaired by Unification Minister Lee In-young, the Inter-Korean Exchange and Cooperation Promotion Council also greenlit a "peace park" in the demilitarized zone that will cost some W20 billion over the next three years (US$1=W1,186).
The decision comes less than two months after the North Korean regime blew up the inter-Korean liaison office in Kaesong, ostensibly in a fit of fury over a leaflet campaign by South Korean activists.
Korean Air Posts Earnings Surprise in Q2
Korean Air posted a staggering operating profit of W148.5 billion in the second quarter despite the coronavirus epidemic, emerging from losses of W101.5 billion a year ago (US$1=W1,186).
The earnings surprise flew in the face of received wisdom as the epidemic brought international air travel to a grinding halt.
Korean Air on Thursday said second-quarter sales did plummet 44 percent on-year to W1.69 trillion, but the robust growth of the cargo business led to a profit nonetheless.
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The Dong-A Ilbo (http://english.donga.com/)
Trump implies U.S.-N. Korea summit will be unlikely before November
U.S. President Donald Trump said had it not been for the November presidential election, countries such as North Korea, Iran, and China would have come back to the negotiation table. Citing the increase in the amount of defense cost sharing on allies as one of his top priorities after reelection, the U.S. president has made it clear that there will be pressure for burden-sharing.
Tesla’s tax benefit fuels grievance among local carmakers
South Korean carmakers are jittery over the dominance of Tesla, which sold 7,080 cars in the first half of the year alone, taking up a 43.3% share of the entire e-vehicle market in the country. Importing less than 50,000 cars a year, Tesla is exempt from Korea’s strict auto-safety regulations and is allowed leeway to pursue more flexible sales promotions under the conditions of the free trade agreement between Seoul and Washington.
Flood advisory on Hangang Bridge is first issued in nine years
A flood advisory was issued for the first time in nine years for Hangang Bridge in Seoul amid downpours throughout early Thursday as Soyang Dam on Wednesday discharged water for the first time in three years. Riverside parks along the Han River were closed with access control put in place. Roads in the capital city were partly inundated with floodwater while some traffic routes were closed.
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The KyungHyang Shinmun (http://english.khan.co.kr/)
Government Squeezes out Housing Supply and Seeks Clever Ways to End Speculation
The government announced that it would investigate the source of the money involved in the purchase of expensive homes with a price of 900 million won or higher at all times to prevent real estate speculation. They also released plans to launch an investigation if the housing prices in areas designated for development show signs of overheating.
Hong Nam-ki, deputy prime minister cum minister of economy and finance spoke at the first ministerial meeting to inspect the real estate market at the government office in Seoul on August 5 and said, “No matter how much we increase the supply of housing units, if we cannot stop illegal transactions and speculation by people with multiple properties, it will be difficult to stabilize the real estate market.” He further said, “We will constantly investigate the purchase of expensive homes valued at 900 million won or more with suspicious funding sources and regularly release the results.”
KOSPI Recovers to Surpass 2,300 after 22 Months
South Korea’s stock market closed on August 5 with the KOSPI index reaching a record high this year at over 2,300.
This day, the market closed with the KOSPI index at 2,311.86, up 31.89 points (1.40%) from the previous day. This is the first time in a year and ten months that the KOSPI index closed at above 2,300 since October 2, 2018 (2,309.57). The highest point this day (2,312.14) also broke this year’s record set the previous day.
According to the analyses of experts, liquidity flowed into the stock market on a massive scale after the COVID-19 outbreak, and recently, foreign investors have slowed down their selling trend, eventually pushing the index up. Foreign investors, which had fiercely begun shedding stocks since March, slowed down their selling, while domestic investors, who entered the market en masse, pushed stock prices up. The dollar has clearly weakened recently and economic indicators from the United States and China also show signs of recovery, which contributed to higher stock prices.
Seoul, Ever More Suffocating: August 4 Housing Supply Measures
The government announced that it would supply more than 132,000 new homes in Seoul by 2028 with public reconstruction and redevelopment projects, by securing new housing sites, such as the Taeneung Golf Club, and by increasing the floor space index (FSI) in the phase-3 new towns. The government decided to ease the FSI regulation in Seoul as well as the 35-floor height restriction to allow high-density development in the city center. The latest measures were intended to send a clear message of “more housing supply” to an overheated market, but they also triggered concerns of side effects, such as the problem of overcrowded development and environmental damage due to the removal of the green belt (development restricted area).
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
Asiana Airlines snaps 6-quarter losing streak in Q2, swings to profit on cargo boom
Asiana Airlines Inc. joined its bigger domestic rival Korean Air Lines Co. to post surprise earnings in the second quarter as Korean full-service carriers kept busy delivering cargoes during the pandemic lull in passenger travel.
Korea’s No. 2 carrier, in its regulatory filing on Friday, said it delivered an operating profit of 115.1 billion won ($96.9 million) in the quarter ended June, resurrecting from six straight quarters in the red. It had lost 107 billion won a year earlier and 208.2 billion won in the previous three months.
Doosan Infracore sale heats up on mention of bidders, Hyundai Heavy denies interest
The sale of South Korea’s largest construction equipment maker Doosan Infracore Co. is gaining heat, with big names including Hyundai Heavy Industries Group being floated as potential buyers.
Credit Suisse, the lead manager of the sale, is set to kick off the tender for Doosan Group’s key unit this month, with an aim to start the actual bid in September, according to industry sources on Thursday.
LG Uplus Q2 winner in 5G with OP up 60% on yr vs 19% of KT, 11% of SKT
LG Uplus Corp. stood out in second-quarter performance among Korea’s three wireless carriers as the industry’s smallest pulled off a near 60 percent in operating profit while gains by bigger peers remained under 20 percent as its agile business focus to value-added contents on 5G network and TV paid off.
LG Uplus said in a regulatory filing on Friday that it raised 239.7 billion won in consolidated operating income in the second quarter ended June, up 59.2 percent on-year and 9.1 percent on quarter. Net profit also jumped 52.9 percent on-year and 1.2 percent on-quarter to 150.6 billion won in the April-June period on sales of 3.27 trillion won, up 5.1 percent on-year and down 0.4 percent on-quarter.
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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
GwangmyeongDaily 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
AustraliaBrisbaneTime www.brisbanetimes.com.au syndication@fairfaxmedia.com.au
Sydney Morning Herald www.smh.com.au
Colombia Reports http://www.colombiareports.com
BogotaFree Planet http://www.bogotafreeplanet.com bfp@bogotafreeplanet.com
El Universal https://www.eluniversal.com.mx/english
Andes https://www.redaktionstest.net/andes-info-ec/
Ecuador Times https://www.ecuadortimes.net/
The Jordan Times https://www.jordantimes.com/
LSM.lv https://www.lsm.lv//
The Baltic Times http://www.baltictimes.com, lithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com
El Pais https://english.elpais.com/
Philippine Daily Inquirer https://www.inquirer.net/
Daily News Hungary https://dailynewshungary.com/
Budapest Times https://www.budapesttimes.hu/
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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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