Monday, October 26, 2020
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
Samsung Group Chairman Lee Kun-hee dies at 78
Samsung Group Chairman Lee Kun-hee, who represents the Korean business community, died at the age of 78 at Seoul Samsung Hospital in Ilwon-dong, Seoul on Oct. 25.
It has been six years since May 2014 when he collapsed at his home in Itaewon-dong, Seoul, due to acute myocardial infarction. "We decided to hold the funeral simply in accordance with the wishes of the deceased and the bereaved families," Samsung Group said on the same day. "We politely decline condolence flowers and condolence calls."
Born in 1942, the deceased became the second chairman of Samsung Group in 1987 after the death of his father, Lee Byung-chul, the founder of Samsung Group.
Samsung SDS wins the 1st place in AI competitions at home and abroad
Samsung SDS announced on Oct. 22 its AI natural language understanding learning model recently topped the "HotpotQA," which is conducted in English, and the "KorQuAD: (Korean Question Answering Dataset) 1.0" and " KorQuAD 2.0" AI Reading Contest, which tests the Korean language.
"HotpotQA" is a dataset-based global AI reading contest created by Carnegie Mellon, Stanford and Montreal universities. Samsung SDS topped "HotpotQA Fullwiki Setting," which is the most difficult way to find answers. This test requires AI to provide the correct answer to the question based on two or more sentences.
KorQuAD 1.0 is a test in which AI reads a limited number of contents on suggested questions and finds the correct answer. KorQuAD 2.0 requires long-term answers based on a high level of understanding of sentences in a way that finds answers throughout Wikipedia in Korean. In particular, Samsung SDS was the first team to score above the level of a human being.
Korea, China extend currency swap, raising its value to 70 trillion won
Korea and China have extended a bilateral currency swap and raised its value. The Ministry of Economy and Finance on Oct. 22 said the central banks of both countries concluded a deal to extend and expand the size of the swap.
The deal had initially been extended three years but the two sides raised the period to five years, or until Oct. 10, 2025, and increased the value from 64 trillion won to 70 trillion won.
The swap is one of China's largest along with that with Hong Kong worth RMB 100 billion (17 trillion won).
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KBS (http://world.kbs.co.kr/english/news/)
Samsung Chief Lee Kun-hee Dies at 78
Samsung Electronics Chairperson Lee Kun-hee died on Sunday at the age of 78.
Samsung Electronics said in a statement that Lee died at a hospital in Seoul on Sunday morning with his family by his side, including his son, Samsung Electronics Vice Chairman Lee Jae-yong.
The tech giant said that the funeral will be held in a modest manner according to the wishes of the deceased and his family.
A Samsung official said that the firm respectfully declines flowers and visits by mourners citing the ban of indoor gatherings of 50 people or more due to coronavirus concerns.
S. Korea Reports 61 New COVID-19 Cases
Daily new COVID-19 cases in South Korea remained below 100 for a second day, with 61 new cases detected throughout Saturday.
The Korea Disease Control and Prevention Agency (KDCA) said on Sunday that of the new cases, 50 are local infections, the majority of which come from the greater metro area including 17 in Seoul and 27 in Gyeonggi Province.
Most of the new cases are linked to sporadic cluster infections at a private ballet school, family gatherings, hospitals and facilities for the elderly.
S. Korea Reports First Highly Pathogenic AI Case in 32 Months
South Korea has confirmed a case of a highly pathogenic strain of avian influenza in wild bird droppings in South Chungcheong Province, marking the first such case in the country in 32 months.
The Ministry of Agriculture, Food and Rural Affairs said on Sunday that the virulent avian influenza strain of H5N8 was detected from a fecal sample collected from wild birds on Wednesday in Cheonan.
It marks the first virulent bird flue case since February 2018 when a highly pathogenic strain of H5N6 was detected in wild bird droppings at a stream in Asan in the same province.
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Yonhap (http://english.yonhapnews.co.kr)
Samsung chief Lee, staunch force behind S. Korea's rise to tech powerhouse, dies
Lee Kun-hee, who had transformed Samsung Group into one of the world's major tech giants from a small trading firm, died at a hospital in Seoul on Sunday at age 78, leaving a thorny succession challenge for his children.
The chairman of the flagship Samsung Electronics had been bedridden since May 2014 following a heart attack.
"Chairman Lee passed away on October 25 with his family, including Vice Chairman Jay Y. Lee, by his side. Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business," Samsung said in a statement.
'Samsung Empire' architect Lee's feats well deserved, but tarnished by political scandal
Lee Kun-hee, the architect of now South Korea's top conglomerate, Samsung Group, had been making headlines in the country's business, social and even political realms since taking over the helm of the business empire from his father for his offbeat approaches and business insights.
Lee inherited the Samsung crown in 1987 at the age of 45 when his father Lee Byung-chull, founder of the present day Samsung Group, died. Under his leadership, the group has the world's largest smartphone and memory chipmaker Samsung Electronics Co. and dozens of affiliates ranging from Samsung Life Insurance Co. to Samsung Heavy Industries Co.
But beyond the shiny badge of the "Samsung Empire," as the conglomerate is often called, family feuds have played out in public and critics have made unceasing accusations that the empire runs on broken laws.
Jae-yong's smooth succession in spotlight after Samsung chief's death
The succession of South Korea's top conglomerate, Samsung, by Lee Jae-yong, the only son of late Samsung Group chief, is in the spotlight as the tech behemoth aims to solidify its presence in the smartphone, semiconductor and other business realms with a massive investment plan under his leadership.
Lee Kun-hee, chairman of Samsung Electronics Co. and the group chief, died Sunday at the age of 78 after he was hospitalized for years for a heart attack, ending his 33-year reign of the business empire whose business portfolio ranges from tech and construction to insurance and an amusement park.
Jae-yong, the eldest scion of the late Samsung Group chief, has been spearheading the group's management, serving as the de facto leader of Samsung since May 2014, when his father collapsed due to a heart attack.
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The Korea Herald (http://www.koreaherald.com)
Architect of Samsung’s tech revolution, Chairman Lee Kun-hee dies at 78
Samsung Group Chairman Lee Kun-hee, 78, had turned Samsung into a global technology powerhouse and laid the foundation for the rapid growth of the South Korean economy. He died Sunday.
With his death, Samsung formally enters a new era under the leadership of his son, Lee Jae-yong, who has come to the fore to succeed him at the helm of the conglomerate since 2013.
Lee Kun-hee had been bed-ridden since a heart attack in May 2014, with his son acting as the de facto chief of the tech titan. The Fair Trade Commission has recognized Lee Jae-yong as the actual chief of the group since 2018.
S. Korea finds no evidence of flu vaccine’s role in reported deaths
South Korea has decided to stick to its flu vaccination program, as no evidence emerged to link the reported deaths to poorly managed or faulty vaccines, the Korea Disease Control and Prevention Agency’s committee on immunization practices said Saturday.
The agency’s director Jung Eun-kyeong said in a briefing that the committee’s review of the reported deaths concluded the likelihood of there being a connection to the vaccines is “assessed to be very low.”
“At this stage, we don’t believe reexamining the vaccines or suspending the vaccinations is in order,” she said. The agency made the announcement based on its analysis of 26 out of the 48 deaths reported so far.
Lee Jae-yong's 'New Samsung' era ushered in
Lee Jae-yong, only son of the late Samsung Chairman Lee Kun-hee, has played a central role in leading the conglomerate since late 2013.
The vice chairman had been preparing to take on formal leadership of the group even before his father collapsed in May 2014, representing Samsung on major political occasions.
Lee greeted former President Park Geun-hye in June 2013, when Park visited Samsung’s semiconductor plant in Xian, China.
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The Korea Times (http://www.koreatimes.co.kr)
Lee Jae-yong to lead post-Lee Kun-hee era
Samsung Electronics Vice Chairman Lee Jae-yong is set to take the helm of the nation's largest conglomerate after his father, Samsung Chairman Lee Kun-hee, passed away at a hospital in Seoul, Sunday. However, for successful management succession, the vice chairman is facing tall tasks over addressing two key issues ― governance overhaul by reforming the complex shareholding structure and proving leadership by finding new growth engines.
Since Lee Kun-hee inherited control from his father, the group's founder Lee Byung-chull, in 1987, the late chairman established Samsung as a global giant of semiconductors, smartphones, TVs and home appliances.
Samsung Group said its annual revenue was less than 10 trillion won in 1987, but the figure grew to 386 trillion won as of 2018. The group's total market capitalization also increased by 396 times from 1 trillion won to 396 trillion won, according to the conglomerate.
Samsung Electronics Chairman Lee Kun-hee dies at 78
Samsung Electronics Chairman Lee Kun-hee, who built the company into the nation's largest conglomerate and a global technology titan, died in Seoul, Sunday, after years of hospitalization. He was 78 years old.
"It is with great sadness that we announce the passing of Lee Kun-Hee, chairman of Samsung Electronics. Chairman Lee passed away on Oct. 25 with his family, including Vice Chairman Jay Y. Lee, by his side," Samsung said in a statement Sunday. "All of us at Samsung will cherish his memory and are grateful for the journey we shared with him. Our deepest sympathies are with his family, relatives and those nearest. His legacy will be everlasting."
Lee's funeral service has been set up at Samsung Seoul Hospital.
Political, business circles mourn death of Samsung chairman
Rival political parties and business circles mourned the death of Samsung Electronics Chairman Lee Kun-hee, Sunday, recognizing his business acumen that turned the company into a global consumer electronics giant over three decades.
The parties, however, were divided in their assessment of Lee's legacy. The ruling Democratic Party of Korea (DPK) and minor opposition Justice Party brought up irregularities of Samsung during Lee's leadership until 2014 when he suffered a heart attack and was hospitalized thereafter.
The main opposition People Power Party (PPP) highlighted Lee's innovative mindset best described in his 1993 speech when he urged his executives to "change everything except your wife and children."
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HanKyoReh Shinmun (http://english.hani.co.kr)
Insadong: At the crossroads of tradition and change
The original version by Édith Piaf is fine, and the cover by Louis Armstrong is pretty good, but the performance by the 12 Cellists of the Berlin Philharmonic is the best way to listen to “La Vie en Rose” in the fall. The autumn is pretty much the only season when one can appreciate the subtle presentation of the rose’s red-hot passion, muted by the sobriety of the cellos and the distinctive restraint of the Berlin Philharmonic.
While listening to the song, I take out a volume of poetry by Rainer Maria Rilke. While Rilke is renowned as the “poet of roses,” he was as likely to compare life’s ripeness to wine as to roses. That’s what we find in the poem “Autumn Day,” which begins with the lines, “It is time, Lord. Summer was grand.”
“Let the late harvest linger. / Give it two more southern days. / Make it full and bring her / final sweetness into those heavy vines.”
S. Koreans nearly split on whether they want ruling party or opposition in Blue House next election
According to a new poll, the South Korean public is nearly split on the question of whether the Blue House should remain in the hands of the Democratic Party or whether there should be a change of parties in the presidential election in 2022.
In a poll by Gallup Korea released on Oct. 16, 44% of respondents wanted a candidate from the ruling Democratic Party to be elected, while 39% wanted the opposition party to take the presidency. The poll was carried out on Oct. 13-15 on 1,001 voters around the country with a reliability of 95% and a sampling error of ±3.1 points.
Support for keeping the Democratic Party in power fell by 3 points from a survey in the second week of September, bringing the ruling party’s edge in the poll within the margin of error.
Seoul residents in their 20s and 30s who don’t own a home suffer from extreme wealth inequality, a new study finds
Soaring house prices are causing wealth inequality to intensify between those who own houses and those who do not. Seoul residents in their 20s and 30s who don’t own a home suffer from extreme wealth inequality, a new study finds.
According to a report titled “The Role of Housing in Wealth Inequality,” published by the Korea Research Institute for Human Settlements on Oct. 22, the median value of total assets in the top quintile (20%) of households in terms of net assets last year was 1.27 billion won (US$1.12 million). That was 39.1 times greater than the median value for the bottom quintile, which was 32.52 million won (US$28,700).
There was a 77.6-fold gap in residential housing wealth (476.77 million won, or US$420,674, to 6.14 million won, or US$5,418) between the top and bottom quintiles. Factoring in real estate investments, which includes non-residential housing, land, and commercial property, brings the real estate wealth gap to a multiple of 101.6 (949.79 million, or US$837,973, to 9.36 million, or US$8,258).
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Chosun Ilbo (http://english.chosun.com)
How to Combat Lockdown Weight Gain
As the nights draw in and people huddle for warms and coronavirus safety at home, weight gain becomes a problem for many.
Early nights also mean that the body releases less serotonin, which can lead to depression and a craving for comfort food.
A study of 1,031 people by the Korea Health Promotion Institute in mid-October showed that 12.5 percent said they gained weight after the coronavirus epidemic started, while 11.4 percent said they are spending less time exercising. The coronavirus epidemic drags on, and the problem for many is how to eat less and work off excess fat.
Flu Vaccine 'Played No Part' in Death of 18-Year-Old
The tentative results of an autopsy of an 18-year-old student who died in Incheon last weekend suggest that the cause of death was not the free flu vaccine he had been given.
A government health official who witnessed the autopsy told the Chosun Ilbo on Thursday, "A prime cause of death was confirmed during the autopsy that is not related to the vaccine. If the vaccine had been the cause, we should have seen signs of anaphylaxis or viral infection, blood poisoning or immune system ailments, but no such signs were detected."
Anaphylactic shock is an allergic reaction after exposure to a particular drug or food that causes the immune system to release a flood of chemicals. It usually occurs within 15 to 30 minutes, but the student died a day after the injection.
Cold Snap Hits Korea over Weekend
Freezing weather hit northern Korea on Friday. Morning temperatures were seven to nine degrees Celsius lower than the previous day.
The Korea Meteorological Administration issued this year's first cold weather advisory for northern Gyeonggi Province and the northern part of Gangwon Province on Thursday.
Temperatures there hovered around freezing on Friday morning, compared to the normal seasonal average of 8 degrees. Elsewhere the morning low was around 5 degrees.
But the windchill effect made it feel even colder with winds blowing at a speed of 4-6 m/s.
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The Dong-A Ilbo (http://english.donga.com/)
Samsung Group Chairman Lee Kun-hee dies
Samsung Group Chairman Lee Kun-hee who turned Samsung Electronics into a global technology powerhouse died Sunday at the age of 78.
According to the group, Lee breathed his last at the Samsung Medical Center on that day with the presence of his wife Hong Ra-hee, former director of the Leeum Museum of Art; his son, Lee Jae-yong, vice chairman of Samsung Electronics; daughters Lee Boo-jin, president of Hotel Shilla, and Lee Seo-hyun, chief of the Samsung Welfare Foundation. The group announced that the funereal will be private in accordance with the wishes of the deceased and his bereaved family.
The late Samsung chairman has been hospitalized since he had a heart attack on May 10, 2014. His condition has rapidly deteriorated recently. He went to cities with warm climate and fresh air in the U.S. and Japan to protect his respiratory system after having a lung lymphoma cancer surgery in November 1999.
UN officially discusses shooting death of S. Korean civil servant
The shooting death in September of a civil servant from the South Korean Oceans and Fisheries by the North Korean military has been officially reported to the United Nations.
According to the South Korean mission to the U.N. and Voice of America on Sunday, Tomás Ojea Quintana, United Nations' Special Rapporteur on the situation of human rights in North Korea, told a videoconference of the Third Committee of the United Nations General Assembly on Friday. “The shooting death and burning of the body of the South Korean civil servant by the North Korean military was arbitrarily killing of a civilian and constitutes a violation of the International Human Rights Law.” Quintana went on to say, “The North Korean authority should immediately amend its policy of using ammunition (against people approaching its national borders) as part of its COVID-19 quarantine policy.” Earlier, in a report on North Korea human rights that was submitted to the U.N. General Assembly in mid-October, Quintana said, “North Korea should disclose all information and compensate to the bereaved family.”
Four episodes of ‘Online Seoul Life’ coming soon on YouTube
The Seoul metropolitan government announced on Sunday that it produced YouTube content to introduce the city to prospective visitors from overseas who find it hard to come to South Korea due to the COVID-19 pandemic.
The “Online Seoul Life” series releases its first episode on Monday. Alberto Mondi from Italy and Lucky from India, TV personalities who are famous in South Korea, visit various places in Seoul and share their reviews. Consisting of four episodes, the series features traditional houses (hanok), palaces, public transportation systems, Sewoon Plaza, Ddareungi – Seoul's bike sharing system, and Korean ramen products selling at convenience stores spotted in the riverside of Han River. In particular, the show describes the city's policies: the Excellent Hanok Certification System; the Intelligent Traffic System; the Dasi Sewoon Project; and the Ddareungi System. Seoul City’s official YouTube channel publishes four episodes one by one every Monday at 5 p.m., starting from Oct. 26 until Nov. 16. The casts on the show speak Korean with English subtitles provided in video clips.
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The KyungHyang Shinmun (http://english.khan.co.kr/)
Nineteen More People Dead after Getting Flu Shots
Health authorities said they would continue with the influenza vaccination as scheduled, for they have yet to confirm the causation between the influenza vaccine and the deaths. However, some experts argue that authorities should temporarily suspend vaccination for 1-2 weeks and resume after clearly confirming the possibility of any causal relation.
According to a review of the statements by the Korea Disease Control and Prevention Agency (Agency) and local governments on October 22, a total of 28 deaths related to flu shots have been reported since October 16 until 9 p.m. this day. The number of deaths more than doubled in just a day since the Agency announced that it failed to verify any connection between the nine deaths reported by October 21 and the vaccine. Among the 28 people dead, most were above the age of sixty, and many were already suffering from chronic illnesses. They died 1-3 days after getting their flu shots. However, there were also people without chronic illnesses and younger people including a fifty-something and a teenager.
The increasing number of deaths is fueling public concern surrounding the influenza vaccine. But in a general audit by the parliamentary Health and Welfare Committee this day, Jung Eun-kyeong, chief of the Korea Disease Control and Prevention Agency said, “We have not changed our mind that the situation does not call for the suspension of vaccination.” Jung said, “It is estimated that nearly 3,000 people die every year due to the flu,” and added, “Since people in high-risk groups, such as the elderly, can suffer from other complications and chronic diseases due to the flu, it is safer for them to get vaccinated.”
CJ Logistics Belatedly Lowers Its Head
CJ Logistics formally apologized for the recent deaths of couriers and presented measures to prevent recurrence focusing on inputting over 4,000 support staff to sort deliveries on site. On October 20, a worker at a CJ Logistics partner firm died, raising the number of delivery workers believed to have died from an overwhelming workload to thirteen.
Park Keun-hee, CEO and vice chairman of CJ Logistics appeared at a press conference at the Taepyeongno Building in Jung-gu, Seoul on October 22 and said, “We pray for the souls of the couriers who recently died while struggling with logistics operations and offer our sincere condolences to their families.” Park said, “As the chief executive officer, I fully recognize my responsibility and lower my head in apology for the great concern we have caused the people.”
CJ Logistics decided to gradually increase the number of staff handling the sorting of deliveries, which had been cited as a key cause of the excessive burden on couriers, from the current 1,000 to 4,000. The company also announced measures to prevent further deaths. It will encourage all couriers to subscribe to the industrial accident insurance, provide more frequent medical checkups and coordinate working hours with a flexible working hour system.
Nine Died after Receiving Flu Shots: Disease Control and Prevention Agency, “Can’t Verify Causation”
By October 21, nine people were reported dead after receiving flu shots. This occurred only five days after a teenager in Incheon died on October 16 after getting his flu shots. However, health authorities judged that six of the deaths had no direct connection with the influenza vaccine and decided to carry out plans to give flu shots as scheduled after considering the status of the COVID-19 outbreak. They plan to further confirm the causation concerning one case, which could have been caused by anaphylaxis shock, one of the side effects of the influenza vaccine.
This day, the Korea Disease Control and Prevention Agency (Agency) held an emergency briefing and announced the status of reports on abnormal reactions to the vaccine and the results of an investigation into damages this year. According to the announcement, so far over 12.9 million people have received flu shots. By the previous day, 431 people had reported abnormal reactions after receiving the vaccine, including the fatal cases. Most of the abnormal reactions were light, such as mild allergic reactions.
So far, there have been nine cases where a person died after receiving flu shots, but authorities have yet to identify any connection with the vaccine. This day, health authorities held a meeting of a team of infectious disease and immunology experts to investigate the damage from the vaccination. The team examined six of the deaths to see if there was any possibility that a substance in the vaccine acted as a toxic material or that anaphylaxis shock occurred after the injection. They also examined what influence chronic illnesses could have had.
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
South Korea loses Samsung Group Chair Lee Kun-hee
South Korea has lost one of its most valuable entrepreneurs who built today’s national pride in electronics components and appliances and household business group contributing 20 percent of the gross domestic product. Samsung Group Chairman Lee Kun-hee passed away Sunday at the age of 78 after a long battle since he was hospitalized in May 2014 from a heart attack.
The funeral will be held privately within the family and won’t receive outside visitors, Samsung said.
The mourning altar was set up at the Samsung Medical Center in Gangnam, southern Seoul, where Lee was hospitalized for more than six years. Funeral details have not been disclosed.
SK Hynix CEO denies $9 bn Intel memory buyout is overpriced given long-term outlook
SK Hynix Inc.`s $9 billion buyout of Intel Corp.`s NAND business is not overpriced, given the added value of Intel`s memory storage solutions and the deal`s contribution to raising South Korea’s chip power, SK Hynix chief said.
“Some see the $9 billion deal as exorbitant, but I don`t see the price as being too high,” said Lee Seok-hee, chief executive of the South Korean chipmaker, in an exclusive interview with Maeil Business Newspaper on Wednesday.
This was Lee’s first media interview since SK Hynix made headlines Tuesday by announcing the biggest acquisition in Korean corporate history. The deal includes all of the American chip giant’s NAND flash business, including solid state drive, NAND flash memory and wafer operations, as well as its fab in Dalian, China.
Posco reports black in Q3 as steel demand returns to pre-pandemic level
South Korea’s largest steelmaker Posco swung to a profit in the third quarter after reporting its first quarterly loss in two decades in the previous quarter as global steel demand and output returns to pre-Covid-19 levels.
Posco said in a regulatory filing on Friday reported an operating profit of 261.9 billion won ($231 million) on a separate basis in the July-September period, reversing from an operating loss of 108.5 billion won in the previous three months. Third quarter operating profit was still down 60.5 percent from 662.5 billion won a year ago.
Sales on a separate basis reached 6.5 trillion won, up 11.8 percent on quarter but down 15 percent on year. Net profit stood at 180.8 billion won, up 2,620 percent on quarter but down 63.8 percent on year.
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The Korea Post is running video clips from the different embassies.
Azerbaijan www.youtube.com/watch?v=OR8CBpcQ4WM
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Morocco www.youtube.com/watch?v=jfFmp2sVvSE
And many other countries.
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