Friday, November 5, 2021
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
Seoul greets a wonderful seasoned, ambitious lady ambassador from Cambodia
All these years since the resumption of diplomatic relations with the Kingdom of Cambodia in 1997, the Republic of Korea has been favored with wonderful ambassadors from the country. However, this year it appears that Korea greets one of the most wonderful ambassadors. The ambassador, Madam Chring Botum Rangsay, spoke the English language in a manner which no one could really tell apart from that used by Britons or Americans. With the new ambassador from Cambodia, it appears that the two countries are now in for a one-notch upgraded level of relations, cooperation and friendship. At an exclusive interview with The Korea Post media (publisher of 3 English and 2 Korean news publications since 1985) on Oct. 26, 2021, Ambassador Chring disclosed that following the signing of free trade agreement (FTA) between Korea and Cambodia, the Cambodian Embassy planned to cohost a business investment event in Seoul in early December with the participation of economy- and business-related ministers of Cambodia.
2021 Korea Eco-friendly Packaging Forum to be held in Seoul
SK Innovation announced that the “2021 Korea Eco-friendly Packaging Forum” was held in two days, starting from Nov. 3 at Walkerhill Hotel, Seoul, Korea, with the participation of its eco-friendly chemical subsidiary – SK Geo Centric. “Korea Eco-friendly Packaging Forum” is an annual event that started in 2019. This year, the main topic of the event is named “Circular Economy through Eco-friendly Packaging.” Around 100 relevant companies, government agencies, and academia joined forces to change packaging materials, a major causes of current environmental issues, into eco-friendly ones.
Daesang Group replaces its corporate image in 24 years
Daesang Group unveiled its new corporate image (CI) on Nov. 1 to mark the 65th anniversary of its foundation. This is the first replacement in 24 years since 1997 when the group changed its name from Miwon to Daesang. Choi Sung-soo, CEO of Daesang Holdings, said, "We will pave the way for a leap forward to become a 100-year company with the introduction of a new CI." The new CI embodies a tree rooted on the ground and stretched branches toward the sky. This means that products and services created based on "nature," which is the basis of the Daesang business, are a virtuous cycle structure that enriches humans and nature. The group started with Dong-A Hwaseong Industrial Co., Ltd., founded in 1956 by the late Chairman Lim Dae-hong.
KBS (http://world.kbs.co.kr/service)
Moon Holds Summit with Visegrad Group
President Moon Jae-in held a series of summit talks with four central European countries on Thursday during his state visit to Hungary. The president first held a summit with the leaders of Hungary, Poland, the Czech Republic and Slovakia, known as the Visegrad Group or V4. In the summit held in Budapest, Moon said that South Korea and the European countries will lead the era of the Fourth Industrial Revolution if they combine the V4's basic science capabilities and Seoul's competitiveness in ICT and applied science. In a joint statement after the summit, the two sides said they agreed to deepen cooperation in the fields of science and technology to achieve a better digital and green transition.
State Department: US Remains Committed to Sanctions on N. Korea
The U.S. State Department has reaffirmed the need to maintain sanctions against North Korea and urged the North to refrain from provocation and join in dialogue. Department spokesperson Ned Price said on Thursday in a press briefing that the U.S. "remains committed" to the sanctions regime. Price added that the U.S. calls on all UN members to fulfill their obligations under existing UN Security Council resolutions to limit the North's ability to acquire resources and technology needed to advance its unlawful weapons of mass destruction and ballistic missile programs. The U.S. appears to have voiced its opposition to China and Russia's attempt to ease sanctions on Pyongyang.
Two More Rate Hikes by BOK Likely by January
With the U.S. Federal Reserve deciding to begin tapering its bond purchases, the Bank of Korea(BOK) will likely further raise its interest rate. The BOK beat the Fed by hiking its rate zero-point-25 percent in August, the country’s first mid-pandemic rate hike. Another rise of the same amount is expected in November. After one more hike of zero-point-25 percent, the interest rate is predicted to hit one-point-25 percent by January. Following that, the BOK is expected to act in accordance with any possible Fed rate hikes. Government officials believe the Fed’s decision will ultimately have a limited impact on local markets.
Yonhap (http://english.yonhapnews.co.kr)
S. Korea logs current account surplus for 17th straight month in Sept. amid brisk exports
South Korea logged a current account surplus for the 17th straight month in September thanks to solid exports amid the rebounding global economy from the coronavirus pandemic, the central bank said Friday. The current account surplus totaled US$10.07 billion in September, up from $7.51 billion a month earlier, according to data by the Bank of Korea. The amount was slightly smaller than the previous year's surplus of $10.34 billion. The September figure marked the 17th straight month that the current account has been in the black since May last year when it turned around from a deficit of $3.33 billion in April amid faltering exports caused by the pandemic.
Moon, Visegrad leaders agree to bolster cooperation
South Korean President Moon Jae-in and the prime ministers of Hungary, the Czech Republic, Poland and Slovakia, known collectively as the Visegrad group, agreed Thursday to bolster their cooperation in the fields of economy, science, technology and climate change. Moon, Hungarian Prime Minister Viktor Orban, Slovak Prime Minister Eduard Heger, Czech Prime Minister Andrej Babis and Polish Prime Minister Mateusz Morawiecki held their second group summit in Budapest earlier in the day. During the summit, the leaders gave high marks to the fact that bilateral trade between South Korea and the Visegrad nations reached an all-time high last year despite the COVID-19 pandemic.
S. Korea, Indonesia to hold last-stage talks over overdue payments for fighter jet project
South Korea and Indonesia will hold what could be the final round of negotiations in the Southeast Asian country next week to address the latter's overdue payments for a joint fighter development project, informed sources said Friday. Officials from Korea Aerospace Industries Ltd. (KAI), South Korea's sole aircraft maker, will meet with negotiators from Indonesia's defense ministry, the sources said, as Seoul seeks to squelch lingering concerns over Indonesia's commitment to the 8.8 trillion-won (US$7.4 billion) project, called KF-X. Kang Eun-ho, head of the Defense Acquisition Program Administration (DAPA), is also expected to visit Indonesia from Tuesday to Thursday to join the Korean negotiation team -- in an apparent show of Seoul's resolve to settle the protracted issue.
The Korea Herald (http://www.koreaherald.com)
Moon optimistic about European battery partnerships
President Moon Jae-in expressed high hopes for battery partnerships with Poland, the Czech Republic, Hungary and Slovakia at a first business forum held between South Korea and the Visegrad Group nations in Budapest on Wednesday. The forum was held on the sidelines of Moon’s state visit to Hungary and a series of summit meetings with the leaders of the four Central European nations during his stay. “The Visegrad Group has become South Korea’s largest investment destination in the EU, where over 600 Korean firms are doing business and their accumulative investment has exceeded $10 billion,” the president said in a speech at the forum.
2 suspects of Daejang-dong scandal arrested
Two key suspects in a land development scandal were arrested early Thursday as investigators continue to delve into one of the largest-ever land development scandals in South Korea. The Seoul Central District Court on early Thursday issued arrest warrants for Kim Man-bae, owner of Hwacheon Daeyu Asset Management, and Nam Wook, a lawyer who is suspected of involvement in the scandal. The two have been under investigation on suspicion of breach of trust and bribery in connection to the scandal.
Fed taper to have limited impact on Korean market
The US Federal Reserve’s decision to dial back its bond-purchasing program in November will have a limited impact on the Korean financial market, the Korean government said Thursday while vowing to monitor market uncertainties surrounding the inflation outlook in the US. As widely expected, the Federal Open Market Committee, the US Fed’s monetary policymaking body, announced that it would reduce its bond purchases by a total of $15 billion a month starting in November. It left its benchmark rate unchanged at a target range of between 0 percent and 0.25 percent, citing the need for a labor market recovery.
The Korea Times (http://www.koreatimes.co.kr)
Korea's nuclear phase-out policy trapped in paradox
President Moon Jae-in's policy to phase out nuclear power from Korea's energy mix is facing a self-contradiction, as he apparently recognizes the necessity of nuclear power during his sales pitch to export domestic reactors to central European countries. During a joint press conference with President Janos Ader after a summit, Wednesday (local time), the Hungarian head of state said the two had reaffirmed each other's promise to reach carbon neutrality by 2050, adding "it is the shared intention of the two countries that carbon neutrality cannot be achieved without nuclear energy." Ader's remark contrasted with Moon's policy to phase out nuclear energy in Korea.
South Korea, Indonesia to hold last-stage talks over overdue payments for fighter jet project
South Korea and Indonesia will hold what could be the final round of negotiations in the Southeast Asian country next week to address the latter's overdue payments for a joint fighter development project, informed sources said Friday. Officials from Korea Aerospace Industries Ltd. (KAI), South Korea's sole aircraft maker, will meet with negotiators from Indonesia's defense ministry, the sources said, as Seoul seeks to squelch lingering concerns over Indonesia's commitment to the 8.8 trillion-won (US$7.4 billion) project, called KF-X. Kang Eun-ho, head of the Defense Acquisition Program Administration (DAPA), is also expected to visit Indonesia from Tuesday to Thursday to join the Korean negotiation team ― in an apparent show of Seoul's resolve to settle the protracted issue.
Moon, Visegrad leaders agree to bolster cooperation
South Korean President Moon Jae-in and the prime ministers of Hungary, the Czech Republic, Poland and Slovakia, known collectively as the Visegrad group, agreed Thursday to bolster their cooperation in the fields of economy, science, technology and climate change. Moon, Hungarian Prime Minister Viktor Orban, Slovak Prime Minister Eduard Heger, Czech Prime Minister Andrej Babis and Polish Prime Minister Mateusz Morawiecki held their second group summit in Budapest earlier in the day. During the summit, the leaders gave high marks to the fact that bilateral trade between South Korea and the Visegrad nations reached an all-time high last year despite the COVID-19 pandemic.
Chosun Ilbo (http://english.chosun.com)
Mercedes-Benz Nabbed Again for Diesel-Emissions Tampering
Mercedes-Benz has been nabbed again for tampering with emissions control systems of its diesel cars. The luxury German automaker was fined a record W64.2 billion by the Ministry of Environment last year for the same violation (US$1=W1,182). The government said Wednesday that Mercedes-Benz and Stellantis, which owns Fiat and Jeep, were found to have tampered with emissions control systems in six diesel models or 4,754 cars that were sold here from 2013 to 2018. The government plans to bring criminal charges against the two companies and fine Mercedes-Benz W4.3 billion and Stellantis W1.2 billion. Affected cars that have already been sold will be recalled, and the license for the emissions control systems will be cancelled.
Can Korea Afford to Get Deeper into Debt?
Minjoo Party presidential candidate Lee Jae-myung on Wednesday insisted that the government can easily afford to hand out cash to every citizen because Korea's debt ratio remains one of the safest on the planet. "It is abnormal to have the lowest fiscal-debt-to-GDP ratio in the world," said Lee, adding more should be borrowed to hand out to every household in coronavirus relief. That would swell next year's fiscal budget to W40 trillion to cover disaster-relief funding, local vouchers and compensation for COVID-19 losses for small businesses (US$1=W1,182). Opposition lawmakers accused Lee, who has seen his approval rating plummet amid a snowballing land-development scandal, of trying to buy votes.
N.Korea Shows up at UN Climate Conference
A delegation of North Korean officials unexpectedly showed up at the UN Climate Change Conference (COP26) in Glasgow, Scotland on Monday. The North is among 190 countries that have signed up to the 2015 Paris Climate Accords and has sent representatives to subsequent meetings. But instead of a team from Pyongyang, the North's ambassador to the U.K. attended the meeting because North Korea's borders are completely sealed and nobody can come in or out. Ambassador Choe Il and other delegates were almost barred from the venue when they tried to attend the opening ceremony and speeches delivered by world leaders without special tickets. They were finally able to enter after showing their North Korean passports.
HanKyoReh Shinmun (http://english.hani.co.kr)
With deadline looming, S. Korean chipmakers will partially comply with US’ data demand
The deadline for submitting major internal data on semiconductor supply chains requested by the US government in September is now just four days away. Domestic chipmakers, which have voiced dismay over this unprecedented demand, are expected to submit their data in a way that will minimize the exposure of sensitive information. According to reporting by the Hankyoreh published Wednesday, domestic chip giants like Samsung Electronics and SK Hynix will submit data to the US Department of Commerce by the Monday deadline so long as the information does not violate non-disclosure agreements with customers.
A breath of fresh air: Innovative architecture in the time of COVID-19
With people today spending a good chunk of their day indoors, it wouldn’t be an exaggeration to say that they end up inhaling a lot of air that has already been breathed by someone else. According to Joseph Allen, a professor at the Harvard T.H. Chan School of Public Health, around 3 percent of the air recently inhaled by people in ordinary American homes, offices, and schools came out of the lungs of people sharing the same space. It’s a fact that most of us aren’t aware of. Under normal circumstances, we might raise our eyebrows a bit and move on. But in a pandemic, it becomes a different story.
Moon underscores S. Korea’s role in leading cooperation on climate change
While touring Europe, South Korean President Moon Jae-in arrived in Budapest, Hungary, for a state visit on Tuesday. Following an official welcome event on Wednesday, Moon plans to hold separate meetings with Hungarian President Janos Ader and Prime Minister Viktor Orban. “We must take immediate action on climate change,” Moon said following his attendance at the 26th UN Climate Change Conference, which was held in Glasgow, Scotland. The conference, also called COP26, was attended by countries that are signatories to the UN Framework Convention on Climate Change.
The Dong-A Ilbo (http://english.donga.com/)
RCEP to take effect in next January
The Regional Comprehensive Economic Partnership, or RCEP, will come into force in January 2022, among 10 countries, including China and Japan. Japan is particularly excited about economic invigoration, with its GDP projected to increase by 2.7%. South Korea has signed the RCEP, but because it is yet to be ratified by the National Assembly, South Korea is not included in the list of countries where the RCEP will come into force. “With the ratification of the RCEP by Australia and New Zealand on Tuesday, the requirements for the regional trade pact to take effect have been satisfied,” stated the Japanese foreign ministry on Wednesday.
Palau is in danger of being submerged
President of the Republic of Palau Surangel Whipps Jr.’s comment is garnering attention. Palau is an archipelago of over 500 islands in the South Pacific at the risk of being submerged due to sea-level rise caused by climate change. Marshall Islands, Maldives, Samoa, and other countries in a similar situation joined him. “There is no dignity to a slow and painful death. We are drowning and our only hope is the life-ring you are holding,” President Whipps said to the leaders of G20 during his speech at the 26th United Nations Climate Change Conference (COP26) held in Glasgow on Tuesday (local time), according to the Guardian.
Kakao Pay becomes the 13th largest company
South Korea’s Kakao Pay, the fintech service arm of Kakao Corp., became the 13th largest company on the KOSPI on debut by securing a market capitalization of 25 trillion won. The company is now making the second largest stock in the financial sector in Korea. Listed on the KOSPI on Wednesday, Kakao Pay surged 7.22% (13,000 won) from the opening price and ended day one of trading at 193,000 won. Investors who were allocated Kakao Pay shares through IPO under the equal share allocations system would have earned 103,000 won per stock.
The KyungHyangShinmun (http://english.khan.co.kr/)
Daejang-dong Members Backed Choi Yoon-gil in His Bid for City Council Chair: “Discussed It with the Democratic Party” According to a Transcript
The people involved in the development project in Daejang-dong, Seongnam tried to win over Seongnam City Council members to vote for Choi Yoon-gil (center of photo), a council member at the time, when selecting the council’s chairperson in 2012. At the time, Choi had lost in the Saenuri Party (current People Power Party) primary, but still ran for chair, changing his registered party. This raised allegations that perhaps the Daejang-dong figures were behind Choi’s victory in the election for council chair. After Choi was elected chair of the Seongnam City Council, he actively promoted the establishment of the Seongnam Development Corporation, and since last year, he has been serving as vice chairman of Hwacheon Daeyu, which led the Daejang-dong development project. The police recently opened another investigation into all allegations linked to Choi.
“Moon to the Window (or Detention Center)” Kim So-yeon Released from Her Position after News of Her Joining Yoon Seok-youl’s Campaign Got Out
The day the news got out that lawyer Kim So-yeon, chief of the municipal administration monitoring team at the People Power Party’s Daejeon office, joined former prosecutor general Yoon Seok-youl’s election campaign, she was released from her position. Last year, Kim stirred controversy after hanging a placard with the words, “The Moon to the Window (The Korean word for ‘window’ could also be read as a ‘military detention center.’ Thus this phrase can be interpreted as a demand that President Moon be sent to prison.),” in downtown Daejeon. She also came under fire for controversial comments condemning the party’s leader Lee Jun-seok, whom she once called a “retard.” Yoon’s camp appears to have decided to remove Kim because of her negative image. A representative of Yoon Seok-youl’s campaign told the reporter over the phone on November 2, “We dismissed Kim because her past comments have recently stirred controversy.”
North Korean Government Officials Were Present When President Moon Gave a Speech on “Inter-Korean Cooperation in Forest Restoration”
On November 1 (local time), President Moon Jae-in gave a keynote address at the 26th United Nations (UN) Climate Change Conference (COP26) and suggested inter-Korean cooperation in forest restoration. North Korean government officials were on site and listened to the president’s speech until the end. However, President Moon was not able to meet with the North Korean officials. This day, President Moon gave a keynote speech at the Scottish Event Campus (SEC) in Glasgow, where the COP 26 summit is taking place. The president said, “Cooperation in forest restoration is a way to promote peace in the border area,” and added that the two Koreas could reduce greenhouse gases on the Korean Peninsula through cooperation in forest restoration.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
SK On to vie against Chinese rivals with pouch cell-type LFP battery
South Korea’s battery maker SK On will go with pouch cells to venture into the lithium iron phosphate (LFP) battery market currently led by Chinese manufacturers that have made prismatic and cylindrical cells standards for LFP electric vehicle batteries. The battery spinoff from SK Innovation has got closer to commercial production of a pouch-type LFP battery for electric vehicles with all development and design phases completed, according to internal sources on Thursday. Progress has been remarkably fast in the company’s engineering sector while the nickel-cobalt-manganese (NCM) battery maker last month said it is in the phase of examining its advance into LFP batteries for low-cost standard range models that are increasingly drawing attention from global EV brands such as Tesla.
Hybe and Dunamu enter equity-based partnership for NFT business
Hybe Co., label behind K-pop superstar BTS, has entered an equity-based strategic alliance with Dunamu Inc., operator of South Korea’s top cryptocurrency exchange Upbit, to leverage on BTS and other artist pool for non-fungible token (NFT) business. Under the agreement, Hybe will buy 861,400 shares in Dunamu for 500 billion won ($423.8 million) while Dunamu acquires 2,302,570 shares in Hybe for 700 billion won. The exchange would make Hybe an owner of a 2.25 percent stake in Dunamu, and Dumamu 5.57 percent in the former. The transactions will be made on Nov. 24.
Samsung Biologics mulls facility and M&A investment in U.S. and Europe
Samsung Biologics is studying adding manufacturing facilities or acquiring promising local companies in the United States and Europe to better serve its global customers beyond Korea’s borders, the company’s CEO John Rim said in a recent interview with FiercePharma. South Korea’s biologic contract manufacturing and development company (CDMO) giant is eyeing opportunities—both greenfield and M&A investment —in the U.S. and Europe, Rim said. China is a target as well but with less immediacy, according to the interview. “It’s more when not if,” Rim said. “We’re continuing to look at when is the opportune time to make an investment in the United States and make an investment in Europe as well,”
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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
Australia Brisbane Times www.brisbanetimes.com.au syndication@fairfaxmedia.com.au
Sydney Morning Heraldwww.smh.com.au
Colombia Reports http://colombiareports.com
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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
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