Friday, December 3, 2021
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
“ECO has turned into a large regional structure with huge economic potential”
On November 28, President of the Republic of Uzbekistan Shavkat Mirziyoyev took part in the Fifteenth Summit of the Economic Cooperation Organization (ECO), in Ashgabat. Issues of further enhancing the multilateral partnership aimed at strengthening the ECO as a dynamic organization, deepening cooperation between its member states in trade, transport-communication connectivity, industrial cooperation, green energy and tourism were the main topics of the meeting’s agenda. The President of Uzbekistan congratulated Turkmenistan on the successful chairmanship of the organization and noted the importance of the adoption of the UN General Assembly Resolution on Cooperation between the UN and ECO in September this year.
“Exchange of visits by Heads of State greatly contribute to furthering bilateral ties”
Economic & Commercial Counsellor Dario Jose Saez Mendez at the Embassy of the Kingdom Spain in Seoul said that Spain takes great interest in the promotion of relations, cooperation and friendship with Koreain the economic, commercial and many other fields. Speaking at a recent interview with The Korea Post media at his office in Seoul, Counsellor Darío Sáez said that amidst the growing ties of bilateral cooperation there was a visit by H.M. King Felipe VI of Spain toKorea on Oct. 23, 2019. Then in return, he said, President Moon Jae-in visited Spain at the invitation of H.M. King Felipe VI on June 15 this year.
SK On develops battery diagnosis tech for electric vehicle drivers to self-check
SK On has started a battery diagnosis service based on the development of a technology that allows drivers to self-check the battery status of their electric vehicles (EVs), the company said on Nov. 26.
The battery diagnosis service measures the changes in battery in every use setting in which the EV operates and charges. The collected data is examined using SK On’ self-developed “BaaS AI” (Battery as a Service Artificial Intelligence). It informs users of the battery’s longevity, abnormalities, driving habits, risky situations, driving habits that will help extend the battery’s lifespan, and so on.
KBS (http://world.kbs.co.kr/service)
Moon Asks for US Support for War-Ending Declaration
President Moon Jae-in met with U.S. Defense Secretary Lloyd Austin on Thursday and asked for Washington's support for Seoul's efforts to declare a formal end to the Korean War. In the meeting at the top office, President Moon and the Pentagon chief exchanged opinions on how to coordinate efforts between the two nations to denuclearize North Korea and advance the Korean Peninsula peace process. The president said his government proposed the war-ending declaration to ensure the next government will see negotiations between the two Koreas and between North Korea and the U.S. He then asked for the U.S.' continued attention and support for the declaration, saying that close cooperation between Seoul and Washington is important to ensure the peace process will continue.
Top Security Adviser Suh Hoon Lands in China for Talks on Regional Issues
South Korea’s national security adviser Suh Hoon arrived in Tianjin, China on Thursday for talks with Yang Jiechi, a member of the Politburo of the Chinese Communist Party, on regional issues. Talks will likely focus on bilateral relations and North Korea issues, with Suh expected to share progress made between Seoul and Washington on the end-of-war declaration with Yang, foreign affairs chief of the Chinese Communist Party. China has reportedly expressed its will to participate in declaring an end to the Korean War through diplomatic channels, as a nation that signed the armistice agreement.
S. Korea Reports 6th Case of Omicron Variant
South Korea has reported another case of the new coronavirus variant omicron. Health authorities said on Thursday that a teenage boy tested positive for the virus in a subsequent genetic sequencing test, raising the country's total of the omicron cases to six. The boy is the son of the couple in Incheon, who were confirmed to have contracted the variant the previous day following their trip to Nigeria last month. Authorities confirmed the country's first cases of the variant on Wednesday, including the couple from Incheon, their Uzbekistani friend in his 30s and two other women in their 50s. The number of the omicron infections may rise further as authorities are trying to identify people who had contacts with the infected people.
Yonhap (http://english.yonhapnews.co.kr)
S. Korea reports additional omicron variant infection, total now at 6
A teenage boy tested positive for the omicron variant of coronavirus on Thursday, bringing the total caseload of the heavily mutated variant in South Korea to six, health authorities said Thursday. The boy, residing in Incheon, west of Seoul, tested positive for COVID-19 on Tuesday and had been tested for the variant, after his parents were confirmed to have been infected with the variant on Wednesday following their visit to Nigeria last month, according to the Korea Disease Control and Prevention Agency (KDCA). The couple in their 40s was among the first known omicron cases in South Korea, along with their friend and two other female citizens.
S. Korea's foreign reserves down for 1st time in 5 months in November
South Korea's foreign reserves shrank for the first time in five months in November due to a decline in the dollar-converted value of assets denominated in other foreign currencies, central bank data showed Friday. The country's foreign reserves came to US$463.91 billion as of end-November, down $5.3 billion from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the first time in five months that the foreign reserves have shrunk.
S. Korea, U.S. to update war plans to deter evolving N.K. nuke, missile threats
South Korea and the United States agreed Thursday to update their joint wartime contingency plans to deter North Korea's evolving nuclear and missile threats, the two sides said, in a sign of their stepped-up cooperation to reinforce deterrence against the recalcitrant regime. Defense Minister Suh Wook and his U.S. counterpart, Lloyd Austin, approved the "Strategic Planning Guidance (SPG)," a document to set the tone for updated wartime operation plans (OPLANs), during the allies' annual Security Consultative Meeting (SCM).
The Korea Herald (http://www.koreaherald.com)
S.Korea, US agree to update war plans against growing N. Korean threats
South Korean and US defense chiefs on Thursday agreed to update war plans against Pyongyang’s growing missile and nuclear threats and to conduct a long-postponed assessment required for Seoul to regain wartime operational control, or OPCON, next fall. The announcement comes after South Korea’s Defense Minister Suh Wook and US Defense Secretary Lloyd Austin hosted the 53rd Security Consultative Meeting the same morning in Seoul. Secretary Austin said Seoul and Washington discussed measures to enhance the US-South Korea “combined deterrence posture and to defend against a full range of threats” at a news conference following the security meeting.
NK to hold key party meeting as Kim’s 10-year leadership anniversary approaches
North Korea will hold a key party meeting later this month as leader Kim Jong-un is set to mark 10 years in office, North Korean media said Thursday, with growing speculation that Pyongyang could unveil its policy toward Washington and Seoul for the next year. The decision to hold a plenary session was made during a politburo meeting of the ruling Workers’ Party of Korea held on Wednesday, presided by leader Kim, according to the Korea Central News Agency. The 4th plenary meeting of the 8th Central Committee of the Workers’ Party of Korea is set to be held in the last third of December, to review the “implementation of major party and the state policies for 2021 and to discuss and decide on work plans for next year,” the KCNA said.
Drug Ministry cancels approval of 6 botulinum products
The licenses of six botulinum drugs will be revoked on Dec. 13, the Ministry of Food and Drug Safety announced Thursday. The Drug Ministry said the drugs were being sold in the country without obtaining the state approval to sell them in the domestic market. The drugs are four of Hugel’s Botulax units and two of Pharma Research Bio’s ReNTox units. The Drug Ministry will also shut down Pharma Research Bio’s production for six months, citing that the biopharmaceutical firm’s ReNTox units were exclusively approved for exports but they were sold in the country.
The Korea Times (http://www.koreatimes.co.kr)
Korea-Africa Foundation seeks to facilitate economic, academic cooperation
Despite the COVID-19 pandemic, Korea and African countries have joined hands to boost economic and academic ties, trying to expand and diversify the layers of cooperation. As of the efforts to improve relations, the Korea-Africa Foundation (KAF), an affiliate of the Ministry of Foreign Affairs which aims to promote relations with African countries in various fields, will host the Korea-Africa Business Forum on Dec. 9 and the Seoul Dialogue on Africa (SDA), Dec. 10. Lyeo Woon-ki, president of the KAF, said both events are major projects of the foundation, which is seeking to establish practical partnerships between Korea and Africa, especially in terms of economic cooperation after the African Continental Free Trade Area (AfCFTA) was commenced on Jan. 1 this year.
Woori union denies plans to participate in management
Woori Financial Group's employee stock ownership association will not seek to take part in management, but focus instead on boosting the firm's stock valuation after becoming its largest shareholder, industry officials said Thursday. The association succeeded recently in acquiring more than a 1 percent stake in Woori from the state-run Korea Deposit Insurance Corporation. As a result, the association will be able to play a bigger role within the group as its largest shareholder, with a 9.8 percent stake in Woori after the sale is completed. Woori's privatization has been one of the biggest issues the lender has faced this year and all eyes have been on whether its union will step up pressure on top management to introduce an outside director recommended by the union.
Gov't to limit private gatherings to 6 in capital area, 8 elsewhere
South Korea will limit private gatherings to six people in the capital area and eight in other regions for four weeks starting next week, Prime Minister Kim Boo-kyum said Friday. Kim announced the new measure during a meeting of the Central Disaster and Safety Countermeasures Headquarters amid a surge in COVID-19 infections in the country. Currently the cap is 10 people in the capital area and 12 in other regions under the country's "living with COVID-19" scheme that began last month. Kim also said restaurants and cafes will be added to the list of facilities requiring proof of vaccination or a negative test for entry. The government will allow a one-week grace period before enforcing the rule.
Chosun Ilbo (http://english.chosun.com)
2 More Koreans Test Positive for Omicron Variant
Two more Koreans have tested positive for the Omicron variant of coronavirus, bringing total confirmed cases to five, health authorities here said Wednesday. The new cases are two women in their 50s from Gyeonggi Province who returned from Nigeria on Nov. 23. The first three were a missionary couple who had returned from Nigeria in late November and an Uzbek friend who picked them up from the airport here. The wife, mother-in-law and a friend of the driver's as well as the couple's son have also tested positive for COVID-19, but the strain is still being investigated. The driver moved freely around Incheon from Nov. 24 until he tested positive on Nov. 29.
PPP's Yoon Seok-youl Overtakes Minjoo Rival in Poll
Presidential candidate Yoon Seok-youl of the main opposition People Power Party has overtaken his ruling-party rival Lee Jae-myung in the opinion polls. In a poll by Kantar Korea for the Chosun Ilbo of 1,013 voters nationwide early this week, Yoon scored 35.6 percent support compared to Lee's 29.3 percent. A distant third was Sim Sang-jung of the minor progressive Justice Party (4.2 percent) followed by Ahn Cheol-soo of the People's Party (3.2 percent). But voters who liked none of the lackluster candidates made up 24.1 percent. In a hypothetical race pitting only Yoon and Lee against each other for the opposition and ruling camps, Yoon would score 43 percent and Lee 35.7 percent, while 18.8 percent liked neither of them.
OECD Leaves Growth Forecast for Korea Unchanged at 4%
The OECD has maintained its economic growth outlook for Korea at four percent for this year while lowering its forecasts for other major countries. Korea's growth outlook is unchanged from the OECD's forecast in September. The OECD cut its outlook for China from 8.5 to 8.1 percent, for Japan from 2.5 to 1.8 percent and for the U.S. from six to 5.6 percent. It also lowered its global forecast from 5.7 to 5.6 percent. The OECD said Wednesday, "The Korean economy continues to recover following the COVID-19 shock, propelled by strong export growth, improving business investment and public support." It also projected the country's annual economic growth would remain "robust" at three percent for the next two years.
HanKyoReh Shinmun (http://english.hani.co.kr)
Experts urge emergency action as S. Korea’s medical system becomes overloaded
The arrival of the highly infectious Omicron variant of the COVID-19 virus in South Korea as the country’s daily caseload exceeds 5,000 is sparking concerns about whether the country’s medical system can handle the outbreak. Despite the government’s decision to treat patients at home when possible and its efforts to acquire more hospital beds, the occupancy rate of intensive care units has soared as hospitals approach their limits. Some say that to keep medical care from collapsing the government needs to take steps to reduce the number of new cases by tightening social distancing.
Pentagon opts to bolster infrastructure in Pacific, maintain US forces in Korea
The US has decided to improve the military infrastructure in Australia, Guam, and other Pacific islands to keep China’s ambitions in the Indo-Pacific in check. It has also confirmed that the current number of US forces stationed in Korea will remain unchanged. The US Department of Defense completed its review of the position of US forces around the world on Monday. The review had been underway since March. An overview of the results was shared at a Pentagon press briefing on Monday.
In this year’s Global Posture Review (GPR), the US placed particular emphasis on the roles of Australia, Guam and other Pacific islands.
S. Korean security advisor to visit China for talks on end-of-war declaration, Olympics
Blue House National Security Office Director Suh Hoon will arrive in China on Thursday for a two-day visit. During his stay, he is expected to meet with China’s foreign policy advisor, Yang Jiechi, to discuss the possibility of a declaration formally ending the Korean War. “Director Suh’s visit is currently under discussion with China,” a key Blue House official said Tuesday. Discussions during the visit — which is taking place at Yang’s request — are likely to concern an end-of-war declaration. This is the first meeting between Suh and Yang in over 15 months, the two of them having last met in Busan in August 2020.
The Dong-A Ilbo (http://english.donga.com/)
Allies expressed concern over Washington’s revision of NPR
It has been confirmed that the South Korean government has communicated its message several times to the U.S. in opposition to the “no first use” and “sole purpose” policies. Washington is currently debating whether to include such nuclear policies in its Nuclear Posture Review for early next year. According to high-level officials from the government on Thursday, early this year, Washington surveyed its allies including South Korea to sound out their opinions on a potential shift of weapons policy, and the allies shared their stance on the matter and expressed their collective skepticism over the adoption of “no first use” policy several times to the Biden administration.
Consumer prices jump by the biggest margin in 10 years
The consumer price jumped last month by 3.7% year-on-year, the largest margin in nine years and 11 months. While the prices are rising fast, the growth rate in the third quarter of the year moved at a snail’s pace at 0.3%, quarter-on-quarter. And concerns over “slowflation” are intensifying as the sluggish economy and the overheated inflation can both be worsened by a potential supply crunch caused by the spread of “omicron,” a new variant of the coronavirus. According to the November consumer prices trend released by Statistics Korea, the consumer prices index stood at 109.41, up 3.7% as against the same quarter last year.
Korea National Diplomatic Academy chancellor urges end of war announcement
“The next summer will be very dangerous without the announcement of the end of the Korean War,” said Chancellor Hong Hyun-ik of the Korea National Diplomatic Academy (KNDA) during his visit to the U.S. on Tuesday. He also argued that the ROK-U.S. joint military training should be postponed next year if negotiations with North Korea resume. “North Korea will wait and see until the 2022 Beijing Olympics in February and the presidential election in South Korea in March but not after that,” said Hong at a seminar on the projection of the U.S.-North Korea relations held by Woodrow Wilson Center, a think tank in Washington, D.C.
The KyungHyangShinmun (http://english.khan.co.kr/)
COVID-19: 5,266 New Cases, Record Highs for Two Consecutive Day
As of midnight December 2, authorities confirmed 5,266 new cases of COVID-19 from the previous day, breaking the previous record set the day before. There were also 733 patients in critical condition, the most since relevant figures were collected. The Central Disease Control Headquarters announced that of the 5,226 cases confirmed this day, 5,242 cases were transmitted in the local community while 24 entered the country from overseas. A regional analysis showed that 2,262 cases occurred in Seoul, 1,490 in Gyeonggi, and 354 in Incheon. Cases confirmed in the greater Seoul area accounted for 78.3% (4,106 cases) of all cases.
“Take the Paper out of the Trash” Controversial Gapjil in People Power Party Lawmaker’s Office
On December 1, the Association of People Power Party Aides released a statement calling for an investigation into the truth of the alleged gapjil--authoritarian attitude or actions of people in positions of power toward those in a relatively inferior position--that an aide (Grade 4) conducted toward a secretary (Grade 9) in an office of a People Power Party lawmaker, urging measures to prevent such problems from repeating. On November 30, the secretary, A, uploaded a post on Yeouidoyeop Daenamusup (Bamboo Forest Next to Yeouido), an anonymous Facebook page of National Assembly staffs, claiming that he suffered from B’s abusive behavior. The day before, on November 29, he also reported the incident to the National Assembly Human Rights Center.
Lee Jun-seok Abruptly Cancels Morning Schedule, Triggering Various Interpretations of His Words, “This Is as Far as I Go.”
People Power Party leader Lee Jun-seok canceled his morning schedule for November 30. The previous evening, he wrote on his social media account, “Then this is as far as I go,” leading to speculations that he was suggesting a major decision, such as his resignation as co-leader of the party’s election campaign. So this morning’s cancellation also triggered all kinds of speculations. Recently, Lee had expressed his discomfort with how the party’s presidential candidate Yoon Seok-youl did not notify him of his camp’s schedule in advance. The People Power Party announced that at 7:55 this morning, Lee canceled plans to attend the Asia Vision Forum 2021. A representative of the People Power Party explained over the phone saying, “I heard that he was not feeling well,” and added, “I think it’s because he has a heavy workload.” According to the representative, Lee had checked the progress in the party’s affairs until he left the office the previous night and there was nothing out of the ordinary.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Posco Chemical to build NA factory with GM to join Ultium alliance
Posco Chemical, a materials maker under Korean steel major Posco, will build a joint-venture factory in North America with U.S. automaker General Motors for production of cathode active material (CAM) that would make up around 40 percent of the cost of LG Energy Solution’s battery cells going into GM’s Ultium-powered all-electric vehicles, the two companies said Thursday. With a plan to activate the factory in 2024, details on location and capital expenditure will be disclosed later, Posco Chemical said.
SK hynix seats 40-something president for corporate planning
South Korea’s second-largest chipmaker SK hynix Inc. has caught with the latest trend of seating young executives at the helm to drive new growth at Korean business majors from IT to finance. SK hynix on Thursday announced that Noh Jong-won, senior vice president and head of corporate strategy & planning, has been promoted to president under its philosophy of personnel management that focuses more on capacity and performance, not seniority.
Seegene, AMSBIO ready to ship out Covid test kits capable of detecting Omicron
South Korea’s molecular diagnostics companies Seegene and AMSBIO have grabbed attention of stock investors for their newly launched test kits capable of identifying the Omicron’s unique pattern of mutations. Seegene’s latest kit Allplex SARS-CoV-2 Master Assay is a well-established PCR-based test targeting four SARS-CoV-2 genes (E gene, RdRP gene, N gene, and S gene) and five notable mutations on the spike protein. South Korea’s molecular diagnostics companies Seegene and AMSBIO have grabbed attention of stock investors for their newly launched test kits capable of identifying the Omicron’s unique pattern of mutations.
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