Thursday, May 12, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
PM Modi of India extends good wishes to President Yoon on assuming office
Prime Minister Shri Narendra Modi of India has extended his greetings and good wishes to President Yoon Suk-yeol on assuming office as President on May 10. In a tweet, the Prime Minister said on May 10, "I extend my heartfelt greetings and good wishes to ROK President @sukyeol__yoon as he commences his term in office today. I look forward to meeting him soon and working together to further strengthen and enrich the India-ROK ties."
“Mongolia teems with tourist assets very attractive to Koreans”
Minister Bat-Erdene Gat-Ulzii of Environment & Tourism Promotion of the Mongolia said, “Mongolia has rich tourist attractions and we are trying to share this information with the Korean people.” Speaking at an exclusive interview at the Embassy of Mongolia in Seoul with The Korea Post media on May 6, 2022, publisher of 3 English and 2 Korean-language news publications since 1985, Minister Bat-Erdene said, “We wish to promote the people-to-people relations and friendship between my people and the Korean people.”
Maruti Suzuki, Hero Moto Corp, Tata Cummins receive incentives
A proposed investment of Rs 29,834 crore is expected from the 75 approved applicants under the Component Champion Incentive Scheme. Maruti Suzuki, Hero MotoCorp, Lucas-TVS, Tata Cummins, and Toyota Kirloskar Auto Parts are among the 75 firms approved for receiving incentives under the Production Linked Incentive (PLI) scheme for the automobile and auto components sector, the government said on Tuesday. A proposed investment of Rs 29,834 crore is expected from the 75 approved applicants under the Component Champion Incentive Scheme.
Chosun Ilbo (http://english.chosun.com)
Yoon Starts Presidency by Meeting Foreign Dignitaries
President Yoon Seok-youl began his term in office on Tuesday by landing an invitation to China. Chinese Vice President Wang Qishan, who was here for Yoon's inauguration, passed on an invitation from President Xi Jinping. Wang quoted Xi as saying he hoped Korea will develop and live in peace under Yoon's leadership. Xi did not visit Korea in the five years of former President Moon Jae-in's presidency. Yoon also met delegates from other foreign countries who attended the inauguration. The first foreign delegation in his new office in Yongsan was led by Douglas Emhoff, the husband of U.S. Vice President Kamala Harris.
KOSPI Plummets Below 2,600 Points
The Korea Composite Stock Price Index has fallen below the psychologically important 2,600 points for the first time in 17 months. The KOSPI dropped to 2,550 points at one point in intraday trading on Tuesday, but closed at 2,596.56, down 0.6 percent from the previous session. The junior Kosdaq also fell below 860 points. U.S. stocks declined overnight with the S&P 500 falling below the 4,000-point level for the first time since March of 2021. Global stock markets are reeling from the U.S. Federal Reserve's impending hike of interest rates at the fastest clip in 30 years to tame inflation, while Russia's invasion of Ukraine and mass lockdowns in China are compounding market jitters.
Ansan City Sees 1.6 Times Increase in Multicultural Students over 5 Years
The city of Ansan, which has the largest foreign population in Korea, is seeing an increase in students from multicultural families. Data released by the city on Wednesday shows that the number of elementary, middle, and high school students from a multicultural family has grown 1.6 fold over the past 5 years. Around 5,500 multicultural students were living in Ansan as of last year, roughly 8 percent of the city's total student population. This figure is expected to rise further, as more multicultural babies are being born in the city.
Joongang Ilbo (https://koreajoongangdaily.joins.com )
Yoon Suk-yeol has busy second day as president with a more casual style
President Yoon Suk-yeol called on his aides to monitor the impact of a possible North Korean nuclear test on security and state affairs in his first meeting with senior secretaries Wednesday. Kicking off a busy second day in office, Yoon held the meeting with senior presidential secretaries at his new office in the Defense Ministry compound in Yongsan District, central Seoul, and discussed security and economic challenges. "The current security situation is tough," said Yoon. "There's talk of a resumption of [North Korea's] nuclear tests, and foreign countries are concerned. In case such a situation occurs, you will have to closely monitor and prepare for not only how it affects security but other areas of state affairs."
Walking sticks and cameras in hand, visitors tour Korea's newly open Blue House
With Korea’s new president settling in his office in Yongsan, central Seoul, the highly restricted Blue House, which had even been concealed on maps for security reasons, opened to the public for the first time in 74 years on Tuesday. Visitors to the site that until a few days ago served as Korea’s presidential office and residence can now take selfies, videos or even take a nap on a well-maintained lawn with a backdrop of Mount Bukak — all of which were strictly prohibited before the public opening. Visitors who approach the Blue House riding the newly established bus No. 01 from the Gwanghwamun Station, exit No. 2, will first see the main gate of Chunchugwan, a building that was used by the president to hold press conferences.
U.S. 'second gentleman' gets a kick out of Seoul
"The outgoing President Moon Jae-in and the new President Yoon Suk-yeol shaking hands during the inauguration as the whole world was watching was really impactful. I was honored to watch the scene," said Douglas Emhoff, husband of U.S. Vice President Kamala Harris, the first "second gentleman" of the United States, in an exclusive interview with the JoongAng Ilbo. U.S. President Joe Biden chose Emhoff to deliver a personal letter to Korean President Yoon Suk-yeol for the inauguration. Emhoff was the first foreign dignitary to visit the presidential office in Yongsan District, central Seoul, Tuesday. The JoongAng Ilbo was the only domestic news outlet to interview Emhoff. The interview was conducted over a course of a day at the U.S. Embassy residence, Habib House.
The Dong-A Ilbo (http://english.donga.com/)
3.7 million small business owners to receive over 6 million won
The South Korean government and the People Power Party held the first joint meeting since the launch of the new administration led by President Yoon Suk-yeol on Wednesday and decided to provide a minimum of six million won to 3.7 million small business owners who experienced losses from COVID-19. Compensation for COVID-19 damage, which was the No. 1 pledge made by President Yoon will be implemented quickly after the new administration took office. It was announced after the meeting that a revised supplementary budget plan of 33 trillion won plus more would be formed to provide a minimum of six million won in compensation regardless of how much damage small business owners have experienced.
Yoon to push ahead with appointment of Foreign Minister and Interior and Safety Minister
President Yoon Suk-yeol is likely to push ahead with his appointment of Park Jin and Lee Sang-min as foreign minister and interior and safety minister, respectively. Although the National Assembly is yet to approve the appointment of the two candidates, and ruling People Power Party and the main opposition Democratic Party are standing against each other over how to hold the vote to confirm Han Deok-soo as prime minister, President Yoon presses ahead with appointing foreign and interior ministers to address pressing agenda, including summit with U.S. President Biden and assistance for small businesses.
Putin may resort to nuclear weapon, says U.S. National Intelligence director
Russian President Vladimir Putin who has invaded Ukraine could use nuclear weapons if he felt war being lost, according to Avril Haines, Director of the National Intelligence. She said Putin is preparing for a prolonged war and that his ambition goes far beyond getting a hold on Donbas, where many pro-Russian sympathizers live. “We believe that Putin’s goal is to take control over Transnistria, Moldova’s pro-Russian breakaway region to the east of Ukraine,” Haines said.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korea’s new president mentions stagflation as govt forms emergency taskforce
South Korea’s President Yoon Suk-yeol raised alert against stagflation risk Wednesday as he convened his first secretariat meeting, while the Ministry of Economy and Finance immediately formed a task force to address to strong inflation and weakening of the Korean won.“The economy is very difficult. Prices are the biggest problem. Hardship won’t pause because the government is in transition,” Yoon said in his first state-affairs meeting upon inauguration on Tuesday. “The factors behind rising prices and measures to contain them must be studied persistently. Since energy prices have all risen, the danger of stagflation has lit up red light in industrial competitiveness,” he said.
New Korean govt seeks minimum $26 bn extra budget
The new South Korean government will hold its first cabinet meeting Thursday to endorse a supplementary budget of minimum 33 trillion won ($26 billion) to primarily compensate self-employed and small merchants whose businesses had suffered from prolonged virus-related restrictions. The People Power Party (PPP) and the government on Wednesday agreed to provide at least 6 million won each to 3.7 million small merchants and self-employed as promised by President Yoon Suk-yeol during campaign.“We have asked the government to provide at least 6 million won to 3.7 million self-employed people, small merchants, and small firms with revenue of less than 3 billion won,” said Kweon Seong-dong, PPP’s floor leader.
Korea’s trade deficit at $3.7 bn despite near 30% gain in April 1-10 exports
South Korea’s exports in the first 10 days of May surged nearly 30 percent from the same period last year, but trade deficit widened as imports led by jump in commodity prices gained by a faster clip to flag an extended deficit streak in monthly trade balance. According to data released by the Korea Customs Service on Wednesday, the country’s exports totaled $16.05 billion in the May 1-10 period, gaining 28.7 percent from a year-ago period. Daily exports averaged $2.47 billion, up 8.9 percent from a year earlier based on 1-day longer working days from a year ago.
HanKyoReh Shinmun (http://english.hani.co.kr)
Yoon forsakes message of unity to take shot at critics with “anti-intellectualism” remark
n his inaugural address on Tuesday, South Korean President Yoon Suk-yeol promised to turn Korea “into a country that truly belongs to the people; a country based on the pillars of freedom, human rights, fairness and solidarity; a country that is respected by others around the world and that fulfills its responsibilities on the global stage.” New presidents typically use their inaugural address to explain to the nation their principles and the goals they hope to achieve during their five years in office. While Yoon stressed that greater freedom is key to resolving the crises and challenges facing Korea, he didn’t make a single mention of the unity or collaborative governing that our era demands.
Yoon emphasizes freedom, growth in inaugural address, making no mention of unity
South Korean President Yoon Suk-yeol declared his plans Tuesday to make South Korea “a country that truly belongs to the people; a country based on the pillars of freedom, human rights, fairness and solidarity.” While he used the word “freedom” 35 times in his inaugural address, he did not make any mention of “unity” aimed at relieving political and social polarization and overcoming the economic crisis. Observers read this as foreshadowing a policy focus that prioritizes free markets and growth.
Yoon’s value-based diplomacy resurrects MB-era North Korea policy
South Korean President Yoon Suk-yeol shared the focus for his future foreign policy efforts in his inaugural address Tuesday, announcing plans to pursue “sustainable peace” rather than “vulnerable peace” based on the temporary avoidance of war. On the issue of North Korea’s nuclear program, he shared a more or less identical solution to the Lee Myung-bak administration’s “Vision 3000: Denuclearization and Openness” approach with his declaration of plans to provide support that would be contingent on denuclearization. In his address, Yoon said, “While North Korea's nuclear weapon programs are a threat not only to our security and that of Northeast Asia, the door to dialogue will remain open so that we can peacefully resolve this threat.”
The KyungHyangShinmun (http://english.khan.co.kr/)
President Yoon’s Inaugural Address Cried “Freedom” and Nothing Else: No Vision on Welfare, Labor, Education and the Climate Crisis
President Yoon Suk-yeol (Yoon Seok-youl) emphasized “the dignified life of a free citizen” in his inaugural address on May 10. However, he did not present any vision in welfare, education, labor, the environment, and gender equality showing how he would lead the state to make that possible. Although he did mention tasks due to the COVID-19 pandemic, climate change, polarization, and poverty, he simply ended at listing the problems. He only stressed growth as a solution to these problems, triggering concerns among civic groups that he could end up fueling polarization and inequality. Some argued that the “unrestrained collective conflicts in the country,” and “anti-intellectualism” that the president mentioned had strikes by trade unions in mind.
People Power Party and Government, “All Small Business Owners and Self-employed Business Owners Will Receive at Least 6 Million Won as Compensation for Losses”
On May 11, the People Power Party and the government announced that the state would hand out a minimum of 6 million won as compensation for losses to all small business owners and self-employed business owners. They will allocate asupplemental budget reflecting the compensation of over 33 trillion won. This morning, after a meeting of the People Power Party and the government on the supplemental budget at the National Assembly, Sung Il-jong, the head of policy at the People Power Party met with reporters and shared the major details of the supplemental budget including the compensation.
Opening the Yongsan Era: Yoon Suk-yeol’s First Official Task, Receiving a Report in the Underground Bunker in Yongsan
President Yoon Suk-yeol (Yoon Seok-youl) began his term in office as the twentieth president of the Republic of Korea on midnight May 10. This day, President Yoon began his official duties by receiving a report from the Joint Chiefs of Staff in the situation room of the national crisis management center, an underground bunker located under the presidential office in Yongsan, Seoul. Receiving a Joint Chiefs of Staff report as the first presidential task has a symbolic meaning for it means that the new president will exercise the prerogative of supreme command by receiving a report on the military’s status and readiness through a communications network for national command first and foremost.
KBS(http://world.kbs.co.kr/service)
Candidate Registration Begins for June 1 Local Elections
The National Election Commission(NEC) will open registration on Thursday for candidates running in the June 1 local elections. The two-day candidate registration will also begin on Thursday for contenders running for parliamentary seats in by-elections, which will be held on the same day as the local elections. Seoul Mayor Oh Se-hoon, who is seeking reelection, plans to register his candidacy on Thursday morning before formally declaring his bid. Former chair of the main opposition Democratic Party(DP) Song Young-gil, who is running against Oh for Seoul mayor, will reportedly register his candidacy through a representative.
Yoon Gov't to Hold First Cabinet Meeting to Approve Extra Budget Plan
The Yoon Suk Yeol government will hold its first Cabinet meeting on Thursday. The meeting, set for Thursday afternoon at the new presidential office in the Yongsan District of Seoul, is expected to bring together seven ministers appointed by Yoon and others from the Moon Jae-in government. President Yoon is expected to formally appoint the foreign and interior ministers ahead of the meeting to satisfy the quorum requirement. According to regulations on Cabinet meetings, a majority of Cabinet members must be present for a meeting and consent of two thirds present is necessary for approval.
US Reaffirms Close Coordination with S. Korea to Address N. Korea Threats
The United States has reaffirmed its commitment to close coordination with the Yoon Suk Yeol government to deal with threats from North Korea, while stressing cooperation with allies and partners. State Department spokesperson Ned Price issued the position on Wednesday during a press briefing when asked about Washington's North Korea policy in comparison with Yoon's remarks on the North during his inauguration speech. Yoon said on Tuesday that if North Korea takes the path toward substantial denuclearization, South Korea is prepared to present an audacious plan to strengthen the North's economy.
Yonhap (http://english.yonhapnews.co.kr)
New defense minister orders 'stern, immediate' response if N. Korea provokes
New South Korean Defense Minister Lee Jong-sup called Wednesday for a "stern and immediate" response in case of a "direct" North Korean provocation, as he took office amid rising concerns about the recalcitrant regime's possible nuclear test. Lee, a retired three-star general, made the call during a video-linked meeting of top military officials -- the first such gathering under the Yoon Suk-yeol administration -- shortly after his inauguration ceremony.
Yoon taps ex-deputy NSA for spy chief
President Yoon Suk-yeol on Wednesday tapped Kim Kyou-hyun, a former deputy national security adviser and career diplomat, for his first spy chief, his office said. Kim was named director of the National Intelligence Service (NIS), while Kwon Chun-taek, a former NIS official and diplomat, was chosen for first deputy director. Kim entered the foreign service in 1980 and worked in various posts dealing with the United States before being appointed first vice foreign minister under then-President Park Geun-hye.
Yoon meets with delegations from Indonesia, Central African Republic
President Yoon Suk-yeol met Wednesday with delegations from Indonesia, the Central African Republic and other nations who were in Seoul to attend his inauguration ceremony the previous day. In a meeting with former Indonesian President Megawati Sukarnoputri, Yoon discussed the two countries' shared experiences in achieving democratization and economic development, saying he hopes for Indonesia's continued support for South Korea as this year's chair of the Group of 20
The Korea Herald (http://www.koreaherald.com)
Yoon says inflation is biggest problem in first secretary meeting
President Yoon Suk-yeol on Wednesday raised concerns about rising inflation and economic difficulties in his first meeting with senior aides, telling them to keep a close eye on economic indicators and find measures to combat inflation. “The economy is challenging right now. The biggest problem is the price,” Yoon said at the meeting in the morning. His remarks come as Finance Minister Choo Kyung-ho on the same day outlined price stability as a top priority policy task.
Outnumbered ruling party faces difficult challenges
South Korea’s conservative People Power Party has become the ruling political party as of Tuesday with President Yoon Suk-yeol starting his five-year term, but the party faces a steep uphill battle at the parliament with weak legislative power and comparatively small foothold. The People Power Party is outnumbered and essentially has no power to push any legislative agenda on its own. It was only since last year that the conservative party recovered enough to start staging comebacks in critical elections, paring back losses over the past five years.
South Korea should seek for balance between US, China: experts
South Korea should sort out its priorities and pursue a strategic partnership with China on an equal standing while maintaining a strong alliance with the US, amid apparent efforts by Beijing and Washington to bolster ties with Seoul, experts said on Wednesday. To celebrate the inauguration of South Korea’s new president, Yoon Suk-yeol, China sent Vice President Wang Qishan, a close aide of its president, Xi Jinping, and the highest-level official to visit the country for such an event.
The Korea Times (http://www.koreatimes.co.kr)
North Korea's COVID-free claim nonsensical: virologist
The COVID-19 pandemic has swept across the world for more than two years. North Korea, however, is still completely free of the disease, according to its official data. The latest data available on the World Health Organization website shows "there have been 0 confirmed cases of COVID-19 with 0 deaths" in the isolated state between Jan. 3, 2020 and May 10 of this year. Hakim Djaballah, former CEO of Institut Pasteur Korea and a virologist currently based in New York, believes that North Korea's COVID-free claim is most likely a lie.
Nasdaq falls more than 3% as US inflation data gives little relief to investors
U.S. stocks ended sharply lower on Wednesday, with the Nasdaq dropping more than 3 percent and the Dow falling for a fifth straight day after U.S. inflation data did little to ease investor worries over the outlook for interest rates and the economy. The benchmark SP 500 lost 1.7 percent and is now down 18 percent from its Jan. 3 record closing high. The Labor Department's monthly consumer price index (CPI) report suggested inflation may have peaked in April but is likely to stay strong enough to keep the Federal Reserve's foot on the brakes to cool demand.
China tries to prevent South Korea from joining US-led coalition
Chinese leader Xi Jinping's invitation to President Yoon Suk-yeol on the day of his inauguration reflects Beijing's attempt to keep Seoul from getting closer to Washington amid an ever-intensifying U.S.-China rivalry. In an unprecedented move, China's Vice President Wang Qishan, the highest-level official sent by the Chinese government to Seoul on the occasion of Korea's leadership change, made the invitation public following his meeting with Yoon, Tuesday. In response, Yoon thanked Xi for the invitation, adding that he was looking forward to meeting his Chinese counterpart in Seoul. Xi's unexpected invitation came just ahead of U.S. President Joe Biden's scheduled visit to Seoul. Yoon and Biden will hold their first summit in Seoul, May 21
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