Friday, November 11, 2022
Round-up of important news from major Korean dailies and from international media today
The Korea Post ( www.koreapost.com )
Hanwha Chairman Kim Seung-youn meets with Chairman Edwin Feulner of the Heritage Foundation
Hanwha Group announced that Chairman Kim Seung-yeon of the group had a conversation with Chairman Edwin John Feulner Jr. of the Heritage Foundation's Asian Research Center at the Plaza Hotel in Seoul on Nov. 8. The meeting was arranged as Chairman Edwin Feulner visited Korea to participate in a domestic forum seeking a free market economy and the ROK-US alliance. At the dinner, which lasted more than two hours, Chairman Kim and Chairman Edwin Feulner held in-depth discussions on global economic and diplomatic issues and the promotion of friendly relations between Korea and the United States.
Uzbekistan hosts Summit meet of Organization of Turkic States
In today’s difficult situation, when the world is rapidly changing, cooperation between countries is becoming more pragmatic and dynamic. Regional organizations are replacing international organizations of a universal nature. Recently, many countries have given preference to collaboration within the framework of regional structures. Most of these organizations create the most effective platform for cooperation between countries, taking into account national interests. One of them is the Organization of Turkic States.
Pernod Ricard Korea Releases Royal Salute 30 YO - Key to the Kingdom, the New High-end Royal Salute Collection
Pernod Ricard Korea releases the new high-end collection of the prestige whisky ‘Royal Salute’, ‘Royal Salute 30 Year Old (Royal Salute 30YO – Key to the Kingdom)’. Royal Salute has been leading the innovation of Scotch whiskey based on the know-how accumulated over many years presenting the line-up starting from at least 21 Year Old and high-aged prestige whiskeys. Recently introduced Blended Grain and Blended Malts made with undiluted liquor aged for more than 21 years are the prove of that footprint, and not limited to this Royal Salute continuously introduced innovative high-end whiskeys such as 38 Year Old and ultra-rare 52 Year Old.
Chosun Ilbo (http://english.chosun.com)
N.Korea Fired Obsolete Russian Missile Across Sea Border
The missile North Korea fired into South Korean waters on Nov. 2 was an obsolete SA-5 surface-to-air missile Pyongyang bought from the old Soviet Union in the 1980s. The Defense Ministry here came to the conclusion on Wednesday after examining debris salvaged from the sea floor south of the Northern Limit Line, the de-factor maritime border. "The debris of the missile the North fired into the East Sea on Nov. 2 turned out to be that of an SA-5 missile," the ministry said. A search turned up a 3 m-long and 2 m-wide piece of fuselage on the ocean floor off Sokcho, Gangwon Province on Nov. 6. Cyrillic characters were written on the fuselage that still had four missile wings, a liquid fuel canister and part of the engine and its nozzle.
Yoon to Attend ASEAN, G20 Summits
President Yoon Suk-yeol will visit the Cambodian capital of Phnom Penh for the ASEAN Summit and Bali, Indonesia for the G20 Summit this weekend, the presidential office said Wednesday. This is Yoon's first visit to Southeast Asia. National Security Adviser Kim Sung-han told reporters that Yoon will announce his vision and strategies to strengthen alliance between Korea and the ASEAN countries with the focus on freedom, peace and prosperity. He will also attend the ASEAN Plus Three Summit on Saturday and East Asia Summit on Sunday, where he will call for a coordinated international response to North Korea's repeated provocations.
N.Korea Launches Ballistic Missile as U.S. Counts Mid-Term Votes
North Korea fired an obsolete Russian ballistic missile into the East Sea on Wednesday afternoon as the vote count in U.S. midterm elections was underway. The regime often launches provocations to coincide with major U.S. events to draw attention to itself. North Korean warplanes also carried out a maneuver the same day. "The North fired a short-range ballistic missile into the East Sea from Sukchon, South Pyongan Province at 3:31 p.m. Wednesday," the Joint Chiefs of Staff here said. "Our military has beefed up surveillance and reconnaissance and is maintaining complete readiness while cooperating closely with the U.S."
Joongang Ilbo (https://koreajoongangdaily.joins.com )
President bans MBC from Air Force One
Journalists from public broadcaster MBC are barred by the presidential office from accompanying President Yoon Suk-yeol on Air Force One when he makes a six-day trip to Cambodia and Indonesia starting Friday. On Wednesday, Yoon's office notified MBC, or Munhwa Broadcasting Corporation, one of Korea's three major terrestrial television broadcasters, that its reporters will not be welcome on the presidential jet because of its "distorted and biased" coverage. Yoon is traveling to Cambodia and Indonesia for a series of Asean meetings and a G20 summit, his third overseas trip since taking office in May.
Yoon announces summit with Biden, Kishida in Cambodia
President Yoon Suk-yeol said Thursday he will hold a trilateral summit with U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida in Cambodia on Sunday. "A Korea-U.S.-Japan summit has been finalized, and several bilateral talks have been confirmed or are under discussion," Yoon told reporters at the Yongsan presidential office Thursday. A White House official told Reuters Wednesday the leaders of South Korea, Japan and the United States will meet in Cambodia on Sunday and are expected to address the ongoing threat posed by North Korea.
Korea's 2023 growth forecast cut to 1.8 percent by KDI
The economy will grow 1.8 percent next year, according to a forecast released Thursday by the Korea Development Institute (KDI). It would be the slowest growth since the 0.7 percent contraction in 2020 during the height of the pandemic. The new projection is lower than the state-run think tank's 2.3 percent forecast released in May and lower than the government's 2.6 percent, the Bank of Korea's 2.1 percent and the International Monetary Fund's 2 percent. According to the KDI, inflation will likely decelerate with the stabilization of crude oil prices.
The Dong-A Ilbo (http://english.donga.com/)
Regulations to be eased except capital city and four Gyeonggi regions
The South Korean government will ease real estate regulations across the nation except for Gwacheon, Seongnam (Bundang-gu and Sujeong-gu), Hanam, and Gwangmyeong in Gyeonggi Province, as well as Seoul. Added to this, starting from December, earlier than planned, the loan-to-value (LTV) ratio for first-time homebuyers within the regulated regions will decrease to 50 percent while home mortgage plans will be available for the purchase of apartment units with a going rate of over 1.5 billion won in the overheated speculation zones.
Prosecution raids headquarters of main opposition party
About the prosecution’s latest search and seizure on its headquarters, the main opposition Democratic Party of Korea lambasted the prosecution for barging into the headquarters with a shoddy warrant. The latest remarks from the Democratic Party of Korea came along with the rebuttals from the opposition party leader Lee Jae-myung and the party’s vice chief of staff Jeong Jin-sang, who each denounced the search as “a probe that is groundless and rigged” and “a political hunting by the prosecution.” In return, the ruling People Power Party retorted, saying, “The opposition party is bent on covering for their illegal activities.”
Biden says no compromises on IRA
“I have a pen that can veto,” said U.S. President Joe Biden on Wednesday when asked if he would make any changes to the policies related to the Inflation Reduction Act (IRA), saying it is not a subject to compromise. With the Republicans claiming back a number of seats in the House, the president expressed his will to reject should the Republicans press ahead with revising the IRA. Concerns are brewing that once the IRA becomes a point of dispute between the Democrats and Republicans after the mid-term elections, it might spell trouble for devising solutions to the discrimination against South Korean electric vehicles.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
FTX downfall causes down spiral in crypto prices in Seoul, upsets stock markets
The downfall of the world’s third-largest crypto exchange FTX has caused a shockwave in the South Korean crypto market as at least 50,000 nationals are believed to have money in the exchange under U.S. investigation for mishandling of customer funds to bring about more upset to the Korean capital market, which is under liquidity strains from rapid rises in borrowing rates. Binance, the world’s biggest crypto exchange, shied away from bailing out the smaller rival grappling with capital outflow. As much as $6 billion has been withdrawn from the exchange this week. Binance decided to bypass the SOS call, tweeting that issues FTX was facing were “beyond our control or ability to help.”
Seoul to up bond purchases and subsidize builders to contain liquidity crunch
South Korea’s financial authorities are trotting out additional measures to ease liquidity crunch amid widening repercussions on the overall capital and property market. According to multiple sources from the financial sector on Thursday, Financial Services Commission (FSC) and Financial Supervisory Service (FSS) will hold a meeting with policy lenders and financial institutions to expand purchases of secured short-term papers.
Korean shipwrights winners in 2022 order book, exceeding their capacity
South Korean shipwrights may not top 2022 order book but they are dubbed as true winners as they have taken home most of the pricy orders on LNG tankers. According to British shipbuilding and marine industry tracker Clarkson Research on Thursday, Korean shipbuilders bagged a combined 14.65 million CGT in new orders from January to October this year, smaller than China with 15.81 million CGT orders. The yearbook is likely close as Korean dockyards are fully booked for work till the end of 2026.
HanKyoReh Shinmun (http://english.hani.co.kr)
S. Korean presidential office bars MBC reporters from plane press pool, citing “biased” coverage
South Korea's presidential office has notified MBC that it will be barring reporters from the broadcaster from accompanying President Yoon Suk-yeol on his upcoming tour of Southeast Asia, set to begin on Friday. With the administration accusing MBC of “distorted and biased coverage” and now denying the broadcaster’s reporters access to the presidential plane, it’s likely to stir controversy over gagging the press. A text message sent to MBC reporters by the presidential office on Wednesday reads as follows:
N. Korean missile recovered south of NLL was Soviet-era SA-5, says Seoul’s Defense Ministry
A North Korean missile that passed over the Northern Limit Line (NLL) in the East Sea and fell in international waters near Sokcho in Gangwon Province on Nov. 2 was an SA-5 missile developed during the Soviet era, the South Korean Ministry of National Defense (MND) said. “On Nov. 6, we recovered remnants from a missile used by North Korea in its Nov. 2 provocation from south of the NLL in the East Sea, and a precision analysis was subsequently carried out jointly by the relevant organizations,” the MND said Wednesday.
S. Korea’s Yoon in talks to hold summits with US, Japan during SE Asia trip
President Yoon Suk-yeol is scheduled to jet off on a six-day trip to Cambodia and Indonesia on Friday to attend the ASEAN Plus Three (APT) and the G20 summit meetings. The presidential office said it was “in consultations” to hold a Korea-US summit and a Korea-US-Japan summit during the trip. Kim Sung-han, the president’s national security advisor, announced during a briefing Wednesday that Yoon will attend the ASEAN Plus Three summit in Phnom Penh, Cambodia, and the G20 summit in Bali, Indonesia. Kim identified sales diplomacy and strengthening the supply chain of high-tech industries as the top agenda of the trip.
The KyungHyangShinmun (http://english.khan.co.kr/)
President Yoon Denies MBC a Seat on Code One, “Our National Interest Is at Stake in the Overseas Trip”
On November 10, President Yoon Suk-yeol spoke on the latest decision to ban MBC reporters from boarding the presidential plane, Code One, in his upcoming trip to Southeast Asia. He said, “The reason the president spends a lot of taxpayers money to make a trip overseas is because important national interests are at stake, and the convenience was offered to journalists, to help them cover foreign affairs and security issues.” He asked the public to understand the latest decision in this aspect. Earlier, the Office of the President announced that it would ban MBC reporters from boarding the presidential plane, which will depart on November 11 for the president to attend ASEAN-related meetings and a G20 summit.
Former Defense Minister Suh Wook Released, Pulling the Brakes on the Investigation of the “Masterminds” Behind the Yellow Sea Murder Case
On November 8, the court released Suh Wook (pictured), former minister of national defense, who was arrested for his involvement in the murder of a civil servant in the Yellow Sea. He was released seventeen days after his arrest. This may pull the brakes on the prosecutors’ investigation, which was heading toward high-ranking officials in Moon Jae-in’s Cheongwadae. On Tuesday, the Criminal Appeal Division 5-2 (chief judges Won Jeong-suk, Jeong Deok-su, Choi Byeong-ryul) of the Seoul Central District Court held a habeas corpus proceeding requested by Suh and released the former minister on condition that he pay a deposit of 100 million won. A habeas petition is a request made by the suspect detained during an investigation asking the court to review the need for the detention.
President Yoon, “We Will Hold Accountable the People Responsible for the Tragic Incident According to the Investigation Result”
On November 7, President Yoon Suk-yeol spoke about the Halloween crowd crush in Itaewon that occurred on October 29 and said, “According to the results (of the investigation), we will strictly hold accountable the people who were responsible.” This morning, the president presided over a meeting to inspect the national safety system in the Office of the President in Yongsan and said, “We will make sure that the investigation into the latest tragic event will be conducted thoroughly. We will disclose the process to the citizens transparently, not leaving a speck of suspicion.”
Yoon to Embark on Southeast Asia Tour
President Yoon Suk Yeol will embark on a six-day trip to Southeast Asia to attend international forums and hold summits on the sidelines. President Yoon will fly to Cambodia on Friday on the first leg of his Southeast Asia tour for a summit between South Korea and the Association of Southeast Asian Nations(ASEAN) in Phnom Penh. In the summit, the president will explain South Korea's new Indo-Pacific strategy and an initiative for greater solidarity between South Korea and the ASEAN, before attending an ASEAN Plus Three summit on Saturday and the East Asia Summit on Sunday.
US Remains Concerned about Possible N. Korean Nuclear, Missile Tests
The White House says the U.S. remains concerned about a possible nuclear test and ballistic missile launches by North Korea. During a press briefing on Thursday, U.S. National Security Advisor Jake Sullivan reiterated Washington’s concern in response to a question about whether the North could conduct a nuclear test during the Group of 20 summit set for next week in Indonesia. Sullivan said the U.S. has been very transparent about its concern that the North could conduct its seventh nuclear test at some point in the broader timeframe, a possibility the U.S. has talked about for months, and the concern is still real as the “window still remains open.”
KBS Poll: Yoon's Disapproval Rating at 64.9%
A KBS poll finds that two out of three people disapprove of the management of state affairs by President Yoon Suk Yeol. KBS recently commissioned the poll as President Yoon hit the six-month mark of his five-year term on Thursday, with his approval rating showing little difference from those of the survey conducted around Yoon's 100th day in office. Sixty-four-point-nine percent of respondents said that the president is "doing poorly," while 30-point-one percent said otherwise. About 45 percent said the president is "doing very poorly." Almost 60 percent of respondents said that President Yoon will do poorly during the remainder of his term.
Yoon to hold bilateral summit with Biden, S. Korea-U.S.-Japan summit in Southeast Asia
President Yoon Suk-yeol will hold a bilateral summit with U.S. President Joe Biden and a separate trilateral summit also involving Japanese Prime Minister Fumio Kishida on the sidelines of upcoming regional gatherings in Southeast Asia, his office said. Yoon is set to leave Friday on a six-day trip that will take him first to Phnom Penh, Cambodia, for regional summits involving the Association of Southeast Asian Nations (ASEAN) and then to Bali, Indonesia, for a summit of the Group of 20.
U.S. supports helping N. Korean people, but Pyongyang ultimately responsible: State Dept.
The United States supports and is taking steps to help the people of North Korea despite differences with the North Korean regime, a state department spokesperson said Thursday. Ned Price made the remark as he also called on Pyongyang to put its people before its own interests. "Even when we have profound differences with a particular regime, and that of course applies in the case of North Korea, we are always looking for ways that we can support the humanitarian needs of a particular people," the spokesperson told a press briefing.
Yoon cites national interests after his office bans MBC reporters from boarding Air Force One
President Yoon Suk-yeol said Thursday that important national interests are at stake during presidential overseas trips, after his office decided to ban local TV station MBC's reporters from boarding Air Force One to cover his upcoming trip to Southeast Asia. The presidential office informed MBC of the decision Wednesday, two days before Yoon departs for his tour of Cambodia and Indonesia, citing the broadcaster's repeated "distorted" coverage.
The Korea Herald (http://www.koreaherald.com)
What will Korean version of Indo-Pacific strategy look like?
South Korea is set to reveal its long-awaited Indo-Pacific strategy this week, drawing attention to the course Seoul sees for itself as it navigates between the United States and China. At the biannual Association of Southeast Asian Nations summit slated for Friday, South Korean President Yoon Suk-yeol is expected to present the country’s first diplomatic strategy for the Indo-Pacific. The presidential office said the strategy is the last piece of a puzzle to complete Yoon’s diplomatic policies.
‘You will love Gangwon,’ governor beckons tourists
Kim Jin-tae, the new governor of Gangwon Province who has been in office for four months, says he is “more than ready” to welcome tourists back after a long pandemic hiatus in travel. Speaking with The Korea Herald, he said that the province has “no shortage of attractions to enjoy all year round,” including some of the “country’s best mountains” -- Seoraksan and Chiaksan -- along with scenic rivers and beaches.“You can come skiing in the winter and surfing in the summer,” he said.
MBC reporters barred from presidential jet for ASEAN trip
“The boarding of the presidential plane has been providing convenience for reporting on diplomatic and security issues,” read a text message released by MBC late Wednesday night sent by the presidential office. “Considering that MBC's distorted and biased reports related to diplomacy have been repeated recently, (we) decided not to provide this convenience for coverage.” The decision comes after President Yoon Suk-yeol became embroiled in controversy when he was caught by a hot mic incident that was relayed by MBC in September during his trip to New York. In the video, Yoon appears to be saying the word "Biden,"
The Korea Times (http://www.koreatimes.co.kr)
Presidential office's ban of MBC reporters from presidential jet stirs debate
The presidential office on Thursday banned MBC reporters from boarding the presidential jet during Yoon's visit to Southeast Asia. This decision came approximately two months after the broadcaster ― together with other domestic and international media ― reported that Yoon had been caught on camera using a profanity when speaking about U.S. President Biden and the U.S. Congress during his trip to New York, subtitling his remark. The broadcaster fired back at the presidential office, saying that the decision is a violation of freedom of the press, enshrined in Korea's Constitution. The main opposition Democratic Party of Korea (DPK) and some news associations sided with MBC, criticizing the presidential office for attempting to control the media.
Wall Street surges, Dow up 1,200 points on cooling inflation
Wall Street blasted off Thursday to soar to its best day in more than two years as exhilaration swept through markets after a report showed inflation in the United States eased last month by even more than expected. The SP 500 surged 5.5 percent, while the Dow Jones Industrial Average leaped 1,200 points and the Nasdaq composite packed what could be a year's worth of gains into one day by roaring 7.4% higher. Prices jumped for everything from metals to European stocks as investors took the data as a sign that the worst of high inflation may finally be behind us, though analysts cautioned it's still premature to declare victory.
Myanmar to dominate ASEAN agenda, but 'little progress expected'
Myanmar's escalating violence and political gridlock are expected to dominate an ASEAN leaders' summit on Friday, as increasingly frustrated members of the regional bloc struggle to get the country's junta to comply with an agreed peace plan. Members of the Association of Southeast Asian Nations (ASEAN) have blamed Myanmar's military rulers for failing to implement the peace plan agreed jointly last year, which includes ending hostilities and allowing access for a special envoy and aid. Political, social and economic chaos have gripped Myanmar since the military overthrew an elected government led by Aung San Suu Kyi last year, led a deadly crackdown on dissidents and unraveled years of reform in the erstwhile fledgling democracy.
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