Headline, November 25, 2022
Headline, November 25, 2022
  • Lee Kyung-sik
  • 승인 2022.11.25 00:00
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Friday, November 25, 2022

Round-up of important news from major Korean dailies and from international media today


The Korea Post ( www.koreapost.com )

My country is a land of opportunity for Korean businesses, investors!”
President William Ruto of the Republic of Kenya said, “My country is a land of opportunity for Korean businesses and investors and a gateway to Africa.”

Speaking with the representatives of the Korean media at the residence of Ambassador Mwende Mwinzi in Seoul, including Vice Chairpersons Joy Cho, Vice Chairman Choe Nam-suk and Managing Editor Lee Kap-soo of The Korea Post media, President Ruto expressed his confidence in Kenya’s market potential. President Ruto arrived in Seoul on the evening of Nov. 22, 2022, had bilateral talks with his Korean counterpart, President Yoon Suk-Yeol.


LG H&H Vice President Lee Jung-ae promoted to 1st female CEO of LG Group
LG Household & Health Care (LG H&H) held a board meeting on Nov. 24 and promoted Vice President Lee Jung-ae, who is currently in charge of the refreshment business, to the first female president of LG Group and appointed her CEO. Vice Chairman Cha Suk-yong, who led LG H&H for the past 18 years, reportedly decided to resign to pave the way for younger generations. President Lee Jung-ae is the first female executive from the public recruitment of new LG Household & Health Care employees.


Uzbekistan, France open new aspects of cooperation
The national flags of the two countries were raised and a guard of honor was lined up to welcome the President of Uzbekistan at the Paris-Orly Airport. 
The Minister of Culture of France Rima Abdul Malak and other officials met the Leader of Uzbekistan. On November 21, President Shavkat Mirziyoyev received the CEO of the French Development Agency Rémy Rioux, in Paris. Issues of further enhancing cooperation between Uzbekistan and the French Development Agency and filling it with new promising projects were considered.



Chosun Ilbo (http://english.chosun.com)

Gangnam Entertainment Area Booms Again
The glitzy shopping and entertainment area of Garosu-gil in Gangnam's Sinsa-dong is coming back to life after lockdown closed many businesses. Trendy shops, restaurants and bars in the neighborhood report an almost 20 percent rise in sales as customers return in droves, not only on the main street but in the alleys as well. Garosu-gil is packed with chic restaurants, coffee shops, clothing boutiques and other trendy storefronts close to Sinsa subway station. Sunglass chain Gentle Monster and Apple's first flagship store in Seoul are some of the most prominent, joining trendy apparel and cosmetics companies such as Maison Kitsune, Arket, Diptyque and Tamburins.

Production of Homegrown Korean COVID Vaccine Halted
SK Bioscience has halted production of SKYCovione, Korea's first homegrown COVID-19 vaccine, because there is virtually no domestic uptake and no overseas markets exist. The vaccine was developed to fight the first COVID strain and has since been superseded by up-to-date foreign vaccines formulated against the now-dominant Omicron variants. "Due to low vaccination rate, we have not been producing SKYCovione since the early shipment," SK Bioscience said Wednesday.

Yoon Asks Elon Musk to Invest in Korea
President Yoon Suk-yeol in a Zoom meeting on Wednesday asked maverick Tesla CEO Elon Musk to build a giant factory in Korea to make electric cars. Musk said he considers Korea one of top candidates for investment. Tesla already has five factories -- three in the U.S. and one each in China and Germany -- and is looking for a second production base in Asia. The Zoom meeting lasted about 30 minutes, according to the presidential office. "If there are unreasonable obstacles to global high-tech innovative companies' investment in Korea, we will reform them to meet global standards," Yoon promised the billionaire.


Joongang Ilbo (https://koreajoongangdaily.joins.com )

Assembly probe of Itaewon tragedy begins with political jostling
A parliamentary investigation into the Itaewon crowd crush began after many twists on Thursday afternoon. The National Assembly held a plenary session Thursday and voted on a plan for a 45-day parliamentary investigation into the Halloween disaster that killed 158 people. The plan was passed with 220 votes in favor, 13 against, and 21 abstentions out of 254 present.

Kim's sister says Yoon is Washington's 'faithful dog'

The sister of North Korean leader Kim Jong-un continued her tirade against the Yoon Suk-yeol administration on Thursday, calling it a “faithful dog” of the United States for considering sanctions on the North’s cyber activities.I wonder why the South Korean people still remain a passive onlooker to such acts of the ‘government’ of Yoon Suk-yeol and other idiots who continue creating the dangerous situation,” Kim Yo-jong said in an English-language statement released by the state-run Korean Central News Agency.


Bank of Korea raises rates a quarter point in unanimous vote
The Bank of Korea raised its base rate by a quarter percentage point to 3.25 percent on Thursday. It was a unanimous decision by the Monetary Policy Board and the sixth increase in a row. The last was of 50 basis points in October. The board cited high inflation, a slowdown in growth, a stabilized exchange rate and trouble in the short-term money market as the reasons.


The Dong-A Ilbo (http://english.donga.com/)

Korea and China to begin 1.5-track dialogue in next spring
South Korea and China have allegedly agreed to begin the ‘1.5-track’ dialogue centering on economy and trade before spring next year at the latest and are having detailed discussions. The two nations also decided to launch a high-level economic cooperation body on which the discussions are already underway. Amid its recent all-out efforts for an economic rebound, the government reportedly concluded that enhancing the relations with China, the country’s biggest export market, is key to revitalizing the economy. Cooperation with China has become ever more important for the Korean government to rein in North Korea, which is about to undergo its seventh nuclear test.


BOK lowers next year’s growth forecast to 1.7 percent
The Bank of Korea made a sharp revision to next year’s economic growth forecast down to the one percent range on the assumption that a slowing global economy will constantly dampen export, investment, and consumer sentiment. On Thursday, the South Korean central bank issued a revised economic outlook for the forthcoming year from 2.1 percent to 1.7 percent, which is lower by as much as 0.4 percent points than the projection made three months ago in August and even below the potential growth rate of around two percent.

Yoon asks Tesla to invest in S. Korea, Musk describes as top priority
South Korean President Yoon Suk-yeol on Wednesday requested Tesla CEO Elon Musk invest in the country as part of his plan to build gigafactory lines of complete electric vehicles (EVs) in Asia. In response, Musk said that South Korea is under review as one of the most likely investment destinations. President Yoon and CEO Musk discussed investment and cooperative plans for Tesla’s EV production facilities in a video call for half an hour, according to the South Korean presidential office.



Maeil Business News Korea (http://www.pulsenews.co.kr/)

Korea’s base rate ends ‘22 at 11 yr-high of 3.25%, may reach 3.5-3.75% ‘23
South Korea’s base rate has gone up to a 11-year high of 3.25 percent in inflation-hit 2022 in the fastest tightening campaign, and will head higher next year, albeit in much restrained pace to up to 3.5-3.75 percent as the economy is expected to perform its weakest since crisis times, according to the Bank of Korea chief. For the end target, members of the board have been mixed. There were three who pointed to 3.5 percent, one to 3.25 percent, and two opting to leave the upper room higher from 3.5 to 3.75 percent,”

Korean legislative mulls granting KEPCO debt issue ceiling at around $68bn
Korea Electric Power Corp. (KEPCO) next year may be able to issue up to six times its shriveled equity capital and reserves to be saved from a liquidity crisis causing power disaster for the factory-driven economy. According to legislative sources, a bill-reviewing subcommittee of the Trade, Industry, Energy, SMEs, and Startups Committee on Tuesday referred the changes to the KEPCO Act to the plenary session, where bipartisan agreement was reached.


Korea’s Maeil Dairies, SK to launch non-animal dairy JV with US Perfect Day
South Korea’s Maeil Dairies Co. and SK Group’s investment arm SK Inc., together with U.S. food tech startup Perfect Day Inc., are launching a joint venture in Korea to commercialize dairy produces from non-animal fungi and fermentation process. According to multiple industry sources on Wednesday, SK, Maeil Dairies, and Perfect Day have recently signed a memorandum of understanding (MoU) to explore businesses leveraging on the U.S. food tech company’s innovative alternative milk protein fermentation technology.




HanKyoReh Shinmun (http://english.hani.co.kr)

Korean firms’ rapid investment in US after IRA raises concerns of hollowing local industry
Korean corporations are accelerating investment in the United States in response to Washington's enactment of the Inflation Reduction Act (IRA). 
Investors now include battery material and parts makers, joining electric car manufacturers and electric car battery makers. Amid the protectionist atmosphere in Washington, expanding investment in the US is unavoidable, but concern is emerging that an excessive rush toward the US could lead to the hollowing out of Korea's high-tech industries.



Lawmakers strike bipartisan deal to launch parliamentary probe into Itaewon disaster
Korea’s ruling and opposition parties have reached a deal to begin a parliamentary investigation on Thursday to uncover the truth about the Itaewon disaster to prevent such a tragedy from happening again. The decision comes 26 days after the disaster took place and is the first step taken at the National Assembly level to find out the truth of what happened on that fateful day. 
On Wednesday, People Power Party (PPP) floor leader Joo Ho-young and Democratic Party floor leader Park Hong-keun announced an agreement to begin a parliamentary probe into the Itaewon disaster.


Be free of pain”: Documenting the 3,584 messages left for victims of Itaewon tragedy
Notes and letters mourning the victims who died in the tragic Itaewon crush last month began appearing around Exit 1 of Itaewon Station, near the site of the disaster, the very next day. People who lost loved ones and friends, survivors of the disaster, citizens who jumped into action to help victims that fateful day, and witnesses who could do nothing but watch — people came from far and wide to try to express their heavy hearts in just a few sentences on small sticky notes.




The KyungHyangShinmun (http://english.khan.co.kr/)

Prosecutors Investigate “Cash in Lee Jae-myung’s Home,” Democratic Party Calls It “A Malicious Accusation” and Claims “Property Was Registered”
On November 24, there was news that the prosecutors investigating the alleged corruption in the Daejang-dong development project in Seongnam-si, Gyeonggi launched a probe into cash amounting to hundreds of millions of won that Lee Jae-myung, leader of the Democratic Party of Korea stored in his home. On Wednesday, Anti-corruption Investigation Division 3 (chief prosecutor Gang Baek-sin) of the Seoul Central District Prosecutors’ Office called in A, a former employee in the secretary’s office at the Gyeonggi-do government, as a witness for questioning.



First Lady Kim Keon-hee Continues Activities “in Private” Accompanied by Her Exclusive Photo Crew
On the afternoon of November 23, first lady Kim Keon-hee had a conversation with Rachel Ruto, the wife of William Ruto, the president of the Republic of Kenya. Again, only the photographers employed by the Office of the President--and no members of the press--accompanied the first lady on her trip. The results of the conversation were released to the public in a written briefing. The controversy over the use of lighting and the accusation of conceptual photography surrounding the first lady’s actions in Phnom Penh, Cambodia has escalated after the Office of the President filed a criminal report.

President Yoon Suspends His Morning Press Q&A Sessions
President Yoon Suk-yeol will no longer receive questions from the press on his way to work beginning November 21. The Office of the President explained that the reason was because of a recent argument between an MBC reporter and Lee Ki-jeong, the presidents public relations secretary. On Monday morning, the Office of the President announced, “As of November 21, we have decided to suspend the morning press Q&A sessions,” and explained, “In connection with the unfortunate incident that occurred recently, we decided that we could not continue unless fundamental measures to prevent similar incidents in the future were in place.”





Yoon Warns of Response Measures against Truckers' Strike
As unionized truckers conduct a nationwide strike, President Yoon Suk Yeol has warned that a continuance of the irresponsible disruption to shipping may force the government to issue an order to return to work. The president posted the warning on his Facebook page on Thursday, criticizing the Cargo Truckers Solidarity union for launching a general strike indefinitely at a time when the government, businesses and citizens are working together to overcome the economic crisis.


Defense Chiefs of S. Korea, Cambodia Hold Talks
The defense chiefs of South Korea and Cambodia held talks in the Southeast Asian country on Thursday to discuss bilateral cooperation in defense and other issues. According to Seoul's defense ministry, defense minister Lee Jong-sup and his Cambodian counterpart Tea Banh held a meeting in Siem Reap on the sidelines of the Association of Southeast Asian Nations Defense Ministers' Meeting-Plus. In the talks, Lee said the security situation on the Korean Peninsula is grave, citing the recent intercontinental ballistic missile launch by North Korea and its preparations for a nuclear test.


'Resolution of Forced Labor Issue within This Year Unlikely'
South Korea and Japan held director-level talks in Tokyo on Thursday to discuss ways to resolve the wartime forced labor compensation issue. Seoul's foreign ministry said that the talks were led by the ministry's newly appointed Asia-Pacific affairs bureau chief Seo Min-jeong and her Japanese counterpart, Funakoshi Takehiro. The last such meeting was held on October 11. The two sides exchanged opinions on pending issues and other matters of mutual interest as they accelerate close consultations between the diplomatic authorities of the two nations as agreed by their leaders in New York in September.





Yonhap (http://english.yonhapnews.co.kr)

High-ranking intelligence officer quizzed over Itaewon crowd crush
Police brought in a former high-ranking intelligence officer for questioning on Thursday as part of their widening investigation into the bungled response to the crowd crush in Seoul's Itaewon neighborhood. Park Sung-min, a superintendent general, appeared before a special investigation team in western Seoul as a suspect. A superintendent general is the fourth-highest rank. He is the highest ranking police officer among a total of 17 police officers and government officials booked for the police investigation into the deaths of 158 people, mostly those in their 20s, on Oct. 29.

Court rules against banning child sex abusers from becoming public officials, soldiers
The Constitutional Court on Thursday struck down two legal clauses permanently banning people convicted of sex crimes against children from being appointed as public officials or soldiers. Under the two separate laws, people convicted for sexual offenses against minors are permanently banned from working as public servants or career soldiers. The court ruled that the two clauses are "in discord with the Constitution" in a 6-3 vote, saying they violate the freedom to choose an occupation.


Nat'l Assembly approves parliamentary probe plan into Itaewon tragedy
The National Assembly approved a parliamentary investigation plan into the Itaewon crowd crush Thursday, kicking off a 45-day probe a day after the rival parties reached a compromise deal the previous day. Earlier in the day, the 18-member special committee in charge of the probe drew up the plan to conduct hearing and other investigative activities into the deadly disaster that killed at least 158 Halloween partygoers in a crowd surge in Seoul's Itaewon district on the night of Oct. 29.




The Korea Herald (http://www.koreaherald.com)

Yoon cites defense industry as future growth engine
President Yoon Suk-yeol has vowed to actively support defense exports, touting the sector as a "future new growth engine” and “driving force for high-tech industries” during his visit to the nation’s leading arms firms on Thursday. South Korea, which has boosted its defense capabilities to curb threats from the North, has now become the No. 8 weapon seller, according to the Stockholm International Peace Research Institute. Yoon set the goal of ranking fourth last month.

27 days after Itaewon disaster, Assembly probe sets sail
The National Assembly investigation into how the response failed in the deadly Halloween crowd crush in Seoul’s Itaewon began on Thursday, after the ruling People Power Party backed out of meeting at the last minute. The party demanded that the agreement -- reached just one day prior -- be revised to exclude the top prosecutors’ office from being investigated. The plenary session, postponed two hours amid the squabbling, however, voted in favor of the plan investigating the Supreme Prosecutors’ Office divisions on drug crimes.


Parliamentary subcommittee passes bill on banning rallies at presidential office
A parliamentary subcommittee on Thursday passed a bill to ban demonstrations within 100 meters of the Presidential Office in central Seoul and residences of former state leaders. The ruling and opposition parties' have endorsed the bill, saying that protests near the Yongsan Presidential office and former President Moon Jae-in’s private residence in Yangsan, South Gyeongsang Province, should be blocked. The current Assembly and Demonstration Act prohibits rallies and demonstrations within 100 meters of the Presidential and Prime Minister residence, the National Assembly, all levels of court, and the diplomatic offices.




The Korea Times (http://www.koreatimes.co.kr)

North Korean leader's sister calls Yoon 'idiot,' says Seoul now 'target'
North Korean leader's powerful sister denounced President Yoon Suk-yeol and his diplomats, Thursday, for planning more sanctions on Pyongyang, calling them "idiots" and "loyal dogs" to Washington. Kim Yo-jong, 35, whom experts say is in charge of North Korea's messages to South Korea and the U.S., blamed the administration for rising tensions and made a thinly veiled threat that Seoul has become a new "target" of attack. "South Korea is parroting what the U.S. said about 'independent sanctions' on North Korea, so it is becoming more clear that the South Koreans are loyal dogs and henchmen of the U.S.,"


NK holds national conference of security officers for socialist system
North Korea has held a five-day national conference of the country's officers in charge of security and counterintelligence affairs, Pyongyang's state media reported Friday, in an apparent move to rally internal loyalty. The 5th Conference of Security Officers opened in Pyongyang on Saturday "to firmly guarantee" the development of the ruling Workers' Party by strengthening its security organ, according to an English-language report carried by the official Korean Central News Agency (KCNA). The conference was attended by top officials, including Pak Jong-chon, secretary of the party's Central Committee, and Ri Chang-dae, minister of State Security, it said. The country's leader Kim Jong-un was not present.


Nat'l Assembly approves parliamentary probe plan into Itaewon tragedy
The National Assembly approved a parliamentary investigation plan into the Itaewon crowd crush Thursday, kicking off a 45-day probe a day after the rival parties reached a compromise deal the previous day. Earlier in the day, the 18-member special committee in charge of the probe drew up the plan to conduct hearing and other investigative activities into the deadly disaster that killed at least 158 Halloween partygoers in a crowd surge in Seoul's Itaewon district on the night of Oct. 29.

The investigation is set to last until Jan. 7.



What’s ticking around the world at this second?

See what the world media around the world have to report:

USA Today www.usatoday.com aallman@gannett.com

The New York Times www.nytimes.com inytletters@nytimes.com

Wall Street Journal www.wsj.com support@wsj.com, service@wsj-asia.com

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

Gwangmyeong Daily 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

Bogota Free Planet http://bogotafreeplanet.com, bfp@bogotafreeplanet.com

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


The Korea Post is running video clips from the different embassies.

Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM

Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s

Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE

And many other countries.

What are you waiting for?
Use us!
The Korea Post media are more than eager to be used, and to serve you
with the following five news outlets, 37 years old this year!

Korean-language Internet edition: http://www.koreapost.co.kr
English-language Internet edition: http://www.koreapost.com
Korean-language print newspaper:
English E-daily: http://www.koreapost.com/news/articleView.html?idxno=10690

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