Headline, January 30, 2023
Headline, January 30, 2023
  • Lee Kyung-sik
  • 승인 2023.01.30 00:00
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Monday, January 30, 2023

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


The Korea Post ( www.koreapost.com )

LG Electronics achieves its highest annual revenue ever in 2022
LG Electronics announced full-year 2022 consolidated revenue of 83.5 trillion won with operating profit of 3.6 trillion won on Jan. 27. In 2022, LG achieved its highest annual revenue ever – surpassing 80 trillion won for the first time in its history – increasing 12.9 percent over 2021, when sales exceeded 70 trillion won for the first time. The record sales reflect continuous growth based on strong fundamentals, although full-year profitability was impacted by challenging global economic conditions.

Korea, UAE agree to strengthen public-private economic cooperation
Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin held the working group meeting of Korea-Middle East public-private joint committee for economic cooperation on Jan. 25 at the Korea International Trade Association (KITA) in the attendance of relevant ministries, public institutions and private sector companies. The meeting consisted of two programs, the first of which focused on follow-up and implementation measures of the 16 MOUs signed between the two governments on the occasion of the recent UAE summit diplomacy, as well as inter-ministerial collaboration for mutual synergy of MOU-related sectors, namely energy, new industries, defense, trade and investment.


Cambodia-Korea FTA to boost bilateral trade and investment
The ratification of the Cambodia-Korea Free Trade Agreement (CKFTA) will accelerate bilateral trade and investment between the two countries in the coming years,” said Amb. Chring Botumrangsay of Cambodia in Seoul. Delivering a welcome speech at the Cambodia-Korea Business and Investment Forum held at Intercontinental Seoul COEX on Jan. 27, Amb. Chring said, “Cambodia is a relatively small market, but fast-growing economy market. Cambodia is the best destination for foreign investment.”



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

Korea's Average Rice Consumption per Person in 2022 Hit New Low
People are eating less and less rice and last year's consumption levels hit a new low. Data from Statistics Korea released last week shows, people, per person on average, consumed 0.4 kilograms less than the year before at around 56.7 kilograms. This means that the average person is eating around one bowl of rice a day which is only half of what was consumed 30 years ago. Rice consumption has been steadily falling since 1985 and the continued drop is being attributed to the surge in the number of single-person households and rising demand for ready-to-eat meals.

UN Command Rebukes Both Koreas over Drone Intrusions
UN Command has warned both Koreas that they violated the armistice by sending spy drones across the military demarcation line last month. The UNC's Military Armistice Commission published the findings of an investigation into the incident on Thursday. "The [North Korean] Army side committed a violation of the armistice when multiple North-side unmanned aerial systems entered [South Korea]-controlled airspace," it said. Although the South Korean military's attempt to "neutralize" the North Korean drones in South Korean airspace "was in compliance with the armistice rules of engagement,"

Korea's Economy Starts Shrinking
Korea's economy shrank 0.4 percent in the fourth quarter of last year, the Bank of Korea said Thursday. The last time the country's quarterly GDP plummeted was three percent in the second quarter of 2020, just after the outbreak of the coronavirus pandemic. Asia's fourth-largest economy suffered a triple whammy of weak exports, decline in private spending and lackluster investments. Exports fell 5.8 percent from the previous quarter due to the poor performance of semiconductors and chemical products. China's coronavirus lockdowns and the global economic slowdown dealt a heavy blow.


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

NATO to address North Korea-Russia arms trade
North Korea’s arms trade with Russia, and its nuclear brinkmanship, will be addressed by NATO and its Asian partners, said the military alliance’s chief Jens Stoltenberg in Seoul on Sunday. We are of course concerned about the reckless missile tests and nuclear programs of North Korea, and the war in Ukraine also has ramifications for your region,” Stoltenberg said in his meeting with Foreign Minister Park Jin on the same day.


DP's Lee Jae-myung decries prosecutors after second round of questioning
Democratic Party (DP) leader Lee Jae-myung argued that prosecutors, under his political rival President Yoon Suk Yeol, are fabricating allegations against him with the goal of indicting him. "The Yoon Suk Yeol prosecutors, as prosecutors under a dictatorship government, felt they were playing politics instead of conducting an investigation," Lee said upon leaving the Seoul Central District Prosecutors' Office roughly 12 hours after entering the building on Saturday.


North denies sending arms to Russia, slams U.S. for 'groundless rumors'
North Korea slammed U.S. allegations that it had conducted arms transactions with Russia Sunday, warning of an "undesirable result" if Washington continues to spread such "groundless rumors." This comes just two days after Kim Yo-jong, the powerful younger sister of North Korean leader Kim Jong-un, "strongly denounced" the United States for deciding to provide Ukraine with battle tanks, warning that Washington is crossing the "red line" by escalating military tensions with Moscow.


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

Yoon urges Lee Myung-bak ‘to pay attention to feats in UAE’ President Yoon Suk Yeol reportedly telephoned former President Lee Myung-bak last week after returning from his tour to United Arab Emirates and Switzerland on January 21. Yoon told Lee that he would continue to build upon achievements from his economic diplomacy in UAE that entailed U’s commitment to invest 30 billion U.S. dollars in South Korea. The presidential office has said ‘trust of assets’ that Lee established with UAE during his term in office is significant, and thus is considering ways to utilize Lee in President Yoon’s ‘sales diplomacy.’


SK E&S operates EV charging station at US airport
SK E&S announced on Sunday that its electric vehicle charging subsidiary, EverCharge, began operating a large-scale charging station at George Bush Intercontinental Airport in Huston, along with Avis, one of the three major rental car companies in the U.S. This is the first time that a South Korean company successfully built a large-scale charging infrastructure in the U.S. Avis decided to cooperate with the company based on SK E&S’ energy solution business capabilities and EverCharge’s technological capabilities.


Delayed pension reform brings two-years-earlier fund depletion
The National Pension Fund will see its pool of money depleted by 2055, with a deficit starting in 2041. The fund will be depleted two years earlier than 2057, the 2018 estimate, because of Korea’s ever-decreasing total fertility rate, which is currently 0.81, and its aging population. The fund is getting depleted faster and faster while the government is taking no action on pension reform. An expert committee dedicated to estimating pension-related finance under the Ministry of Health and Welfare issued this grim outlook on Friday: “the 5th National Pension Finance Estimation.”



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

LG Display swings to loss in 2022 amid weak demand
South Korean display manufacturer LG Display Co. swung to a loss in 2022 as sales declined sharply due to sluggish demand amid worsened business environment. LG Display announced in a regulatory filing on Friday that it reported an operating loss of 2.09 trillion won ($1.7 billion) in 2022. The figure goes against an operating profit of 2.2 trillion won in the previous year. Revenue fell 12.47 percent on year to 26.2 trillion won in 2022. Net loss reached 3.2 trillion won.

EV battery stocks rebound on improved sentiment in S. Korea
South Korea’s electric vehicle battery-related stocks, which had stagnated this year, gained momentum on Thursday thanks to growing optimism after Tesla Inc.’s surprising earnings report. LG Energy Solution Ltd., a leading stock in the sector, soared 6.8 percent on Thursday to close at 517,000 won ($420). Other major EV battery stocks rallied, with Samsung SDI Co. up 3.5 percent, POSCO Chemical up 14.1 percent, EcoPro BM up 3.6 percent, L&F up 8.4 percent and Eco Pro up 6.1 percent.


South Korean PE firms set to pool record $14 bn in blind funds this year
South Korean private equity firms are expected to raise a record 17 trillion won ($13.8 billion) in blind funds this year, which will be used to spur investment in the merger and acquisition (M&A) market. According to a study by Maeil Business Newspaper on Thursday, Korea’s major private equity firms, including IMM Private Equity, Hahn & Co. and STIC Investment, are expected to raise 15.8 trillion won in funds this year.



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

Is South Korea’s first lady above the law?
The poet Kim Eung-gyo once boldly called Yongsan “My home, No. 1 Colonial Lane.” In his poem, “Tokyo Tower,” Yongsan is depicted as a place where “during the colonial period the hinomaru fluttered / artillery members in jika-tabi ankle braces marched” that soon became “the stomping grounds of gum-chewing white and black men / where the Stars and Stripes were hoisted to the trumpet’s sound.” The truth of it is that Yongsan has not been able to escape its fate as a foreign military base since 1905.


Yoon voices support for spy agency’s power to investigate anti-state activity
On Thursday, President Yoon Suk-yeol threw his weight behind the ruling party’s calls for the National Intelligence Service (NIS) to maintain its power to investigative anti-state activity, saying that there was “room to look into” whether the police take over investigations into such matters. The government and ruling party are expected to come up with measures to allow the NIS to maintain its involvement in such investigations despite the fact that the NIS’ right to investigate anti-state ideological activity expires on Jan. 1 next year and is scheduled to be transferred to the police.


Japan’s decision to dump Fukushima water is based on biased data, argue scientists
A panel of scientists is arguing that the Japanese government’s decision to discharge radioactive water from the Fukushima nuclear plant into the ocean is based on incomplete and biased data. The experts contend that Tokyo Electric Power Company (TEPCO), the operator of the nuclear plant, concluded that the contaminated water was safe without properly measuring a significant number of radioactive materials (nuclides).



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

Dakar 2 Summit: African Countries Put Their Heads Together for “Food Sovereignty”
Africa can and should help feed the world!” A burst of applause erupted when Dr. Akinwumi A. Adesina, president of the African Development Bank (AfDB) shared his ambitions in his keynote address at the Dakar 2 Summit, which launched in the capital of Senegal on January 25 (local time). Africa is betting its future on a dream to cut the chains of poverty with agricultural innovation and to grow into a hub in the world’s food supply.

Kim Sung-whan, “The Common Middle Class All Received Explosive Heating Bills. Are European Countries Populist, Too?”
On January 27, Kim Sung-whan, head of policy in the Democratic Party of Korea, argued that the proposal to provide support for high energy prices was not populism and asked, “Should we call European countries populist, too?” In an interview on Kim Jong-bae’s Focus (MBC radio) Friday, when the host mentioned how the People Power Party criticized the proposal as “give away” populism, Kim said, “Energy rates rose much more in Europe than in our country due to the war between Russia and Ukraine, and most of those European countries cut taxes or provided support for energy costs.”

Not Research Misconduct” Han Dong-hoon’s Niece Named Her Aunt-in-Law, a Yonsei Medical School Professor, as Co-author of Research Paper
The Research Ethics Reliability Committee at Yonsei University reviewing the allegation of research misconduct by a professor in the College of Medicine, who co-authored a research paper with the niece of Justice Minister Han Dong-hoon, concluded that they could not confirm any misconduct. However, they added, “There is a need to take particular caution so that proper research ethics is understood and observed.” According to the coverage by The Hankyoreh, Yonsei University sent an official letter notifying the results of the investigation by the Research Ethics Reliability Committee to Mijumom, a community of Korean parents in the United States.




Unification Minister: Doubting US Extended Deterrence Capabilities Not Right
Unification Minister Kwon Young-se said that having doubts about the United States’ extended deterrence capabilities is not right at the moment. Appearing on a KBS program on Sunday, the minister made the remarks, saying that the South Korea-U.S. alliance is stronger than ever and the allies are planning to conduct a joint exercise to counter North Korea's nuclear threats. Minister Kwon stated that the top office had clarified that President Yoon Suk Yeol did not call for the country's nuclear armament or the introduction of tactical nuclear weapons from the United States, but rather called for a resolute and strong response to the North's nuclear threats.

N. Korea Denies Arms Dealing with Russia, Slams US for Pledging Tanks to Ukraine
North Korea has denied its alleged arms trading with Russia, warning that the United States will face undesirable consequences if it continues to spread such rumors. Kwon Jong-gun, director-general in the department of U.S. affairs at North Korea's Foreign Ministry, issued the warning in a statement carried by the North's state Korean Central News Agency on Sunday. The official said that the United States again made a groundless argument about the North's arms trading with Russia, calling it a foolish attempt to justify its offer of weapons to Ukraine.

Indoor Masking Mandate Lifted
The indoor mask mandate was lifted on Monday, over two years after it came into force at the height of COVID-19 pandemic. The Central Disease and Safety Countermeasures Headquarters said masking at most indoor spaces is now up to individual choice, although it is still recommended. This includes locations such as shopping malls, schools and even swimming pools and fitness centers. However, mask-wearing is still required for the time being at high-risk facilities such as nursing homes, hospitals, pharmacies, and on public transportation.



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

N. Korea slams NATO chief's visit to S. Korea as 'prelude' to confrontation, war
North Korea on Monday denounced a visit to South Korea by the chief of the North Atlantic Treaty Organization (NATO) as a "prelude" to war, saying the move could bring a "new Cold War" to the Asia-Pacific region. In an article carried by the North's official Korean Central News Agency (KCNA), Kim Tong-myong, a researcher of the North's organization on international political study, said NATO Secretary General Jens Stoltenberg's current trip to Northeast Asia appears to be aimed at "instigating" the creation of the Asian version of NATO.

Yoon's approval rating slips for 3rd week: poll
President Yoon Suk Yeol's approval rating fell for the third straight week in the wake of a spike in heating bills, a poll showed Monday. In the poll of 1,504 adults conducted by Realmeter from Monday to Wednesday of last week, the positive assessment of Yoon's performance dipped 1.7 percentage points from the previous week to 37 percent. Yoon's disapproval rating was 59.8 percent, adding 1 percentage point in the same period.


NATO chief stresses 'interconnected' security amid N. Korean support of Russian war efforts
North Atlantic Treaty Organization (NATO) Secretary General Jens Stoltenberg said Sunday that North Korean support of Russia in the war in Ukraine reinforces the need for the rest of the world to stay "interconnected" in their security efforts. Stoltenberg made the remark in his meeting with South Korean Foreign Minister Park Jin in Seoul. "I think that in a more unpredictable and uncertain world, it's even more important that countries that believe in freedom and democracy in rules-based international order stand together," Stoltenberg said.



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

What’s behind N.Korean criticism of US’ Ukraine support?
North Korea on Sunday denounced the US’ decision to provide advanced battle tanks to Ukraine once again, while denying Washington’s accusation it was supplying weapons to Russia, which it labeled as a “grave provocation” that must be responded to. Kwon Jong-gun, director general of the Department of US Affairs of North Korea’s Foreign Ministry, condemned the US plans to “supply offensive armed weapons such as main battle tanks to Ukraine at any cost while ignoring legitimate concerns and criticisms from the international community” in a Korean-language press statement.


Global chip revenue up only 1.1% in 2022: report
Global semiconductor revenue grew only around 1 percent on-year last year, a recent report showed, with the memory chip sector suffering the most. According to tech research firm Gartner, worldwide chip revenue is estimated to have risen 1.1 percent to $601.7 billion in 2022, a significant drop from a 26.3 percent annual growth seen the previous year. While 2022 got off to a relatively good start due to lingering chip shortages, Gartner said “by the second half of 2022, the global economy began to slow under the strain of high inflation, rising interest rates, higher energy costs and continued COVID-19 lockdowns in China, which impacted many global supply chains.”

Samsung hires ex-Ericsson execs to boost network business
South Korean tech giant Samsung Electronics has hired two experts from Swedish telco Ericsson to reinforce its network business. According to industry sources on Sunday, Samsung recently established a task force under its network business division to oversee a new business strategy. For the task force chief, the company hired Henrik Jansson, formerly the strategic sourcing manager for Ericsson. The company also recruited Jo Mi-sun who served as the head of sustainability and corporate responsibility at Ericsson. She is expected to be in charge of finding new business areas and sales in Europe




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

Busan seeks to take lead in expo race after BIE's April visit
The mayor of Busan expressed confidence that Korea's second-largest city will secure the lead in the race to host World Expo 2030 by impressing a delegation from the Bureau International des Expositions (BIE) due to arrive in April. Mayor Park Heong-joon intends to highlight the southern port city's uniqueness during the BIE's planned visit to assess the feasibility of the bid. He plans to make the North Port redevelopment project, a new urban space being created inside the Port of Busan, the centerpiece of the city's expo bid presentation.


Hana unveils vision to become Asia's best financial group
Hana Financial Group Chairman Ham Young-joo has presented three major group-wide strategies: global expansion, digital innovation and financial competitiveness reinforcement, as part of its 2023 corporate vision to become Asia's leading financial group, the company said Sunday. Under the announced strategies, the leader of the nation's third-largest financial holding firm urged its staff to find fresh opportunities for growth by overcoming the looming crisis of a possible recession and as well as post-pandemic financial uncertainty.


Main opposition leader faces pressure to resign in case of indictment
Main opposition Democratic Party of Korea (DPK) Chairman Lee Jae-myung is likely to face mounting calls to resign from inside the party if he is indicted for his alleged involvement in two bribery scandals. Lee was questioned by prosecutors for longer than 12 hours on Saturday, over allegations that he was involved in a massive land development scandal in Seongnam, Gyeonggi Province, when he was the mayor of the city. It was his second appearance at the prosecution in less than 20 days.



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!
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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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