Headlines, December 11, 2019

Jobless rate falls to 3.1 pct in November, 331,000 jobs created

South Korea's jobless rate fell to 3.1 percent in November, and job additions came to over 330,000, data showed Wednesday.
The unemployment rate decreased 0.1 percentage point on-year, and the number of employed people reached 27.5 million in November, according to the data compiled by Statistics Korea.

S. Korea, Germany to launch more joint R&D programs

South Korea and Germany on Tuesday agreed to collaborate on more research and development (R&D) programs starting next year to nurture key industrial materials and equipment to cope with growing competition in the global market.
The agreement came as Industry Minister Sung Yun-mo met his German counterpart Peter Altmaier in Berlin to discuss ways to expand industrial ties between the two countries.

“To support ‘Holy Family Welfare Hospital’ helping needy patients”

Members of the Ambassadors’ Spouses Association in Seoul (ASAS) held a fundraising charity auction with K-Auction to support the ‘Holy Family Welfare Hospital’ on Nov. 28, 2019. K-Auction, one of the foremost auction houses in Korea, makes full support to help raise donations for the needy people.At the auction, ambassadors and their spouses donated art pieces brought from their home countries and some donations were pictures painted by the ambassadors’ spouses solely for the cause.

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2020 Budget Passes Parliament without LKP

The National Assembly on Tuesday passed next year's national budget, worth 512-point-three trillion won.
The ruling Democratic Party(DP), three minor opposition parties and a coalition of lawmakers passed the government's 2020 budget on the last day of the plenary parliamentary session, despite strong objections from the main opposition Liberty Korea Party(LKP).

Emergency Fine Dust Measures Expanded to 9 Cities and Provinces

Emergency fine dust reduction measures have been expanded to nine cities and provinces on Wednesday as fine dust concentrations remained at alarmingly high levels.
The Environment Ministry said advisories were issued for the Seoul metro region, Busan, Daegu, Sejong, South and North Chungcheong Province and western parts of Gangwon Province effective from 6 a.m. to 9 p.m.

Pompeo Says US Hopes N. Korea Abides by Commitments

U.S. Secretary of State Mike Pompeo said on Tuesday that the United States is hopeful North Korea will continue to refrain from nuclear and long-range missile tests and work towards denuclearization.
Pompeo made the remarks during a joint press conference with Russian Foreign Minister Sergei Lavrov in Washington.

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Pompeo says U.S. is hopeful N. Korea will refrain from nuclear, long-range missile tests

The United States is hopeful North Korea will continue to refrain from nuclear tests and long-range missile tests, U.S. Secretary of State Mike Pompeo said Tuesday, after Pyongyang said it had conducted a "very important" test over the weekend.
North Korea said the test occurred at its Dongchang-ri satellite launch site on Saturday, raising tensions ahead of a year-end deadline North Korean leader Kim Jong-un has imposed for the U.S. to show flexibility in their negotiations on dismantling Pyongyang's nuclear weapons program.

S. Korea's 2020 defense budget rises 7.4 pct to over 50 tln won

South Korea raised its defense budget by 7.4 percent for next year as it strives to strengthen self-defense capabilities amid growing security uncertainties, officials said Tuesday.
According to the budget plan approved by the National Assembly the previous day, military spending for 2020 was set at 50.15 trillion won (US$41.29 billion), up from this year's 46.7 trillion won.
It is the first time the country's defense budget has surpassed the 50 trillion-won mark.

Ultrafine dust soars to 'very bad' levels in Seoul

Ultrafine dust concentrations surged to "very bad" levels in the Seoul metropolitan area Tuesday, due largely to a steady influx of Chinese smog into the stagnant air over the Korean Peninsula, forcing local governments to issue a fine dust advisory.
According to the Air Quality Forecasting Center affiliated with the Ministry of Environment, the entire nation, excluding Jeju Island, posted ultrafine dust readings above bad levels throughout the day.

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Jobless rate falls to 3.1% in November, 331,000 jobs created

South Korea's jobless rate fell to 3.1 percent in November, and job additions came to over 330,000, data showed Wednesday.
The unemployment rate decreased 0.1 percentage point on-year, and the number of employed people reached 27.5 million in November, according to the data compiled by Statistics Korea.
The unemployment rate for young adults -- those aged between 15 and 29 -- also fell to 7 percent last month from 7.9 percent tallied a year earlier.

Pompeo says US is hopeful N. Korea will refrain from nuclear, long-range missile tests

The United States is hopeful North Korea will continue to refrain from nuclear tests and long-range missile tests, US Secretary of State Mike Pompeo said Tuesday, after Pyongyang said it had conducted a "very important" test over the weekend.
North Korea said the test occurred at its Dongchang-ri satellite launch site on Saturday, raising tensions ahead of a year-end deadline North Korean leader Kim Jong-un has imposed for the US to show flexibility in their negotiations on dismantling Pyongyang's nuclear weapons program.

Trump urges Russia to help denuclearize N. Korea

US President Donald Trump met with Russian Foreign Minister Sergey Lavrov on Tuesday and urged Moscow to help ensure North Korea's denuclearization, the White House said.
Trump and Lavrov met a day before the UN Security Council is set to convene to discuss North Korea's recent missile launches and the possibility of a provocation by the regime.

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Moon to hold summits with Xi, Abe

President Moon Jae-in will attend the Dec. 23 to 24 Korea-China-Japan summit in Chengdu, China, according to the presidential office, Tuesday.
"The President will meet with Chinese Premier Li Keqiang and Japanese Prime Minister Shinzo Abe and discuss effective measures for cooperation, and the security situation in Northeast Asia, as well as the international political situation," presidential spokeswoman Ko Min-jung said during a briefing at Cheong Wa Dae.

Ex-Daewoo Group Chairman Kim Woo-choong dies at 82

Former Daewoo Group Chairman Kim Woo-choong passed away late Monday at age 82 after having struggled with illness for about a year, according to an organization affiliated with the now-defunct conglomerate, Tuesday.
The founder of the trading-to-automobile conglomerate died while undergoing treatment at Ajou University Hospital in Suwon, Gyeonggi Province, the Daewoosky Institute said, without revealing any details.

'Parasite' earns three Golden Globe nominations

Director Bong Joon-ho's satirical thriller "Parasite" earned three Golden Globe nominations, becoming the first Korean film to be nominated for the awards.
The Hollywood Foreign Press Association, the organizer of the Golden Globes, released the list of nominees for its 2020 awards, Monday, and announced "Parasite" had been nominated for "Best Foreign Language Film," "Best Director," and "Best Screenplay."

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Korea's Youth Unemployment Soars While OECD's Shrinks

Unemployment among young people aged 15 to 29 in the OECD shrank 13.9 percent on average over last decade, but in Korea it soared 28.3 percent even though the young population dwindled. The Korea Economic Research Institute on Monday said analysis of OECD employment data shows that the average youth unemployment rate among members of the rich-countries club declined 1.3 percentage points from 2008 to 2018, but Korea saw a 2.4 percentage point increase.

N.Korea Denounces 'Erratic, Old' Trump

North Korea and the U.S. resumed trading barbs on Monday as a year-end deadline on negotiations for denuclearization set by North Korean leader Kim Jong-un approaches. The North in a statement issued by Kim Yong-chol, who is chairman of the North's Asia-Pacific Peace Committee, denounced Trump as a "heedless and erratic old man" and for good measure threw in a reference to one of its most famous insults by adding, "The time when we cannot but call him a 'dotard' again may come."

At Year-End Gatherings, Keep the Water Flowing, as Well as Booze

The year-end season brings a lot of gatherings that involve heavy drinking. To reduce the harm caused by consuming alcohol, drink plenty of water. Drinking water before downing alcoholic beverages can prevent excessive drinking by filling the stomach to some degree first. And some amount of food should be consumed as well before drinking. "Drinking on an empty stomach speeds up alcohol absorption, and this can more than double your blood alcohol level," said Prof. Park Yong-woo at Samsung Medical Center in Seoul. "You should start drinking only after you've filled your stomach with food and water."

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NK maintains strategy of ambiguity after “very important test”

North Korea carried out a “very important test” at its Sohae Satellite Launching Station, in Tongchang Village, on the afternoon of Dec. 7, according to a statement in the state-run Korean Central News Agency (KCNA) on Dec. 8. But as of Dec. 9, no further details had been provided about the test in question. Also notable was the fact that news of the test didn’t appear in the Rodong Sinmun, the publication read on a daily basis by North Koreans.

Moon meets with U2 lead vocalist Bono at the Blue House

Meeting with lead singer Bono from the rock band U2 after its performance in South Korea, President Moon Jae-in said that “the role of music and other culture and art in the path of peace is great.” Bono replied by stressing that “music is powerful” and predicting that South and North Korean musicians could play a major role in the Korean Peninsula peace process. Meeting with Bono at the Blue House on Dec. 9, Moon said that he “welcome[s] U2’s first performance in South Korea.”

UN Security Council to meet over N. Korea’s missile launches at US’ request

The UN Security Council, at the request of the US, will meet on Dec. 11 over North Korea’s recent ballistic missile launches and its “very important test” at the Sohae Satellite Launching Station. The meeting comes amid escalating tensions between the US and North Korea, with sharp-tongued rhetoric from both sides. European members of the UN Security Council have already condemned North Korea for its “provocative actions.”

Leaders of S. Korea and Japan to meet in China on Dec. 24

Amid the rising crisis on the Korean Peninsula with tensions aggravating between the U.S. and North Korea, South Korean President Moon Jae-in will visit China on December 23. The South Korean president will have meetings with Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe. At the first summit between South Korean and Japan since the conditional extension of the General Security of Military Information Agreement (GSOMIA), the two leaders will discuss the withdrawal of export controls and a decision on the final extension of the GSOMIA.

Starfield’s Aquafield goes to Vietnam

Shinsegae Starfield’s main leisure facility Aquafield is advancing into Vietnam. Shinsegae E&C announced Tuesday that it signed a franchise contract with Vietnamese resort business Vinpearl to showcase Aquafield in Nha Trang and Phu Quoc next year. Vinpearl is a resort company operated by VIN, the largest private corporate in Vietnam. Shinsegae E&C anticipates that this contract would lead to new business opportunities with hotels and shopping malls operated by VIN.

U.S. closely monitors ICBM production facility in Sanumdong, N. Korea

With the U.S. and North Korea ramping up their rhetoric after the North’s new rocket engine test at the Tongchang-ri site, intelligence agencies of South Korea and the U.S. have begun to closely monitor the Sanumdong missile research facility near Pyongyang. There are growing voices of concern that the U.S. and North Korea might revert back to confrontation, where the two acted touch against each other, amid the U.N. Security Council scheduled to meet in two years at the request of the U.S. over the North’s repeated provocations.

“Following the Demise of Carpool Services” vs. “Distorted Fact” Heated Debate over TADA

On December 6, a House standing committee passed a bill that banned the current operation of TADA, while allowing the company to continue operation after purchasing taxi licenses. Since then, a heated debate for and against the latest amendment has been raging on among the public. TADA is concerned that the nation will end up witnessing a repeat of the carpool services. In March, carpool services were restricted to commuting hours and eventually they disappeared from the market. Meanwhile, the government refuted this argument claiming the company was overly concerned and stressed that the existing institution was embracing new businesses, such as TADA.

Something Serious Between North Korea and the U.S.: This Calls for an Active Role from South Korea

On December 8 (local time), U.S. President Donald Trump warned North Korean leader Kim Jong-un and tweeted, “Kim Jong Un is too smart and has far too much to lose, everything actually, if he acts in a hostile way.” This was his response after North Korea increased the pressure on the U.S. claiming to have conducted a “very important test” at the Tonchang-ri missile launch site the previous day. On December 9, Kim Yong-chol, chairman of the Korea Asia-Pacific Peace Committee released a comment and responded, “We have nothing more to lose.” He further said, “If you have the willingness and wisdom to stop the second hand from ticking toward a clash, invest that time into serious consideration and calculation for that goal.”

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Alteogen expects additional deals next year on its biobetter technology

Korea’s biotech firm Alteogen Inc. is in talks with three global pharmaceutical companies to sell its platform technology that allows an intravenous medicine to be injected through a subcutaneous route, said the company’s chief executive Park Soon-jae. In a recent interview with Maeil Business Newspaper, Alteogen expects there will be several additional deals next year over the recombinant human hyaluronidase called ATL-B4.

Kosdaq members Mgenplus, Ananti penalized for false disclosure reports

Three companies were slapped with punitive measures by Korea’s top securities authority for accounting irregularities. The Securities & Future Commission under South Korea’s Financial Services Commission on Monday imposed a penalty of 220 million won ($184,595) and an administrative fine of 500 million won on Kosdaq-listed bioengineering company Mgenplus for false disclosure on collateral offering and accounting fraud involving its CEO.

HHIC wins $260 mn order to build 4 fast landing craft for S. Korean navy

Hanjin Heavy Industries & Construction Co. (HHIC) has bagged an additional order to build four fast landing craft, worth 310 billion own ($260 million), for South Korean navy. With the latest deal, the Korean shipbuilder has achieved 150 percent of its order target for this year, according to the company on Tuesday.

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