Day: June 25, 2024

SEOUL, President Yoon Suk Yeol boarded a visiting U.S. nuclear-powered aircraft carrier Tuesday ahead of joint drills between South Korea, the United States and Japan aimed at enhancing their responses against rising threats from North Korea.

Yoon visited the USS Theodore Roosevelt (CVN-71), which has made a port call at a naval port in the southeastern city of Busan. The carrier is set to participate in a trilateral naval drill, dubbed Freedom Edge, the first-ever trilateral multidomain exercise, which kicks off on Wednesday.

Yoon said the aircraft carrier’s visit is part of “extended deterrence” measures outlined in the Washington Declaration adopted at his summit with U.S. President Joe Biden in April last year.

Extended deterrence refers to Washington’s commitment to using the full range of its military capabilities, including nuclear weapons, to defend its ally.

“It symbolizes the firm U.S. security commitment to South Korea, including strong extended deterrence,” Yoon was quoted as saying.

The air
craft carrier’s visit came amid rising concerns over evolving threats posed by North Korea after it signed a comprehensive strategic cooperation treaty with Russia, which includes a pledge for the two countries to come to each other’s aid if attacked.

Yoon stressed the importance of enhancing trilateral security cooperation with the U.S. and Japan.

“The cooperation between South Korea, the U.S., and Japan, which share the values of liberal democracy, will become another powerful deterrent alongside the South Korea-U.S. alliance,” he said.

This marks the third time an incumbent South Korean president has boarded a U.S. aircraft carrier, following former President Park Chung-hee in 1974 and President Kim Young-sam in 1994, according to the presidential office.

The USS Theodore Roosevelt made a port call for the first time in South Korea. It also marked the first arrival of a U.S. aircraft carrier here in seven months.

Earlier in the day, Yoon condemned the deepening military and economic cooperation betwee
n Pyongyang and Moscow as “anachronistic” acts that go against the progress in history and blatantly violate U.N. Security Council resolutions.

On Monday, North Korea slammed the arrival of the USS Theodore Roosevelt in South Korea and warned of taking “overwhelming and fresh” deterrence measures against what it called a “provocative act.”

Pyongyang has long denounced joint military drills between Washington and Seoul and also the U.S. dispatch of its strategic assets to the Korean Peninsula as a rehearsal for an invasion of the North.

Source: Yonhap News Agency

SEOUL, Top economic policymakers of South Korea and Japan agreed Tuesday to take “appropriate actions” to curb excessive volatility of their currencies and enhance bilateral and multilateral cooperation on broader economic, financial and social issues, Seoul’s finance ministry said.

The consensus was made during the ninth Korea-Japan finance dialogue by South Korea’s Finance Minister Choi Sang-mok talks with his Japanese counterpart, Shunichi Suzuki, in Seoul, according to the Ministry of Economy and Finance.

The two ministers shared “serious concerned about the recent sharp depreciation of the Korean won and the Japanese yen” and recognized the importance of “remaining vigilant” in policy actions to support economic growth and ensure financial stability.

“They reaffirmed that they continue to take appropriate actions against excess volatility and disorderly movements in exchange rates,” the ministry said in a release.

The joint verbal intervention came as volatility in the foreign exchange market remain
s high amid geopolitical instability stemming from the ongoing conflicts in the Middle East and elsewhere.

The Korean won and the Japanese yen have weakened markedly against the U.S. dollar in recent months.

The Korean currency ended at 1,387.5 won against the U.S. dollar, staying near the closely watched level of 1,400 won, and the Japanese yen has neared the 160 line against the U.S. dollar, a level unseen in decades.

During the meeting, Japan voiced support for the Seoul government’s efforts to incorporate Korean treasury bonds into the World Government Bond Index by improving foreign investors’ access to its government bond investment.

Japan also welcomed a set of measures by South Korea meant to attract foreign investment and improve its financial market, including the corporate value-up program that gives incentives to companies for prioritizing shareholder returns and implementing other measures for investors, according to the ministry.

Also on the table was how to join hands on addressing such jo
int challenges as achieving sustainable growth.

Choi and Suzuki, in particular, agreed to share their policy measures and experiences regarding low birth rates and join hands to find solutions, according to the ministry.

“As key partners, I propose a joint contribution to addressing major global issues not only by enhancing bilateral cooperation but through such various channels as the Korea-U.S.-Japan ministerial talks and the Korea-Japan-China dialogue,” Choi said.

To further enhance their communication, the two sides agreed to launch an annual deputy ministerial-level meeting.

They also agreed to hold the 10th finance ministers’ dialogue in Japan next year.

It was the first time in eight years that top economic policymakers of the neighboring countries meet in Seoul.

The previous session took place in Tokyo in June 2023, which was the first meeting of its kind since 2016 amid diplomatic rows.

During last year’s ministerial meeting, Seoul and Tokyo agreed to resume a US$10 billion currency swap deal.

Source: Yonhap News Agency

SEOUL, Rescue workers retrieved one more body Tuesday after a fire at a lithium battery plant in Hwaseong, south of Seoul, one of the worst chemical plant accidents in the country.

The retrieval increased the death toll to 23 from the fire that gutted lithium battery maker Aricell’s plant in Hwaseong, 45 kilometers south of Seoul, the previous day.

Eight others also sustained injuries, two of them seriously.

Shortly before noon, rescuers pulled out the additional body, believed to belong to a worker who had remained missing, reportedly from under collapsed iron beams and other debris.

About 100 personnel and two rescue dogs were mobilized during the day for the search, which had continued since the previous day.

All deceased victims were found on the second floor of the plant, where the fire first started, while they were inspecting and packaging finished battery products.

Seventeen of the victims were Chinese, while five were Koreans, and one was Laotian, police said, updating the initial count of two
Koreans by fire authorities.

A team of police, firefighters, forensic workers and other government officials launched a joint investigation at the fire site around noon to determine the cause of the accident.

Police have requested autopsies on the bodies to determine the cause of death.

The identities of only two Koreans among the victims have been confirmed so far, as the bodies of the others were severely destroyed in the fire and are beyond recognition.

“We plan to confirm the victims’ identities by collecting DNA from their bodies,” a police official said, adding that the process may take some time because they were mostly foreigners.

Following the investigation, rescue workers plan to resume their search inside the scorched plant to see if there are any other remaining victims.

Police also booked the head of the battery firm and four others for investigation on charges related to the deadly accident, including professional negligence resulting in deaths and injuries.

Overseas travel bans were also
imposed on all of them as police investigated who should be held accountable for the disaster.

According to initial findings by fire authorities, Monday’s fire started at a storage and packaging area for primary lithium batteries supplied to the military for use in FM walkie-talkies.

Lithium is considered a relatively stable material, requiring no specific legal regulations for its handling in South Korea.

Lithium, however, can cause sparks if it comes into contact with rusted iron in the presence of flammable gas in the air, necessitating storage in a separate, dry space.

Source: Yonhap News Agency

MANILA: The Department of Migrant Workers (DMW) on Tuesday said it will no longer allow boarding of Filipino seafarers on ships that were attacked by Houthi rebels in the Red Sea and Gulf of Aden.

‘What we do know for now is that we will take action with respect to the principals or shipowners who have been involved in at least the three attacks — Galaxy Leader, True Confidence and Tutor,’ DMW Secretary Hans Leo Cacdac said in a press briefing.

Majority of the crew members of M/V Galaxy Leader, M/V True Confidence and M/V Tutor are Filipinos.

‘At the very least, the three principal shipowners and therefore, we’ll no longer process or allow the boarding of seafarers onboard these three principals or shipowners who had been the subject of attack,’ he said.

He said the DMW has been in discussion with maritime stakeholders for risk and security assessment, and to intensify the protection of Filipino seafarers.

On the right to refuse sailing, Cacdac said shipowners need to improve the time element on giving
notices to Filipino seafarers that the vessel they are boarding will navigate through high-risk zones.

‘We have received some reports that some of our seafarers were not really given an adequate amount of time to exercise the right to refuse sailing,’ he said.

Cacdac said 78 Filipino seafarers have so far refused to sail and shipowners acknowledged their decisions.

The DMW issued guidelines in March for licensed manning agencies (LMA) to observe in case a Filipino seafarer is assigned on ships that would pass by high-risk and war-like areas.

Department Order No. 1 states of paramount interest is continued safety and well-being of all Filipino seafarers ‘in light of the increasing incidence of piracy, hijacking, and/or armed violence against ships passing through the Red Sea, Gulf of Aden, and surrounding areas/waters.’

The DMW ordered principal shipowners and LMA to divert their routes and avoid passing through the Red Sea, the Gulf of Aden and nearby areas.

Twenty-one Filipino seafarers of MV Tutor hav
e returned home after their vessel was attacked by Houthi rebels on June 12. However, one Filipino remained missing.

Another bulk carrier, M/V Transworld Navigator, was attacked on Sunday. All 27 Filipino crew members are safe.

‘The complexity of the situation really calls for a proper security assessment with technical details inherent in the security assessments,’ Cacdac said.

Cacdad said the DMW will ask authorities in maritime security such as the Philippine Navy and Philippine Coast Guard, and the Department of Foreign Affairs to help them in risk assessment.

Source: Philippines News Agency

SEOUL, Seoul shares closed higher Tuesday as investors hunted for bargains, with logistics and automobile shares leading the overall gains. The Korean won gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 9.66 points, or 0.35 percent, to 2,774.39.

Trade volume was moderate at 703.6 million shares worth 11.4 trillion won (US$8.2 billion), with gainers outnumbering losers 492 to 375.

Foreigners sold a net 143.5 billion won, while individuals offloaded a net 304 billion won. Institutions scooped up a net 166 billion won.

Overnight, the Nasdaq Composite plunged 1.09 percent, and the Dow Jones Industrial Average added 0.67 percent. Nvidia, which briefly shot up to become the most valuable firm last week, plunged 6.68 percent, with other technology firms losing ground as well.

Despite the U.S. losses, Seoul shares closed higher as investors hunted for bargains, although analysts warned that a further correction on Wall Street may weigh down the local market as well.

“The profit taking in technology shares will give downward pressure on the South Korean stock market,” Kim Seok-hwan, an analyst at Mirae Asset Securities, said.

In Seoul, logistics firms gained ground on the back of rising shipping costs, with HMM advancing 1.05 percent to 19,180 won and Hyundai Glovis adding 3.65 percent to 227,000 won. Korea Line also increased 8.15 percent to 2,455 won.

Carmakers were also among winners, with Hyundai Motor advancing 2.67 percent to 288,500 won and its sister Kia gaining 0.55 percent to 129,000 won. Auto parts maker Hyundai Mobis climbed 5.25 percent to 250,500 won.

Namyang Dairy Products jumped 3.95 percent to 552,000 won after the company announced a stock buyback program worth 20 billion won.

Top tech giant Samsung Electronics added 0.25 percent to 80,800 won, and No. 2 chipmaker SK hynix moved up 0.9 percent to 225,000 won.

Chemical shares, on the other hand, closed bearish, with LG Chem falling 1.4 percent to 351,000 won and SK Innovation losing 1.29 percent to 1
07,000 won.

The local currency ended at 1,387.5 won against the U.S. dollar, up 1.5 won from the previous session’s close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys gained 0.7 basis point to 3.201 percent, and the return on the benchmark five-year government bonds added 0.2 basis point to 3.217 percent.

Source: Yonhap News Agency

MANILA: The Philippines has retained its Tier 1 status in the United States’ annual Trafficking in Persons (TIP) Report for the ninth year, which deems that the country’s anti-TIP efforts are up to the US standards.

The initial report was released by the State Department on June 24, listing the Philippines among 33 governments with Tier 1 ranking, the highest in the report’s three-tier placement, and indicates that local authorities are making efforts to address human trafficking.

To maintain a Tier 1 status, governments need to demonstrate progress each year in combating trafficking.

They must also meet the minimum standards in eliminating TIP based on the US Trafficking Victims Protection Act (TVPA).

The State Department’s report excludes the country narratives, including recommendations for specific states.

Filipino TIP hero

Meanwhile, the State Department named Samson Inocencio Jr., vice president of the International Justice Mission Philippines (IJM) Program Against Online Sexual Exploitation of Ch
ildren, as one of this year’s TIP Report Heroes.

Inocencio has spent more than 20 years combating trafficking in persons through his work with IJM Philippines and has contributed to 147 convictions for commercial sexual exploitation and 220 for online sexual exploitation crimes (OSEC) since 2005.

After becoming National Director of IJM in 2016, he assisted in the removal of 544 children from situations of commercial sexual exploitation and 1,237 children who were at risk of OSEC.

The State Department said Inocencio’s collaboration in 2016 was also instrumental in the Philippines’ development of a ‘roadmap to Tier 1’ in the TIP Report.

‘The Philippines has been ranked Tier 1 for eight years due to the merits of its efforts. Sam’s leadership and dedicated service have strengthened the government and civil society’s response to trafficking and protected thousands, especially children, from exploitation,’ the State Department said.

Source: Philippines News Agency