(2nd LD) Yonhap forum explores enhanced S. Korea-U.S.-Japan cooperation amid Russia-N. Korea ties


SEOUL: Officials, diplomats and security experts from South Korea, the United States and Japan on Friday called in unison for enhanced trilateral cooperation in light of burgeoning military ties between Russia and North Korea.

The participants gathered at an annual symposium held at the Shilla Hotel in Seoul under the theme “Status and Challenges of Korea-US-Japan Trilateral Cooperation.” The event is co-hosted by Yonhap News Agency, South Korea’s leading newswire service, and the unification ministry.

The forum took place amid a complex security environment, underscored by a partnership pact signed between Russian President Vladimir Putin and North Korean leader Kim Jong-un during their summit in Pyongyang earlier this month. The agreement is considered the strongest of its kind since the end of the Cold War.

In his message to the forum, President Yoon Suk Yeol vowed to overcome North Korea’s provocations and the global polycrisis, citing the constant threat posed by North Korea’s nuclear and missile deve
lopment, as well as geopolitical tensions and rising energy, resource and food insecurity.

“We will further strengthen the institutional foundation and cooperation of the South Korea-U.S.-Japan cooperation system and solidify solidarity and cooperation with nations that share our values,” he said.

The military pact between Moscow and Pyongyang calls for the provision of military and other assistance from one side to the other “with all means” at their disposal and “without delay” if either of the two countries is invaded or enters a state of war.

“Growing military cooperation between Russia and the DPRK is of great concern to the trilateral countries, which are committed to peace and stability on the Korean Peninsula,” U.S. Ambassador Philip Goldberg said in an opening speech.

DPRK stands for North Korea’s official name, the Democratic People’s Republic of Korea.

The ambassador strongly criticized the military pact, labeling both Pyongyang and Moscow as “isolated countries, which flout international rule
s and norms” and “aggressors.”

“More than ever, our alliance is crucial to peace and stability,” the ambassador said.

Defense Minister Shin Won-sik said arms trade between North Korea and Russia is expected to expand after their leaders signed the pact.

“As Kim Jong-un said (North Korea-Russia) relations were elevated to the level of an alliance, their ties are expected to further deepen,” Shin said. “Illegal weapons trade between the two countries is also expected to expand.”

Amid concerns over burgeoning armament, Mira Rapp-Hooper, the U.S. National Security Council senior director for East Asia and Oceania, reiterated Washington’s commitment to the security of the Korean Peninsula.

“The United States remains committed to the complete denuclearization of the Korean Peninsula,” the U.S. official said in a pre-recorded message.

“We are willing to consider interim steps on the path to denuclearization provided that these steps would make the region and the world a safer place for all of us,” she added.

In addition to bilateral cooperation, senior officials emphasized the importance of trilateral security cooperation with Japan, noting that such efforts have enhanced the capability and readiness of the three countries against North Korean missile threats.

“These enhanced bilateral and trilateral defense exercises demonstrate the capability and readiness of our combined forces through the improved information sharing and increased cooperation and coordination on ballistic missile defense and in particular against the DPRK missile threat,” Rear Adm. Neil Koprowski, commander of U.S. Naval Forces Korea said.

Japanese Ambassador to South Korea Koichi Mizushima also emphasized the need to utilize the three countries, which simultaneously serve as members of the U.N. Security Council (UNSC) this year, as an occasion to bolster trilateral cooperation.

“In particular, it is important to take advantage of the opportunity that the three countries are simultaneously serving as members of the UNSC this year to furthe
r strengthen cooperation in international society. We are committed to strengthening trilateral cooperation,” he said.

The ambassador further said Japan will continue to closely cooperate with the U.S. and South Korea to ensure the full implementation of UNSC resolutions against North Korea’s nuclear and missile programs.

Despite the heightened crisis, Unification Minister Kim Yung-ho said South Korea will simultaneously make patient efforts to create conditions conducive to bringing North Korea back to the dialogue table.

“We will also continue to make efforts with patience to create conditions to prod North Korea to come back to the dialogue table,” he said in the welcoming address.

The forum was followed by two comprehensive sessions.

The first session, titled “Korea’s Choice in the Middle of the Global Complex Crisis and the Changing Situation in Northeast Asia,” explored variables that can affect conditions for cooperation between the three countries.

Panelists included Robert Edwin Kelly, a profes
sor at Pusan National University, Shinsuke J. Sugiyama, former vice minister for foreign affairs of Japan, as well as two South Korean lawmakers who previously served as diplomats.

They discussed potential issues that could arise if former U.S. President Donald Trump were to take any “drastic” actions should he return to the White House for a second term.

“If Trump is re-elected, he won’t have to worry about the next election, so he will have the freedom to do as he pleases. Therefore, a second Trump term is more concerning,” the former Japanese official said.

The second session focused on inter-Korean issues under the theme “North Korea Declares ‘Two States’ … A Breakthrough in Inter-Korean Relations” featuring security experts.

The panelists delved deeply into the latest developments in North Korea, including its declaration of South Korea as its “invariable principal enemy,” as earlier instructed by Kim Jong-un.

In his opening remarks, Seong Ghi-hong, CEO and president of Yonhap News Agency, express
ed Yonhap’s commitment to stand alongside South Korea, the U.S. and Japan in overcoming global complex crises and pursuing shared prosperity.

“Yonhap News Agency will join the journey of South Korea, the U.S. and Japan toward overcoming global complex crises and achieving shared prosperity,” Seong said.

“Yonhap News Symposium on Korean Future” serves as a platform for domestic and international diplomatic and security experts to discuss global developments and engage in discussions for peace and the future of the Korean Peninsula. This year marks its 10th anniversary.

Source: Yonhap News Agency

PNP obtains court nod to examine Chinese ‘hacker’ devices

MANILA: The Philippine National Police (PNP) has 10 days to conduct a forensic examination on the gadgets and other devices seized from a Chinese national who was apprehended in Makati City last month.

This came after the Quezon City Regional Trial Court 90 issued a warrant to examine computer data (WECD) on the equipment seized from Yuhang Liu.

“We have turned over [these equipment] to the ACG (Anti-Cybercrime Group), specifically to the digital forensic unit of that office for examination,” Criminal Investigation and Detection Group (CIDG) chief Maj. Gen. Leo Francisco said in a press briefing in Camp Crame, Quezon City.

‘So the process is after the examination, the ACG will provide us the result. But if 10 days will not suffice, we will apply for additional time for this examination.’

The equipment include three mobile phones, one radio receiver/transmitter, one Huawei router, one Apple tablet, an Honor laptop, an aerial drone, an inverter unit, a computer central processing unit and other computer acc
essories.

Francisco said the suspect is currently detained at the CIDG – National Capital Region pending a court order on his transfer to the PNP Custodial Center in Camp Crame.

Liu was arrested on May 29 in Barangay San Isidro in response to a gun-toting complaint.

The complainant said Liu coerced him into delivering unidentified communication hacking devices to the suspect’s residence.

This equipment would allegedly be placed in vital installations to hack or access mobile phones’ international mobile equipment identity.

Source: Philippines News Agency

(LEAD) Seoul shares close higher as investors search for clues about Fed’s rate policy


SEOUL: Seoul shares ended higher Friday as investors waited for clues about the direction of the U.S. rate decision with key data due later in the day. The local currency rose sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 8.02 points, or 0.29 percent, to 2,792.08.

Trade volume was moderate at 601.1 million shares worth 10.8 trillion won (US$7.8 billion), with winners outnumbering losers 578 to 294.

Foreigners and institutions purchased local shares worth 29.2 billion won and 240.9 billion won, respectively, offsetting institutions’ sell-off of 280.4 billion won.

Overnight, Wall Street closed slightly higher as the U.S. personal consumption expenditures (PCE) price index for May is set to be released Friday (U.S. time), the latest data for any clues on the Federal Reserve’s monetary policy direction.

Experts said the KOSPI moved without clear direction as investors were in a wait-and-see mode ahead of the PCE data.

Most sectors gained ground, offsetting a
decline in big-cap tech and auto shares.

The food sector jumped 2.47 percent, with securities and insurance shares up 2.33 percent and 2.29 percent, respectively.

Financial shares increased 1.55 percent, and chemical shares gained 0.88 percent.

But tech behemoth Samsung Electronics lost 0.12 percent to 81,500 won, with No. 2 chipmaker SK hynix flat at 236,500 won, affected by overnight losses of U.S. AI chip giant Nvidia and Micron Technology.

Top automaker Hyundai Motor dropped 1.01 percent to 295,000 won, and its smaller affiliate Kia retreated 1.67 percent to 129,300 won on investors’ profit-taking following a recent rally.

Leading battery maker LG Energy Solution also dipped 0.46 percent to 326,500 won, and its smaller rival Samsung SDI pulled back 1.94 percent to 354,000 won.

The local currency ended at 1,376.70 won against the greenback, up 9.1 won from the previous session’s close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys declined 3.8 basis po
ints to 3.182 percent, and the return on the benchmark five-year government bonds dropped 3.7 basis points to 3.204 percent.

Source: Yonhap News Agency

Consumers’ sentiment still upbeat for next 12 months -BSP

MANILA: Consumer sentiment for the next 12 months continue to be optimistic but business outlook was less upbeat, results of a Bangko Sentral ng Pilipinas (BSP) survey showed.

In a virtual briefing on Friday, BSP Monetary Policy Sub-Sector officer-in-charge Redentor Paolo Alegre Jr. said results of the second quarter 2024 Consumer Expectations Survey (CES) and Business Expectations Survey (BES) showed that the overall confidence index (CI) for the next 12 months was at 13.5 percent, slightly higher than the 13.4 percent CI recorded in the first quarter survey results.

Comparing by quarter, however, consumer sentiment was more pessimistic for the second quarter of the year as the CI became more negative at -20.5 percent from -10.9 percent in the first quarter of 2024.

Alegre said the weaker confidence among consumers was mainly due to their concerns over the faster increase in the prices of goods and higher household expenses, lower income, fewer available jobs, and the effectiveness of government policies
and programs on inflation management, traffic and public transportation, provision of financial assistance, and labor and employment.

For the third quarter, Alegre said the CI also turned negative at -0.4 percent from 2.7 percent in the first quarter.

“Consumers expect higher inflation, interest and unemployment rates, and a weaker peso for all reference periods,” Alegre said.

Business expectations

Alegre said the business sentiment in the Philippines turned less upbeat in the second quarter of the year as the overall CI slightly went down to 32.1 percent from 33.1 percent in the first quarter.

Alegre attributed the decline in business confidence mainly to the firms’ concerns over a softer demand for goods and services such as personal care, health and other consumer products, construction supplies, city hotels and restaurants, and manpower services, ongoing international conflicts that may push oil prices higher, slowdown in business activity due to El Niño-induced extreme weather conditions, and persis
tent inflationary pressures that may weigh down consumer spending.

For the third quarter, the country’s business confidence weakened as the overall CI also fell to 43.7 percent from 48.1 percent in the previous survey result.

For the next 12 months, business outlook was similarly less upbeat as the overall CI decreased to 56.5 percent from 60.8 percent in the first quarter.

The firms’ less optimistic outlook for the next 12 months was attributed primarily to their expectations of a weaker demand for products and services such as hardware and construction supplies, poultry, dining, and leisure trips, stiff domestic and foreign competition, the possible escalation of the ongoing conflicts in Gaza and Ukraine, and persistent price pressures from higher food prices.

Source: Philippines News Agency

Hyundai Glovis to invest over 9 tln won by 2030 for growth


SEOUL: Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Friday it will invest more than 9 trillion won (US$6.5 billion) in the seven years through 2030 to achieve over 40 trillion won in sales that year.

The company announced the investment plans and possible mergers and acquisitions (M and As) for growth at its first CEO Investor Day.

The planned investments are sharply higher than the 2 trillion won in the past five years through 2023, with 77 percent allocated to logistics, shipping and distribution businesses, and 23 percent budgeted for M and As depending on strategic demands, the company said in a statement.

This year, Hyundai Glovis expected an operating profit of 1.6 trillion to 1.7 trillion won on sales of 26 trillion to 27 trillion won.

The targeted operating profit and sales are up from 1.55 trillion won and 25.68 trillion won, respectively, last year.

Source: Yonhap News Agency

Sofitel workers see hope in proposed Senate probe on hotel closure

MANILA: A group of workers of the iconic Sofitel Philippine Plaza Hotel backed a lawmaker’s resolution seeking an investigation into the hotel’s impending closure.

“This is a laudable move. It is high time that workers be provided with solid guarantees against union busting,” Marco Gojol, deputy secretary general of the National Union of Workers in Hotel, Restaurant and Allied Industries (NUWHRAIN), said in a statement on Friday.

Senator Risa Hontiveros filed Senate Resolution 1059 on June 24, calling for an investigation into the labor policy implications of the hotel’s closure.

“We call for greater transparency from Philippine Plaza Holdings Inc. and demand answers regarding the true reasons behind this decision,” Hontiveros said.

Gojol claimed that the closure of the hotel will displace over 1,000 workers and affect their families.

The 51-year-old hotel will have its last day of business on June 30, according to Philippine Plaza Holdings Inc. (PPHI) president Esteban Peña Sy.

In June last year, Sy sa
id the company allocated about PHP3 to PHP4 billion to rehabilitate the building, which they plan on recovering through the remaining 17 years on their lease with the Government Service Insurance System.

The PPHI is also seeking a lease extension for 25 more years or up to 2066.

“Sofitel’s secrecy about post-renovation plans leaves workers anxious and uncertain about their future. Its refusal to provide job guarantees to all those affected and to continue respecting the union and its CBA (collective bargaining agreement) should it reopen tells us it is only after one thing: to bust the union,’ he said.

PPHI informed the workers of their termination on May 8, citing safety as the only factor for closing down Sofitel.

In previous statements, Sy said there have been ‘many incidents’ in recent years.

“We engaged independent and internationally renowned safety consultancy firms to conduct safety audits and they advised us the hotel is not safe for operations,” he said in a previous statement.

Source: Philip
pines News Agency