Author: GIKorea

It figures that the Moon administration would bring up the GSOMIA issue again before April’s parliamentary elections in order to promote anti-Japanese sentiment:

Controversy is resurfacing over the possible termination of a military intelligence sharing agreement with Japan, ahead of the March 1 Independence Day and the April 15 general election. 

Speculation is mounting that the government could ultimately terminate the General Security of Information Sharing Agreement (GSOMIA), given the absence of any significant outcome from bilateral negotiations to remove Japan’s trade restrictions imposed on certain Korean companies last summer. In response to the restrictions, the government announced the termination of the agreement, but held off on this in November to show its commitment to bilateral negotiations to settle the trade dispute. (……)

During a recent press conference, Foreign Minister Kang Kyung-wha said that Korea could still consider terminating the GSOMIA depending on what is deemed best for the “national interest.” “There have been talks between the export authorities, but we have still not returned to the situation before July 1 [when Japan imposed the exports ban],” Kang said.

Korea Times

You can read more at the link, but it is pretty clear how important April’s vote is for the Blue House. They have changed election laws that will increase the number of unelected left wing parliament seats, covered up the investigations into Blue House corruption, fired the head of Statistics Korea to get better economic stats, has not reached a cost sharing deal with the U.S., and now threatening to cancel the GSOMIA pact again.

If you want to go to Jeju on a budget, now is the time to go:

Three bucks may be all you need to get yourself from Seoul to Jeju Island.

Local budget airline T’way Air on Tuesday afternoon started offering one-way flights from Gimpo International Airport to Jeju International Airport and vice versa for as low as 3,000 won ($2.50), as the continuing spread of the Wuhan coronavirus drives customers away from air travel.

Counting taxes and airport usage fees, the ticket price goes up to 12,500 won, but it’s still the cheapest for anytime of the year. Even for plane tickets over the weekend, which are typically in higher demand than weekdays, the air carrier is offering one-way tickets with price tags as low as 7,900 won. That’s less than 19,500 won, no matter what, to get a traveler from Seoul to Jeju.

Joong Ang Ilbo

You can read more at the link.

Another auto manufacturer has shutdown production because of the coronavirus’s impact on China:

GM Korea is temporarily halting operations at one of its three car assembly plants as the Wuhan coronavirus outbreak threatens the steady supply of auto parts.

The Korean unit of General Motors said Wednesday that it is closing its Bupyeong factory in Incheon on Feb. 17 and 18 because of delays in the arrival of auto parts, including wiring harnesses, from China. 

The factory will resume operations on Feb. 19.

The decision by GM Korea follows Hyundai Motor, Kia Motors, Renault Samsung Motors and SsangYong Motor shutting their factories temporarily as a result of supply shortages.

Joong Ang Ilbo

You can read more at the link.

It looks like firing the person in charge of gathering economic statistics in South Korea has worked for the Moon administration:

Employment growth hit a five-and-a-half-year high last month, with the most notable turnaround in manufacturing jobs.

Optimism is tempered however as the momentum could stall with the Wuhan coronavirus still threatening the economy.

In January, 568,000 new jobs were added compared to the same month the previous year. That is the most since 670,000 new jobs were added in August 2014.

January was the second consecutive month in which more than 500,000 jobs were created. 

The big news was in manufacturing, where jobs were added for the first time in almost two years. Totals have been dropping since 2018. In January, 8,000 manufacturing jobs were added.

Most of the jobs created since last year have been in health and social welfare and added with the help of government spending.

Last month, 189,000 health and welfare jobs were added, the most of any category. A total of 92,000 transportation and storage jobs were added, followed by lodging and restaurant positions, at 86,000.

Joong Ang Ilbo

You can read more at the link, but notice that the major source of jobs is not organic job creation, but instead the government handing out jobs. Even more interesting is that the majority of the government jobs are going to the elderly who tend to vote more than younger people. Does anyone think that this is just a coincidence that is happening right before April’s parliamentary elections?

The cover up of the Moon administration’s election meddling is continuing:

Justice Minister Choo Mi-ae defended herself Tuesday over her controversial decision to stop disclosing the full text of indictments involving President Moon-Jae-in’s close allies, saying it was necessary step.

During a press conference marking her first 40 days in office, the minister also explained her move to separate the investigation procedure from the indictment process. Choo is seeking to create a separate prosecution unit to decide on indictments after it reviews the results of investigations by subordinate prosecutors.

“What I did was a first step to correct wrong practices by giving defendants the benefit of the doubt and the right to a fair trial,” she said during the press conference held at the ministry headquarters in Gwacheon, Gyeonggi Province.

On Feb. 5, Choo ordered the ministry to stop disclosing information to the National Assembly about the indictments of Moon’s allies involved in the 2018 Ulsan mayoral election-meddling scandal.

Korea Times

You can read more at the link, but don’t be surprised if no one is charged since the Justice Ministers plans to have prosecutors she picks be the ones to decide whether to indict the accused Moon administration officials.

Could you imagine the up roar in the U.S. if the Trump administration chose the prosecutors who would decide to indict anyone investigated by the Mueller investigation. That is essentially what is happening here with little care from the local or international media.

Look who is in Korea looking for money:

Questions have arisen from capital market observers as former U.S. National Security Adviser John Bolton revisited Korea this week in the capacity of the Rhone Group senior adviser and met with institutional investors here. (………..)

Market observers say Bolton’s latest trip showed the foreign midcap buyout firm has been anxious to utilize Korea’s liquidity for its fundraising.

Foreign news outlets have described Rhone as “low-profile,” because the size of its entire assets under management falls far short of the size of a single buyout fund managed by global PEFs.

Rhone managed assets worth 5 billion euros ($5.5 billion) as of the first half of 2019.

The fact that Bolton’s visit was made amid the spread of coronavirus across East Asia is also mentioned as evidence of Rhone’s desperation.

After the virus outbreak, financial firms have canceled their investor roadshows overseas and foreign investors have become reluctant to visit Korea and other East Asian countries.

Korea Times

You can read more at the link.