Day: August 20, 2023

South Korea and the United States were set to kick off major combined military drills this week as the allies seek to bolster joint readiness against evolving military threats from North Korea.

The annual Ulchi Freedom Shield (UFS) exercise, based on an all-out war scenario, is set to take place from Monday to Aug. 31, featuring various contingency drills, such as the computer simulation-based command post exercise, concurrent field training and Ulchi civil defense drills.

Some 30 allied field training events are scheduled to take place during the exercise period, compared with 25 during this year's springtime Freedom Shield exercise and 13 in last year's UFS, according to a Joint Chiefs of Staff (JCS) official.

This year's UFS is known to include scenarios to train troops to swiftly transition into wartime as well as to respond to false information possibly spread by Pyongyang during wartime or a contingency.

In addition to the allies' Army, Navy, Air Force and Marine personnel, U.S. space forces will also partake in the drills, according to the U.S. Forces Korea (USFK).

The U.S. military launched the U.S. Space Forces Korea, a USFK component, in December last year.

Aside from South Korean and U.S. participants, personnel from nine member countries of the U.N. Command (UNC) will join the exercise. The countries are Australia, Canada, France, Britain, Greece, Italy, New Zealand, the Philippines and Thailand, according to the USFK.

The UNC is a key enforcer of the armistice that halted the fighting in the 1950-53 Korean War.

The Neutral Nations Supervisory Commission, an observer of the armistice, will also attend the drills. The commission has representatives from Sweden and Switzerland.

Meanwhile, the South Korean military is strengthening its readiness posture against possible military activities by Pyongyang during the exercise period, such as ballistic missile launches.

The North has long accused the allies' military drills of being rehearsals for an invasion against it, with North Korean leader Kim Jong-un recently calling for a "drastic boost" in the country's missile production capability and for war contingency preparations in an "offensive" manner.

Seoul's spy agency told lawmakers Thursday during a closed-door briefing that the North is preparing various provocations in time for the combined drills, such as an intercontinental ballistic missile launch.

Source: Yonhap News Agency

South Korea's manufacturing confidence remained in positive territory for five consecutive months through September, a state think tank said Sunday, driven by an optimistic outlook for the chip industry.

The professional survey index (PSI) for the manufacturing sector's business conditions came to 109 for September, compared to this month's 111, the Korea Institute for Industrial Economics & Trade (KIET) said.

A PSI reading above 100 means optimists outnumber pessimists. The latest survey of 158 experts in major industries was taken from Aug. 7-11.

By sector, the outlook for the chip industry came to 148 for September, rising from 140 estimated for this month.

Companies from the display, electronics, chemical and steel industries also painted a rosier outlook for September compared to this month, the KIET said.

The confidence for the electronics sector, however, came to 100 for September, down 24 points on-month, primarily influenced by diminished optimism in the smartphone and home appliances sectors.

Source: Yonhap News Agency

1875 -- A Japanese warship attacks Ganghwa Island on the west coast of the Korean Peninsula in an attempt to expand Japan's influence in the neighboring country.

1980 -- Following a military coup, commanders of the armed forces appoint Gen. Chun Doo-hwan to serve as head of state.

1981 -- The South Korean government announces its fifth five-year economic development plan.

2003 -- The Summer Universiade opens at the World Cup stadium in the southeastern city of Daegu, with delegations from 169 countries participating.

2007 -- Park Tae-hwan wins gold in the 400-meter freestyle at the 2007 International Swim Meet in Chiba, Japan, at age 18. Park touched the pad with a time of 3 minutes and 44.77 seconds, beating Australian Grant Hackett, who came in at 3 minutes and 45.27 seconds. Months earlier, Park won gold in the men's 400-meter freestyle in the World Swimming Championships in Melbourne, Australia.

2012 -- Foreign Minister Kim Sung-hwan dismisses a proposal by Japan to jointly refer the issue of Dokdo to the International Court of Justice, saying the proposal is "not worth consideration." Tokyo insists that Dokdo, a group of outcroppings in the East Sea that is effectively controlled by South Korea, is its territory.

2015 -- President Park Geun-hye orders South Korea's military to thoroughly and sternly retaliate against North Korea if provoked again as the North vowed its readiness to take military action against the South over an anti-Pyongyang propaganda campaign at the heavily fortified border. A day earlier, Pyongyang fired shells into a South Korean front-line military unit.

2016 -- South Korean Park In-bee cruises to the women's golf gold medal at the Rio de Janeiro Olympics. She beat Lydia Ko of New Zealand by five strokes for the first women's golf Olympic title awarded in 116 years.

2019 -- The top diplomats of South Korea, China and Japan agree on the need for trilateral cooperation among their countries despite a spat between Seoul and Tokyo over trade and history during their three-way meeting in Beijing, the first such gathering since August 2016.

Source: Yonhap News Agency

South Korea's finance ministry said Sunday it will take market stabilization measures when necessary amid the growing concerns over the impact of China's property crisis.

Finance Minister Choo Kyung-ho discussed the agenda with Bank of Korea Gov. Rhee Chang-yong and top officials of financial authorities earlier in the day to address global uncertainties, including the escalating volatility in the U.S. bond market, according to the Ministry of Economy and Finance.

The key policymakers vowed to take measures to stabilize the market if necessary while closely monitoring related situations around the clock, the finance ministry said.

The ministry, meanwhile, noted South Korean banks' exposure to China's real estate crisis was estimated at 400 billion won (US$297 million).

China's property giant Evergrande Group filed for bankruptcy in the U.S. last week, with another major player Country Garden struggling with debt problems.

Source: Yonhap News Agency

The latest trilateral summit among the leaders of South Korea, the United States and Japan has helped establish a "basic framework" for coping with North Korea's nuclear and missile threats, Seoul's presidential office said Sunday.

President Yoon Suk Yeol, U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida met at the Camp David presidential retreat in Maryland on Friday, where they adopted a series of documents that outlined their commitments to enhance security and economic cooperation and called for the three countries' leaders to meet annually.

"(With the trilateral summit), a basic framework to tackle North Korea's nuclear and missile threats has been set up," presidential spokesperson Lee Do-woon said in a briefing.

The summit was held amid expectations that North Korea could fire intercontinental ballistic missiles or make its second attempt to launch a military spy satellite in the run-up to the celebration of its founding anniversary on Sept. 9.

Lee highly appraised the meaning of three key documents adopted by the leaders at the first standalone trilateral summit among the three nations.

The agreement to consult one another in the event of common threats, dubbed the "Commitment to Consult" was a first among the three nations and elevated their partnership to a new level amid the security and economic challenges posed by North Korea and China.

In a joint statement titled "The Spirit of Camp David," they also agreed to hold annual trilateral summits, conduct three-way defense exercises on an annual basis and operationalize the real-time sharing of missile warning data on North Korea by the end of the year.

"It is very meaningful that it was the first time that the three countries publicly stated the status of their mutual relations to the international community by adopting the documents," Lee said.

Touching on the economy, Lee said the leaders agreed to expand technological and personnel exchanges in advanced areas, such as artificial intelligence and space, which will pave the way for securing engines of new growth and creating jobs.

"The combined economic size of the three nations accounts for about 31 percent of global gross domestic product. This means an overwhelming economic power that cannot be compared to any other economic blocs or forces," he added.

Source: Yonhap News Agency