eFM News

≡ Monsoon-Soaked Southern Regions Brace For Typhoon Danas

The country is bracing for the arrival of Typhoon Danas. The Korea Meteorological Administration said the storm was located off Shanghai, China as of 10 a.m. and was traveling north at a speed of 28 kilometers per hour. The southern regions, including Jeju Island and coastal cities like Ulsan and Busan, are still being soaked by monsoon downpours, and are expected to bear the brunt of the typhoon. Danas is forecast to make landfall in South Jeolla Province around noon tomorrow and drop heavy rains of up to 50 millimeters per hour. The weather agency and local officials have warned citizens to take precautions and be aware of the risks of landslides, damage to facilities and sudden rises in water levels.■[2019.07.19]

≡ Japan Protests S. Korea For Snubbing Arbitration Offer For Forced Labor

Japan has ramped up its protest against South Korea after Seoul rejected its proposal for a third-party arbitration for the wartime forced labor issue. Japanese Foreign Minister Taro Kono summoned South Korean Ambassador to Tokyo Nam Gwan-pyo this morning and said it is "very regrettable" that Seoul did not reply. Tokyo had asked Seoul to respond to its proposal by midnight last night. Seoul's foreign ministry, however, said yesterday that it does not need to comply with the deadline set unilaterally and arbitrarily by Tokyo. Last month, Seoul proposed creating a joint fund to compensate victims of wartime forced labor but Tokyo rejected the suggestion.■[2019.07.19]

≡ Korean Tech Firms Seek To Reduce Dependence On Japanese Materials

[Anchor] The escalating trade dispute with Japan over its export curbs is showing how dependent major South Korean companies are on Japanese components. Samsung Electronics, LG, Hyundai Motor and others are now scrambling to diversify their supply channels while pushing for localization of key materials for their chips and displays, but some analysts say those goals won't come easy. Jenna Lee reports. [Reporter] Japan's decision this month to tighten exports of three high-tech materials to South Korea was a rude awakening for domestic firms, which have long neglected developing basic technologies. Among those expected to be hit hardest by the curbs is Korea's leading tech giant Samsung Electronics. It relies on Japan for components essential for its chips and displays, which in turn account for a fifth of South Korea's total exports. This urgent situation led Samsung Vice Chairman Lee Jae-yong to fly to Tokyo to ensure an immediate supply of materials such as hydrogen fluoride and photoresists. However, he still ordered executives to seek substitutes from other countries. Analysts say it will take some time for South Korea to diversify its import channels and localize key parts. Lee Ji-pyung, from LG Economic Research Institute, also points out that decades of partnerships with Japanese suppliers aren't easy to give up. [CLIP] "Some Japanese firms in the high-tech material industry have a history of over 100 years, and have been able to build a deep level of technique and trust with Korean companies. Aspects like cost and quality assurance are why Korean companies cannot easily change the structure of dependence on Japanese firms." Russia has reportedly offered to provide hydrogen fluoride to South Korea, but local companies were said to be hesitant to accept due to quality issues. While the conflict continues, President Moon Jae-in has promised business leaders the government will provide active support to mitigate damage and reduce reliance on Japan. The trade ministry unveiled a set of countermeasures this week that includes spending 1 trillion won annually to develop home-grown technologies in areas directly competing with Japanese firms. Jenna Lee, eFM News.■ [2019.07.19]

≡ Man Seriously Injured After Setting Fire To Car Near Japanese Embassy

A man in his 70s has suffered burns all over his body after setting fire to his car in front of the Japanese Embassy in Seoul. Police said the man drove onto the sidewalk in front of the embassy in the predawn hours, around 3:20 a.m., and set fire to the inside of the vehicle. The flames were extinguished in 10 minutes but the man was badly burned and rushed to a nearby hospital. Flammable materials, including butane gas, were found inside the car. Police are still looking into the man's motive for the apparent self-immolation attempt and are reviewing witness accounts and CCTV footage.■ [2019.07.19]

≡ Seoul Stocks In Midday Trade

Turning to the local bourse, stocks in Seoul are trading _______ at this hour. As of noon, the benchmark KOPSI was up/down/flat _____ percent at _______ while the tech-heavy KOSDAQ was up/down/flat _____ percent at _______. The Korean currency was trading at _______ won against the U.S. greenback, up/down/unchanged _____ won from yesterday's close.■1,179[2019.07.19]

≡ Seoul To Add Over 100 Electric Buses To Green Fleet In Nov.

The Seoul Metropolitan Government says it will operate 114 more electric buses starting this November. The move will increase the city's fleet of eco-friendly electric buses to 143, including the 29 that were put on local roads last year, and expand operating routes from three to 19. Electric buses are part of the city government's policy to reduce greenhouse gas emissions and improve air quality. With their low floors, they also provide better accessibility for the elderly and the disabled.■[2019.07.19]