(2nd LD) Gangseo Ward chief by-election kicks off

The by-election for the chief of Seoul’s key district kicked off Wednesday, with the result expected to serve as a key barometer of voter sentiment ahead of the parliamentary elections slated for April next year.

Eligible voters in Gangseo Ward started casting their ballots at polling stations at 6 a.m., according to the National Election Commission (NEC). The voting is to run until 8:00 p.m.

The turnout was tallied at 35.9 percent as of 1 p.m., the election watchdog said. The tally reflects the results of the two-day advance voting over the weekend.

Although the election will only decide who will become one of Seoul’s 25 ward chiefs, it has gained much attention, with the turnout for the advance voting recording the highest ever in the country’s by-election history.

During the early voting on Friday and Saturday, 113,313 out of the 500,603 eligible voters cast their ballots, representing a turnout of 22.64 percent, the NEC said.

The by-election takes place after former ward chief Kim Tae-woo was rem
oved from the post in May due to a suspended prison sentence for leaking secrets he gained while working for a special inspection team under former President Moon Jae-in.

Although the seat was vacated due to Kim’s conviction, the ruling People Power Party has named him as its candidate after his right to run in the election was reinstated following a special presidential pardon in August.

Kim’s rival in the main opposition Democratic Party is Jin Kyo-hoon, a former deputy chief of the national police.

A total of six candidates are running in the by-election, including Kim and Jin.

Source: Yonhap News Agency

Interior minister to visit Japan in search of ways to save regional towns facing extinction

Interior Minister Lee Sang-min will visit Japan this week to look for ways to revive regional towns facing extinction and strengthen bilateral cooperation in the face of a demographic crisis, the interior ministry said Wednesday.

During the three-day trip, Lee is expected to visit Kamiyama, a town in Tokushima Prefecture, 650 kilometers from Toyko, on Thursday to meet local youth at one of the satellite offices in the region and visit a technical school founded to resolve the education issue for local children, according to the Ministry of the Interior and Safety.

Tokushima Prefecture, which faced a risk of extinction after its population peaked at around 20,000 in the 1950s, is now home to some 690,000 people as of 2023. It recently saw the number of people moving into the area exceed those moving out, after projects to attract immigrants and revitalize the region were implemented.

On Friday, the interior minister will pay a visit to an art museum in Tokyo that was built with the country’s hometown ta
xes, a donation of tax payments made to a municipality in exchange for gifts.

Lee will also examine the security and emergency evacuation facilities of government buildings and pay a visit to the Tokyo Rinkai Disaster Prevention Park.

The interior ministry said Lee will have bilateral talks with Internal Affairs Minister Junji Suzuki, former Prime Minister Yoshihide Suga and Hiroya Masuda, the former minister of internal affairs and communications.

Source: Yonhap News Agency

CTA junks Nestle’s P1.27-B tax refund plea for Milo products

The Court of Tax Appeals (CTA) has denied the petition filed by a local food and beverage manufacturer seeking a refund of more than PHP1.26 billion in alleged erroneously paid sweetened beverage taxes (SBT) on its chocolate malt products.In its 23-page decision written by Associate Justice Ma. Belen M. Ringpis-Liban dated Oct. 6 and published online Wednesday, the tax court “denied for lack of merit” the petition filed by Nestle Philippines seeking a refund of PHP1,266,599,459.91 in taxes for its Milo brand products.The amount represents taxes paid from May to December 2018, after Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Act took effect, which includes a provision imposing SBT for the first time.Nestle said its Milo brand products should not be considered as a “sweetened beverage” and because it contains milk as an essential ingredient, it should instead be covered by the provision that excludes “all milk products” from SBT.The court, however, ruled that under the rules
, “while it can be said that flavored fluid milk includes all types of mixes, whether powder or syrup, it specifically did not include cocoa-sugar mix” and that Milo products “cannot be categorized as fluid flavored milk drinks as the same can also be categorized as cocoa-sugar mix.””Tax refunds partake of the nature of tax exemptions and therefore cannot be allowed unless granted in the most explicit and categorical language. The grant of refund privileges must be strictly construed against the taxpayer and liberally in favor of the government,” the court said.

Source: Philippines News Agency

S. Korean firms flaunt legacy, future weapons systems to advance into U.S. market

From a legacy self-propelled howitzer to a new unmanned ground vehicle and a high-tech drone, a dozen South Korean companies showcased their advanced defense products at a major U.S. defense exhibition in Washington on Tuesday.

The Association of the United States Army (AUSA) 2023 Annual Meeting and Exposition kicked its three-day run on Monday, bringing together defense and government officials among over 33,000 attendees and some 800 enterprises and exhibitors from 80 countries.

A group of South Korean companies installed the “Korea Pavilion” at the Walter E. Washington Convention Center, as South Korea has emerged as a prominent arms exporter in the wake of the war in Ukraine.

At the exhibition, Hanwha Defense USA, a subsidiary of Hanwha Aerospace Co., displayed the K9 self-propelled howitzer paired with an ammunition supply vehicle, as well as its “Arion-SMET” unmanned ground vehicle.

A K9 self-propelled howitzer on display during the Association of the United States Army (AUSA) 2023 Annual Meetin
g and Exposition at the Walter E. Washington Convention Center in Washington on Oct. 10, 2023. (Yonhap)

A K9 self-propelled howitzer on display during the Association of the United States Army (AUSA) 2023 Annual Meeting and Exposition at the Walter E. Washington Convention Center in Washington on Oct. 10, 2023. (Yonhap)

Arion-SMET stands for autonomous and robotic systems for intelligence off-road navigation — small multi-purpose equipment. It is an upgraded version of an infantry combat support vehicle that Hanwha Aerospace developed in 2019 under a military-civilian cooperation project.

“Part of the reason being here is to educate. We want the larger U.S. defense market to understand who we are and what capabilities we have,” Bernard Champoux, senior executive vice president of Hanwha Defense USA, told Yonhap News Agency.

He noted that Hanwha’s defense business efforts coincided with the commitments by the South Korean and U.S. administrations to strengthen and broaden their bilateral alliance.

“We ju
st celebrated 70 years (since the alliance treaty was signed), both presidents have made a commitment to find ways to expand it beyond just a bilateral security alliance to the economic alliance and to technology,” he said. “I think that’s in both of our countries’ national interest.”

Among the Korean firms was Poongsan Corp. The company displayed a wide variety of ammunition products, including 155-mm artillery projectiles.

“Here in the U.S, we have focused largely on the sporting ammunition segment, but we want to take this opportunity to promote other ammunition products to expand our business opportunities to many more countries,” said Yoon Jun-suk, a senior public relations manager at the company.

Poongsan Corp.’s ammunition products are on display during the Association of the United States Army (AUSA) 2023 Annual Meeting and Exposition at the Walter E. Washington Convention Center in Washington on Oct. 10, 2023. (Yonhap)

Poongsan Corp.’s ammunition products are on display during the Association of
the United States Army (AUSA) 2023 Annual Meeting and Exposition at the Walter E. Washington Convention Center in Washington on Oct. 10, 2023. (Yonhap)

Also at the event, Taekyung Electronics Co. showcased its multipurpose lightening broadcast drone designed for 24 hour rescue and surveillance operations, while Young Poong Electronics Co., which displayed its multi-sensor image fusion system for situational awareness.

Last year, South Korea’s arms exports hit a record high of $17.3 billion. The country has been aiming for a 5 percent share in the global arms export market by 2027 to become the world’s fourth-largest defense exporter.

Source: Yonhap News Agency

S. Korea logs current account surplus for 4th month in August

South Korea logged a current account surplus for the fourth straight month in August on the back of a widened trade surplus and increased interest income from overseas, central bank data showed Wednesday.

The country’s current account surplus reached US$4.81 billion in August, following the surplus of $3.74 billion the previous month, according to preliminary data from the Bank of Korea (BOK).

August’s surplus came as the country’s trade balance has remained in the black for five straight months and interest income has increased.

The country’s goods account racked up a $5.06 billion surplus in August, following a $4.44 billion surplus the previous month.

The primary income account, which tracks the wages of foreign workers and dividend payments from overseas and interest income, reported a surplus of $1.47 billion in August, following a $2.92 billion surplus in July, the data showed.

But the services account suffered an extended loss in August, reaching $1.6 billion, the data showed.

Source: Yonhap
News Agency

Exports down 1.7 pct during first 10 days of Oct.

South Korea’s exports fell 1.7 percent on-year in the first 10 days of October, data showed Wednesday.

Outbound shipments reached US$11.59 billion in the Oct. 1-10 period, compared with $11.79 billion tallied a year earlier, according to the data from the Korea Customs Service.

Exports fell for the 12th month in a row in September on aggressive monetary tightening by the United States and other major economies and a global economic slowdown.

The government expected a turnaround in exports as early as October as global demand for South Korean semiconductors has shown signs of recovering and has vowed all-out efforts to support exporters.

Source: Yonhap News Agency