The Korean daily media headlines and humor
Friday, April 15, 2016
Here are The Korea Post notices and a roundup of important headlines from all major Korean-language dailies, TV and other news media of Korea today:
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Replacing the ruling party with one with a very slight margin
People give the present government, political leadership a telling message
The 20th National Assembly elections on April 13, 2016 ended with the birth of a three-party political system in South Korea?changing the ruling party with a very slight margin. The new ruling party, Minjoo, has only one more winner than the former ruling party, Saenuri. Perhaps the bigger change is the fact that now Korea is in a three-party system with a powerful newcomer, the People’s Party led by Rep. Ahn Cheol-soo).
The Korean people have given the political arena a telling message, “We are fed up with you two guys endlessly fighting with each other and producing nothing!”
So the people gave birth to a powerful third party to control the ‘two big guys’ so that they would not fight with each other endlessly paying little attention to the all-important affairs of the state and issues that demand an immediate attention.
Now neither the former ruling party nor the new majority party can belittle the enormous power of the people (voters).
Opposition-strong 20th-term National Assembly of Korea. First opposition Minjoo Party has a total of 123 seats, former ruling Saenuri Party 122 seats, the second opposition Democratic Party has 38 seats, the splinter opposition Justice Party has six seats and Indepedents have 11 seats. (KBS report)
As soon as Minjoo won the elections over the Saenuri Party with the extremely slight margin, Chairman Kim Jong-in of Minjoo Party said, “The people power held the ruling party wholly responsible for the economic failures.”
However, the stronger reason seems to be that the people saw the ruling party as being overly arrogant, self-righteous and incompetent.
Korea is having a critical time economically. The International Monetary Fund brought the economic growth forecast of Korea to 2.7% from the 3.2% of last October. The new National Assembly where now the opposition parties are stronger than the ruling camp should try to make an all-out effort to save the sagging Korean economy aloof?and there is no time for any partisan strife.
Chairman Kim Moo-sung of the former ruling Saenuri Party
There were so many surprises during the last parliamentary elections. The ‘political monopoly’ that the Saenuri Party had enjoyed for the past 26 years in Busan and Gyeongsangnam-do region disappeared in the recent elections. Saenuri suffered a telling defeat where it lost five seats to the Minju in Busan and three in Gyeongsangnam-do. The reason seems to be the voters’ disagreement with Saenuri’s decision of indiscriminate 100% re-nomination of the incumbent local lawmakers.
Some political observers term the results of the National Assembly elections an ‘impeachment against the incumbent President and the ruling party.’
It appears that this is the first time in the Constitutional history of Korea where the ruling party lost as many as 30 seats and the parliamentary leadership. This is all the more so because the election conditions this year were the best ever for the ruling party whereas the opposition camp was split between Minjoo and the People’s Party and furthermore there was a marked growth in the number of senior voters who are normally on the side of the party in power.
Chairman Kim Jong-in of the new ruling Minjoo Party
Chairman Kim Moo-sung and other leading members of Saenuri have expressed their desire to leave the leadership positions in assumption of this situation. However, there is no appropriate political leaders fit to replace the present leadership of the party.
On this situation, Saenuri Chairman Kim Moo-sung said: “This happened because we had forgotten to fear the people (voters) and we have only ourselves to blame.” It appears that Kim has correctly seen the situation. It appears that the voters have given their verdict seeing the arrogance in the ruling party and the President.
Many people say that President Park has repeatedly made mistakes in her personnel selection and management known as “Decisions made according to the President’s notebook” under which most of the important government and party posts are occupied by the people from Taegu and Gyeongsangbuk-do Province, the favorite region of the President, and most of the important decisions are made by them.
Chairman Ahn Cheol-soo of the newly emerging formidably powerful second opposition People’s Party.
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A quick roundup of major news stories from Korean media:
Ruling Party Forms Emergency Panel after Electoral Defeats
The ruling Saenuri Party has picked Floor Leader Won Yoo-chul to lead an emergency committee in the wake of the camp's electoral defeats in...
JCS: N. Korea's Musudan Missile Launch Fails
North Korea attempted to fire an intermediate-range ballistic missile, but the launch appears to have failed. Seoul's Joint Chiefs of Staff(JSC)...
S. Korea, US to Jointly Research Spent Fuel Management
South Korea and the United States have agreed to conduct joint research on ways to store, transport and dispose of spent nuclear fuel. The two sides...
JCS: N. Korea's Musudan Missile Launch Fails
Ruling Party Forms Emergency Panel after Electoral Defeats
S. Korea, US to Jointly Research Spent Fuel Management
S. Korean Voters Render Verdict on Ruling Saenuri Party
The Minjoo Vows Efforts Toward Power Change
Seoul Official: N. Korea Deployed Musudan Missiles to Wonsan
Ruling Party's Leadership Virtually Dismantled
People's Party: Saenuri Defeat Voters' Reckoning
Saenuri Party Acknowledges Defeat in Polls
Saenuri Chairman Offers to Resign Following General Election Loss
N. Korea' early-morning ballistic missile launch ends in failure: military
North Korea attempted to launch what is presumed to be the medium-range ballistic missile Musudan early Friday from its east coast, but the launch ended in failure, the Joint Chiefs of Staff said.
Bond funds favored over stock funds for stable returns
Investors have pumped in more cash in bond funds than stock funds so far this year as they seek more stable returns, a fund rating and consulting company said Friday.
S. Korea's jobless rate drops to 4.3 pct in March
South Korea's jobless rate dropped to 4.3 percent in March from the previous month's 4.9 percent, with the number of newly employed people rebounding to over 300,000 last month, a government report showed Friday.
Samsung to supply OLED panels to Apple
Samsung Display Co., a flat panel maker under Samsung Group, will supply its organic light-emitting diode (OLED) display panels to Apple Inc. starting next year, industry sources said Friday.
The Korea Herald (http://www.koreaherald.com)
Korea seeking to learn if any Koreans among Kyushu earthquake victims
South Korea is trying to ascertain if there are any Korean victims from the 6.4-magnitude earthquake that struck the southern Japanese island of Kyushu, a government source said Friday.The earthquake hit Kumamoto Prefecture and su...
Koreans' meat consumption lags behind OECD average in 2014
South Koreans' meat consumption has increased a large extent for the past few decades but still lags far behind the average intake of other advanced countries, a government report showed Friday.According to the report from the Min...
Korean-American scientist named to U.S. cybersecurity commission
A renowned Korean-American computer scientist has been named a member of a U.S. commission set up by President Barack Obama to bolster cyber defenses.Peter Lee, corporate vice president of Microsoft Research, was one of the 10 mem...
S. Korean election result unlikely to affect THAAD talks: U.S. official
South Korea's ruling party lost a parliamentary majority in this week's general elections, but the result isn't expected to affect Seoul's position on the issue of a THAAD missile defense system, a senior U.S. defense official sai...
The Korea Times (http://www.koreatimes.co.kr)
Saenuri's defeat brewing political upheaval The ruling Saenuri Party’s unexpected losses in Wednesday’s general election are likely to reshape the political landscape. The emergence of a powerful third party led by Rep. Ahn Cheol-soo, and the main opposition Minjoo Party ...
Regionalism and ideological divisions have long been dominant election issues here, but this time a handful of candidates overcame traditional boundaries to secure suprise victories.
High-profile politicians voted out
As the vote count for the April 13 general election was completed early Thursday morning, more high-profile conservative politicians found themselves among the losers.
Opinion polls fail to predict election results
Opinion polls ahead of Wednesday’s general election failed to reflect voters' support in a considerable number of constituencies, raising the question of their efficacy.
Some win close-run races
Candidates at constituencies where there were neck-and-neck races during Wednesday’s general election had a tense night watching the vote count until the early hours of Thursday morning.
Dong AIlbo (http://english.donga.com)
Pentagon: China deploys 16 fighter jets to South China Sea island
The U.S. media Stars and Stripes quoted a U.S. military source on Wednesday in reporting that China deployed 16 units of Shenyang…
‘Abscess has popped,' ruling party chief says of election defeat
Kim Moo-sung, chairman of the ruling Saenuri Party, spent Wednesday at Yeouido St. Mary's Hospital getting an intravenous injecti…
Korean researchers uncover a gene responsible for obesity
A team of Korean researchers has discovered a key gene responsible for obesity. The research team led by Professor Han Jeong-hwan…
Chosun Ilbo (http://english.chosun.com)
Landslide Boosts Ahn Cheol-soo's Presidential Chances
Maverick IT entrepreneur Ahn Cheol-soo boosted his chances in the presidential election after his People's Party took 38 seats in the general elections on Wednesday. Ahn won his...
Ruling Party Loses Majority
The Saenuri Party lost its a majority in the National Assembly in Wednesday's general elections for the first time in 16 years. The new People's Party established in January...
Apr. 14, 2016 10:03 N.Korea Accuses Seoul of Abducting Defectors
North Korea on Tuesday made its first comments on the defection of 13 North Korean restaurant workers from China by claiming Seoul "lured and abducted" them. The North Korean Red...
Displeasure with ruling party has even reached their stronghold in Daegu
A genuine opposition party lawmaker was elected in Daegu - the stronghold of the conservative Saenuri Party - for the first time in 31 years. In addition, an independent with liberal tendencies and an..
In liberal stronghold, voters give main opposition party a lashing
Voters in the Honam region gave a thumbs-down to The Minjoo Party of Korea (TMPK) in the Apr. 13 general election. While the People’s Party exceeded its target of 20 seats taking 23 of the region‘s 2..
Seoul bracing for possible North Korean missile launch
The South Korean government is paying close attention to the possibility of an imminent North Korean mobile mid-range or intercontinental ballistic missile launch after CNN reported evidence of prepar..
North Korea has determined identities of restaurant workers who defected
The North Korean government has determined the identities of all 13 people who recently detected from a North Korean restaurant in China, reports say. The defectors included 12 female employees and th..
Restaurant manager says S. Korean government involved in group defection
The South Korean government was clearly involved from the beginning in the group defection of 13 employees from a North Korean restaurant in China, the restaurant’s Chinese manager said. The manager’s..
In election earthquake, Saenuri loses top place
The Saenuri Party of President Park Geun-hye lost its majority in the National Assembly and was reduced to the second-largest party, an unprecedentedly humiliating defeat in Wednesday’s general election. In modern Korean political history, the party of the incumbent president has lost its majority in the assembly but has always been the largest party…
President takes day off to absorb polls defeat
The Blue House is reeling from an election that produced a liberal majority in the National Assembly…
Analysts battle listed companies about reports
The conflict between the brokerage industry and listed companies is heating up in the wake of an incident…
Korean talent eyes Japan as joblessness at home goes up
The national youth unemployment rate peaked at 12 percent in February this year, and job seekers are turning…
BNK establishes mobile banking service
BNK Financial Group co-established a mobile banking service called Sumbank with its largest shareholder…
Shipbuilders strive to enter new markets
Local shipbuilders, including the big three - Hyundai Heavy Industries (HHI), Daewoo Shipbuilding & Marine Engineering (DSME)…
The Citizens' Judgment on the Park Geun-hye Government
The 20th parliamentary elections have ended. The Saenuri Party failed to secure the majority of the seats, whereas the Minjoo Party of Korea turned out victorio···
Kim Boo-kyum Receives a Magical 62.5% of Votes, "The Citizens of Daegu Have Rewritten History"
The Minjoo Party of Korea candidate Kim Boo-kyum (58, Suseong 1, Daegu), who was watching the results of the exit poll conducted by a broadcasting station with ···
Ruling Party Expects to Win a Majority: Close Races in 35-40 Constituencies in the Seoul Metropolitan Area to Decide the Outcome of the Electi
The outcome of the 20th parliamentary elections is still uncertain on the eve of the elections. The ruling and opposition parties have released their last-minut···
The Korea Economic Daily (http://english.hankyung.com/)
Deputy PM Upbeat about Achieving 3% Level Growth This Year
Yoo Il-ho, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, attended an investors relation session held in Manhattan in New York to brief about the Korean economy to the investors gathered in the venue. The first question he faced during his attendance was whether the...
KOSPI Hits a High of 2,016 Thanks to Foreign Net-buying of 550 Bil. Won
The KOSPI index has broken the 2,100 mark for the first time this year, largely thanks to a net-buying volume of 550 billion won by foreign investors. The KOSPI was closed on April 14 at 2,015.85, up 1.75 percent from the previous trading day. In terms of closing price, this is the first time for th...
Oil Refining and Petrochem Stocks Finally Got out of "Oil Price Risk"
Although international oil prices keep plunging, oil refining and petrochemical stocks are doing quite well. Oil prices have started falling in late 2014 and recently moved up to the US$40 level after hitting a low of $26.21 per barrel on February 11 this year. On April 14, SK Innovation was closed ...
Bidders Try to Form Consortiums ahead of Dongbu E&C Main Bidding
In a bidding war to take over Dongbu Engineering & Construction, the deal considered to be largest among corporate assets under workout programs in the first half of this year, candidates are quietly moving to form consortiums among themselves. According to investment banking sources on April 14, so...
AJU Business Daily(http://eng.ajunews.com/korea)
South Korea detects North Korea's failed missile launch
North Korea apparently fired a ballistic missile Friday, marking the birthday of its founder and grandfather of leader Kim Jong-un, but the launch appeared to hav…
Young people's unemployment rate at South Korea's worst
Despite the increase in South Korea's total numb…
South Korea promises to raise sunken ferry by end-July
South Korea promised Thursday to complete the massive task by July of raising the passenger ferry that sank two years ago with the loss of more than 300 lives, most of them schoo…
No signs of imminent nuclear or mobile missile test in North Korea
North Korea is able to conduct another nuclear test "on short notice", but recent satellite imagery showed little evidence that there would be a nuclear or mobile …
Novaled Receives More Attention from Industries Due to Its Increased...
Novaled, which is a provider of OLED material that was bought by Samsung, is continuing its trend of earning surprise. After making surplus in its first year since i...
Coupang Makes $475 Million in Loss from Last Year Apr 15, 2016 Share
Coupang Makes $475 Million in Loss from Last Year Coupang (CEO Kim Bum-seok) made an announcement through its audit report that it made $985 million (1.1338 trillion KRW) ...
KEPCO E&C Joins Smart Nuclear Facility Project Apr 14, 2016 Share
Alliance between South Korea and Saudi Arabia regarding South Korean small and medium-sized Smart Nuclear Facility is getting more intimate. Followed by material research...
MaeilBusinessNewsKorea (http://www.pulsenews.co.kr/ )
S. Korea’s election deals a mega blow to its President and ruling party
Wednesday’s election dealt a crushing humiliating blow to South Korea’s ruling Saenuri Party as the conservative party is now ...
Oxy Reckitt Benckiser is under growing suspicion over fatal humidifier
Oxy Reckitt Benckiser, one of manufacturers of humidifier disinfectants, is under increasing suspicion in South Korea that the ...
Korea’s Samsung SDI to invest first 1 trillion won in EV battery business
As a part of its plan to turn electric vehicle (EV) battery business its new growth engine through investment of up to 3 ...
DSME to build 2 Suezmax tankers originally contracted to its Romanian arm
Daewoo Shipbuilding & Marine Engineering Co. (DSME), South Korea’s second-largest shipbuilder, has decided to build two Suezmax ...
S. Korea’s cash-rich oil and chemical companies plan big investment plans
South Korea’s four oil refinery and three petrochemical companies added 32 percent in their cash hoard from a year ago to ...
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