October 5, 2016

TheKorean daily media headlines and humor

Wednesday, October 5, 2016

Your Excellency:

Here areThe KoreaPostnoticesandaroundup of important headlines from all majorKorean-language dailies, TV and other news media of Korea today:

Very Respectfully Yours

/s/

Lee Kyung-sik

Publisher-Chairman

Korea Post Media

What’sticking in Korea today?

Hereis a quick roundup of important news stories from the major Korean news mediatoday:

KBS (http://world.kbs.co.kr/english/news/)

FormerUS Nuke Envoy: No Carrot to N. Korea without S. Korea's Consent

A former U.S.nuclear negotiator has emphasized the U.S. should consult with South Koreafirst if it wants to provide a carrot for North Korea as a way to solve theregime's  nuclear issue. 

S.Korean Civic Group Provides Additional Flood Aid to N. Korea

A South Koreancivic group has said it delivered additional humanitarian assistance to NorthKorea to help residents hit hard by recent floods in the North's northeastregion.

GermanDeputy Foreign Chief Calls for Sanction, Dialogue with N. Korea

Germany'sDeputy Foreign Minister Markus Ederer said on Tuesday that no country can stopNorth Korea from developing nuclear weapons under the current circumstances,including its closest allies, China and Russia.

USEnvoy to UN to Visit S. Korea to Discuss N. Korea

The U.S.ambassador to the United Nations will visit South Korea this week to hold talkswith Seoul officials about the North Korean nuclear issue following theregime's fifth nuclear test last month.

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Yonhap (http://english.yonhapnews.co.kr)

Olympicwomen's golf champ to skip LPGA event at home

The Olympicwomen's golf champion Park In-bee will skip next week's LPGA event on homesoil, an organizing official said Wednesday.

S.Korean banks' net abroad drops 17 pct on more loan loss reserves

South Koreanbanks' net income from their branches abroad fell more than 17 percent in thefirst half of this year on increased provisions for bad loans, government datashow...

U.N.Security Council moving fast to impose sanctions on N. Korea: British envoy

The U.N.Security Council is "moving fast" to adopt a new sanctions resolutionon North Korea for its fifth nuclear test, Britain's U.N. ambassador was quotedas saying Tu...

 

Ex-U.S.negotiator calls for close Seoul-Washington consultations on negotiations withN. Korea

The next U.S.president should consider negotiations a primary option for resolving the NorthKorean nuclear standoff, but make sure not to offer key concessions, such ...

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The KoreaHerald (http://www.koreaherald.com)

TyphoonChaba strikes southern S. Korea

Heavyrainstorms struck South Korea's southern resort island of Jeju on Wednesday,the safety ministry said, as Typhoon Chaba approached the Korean Peninsula.

Shippingfiasco was unavoidable: Hanjin chief

Hanjin GroupChairman Cho Yang-ho, the largest stakeholder of the group’s cash-strappedHanjin Shipping, said Tuesday the recent shipping fiasco sparked by court receivershipof the shipping line was “unavoidable.”

Partiesremain at odds over parliamentary audit agenda

After aweeklong legislative impasse, rival parties returned to the National Assemblyto resume parliamentary audit on Tuesday. But they continued to clash atstanding committees over some highly political issues.

Biobubble could burst in Hanmi aftermath: experts

The stockvalue of Korean pharmaceutical companies for both chemical and bio based drugsare expected to go through a short-term reassessment period, in the aftermathof Hanmi Pharmaceutical that sent shockwaves to investors who have bet big onthe bio craze, market analysts said Tuesday.

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The KoreaTimes (http://www.koreatimes.co.kr)

Consumerprice rise hits 7-month high in September

South Korea'sconsumer prices rose at the fastest clip in seven months in September amidgrowing concerns over possible deflation, a government report showed Wednesday.

Errorsabound on street signs

This thirdarticle in the "Konglish Buster" series focuses on street signerrors. Those included in this story were collected by Korea Times reportersand students of Gachon University.

Policecollect 1,300 N. Korean leaflets landed in Seoul

A large numberof North Korean leaflets were found in southwestern Seoul on Tuesday morning.

Oppositionparty reaches out to foreign media

The mainopposition Minjoo Party of Korea (MPK) has begun to release its positions ondisputed domestic issues in English.

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DongAIlbo (http://english.donga.com)

S.Korean military to add 90 more Taurus pinpoint strikers

South Koreaplans to acquire 90 more Taurus air-to-ground guided missiles (picture) at canpinpoint strike underground bunkers where North Korean leader Kim Jong Un wouldbe hiding or nuclear and missile facilities within the error range of 2-3meters from as far as 500 kilometers away.

Capturingprivate moments of President Obama

"Instagramdid not exist before the Obama administration. Now I have a chance to show myphotographs to the public, instead of waiting post-presidency.”

Furniturebecomes art, art becomes furniture

Kim Baek-sun,a pseudonym for Kim Hoon, an artist who holds a personal exhibition at HakgojaeGallery in downtown Seoul until Oct. 30, operates a design studio, callinghimself as an “architect and designer.” He majored in oriental painting atHongik University, which is well-known for art education in Korea.

ParkIn-bee to skip KEB Hana Championship for rehab

Golfer ParkIn-bee will skip the KEB Hana Championship, the only LPGA Tour event that takesplace in Korea, which the Rio de Janeiro Olympic gold medalist was expected touse as platform to make a comeback after rehabilitation from injury.

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ChosunIlbo (http://english.chosun.com)

1 in 5 Employers Discriminate Against OlderJobseekers

Nearly one-fifth of companies in Korea have discriminatedagainst older jobseekers, a recent survey by job search portal Saraminsuggests.

12 Countries Downgrade Ties with N.Korea

At least 12 countries have reduced ties with North Koreathis year, Voice of America reported last Friday.

Korea Loses Car Export Rank to Mexico

Korea's car exports fell from third to fourth place inthe world this year after the country was overtaken by Mexico.

Gov't to Buy Golf Course for THAAD Deployment

The government is now determined to deploy a TerminalHigh-Altitude Area Defense battery from the U.S. on a golf course owned by thetroubled Lotte retail group.

N.Korea 'Building Large Submarine'

North Korea seems to be building a new submarine capableof firing several submarine-launched ballistic missiles, the website 38 Northsaid Friday.

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HanKyoRehShinmoon (http://english.hani.co.kr)

JapanesePrime Minister says he won’t write letter of apology to comfort women

Refusal spurnsSouth Korean government request for further goo dwill gestures

Japanese PrimeMinister Shinzo Abe made clear that he does not intend to provide any “furthergood-will gestures” such as writing a letter of apology to the former comfortwomen, stating that he does “not have the slightest intention” of doing so.

USexpert says THAAD can’t distinguish between real and decoy warheads

South Korea’sDefense Ministry denies claim about THAAD’s detection range, saying system islimited to North Korean territory

Chinesemedia continue with slew of threats over South Korea’s THAAD deployment

State-runmedia publishing litany of criticism, including disputes that North Koreannukes are the reason for THAAD

Samsungfinds best practices for addressing Galaxy Note 7 combustion crisis?

Acknowledgmentof truth followed by global recall and official apology appear to havemitigated damage

Failedresource diplomacy: KNOC needs $1 billion for liquidation of Canadiancompany 

The fate ofHarvest, a Canadian petroleum and gas mining company, is a matter of KoreanNational Oil Corp.‘s survival

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JoongAngIlbo(conservative) (http://koreajoongangdaily.joins.com/)

Brokeragesslash target prices for shares in Hanmi

Shares ofHanmi Pharmaceutical nosedived Tuesday to a low for the year after the companycame under investigation for alleged insider trading and brokerages slashedtarget prices for the stock.

Railstrike is felt at last by commuters in Seoul area

The KoreaRailroad Corporation (Korail) announced Tuesday that train and subway servicefrom Seoul to the suburbs would be reduced by 10 percent starting that evening,the first time commuters were affected by the nationwide railroad workers’strike that began Sept. 27.

Familycries foul over cause of death

The survivingfamily of a farmer activist who died after being hit by a police water cannonchallenged on Tuesday a doctor’s judgement that the victim died of illnesses.

LGChem inks deal with electric-car start-up

LG Chem willsupply lithium-ion battery cells to Faraday Future (FF), a would-be competitorto Tesla, the California-based start-up said Tuesday. The two companies arealso working to develop the highest-density batteries in the world.

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TheKyungHyangShinmoon(http://english.khan.co.kr/)

[Farmer Baek Nam-gi Dies] "If I Wrotethe Cause of Baek Nam-gi's Death, I Would Have Written External Causes"

On October 3, Lee Yoon-seong (63), a professor offorensic science at Seoul National University's College of Medicine and alsothe chairman of the joint special investigation committee of the school and theschool's hospital said, "If I was to write the cause of death, I wouldhave written 'external causes'," while speaking of how the cause of BaekNam-gi's death was written as "disease" in his death certificate.

[The Pros and Cons of Saenuri's Return to theNational Assembly after the Boycott] Nothing Left but Scars: Goal Achieved, Butin the Long Term, It Was a Bad Move to Neglect State Affairs

On October 2, Saenuri Party leader Lee Jung-hyun returnedto the parliamentary inspections after a seven-day hunger strike, which theruling party's mainstream assessed as a move that did not hurt the party. Theywere able to take advantage of the political conflict to buy time to conceal orreduce controversial issues such as the Choi Soon-sil scandal and the ethicsissue of Senior Cheong Wa Dae Secretary for Civil Affairs Woo Byung-woo.

[Jeong-dong Column] Donating Funds and theWillingness of Businesses

If the president of a society, a university professor,asked businesses to sponsor an international symposium and received funds,would this be the demanding and receiving of gifts or money banned by theImproper Solicitation and Graft Act (a.k.a. Kim Young-ran Act)? If thegovernment collects funds for the mutual development of rural areas, is thislegal? Is the Youth Hope Fund initiated by President Park Geun-hye legitimate?Is a senior Cheong Wa Dae official legally allowed to demand businesses forfunds to establish a cultural foundation?

[Editorial] President Park's Understanding ofAllegations Concerning Choi Soon-sil and Ahn Jong-beom

Yesterday while chairing a meeting with her seniorsecretaries, President Park Geun-hye said, "Letting slander and uncheckedexposes run loose when the nation is facing a crisis will only result incontributing to the chaos shaking our society." Her words referred to theallegations concerning her close acquaintances: Choi Soon-sil was allegedlyinvolved in the establishment and management of the Mir Foundation and K-SportsFoundation, and Senior Cheong Wa Dae Secretary for Policy Coordination AhnJong-beom was allegedly involved in collecting donations for these foundations.In the past, the Cheong Wa Dae spokesperson had denied these allegationssaying, "It's just an unfair and groundless political attack," butnow the president appears to be launching a counter attack. It is hard tounderstand how the leader of a nation can be so generous to herself.

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The KoreaEconomic Daily (http://english.hankyung.com/)

Per-personHousehold Loan Balance of Borrowers Reaches 72 Mil. Won...Parliamentary Probe

The per-personaverage balance of household debt held by borrowers has increased 24 percentduring the Park Geun-hye administration beginning in 2012, said Rep. YoonHo-jung (Minjoo Party) on October 4. According to the lawmaker, a member of theNational Assembly's Strategy and Finance Committee, based on data submitted bythe Bank of Korea, the average per-capita debt balance of those holdinghousehold debt was 72.06 million won as of the end of the second quarter ofthis year.

LawmakersRail State-run Energy Companies for Reckless Investment Practices

In anIndustry, Trade, and Energy Committee meeting held in the National Assembly onOctober 4, lawmakers lambasted executives of major state-run energy companiesincluding Korea National Oil Corp., Korea Gas Corp., and Korea Resources Corp.for failing to capitalize on massive overseas investment projects.

Gov'tRaises Coal Price First in 7 Years...But Impact on Low-income FamiliesMinimized

As recently asthe late 1980s, coal briquette was the most common fuel for heating and cookingfor all families. But the consumption of coal has begun decreasing from the1988 Seoul Olympic Games and now only 97,000 households (0.5%) in Korea usecoal as the main fuel. Even though the demand for coal briquette is extremelysmall, its price elasticity is close to zero. That's because most of thecoal-using families are low-income households and coal suppliers can't raisetheir prices as they please.

Useof Corporate Cards Drops after Kim Young-ran Act Takes Effect

With the KimYoung-ran Act, also known as the anti-graft law, taking effect, the use ofcorporate cards for paying for meals and drinks dropped by about 10 percent.

Korea'sOverseas Travel Expenditure Hits Record High in August

The amount ofmoney spent overseas by Korean nationals in the month of August was US$2.3billion, a record-high level. The corresponding amount spent by foreignvisitors to Korea was $1.52 billion, resulting in a deficit in the travelbalance of payment for 21 consecutive months. According to travel industryexperts, this is because more and more people in Korea tend to leave out ofKorea as there are not many things to see while there are not many good placesfor foreigners to go and spend money.

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AJU BusinessDaily (http://eng.ajunews.com/korea)

Saleof new cancer therapy Olmutinib approved in South Korea

South Korea'sfood and drug safety watchdog approved the sale of a new cancer therapy called"Olmutinib" at home Tuesday only after patients agreed to get it andwere fully informed of its side effects.

Battleto win new lucrative duty-free licenses kicks off

Lotte DutyFree launched a special 123-floor event Tuesday at its new landmark supertallskyscraper to restore its fame as South Korea's largest operator of duty-freestores, as a battle to win lucrative duty-free operating licenses kicked off.

NewFDI pledges in South Korea hit record high in first nine months

New foreigndirect investment pledged to South Korea hit a record high of 15.05 billion USdollars in the first nine months of this year despite market uncertainties suchas corporation restructuring at a home and a global economic slowdown, datashowed Tuesday.

LGChem establishes partnership with Chinese-backed EV startup

South Koreanbattery powerhouse LG Chem has established a new partnership with FaradayFuture, a Chinese-backed startup which focused on the development ofintelligent electric vehicles.

Courtmulls 'package sale' of STX units: Yonhap

A South Koreancourt may push for the "package sale" of STX Offshore &Shipbuilding, once the nation's number four shipbuilder, and its twoaffiliates, an informed source said Monday.

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Maeil BusinessNews Korea (http://www.pulsenews.co.kr/)

LGChem to supply electric vehicle batteries to Faraday Future

South Korea’schemical and battery firm LG Chem was picked as business partner for Faraday Futureto supply lithium-ion batteries to the Silicon Valley-based electric vehiclemaker.

HanmiPharm under scrutiny over delayed disclosure on Boehringer fallout

South Korea’sfinancial authorities have embarked on an extensive investigation on Hanmi PharmaceuticalCo. on whether the delayed announcement of the termination in an exclusivepartnership agreement on lung cancer treatment drug with Boehringer Ingelheimhad been intentional and whether employees have profited in any way through theaccess of the insider information.

Openingceremony of 17th WKF to be offered to public free of charge

The 17th WorldKnowledge Forum (WKF), the largest business forum in Asia, will kick off nextTuesday in Seoul and its opening ceremony will be open to the public free ofcharge.

Koreancourt mulling bundling STX Offshore & Shipbuilding, STX France for sale

The SouthKorean bankruptcy court is considering bundling a shipyard in Francespecializing in cruise ships owned by STX Offshore & Shipbuilding Co. toadd appeal to the sale of the Korean mid-tier shipbuilder under courtmanagement. The package deal, if proceeded, could fetch as much as 1 trillionwon ($906 million).

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