October 6, 2016

TheKorean daily media headlines and humor

Thursday, October 6, 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/)

5Killed, 5 Missing Due to Typhoon Chaba

Typhoon Chabaleft behind a trail of destruction after it passed the southern part of SouthKorea, leaving five people dead and five others missing. 

Manuscriptof 14th Century Pope's Letter to Goryeo King Found

A South Koreanfilm crew has found a manuscript of an ancient letter that was sent from a popeto a king of the Goryeo Dynasty in 1333 at the Vatican.

3Dead, 3 Missing after Typhoon Chaba Hits S. Korea

At least threepeople have died and three others went missing as Typhoon Chaba swept pastsouthern parts of the Korean Peninsula on Wednesday.

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

TyphoonChaba claims 4 lives in southern S. Korea

SEOUL, Oct. 5(Yonhap) -- Typhoon Chaba approached South Korea with heavy rainstormsWednesday, killing at least four people in the southern part of the country,the safety ministry said.

Ex-PortuguesePM Guterres chosen to succeed Ban Ki-moon as U.N. chief

NEW YORK, Oct.5 (Yonhap) -- Former Portuguese Prime Minister Antonio Guterres has beenselected to succeed Ban Ki-moon as U.N. secretary-general.

U.S.legislation calls for reauthorizing N. Korean Human Rights Act

WASHINGTON,Oct. 5 (Yonhap) -- A U.S. House lawmaker has submitted a bill extending themandate of the North Korean Human Rights Act by five more years until 2022.

Taskforce to be formed for job stability of Hanjin Shipping employees

BUSAN, Oct. 5(Yonhap) -- The country's Maritime Minister Kim Young-suk said Wednesday thegovernment will form a tripartite team along with labor and management tomaintain employment of workers at cash-strapped Hanjin Shipping Co. amid acargo chaos.

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

Atleast 4 dead, 3 missing after Typhoon Chaba hits Korea

At least fourpeople died and three more are missing after Typhoon Chaba swept through thelower part of the Korean Peninsula on Wednesday, the safety ministry said.

Jeju Islandand the southwestern cities of Busan and Ulsan were most severely hit as thetyphoon unleashed strong gusts of 47 meters per second and heavy downpours ofas much as 600 millimeters between Tuesday and noon Wednesday.

NKexploitation of slave labor estimated at $975m a year: report

The NorthKorean regime plunders at least $975 million yearly from its people bysystematically operating plants, companies and construction projects withoutpaying decent salaries, constituting slave labor, a civic group said Wednesday.

Concernsdeepen over ballooning household debt

Concerns havebeen deepening about the ballooning household debt in South Korea.

As ofend-June, the country’s household borrowings amounted to a record high of1,257.3 trillion won ($1.149 trillion), up 11.1 percent from a year earlier,according to data from the Bank of Korea.

Anti-graftlaw hits golf industry

The enactmentof Korea’s landmark anti-graft law appears to be shifting the country’s socialbonding culture for businessmen, especially in the game of golf.

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

Devastatingtyphoon leaves 4 dead, 3 missing

At least fourpeople died and three more are still missing as of Wednesday 10 p.m., aftertyphoon Chaba hit the southern parts of the peninsula.

Dotext quake alerts exist only for Koreans?

Emergency textalerts for magnitude 4.0 and above earthquakes will be sent nationwide frommid-October. But the messages will be sent only in Korean, which reflects theKorean authorities' lack of attention to safety of foreign residents here.

N.Korea has up to 400,000 slave workers

North Koreahas been mobilizing an army of slave workers for state-run constructionprojects nationwide, a report showed Wednesday.

WhySamsung should worry

If I was atSamsung Electronics, I would be worrying about how the issue of explodingbatteries with the Galaxy Note 7 has become comic fodder for late night TVshows in the U.S.

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

SNUresearch team sequences Koreans' human genome

When the“Human Genome Project” was launched more than a decade ago, people awed at theinternational efforts to analyze and unravel the genetic makeup of humanbeings. Scientists were completing the sequence of the human genome of a whiteperson in 2000, and “GRCh38,” the latest version of the human reference genomeassembly, was mapped in 2013. Unfortunately, the genetic information of Asians,including Koreans, has never been updated during this long journey of genetic research,and thus scientists and researchers were unable to incorporate the geneticinformation of Asians fully during their research on new medicine or diseases.

'DenuclearizedKorea to offer new opportunities,' says Pres. Park

In a speechdelivered on Wednesday, President Park Geun-hye said, “When North Koreannuclear threats disappear and a door to peaceful unification opens, newopportunities for happiness and prosperity will arise not only for us living onthe Korean Peninsula but also for 7.2 million overseas Korean compatriotsaround the world.”

SamsungElectronics ranks at 7th in brand value

SamsungElectronics has ranked as the 7th most valuable brand among the world’s top-100companies with brand value over 50 billion U.S. dollars. Furthermore, HyundaiMotor and Kia Motors also ranked 35th and 69th, respectively, in their brandvalue. The “World’s Most Valuable Brands” prepared by the brand consulting firm“Interbrand” was announced on Wednesday.

Kfashion' to encounter ‘K-pop’ at Jamsil Stadium next weekend

Korean fashiondesigners and singers will gather together at a gigantic event. "SeoulFashion Festival 2016," which has been organized as an encounter of Koreanfashion and music, will take place at the Jamsil Stadium in Seoul on October15?16.

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

Carmakers Suffer Big Drop in Domestic Sales

Hyundai's car sales in the domestic market plummeted 20percent on-year in September after a temporary tax incentive ended andcustomers and staff went on holiday for Chuseok or Korean Thanksgiving.

Korea Falls to 6th Place in Global CarProduction

Korea was overtaken by India in the first seven months ofthe year and dropped to sixth place in terms of car production.

N.Korea's Per-Capita GDP Is Less Than 4% ofS.Korea's

North Korea's per-capita GDP stood at an estimatedUS$1,013 last year, equivalent to just 3.7 percent of South Korea’s $27,195,Hyundai Research Institute said Thursday.

400,000 N.Korean Soldiers Forced to Labor for10 Years

North Korea is forcing an estimate 400,000 young soldiersto do hard labor and confiscating up to US$900 million from ordinary peopleevery year, an activist group here said Wednesday.

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

[Interview]Progressives and conservatives come together to seek FKI’s dissolution

Groups fromboth sides of S. Korea’s political divide say chaebol advocacy group needs muchmore transparency

FKI’sdecision to form a new foundation causes further controversy

Oppositionlawmaker calls FKI’s decision to dissolve Mir and K-Sports Foundations isillegal, and “a sleazy tactic to hide evidence”

Destroyingevidence? Chaebol shreds documents related to Mir and K-Sports Foundations

Order todelete files came down on same day that FKI announced plans to dissolve twofoundations and create a new one

[Editorial]FKI’s abrupt decision to dissolve two foundations is a clear sign of a guiltyconscience

The Federationof Korean Industries (FKI) announced that it would shut down the Mir Foundationand the K-Sports Foundation and create a new combined foundation in October.This announcement comes on the heels of allegations that the Blue House wasinvolved in the establishment of these two foundations.

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

RareOctober typhoon hits south, killing at least four

Typhoon Chabaslammed through southern cities Wednesday morning, killing at least fourpeople, paralyzing flights and trains and knocking out power for a few hours.

Twotop officials flee Pyongyang’s Beijing embassy

Twohigh-ranking officials from the North Korean embassy in Beijing - including aman who had overseen leader Kim Jong-un’s health care - defected with theirfamilies last month, a source well-informed on North Korea revealed.

Inflationinched up in September with high produce prices

Consumerprices in September increased by more than 1 percent for the first time in fivemonths, thanks largely to fresh produce prices, which were affected by abnormallyhot weather this summer.

FSCrelaxes IPO terms to find Korean Teslas

The governmentis loosening regulations that prevented unprofitable start-ups with goodpotential from attracting investments through initial public offerings (IPO).

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

Recovered Only 16% of the 30 Trillion WonInvested in Resources Development Since the Lee Myung-bak Government

South Korea invested over 30 trillion won on projects todevelop resources overseas since 2008. More than 90% of that money was fundedthrough debt and the government was only successful in recovering 16% of theinitial investment.

[Farmer Baek Nam-gi Dies] Family,"Revise Death Certificate," Seoul Police Chief, "Will ExecuteAutopsy Warrant Before Oct. 25"

The family of the late Baek Nam-gi has officiallyrequested Seoul National University Hospital to correct the death certificate.The police announced, "We will conduct the autopsy by October 25, when thewarrant expires." The conflicts surrounding the cause of death and theautopsy of Baek have intensified after Seoul National University Hospitalannounced that they would not reverse the cause of death stated on thecertificate despite that it was not recorded according to guidelines on October3. The doctor in charge of Baek had written the cause of his death as"disease."

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

Duty-freeShop Fees Paid to Travel Agencies Account for up to 30% of Sales

It isestimated that the portion of fees paid to travel agencies and tour guides hassoared up to 30 percent of duty-free shop sales. This is an indication thatcompetition among duty-free shops has become so intense that they often engagein dumping war to attract more Chinese tourists in the form of payingincreasingly high incentives to those bringing in shoppers.

ElliottManagement Attacks Samsung Electronics This Time

ElliottManagement Corp., a U.S.-based activist hedge fund, has declared a war againstSamsung Electronics. Black Capital and Porter Capital, the two funds affiliatedwith Elliott, demanded to Samsung that the company split itself into a holdingcompany and an operating company and pay a special dividend of US$27 billion toits shareholders. Although the two funds own only a 0.62-percent stake inSamsung, other activist funds in Wall Street may join hands and force thecompany to cave in.

KoreaHydro & Nuclear Wins $530 Mil. Hydropower Project in Pakistan

Korea Hydro& Nuclear Power said on October 5 that it won a hydropower project inAthmuqam, Pakistan, worth US$530 million. The latest project calls for buildingand operating a 350-megawatt hydroelectric power plant in a town in Pakistanioccupied Kashmir 210 kilometers northeast of Islamabad. The plant's total powergeneration volume is equivalent to about 20 percent of Korea's annualhydroelectric power generation (1,800 megawatts).

SamsungElectronics Set to Release Preliminary 3Q Results on Oct. 7

SamsungElectronics is set to release its preliminary third-quarter results on October7. Expectations for its third-quarter operating profit are lowered but thosefor its share price are adjusted upward amid forecasts that the strongperformance of its semiconductor and display business could offset the losscaused by the massive Galaxy Note 7 recall.

UnionizedTruckers to Stage All-out Strike

In a situationwhere the strike of railroad workers lasting for two weeks is causing delays inlogistics, the Korea Cargo Transport Workers' Federation is also set to launcha strike for an indefinite length starting from October 10, raising concernsabout a possible “logistics crisis.”

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

Asianaplane makes emergency landing due to smoke alarm

An AsianaAirlines plane with 127 passengers aboard has made an emergency landing onSouth Korea's southern resort island of Jeju due to a smoke alarm during itsflight to the Philippines from an international airport in Incheon, companyofficials said Thursday.

SouthKorean power company wins $530 mln order from Pakistan

South Korea'sstate-run nuclear and hydroelectric power company has clinched a 530 million USdollar order to build and run a 350-megawatt hydropower plant in Pakistan.

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.

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

Casebuilds up against Hanmi Pharm insider trading suspicion

Circumstantialevidence further strengthens suspicion of fishy insider trading at SouthKorea’s star pharmaceutical company Hanmi for withholding its information aboutbreakdown in multibillion-dollar out-licensing deal as institutional andforeign investors have profited big from shorting selling ahead of theupsetting announcement.

Samsungpatents smartphone with bendable display in U.S.

Fully bendableor foldable smartphone may be imminent as South Korea’s electronics giantSamsung Electronics Co. and its sister Samsung Display Co. have beenregistering a series of patents on the related technologies with the U.S.authority.

DRAMchip prices on upward momentum, helping S. Korea’s two majors

Outlook forKorea’s mainstay export item and the world’s largest memory chipmakersbrightened amid sharp upward momentum in the selling price of dynamic randomaccess memory (DRAM) chips. The prices of DRAM powering PC are expected to hittheir highest level in two years during the October-December period, boding wellfor the world’s largest and second largest DRAM makers Samsung Electronics Co.and SK Hynix Inc.

KoreaTrade Insurance risks losing loan guarantee for OEM TV maker

State-runKorea Trade Insurance Corp. is facing the risk of undertaking 150 billion won($134.7 million) debt of medium-sized television manufacturer On Corporation asthe TV original equipment manufacturer (OEM) that the agency provided aguarantee for loans is on the brink of going bankrupt due to salesdeterioration in global economic slowdown.

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