The Korean daily media headlines and humor

Friday, December 30, 2016

Your Excellency:

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:

Very Respectfully Yours

/s/

Lee Kyung-sik

Publisher-Chairman

Korea Post Media

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SPECIAL NEWS

Many of the gifts presented to President Park Geun-hye by the foreign ambassadors in Seoul were found in the home of the controversial woman, Madam Choi Soon-shil. This was disclosed by popular Korean-language daily, Dong-A Ilbo, this morning.

http://news.donga.com/MainTop/3/all/20161230/82102189/1

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Humor from a kind-hearted former ambassador from the Central Asian country:

Your Excellency be the judge!

A woman walks into an upscale departmental store. She looks around, spots a beautiful diamond bracelet and walks over to inspect it.

As she bends over to look more closely, she unexpectedly farts.

Very embarrassed, she looks around nervously to see if anyone noticed her little woops and prays that a sales person was not anywhere near.

As she turns around, her worst nightmare materializes in the form of a salesman standing right behind her: Good looking as well as cool as a cucumber, he displays all of the qualities one would expect of a professional in a store like Harrods.

He politely greets the lady with, 'Good day, Madam. How may we help you today?'

Blushing and uncomfortable, but still hoping that the salesman somehow missed her little 'incident', she asks, “What is the price of this lovely bracelet?”

He answers, "Madam - if you farted just looking at --you're going to shit when I tell you the price!"

(Editor’s note [and request]: Dear readers, please oblige The Korea Post with a kind response—as to what you think about the attitude of the salesman. It will be published either identifying the contributor or unanimously as desired by the contributor.)

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The Korea Post News

(For the Korean-language texts and photos, please visit: http://www.koreapost.co.kr/news/articleView.html?idxno=18701, http://www.koreapost.co.kr/news/articleView.html?idxno=19181 and http://www.koreapost.co.kr/news/articleView.html?idxno=19164.)

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What’s ticking in Korea today? Here is a quick roundup of important news stories from the major Korean news media today:

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

Independent Counsel Seeks to Arrest Ex-Health Minister Moon

The independent counsel team probing the Choi Soon-sil scandal has requested an arrest warrant for former health minister Moon Hyung-pyo.

Moon is suspected of pressuring the state pension fund to vote for Samsung C&T's merger with Cheil Industries in a shareholder meeting in July of last year.

Assembly Approves Plan to Form Constitutional Amendment Committee

The National Assembly plans to form a special committee to consider amending the Constitution.

The bill to form the committee passed a plenary session Thursday with 217 of 219 attending lawmakers voting to support it.

The committee will consist of 36 members led by five-term ruling Saenuri Party Representative Joo Ho-young.

Gov't Summons Japanese Embassy Officials to Protest Shrine Visit

South Korea has summoned Japanese Embassy officials to strongly protest the Japanese Defense Minister Tomomi Inada's visit to the controversial Yasukuni Shrine in Tokyo.

Director-General of the Foreign Ministry's Northeast Asia Affairs Bureau Chung Byung-won called in Kohei Maruyama, a minister at the Japanese Embassy, and lodged a protest.

Foreign Minister: S. Korea to Strictly Deal with China's Retaliation over THAAD

Foreign Minister Yun Byung-se says South Korea needs to reduce its economic dependence on China amid strained bilateral ties due to the planned deployment of a U.S. THAAD battery in the South.

Yun told reporters on Thursday that South Korea-China relations have become too close too quickly in recent years.

President Expresses Regret about False Accusations Taken as Facts

President Park Geun-hye says it is a shame that there have been many cases where allegations she never heard of have been accepted as facts.

The president is said to have made the remark to her attorneys at a 90-minute meeting Thursday, adding that she doesn't even know everything that is being circled about her.

Record 8,000 New Firms Established in November

The Small and Medium Business Administration says the number of newly established companies was up nearly eight percent in November from the same month last year.

That's around eight thousand businesses --- the highest figure ever for the month of November.

Stock Market Closes for 2016

at least as far as trading securities and derivatives are concerned.

In a ceremony formally closing out the year, Korea Exchange CEO Jeong Chan-woo said 2016 was marked by global uncertainties including China's slowing growth, the Brexit, the U.S. presidential election and the U.S. rate hike.

BOK to Continue Loose Monetary Policy Next Year

The Bank of Korea(BOK) has decided to continue pursuing an expansive monetary policy next year.

The central bank unveiled the decision on Thursday as it forecast that the nation’s economy will see steady growth and no significant inflationary pressures next year.

Defense Chief Expects Cost of F-35 Fighter Jets to Drop

South Korean officials expect a key element of its air defense may soon become less expensive.

Defense Minister Han Min-koo said Thursday the price of U.S. F-35 fighter jets is expected to go down.

Minister to Proceed with GSOMIA as Planned Despite Yasukuni Row

South Korea says its defense intelligence sharing agreement with Japan will move forward as planned, despite Thursday's visit by Japan's defense minister to the controversial Yasukuni shrine.

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

N. Korea resumes encrypted numbers broadcast with same content as 2 weeks ago

North Korea's state radio station resumed broadcasting mysterious numbers Friday in what could be some kind of coded message to its agents operating in South Korea.

S. Korea's consumer prices rise 1.3 pct in Dec.

South Korea's consumer prices rose more than 1 percent for the fourth consecutive month in December on high prices of fresh groceries, government data showed Friday.

CFR survey puts N. Korea crisis atop list of international concerns for New Year

A potential crisis involving North Korea ranked atop the list of international concerns for the United States in the New Year, according to a Council on Foreign Relations survey.

U.S. reiterates call for handling historical issues in way promoting healing, reconciliation

The United States on Thursday stuck to its usual call for handling historical issues in a manner promoting "healing and reconciliation" after Japan's defense chief sparked tensions with a shrine visit denounced as glorifying the country's militaristic past.

S. Korean FM calls on businesses to hedge against tension with China

South Korea's foreign minister raised the need on Thursday for the nation's private businesses and cultural industry to reduce their dependence on China to hedge against strained bilateral ties as shown recently by a dispute over Seoul's missile shield plan.

New U.S. administration to bring major changes to diplomacy: acting president

Acting President and Prime Minister Hwang Kyo-ahn said Thursday the launch of the new administration in the United States will bring major geopolitical changes.

"The fluctuating local politics, coupled with the launch of a new administration in the U.S. on Jan.

Special prosecution accelerates probe into Park scandal

South Korea's special prosecutors intensified their investigation Thursday into a barrage of corruption allegations linked to President Park Geun-hye and her associates.

Man arrested for in-flight violence

Police arrested a South Korean man Thursday on charges of violating aviation security laws and assault after allegedly engaging in in-flight violence earlier this month, police said.

National Assembly convenes first plenary session since Saenuri split

South Korea's National Assembly on Thursday held its first plenary session since the ruling Saenuri Party broke up, ceding its status as the largest party in parliament to the main opposition party.

About 300 N. Korean workers return home from Oman: RFA

Pyongyang has recently brought back around 300 North Korean workers employed in Oman, a U.S.-based radio report said Thursday amid international concerns over the North's inhuman treatment of its workers overseas.

Air Koryo flight attendants featured on 2017 calendar

North Korea has featured a flight crew of its flag carrier Air Koryo in a 2017 calendar of the communist country, obtained Thursday by Yonhap News Agency, in what is seen as an unprecedented move to revitalize its tourism industry amid international sanctions imposed over its nuclear and missile developments.

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The Korea Herald (http://www.koreaherald.com)

South Korea cuts 2017 growth forecast to 2.6%

The South Korean government Thursday slashed its growth forecast for the economy next year to 2.6 percent, citing worsening employment conditions and contraction in domestic consumption.

It was a 0.4 percentage point cut from a previous 3 percent forecast made in June, but still higher than recent projections by private economic institutions.

US expels 35 Russian diplomats in response to election hacking

In a sweeping response to election hacking and other bad behavior, President Barack Obama on Thursday sanctioned Russian intelligence services and their top officials, kicked out 35 Russian officials and shuttered two Russian-owned compounds in the US. It was the strongest action the Obama administration has taken to date to retaliate for a cyberattack.

NPS chief faces arrest, admits to ordering merger approval

The independent counsel team investigating the charges against President Park Geun-hye and other corruption suspicions surrounding her aides sought an arrest warrant for former welfare minister and current National Pension Service chief Moon Hyung-pyo on Thursday.

Saenuri breakup changes floor dynamics

The National Assembly’s plenary session Thursday officially endorsed a change in floor dynamics following the breakup of the ruling Saenuri Party.

The country’s 300-seat unicameral parliament now has four negotiating groups, from the previous three, with the main opposition Democratic Party of Korea being the largest.

China flexes military muscle before Trump takes office

An aircraft carrier in the Pacific and a newly upgraded combat aircraft: China’s military is showing off its newest equipment less than a month before the swearing in of US President-elect Donald Trump, who has raised tensions between Beijing and Taipei.

Injection lady’ visited Blue House: special probe team

The special investigative team led by independent counsel Park young-soo suspects that another unauthorized figure may have been involved in President Park Geun-hye’s medical treatment.

Universal appeal is integral to literature promotion’

“The Vegetarian,” a three-part novella by Korean author Han Kang, had all the key elements of success.

Flush with literary subtlety, critique and insight, the novel, published in 2007, brought to light the culture of violence toward vegetarians and minorities through the perspective of Yeong-hye, a homemaker whose decision to become a non-meat eater entraps her in a cycle of vice and misery.

Park beefing up legal team for trial

President Park Geun-hye is beefing up her legal team ahead of the start of her impeachment trial next week.

The state head was impeached by the parliament earlier this month over a scandal involving her confidante. She met with all nine of her attorneys at the presidential office of Cheong Wa Dae on Thursday morning to prepare for the inaugural hearing on Jan. 3.

Tugboat believed to have sunk, leaving 2 crew members dead

A tugboat was believed to have sunk off an island near South Korea's southernmost island of Jeju for unknown reasons on Thursday, leaving its two crew members dead, the Coast Guard said.

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The Korea Times (http://www.koreatimes.co.kr)

Who's behind blacklist of artists?

The Park Geun-hye administration's alleged attempt to hamper the activities of artists critical of the government is stirring a major controversy.

Artists are denouncing the government for taking anachronistic measures to suppress freedom of expression, which would have been more likely decades ago under South Korea's military dictatorships.

Desperate Chung Yoo-ra ditches 10 pet dogs in Frankfurt

As Korean prosecutors search for Chung Yoo-ra to question her over how much she benefited from the corruption scandal involving her mother Choi Soon-sil and President Park Geun-hye, it was reported that Chung had abandoned more than 10 pets at her German home before fleeing.

Ban Ki-moon appears in Korean cult group's PR video

U.N. Secretary-General Ban Ki-moon has denied any involvement with the Shincheonji cult after video footage showed him with the head of an affiliated group.

On Dec. 10 and 17, International Women's Peace Group (IWPG), the Shincheonji-affiliated organization, uploaded promotional videos in English and Arabic on YouTube.

Korea protests Japanese defense chief's Yasukuni visit

The government strongly condemned the Japanese defense minister's visit to a controversial war shrine, Thursday, describing it as "deplorable."

340 purged by N. Korea leader

North Korean leader Kim Jong-un has purged over 340 people since taking power in December 2011, according to a research institute run by the National Intelligence Service (NIS), Thursday.

Website helps find local experiences in Seoul

More people travel individually in Seoul, and they crave more unique local experiences. Onemoretrip.net, a website operated by the Seoul Metropolitan Government (SMG) and the Seoul Tourism Organization (STO), helps them with a variety of local cultural, culinary, beauty and historic tour programs.

'Prosecution covered up Ban bribery'

The prosecution secured testimony from an entrepreneur claiming to have offered bribes to now-outgoing U.N. Secretary General Ban Ki-moon while investigating a corruption scandal in 2009, but covered it up, according to a media report, Thursday.

Choi Soon-sil scandal spreads to military

Suspicions are growing that President Park Geun-hye's arrested confidant Choi Soon-sil also meddled in military personnel appointments.

Seoul mental hospital blasted over blunders

Eunpyeong Hospital, a mental facility operated by the Seoul Metropolitan Government, is under fire for poor management, according to Korean news outlet YTN.

Incidents include admitting a patient under the wrong name and patient escapes.

Gov't cuts 2017 growth forecast to 2.6%

The government cut its 2017 growth forecast to 2.6 percent from 3 percent Thursday, the first time it has cut its outlook to below 3 percent since 1999 when the nation was recovering from the Asian financial crisis.

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Dong-A Ilbo (http://english.donga.com)

Japan’s defense minister visits war-linked shrine after Pearl Harbor trip

Japan’s Defense Minister Tomomi Inada visited a controversial war-linked shrine in Tokyo on Thursday just one day after accompanying Prime Minister Shinzo Abe on a symbolic visit of reconciliation to Pearl Harbor.

Bidding for U.S. advanced pilot training begins next year

The race to win the bid for the replacement project of the U.S. Advanced Pilot Training (APT) will open soon, participated by many bidders including the Korea Aerospace Industries (KAI).

Avid fans talk about 'Rogue One: A Star Wars Story'

When Princess Leia (Carrie Fisher) really headed for a remote star on Wednesday, “Rogue One: A Star Wars Story” was released in Korea.

Ex-constitutional judge could join legal agents for Pres. Park

President Park Geun-hye finally began to prepare for her impeachment trial by participating in the first meeting with her legal agents on Thursday. The impeachment trial is expected to cause heated debates between the National Impeachment Committee and Park’s legal agents who formerly served as chief justice and attorney general.

Endless fight until official apology from Japan

“We were deceived by the Japanese who said that we were to work at a factory to lift up their spirits during the war…”

Formerly victimized as a comfort women drafted for military sexual slavery by the Japanese military, 90-year-old Kim Bok-dong (photo) stopped for a moment and sighed deeply, as if a slice of her tragic memory resurfaced when a 14-year-old girl was taken away by the Japanese soldiers.

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Chosun-Ilbo (http://english.chosun.com)

Crony Scandal Overshadows Most Domestic News of the Year

Political turmoil at the end of the year that is likely to result in the first ouster of a democratically elected president overshadowed most other news of the year. Images of downtown Seoul turning into a deceptively festive sea of lights were beamed around the world as over a million protesters took to the streets demand President Park Geun-hye's resignation over a scandal that keeps getting more bizarre with every fresh revelation.

Top International News Stories of 2016

2016 was a year of many unexpected twists and turns on the international stage, prompting journalists the world over to declare the arrival of a host of new eras as if nothing untoward had ever happened before.

Clear Weather Forecast for New Year's Sunrise

People will be able to get a clear view of the last sunset of this year and the first sunrise of next year in most parts of the country, the Korea Meteorological Administration said Thursday.

Restaurants, Catering Businesses Hit Hard by Prolonged Recession

Restaurants and catering businesses, which are usually busy at this time of year thanks to year-end parties and gatherings, are struggling as an increasing number of people tend to skip year-end festivities amid the prolonged recession.

Qualcomm Fined W1 Trillion for Price Gouging

Korea's antitrust watchdog has fined Qualcomm a record W1.03 trillion for gouging royalties from Korean smartphone manufacturers (US$1=W1,211).

The Fair Trade Commission on Tuesday said Qualcomm abused a monopoly on certain technologies to force unfair contracts on Korean manufacturers.

Memorial Hall to Honor Victims of N. Korean Torpedo Attack

The Navy opens a memorial hall on Jan. 2 commemorating the 46 sailors who died when a North Korean torpedo sank the Navy corvette Cheonan in 2010.

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HanKyoReh-Shinmoon (http://english.hani.co.kr)

The old folks in city elderly centers who hunger for attention as well as food

On the morning of Nov. 8, there was a bit of a crisis at the elderly community center at the “P” apartment complex in the Jamsil No. 4 neighborhood of Seoul’s Songpa District. The helper who was supposed to cook lunch had not shown up for work. She did not answer the phone, and when she finally arrived after 11 am, she apologetically explained that she had been delayed by “family issues.”

Elderly people living alone in poverty: 1.7-fold increase over ten years

The number of elderly people living alone in poverty increased by 1.7 times in the last ten years to account for almost half all impoverished seniors, a study has found.

An article titled “Characteristics of Recent Poverty Trends and Their Policy Implications” from the latest edition of the Korea Institute for Health and Social Affairs (KIHASA) journal Health and Welfare Issue and Focus published on Dec. 6 showed a sharp increase in the percentage of poverty-class households consisting of a single elderly person living alone.

Comfort women survivors aren’t giving up; we shouldn’t either

At the age of 16 in 1939, she went to the beach to catch seashells and ended up being taken away by the Japanese military. She had never set foot outside her home village of Gwandang (part of Gohyeon township in Namhae County, South Gyeongsang Province). For six years, she was shuffled between “comfort stations” in Manchuria and Shanghai. Her youthful dreams were shattered. A cousin carried off with her was shot dead by a Japanese soldier.

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JoongAng-Ilbo(conservative) (http://koreajoongangdaily.joins.com/)

20 trillion won stimulus pledged for first quarter

To keep economic growth from falling below the mid-2 percent level next year, acting president Hwang Kyo-ahn said the government will fully utilize its resources, including a 20 trillion won ($16.56 billion) budget that the government will spend in the first quarter.

340 executed during 5-year rule of Kim Jong-un

In the five years since Kim Jong-un came to power after his father’s death, 340 people across North Korea were executed for political reasons, proof that the young leader used extreme levels of ruthlessness to solidify his control.

‘Comfort women’ statue taken from Japan’s Busan consulate

A civic group attempted to install a monument to victims of Japan’s wartime sexual slavery behind the Japanese consulate in Busan Wednesday but was blocked by the district office. Police rounded up 13 protesters amid a scuffle and the statue was removed.

Bank of Korea to maintain accommodative stance

The Bank of Korea (BOK) will sustain its accommodative monetary policy stance in 2017, according to a report on its plan for next year’s monetary policy on Thursday.

“The BOK will likely proceed in the direction of keeping its accommodative stance,” the central bank said, “as the country’s economy will maintain a modest growth along with slow expansion of consumption.”

Online deals better from overseas

Consumers who buy electronics directly from overseas e-commerce sites and have them shipped to Korea around Black Friday can save up to 35 percent, according to a report by the Korea Consumer Agency. However, the agency warned of the lack of customer service after purchases, as six of the top 10 brands purchased via this route did not provide assistance.

Chaebol maintain good will

Despite a sagging economy and an ongoing probe into conglomerates’ role in the scandal involving President Park Geun-hye, Korean chaebol remained generous with yearend charitable giving.

Podcasts become a viral hit with Koreans

“We won’t be taking home any money for at least a year,” said journalists Lee Kook-myung and Park Sung-hoon to their wives when they decided to turn podcasting into a career last year. Their economic podcast series, “Economic Briefing: The Uncomfortable Truth,” had been going on for a year when they both left their posts at Seoul Metro.

Policies push marriage, births

Good news for fiances who earn less than 70 million won a year. If they get married in 2018, they may be eligible for a tax refund of up to 500,000 won ($414).

If both husband and wife are working, the refund could be as much as 1 million won.

Hanmi and Sanofi reduce diabetes drug licensing deal

Hanmi Pharmaceutical and Sanofi agreed to amend several terms of the 3.9 billion euro ($4.08 billion) deal the two inked last year to develop a portfolio of diabetes drugs, the Korean company said Thursday.

Hyosung chairman taps son as successor

Cho Suck-rai or S.R. Cho, Hyosung Group chairman, is transferring the crown to his eldest son Cho Hyun-joon, currently president of the company. The elder son’s post will be filled by the chairman’s third son, Cho Hyun-sang, executive vice president of the corporate strategy center.

Lotte moves ahead with two duty-free stores

Lotte Duty Free is starting afresh in 2017, leaving behind the ignominy of having to shut its 27-year-old duty-free store in Jamsil for the past six months.

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The KyungHyang-Shinmoon(http://english.khan.co.kr/)

Two Ruling, Two Opposition or One Ruling and Three Opposition? Will the 4-Party System Be the Destination or a Stop on the Way?

Now that the ruling party has split into the Saenuri Party and the New Conservative Party for Reform (tentative name), the National Assembly has entered an era of the four-party system based on the number of bargaining groups.

A Year after the Hasty Agreement, Seven Blossoms Have Fallen

The "Wednesday Demonstration for the Resolution of the Comfort Women Issue" held on December 28, a year after South Korea and Japan signed an agreement on this issue, was covered with flowers in memory of the elderly victims who passed away this year. Some surviving victims and families of the deceased victims filed a lawsuit for damages against the Japanese government.

A “Super” Opposition with 201 Seats, Enough for Constitutional Amendments: Expectations for Legislation on Reforms

With the division of the Saenuri Party, the National Assembly has now become a four-party system (based on bodies with bargaining power) for the first time in twenty years since 1996.

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The Korea Economic Daily (http://english.hankyung.com/)

Hyosung Group Launches Era of Third Generation Family Managers

Hyosung Group has unveiled an era of third-generation family managers. Current chairman Cho Seok-rae will step back from daily management affairs while his eldest son Hyun-joon will take the chairman position in his stead.

No. of Flu Patients Hits Record High at 86 per 1,000...Korea CDC

The number of flu patients has hit a record-high level. The Korea Centers for Disease Control and Prevention said on December 29 that the number of patients suspected of flu symptoms during the week of December 18 to 24 was 86.2 persons per 1,000 outpatients. This is 9.7 times higher than that for the minimum threshold (8.9 persons for 1,000) for an influenza epidemic.

"For Every 1%p Increase in Loan Rate 40,000 Households Will Become Vulnerable"...KIF President

The Korea Institute of Finance president Shin Sung-hwan said that every 1 percentage point rise in loan rates would increase the number of marginal households unable to pay pack their debt and interest by more than 40,000. A financially marginal household is defined as one whose debt service ratio to income is in excess of 40 percent.

Big Data Analysis Reveals More People Visit Restaurants during Non-peak Hours

As more people tend to enjoy lunch time in off-peak hours, the usual perception that lunch time starts from 12 noon is no more. Due to the preponderance of mobile shopping, the number of consumers who shop online in early morning hours is on the rise. In addition, the clothing shopping cycle has shortened substantially due to the advent of the so-called fast fashionistas.

High Income Earners in Excess of 100 Mil. Won Rise to 600,000

According to the "2016 National Tax Statistics Yearbook" published by the National Tax Service on December 28, the number of salaried income earners who made more than 100 million won (US$828,000) a year was about 600,000, accounting for 3.4 percent in total.

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AJU Business Daily (http://eng.ajunews.com/korea)

Former f(x) member Sulli sparks rare Instagram battle of hate comment

Sulli, a former member of girl group f(x), has sparked a rare Instagram battle between fans and good haters in the latest round of cyber-bullying that has plagued the singer-actress for many years.

Samsung unveils wireless 'all-in-one' sound bar for 2017

A new "all-in-one" sound bar developed by South Korean tech giant Samsung Electronics is certain to steal attention from hard-core fans of professional home audio makers such as Phillips, Sony, and Pioneer.

N. Korea calendar for 2017 features flight attendants: Yonhap

North Korea has featured a flight crew of its flag carrier Air Koryo in a 2017 calendar of the communist country, obtained Thursday by Yonhap News Agency, in what is seen as an unprecedented move to revitalize its tourism industry amid international sanctions imposed over its nuclear and missile developments.

Women feel safe in Seoul public toilets mounted with emergency bells

Women will feel safe when they do their needs in public toilets installed with emergency bells which are connected wirelessly to nearby police stations and patrol cars. They will sound an alarm and flicker a red warning light to chase away potential criminals.

Move over kiss emojis, here comes first mobile Kiss Messenger

An exciting tech project called Kissenger is brewing for people who really want to send a kiss over to their partners and families living far away. If this project gets completed, you can now send realistic kisses to your loved ones.

Italian nun decorated with prestigious order of merit for helping lepers

Lidia Tallone, a 73-year-old Italian nun, was honored Thursday with a prestigious order of merit for her sacrifice caring for South Korean lepers for more than four decades.

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

LG Electronics to unveil new LCD TV at CES 2017

LG Electronics Inc. will introduce a new liquid crystal display (LCD) television using its so-called nano-particle technology at the upcoming Consumer Electronics Show (CES) in Las Vegas, throwing down the gauntlet to its long-time rival Samsung Electronics Co. in the latest TV display technology competition.

Chinese cosmetics firms set up Korean units to enhance brand identity

An increasing number of Chinese cosmetics companies are opening subsidiaries and manufacturing facilities in South Korea in hopes that their Korean-made beauty products would strongly appeal to consumers at their homeland, many of whom are seeking Korean-made or Korean brands’ cosmetics as upmarket beauty items.

Korea govt targets 2017 GDP growth of 2.6% and inflation of 1.6%

Humbled by deteriorating conditions at home and abroad, the South Korean government revised down its outlook for next year’s economy to 2.6 percent from 3.0 percent target in June in line with downgrades by foreign and domestic institutions as the economic slowdown stretches beyond three years at a time the political scene is troubled with impeached president and faster presidential election in 2017.

Korea to expedite largest-ever fiscal spending in Q1 amid worsening conditions

The South Korean government will squeeze out more than 20 trillion won ($17 billion) from reserves to expedite the largest-ever quarterly fiscal spending in the first three months of 2017 to preempt worsening in domestic economic conditions and kick-start the economy ahead of downside risks on the external front.

S. Korea’s Nov industrial data best in 7 years on exports

South Korea’s industrial activity picked up by the fastest pace in more than seven years in November buoyed by brisk exports in semiconductors, cars, and wireless equipment amid global shift to next-generation wireless technology.

Hanmi Pharm downsizes license deal with Sanofi over diabetes drugs

South Korea’s Hanmi Pharmaceutical Co. faces another setback in its plan to go global, reporting that it was scaling down a landmark deal signed in November last year with French pharmaceutical firm Sanofi S.A. to co-develop three new diabetes drugs.

Daelim Industrial wins $ 1.9 bn deal in Iran

South Korean construction company Daelim Industrial Co. landed a 2.3 trillion won ($ 1.9 billion) deal with Iran’s Isfahan Oil Refinery to add oil refinery facilities, becoming the first builder bagging an order from the Middle East country since the lifting of the international economic sanctions last year.

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What’s ticking around the world at this second?

See what the media around the world have to report:

USA Today: www.usatoday.com aallman@gannett.com

The New York Times: www.nytimes.com inytletters@nytimes.com

Wall Street Journal: www.wsj.com support@wsj.com ,service@wsj-asia.com

Financial Times www.ft.com ean@ft.com

times www.thetimes.co.uk help@timesplus.co.uk

The Sun www.thesun.co.uk talkback@the-sun.co.uk

Chinese People's Daily www.people.com.cn kf@people.cn

China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn

Gwangmyeong Daily www.gmw.cn webmaster@gmw.cn

Japan's Yomiuri www.yomiuri.co.jp japannews@yomiuri.com

asahi www.asahi.com customer-support@asahi.com

mainichi www.mainichi.jp

lemonde www.ilemonde.com

Italy rarepupeul Rica www.quotidiano.repubblica.it vittorio.zucconi@gmail.com

Germany Frankfurter AllgemeineZeitung www.faz.net anzeigen.ausland@faz.de

SüddeutscheZeitung www.sueddeutsche.de forum@sueddeutsche.de

Australia Brisbane Times www.brisbanetimes.com.au syndication@fairfaxmedia.com.au

Sydney Morning Herald www.smh.com.au

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