The Korean daily media headlines and humor
Monday, March 13, 2017
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
Park's defiant remarks raise eyebrows of opponents
http://www.koreapost.com/news/articleView.html?idxno=3227
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Time is running out and there are less than a month to the impressive Tour of the YeongamWangin Culture Festival.
This year again, Mayor and Mrs. Jeon Dong-pyung of Yeongam County of Jeollanam-do Province are hosting the impressive YeongamWangin Culture Festival on April 6-7, 2017, and invite ambassadors and madams to attend the opening ceremony and enjoy various interesting events of the Festival in a one-night, two-day tour.
The Festival was designated as the Most Promising Culture & Tourism Festival by the Ministry of Culture, Sports & Tourism for the third consecutive year.
(Please scroll down to the bottom for additional information. For participation in the tour and inquiries, please directly contact the Publisher at 010-5201-1740 or email edt@koreapost.com.--Ed.)
Wangin Culture Festival parade in Yeongam County in the southern region.
It marks the visit of Dr. Wangin of the Baekje Dynasty to Japan transferring Hanja
(Chinese characters) to Japan for the first time in the history of Korea, Japan and China.
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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/)
Park Remains Defiant "Truth Will Emerge"
Former President Park Geun-hye has addressed the Constitutional Court's ruling against her, saying that the truth will eventually emerge.Park on Sunday evening left the presidential office and arrived at her private residence in southern Seoul.Shortly after she entered the private home, Park’s former spokesman, Liberty Korea Party Rep. Min Kyung-wook, delivered her brief statement.
Ex-President Park Leaves Blue House after Ouster
Former President Park Geun-hye has left the presidential office complex two days after her impeachment.The former president on Sunday evening left for her private residence in southern Seoul in a motorcade.She was said to have exchanged words with her former staff members before departing from the Blue House complex, where she had been residing since February of 2013.Former Presidential Chiefs of Staff Huh Tae-yeol, Lee Won-jong, Lee Byung-ki and pro-Park lawmakers gathered at the private residence to receive Park as about five hundred supporters chanted the name of the disgraced ex-president.
Acting Pres. to Announce Date for Election This Week
Acting President Hwang Kyo-ahn is expected to announce this week the date for a presidential election.Hwang’s aide told KBS on Sunday that Hwang should announce the date by next Monday as the announcement should be made within ten days after the Constitutional Court’s ruling on President Park Geun-hye’s impeachment.The Ministry of the Interior will select a date and report it to the acting president, who will announce the date after a Cabinet meeting.
S. Korean Service, Consumer Goods Industries Suffer Damage from China's Retaliation
A survey finds that about 90 percent of South Korean firms in the industries of content, tourism and consumer goods have suffered or expect damage from China’s retaliatory measures over the deployment of the United States antimissile THAAD system.The Korea International Trade Association conducted the survey on about 600 South Korean companies in those industries from Tuesday to Friday.According to the poll results, 335 firms or 56 percent of the respondents said that China’s measures are having a negative impact on their businesses, while 33 percent expected they will be affected by the measures within three months.
S. Korea's Household Debt Grows at Third Fastest Pace in the World
Household debt in South Korea is increasing at the third fastest pace among 43 major economies in the world.According to the Bank of International Settlement on Sunday, South Korea’s ratio of household debt to gross domestic product (GDP) stood at 91-point-six percent in the third quarter of last year, up four-point-six percentage points from a year earlier.The growth is the third largest after Norway and China, which posted seven-point-three percentage points and five percentage points, respectively.
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Yonhap (http://english.yonhapnews.co.kr)
Ex-U.S. Amb. Hill: Next S. Korean gov't less likely to 'follow our lead'
South Korea is likely to see the emergence of a "left-of-center" government that is more accommodating to North Korea and less willing to follow the U.S. lead, former U.S. Ambassador to South Korea Christopher Hill said.South Korea is scheduled to elect a new president in May after former President Park Geun-hye was forced out of office in the wake of a massive corruption scandal involving a longtime friend accused of using her ties to Park to amass wealth and other personal gains.
Allies to hold annual Key Resolve exercise
South Korea and the United States will begin the Key Resolve joint military exercise Monday amid heightening tensions following the North's recent missile test and the killing of its leader's half brother, the defense ministry said.The computer-simulated command post exercise will be held until March 24.During the period the ministry plans to heighten the level of alertness against the North's possible provocations.
IOC President Bach to visit PyeongChang to check on Olympic preparations
International Olympic Committee (IOC) President Thomas Bach will visit PyeongChang this week to check on preparations for the 2018 Winter Games in the South Korean alpine town.Bach will arrive in South Korea on Tuesday to take a tour of the Olympic venues in PyeongChang, Gangwon Province, some 180 kilometers east of Seoul, and to preside over the IOC's Executive Board meeting for two days starting Thursday. He will hold a press conference Friday.
N. Korea 62 pct likely to conduct nuclear or missile test in next 30 days: think tank
North Korea is 62 percent likely to conduct a nuclear test or a missile launch in the next 30 days, a U.S. think tank has predicted based on analysis of big data on the communist nation.
The study, conducted jointly by the Center for Strategic and International Studies and big data firm Predata, analyzed how often the North is discussed on the Internet to predict future possibilities, with a higher frequency meaning stronger "signals."
Seoul remains steadfast in ensuring post-impeachment market stability
South Korea's financial authorities reaffirmed on Sunday that they will remain vigilant to ensure market stability and stave off any fallout from the ouster of President Park Geun-hye.The Constitutional Court delivered a verdict on Friday to dismiss Park over a high-profile corruption scandal involving her friend, after months-long political chaos. But the ruling is also the start of another turbulent period for Asia's fourth-largest economy as the country is still deeply divided over the ouster of Park and set to jump into an early presidential election in early May.
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The Korea Herald (http://www.koreaherald.com)
Moon stands as most favored candidate, followed by An, Hwang: poll
Moon Jae-in, former head of the Democratic Party, stood as the most favored presidential hopeful by South Koreans, a poll showed Sunday, as the country is widely expected to hold an early presidential election in May.According to the poll conducted on Saturday and Sunday by Korea Research Center, commissioned by Yonhap News Agency and KBS, Moon received an approval rating of 29.9 percent. His standing remained almost unchanged from a similar survey conducted in February.
Korean economy at crossroads amid leadership vacuum
The ouster of former President Park Geun-hye has cleared political uncertainty in South Korea, but growing external risks might pose threats to the nation’s economy amid the two-month leadership vacuum leading up to the next election, the central bank and local economists warned Sunday. Following Park’s impeachment Friday, Korea’s economy now faces five major threats, according to the Hyundai Research Institute: uncertainty over US President Donald Trump; retaliation over the deployment of a US anti-missile system here; the onset of a collapse of the EU triggered by Brexit; North Korea’s provocations; and household debt issues.
Kumho makes last efforts for tire unit
KumhoAsiana Group Chairman Park Sam-koo is drawing near to the long-awaited reclamation of Kumho Tire, as the company’s creditors are set to sign a stock purchase agreement with preferred bidder Qingdao Doublestar on Monday.The deal to acquire a controlling stake in Korea’s second-largest tire company is worth 955 billion won ($826.5 million). Although Doublestar has been named the preferred bidder, Park retains the right of first refusal.
The big picture: South Korean presidential race
With President Park Geun-hye expelled from office, South Korea’s political parties are jockeying for the next presidential election, just two months away. The latest polls project a clearly left-leaning electorate, with three candidates of the main opposition Democratic Party of Korea together earning nearly 60 of voter support. The Korea Herald takes a look at who is running or likely to run in each of the country’s major political camps, presenting a big picture of the 2017 presidential race.
Prosecutors to resume Park investigation
State prosecutors are expected to launch an investigation of former President Park Geun-hye, as the court’s decision Friday to expel her from office effectively cleared a key legal hurdle that had so far hindered their efforts.As a sitting president, Park formerly had immunity to being prosecuted.A special investigation unit, formed within the Seoul Central District Prosecutors’ Office, is currently reviewing some 100,000 pages of investigation records handed over to it by independent counsel Park Young-soo, who led the probe into Park’s corruption scandal for 70 days until Feb. 28.
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The Korea Times (http://www.koreatimes.co.kr)
Park refuses to accept ruling
Former President Park Geun-hye left Cheong WaDae and returned to her home in southern Seoul, Sunday, after leaving a message that she would not accept the Constitutional Court's ruling that ousted her.
The ex-head of state indicated she would not accept the court decision, saying, "the truth will be revealed without fail."She left the presidential office at 7:16 p.m. Before her departure, she had tea with presidential secretaries to bid farewell, and said good-bye to some 500 staffers, according to Cheong WaDae officials.
Fake news confuses truth about China's THAAD retaliation
China's retaliation against Korean conglomerate Lotte Group over the deployment of a U.S. anti-missile system is becoming confusing because of an anti-Korean fake news report and a video involving elementary school children.China's retaliatory campaign stepped up as parts of the Terminal High Altitude Area Defense (THAAD) system arrived in Korea on Mar. 7.Lotte was main target after the conglomerate signed a land swap deal with South Korea's Ministry of National Defense allowing the military to use the company-owned golf course in Seongju as the site for the THAAD battery.
THAAD row prompts Chinese copycat to change tactics
Chinese copycats of Korean brands have recently begun to change their strategies, as China's boycott on Korean firms has become fiercer amid Beijing's economic retaliation against the deployment of a U.S. anti-missile Terminal High Altitude Area Defense (THAAD) battery here.Xue Bing Yuan Su, a Chinese copycat of the Korean dessert cafe chain Sulbing, announced on its official website last week that "We are a Chinese enterprise, so we are committed to the development of China's dessert business."
Korea lacks citizenship education, says Japanese journalist
Korea needs stronger "citizenship education," which could strengthen patriotism and sense of citizenship, a Japanese journalist has suggested.On Feb. 19, journalist Mu-keong Shin said on Yahoo Japan that Korea had low sense of citizenship compared to other countries.The third generation Korean-Japanese said, "Clearly there is a need for citizenship education, but it is not taught in the schools yet."According to the Korea Institute of Curriculum and Investigation, 18.4 percent of Korean elementary school students said they learned social rules from school and obeyed them. This rate is only a third of the number among students in the U.K. and France.
Leeum faltering amid Samsung scandal
Leeum, Samsung Museum of Art, one of the top private art museums in Korea, canceled two special exhibitions scheduled for this year after its director and deputy director stepped down last week.The museum's deputy director Hong Ra-young, sister of former director and wife of Samsung Group Chairman Lee Kun-hee, Hong Ra-hee, resigned March 8.The news came days after Hong Ra-hee quit as director of Leeum and the Ho-Am Art Museum for personal reasons earlier last week.
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DongAIlbo (http://english.donga.com)
Trump intruder breaches White House at midnight
An intruder has breached White House grounds for the first time since President Donald Trump took office.CNN reported that a man carrying a backpack jumped over the White House fence at 11:38 p.m. Friday. Washington D.C. police identified the suspect as Jonathan Tran (26) from Milpitas, California. Tran jumped the fence on the south side of the White House complex and got close to the South Portico entrance where President Trump often gave speeches. Mr. Trump was in the residence at the time of breach and was unharmed.
LG launches smartwatches equipped with Android Wear 2.1
LG Electronics is introducing the LG Watch Sports and the LG Watch Style that are equipped for the first time with Android Wear 2.0, Google’s latest smartwatch operating system, on Saturday.
Android Wear 2.0 allows users to download applications directly to their smartwatch without a smartphone.The LG Watch Sports is capable of offering all different smartwatch functions including voice calls and transmission of text messages by using its own in-built LTE communication system without a smartphone.
Qing Dynasty's chief minister's advice for Korea to form ties with U.S.
Which country recommended Korea to establish diplomatic relations with the U.S.? It is China. In his letter to Prime Minister Lee Yu-won of the Joseon Dynasty in 1879, Li Hongzhang, Beiyang Trade Minister of the Qing Dynasty, recommended Joseon to sign treaties with the U.S., the Great Britain, and Germany by citing Russia’s threat. China, which was slumping in national strength at the time, sought to use the strategy of controlling foreign force by using foreign force in which it brought in Western powers.
Presidential candidates should disclose cabinet members
The date of early presidential election due to the impeachment of former President Park Geun-hye will be determined this week. It is highly likely that the date will be May 9, 57 days from today. All parties should have both internal election and the presidential election during the period. It is an unprecedented election that takes place in such a short period of time. Also, it is a by-election caused by the vacancy of the president.
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ChosunIlbo (http://english.chosun.com)
More Funerals Than Weddings in Korea
There are now more funerals than weddings in Korea as the birthrate remains at a record low and many baulk at the cost of getting married. Last year, the number of marriages and deaths was about even and this year, deaths are expected to outpace nuptials.Analysis of marriage and death data last week shows that there were 281,700 weddings last year compared to 281,000 deaths. Weddings long outnumbered deaths, but the difference narrowed from 150,000 in 1990 to 70,000 in 2010.
White House Defends THAAD Deployment
White House spokesman Sean Spicer on Wednesday defended the rapid deployment of a Terminal High-Altitude Area Defense battery in South Korea."The deployment of a THAAD system is critical to their protection, as witnessed by this weekend's ballistic missile test" by North Korea, Spicer said. "We're continuing to work with the government of South Korea to make sure that they have the defenses necessary to protect themselves."
Most Workers Happy to Switch to Employer's Competitor
About half the people who change jobs go to work for a competitor of their previous employer's, an online poll suggests.Employment portal Job Korea recently polled 926 workers and found that 47.8 percent of those who had changed jobs moved to rival companies. Some 40.2 percent said they were offered a better job by a competitor.Asked what they would do if they are offered a job by a competitor of their current employer's, 75.7 percent said they would take it if the salary and working conditions are better. But some 20.8 percent said they would not because it would be unethical.
Debt Surges Among Well-Paid 30, 40-Somethings
People in their prime productive years from 30 to 50 are largely responsible for the dramatic surge in household debt to W1,300 trillion, a majority of them on high incomes (US$1=W1,160).People in their 30s and 40s accounted for around 80 percent of the W74 trillion increase in household debt in 2014 and 2015. And those in the top 20 percent of the income bracket accounted for 51 percent. The government eased real estate investment regulations in August 2014, while low interest rates made it easy to borrow money. That seems to have prompted many younger people to take out loans to invest in real estate.-------------------------------------------------------------------------------------------------------
HanKyoRehShinmoon (http://english.hani.co.kr)
A people’s victory, and the dawn of a new spring for South Korea
The foolish and wicked president was ultimately driven from power. Justice always prevails in the end. She received her just deserts for her sins of looking down on the public and exploiting government power for her own ends, which rocked the country to its very foundation. After a long winter, when spring is finally on its way, the sick and rotten branch fell to the ground. And in its place, a new shoot is starting to sprout.
86% of South Koreans in favour of Park Geun-hye’s impeachment
Eight of ten South Koreans favorably view the Constitutional Court’s Mar. 10 ruling removing Park Geun-hye from the presidency, survey results show.
A survey of 1,008 adults aged 19 and over conducted by the polling agency Real Meter, commissioned by MBN and Maeil Business Newspaper, just after the decision showed 86% responding the Constitutional Court had “done the right thing” when asked for their views on the ruling upholding Park’s impeachment.
After impeachment, Park Geun-hye waging a silent war
Park Geun-hye has been waging what amounts to a silent protest since being removed from the presidency after the Constitutional Court’s Mar. 10 decision upholding her impeachment.
Park has not made any statement to appease public sentiment and call for wider unity, let alone apologized for her violations of the Constitution and law and her damage to her office. The silence may indicate that she intends not simply to protest the outcome of the trial, but to refuse to comply with it.
Ousted from the presidency, Park Geun-hye to be questioned by prosecutors
The investigation of former President Park Geun-hye is drawing new attention now that she has been stripped of immunity to prosecution with the Constitutional Court’s Mar. 10 decision removing her from the presidency.While prosecutors have the option of detaining Park for investigation given the gravity of the crimes she is accused of, widespread sympathy for her and the political situation with the approaching election are factors that cannot be ignored.
US, China and Japan all pledge to work cooperatively with next S. Korean president
The US, Chinese, and Japanese governments unanimously said they planned to form productive and cooperative relationships with the next South Korean administration regardless of the outcome of the Constitutional Court’s Mar. 10 ruling removing Park Geun-hye from the presidency.But with each countries’ interests at play, some differences do emerge in the particulars. Washington does not intend to back down on deployment of a Terminal High Altitude Area Defense (THAAD) missile defense system, while China harbors hopes for THAAD’s withdrawal and Tokyo is visibly on edge over the possibility of renegotiating its agreement with Seoul on the comfort women issue.
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JoongAngIlbo (http://koreajoongangdaily.joins.com/)
Park finally exits the Blue House
Former President Park Geun-hye left the Blue House on Sunday, two days after she was dismissed from office, without accepting her impeachment and removal.Park left the presidential compound at around 7:20 p.m. Sunday for her private residence in Samseong-dong, southern Seoul.Former presidential chiefs of staff and lawmakers loyal to Park greeted her outside her residence and she chatted with them, smiling, for about six minutes.
Impeachment rallies, pro and anti, peter out
Rallies celebrating or protesting the impeachment of former President Park Geun-hye died down over the weekend.On Sunday, only a few sparse pro-Park rallies were seen around her residence in Samseong-dong, southern Seoul. Hundreds of people waved the flags of South Korea and the United States and hung banners that read “Welcome home President Park Geun-hye.”On Saturday, the day after the Constitutional Court permanently removed Park from office, the pro-Park, flag-waving protesters in central Seoul were fewer than organizers had hoped for.
Samsung completes its acquisition of Harman
Samsung Electronics said Saturday it has completed its acquisition of Harman International Industries, a U.S. audio and automotive component supplier.The announcement came three weeks after shareholders of the American company approved the $8 billion merger initially announced last November. It is Samsung’s biggest acquisition overseas.“Today is a historic moment for us,” said Young Sohn, president and chief strategy officer of Samsung Electronics and chairman of the board, in a statement.
Economic policy proceeds after removal of Park
The government said it will proceed with the economic policies that were made under Park Geun-hye’s administration and that it will try its best to run the country stably until the new administration takes office. Government officials met Saturday morning, a day after the Constitutional Court ruled to oust Park, and said the ruling had no direct impact on the economy, but it will monitor the situation closely, the Ministry of Strategy and Finance said.
Officials consider scrapping tariffs on chicken
The government said it will consider eliminating tariffs on imported chicken temporarily as prices continue to rise due to the outbreak of avian influenza in the country. Korea currently levies 18 percent to 22.6 percent tariffs on imported chicken meat, but plans to remove them as early as next month, the Ministry of Agriculture, Food and Rural Affairs said Sunday. The government said it expects the price of 1 kilogram (2.2 pounds) of Brazilian raw chicken meat to drop from 1,750 won ($1.51) to 1,450 won.
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The KyungHyangShinmoon(http://english.khan.co.kr/)
China Seizes Hallyu Products Including Albums of Idols: THAAD Sparks Also Hit SMEs
The impact of China's economic retaliation due to South Korea's placement of the Terminal High Altitude Area Defense (THAAD) missiles has spread to the nation's export-oriented small and medium-sized enterprises. More and more people in the consumer goods sector, including businesses selling hallyu contents and cosmetics, are voicing concerns of China blocking its business network and withdrawing local investment.
Legal Protection for Officials Who Refuse to Follow Unjust Orders
Regulations will be established to protect civil servants from disadvantages when refusing the illegal or unjust orders of a senior official in order to prevent irregularities such as the “blacklist” of cultural figures. After all, public officials at the Ministry of Culture, Sports and Tourism along with the employees of agencies supporting artists had obeyed orders to draw up a blacklist fearing disadvantages they would have to suffer in their careers.
Prosecutors' Office, "An Investigation According to Principle, Regardless of the Impeachment Decision"
The team of special prosecutor Park Young-soo handed the “Park Geun-hye, Choi Soon-sil case” over to the Prosecutors' Office, and the prosecutors announced that they would conduct the investigation according to principles regardless of the outcome of the impeachment of President Park Geun-hye. However, it will take days for them to just review the records; thus they are not expected to embark on a full-scale investigation within this week.
Decision by an 8-Justice Bench to Block Any Controversy over Validity of Constitutional Court's Decision
The Constitutional Court decided to announce its judgment on the impeachment of President Park Geun-hye on March 10 to present a decision made by eight justices. In other words, the judges were concerned that the validity of their decision would be challenged if another seat on the bench became vacant after the retirement of Justice Lee Jung-mi.
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The Korea Economic Daily (http://english.hankyung.com/)
"No Reason to Delay Investigations on Park Geun-hye"...Former Minjoo Party Head
Moon Jae-in, former head of the opposition Minjoo Party, said on March 12, "It is incumbent upon former president Park Geun-hye who was ousted by the Constitutional Court to acknowledge the court's verdict as soon as possible."Moon held a press conference at the party's headquarters and commented on his take on prosecutorial investigations on her, "Even though some people say investigations must wait until the presidential election is over, I don't see why we have to wait as she is in no way a candidate." He added, "National unity and harmony are nice words but we must first get rid of bad apples and then talk about conciliation."
March Exports Increase 19%...Positive Growth for 5 Straight Months
Korea's export performance has been going strong in the month of March as well on the back of the brisk sales of semiconductors and higher oil prices. According to the Korea Customs Service on March 12, the preliminary amount of exports between March 1 and 10 was US$14,276 million, up 19.3 percent from the same period last year. Exports have picked up in November last year after years of poor results and have since increased for four consecutive months until February.
KumhoAsiana Chairman Park Asks Creditors to Form Consortium to Acquire Kumho Tire
Park Sam-koo, chairman of KumhoAsiana Group, asked the creditors including Korea Development Bank to allow him to acquire Kumho Tire through a consortium. He believes that he must be able to exercise his right of first refusal by forming a consortium just like the preferred bidder Double Star of China did through a consortium. An official with KumhoAsiana Group explained on March 12, "Mr. Park sent an official letter to Korea Development Bank on March 2 to demand he be permitted to acquire the tire maker by enlisting affiliate companies or third-party companies as consortium partners." The group will hold a press briefing in the morning of March 13.
LG G6 Makes Good Start, Selling More Than 30,000 in Just Two Days
LG Electronics announced on March 12 that its brand-new premium smartphone G6 was sold more than 30,000 units in just two days after release. LG attributed the strong results to the high attention given to its pre-launch experience events, a string of good reviews in and outside Korea, and brisk pre-order sales. LG Electronics ran LG G6 experience zones at about 3,000 stores nationwide, including those run by the nation's three major telecom companies. The G6's FullVision display and its second-to-none user convenience received high reviews from those who used it at the experience zone.
Korea's Household Debts Growth Third Fastest in the World
The growth of Korea's household debts in proportion to its GDP is the third-fastest among the world's 43 countries. According to the Bank for International Settlements on March 12, the ratio of Korea's household debts to its GDP stood at 91.6 percent as of the third quarter of last year, up 4.6 percentage points from 87.0 percent a year ago.The growth rate is the third highest among the world's 43 countries that BIS reviewed, following Norway's 7.3 percentage points and China's 5.0 percentage points.
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AJU Business Daily (http://eng.ajunews.com/korea)
Ousted S. Korea leader leaves presidential office to live in private home
South Korea's former president Park Geun-hye showed her willingness to challenge a court verdict on her impeachment as she arrived at her private home after being ousted for her role in a corruption scandal.
The disgraced former president apologized for failing to finish her term when a convoy of presidential vehicles took her to her private home heavily guarded by riot police, two days after a court endorsed her impeachment.
Poll shows Moon beats rivals in all hypothetical races
Moon Jae-in, former leader of the Democratic Party, maintained substantial leads in all hypothetical races with his potential rivals, a survey showed Sunday.In a two-way competition, Moon led Acting President and Prime Minister Hwang Kyo-ahn by 56.4 percent to 22.8 percent in the poll conducted on Saturday and Sunday by Korea Research Center that was commissioned by Yonhap News Agency and KBS.
Strongest detonation ready at N. Korea's nuclear test site: 38 North
Undeterred by strengthened sanctions, "substantial" work has been going on at North Korea's nuclear test site to excavate a tunnel supporting its strongest ever detonation, according to 38 North, the website of a US institute.At the North portal of the Punggye-ri test site, satellite imagery showed that "substantial tunnel excavation" is continuing, the website said.The continued tunneling has the potential for allowing North Korea to support additional underground nuclear tests of significantly higher explosive yields, perhaps up to 282 kilotons or just above a quarter of a megaton, it said. The test on September 9 last year is estimated at 15-20 kilotons yield.
Creditors agree to sell controlling stake in Kumho Tire to Chinese firm
Creditors agreed to sell a controlling stake in Kumho Tire Co., the world's 12th largest tire maker with an international product base, to Chinese tire maker DoublestarTyre.The state-run Korea Development Bank said that creditors would sign a deal with the Chinese company on Monday to sell their combined 42.1 percent stake. The price was not known, but there have been reports that the stake would be worth 955 billion won (827 million US dollars).
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
Samsung Elec completes Harman takeover worth $8 billion
Samsung Electronics Co. has completed its takeover of U.S.-based automotive technology manufacturer Harman International Industries Inc. in a deal worth $8 billion which gives the South Korean tech giant a solid footing in the automotive electronics market, the company said in a press release Saturday (U.S. time, Friday).Harman stockholders will receive $112 per share in cash upon the closing of the deal which was first revealed last November and approved by the U.S. firm’s stockholders and U.S. and other countries’ regulatory bodies.
Korean institutional investors join fund to buy 34.5% in Lotte Global Logistics
Korean institutional investors have joined up with local private equity operator Medici Investment Ltd. to invest around 300 billion won ($259.6 million) for a combined 34.5 percent stake in Lotte Global Logistics Co. According to the investment banking industry Sunday, Korea Scientists & Engineers Mutual-aid Association (SEMA) and Public Official Benefit Association (POBA) in recent internal review meetings endorsed pledge of 90 billion won in a 300 billion won fund created by Medici Investment designed for an equity investment in logistics subsidiary of Lotte Group. The private equity fund will pull in more investors from the public-sector institutions to cover the rest within this month.
Korea’s exports expand nearly 20% on year in first 10 days of Mar
South Korea’s exports have expanded in the first 10 days of this month, extending gains for the fifth straight month in a row largely helped by brisk overseas shipments of petrochemical goods, semiconductors and automobiles. According to data from the Korea Customs Service Saturday, exports came to $14.3 billion for the March 1 – 10 period, up 19.3 percent from the same period last year.
South Korean president Park Geun-hye ousted in unanimous ruling
The eight-member bench of the South Korean Constitutional Court on Friday unanimously voted Friday in favor of a Dec. 9 legislative motion to impeach President Park Geun-hye, making her the country’s first president to be impeached and dismissed from office before termination of a five-year tenure largely for disregard for constitutional duties and laws.“Given her role in hiding corruptions of the people around her and lack of cooperation during the impeachment trial, we’ve concluded that the defendant (President Park) has not the will to respect and uphold the Constitution,” Acting Chief Justice Lee Jung-mi said in a 21-minute verdict reading that was closely watched by 50 million people of the country that had been plagued by the scandal since September.
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Invitation to Wangin Culture Festival on Thurs. 6 April 2017
To celebrate the birth and outstanding achievements of Wangin, the great scholar of the Baekje Dynasty, the Yeongam County has been hosting the Festival in April since 1992.
Born in the Yeongam County, Dr. Wangin went to Japan to teach scholastic knowledge and culture to the leaders of Japan including the Crown Prince at the time. Major programs of the Festival consist of an exhibition of artifacts and rituals related to Dr. Wangin, and performance of traditional folk arts, including spring rites, performance of folk music and dances, folk games, parades, shamanistic ritual, and fashion show of the Baekje costumes. The designation as the most promising culture and tourism festival for the third consecutive year is more significant as it was selected when screening processes got more rigorous in fiercer competition since 2015.
Ambassadors and leaders of the Yeongam County officially open the 2016
YeongamWangjinBaksa Culture Festival.
Notably, the Festival demonstrated potential of evolving into a global event as it has been visited by ambassadors and senior diplomats of many foreign embassies in Korea, including Russia and Poland, as well as delegations from Hirakata and Kanzaki, Japan. In addition, the Festival largely expanded programs that can easily be participated in and enjoyed by tourists and regional residents.
For example, a musical entitled, ‘Scholar Wangin Leaves for Japan,’ enhanced the degree of enjoyment and understanding by the tourists through re-enactment activities of Dr. Wangin who helped Japan create and flourish the Asuka Culture.
The musical provided over 1,000 local residents and foreign tourists with excitement and invited them to join the subsequent street parade. Moreover, colorful folk games and programs aroused strong interest among international visitors, evaluating the event as a premium and safe festival.
Mayor and Mrs. Jeon Dong-pyung of Yeongam County (seventh and eights from left,
front row, respectively) pose with Amb. and Mrs. Majka of Poland on their right and
other ambassadors and spouses visiting Yeongnam County .
Invitation to YeongamWangin Culture Festival on April 6-7
I am pleased to inform Your Excellency that Mayor Jeon Dong-pyung of the Yeongam County, near Gwangju, invites Your Excellency to attend the Opening Ceremony of the 2017 Wangin Culture Festival on Thursday-Friday April 6-7, 2017, and tour the historical and cultural sights in the area. Asiana Airlines will be used on the way to and from Yeongam.
Please visit:
http://www.koreapost.com/news/articleView.html?idxno=2559
http://www.koreapost.co.kr/news/articleView.html?idxno=19568
Noted Korean scholar of the Baekje Dynasty of Korea, WanginBaksa, visited Japan at the invitation of Emperor Ojin of Japan (15th Monarch of Japan) in the 17th Year of King Asin of Baekje (AD 392 to 405), and spread in Japan the Confucian Classic (including Chinese characters), Calligraphy, Blacksmith, Pottery, Weaving and various other forms of art and craftsmanship. This year marks the 51st anniversary of establishment of diplomatic relations between Korea and Japan and it is all the more meaningful to host the WanginBaekje Culture Festival. The schedule:
DAY ONE:1310 hours, Thurs. 6 April 2017: Meet at Youngsan Station
1335-1523 hours: Move from Seoul to the Gwagjusongjeong Station.
1523-1623 hours: Move from Gwagjusongjeong Station to Yeongam Country by bus.
1623-1800 hours: Welcome dinner hosted by Mayor and Mrs. Jeon
1830-1930 hours: Attend Opening Ceremony
1930 hours: Check in at the Mokpo Hyundai Hotel for the night.
DAY TWO: 0800-0900 hours breakfast at the hotel.
1000-1030 hours:Wangin Art Festival.
1030-1200 hours: Tour Dogap-sa Buddhist Temple.
1200-1330 hours: Luncheon.
1330-1500 hours: Tour GichanLand.
1500-1702 hours: Move from Yeongam to Gwangju.
(A slight change could occur to the schedule depending on the traffic situation of the day.)
Very Respectfully Yours
/s/
Lee Kyung-sik
Publisher-Chairman
RSVP:
Yes, I will attend______. Regrets:_______.
Mobile phone of Korean secretary____________________ or Driver______________________
The Korea Post phones numbers are: 010-3388-1682 (Korean) or 010-5201-1740 (English), or regular phones 2298-1740/2
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Humor from a kind-hearted former ambassador from a Middle East Country
Again, we have humor contribution from one of the Middle East country ambassadors.
Thank you, Excellency, we will share them with your former and incumbent colleagues:
A hot girl
A couple sees a hot girl.
Wife: So big, aren't they?
Husband: Yes.
Wife: Are they artificial?
Husband: I think natural.
Wife: Ear-rings are natural?
Total silence.
A joking store clerk (please present your opinion)
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 it you're going to shit when I tell you the price!"
(Please advise us of your opinion of the attitude of the salesman by leaving a note at edt@koreapost.com.—Ed.)
Intelligent Husband
Wife was busy in packing her clothes.
Husband: Where are you going ?
Wife: I'm moving to my mother.
Husband also starts packing his clothes.
Wife: Now where are you going ?
Husband: I'm also moving to my mother.
Wife: And what about the kids ?
Husband: Well I guess ... If you are moving to your mother and I'm moving to my mother ... They should move to their mother.
Clothes unpacked.
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