The Korean daily media headlines and humor
Friday, March 17, 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
I hope Excellencies and Madams will not miss
The Gala Gaya Culture Festival of Gimhae City onSundayApril 9
--Chairman Lee of The Korea Post media
Ambassadors and Madams are invited to the famed 2017 Grand Gaya Culture Festival of the Gimhae City on Sunday April 9, 2017.
As the suzerain state of six Gaya Kingdoms and royal capital of Geumgwan-Gaya founded in 42 A.D., Gimhae is the cradle of the Gaya culture. These small ancient states include Ara Gaya, Goryeong Gaya, Dae Gaya, Seongsan Gaya, Bihwa Gaya and Geumgwan Gaya, which formed a confederation dominated by Geumgwan Gaya. With a 500-year long history, Gaya Kingdoms created ingenious and brilliant pottery and ironware culture based on affluent iron products and outstanding iron-making technology. Taking geographical advantages, these Gaya Kingdoms actively traded with China, Japan and Nakrang as the center of international trade in Northeast Asia. Active international marine trade and exchange of these ancient states with foreign countries can be well explained by the international marriage between King Suro, the founding king of Geumgwan-Gaya, and Princess Heo Hwang-ok of Ayodhya Kingdom in India.(Scroll down to the bottom for more information and invitation.)
Royal procession of King Suro of the Gaya Kingdom
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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/)
Prosecutors No Longer Seek to Raid Presidential Office
Prosecutors investigating the Choi Soon-sil scandal say they will not seek to raid the presidential office or the private residence of former President Park Geun-hye. A prosecution official on Thursday unveiled the lukewarm stance about the raid, calling it pointless at this point. The official explained that the raid is not the aim in itself as the investigation is reaching its climax. The prosecution sought to raid the top office last October but ended up getting materials after the office rejected the search.
US Deploys B-1B Bombers in Show of Force against N. Korea
The U.S. flew two supersonic, nuclear-capable B-1B bombers over South Korea on Wednesday as part of ongoing joint military exercises between the two countries. An official of the South Korean military confirmed on Thursday that two U.S. Air Force B-1B Lancers returned to the U.S. after attending a drill on the Korean Peninsula a day earlier. The strategic bombers were deployed to South Korea after the U.S. supercarrier USS Carl Vinson entered the Busan port to participate in the ongoing Foal Eagle joint military exercise.
Tillerson Calls for 'New Approach' to N. Korea Threat
U.S. Secretary of State Rex Tillerson says it's time to talk about what he calls a "new approach" to the escalating threat from North Korea.He met with Japanese Foreign Minister Fumio Kishida Thursday in Tokyo, saying it remains important to strengthen cooperation with Japan and South Korea in dealing with Pyongyang's nuclear and missile threat. Tillerson and Kishida urged North Korea to refrain from provocative acts and abide by UN Security Council resolutions.
Watchdogs to Strengthen Risk Management after US Rate Hike
Watchdog agencies are closely observing risk factors in the local financial market following the U.S. Federal Reserve’s interest rate hike. Officials from the Financial Services Commission(FSC) and the Financial Supervisory Service(FSS) held a meeting Thursday to discuss the impact of the U.S. rate increase. FSC Vice Chairman Jeong Eun-bo stressed at the meeting that the government will more thoroughly manage risk factors, vowing to curb a further rise in household debts.
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Yonhap (http://english.yonhapnews.co.kr)
U.S. beef producers laud Korea-U.S. FTA
The U.S. free trade agreement with South Korea has been a great boon for American cattle producers, leading to a 82 percent jump in annual beef sales to the Asian nation, a beef producers' lobby said Thursday. Kent Bacus, director of international trade and market access for the National Cattlemen's Beef Association, made the point in an op-ed piece in The Hill, titled "On its anniversary, American ranchers laud US-Korea trade pact," as Thursday marked the fifth anniversary of the implementation of the trade pact.
Trump 'never takes anything off table' in dealing with N. Korea
U.S. President Donald Trump won't remove any option from the table when dealing with North Korea, the White House said Thursday. "The president never takes anything off the table. That's something he's been very clear about," White House press secretary Sean Spicer said at a briefing when asked about Secretary of State Rex Tillerson's remark that diplomatic efforts to disarm the North failed. Tillerson's remark suggests that Trump's approach to the North will be tough and pressure-oriented.
Six-party talks failed to bear fruit
Six-party nuclear talks with North Korea failed to deliver their intended results, the State Department said Thursday, adding to Secretary Rex Tillerson's point that diplomatic efforts to disarm Pyongyang failed and a new approach is necessary. "There's a recognition that certain mechanisms, like the six-party talks, haven't really borne the fruit that we would have liked to have seen them bear over the years," State Department acting spokesman Mark Toner said at a regular briefing.
20 years of diplomatic efforts to end N.K. nuclear program failed
Two decades of diplomatic efforts to end North Korea's nuclear program have failed, and it's time to come up with a different approach, U.S. Secretary of State Rex Tillerson said Thursday. The remark, made in a joint news conference in Tokyo with Japanese Foreign Minister Fumio Kishida, strongly suggests that the new U.S. policy on North Korea will be tough and pressure-oriented, rather than engagement. "The diplomatic and other efforts of the past 20 years to bring North Korea to a point of denuclearization have failed.
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The Korea Herald (http://www.koreaherald.com)
US envoy in Japan to reassure on North Korea threat
The United States' top diplomat on Thursday reassured key Asian allies that Washington stands with them in the face of the accelerating missile threat from North Korea. Secretary of State Rex Tillerson began his first Asian tour in Tokyo and held talks with Foreign Minister Fumio Kishida before a scheduled meeting with Prime Minister Shinzo Abe. President Donald Trump had caused consternation during his White House campaign by suggesting US allies Japan and South Korea need to do more to defend themselves, but since taking office has been careful to offer complete support.
Fed’s rate hike soothes market concerns, raises fundamental economic risks
The US Federal Reserve’s rate hike Thursday and its message on two additional hikes within this year has soothed concerns in the South Korean financial market for the time being, the nation’s central bank said. The Fed’s rate increase, however, also raised concerns over a possible foreign capital flight from Korea to the US by those seeking higher yields on safer assets. As the Fed’s rate hike makes it harder for the South Korean central bank to move its own rates, it is expected to narrow down Korea’s options to stimulate the economy, which is already burdened by low growth, heavy household debt and record-high unemployment, observers said.
Hwang’s support seen ditching conservatives
Acting President Hwang Kyo-ahn’s decision not to run in the upcoming presidential election appears to be benefiting centrist candidates, rather than his fellow conservatives. More than a quarter of Hwang’s supporters have switched support to moderate liberals, instead of backing an alternative conservative figure, data showed Thursday. After Hwang announced Wednesday that he would not seek election, South Chungcheong Province Gov. An Hee-jung of the Democratic Party of Korea and Rep. Ahn Cheol-soo of the People’s Party saw increases in their polling numbers.
PETA criticizes ousted Park for abandoning dogs
A US animal rights group called on the South Korean government on Thursday to provide immediate care for nine dogs that ousted President Park Geun-hye left behind when she moved out of the presidential palace. “Being left behind is frightening, confusing, and dangerous for dogs and other animals who depend on their human guardians for food, water, shelter, veterinary care, and all their other needs,” said PETA Asia Vice President of International Campaigns Jason Baker in a statement.
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The Korea Times (http://www.koreatimes.co.kr)
Cheong Wa Dae suspected of destroying evidence linked to corruption scandal
Cheong Wa Dae faced allegations Thursday that it has "systematically" destroyed evidence concerning the corruption scandal involving former President Park Geun-hye since the affair surfaced last September.
Rep. Back Hye-ryun of the main opposition Democratic Party of Korea (DPK) said that the presidential office bought a total of 26 paper shredders between September and February, citing data from the Public Procurement Service.
THAAD battery to be tested in April
The U.S. Terminal High Altitude Area Defense (THAAD) battery being located here will undergo operational testing in April after the delivery of the remaining equipment, including its radar, is completed this month, military sources said Thursday. The first parts of the advanced missile defense system, including two launchers, arrived in South Korea, March 6. "The remaining assets will arrive this month," a military official said on condition of anonymity. "Then, trial operations of the system will take place as early as next month."
Bank chiefs tap overseas markets
Heads of domestic banks are spending busy time traveling outside of Korea from early this year, boosting their efforts to secure more business opportunities in the global market. Woori Bank said Thursday that it has held a ceremony to mark its investment in Wealth Development Bank, a mid-size savings bank in the Philippines, in Manila. Woori bought a 51 percent stake in the savings bank last October, becoming the first foreign bank to invest in a Filipino savings bank.
Fed rate hike raises uncertainties
The U.S. Federal Reserve's second rate hike in three months means the end of its stimulus campaign and also the end of the low interest rate cycle in Korea, officials and analysts said Thursday. Following the latest key rate hike, Korea's financial authorities said they will strengthen monitoring of the financial market and put a greater focus on risk management to curb household debt. They said higher U.S. rates will eventually add upward pressure on interest rates here, although any immediate hike by the Bank of Korea (BOK) is unlikely.
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DongA Ilbo (http://english.donga.com)
U.S. interest hike pressures household debts of S. Korea
The key interest rate in the U.S. has recovered to the level of 1 percent, with the interest rate having been raised again merely in three months to put an end to the ultra-low interest rate era. The sudden upturn in the U.S. interest rate sounds alarm to the Korean economy, which is heavily weighed down by the 1,180 billion dollars of household debts. On Wednesday (local time), the U.S. Federal Reserve (Fed), which serves as the central bank of the U.S., convened a Federal Open Market Committee meeting and raised its key interest rate by 0.25 percentage points from 0.50-0.75 percent to 0.75-1.00 percent.
Everland zoo unveils golden-headed lion tamarins
The golden-headed lion tamarins, which are only found in certain areas of the Amazon, is Grade 1 endangered species, with only an estimated 6,000 to 10,000 of them existing in the world. Despite the name derived from the golden hair like the lion’s mane, they are small-sized monkeys, which belong to Callitrichidae family. Weighing 500-700 grams and standing 20-34 centimeters tall, the golden-headed lion tamarins have a tail longer than their body, which stretches 32 to 42 centimeters.
S. Korea, U.S. JCS chiefs reaffirm KOR-US alliance
South Korean Joint Chiefs of Staff Chairman General Lee Sun-jin and his U.S. counterpart Gen. Joseph Dunford assessed the current security situation of the Korean Peninsula on Wednesday that North Korea is showing high possibilities of provocation, and agreed to coordinate efforts to instantly respond to such provocations. During approximately 20 minutes of phone call at 6 a.m., the military leaders expressed high possibilities that the North will push forward its provocative actions, as it is nearing upcoming annual joint military drills including Foal Eagle and Key Resolve, the birthdate of North Korean founder Kim Il Sung on April 15, and Military Foundation Day on April 25.
Samsung Heavy Industries builds world’s largest container ship
Samsung Heavy Industries has built the largest container ship in the world. The new vessel has ushered in an era of 20,000 TEU-class container ships (1 TEU equals one 6-meter-long container).
The world leader in shipbuilding has completed the construction of one of the four 20,150 TEU-class container ships for an order it acquired from Japanese shipping company MOL in February 2015, and held a christening ceremony at its dockyard in Geoje, South Gyeongsang Province on Wednesday.
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Chosun Ilbo (http://english.chosun.com)
Jobseekers Lower Their Sights
A growing number of jobseekers are finally lowering their sights and applying to small and mid-sized companies instead of insisting on plum jobs with big conglomerates. Some surveys suggest that eight out of 10 jobseekers are lowering their sights. Job portal Saramin polled 2,263 jobseekers, and 84 percent said they are willing to work for smaller companies. That is up from only 70.1 percent in 2014. While 93.9 percent of those with only a high-school diploma said they are willing to try SMEs, the proportion is also 81.6 percent among university graduates and 77.2 percent of those with master's degrees or higher.
Choi Soon-sil's Daughter to Seek Political Asylum in Denmark
The daughter of ex-President Park Geun-hye's alleged accomplice Choi Soon-sil will seek political asylum in Denmark if the courts decide to extradite her to Korea, her lawyer told Reuters on Tuesday. "If all court instances say she should be extradited then it's political asylum," Peter Blinkenberg said. He said he will argue that Chung Yoo-ra faces political persecution if she returns to her home country. Chung is being held in a remand prison in the northern Danish town of Aalborg,
U.S. Soldiers Charged with Drug Smuggling
Two U.S. soldiers and two Korean Americans have been charged with smuggling 4.1 kg of methamphetamines with a street value of W13.6 billion in cereal packages shipped through U.S. military mail, prosecutors said Wednesday (US$1=W1,144). Four other Korean Americans are wanted in connection with the same crime. The soldiers, who are stationed at the U.S. garrison in Pyeongtaek, Gyeonggi Province, are suspected of planning to receive the drugs that an accomplice in California shipped through the military mail last December.
Acting President Won't Run for Top Office
Acting president Hwang Kyo-ahn on Wednesday said he will not run for the presidency in fresh elections now slated for May 9. "To stabilize government and fairly administer the presidential election, I've reached the conclusion that it is inappropriate for me to run in the election," said Hwang, who is seen as loyal to disgraced ex-President Park Geun-hye and is popular among some conservative voters. Acting president Hwang Kyo-ahn on Wednesday said he will not run for the presidency in fresh elections now slated for May 9. "To stabilize government and fairly administer the presidential election, I've reached the conclusion that it is inappropriate for me to run in the election," said Hwang, who is seen as loyal to disgraced ex-President Park Geun-hye and is popular among some conservative voters.
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HanKyoRehShinmoon (http://english.hani.co.kr)
Park Geun-hye to appear for Prosecutors’ questioning on Mar. 21
Prosecutors announced on Mar. 15 that former president Park Geun-hye had been given notice to appear at Seoul Central District Prosecutors’ Office on the morning of Mar. 21. Park’s attorneys said the same day that she would appear. Prosecutors plan to weigh whether to request an arrest warrant after questioning Park. The Prosecutor’s special investigation headquarters announced on Mar. 15 that it had “notified former President Park’s attorneys of her summons,” adding that the summons was for 9:30 am on Mar. 21.
Hwang Kyo-ahn won’t run for president, leaving conservatives in a lurch
Prime Minister and acting president Hwang Kyo-ahn, who had been the favored presidential candidate for South Korea’s conservatives, officially announced on Mar. 15 that he will not run for president. The country’s 19th presidential election will take place on May 9. The disappearance of the conservative establishment’s strongest contender is likely to send tremors through the election landscape and create a shifting pattern of coalitions between minor candidates.
Angry, frustrated old folks camped out in front of Park Geun-hye’s house
Mar. 15 was the fourth day since Park Geun-hye returned to her house in Seoul’s Gangnam District after the Constitutional Court decided to remove her from the presidency. Throughout those four days, the temperature plummeted after as night fell, and even the days were quite chilly. But on the first day, more than 900 of Park’s supporters gathered at her house, and since the second day more than 100 have been gathering there every day. Some of them were among those who spent the night on the street in front of the Constitutional Court on Mar. 9, the day before the court’s ruling on Park’s impeachment.
Number of Chinese tourists to S. Korea drops off further as government ban takes effect
With Chinese travel agencies completely halting the sale of package tours to South Korea on the orders of the Chinese government, there’s expected to be an even sharper decline in the number of Chinese tourists to South Korea than there has been until now. On Mar. 15, Chinese travel agencies stopped selling all package tours to South Korea. When a Hankyoreh reporter called several travel agencies in Beijing on the same day and inquired in Chinese about travel packages to South Korea, the only response was that sales of all travel packages to South Korea had been suspended as of that day on orders from the China National Tourism Administration and that no one knew when sales would resume.
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JoongAngIlbo (http://koreajoongangdaily.joins.com/)
U.S. rate increase puts Bank of Korea in a bind
Korea’s central bank held a meeting on Thursday following the U.S. Federal Reserve’s overnight interest rate increase and said it would closely monitor financial and foreign exchange markets, and make necessary moves to stabilize the market if there is excessive volatility. “The Bank of Korea will not mechanically raise the key interest rate,” the central bank’s senior deputy governor, Jung Byung-wha, said during the meeting after the Fed decided to raise rates 0.25 percentage points to a range between 0.75 percent and 1 percent. It was the first rate increase in three months.
North eludes sanctions with China’s help
North Korea is “flouting” UN sanctions by trading in prohibited goods with evasion techniques that are increasing in scale, scope and sophistication. Its main gatekeeper: China. This conclusion was drawn in the “2017 Final Report of the Panel of Experts of the 1718 Sanctions Committee on North Korea,” a 326-page analysis by the Security Council Committee Established Pursuant to Resolution 1718 (2009), a subsidiary organ in the UN Security Council.
More parents delay their children’s education
The 6-year-old daughter of Lee Ji-eun, a resident of Yangcheon District of western Seoul, does not know how to read or write Korean yet. And that’s perfectly fine, Lee says. “I have seen mothers here teach their kids Korean and English from when the children are as young as 2 or 3-year-olds, but many of these kids lose interest in studying once they enter the higher grades in elementary school,” Lee said. “Rather than stressing my child out with early education, I have chosen to let her play and learn from her own experiences and travels.”
HMM consortium with 2M officially launches
Hyundai Merchant Marine officially signed a deal with the world’s largest shipping alliance, a move that is expected to grant the company more vessel capacity on its service routes and a way to improve its financial health, the company said Thursday. HMM CEO Yoo Chang-keun and heads of the 2M alliance, Soren Skou of Danish Maersk Line and Diego Aponte of Switzerland-based Mediterranean Shipping Company, agreed to establish the so-called 2M+HMM strategic cooperation in California on Wednesday.
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The KyungHyangShinmoon(http://english.khan.co.kr/)
Park Will Be Interrogated in a Standard Interrogation Room with No VIP Facilities. Will There Be a Cross-Examination with Lee Jae-yong?
The Special Investigation Division of the Prosecutors' Office is busy with preparations for the interrogation of former President Park Geun-hye, which will be conducted on March 21. The former president is charged with thirteen criminal acts, including bribery according to the Act on the Aggravated Punishment, Etc. of Specific Crimes, and the investigation records by the first Special Investigation Division and the team of special prosecutor Park Young-soo during the past four months amount to tens of hundreds of pages, so just organizing the material for the interrogation is no easy task. On March 15, one prosecutor said, "We decided to question her on March 21 (six days later) after considering a number of issues including preparations.
Presidential Election Will Be Held on May 9. Hwang Kyo-ahn Will Not Run
Acting President Hwang Kyo-ahn designated May 9 as the date for the next presidential election and announced that he would not run in the upcoming election. Now that election day has been set, politicians will quickly enter campaign mode. Since the number one candidate among the conservatives with an approval rating surpassing 10% has decided not to run in the election, attention is on where his supporters will turn to and how that will affect the election.
Citizens Against the Impeachment Violently Lash Out in Front of Park's House
The residence of former President Park Geun-hye has become a stage for citizens against the impeachment to unleash their violence. The people are expressing their disappointment and anger fueled by the Constitutional Court's decision to dismiss the former president in the form of harsh words and violent actions towards other demonstrators as well as the journalists and police on site. On March 14, about a hundred citizens against the impeachment gathered in front of Park's residence in Samseong-dong, Gangnam-gu, Seoul.
Tillerson Asia The Latest and China Norh Korea Malaysia
Pak Myong Ho, minister of the North Korean Embassy in China, sits under portraits of the late North Korean leaders Kim Il Sung, left, and Kim Jong Il during a press conference in Beijing, China, Thursday, March 16, 2017. Pak says Pyongyang must act in self-defense against the U.S. and South Korea's joint military drills, which he said have brought the region to the brink of nuclear war.
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The Korea Economic Daily (http://english.hankyung.com/)
KOSPI Finally Set to Break out of 1,800-2,000 Range
The KOSPI index is rising fast after hitting the year's high. As uncertainties disappear one by one, Korea's stock markets are set to move into a new era of bull market. The CEOs of the nation's top-six asset management firms said, "This is not the time to sell off and take profit but to buy more shares." The KOSPI closed at 2,150.08 on March 16, up 0.80 percent (17.08 points) from the previous day. This is the highest level since April 27, 2015 when the index was 2,157.54 at close.
Life Quality Remains Low Despite Economic Growth
The belief that the increase in gross domestic product would lead to national development has been shaken since 2009 when Nobel prize-winner Joseph Stigliz claimed that it is time to escape from the GDP myth trapped in qualitative and physical growth. Starting from 2012, the National Statistical Office launched efforts to develop an index that can measure the quality of life. The index consists of 12 categories comprising 80 items ranging from income to consumption, employment, wage, social welfare, residence, health, citizen participation, safety, and the environment.
Unemployment Rate Hit 7-Year High
As the economic slump continues, Korea's unemployment rate hit a seven-year high last month. With the shortage of jobs, the number of self-employed people marked the highest growth in 15 years. According to the National Statistical Office on March 15, the number of the unemployed stood at 1.35 million last month, up by 33,000 from a year ago. This figure was the highest since August 1999 (1,364,000). The nation's unemployment rate reached 5.0 percent last month, up by 0.1 percentage point from a year before, the highest since January 2010 (5.0%).
Korea Falls Behind Chile and Estonia in Terms of Entrepreneurship
The Korea Economic Research Institute recently issued a report that analyzed the 2017 result of the Global Entrepreneurship Index published by the Global Entrepreneurship Development Institute. The report said that Korea ranked No. 27 among 137 surveyed countries in terms of entrepreneurship. Korea ranked lower than Chile (No. 18) and Estonia (No. 23). Among OECD's 34 member countries, Korea ranked lower at No. 23. This rank is based on a survey on 14 categories, including new business capabilities of government, enterprise and individuals, human resource capital, competition system, and product innovation.
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AJU Business Daily (http://eng.ajunews.com/korea)
Dow Chemical sells stake in SKC Haas to SK Group subsidiary
SKC Haas, a joint venture of SKC and Dow Chemical, became a full subsidiary of South Korea's SK Group after the US company sold off a 51-percent stake. With the deal worth about 81.7 billion won (72 million US dollars), SKC, a key SK Group subsidiary, now holds 100 percent of SKC Haas which produces high-performance films and other materials such as video and audio tapes, CD, DVD, Lithium-ion batteries. Last year, it posted a net profit of 13.1 billion won on sales of 278 billion won.
N. Korea may participate in Winter Olympic test event in S. Korea
North Korea has sent an application through an international federation to participate in a women's international ice hockey tournament to be held in South Korea next week as a test event for the 2018 Winter Olympics. The International Ice Hockey Federation's Women's World Championship Division II Group A will take place in the eastern port city of Gangneung in Gangwon Province from April 2-8. South Korea has yet to approve North Korea's application, but Gangwon Province Governor Choi Moon-soon said North Korea are likely to compete in Gangnung which will host Winter Olympic events next year along with the eastern ski resort of Pyeongchang.
Taxpayers under pressure again to bear burden of bailing out Daewoo shipyard
South Korean taxpayers are required again to bear the burden of spending their money on keeping a troubled shipyard afloat under a fresh bailout led by state-controlled banks which have already injected a huge amount of liquidity at the expense of their red balance sheet. Financial officials believe there is no other option to rescue Daewoo Shipbuilding & Marine Engineering with fresh loans, citing an aggravated liquidity crisis caused by dwindling orders and a prolonged business slump.
Central bank rules out 'mechanical' reaction to US rate hike
South Korea's central bank assured the market Thursday that it won't overreact to the latest US interest rate increase, saying it won't "mechanically" alter Seoul's monetary policy. Jang Byung-wha, senior deputy governor of the Bank of Korea (BOK), stressed that the Fed's decision to increase the base rate by a quarter percentage point was widely anticipated. "Concern is not big that the local financial market will become unstable or swings will expand," he told reporters after an emergency meeting held hours after the Fed's announcement. He pointed out Fed Chair Janet Yellen's statement signaling gradual rate hikes down the road.
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korean economic conditions more important in determining rate move
The Bank of Korea won’t raise its benchmark interest in knee-jerk reaction to U.S. moves, said a senior bank official Thursday. “The U.S. benchmark rate is an important reference index, but our base rate must take consideration of our own conditions,” said Jang Byung-wha, BOK’s deputy governor after a meeting among senior officials following overnight hike by the U.S. Federal Reserve by 25 basis points to a target range of 0.75 percent to 1.0 percent.
KAIST nudges ahead of SNU and POSTECH in Korea’s top university ranking
Korea Advanced Institute of Science & Technology (KAIST) has taken the top spot among Korean universities in the latest Times Higher Education (THE) Asia University Rankings published on Wednesday. KAIST was ranked eighth in Asia, and followed by Seoul National University or SNU (second in Korea, ninth in Asia) and POSTECH (third in Korea, tenth in Asia). This is the first time that KAIST has attained the top position in Korea in this ranking of Asian universities since it was introduced in 2013.
Korean govt to inject $1.8 bn to Eximbank from its new recapitalization fund
South Korea’s state-run Export-Import Bank of Korea (Korea Eximbank) is expected to be the first beneficiary of the government’s special fund designed to help recapitalization of state lenders, as the bank’s financial health will likely deteriorate further following its possible additional fund injections into ailing local shipbuilders. The Eximbank with its Bank for International Settlement (BIS) capital adequacy ratio falling to 11.15 percent, the lowest among local banks, as of the end of last year is expected to receive support of around 2 trillion won ($1.8 billion) from the government’s fund.
HMM officially joins 2M alliance through strategic cooperation
South Korea’s Hyundai Merchant Marine Co. (HMM), which the government has been grooming as the country’s principal sea flag carrier in place of now-defunct Hanjin Shipping, formed a strategic alliance of the world’s largest shipping alliance 2M, a move that is expected to help it enhance its competitiveness. Yoo Chang-keun, chief executive officer of HMM, inked an agreement dubbed ‘2M+H strategic cooperation’ with Maersk CEO Søren Skou and Mediterranean Shipping CEO Diego Aponte in California, U.S. on Wednesday (local time).
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To preserve the local culture as an outstanding world cultural asset
Gimhae City hosts a gala Gaya Culture Festival on April9
Invites Ambassadors and Madams to grace the Opening Ceremony on April 9, 2017
As the suzerain state of six Gaya Kingdoms and royal capital of Geumgwan-Gaya founded in 42 A.D., Gimhae is the cradle of the Gaya culture. These small ancient states include Ara Gaya, Goryeong Gaya, Dae Gaya, Seongsan Gaya, Bihwa Gaya and Geumgwan Gaya, which formed a confederation dominated by Geumgwan Gaya. With a 500-year long history, Gaya Kingdoms created ingenious and brilliant pottery and ironware culture based on affluent iron products and outstanding iron-making technology. Taking geographical advantages, these Gaya Kingdoms actively traded with China, Japan and Nakrang as the center of international trade in Northeast Asia. Active international marine trade and exchange of these ancient states with foreign countries can be well explained by the international marriage between King Suro, the founding king of Geumgwan-Gaya, and Princess Heo Hwang-ok of Ayodhya Kingdom in India.
Royal procession of King Suro of the Gaya Kingdom
In an effort to preserve the Gaya culture as one of world cultural heritages and widely publicize excellence of the ancient culture, the Gimhae City government has been hosting the annual Gaya Culture Festival since 1962 on the occasion of the memorial service for King Suro in spring. As ever, the municipal government will host the 41st Gaya Culture Festival for 5 days from April 7th to 11th, 2017 to include the memorial service for the King set to be held on the last day of the Festival. With the concept of ‘Gaya in the World and United Gimhae’, the Festival will be highlighted by the ‘tug-of-war’ game and ‘procession parade of King Suro’.
Different teams of the Gaya farmers’ bands are reading to present demonstrations.
Colorful programs will be provided during the Festival at the Daeseong-dong Ancient Tombs, Gimhae National Museum and Tomb of King Suro. In addition to the tug-of-war game and king’s procession parade, programs will include folk art performances, experiences of ancient ironworks, voyage routes sailed by King Suro and Princess Heo Hwang-ok, excavation of historical relics and riding on rare horses, as well as art installation events, performance of martial arts on horseback, wish lamps with Gaya patterns, and multi-cultural social gatherings of youths. Among others, visitors will have an exotic experience of boarding a traditional Indian boat ‘Dhoni’ by sailing the voyage routes taken by King Suro and Queen Heo.
A tug of war joined by hundreds of citizens
In connection with the Festival, a number of other events will also be held simultaneously, including a local foods fair, international conference on Gaya history, contest of native foods, and folk arts festival of Gyeongsangnam-do region. The regional folk arts festival will include performances of intangible cultural property holders and performances of traditional art troupes from sister cities in Korea and other countries.
Gimhae Stone Fight is now a favorite game of merriment.
To help visitors have more enjoyable and exciting experiences, the festival organizing committee will deploy advanced information and communication technology installations in the venue. Using their smart phones or tablet PCs, visitors and tourists can get access to detailed information, statistical data, publicity materials and results of survey on the Festival by searching its QR code at information centers. It will also introduce an augmented reality (AR) game ‘Royal Capital of Gaya GO’, similar to ‘PocketMon Go’ game. If any visitors find out various historical treasures or relics through the game, they will be rewarded with due gifts.
Grand Rite of Chaste Woman Chunhyang offered to King Suro of the Garak State and his Queen Heo
The 40th Gaya Culture Festival held in April last year attracted as many as over 1.45 million visitors from Korea and other countries, and the Festival in this year is expected to attract even more visitors thanks to addition of varied new programs. The Gimhae City government seeks to register these cultural heritages as UNESCO’s World Cultural Heritages.
Night view of the Old Tombs in Daeseong-dong Village and the Daeseong History Museum. A grand opening ceremony is held at a special stage at the Daeseong-dong Tumuli
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INVITATION
Your Excellency and Madam are cordially invited to the 2017 Grand Gaya Culture Festival on Sunday April 9
Your Excellency areMadarm are cordinaly invited to the above festival.
For details of the Festival, please visit: http://www.koreapost.com/news/articleView.html?idxno=3007.
It is a bit far, but a deluxe KTX Train travel is much more comfortable than bus ride. Here is the schedule:
0845 hours: Meet at the Seoul Railroad Station VIP Room, 3rd Floor of the Main Building.
0905-1147 hours: Move by Deluxe KTX train from Seoul to Gimhae.
1200-1230 hours: Move to the Ice Square Hotel for luncheon.
1230-1400 hours: Attend welcome ceremony, presentation of Plaques of Appreciation.
1400-1430 hours: Watch mounted Gaya Warrior performances, have personal experience in horse-riding.
1510-1700 hours: Join the Gimhae Tug-of-War match
1700-1800 hours: Watch traditional Korean music-dance performances based on Intangible National Cultural Properties
1800-2040 hours: Move from Gimhae back to the Seoul Railroad Station.
(A slight change could occur to the schedule depending on the traffic situation of the day.)