The Korean daily media headlines and humor
Monday, March 20, 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 Your Excellency and Madam will not miss the most interesting
The Gala Gaya Culture Festival of Gimhae City on Sunday April 9, 2017!
--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/)
Korean Won Posts Highest Appreciation Among 27 Currencies
The South Korean currency strengthened the most among 27 major currencies this year. According to data from the Bank for International Settlement on Sunday, the won’s real effective exchange rate index was marked at 122-point-34 at the end of February, up three-point-two percent from 118-point-53 at the end of last year. The February figure represents the highest since May 2015 and marks the highest growth rate among 27 major currencies including the United States dollar.
S. Korea, US Start Large-scale Maritime Exercise with Carl Vinson
The Navies of South Korea and the United States on Sunday started a large-scale maritime exercise with the U.S. aircraft carrier Carl Vinson in the waters around the Korean Peninsula. The South Korean Navy said that the two sides will conduct joint maritime exercises from Sunday to Saturday as part of the Foal Eagle exercise in preparation for possible provocations from North Korea. About 60 surface vessels and submarines from the two countries will join the maneuvers, including South Korea's 7,600-ton Aegis-equipped destroyer Seoae Ryu Seong-ryong.
N. Korea Conducts High-thrust Rocket Engine Test
North Korea says it has conducted a test of a new high-thrust rocket engine, claiming the test was a success. According to the Korean Central News Agency (KCNA) on Sunday, North Korean leader Kim Jong-un observed the ground test of the rocket engine at the Sohae Satellite Launching Ground in North Pyongyan Province. The KCNA claimed the new type of engine developed by the North has higher thrust power and that the test was a success, while North Korean ruling party gazette Rodong Sinmun published a few photos showing the engine test.
Hyundai Heavy Wins Order to Build 4 Tankers for Russia
Hyundai Heavy Industries has won a 200-million dollar deal to build four tankers for Russia. The shipbuilder said on Sunday that it recently secured an order from state-run Russian shipping company Sovcomflot to build four eco-friendly tankers that run on liquefied natural gas. The 114-thousand deadweight ton vessels will be constructed by Hyundai’s affiliate Hyundai Samho Heavy Industries and will be delivered to Russia from the third quarter of 2018 to the first quarter of 2019.
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Yonhap (http://english.yonhapnews.co.kr)
U.S. congressman calls for preparedness for pre-emptive strike on N. Korea
The United States should be prepared for a pre-emptive strike on North Korea as the communist nation is getting closer to perfecting capabilities to deliver a nuclear missile to the U.S., a House lawmaker said Sunday. Rep. Devin Nunes (R-CA) made the remark in an interview with Fox News, days after U.S. Secretary of State Rex Tillerson said that all options were on the table in dealing with the communist nation and the military option is one of them.
Producer prices up in Feb. on price hike of petrochemical products
South Korea's producer prices rose slightly last month from a year earlier due to a hike in the prices of coal and petrochemicals, the central bank said Monday. The producer price index came to 102.62 in February, up from 98.48 a year earlier, according to preliminary data from the Bank of Korea (BOK). Producer prices serve as an indicator of future consumer inflation. Month-on-month, the February index also gained from a revised 102.31 in January.
Any military option against N. Korea likely to lead full-scale war: NYT
Any military option against North Korea, whether big or small, carries a significant risk of leading to full-scale war that could claim millions of lives, The New York Times reported Sunday. Talk of pre-emptive strikes against the North has come to the fore after U.S. Secretary of State Rex Tillerson said Friday that all options were on the table in dealing with the communist nation and the military option was one of them.
Households' financial woes deepen amid interest rate hikes
South Korea's households are exposed to growing financial risks from mounting debt, weak income growth and high unemployment rates, data showed Monday. The deepening trouble of ordinary people in Asia's fourth-biggest economy contrasts sharply with the government's increased tax revenue and local firms' increased net profit. According to Statistics Korea, the monthly income of a household here with two family members or more averaged 4.4 million won (US$3,884) last year, up only 0.6 percent from 2015.
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The Korea Herald (http://www.koreaherald.com)
Final preparations underway to lift sunken Sewol ferry
After nearly three years lying on the sea bed, the Sewol ferry is finally ready to come out of the water. And the day when the ill-fated passenger ship is brought on land would, for the victims’ families and many ordinary citizens, mark the start of a long-awaited end to bitter disputes and acrimonies over why this country that prides itself in technological prowess failed to rescue over 300 passengers from a slowly sinking ship in broad daylight.
80 pct of Lotte outlets on China suspended over THAAD spat
South Korea's Lotte Group said Sunday 80 percent of its hypermarket chains operating in China have been forced to shut down temporarily, adding to woes that Beijing's reprisal against Seoul over the deployment of an advanced U.S. missile defense system is intensifying. The number of Lotte Mart stores facing business suspension stood at 79 as of Sunday, according to Lotte. That accounts for 80 percent of 99 stores it is currently running in Asia's largest economy.
LG takes aim at Samsung with new Nano Cell TV
LG Electronics and its sister firm LG Display on Friday offered a glimpse of their latest collaboration, “Nano Cell,” a new technology based on liquid-crystal display that aims to beat Samsung Electronics’ Quantum Dot. Since the Nano Cell TV debuted early this year, it was the first time that the panel production line in Paju, Gyeonggi Province, was unveiled to the media. LCDs do not produce light so they have a separate illumination module called a backlight unit.
Absence of anti-protectionism in G-20 statement adds risk to Korea
The lack of reference to anti-protectionism in a joint statement released after a meeting of G-20 finance ministers and central bank governors over the weekend poses greater risks to trade-reliant Korea, observers said. The economic policymakers of the Group of 20 leading countries wrapped up their gathering in Baden-Baden in Germany on Saturday, but failed to reject protectionism, reportedly due to strong opposition from the US under trade protectionist President Donald Trump.
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The Korea Times (http://www.koreatimes.co.kr)
US, China poles apart over North Korea
The United States and China failed to narrow their differences on how to deal with North Korea's growing nuclear and ballistic missile threats during foreign ministerial talks in Beijing, Saturday. U.S. Secretary of State Rex Tillerson and Chinese Foreign Minister Wang Yi agreed on the need to make "a course correction" with Pyongyang. But the top Chinese diplomat stressed dialogue with Pyongyang.
This was in stark contrast to Tillerson's remarks made against North Korea during his trip to Seoul, Friday. He warned that talks with the North can only be possible if it gives up its weapons of mass destruction.
Probe continues into fish market fire in Incheon
Authorities continued efforts on Sunday to find what caused a fire at a fish market in Incheon, Saturday, causing about 650 million won ($574,000) damage. Officials at the Incheon Namdong Police Station and the National Forensic Service (NFS) inspected the traditional fish market near Sorae Port in southern Incheon. Authorities examined a transformer in the Ga building of the market, after video footage showed the fire started there.
Politicians cry out against Kumho Tire sale to China
residential hopeful Moon Jae-in and other politicians are pressuring the Korea Development Bank (KDB) and other creditors not to sell Kumho Tire to a Chinese company. They are capitalizing on growing public concerns about possible job losses if Double Star Tires takes control of Korea's second-largest tiremaker, which employs more than 3,800 workers here. With Kumho Tire operating two of its three plants in the southwestern city of Gwangju and surrounding South Jeolla Province, the politicians want creditors to give a chance to Kumho Asiana Group Chairman Park Sam-koo rather than sell a 40.2 percent stake in Kumho Tire to the mid-tier Chinese tiremaker.
Why is Rogers investing in Korean startups?
Legendary investor Jim Rogers has gained attention from Koreans after he made a series of investments in Korean startups over the past year. Since the beginning of 2016, Rogers made a total of three investments in small Korean firms in the hope that the two Koreas will be unified in the near future. Early this year, he invested in Standard Graphene, Korea's first graphene manufacturer based in Ulsan, a southeastern industrial city, the third of its kind in just around one year. He is also serving as an adviser there.
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DongA Ilbo (http://english.donga.com)
‘S. Korea, Japan could be allowed for nuclear armament,' says Tillerson
“The threat of North Korea is imminent… The U.S. may have to consider allowing nuclear armament of South Korea and Japan, depending on how the (North Korean) situation evolves,” the U.S. Secretary of State Rex Tillerson said. The top U.S. diplomat made the remarks in an interview with an Independent Journal Review reporter who was accompanying him in his flight to China on Saturday after visiting South Korea. “Our policy objective is to denuclearize the Korean Peninsula, but we cannot predict the future (of the situation surrounding the Korean Peninsula),” he said.
35,000 run at 2017 Seoul International Marathon
A new hero took the throne at the 2017 Seoul International Marathon (or the 88th Dong-A Marathon) held as the largest of its kind in the history of Korean marathon competition. Amos Kipruto of Kenya was crowned with the laurel of victory when he finished the 42.195-km full-course race starting from Gwanghwamun Plaza to Jamsil Main Stadium on Sunday. While his record did not come close to Korea’s and the competition’s best at 2:05:13 currently held by Wilson Loyanae Erupe (Cheongyang District Office), Kipruto still placed his name as the fifth fastest marathon runner in Korea.
Fire broke out in Sorae fish market on Saturday
As if bombed by a missile, the fish market located at Sorae Port in southern Incheon was in a devastating state after the massive fire on Saturday. Since the initial incineration at 1:36 a.m., the fire which lasted for around 150 minutes burnt down around 220 street stalls built as makeshifts in vinyl tent and approximately 20 sushi restaurants. The fire left the scene with only steel pipes and iron bars, which used to serve as buttresses. Water tanks scattered here and there were filled with dead marine products, and the floor was in chaos with half-burnt stalls mixed with ashes.
Full-blown Morimoto scandal corners Japanese PM
The incumbent Shinzo Abe administration in Japan is in constant fear, due to the dangerous mouth” of an avid fan and also an ultranationalist. The Morimoto scandal entered into a new phase as Yasunori Kagoike, president of Moritomo Gakuen, made a shocking statement that he recently “received 1 million yen (around 10.1 Mil. won) of contributions from Prime Minister Abe.” Suspicions magnified as doubts on handing over a national land at a giveaway price to the troubled educational foundation gained spotlight on Feb. 9.
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Chosun Ilbo (http://english.chosun.com)
High-School Classes Dwindle as Low Birthrate Bites
The low birthrate is now starting to shrink high-school classes across the nation and in some cases shutting down some subjects completely. Education Ministry data last week show that the number of new students entering high school this year dwindled by around 60,000 or 11 percent. A total of 525,300 students finished middle school last year and are entering senior high school this year, compared to 591,845 last year. And next year, only 460,000 are expected, down another 12.2 percent.
2/3 of Koreans Are in Debt
Koreans take out their first loans in their 20s to cover university tuition and borrow more in their 30s to buy a home, while a person would have to save up all of their earnings for 11 years to afford an adequate apartment in Seoul, a study suggests. Shinhan Bank analyzed the financial status of 10,000 Korean income earners and published the study on Thursday. It found that one in three people in their 20s borrowed an average of W13 million to cover university tuition, and half of those in their 30s took out loans to buy homes (US$1=W1,132).
Prosecutors Won't Raid Cheong Wa Dae, Park's Home
The Seoul Central District Prosecutors' Office has no plans to raid Cheong Wa Dae or ex-President Park Geun-hye's home in Samseong-dong, Seoul, a spokesman said Thursday. "A raid would have been needed to gather evidence in the initial stage of the investigation," a prosecutor said. "But now that the investigation is nearly complete it no longer makes much sense." That suggests prosecutors already have enough evidence to bring charges against Park and are aware that the Cheong Wa Dae shredders have had since October to destroy the paper trail there.
Hyundai, Kia Launch New Electric Cars
Hyundai and Kia unveiled new electric cars at an expo on Jeju Island on Thursday. Hyundai launched a newly modified electric version of the Ioniq, which is W1.6 million cheaper than the previous model at W40 million (US$1=W1,132). But with incentives consumers can buy the car for under W20 million as the government offers a subsidy of W14 million and local governments up to W12 million. Kia, meanwhile, is taking pre-orders for the Soul EV. It can produce up to 111 horsepower with maximum torque of 29 kg.m. Equipped with a higher voltage battery than its predecessor, its driving range has increased by 20 percent.
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HanKyoRehShinmoon (http://english.hani.co.kr)
South Korea’s GDP has risen, but quality of life hasn’t kept pace
The first-ever statistics representing South Korean quality of life in numerical terms were released on Mar. 15. While South Korea’s economic wealth in terms of gross domestic product (GDP) has grown by 28.6% since 2006, the increase in the general index of life quality was just 11.8% - a figure that raises questions about possible reconsideration of what economic development is supposed to achieve.
Moon Jae-in leads presidential poll with 33%; Hong Joon-pyo with 2%
In a poll by Gallup Korea about presidential candidate preferences, Kim Jin-tae, lawmaker with the Liberty Korea Party, had 1% support, in the first poll result since Kim announced his presidential bid on Mar. 14. In terms of favorability, South Gyeongsang Province Governor Hong Joon-pyo was rated the least favorable. In a public opinion poll carried out by Gallup Korea on 1,004 adults around South Korea from Mar. 14 to 16, former Minjoo Party leader Moon Jae-in was the most preferred presidential candidate at 33%, up one percentage point from the previous week.
Minjoo Party developing platform for presidential election, reflecting candlelight revolution
The Minjoo Party is hard at work developing pledges for the upcoming presidential election. The goal is to have the list complete by the time the party’s candidate is decided in early April. The level of preparations behind the pledges could well decide how the next administration starts off, since the Minjoo Party candidate would start immediately without a transitional committee if he wins in the May election.
Organizers of candlelight rallies left more than $88,000 in debt
Following the revelation that the Emergency Public Campaign for the Resignation of Park Geun-hye, the group that organized the candlelight rallies, is 100 million won (US$88,400) in debt, South Koreans have launched a fundraiser for the organizers. The campaign, which has held weekly candlelight rallies since 2016, is more than 200 million won in debt because of a recent string of rallies. “Thus far, we’ve covered the cost of holding the rallies with donations from the public, but we quickly ran up a deficit while organizing rallies three days in a row around Mar. 10, when Park was impeached,” said Park Jin, co-director of the campaign’s situation room, during a phone call with the Hankyoreh on Mar. 16.
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JoongAngIlbo (http://koreajoongangdaily.joins.com/)
North announces successful test of powerful engine
North Korea on Sunday said it successfully conducted a ground test of a new high-powered engine using “indigenous technology” the day before, the North’s latest move to bring it closer to completing a long-range missile that could target the U.S. mainland, despite strong warnings from the international community. The North’s state-run media reported on Sunday that North Korean leader Kim Jong-un observed the test at the Sohae Space Center in Tongchang-ri, North Pyongan Province, adding that he “gave an order” to begin the test on Saturday. The Rodong Sinmun carried eight photos related to the high-thrust engine test on the front page of its Sunday edition, extolling Kim’s leadership in guiding the country in the field of satellite science.
Beijing rejects Seoul’s offer to talk in Germany
The Korean government’s hope of convincing China to rethink its opposition to the deployment of the U.S. Terminal High Altitude Area Defense (Thaad) antimissile system and roll back retaliatory actions against Korean businesses was crushed after a planned meeting in Germany during the weekend failed. Korean Deputy Prime Minister and Finance Minister Yoo Il-ho was supposed to hold a bilateral meeting with the new Chinese Finance Minister Xiao Jie during the G-20 meeting of finance ministers and central bank governors in Baden-Baden, Germany.
Prosecutors question SK heads in bribery case
On the eve of questioning former President Park Geun-hye, prosecutors also questioned top executives of SK and Lotte groups over suspicions that they bribed Park during her term in return for special favors.
The special investigation headquarters of the prosecution summoned Chairman Chey Tae-won of SK Group around 2 p.m. on Saturday to answer questions about the allegation that the company bribed Park in return for his special pardon from jail. After a more than 13-hour questioning, Chey left the prosecution around 3:30 a.m. Sunday.
LG puts focus into nano cell technology
LG Electronics has been strengthening ties with its key affiliates to come up with upgraded television products, including its most recent masterpiece released last month - the nano cell television. The so-called nano cell technology enhances a TV’s color definition by applying a special nanometer substance to its liquid crystal display panel, according to LG. The nano cell technology is the outcome of five years of research and development in partnership with affiliates, according to the company, and is cost effective compared to using a separate quantum-dot film for each TV.
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The KyungHyangShinmoon(http://english.khan.co.kr/)
THAAD, a "Sovereign" State Policy? Then Why Wait for the Decision of the U.S. and China?
The U.S. and China are engaged in a battle for power over the placement of the USFK's Terminal High Altitude Area Defense (THAAD) missiles on the Korean Peninsula. In the past, the South Korean government stressed that the placement of the missiles was a decision by a sovereign state to defend the lives of the people and national security from North Korean nuclear and missiles threats. However, that the leaders of the U.S. and China are discussing the placement of the THAAD system in South Korean territory shows that this issue has nothing to do with South Korea's "sovereign" policy.
South Korean Banks Having Another Party After U.S. Interest Hike?
The Federal Reserve, the central bank of the United States, raised the base rate 0.50~0.75% to 0.75~1.00% on March 15. The latest increase came three months after the previous hike. The Federal Reserve is expected to raise the base interest rate two more times this year. This will have a negative impact on the South Korean economy. What is more concerning is the possible rise in the interest rate at a time when South Korea's household debt has reached astronomical figures. The banks have been raising their interest rates on loans since the second half of last year.
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.
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The Korea Economic Daily (http://english.hankyung.com/)
Korean Won's Real Effective Exchange Rate Rises Highest among 27 Countries...BIS
The real effective exchange rate of the Korean won has soared most among 27 currencies of the countries in the world with highest trade volume. According to the Bank for International Settlements on March 19, the Korean won's real effective exchange rate as of the end of February this year was 122.34 (when the rate in 2010 is set at 100), up 3.2 percent from the end of last year (118.53). The 27 major economies include the United States, Britain, Japan, and Germany as well as 19 eurozone economies.
Semiconductor and Display Investment Effect Expected to Last for 2-3 More Years
Industry analysts predicted that the trickle-down effect from investment in the semiconductor and display industry would last for at least few more years. The time it takes for current construction projects to be completed would be more than two years, including one in Chungju under construction by SK Hyunix to be completed by June 2019. It usually takes 8-12 months to build a large chip-making plant whose size is more than ten times that of a soccer field. After this, it takes another three to eight months to fill the interior.
Heavy Investment in Semiconductor and Display Sectors Trickles down to Main Street Economy
As large companies invest tens of trillions of won in semiconductor and display production capacities, regional cities like Pyeongtaek, Hwaseong (Samsung's semiconductor plants), Paju (LG Display plant), Asan (Samsung Display plant), and Chungju (SK Hynix semiconductor plant) are benefiting mightily. According to industry sources on March 19, the combined amount of investment planned by Samsung, SK, and LG since 2015 is estimated at 75 trillion won. The five cities are already enjoying the trickle-down effects.
Why Isn't Makkuli Selling Well Overseas While Japanese Sake Gets ahead?
The export volume of Japanese sake (rice wine) last year was US$138 million, up more than 100 percent within the past ten years. In contrast, the amount of makkuli (Korean rice wine) exports fell to a low of $12.86 million last year after peaking $52.73 million in 2011. In the case of Japan, the government and the private sector worked together to open up new markets while in Korea the foreign makkuli sales shrank by more than 70 percent.
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AJU Business Daily (http://eng.ajunews.com/korea)
S. Korea-led consortium wins $3.0 bln deal to build Turkey bridge
A consortium involving South Korean and Turkish firms won a three billion US dollar deal to build the world's longest suspension bridge, officials said Friday. The deal was signed in a ceremony attended by in Ankara, according to the Ministry of Land, Infrastructure and Transport. The 3.7-kilometer would be built by 2023 in Canakkale in the northwestern end of Turkey. The consortium involves South Korea's SK E&C and Daelim and two Turkish partners.
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.
Samsung Galaxy Tab S3's price for North American market revealed
The price for Samsung's Galaxy Tab S3 has been revealed by an American online home appliances seller "Best Buy". The online shopping mall listed the price for the Wi-Fi version of Tab S3 as 599.99 US dollars. Best Buy did not notify customers exactly when the tablet PC would be released. Only "Coming Soon" was shown beside the product image. The North American price is about 112 dollars cheaper than in Europe. Samsung is receiving pre-orders for Tab S3 in Europe for 670 Euros (about 712 dollars).
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/)
SK E&C teams up with UNIT International to build power plants in Iran
South Korea’s SK Engineering & Construction Co. (SK E&C) joined hands with Belgium-based energy company UNIT International S.A. to lead Iran’s largest-ever private power development project worth 3.4 billion euros ($3.6 billion), lighting up business prospects in the Middle Eastern country where international sanctions were lifted.
Hyundai Heavy bags $240 mn order to build 4 LNG-fueled crude tankers
South Korea’s Hyundai Samho Heavy Industries Co., a subsidiary of world’s largest shipbuilder Hyundai Heavy Industries Co. struggling with a dearth of new orders, secured a $240 million worth order to build four liquefied natural gas (LNG)-fueled crude tankers.
Korean govt to force 30% haircut on DSME bondholders
South Korean financial authorities and state lenders will demand a haircut of up to 30 percent from bondholders of Daewoo Shipbuilding & Marine Engineering Co. (DSME) for burden-sharing in a fresh 3 trillion won ($2.7 billion) rescue package to the troubled shipbuilder. According to government sources on Friday, DSME’s main creditor Korea Development Bank and Export-Import Bank of Korea would arrange an out-of-court workout program for the shipbuilder that is struggling and cannot afford to repay maturing bonds this year despite the 4.2 trillion won bailout in 2015.
Naver pledges invest and partnership with YG Entertainment
South Korea’s top web service provider Naver Corp. pledged around 100 billion won ($883.8 million) in capital investment and partnership with YG Entertainment Inc. that manages top entertainers and idol groups like Psy and Big Bang. According to the investment banking industry Friday, YG Entertainment, capitalized at 470 billion won, will issue new shares tantamount to a 10 percent stake to Naver for 50 billion won.
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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.)