The Korean daily media headlines and humor
Friday March 24, 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
Korean media rumor mill news shared among the publishers
How are the interned VVIPs faring in prison?
Among the news media publishers in Korea, there is a confidential circular shared among them named Yubi Tongsin (literally, Rumor Mill News).
Needless to say, nobody can guarantee the accuracy or veracity of the information and no one wants to take responsibility for the news, but as a rule the rumor is known to have been proven to be 90% correct.
But here again no one wants to assume any responsibility for the reliability of the news--and Chairman Lee of The Korea Post media is no exception.
What does the ‘Rumor Mill’ have to share among the publishers this morning?
Here they are:
Minister Madam Cho Yoon-sun of Culture & Sports
Minister Cho is known to relatively find it difficult to acclimatize herself with the new surroundings in the Detention House. In the new environment, Minister Cho is unable to take regular meal and relies heavily on fruits such as orange. This has made her lose much weight. (At normal times, she looks just right, neither heavy nor light.)
Looking at this situation, some warders say among themselves, “Why, she obviously has never thought she would come here!”
“What time is it, please?” This is the question Minister Cho asked more than any other question. Some warders disclosed, “She would ask this question once every five minutes in the early days of her internment.”
It is said that the Special Investigators were utterly astonished when Minister Cho changed her attitude completely from the past and willingly confessed, “I did it on orders from my superior.” (Who was higher than Minister Cho at the time other than President Park Geun-hye herself? Many people think that the Prime Minister should been skipped from the line or order delivering and receiving.)
Anyhow, unlike the pre-detention attitude, Minister Cho is known to have changed mind and willingly confessed herself to the questions. The investigators agreed that it appeared Minister Cho was accepting the reality and willing made honest confessions.
Her lawyer is none other than her husband, Lawyer Park Sung-yup. Park is using the time allocated to him 100% and is meeting her all day long from 9 a.m. to 5 p.m. everyday.
Vice Chairman Lee Jae-yong of Samsung Business Group
Vice Chairman Lee has won fame among the warders for his surprising degree of adaptability to the new surroundings in the detention house. Everyone thought that it would be very difficult for the Number 2 among the wealthiest in Korea (after his father in a state of comma for years) to adapt to the new surroundings.
One warder confided, “Maybe is a Jaebeol (a richest man in Korea), everyone in the detention house tries to curry favor with him and try to be nice to him. And perhaps this is why Vice Chairman Lee is relatively doing well in the new surroundings.”
At a meal time during the interrogation day, the questioning prosecutor would ask him, “If you want, we can order Sweet and Sour Port for you.” To everyone it is clear this is a special (un-permitted) privilege, which is, of course, on the regular menu for the internees. To this, Lee is known to have politely replied, “Thank you, but I would rather have Jjajangmyeon (cheap Black Bean Sauce Noodle) because I must get used to the new surroundings.”
Vice Minister Kim Jong of Culture, Sports & Tourism
Vice Minister Kim is staying in a detention room very near to that of Vice Chairman Lee of Samsung. Kim is known to give Vice Chairman Lee tips on how to try to outlive the prison difficulties. He is known to have said to VC Lee, “Mister Chairman, it is very important to maintain a good health in the detention house to outlive the difficulties. Please get two empty plastic bottles each with a capacity of 500 milliliters. Fill them with water and take exercise using them. And please do it regularly.”
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Special Notice:
Enjoy the nature of Ecuador. https://www.youtube.com/watch?v=2WQ7PYWSbz4
And please send the video clips of your own country for sharing with our readers. Send them to: edt@koreapost.com.
And I am always available at 010-5201-1740 for any inquiries.
The Korean people really appreciate the video clips sent by the fast-growing number of embassies.
Seeing is believing and the pictures really tell and do wonders!
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Invitation:
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.)
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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/)
Park Wins Inaugural World Go Championship
South Korea’s number one-ranking Go master Park Jeong-hwan has won the inaugural World Go Championship held in Osaka, Japan. He defeated the top players of Japan and China, including nine-dan-ranked player Mi Yuting, as well as the Japanese artificial intelligence DeepZenGo. The tournament was launched this year and is the first official event where human and artificial intelligence compete against each other. Japan's two-CPU DeepZenGo is considered to be weaker at ending matches than Google’s AlphaGo supercomputer.
UNHRC Set to Adopt N. Korea Human Rights Resolution
The UN Human Rights Council(UNHRC) is expected to adopt a resolution condemning the human rights situation in North Korea later this week during its meeting in Geneva. Seoul's Foreign Ministry spokesman Cho June-hyuck on Thursday told reporters that the resolution is expected to receive wide support from UN member states. Cho said the UNHRC has been adopting a resolution on the North's human rights issue since 2003.
US House Proposes Resolution Denouncing China's THAAD Retaliation
The U.S. House of Representatives on Thursday proposed a bipartisan resolution condemning China over its retaliatory measures against South Korea over the scheduled deployment of the U.S. THAAD antimissile system. The resolution was initiated by Chairman Ted Yoho of the U.S. House Foreign Affairs Subcommittee on Asia and the Pacific and cosponsored by several other House representatives from both aisles of congress, including Republican Mike Rogers, chairman of the House Armed Services Subcommittee on Strategic Forces and Democrat Ami Bera.
Another N. Korea's Nuke Test to Occur This Month
Fox News reported on Thursday that North Korea could conduct its sixth nuclear test within several days. The conservative U.S. media quoted unidentified Washington officials as saying that the North is in the final stages of preparing for another nuclear test, adding it could come as early as the end of the month. Fox News said U.S. defense officials saw evidence the regime has completed the digging of new tunnels around its Punggye-ri nuclear test site, but it still has to move more equipment into the area for a possible test
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Yonhap (http://english.yonhapnews.co.kr)
Salvage effort to raise Sewol ferry enters critical phase
The government said Friday it is making all out effort to successfully raise the Sewol ferry on the last day of favorable weather conditions, as the salvage team removes a ramp that has held up progress.
The Ministry of Oceans and Fisheries said that as of 6:45 a.m., the joint team of the government and a Shanghai salvage firm, cut off all four hinges of the left rear ramp that has been hanging down under water and hindering the recovery operation.
Consumer sentiment improves in March on exports
South Korea's overall consumer sentiment improved this month from a month earlier helped by improving exports and eased political uncertainties, central bank data showed Friday. The composite consumer sentiment index for March came to 96.7, compared with 94.4 a month earlier. A reading below 100 means pessimists outnumber optimists. A BOK official attributed the improved consumer sentiment to increased exports and the Constitutional Court's recent decision to oust President Park Geun-hye over a corruption scandal.
Uli Stielike safe as S. Korea football coach
Uli Stielike's job as the South Korean men's national football head coach is safe, despite a stunning loss to China in a World Cup qualifier, the sport's top national official said Friday. Chung Mong-gyu, head of the Korea Football Association (KFA), returned home with the rest of the team from Changsha, Hunan Province, early Friday morning on a red-eye flight, after South Korea suffered a 1-0 defeat to China in the final round of the Asian qualification for the 2018 FIFA World Cup. Though South Korea are still in second place in Group A, in position for an automatic World Cup berth, the result put Stielike on the hot seat. Chung insisted, however, the German coach isn't going anywhere.
Bipartisan House resolution condemns China's retaliation against S. Korea over THAAD
A group of U.S. House lawmakers on Thursday introduced a bipartisan resolution condemning China's retaliation against South Korea for its decision to host the U.S. THAAD missile defense system and urging Beijing to exercise pressure on North Korea. Rep. Ted Yoho (R-FL) initiated the resolution together with Rep. Mike Rogers (R-AL), chairman of the House Armed Services Subcommittee on Strategic Forces, Reps. Peter Roskam (R-IL) and Ami Bera (D-CA), noting that such retaliatory measures could constitute a violation of its World Trade Organization obligations.
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The Korea Herald (http://www.koreaherald.com)
Sewol ferry raised after 3 years
Part of the sunken Sewol ferry has surfaced above water, with two salvage barges lifting the vessel Thursday, almost three years after it sank in waters off Jindo, South Jeolla Province. While some of the bereaved families watched from boats near the site, salvage operators worked overnight to lift the 145-meter long, 6,825-ton ferry which had been lying at a depth of 44 meters after it sank on April 16, 2014. Among its 476 passengers, 304, mostly high school students, lost their lives. Nine are still unaccounted for.
Air pollution costs Korea at least W10tr a year
Dangerously polluted air in South Korea currently costs the country at least 10 trillion won ($8.91 billion) a year and 6-9 million of the nation’s population could suffer premature deaths by 2060 if the bad air quality is not properly tackled, recent reports warned. The nation has suffered from fine dust for months this year, even before yellow dust from the deserts in northern China usually hit the Korean Peninsula during the March to May spring period.
Korea unveils W2.9tr additional rescue plan for DSME
South Korea’s finance regulator and state-owned creditors of the troubled Daewoo Shipbuilding & Marine Engineering unveiled Thursday an additional 2.9 trillion won ($2.6 billion) rescue plan that depends on whether all stakeholders agree to share the burden of a debt-to-equity swap. The main creditors Korean Development Bank and Export-Import Bank of Korea suggested the additional rescue plan less than two years after a 4.2 trillion won package was decided on in October 2015, reversing an earlier promise not to pour additional funds into the company.
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The Korea Times (http://www.koreatimes.co.kr)
Korea stunned by China 1-0 in World Cup qualifier
Korea's hopes of qualifying for the 2018 World Cup suffered a serious setback Tuesday with a 1-0 loss to China in Changsha. Yu Dabao scored the only goal of the game in the first half to give China only a second ever win in 32 meetings between the two rivals. While it was a predictably hostile atmosphere in the Middle Kingdom, it was another disappointing performance from Uli Stielike's men who rarely threatened to score despite plenty of possession and pressure.
Daewoo Shipbuilding to get W2.9 trillion in fresh loans
State-run banks will give 2.9 trillion won ($ 2.6 billion) in fresh loans to the debt-ridden Daewoo Shipbuilding & Marine Engineering (DSME), the Financial Services Commission (FSC) said Thursday.
The Korea Development Bank (KDB) and the Export-Import Bank of Korea (Eximbank) will extend the new loans just 17 months after creditor banks gave the shipbuilder a 4.2 trillion won rescue loan.
DSME will get the money after the government, the KDB and Eximbank reach an agreement with other creditor banks and shareholders.
Sewol surfaces after 1,073 days
The sunken ferry Sewol emerged from the waters Thursday, nearly three years after it sank and left more than 300 people dead in Korea's worst maritime disaster. According to the Ministry of Oceans and Fisheries, salvage operators successfully lifted the 145-meter-long, 6,825-ton ship off the seabed at 3:45 a.m. ― 1,073 days after it sank on April 16, 2014, off the southwestern island of Jindo. "Part of the ferry, which is believed to be its stabilizer, is now seen above the surface of the water," Lee Cheol-jo, the ministry official in charge of the operation, told reporters at the time.
Japan shuts down path to forced labor site
The municipal government of Nagasaki in Japan has shut down the only path to a site honoring Koreans who were forcibly taken to work on two islands off the city's coast during the 1910-45 Japanese occupation of Korea. Suh Kyung-duk, a Sungshin Women's University professor who has devoted himself to uncovering Japan's wartime crimes, said Thursday three large wooden planks were set up at the path's entrance preventing public access to a memorial stone, which has become a popular attraction for Korean visitors. The remains of unidentified Korean coal miners on the islands of Hashima and Takashima are believed to be buried underneath the memorial stone.
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DongA Ilbo (http://english.donga.com)
Terror strikes at UK parliament
An attacker drove a car along the palace of Westminster in London, the heart of British Democracy, killing 5 people and injuring 40. Among the injured include 5 Korean tourists watching the Big Ben and the palace on Westminster Bridge. The London terror attack took place at the first anniversary of the Brussels bombings, which killed 32 people and left 320 injured, and this shocked and scared the entire Europe.
The attack unfolded at about 2:40 P.M. (local time) on Wednesday on Westminster Bridge, near the House of Parliament, one of the main tourist attractions in London. A suspect man in his 40s drove a Hyundai i40 along a pavement over the bridge and hit the crowd one after another.
Es-Pres. Park’s assets reported at 3.7 billion won
Former President Park Geun-hye was on the list of high-level officials who were required to disclose their property released by the Public Service Ethics Committee of the Government on Thursday because the reporting date (Dec. 31, 2016) was before the Constitutional Court’s ruling on the impeachment. Former President Park reported 3,738,200,000 won (3,333,000 US dollars), up 218,960,000 won (195,240 dollars) from 2015. It includes her house in the Gangnam district of Seoul worth 2.71 billion won (2.42 million dollars) in appraisal value and deposits of 1,028,200,000 won (916,810 dollars).
Sewol ferry emerges with rusts, scratches 3 years after sinking
The Sewol ferry was raised from the sea Thursday after an overnight salvage operation, after lying at the sea bottom for nearly three years following its fatal sinking.
Of the two stabilizers attached on the rear of the hull, the one on the starboard of the ferry surfaced at 3:45 a.m. on Thursday, about 18 hours after the salvage work started and seven hours after the main lifting began. One more hour had passed before the hull surfaced.
In diary, 28-year-old JFK compared Adolf Hitler to ‘legend’
Former U.S. President John F. Kennedy’s diary from his younger days will go on the auction block on April 26 at RR Auction in Boston on the occasion of his centennial birth anniversary (May 29). In one of the most interesting entries in the diary, which Kennedy kept at age 28, he compares Adolf Hitler to a "legend." In August, he visited Hitler’s bombed Bavarian Berghof residence and Eagle’s Nest mountain retreat. The trip was arranged by American media mogul William Randolph Hearst, who was a friend of JFK’s father.
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Chosun Ilbo (http://english.chosun.com)
Marriages Fell to Record Low Last Year
Marriages fell to a record low last year. Statistics Korea on Wednesday said 281,600 couples got married last year, down seven percent from the year before and the lowest since 1974 when 259,100 couples tied the knot. It was the first time since 1977 that the number fell below 300,000. Only 5.5 out of every 1,000 people tied the knot last year. The average age at first marriage climbed to 32.8 years for men and 30.1 for women, up 0.2 and 0.1 year.
Prosecutors to Continue Probing Conglomerates
Winding up their investigation of ex-President Park Geun-hye, prosecutors are now shifting their focus to probing conglomerates implicated in the presidential corruption scandal, a spokesman said Wednesday.
"We've made it clear that we'd continue to investigate conglomerates," the spokesman said in a press briefing. "Our recent questioning of SK and Lotte executives was part of the investigation plan." Prosecutors questioned the CEO of Lotte Group's duty-free shopping business on Sunday, two days before Park finally appeared for a grilling.
China Supplies 1 Million Tons of Crude Oil a Year to N.Korea
China supplies North Korea with 500,000 tons of crude oil for free and sells it another 500,000 tons, a source said Thursday. Beijing has refused to publish data since 2014, but the year before it sold 590,000 tons of crude oil to the North. The oil comes from China's Daqing oil field in Heilongjiang Province and is pumped to North Korea via an underground pipeline passing through Dandong along the border between the two countries and into a refinery in Sinuiju. The gasoline produced there is used by the North for domestic consumption while the LPG is sold back to China.
U.S. Tries to Cut Off N.Korea's Oil Supplies, Labor Exports
The U.S. House Foreign Affairs Committee introduced fresh sanctions on Wednesday against North Korea sending workers overseas and importing crude oil and related products. North Koreans laborers overseas have been one of the key sources of dollar revenues for the North Korean regime's nuclear weapons and missile programs. Committee Chairman Ed Royce introduced the Korea Interdiction and Modernization of Sanctions Act, which improves on sanctions Congress authorized in February last year. The measures are far more sweeping than the sanctions imposed so far by the UN.
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HanKyoRehShinmoon (http://english.hani.co.kr)
After three years, raise the Sewol ferry, and the entire truth
Workers began raising the Sewol ferry on Mar. 22. The ferry, which will be returning to the surface for the first time since its sinking three years ago, will be brought to Mokpo New Harbor for an investigation of the hull, which will begin about 10 days later. Needless to say, we must resume our efforts not only to recover the nine missing bodies but also to learn the truth about the sinking. The Sewol snaps us out of our frivolous amnesia and demands our contemplation once again. We couldn’t even save their precious lives, and we should all be ashamed about putting off the recovery of their bodies for three years.
Will court find Park Geun-hye guilty of bribery?
After former president Park Geun-hye denied all the charges against her while being questioned by Prosecutors, the next question is whether the key charge of bribery will be acknowledged by the court. The courts have held that connection with one’s position, quid pro quo and an inappropriate request are required to demonstrate the crime of bribery. The crime of accepting a bribe, which Article 129 of the Criminal Code defines as a public servant accepting, requesting or arranging to receive a bribe in connection with their job, carries a sentence of up to five years in prison and up to 10 years of suspension of qualifications. For bribes larger than 100 million won (US$89,370), the sentence goes up to at least 10 years in prison, or even life in prison, according to the Act on the Aggravated Punishment of Specific Crimes.
US's N. Korea policy options range from “warm hamburger” to “war hammers”
The White House called for a new perspective on North Korea policy on Mar. 21, saying it was leaving open every option from “warm hamburger” to “war hammers.” The message is seen as hinting that in addition to the possibility of using military force against the North, the Donald Trump administration has not fully closed the door to the option of dialogue. Speaking at a Mar. 21 debate on US nuclear policy organized by the Carnegie Endowment for International Peace in Washington, White House Senior Director for Weapons of Mass Destruction and Counter-Proliferation Christopher Ford said the people examining North Korea policy were “look[ing] at the whole spectrum of possibilities.”
US Congress passes bipartisan bill to strengthen sanctions on North Korea
Lawmakers with the US House of Representatives Subcommittee on Foreign Affairs sponsored a bipartisan bill on Mar. 21 to further strengthen existing legislation on North Korean sanctions. While many new terms have been left up to the executive to discretion, the move is seen as a reflection of the US Congress’s hard-line mood on Pyongyang. The Korea Interdiction and Modernization of Sanctions Act, a bipartisan bill sponsored on Mar. 21 by Republican Party subcommittee chair Ed Royce and Democratic Party ranking member Eliot Engel among others, includes terms that would toughen sanctions by revising previous North Korea sanctions legislation passed across party lines early last year in response to North Korea’s fourth nuclear test and ballistic missile launches.
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JoongAngIlbo (http://koreajoongangdaily.joins.com/)
BOK chief raises need to avoid currency label
The head of the country’s central bank raised the need on Thursday for preemptive efforts to ensure Seoul will not be designated as a currency manipulator when the U.S. Treasury issues its foreign exchange report next month. “I don’t think that there is a high possibility that South Korea will be labeled as a currency manipulator,” Bank of Korea Governor Lee Ju-yeol said. Still, he sounded a cautious note on the looming U.S. decision in April, noting the possibility of Korea being branded as a manipulator cannot be ruled out. “[In case Korea is labeled as a manipulator,] a bilateral discussion will take place,” he said. “Then we need to make efforts to correct the situation through the discussion channel.”
Tourism companies get tax break
Korea’s tax collection agency will give a nine-month filing extension for local tourism-related companies, which say they have been hit hard by the Chinese government’s recent ban on group tourism to Korea that many believe is retaliation over deployment of a controversial U.S. missile shield here. Travel agencies, lodging operators, duty-free stores, tour bus operators and retailers catering to tourists will be allowed to delay paying corporate taxes, value-added taxes and income taxes nine months from their initial due date, the National Tax Service said Thursday.
DSME gets another bailout of 2.9 trillion won
The country’s state-run banks and top financial regulatory agency announced another round of bailouts for Daewoo Shipbuilding & Marine Engineering on Thursday to prevent the financial collapse of one of Korea’s largest shipbuilders with a fresh cash injection of 2.9 trillion won ($2.6 billion). The latest move follows an earlier bailout of 4.2 trillion won provided in 2015 and underscores the worse-than-expected state of DSME. Financial authorities initially thought the previous aid would be enough to turn around the indebted shipbuilder.
Businesses balk at shorter hours
A legislative revision to the country’s maximum work hours is irking Korea’s business community. After a committee in the National Assembly agreed on Monday to reduce the maximum weekly work hours to 52 next year from the current 68, local companies are expressing concerns that the change, meant to mitigate the country’s notoriously bad work culture, will make an already sour business environment even worse. They say they’ll either to have to shrink production volume, which will mean layoffs or pay cuts, or spend more on overtime to maintain current levels of productivity.
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The KyungHyangShinmoon(http://english.khan.co.kr/)
Prosecutors Likely to Indict Park Before Election Campaigns to Minimize Impact on the Presidential Election
Prosecutors questioned former President Park Geun-hye as a suspect on March 21, and now they have three options for their next move: request an arrest warrant, prosecute Park without detaining her, and continue with additional investigations. If the prosecutors request an arrest warrant for former President Park, she will go down in history as the first former president to undergo a warrant review (a review of the warrant’s validity: questioning of the suspect prior to an arrest). The prosecutors plan to minimize the impact of this case on the presidential election, scheduled for May 9. Thus, in all three cases, the judicial circle expects the prosecutors to charge the former president in mid April, before the campaign begins
Since First National Statement, Park Apologized Seven Times Without Mentioning Why and for What
It was a stream of regrets and apologies, without acknowledging any of the allegations. That summarizes former President Park Geun-hye's statements to the nation and remarks from when the "Park Geun-hye, Choi Soon-sil scandal" first surfaced to when she appeared at the Prosecutors' Office for a questioning.
"Bribery" at the Center of 14 Allegations. Can Prosecutors Prove Park Was Choi Soon-sil's Accomplice?
The prosecutors will summon former President Park Geun-hye on March 21 as a suspect charged with fourteen irregularities summarized into five criminal activities. Choi Soon-sil (61, arrested) is directly and indirectly connected to all the charges including bribery, misconduct, and the leaking of official secrets. For Park to avoid being charged with a crime, for which thirty accomplices have already been indicted, she has to argue that Choi pursued her personal interests alone. Eyes are on whether Park will end her 40-year friendship with Choi during the suspect interrogation.
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The Korea Economic Daily (http://english.hankyung.com/)
Gov't to Inject Another $6 Bil. to Daewoo Shipbuilding
The government has finally decided to bail out Daewoo Shipbuilding & Marine Engineering by lending a total of 6.7 trillion won (US$5.98 billion) in the form of new fund injection and the postponing of repayment. Following an injection of 4.2 trillion won in October 2015, Daewoo Shipbuilding will be able to receive the astronomical sum again in 17 months. As people's attention deflected to the upcoming presidential election, the issue of corporate restructuring and who is responsible for the mess is silently swept under the rug.
State-run Banks Weakened by Series of Bailout Fund Disbursements
The financial soundness of state-run Korea Development Bank and Korea EximBank has become doubtful as the government decided to provide new funds of 2.9 trillion won (US$2.59 billion) to the ailing shipbuilder Daewoo Shipbuilding & Marine Engineering. In addition to the new fund injection, the banks will undertake a debt-for-equity swap worth 1.6 trillion won of uncollateralized debts. Other commercial banks such as KEB Hana, Woori, Kookmin, and Shinhan bank are set to convert 80 percent of their loans to the shipyard into equities, which will likely increase the banks' burden to set aside funds for bad debts.
HI Investment Acquires 2 Boeing Airplanes Together with Other Institutional Investors
HI Investment & Securities has acquired two Boeing airplanes jointly with domestic institutional investors. This is the first time for a Korean financial service firm to purchase aircraft even though there were several instances in which they bought aircraft bonds or funds. According to investment banking industry sources on March 23, ten-or-so domestic and international institutional investors led by HI Investment & Securities have purchased two Boeing 777-300ER's from a Chinese finance company at the cost of US$290 million. The aircraft, manufactured in 2009, have been leased to Emirates until 2021.
LG G6 Tops in Viral Video Ranking
LG Electronics’ teaser video for its flagship smartphone G6 is going viral rapidly among global online audiences. According to Visible Measures, a provider of measurement solutions for Internet video publishers and advertisers, on March 23, LG Electronics’ “G6 x dance” video was named as one of the most watched viral video in the world during the period from March 7 to 14. Viral video refers to a video that spreads like a virus and shared by many online users through social networking tools and word-of-mouth. For viral videos, the number of clicks shows the degree of how much attention specific products and services are gaining from the market.
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AJU Business Daily (http://eng.ajunews.com/korea)
Samsung unveils concept smartwatches at Swiss watch showcase
Samsung Electronics displayed specially-designed concept watches based on its latest smartwatch Gear S3 at the World Watch and Jewellery Show in Basel, Switzerland. Swiss designer Yvan Arpa adopted the movement of analog timepieces to produce a collection of art pieces.
State-controlled lenders propose $5.99 bln new bailout for Daewoo shipyard
South Korea's state-controlled banks proposed a fresh rescue package worth 5.99 billion US dollars Thursday to keep an ailing shipyard afloat despite criticism that they are wasting taxpayers' money. The 6.7 trillion won package mapped out by the Korea Development Bank (KDB) and Export-Import Bank of Korea included 2.9 trillion won in new loans to Daewoo Shipbuilding & Marine Engineering. Some 3.8 trillion won of debt will be rescheduled or swapped for new shares if lenders and bondholders agree.
S. Korea reviews design to use lithium-ion fuel cells for new 3,000-ton attack subs
An advanced kit of lithium-ion fuel cells that have emerged as a new source of energy for electric vehicles and other modern devices may replace lead batteries to supply power to new 3,000-ton attack submarines being developed by South Korea with independent technologies. The Defense Acquisition Program, a state agency controlled by the defense ministry, said it would hold a conference for design review on the compatibility of lithium-ion batteries for the second batch of three KSS-3 submarines that would be built for two years from 2025. If adopted, it would be the first use of such batteries for South Korean subs.
KEPCO interested in buying into nuclear power joint venture in Britain
The head of Korea Electric Power Corp. (KEPCO), which produces home-made nuclear reactors, expressed a strong interest in buying into a nuclear power project involving Japan's Toshiba to build reactors in Britain. Toshiba owns 60 percent of the joint venture named NuGen with the remainder controlled by French utility company Engie. The venture plans to build three reactors on the coast of Cumbria. KEPCO president Cho Hwan-eik said his company is interested in taking part in the project. "We will make a quick jump into the sale of Nugen" if terms such as debt and equity are fixed through talks between Britain and Japan, he said.
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korean govt arranges $6 billion rescue deal for DSME on condition private lenders chip in
South Korean financial authorities and state lenders are putting together yet another bailout package for Daewoo Shipbuilding & Marine Engineering Co. (DSME) that would include fresh funding of 2.9 trillion won ($2.6 billion) and rescheduling on existing 3.8 trillion debt on condition that private debt-holders all go along with the new plan. If private debt-holders resist taking in haircut and relief in borrowing terms, the shipbuilder would most likely to fail to meet with 440 billion won obligation due in April and could be headed for the bankruptcy court with prepackaged restructuring arrangement excluding smaller creditors, the state bank warned.
KDB chief advocates $6 billion bailout “cannot, must not be” delayed
State-run Korea Development Bank (KDB) admitted poor judgment over Daewoo Shipbuilding & Marine Engineering (DSME) and apologized for having to organize another multibillion-dollar bailout for the shipbuilder. “Without radical action” DSEM could miss obligation for the bonds maturing as early as in April, and “given the urgent situation, we cannot and must not delay normalization steps,” said Lee Dong-geol, chief executive of state-run Korea Development Bank (KDB) after financial authorities and state lenders concocted a near $6 billion rescue package for DSME including 2.9 trillion won in fresh funding and rescheduling on existing 3.8 trillion debt on condition that private debt-holders all go along with the new plan.
S. Korea’s Hankook Tire to upgrade retail outlets to multi shops
South Korea’s leading tire maker Hankook Tire Co. aims to expand its retail business by upgrading its retail chain T-Station chain to multi-shops that sell a wide variety of tires from various brands, the company said Thursday. Hankook Tire’s T-Station, with more than 560 shops across the country, plans to offer tires from other brands including Kumho, Nexen, Bridgestone and Michelin in 14 stores in a pilot program. The company will also enhance its maintenance service provided at T-Station by adding more service staff.
ING Life Insurance Korea $1.2 billion IPO set for May 8
ING Life Insurance Korea goes public early May in what could be one of Korea’s biggest initial public offerings (IPO) this year at 1.34 trillion won ($1.2 billion). According to its public offering outline reported to the Financial Supervisory Service, ING Life, fifth largest in the country, will offer 40.9 percent stake held by its majority shareholder MBK Partners LP to the market in 33.5 million existing shares. Of the offering, 6.7 million shares will become available to the public on April 27-28. The desired pricing band is set at 31,500 won-40,000 won, or 1.06 trillion won to 1.34 trillion won, in total.
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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.)