The Korean daily media headlines and humor
Monday May 1, 2017
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
Korea Post Media
Spouses of the ambassadors and families are invited to:
The World Culinary Culture Festival on Tuesday May 30, 2017.
The World Culinary Culture Exchange Association is hosting with the support of The Korea Post media a ‘World Cooking Festival’ at the Gwanghwamun Gate Plaza in Seoul on Tuesday May 30, 2017, where the spouses of the ambassadors and their family members are invited to participate.
A total of 85 different countries are invited to participate, including America, Europe, Central Asia, Middle East, Asia and Africa.
The schedule includes an opening ceremony, cooking contest, sampling of demonstrated foods and beverage and presentation of citations to the winners for the outstanding culinary skills.
Details of participation and the schedule of the day will be forwarded very soon to each Embassy to the attention of the Madam of the Ambassador.
For further details, please visit: http://www.koreapost.com/news/articleView.html?idxno=3568
What’s ticking in Korea today? Here is a quick roundup of important news stories from the major Korean news media today:
Pope Voices Concern about N. Korean Crisis
Pope Francis has voiced concern about growing tensions on the Korean Peninsula amid conflicts between North Korea and the United States. The Associated Press reported the pope said that the North Korean missile crisis has been going on for over a year, and the situation has become too hot on the Korean peninsula, speaking aboard his plane as he returned to Rome from a trip to Egypt on Saturday. The pontiff said that a wider war will destroy a large part of humanity and its culture – something that humanity could not bear.
NEC Starts Printing Ballot Papers for May 9 Presidential Election
The National Election Commission (NEC) has started printing ballot for the May ninth presidential election. The ballot papers will be printed by firms designated NEC local branches and will be ten centimeters wide and 28-point-five centimeters long, which is the longest ballot for the country's presidential elections. The names of 15 candidates will be printed on the ballots, although two candidates – Nam Jae-joon of the Unification Korea Party and Kim Jeong-sun of the Future Korean Peninsula Union – dropped out of the presidential race.
S. Korea, US Wrap up Joint Military Exercise
South Korea and the United States will wrap up their annual massive joint drills on Sunday. About 300-thousand troops participated in the two-month Foal Eagle exercise, including ten-thousand American troops. Some 36-hundred American troops from military bases abroad also joined the drills. During the exercise, naval ships of the two allies held extensive maritime drills in the waters around the Korean Peninsula and were joined by the USS Carl Vinson aircraft carrier.
Value of Stock Holdings of 100 Wealthiest Shareholders Tops 100Tln Won
The value of stock holdings of the country’s 100 wealthiest shareholders surpassed 100 trillion won as South Korea’s benchmark KOSPI is about to hit a new record. According to the data by Chaebul.com and Korea Exchange, the top 100 shareholders were holding shares in the local market worth 100-point-eight trillion as of Friday, up seven-point-seven percent from early January. They saw the value of their shares increase by one-point-eight trillion won per month for the past four months.
S. Korean, U.S. security chiefs reaffirm no THAAD payment by Seoul.
The national security chiefs of South Korea and the United States on Sunday reaffirmed their initial agreement that Seoul will only provide land for the U.S. deployment of a high-tech missile defense system here without further costs as demanded by President Donald Trump. National Security Office chief Kim Kwan-jin and his American counterpart H.R. McMaster reconfirmed the stance during a phone conversation held earlier in the day at the request of the U.S. side, the presidential office Cheong Wa Dae said in a statement.
Samsung's Galaxy S8 sales hit 22,200 units on Saturday
Sales of Samsung Electronics Co.'s new flagship Galaxy S8 smartphone stood at about 22,200 units on Saturday in South Korea, industry data showed Sunday, up compared to weekdays. The increase marks a gain from 16,000 units activated by the country's carriers on Thursday and some 17,000 units reported for the following day, according to industry data. Samsung has said preorders for the Galaxy S8 surpassed 1 million units. The daily figures included both preordered smartphones and phones sold at retail stores and unlocked on site.
Kim Chong-in accepts Ahn's call to lead panel for joint gov't
A high-profile politician on Sunday accepted centrist presidential nominee Ahn Cheol-soo's offer to lead his campaign panel to prepare for a reformist government as the hopeful struggles to shore up declining voter support. During a press conference, Kim Chong-in, a former interim leader of the Democratic Party, said he will lead the panel to support the candidate of the People's Party envisioning a "joint reformist government" marked by transparency and close cooperation with parliament.
Samsung's Flex Wash laundry system win ergonomics award
Samsung Electronics Co. said Sunday that its innovative Flex wash laundry system won the "Best of Best" ergonomics design award at an industry event on Jeju Island. The global electronics giant said the recognition by Ergonomics Society of Korea (ESK) on Friday highlighted the excellent convenience and ease of use incorporated into the washing machine that was unveiled at the Consumer Electronics Show in Las Vegas earlier in the year. It said ESK members also gave high marks for efficiency and emotional appeal of the product.
The Korea Herald (http://www.koreaherald.com)
Ballot printing begins
With just nine days to go to the presidential election, South Korea on Sunday began printing ballots, with 13 candidates still in the running. Liberal standard-bearer Moon Jae-in is leading the crowded race with a double-digit margin, a recent poll showed, while desperate centrist and conservative camps revived the specter of an anti-Moon coalition. According to the National Election Commission, the ballot paper is 28.5 centimeters in length, the longest for presidential elections so far, reflecting the crowded field of the initial 15 candidates, now reduced to 13.
China’s top 3 smartphone makers catching up with Samsung
China’s top three smartphone makers, Huawei, Oppo and Vivo, are catching up with the market shares of Samsung and Apple, based on their affordable prices and premium stylings, according to a US research firm. According to the latest report published by IDC, the combined smartphone shipments by the three Chinese firms increased by 15.5 million units on-year to 77.9 million units in the first quarter. During the same period, Samsung and Apple remained essentially flat with shipments reaching 79.2 million units and 51.6 million units, respectively.
Allies’ security chiefs ‘reiterate’ initial agreement on THAAD
Security chiefs of South Korea and the United States reaffirmed the initial agreement on a US advanced missile defense system that Washington would shoulder expenses for deploying and operating the weapon system, Seoul’s presidential office said Sunday. The reassurance came amid growing jitters here over US President Donald Trump’s surprise remarks that South Korea should pay $1 billion for the Terminal High Altitude Area Defense system, some of whose key components have arrived on the peninsula.
Google to commercialize artificial intelligence to detect diseases
With the recent advances in artificial intelligence, Google has been working to apply a form of high-level AI computing known as deep learning to the field of medicine and health care. Though further developments are underway, Google said Thursday that it has successfully developed new deep learning algorithms that can detect and diagnose diabetic retinopathy, an eye disease which can lead to blindness, as well as locate breast cancer. Lily Peng, product manager of the medical imaging team at Google Research, shared how the US tech giant is using deep learning to train machines to analyze medical images and automatically detect pathological cues, be it swollen blood vessels in the eye or cancerous tumors, during a video conference with the South Korean media hosted by Google Korea.
The Korea Times (http://www.koreatimes.co.kr)
Trump signals row with next S. Korean leader
U.S. President Donald Trump's recent remark on billing South Korea for the deployment of a U.S. missile shield signals that Seoul will come under greater pressure to share more of the cost of stationing American forces here, analysts said Sunday. With just nine days before the May 9 presidential election, the White House call to charge South Korea is stirring up concerns over a possible clash between the incoming government and the Trump administration. True, the unpredictable Trump may want something else and may be intimidating South Korea over the cost of the ongoing installation of a Terminal High Altitude Area Defense (THAAD) battery to reach his goal.
'Sticks-only N. Korea policy ineffective'
South Korea must reconsider its sanctions-only policy toward North Korea because it is not effective in curbing the latter's nuclear and missile threats, according to People's Party presidential candidate Ahn Cheol-soo. In an interview, Ahn said the country's next government should be ready to hold talks with the North any time, while maintaining pressure in coordination with the international community. "Sanctions against North Korea should not be the only means to deal with the Kim Jong-un regime. Historically, we can find no example showing sanctions led to the collapse of a regime," Ahn said.
Candidates spar over next tech revolution
The first industrial revolution was about harnessing steam power and taking advantage of machines. The second was driven by electricity and more advanced machines. The third was powered by digital technology and the internet. How about the next one? All major presidential candidates agree that one of the most critical tasks for the next leader is guiding Korea in the new wave of the Fourth Industrial Revolution, but they remain apart on how ― especially in terms of the government's role in it.
Samsung widening gap with Apple in smartphones
Samsung Electronics regained its title as the world's largest smartphone vendor in the first quarter of the year, beating arch-rival Apple by a large margin, according to market researcher IDC. This came only a quarter after the Seoul-based tech titan narrowly yielded its leading status to Apple during the October-December period last year. In the first quarter, Samsung sold 79.2 million smartphones across the globe, with Apple coming in second with 51.6 million, the market researcher said.
Trump’s remarks on THAAD costs herald challenges for incoming S.K. government
Kim Kwan-jin, chief of South Korea’s presidential National Security Office, held a call with his U.S. counterpart Herbart McMaster on Sunday, and reaffirmed the bilateral agreement that the U.S. will pay for the cost for deployment, operation and maintenance of the Terminal High Altitude Area Defense anti-missile system, the South Korean presidential office said. On U.S. President Donald Trump’s demand that South Korea play 1 billion U.S. dollars in costs for the deployment of the THAAD system, McMaster explained that the U.S. president made the remarks in general context to convey the American public’s desire that its allies share costs, the South Korean presidential office said.
141 middle and high schools lack newly-enrolled students
Established in 1951, Socheon High School in North Gyeongsang Province will permanently close in 2018 when the current 14 seniors graduate from the school. For the second consecutive years from 2016, Socheon had no newly enrolled students. “Quagmire of low birthrate” is now affecting beyond elementary schools to middle and high schools. The report titled “Current Status on Newly Registered Students to Elementary, Middle and High schools from 2015 to 2017” submitted by the Ministry of Education to the Minjoo Party’s lawmaker Kim Byeong-woo in the National Assembly's Education, Culture, Sports & Tourism Committee show that the number of middle schools whose newly registered students are less than five has increased from 108 to 122 to 127 while the number of high schools from 12 to 12 to 14.
Halla Group chairman behind the victory of Korean men’s ice hockey team
We must mention this man when you explain how South Korean men’s ice hockey team was able to achieve historic feat of advancing into the World Championship (Division I). His name is Halla Group Chairman Chung Mong-won and he has been the president of the Korea Ice Hockey Association (KIHA) since 2013. He founded Anyang Halla (former name of Mando Winia) in 1994. Mr. Chung is commonly known as a big fan of ice hockey. When Halla Group faced a grave crisis in 1997, he remained his hockey team intact even though he decided to sell some highly profitable businesses.
Autonomous driving car to trial-run at Yeouido late May
Starting as early as late May, the autonomous driving vehicle "SNUBer" developed by the Seoul National University (SNU) will go for a test drive at Yeouido, Seoul. The trial run will be the first test for an autonomous driving car to run at the actual urban roads where skyscrapers are densely located. According to the university and the National Geographic Information Institute, the SNU Auto IT R&D Center will test its self-driving car around Yeouido in late May. Until now, the car has been running only within the university's Gwanak campus.
¼ of School-Age Part-Timers Paid Less Than Minimum Wage
One in four youngsters working part-time workers earns less than minimum wage and some were not paid at all, a survey suggests. The minimum hourly wage was W6,030 last year (US$1=W1,138). The Ministry of Gender Equality and Family last month published a 2016 survey of 15,646 youngsters in fourth thorough 12th grade across the country to gauge their exposure to harmful environments. Some 11.3 percent said they have had part-time jobs. Most said they did not rebel against improper treatment, even though they were paid less than minimum wage (25.8 percent), were not paid overdue wages (13.4 percent), were forced to work unpaid overtime (16.9 percent), or suffered verbal abuse or sexual harassment.
Many Young Koreans Yearn for Life Abroad
Increasingly popular overseas travel often whets young Koreans' appetite for a new life abroad, and dreaming about it can offer respite from the grim realities at home. The main reason is that a growing number of younger people spend time overseas studying, traveling or getting job experience on working holiday visas, which opens their minds to other places and cultures. According to the Korea Tourism Organization, the number of youngsters between 11 to 20 who travel abroad grew to 1.52 million last year, to some 3.82 million among 21-30 year-olds, and to 4.4 million among those aged 31 to 40.
Home Prices Surge in Big Cities, Jeju
Residential property prices have risen more than four percent, the fastest clip since 2007, the Ministry of Land, Infrastructure and Transport said Thursday. Prices in the southern port city of Busan and the resort island of Jeju also grew steeply, but in smaller cities they tumbled, especially southeastern industrial towns that have been hit hard by the economic slump and the shipbuilding crisis. Based on an analysis of the prices of 12.4 million apartments and 3.96 million detached houses, the ministry said average home prices rose 4.44 percent nationwide, up for a fourth year, though the increase slowed a little since last year's 5.97 percent.
U.S. Navy Commander Names N.Korea as No.1 Threat
U.S. Pacific Command chief Adm. Harry Harris on Wednesday named North Korea as the "most imminent threat" to the U.S. and its allies in the Pacific and urged lawmakers to support the deployment of advanced American weapons in the region. Harris was speaking at the House Armed Services Committee, where he devoted two-thirds of his opening statement to the North Korean standoff. He also told the committee that the Terminal High-Altitude Area Defense battery being set up in South Korea will become operational "in the coming days," which will give the two allies the capacity to deal with North Korean provocations.
Moon Jae-in’s support rises 40%, while Ahn Cheol-soo’s falls to 24%
The two-way race between liberal Moon Jae-in and moderate Ahn Cheol-soo has recently given way to a field in which Moon is in the lead, with Ahn trailing and the other three major candidates far behind. This shift shows how progressive candidates are gaining support while the conservative vote is fracturing. The strong showing of left wing Justice Party candidate Shim Sang-jung in the televised debates has grown the pie for progressive candidates, with Shim picking up not only progressive voters but also moderates.
Samsung decides against implementing holding company system
Samsung Electronics has decided not to adopt a holding company system. Given Samsung’s past push for the holding company plan as a way of improving its governance structure and tightening Vice Chairman Lee Jae-yong’s grip on the management reins, attention is now turning to the effects the decision will have on two pressing issues for Samsung: management succession and governance structure reorganization. Samsung Electronics announced on Apr. 27 that its board of directors “has decided not to pursue the transition to a holding company.”
Good things come in small packages
April is when all different kinds of film festivals in Korea start the film festival circuit. Around 100 small and large film festivals including the 25 festivals between April to June offer their programs to the public. Actually it’s been a while since film festivals have been established as key cultural events supported by local governments. And with a variety of private organizations opening their own film festivals one after the other, the race has become more competitive. That is why it is important to develop the right concept that suits the local character of the area hosting the film festival.
Trump sends South Korea a $1 billion invoice for THAAD
US President Donald Trump said South Korea would have to pay US$1 billion in expenses for the THAAD missile defense system deployment, a position he said he had informed the South Korean government of. The demand is expected to trigger some controversy, with the US’s calls for Seoul to pay a hefty price tag on the THAAD deployment coming on the heels of a surprise delivery of components to make the deployment a fait accompli before a new South Korean administration takes office next month. Trump also blasted the South Korea-US Free Trade Agreement (KORUS FTA) as a “horrible” deal and declared it should be either renegotiated or terminated.
North Korea fails in missile test
North Korea launched a ballistic missile on Saturday, which apparently exploded minutes after liftoff, according to South Korean and U.S. militaries. "North Korea fired an unidentified missile from a site in the vicinity of Pukchang in Pyeongannam-do (South Pyeongan Province) in the northeastern direction at around 5:30 a.m today," the Joint Chiefs of Staff said in a statement. "It is estimated to have failed."
The U.S. Pacific Command also said it detected the launch from an airfield there. "The missile did not leave North Korean territory," its spokesman Cmdr. Dave Benham said. "The North American Aerospace Defense Command determined the missile launch from North Korea did not pose a threat to North America."
Trump wants Seoul to pay $1 billion for Thaad
U.S. President Donald Trump said he wants South Korea to pay the $1 billion cost of the deployment of a U.S.-led antimissile defense system here and that he may possibly terminate the U.S.-Korea FTA because of trade deficits. Trump spoke with Reuters in his office on Thursday local time, just a day after key components of the Terminal High Altitude Area Defense [Thaad] battery were installed in the early morning hours of Wednesday on a golf course in Seongju County, North Gyeongsang.
To pull out of slump, Ahn promises a coalition government
Scrambling to save a campaign that’s losing its wheels, People’s Party nominee Ahn Cheol-soo Friday unveiled a plan to form a coalition government of reform-minded forces from across the ideological spectrum - but excluding those who opposed the impeachment of former President Park Geun-hye. Ahn’s novel plan is an attempt to revitalize a campaign that has lost momentum after reaching a peak just two weeks ago.
Park plays hardball on Kumho Tire
Kumho Asiana Group Chairman Park Sam-koo said he won’t transfer rights to the trademarks of Kumho Tire to Doublestar, currently the top bidder for the local tire manufacturer. Park’s move is seen as his final attempt to defeat an acquisition by the Chinese tire company, according to industry insiders. Doublestar signed a stock purchase agreement with the tire company’s main creditor, Korea Development Bank, last month. But several issues need to be ironed out, including trademark rights, delaying the maturity of the tire company’s loans and approval by the Korean government.
The KyungHyangShinmoon (http://english.khan.co.kr/)
No Explanation from the Government after Surprise Placement of THAAD System
The nation could not hear a responsible explanation from the government until April 27, a day after the surprise placement of the Terminal High Altitude Area Defense (THAAD) system by the ROK-US military authorities. This not only acknowledges that the government forced the placement, it also triggers criticism for the government seems to believe that it's okay so long as they avoid the critical public opinion. Kim Kwan-jin, head of Cheong Wa Dae's National Security Office and one of the people who promoted the placement of the THAAD missiles in the Park Geun-hye government had a phone conversation with Herbert McMaster, the White House national security advisor, but did not release any position before the people.
The Sim Wave, Is It Serious? Will Sim Attract a Double-Digit Percentage of Votes?
The approval ratings of Sim Sang-jeung (58), the presidential candidate of the Justice Party, are showing a serious rise. If the current trend in the polls continues to the election results, Sim may receive the highest percentage of votes as a candidate of a progressive party since 1987. The Justice Party is even expecting to attract a percentage of votes in the double digits. With "integration" emerging as a major issue in the presidential election, the influence of the progressive camp will likely expand in the next government.
Surprise Overnight Placement of THAAD Missiles: Defense Ministry Hits the People from Behind
US Forces Korea placed the equipment for the Terminal High Altitude Area Defense (THAAD) system at the Seongju Golf Course in Gyeongsangbuk-do in the early hours of April 26. They are expected to soon test run the 2-3 missile launchers, fire-control radar, and engagement control station, which were put in place this day. The U.S. military also brought in a Patriot missile launcher. The placement of the equipment was carried out suddenly six days after South Korea and the U.S. agreed to the supply of land for the THAAD missiles on April 20.
Former Ruling Party Members Take the Offensive with Security Issue, Moon & Sim Call It “Same Old Game of Color Politics”
Moon Jae-in of the Minjoo Party of Korea, Hong Jun-pyo of the Liberty Korea Party, Ahn Cheol-soo of the People’s Party, Yoo Seong-min of the Bareun Party, and Sim Sang-jung of the Justice Party were in a heated debate on April 23rd, on foreign affairs and security issues including North Korean nuclear test, measures to reform powerful authorities and other matters. Former Foreign Minister Song Min-soon claimed that [the Roh Moo-hyun administration] consulted with North Korea before it abstained from voting on a U.N. resolution on the North's dire human rights situation in 2007.
The Korea Economic Daily (http://english.hankyung.com/)
Presidential Candidates Debate Whether to Pay $1 Bil. for THAAD
In the fifth TV presidential debate on April 28, by far the biggest topic was the Terminal High Altitude Area Defense (THAAD) system and whether to pay for it. Shim Sang-jung, head of the progressive Justice Party, said to Minjoo Party candidate Moon Jae-in, "I can't help but asking this question. U.S. President Donald Trump just sent us a bill of US$1 billion after installing the THAAD system a few days ago. What do you think about it?" Shim continued, "Do you think this is an appropriate behavior an ally exhibits?" To this, Mr. Moon answered in affirmative, saying, "I agree with how you feel." He added, "I wonder how the U.S. administration can do it without consulting and getting approval from Congress."
Foreigners' Won-denominated Bond Holding Balance Hits High of 100 Tril. Won
The won currency balance held by foreign investors has exceeded the 100-trillion-won level for the first time in 14 months. This is due to the buying spree on Korean bonds of more than 10 trillion won for the past four months since early this year based on the optimistic outlook on the Korean economy. As foreigners snapped up Korea-issued bonds while at the same time purchasing more than 6 trillion won worth of stocks this year to date, analysts are now talking about the return of "Buy Korea."
Industrial Output Rises 1.2% in March...Highest Figure Since Nov. 2016
Signs of economic recovery are everywhere. Industrial output and investment in plants and equipment in March have increased to record-high levels for the first time in four months and 41 months, respectively.
According to a report "March 2017 Industrial Activity Trend" published by the National Statistical Office on April 28, the all-industry output last month was up 1.2 percent from the previous month. This is the largest uptick in four months since November last year when the figure rose 1.4 percent. It was due to across-the-board increase in output in mining and manufacturing (1.0%), construction (3.7%), public administration (6.6%), and services (0.9%).
Optimistic Sentiment Spreads as Exports Pick up
Korea's economic indicators are showing clear signs of improvement across the board. This trend, which began first for exports, is spreading toward other economic spheres including production, investment, consumption, and employment. Market analysts expected this trend to continue for the time being thanks to the easing of uncertainties in and outside Korea. According to the Ministry of Trade, Industry, and Energy on April 26, the nation's exports grew 14.9 percent in the first quarter year on year, the highest growth since the third quarter of 2011. The nation's exports have continuously registered a positive growth for six straight months starting from November 2016.
AJU Business Daily (http://eng.ajunews.com/korea)
Seoul rules out extra payment for operation of US missile shield
South Korea's defense ministry ruled out any extra payment to finance the operation of an advanced US missile shield after US President Donald Trump reportedly said he wants Seoul to pay one billion US dollars. The ministry said in a statement that the United States should shoulder the burden for operating and maintaining the Terminal High Altitude Area Defense (THAAD) battery in South Korea under a bilateral accord on the status of some 28,000 US troops stationed in South Korea.
United Airlines settles "confidential" amount with Passenger dragged off plane
When the videos of a 69-year-old doctor from Kentucky getting dragged off from United Airlines plane emerged on the social medias, it triggered a huge controversy of how the aviation company treats its customers when overbooked. In the beginning, CEO of United Airlines, Oscar Munoz, issued a statement on Monday, April 10, "This is an upsetting event to all of us here at United. I apologize for having to re-accommodate these customers. Our team is moving with a sense of urgency to work with the authorities and conduct our own detailed review of what happened. We are also reaching out to this passenger to talk directly to him and further address and resolve this situation."
Fitbit proves cheating Husband murdered his Wife
Fitbit, fitness tracker, proved a murder that happened on December 23, 2015, in Connecticut, USA. Richard Dabate, a 40-year-old computer technician, was found zip-tied to a chair in the kitchen of his home in Connecticut by the local authorities. His wife's lifeless body was found in the basement of the house. Dabate told the detectives that he returned home from work that day because a security alarm was tripped.
Massage parlor worker jailed for blackmailing actor
A 36-year-old massage parlor employee was sentenced to two years and six months in prison for blackmailing the actor brother of South Korea's long-running sex icon Uhm Jung-hwa to wrest money with false allegations that she was raped. The court in Seoul's southern satellite city of Seongnam ruled that the woman identified as her surname Kwon was found guilty of making false accusations that hurt the image of Uhm Tae-woong and inflicted mental torture on him.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Kumho Asiana Group may block Doublestar Tyre from using Kumho brand
China-based Doublestar Tyre Co.’s plan to take over South Korea’s second largest tire maker Kumho Tire Co. hit a bump after Kumho Asiana Group on Friday hinted that it is seeking to block the Chinese tire maker from using its brand logo owned by the group’s unit Kumho Industrial Co. Kumho Asiana Group announced on Friday that it would not relinquish Kumho trademark rights to Doublestar if Kumho Tire creditors fail to come up with new terms that it can accept.
Renegotiation of KORUS FTA to cause $17bn in export loss
South Korea’s think tank has predicted the nation’s export loss to reach $17 billion over the next five years if its bilateral free trade agreement (FTA) struck with the U.S. in 2012 is renegotiated. Such prediction comes after U.S. President Donald Trump called the pact “unacceptable” and would “renegotiate that deal or terminate it,” in his recent interview with Reuters. South Korea’s think tank has predicted the nation’s export loss to reach $17 billion over the next five years if its bilateral free trade agreement (FTA) struck with the U.S. in 2012 is renegotiated. Such prediction comes after U.S. President Donald Trump called the pact “unacceptable” and would “renegotiate that deal or terminate it,” in his recent interview with Reuters.
Kepco signs MoUs with Iranian state-run utility on CDM and ESS projects
South Korea’s state-run utility Korea Electric Power Corp. (Kepco) has on Saturday (the Iranian time) signed two memoranda of understanding (MoUs) with the Iranian counterpart in the field of reducing greenhouse gas and building energy storage system (ESS) in Tehran, Iran. According to Kepco Sunday, it has inked an MoU with Transmission and Distribution of Electric Power in Iran (Tavanir) to help the Mideastern country by running its clean development mechanism (CDM) program.
YG Entertainment to take over golf course booking site XGOLF
South Korea’s YG Entertainment Inc., a name familiar for incubating idol boy groups and celebrities, said it was acquiring XGOLF, the nation’s largest golf course booking site, as part of its efforts to broaden and diversify its business realm. Over the last three years, the company has been aggressively expanding to financial, dining, fashion, and cosmetics. According to sources from the investment banking industry on Friday, YG Sports, a daughter company of YG Entertainment’s subsidiary YG Plus Inc., decided to buy a full stake in XGOLF from Green Works Corp. for 31.5 billion won ($27.7 million). Of the total price, 16.5 billion won will be raised from a 50 billion worth private equity fund created jointly with Naver last month, and the remaining 15 billion won from its parent company YG Plus.
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