The Korean daily media headlines and humor
Thursday May 18, 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
Presidential Envoy Hong to Washington says:
Pres. Trump is willing to make peace through engagement with N. Korea
U.S. President Donald Trump told a special envoy of South Korean President Moon Jae-in that he looks forward to working closely with Moon to resolve the North Korean nuclear issue and is willing to make peace through engagement with Pyongyang if conditions are right, the envoy said.
Trump, however, stressed during a 15-minute meeting with special envoy Hong Seok-hyun that he won't hold talks with the North for the sake of talks, the envoy said. Also in attendance at the meeting were Vice President Mike Pence, National Security Advisor H.R. McMaster and Trump's son-in-law and senior adviser, Jared Kushner.
It was the first time Trump has met with a South Korean official since taking office.
U.S. President Donald Trump
The meeting came just days after North Korea successfully test-fired a new intermediate-range ballistic missile Sunday demonstrating the big strides that the regime has made in its pursuit of developing an intercontinental ballistic missile capable of delivering a nuclear weapon to the U.S.
"(President Trump) talked about sanctions on North Korea and cooperative relations with China. And he said he looks forward to cooperating closely with President Moon in resolving the North Korean nuclear issue so as to produce an outcome," Hong said.
"Though we're now at the stage of pressure and sanctions, he said he has a willingness to make peace through the so-called engagement if certain conditions are right. He said, however, that what he's willing to do is not talk for talk's sake but for talks that produce an outcome," the envoy said.
Hong said he handed Moon's letter to Trump and expressed thanks for supporting South Korea's security and inviting Moon to visit Washington. Trump was quoted as saying that he very much looks forward to next month's summit. The two countries agreed earlier this week to hold a summit between Moon and Trump in Washington in late June.
"President Trump talked mainly about big pictures, and emphasized that we can achieve an outcome through the strong unity of the alliance and international cooperation," Hong said.
Hong also said he held a separate meeting with McMaster and talked briefly about the THAAD deployment.
"I said there is a controversy about procedural problems in the course of the deployment, and I talked about the need for this issue to be discussed at the National Assembly," Hong said.
In response, McMaster said the U.S. is aware of and understands various talks about such procedural problems, Hong said, adding that the meeting was mostly about the North Korean nuclear issue. The issue of THAAD's cost didn't come up during the meeting, he said.
During the campaign, Moon was critical of the decision to host THAAD, saying that the decision was made without due process to collect public opinion. Presidential aides say the stance does not necessarily mean Moon is opposed to the deployment.
Trump fueled opposition to THAAD among the South Korean public by demanding the South pay for the US$1 billion system. The demand runs counter to a deployment agreement in which the U.S. agreed to pay for the system if the South agreed to host it and provide land.
What’s ticking in Korea today? Here is a quick roundup of important news stories from the major Korean news media today:
Pres. Moon: Seoul Will Never Tolerate N. Korea's Nuclear and Missile Threats
President Moon Jae-in says he will never tolerate provocations and nuclear threats by North Korea, vowing to sternly deal with the North in cooperation with the international community.
The president made the remarks Wednesday during his first visit to the Defense Ministry and the Joint Chiefs of Staff(JCS) in Seoul. He said he made the visit just a week after taking office due to the current grave state of the nation's security. Moon also noted the rapid advancement in the North’s nuclear and missile capabilities, calling Pyongyang's latest missile launch a serious provocation that violates UN Security Council resolutions and poses serious challenges to global peace and stability.
President Moon's Envoy to Japan Meets with Japanese Foreign Minister
President Moon Jae-in’s special envoy to Japan met with Japanese Foreign Minister Fumio Kishida on Wednesday and told him it is difficult for the South Korean public to emotionally accept the Seoul-Tokyo agreement on Japan’s wartime sexual slavery. During the 40-minute meeting in Tokyo, former National Assembly deputy speaker Moon Hee-sang urged Japan to look at its past acknowledgments of the wartime violence on women, as expressed in the statements issued by former Chief Cabinet Secretary Yohei Kono, and former Prime Ministers Tomiichi Murayama and Naoto Kan. The fifth-term lawmaker from the ruling Democratic Party said Seoul and Tokyo can work together to overcome the current situation based on those past acknowledgements.
Top Office: Suspending Nuclear Test would Create Positive Atmosphere for Talks
The presidential office has said a suspension in nuclear tests and missile launches by North Korea would create a positive atmosphere for dialogue. A senior presidential official made the remark Wednesday after being asked about U.S. Ambassador to the UN Nikki Haley's comment that Washington is willing to talk with North Korea if the regime suspends its nuclear and missile tests. However, the official was quick to add that the top office hasn't set an explicit condition for engaging in talks. Asked about the government's North Korea policy, the official said Seoul could simultaneously pursue dialogue and pressure in order to resolve Pyongyang's nuclear issue.
Trump willing to make peace through engagement with N. Korea: S. Korean envoy
U.S. President Donald Trump told a special envoy of South Korean President Moon Jae-in that he looks forward to working closely with Moon to resolve the North Korean nuclear issue and is willing to make peace through engagement with Pyongyang if conditions are right, the envoy said. Trump also told special envoy Hong Seok-hyun during their 10-minute meeting at the White House that he won't hold talks with North Korea for the sake of talks, the envoy told reporters. Also in attendance in the 10-minute meeting were Vice President Mike Pence and Trump's son-in-law and senior adviser, Jared Kushner. It was the first time Trump has met with a South Korean official since taking office.
McMaster says he understands procedural problem in S. Korea with THAAD deployment decision
U.S. National Security Advisor H.R. McMaster told South Korea's presidential envoy that he is aware that there is a procedural problem in South Korea with the decision to host the U.S. THAAD missile defense system, the envoy said. McMaster made the remark when special envoy Hong Seok-hyun told him that there is a controversy over South Korea's procedure leading to the decision to host THAAD and there is a need to discuss the issue in the National Assembly, the envoy told reporters. Terminal High Altitude Area Defense was not discussed in Hong's meeting with President Donald Trump, he said.
Hyundai, Audi, Peugeot ordered to recall over 24,000 vehicles
Hyundai Motor Co., Audi Volkswagen Korea Ltd., and Peugeot Korea have been ordered to recall more than 24,000 vehicles in South Korea for faulty parts, the transport ministry said Thursday. This is the latest of a series of recall orders issued by the Ministry of Land, Infrastructure and Transport against both domestic and foreign carmakers. The three carmakers plan to recall 29 different models totaling 24,029 units. These include Hyundai's Grand Starex Wagon and Grandeur and Sonata sedans, Audi's A6 sedan and Peugeot's 2008 1.6 Blue-HDi. The problems range from faulty fuel pumps and power failure during driving, to airbag issues, the ministry said in a statement.
Trump's mishandling of intelligence secrets could affect cooperation over N. Korea: congressman
U.S. President Donald Trump's sharing of highly classified intelligence with Russia could cause a problem with efforts to seek cooperation from allies in dealing with North Korea, the ranking member of the House Intelligence Committee said Wednesday. Trump came under strong fire following revelations that he revealed intelligence secrets, which were obtained from an ally, when he met with Russian Foreign Minister Sergei Lavrov and Russian Ambassador Sergei Kislyak at the White House last week. Rep. Adam Schiff (D-CA) said the case "impairs the willingness of other allies to share intelligence with us."
The Korea Herald (http://www.koreaherald.com)
With envoy dispatch, Moon kick-starts summit diplomacy
With a trade of phone calls and special envoys, President Moon Jae-in is kick-starting top-level diplomacy, bringing an end to a monthslong vacuum that sparked concerns about Seoul’s weakened voice on North Korea and other pressing foreign policy and security issues. Moon’s messengers to the US and Japan, former Chairman of JoongAng Media Network Hong Seok-hyun and senior Democratic Party of Korea lawmaker Moon Hee-sang, respectively embarked on their trips early Wednesday. Other envoys, Democratic Party Rep. Lee Hae-chan to China, former Incheon Mayor Rep. Song Young-gil to Russia, Sogang University economist Cho Yoon-jae to the European Union and Germany, and Archbishop Hyginus Kim Hee-joong to the Vatican, are scheduled to depart later this week.
Samsung’s hotel technology business slows in Korea, turns to US, Europe
Samsung Electronics is spurring efforts to apply its hospitality management technology in hotels overseas, including those in the United States and Europe, temporarily shifting its focus away from domestic hotels due to lackluster progress, sources familiar with the matter told The Korea Herald. According to the sources from the hotel industry, Samsung tested its Lynk Hospitality Management Solution at the Grand Ambassador Seoul and Novotel Ambassador Suwon last October, but application of the system was held back. Samsung’s Lynk HMS, an operating solution for the company’s television sets provided at hotels, enables hotel guests to automatically control room temperature, lighting, curtains and energy use by using a Samsung TV as a main control hub.
Moon warns 'high possibility' of conflict with North
South Korean President Moon Jae-In warned Wednesday there was a "high possibility" of military clashes along the border with North Korea as tensions mount over Pyongyang's weapons ambitions.
Moon, who was sworn in last week, warned that the North's nuclear and rocket programs were "advancing rapidly", days after Pyongyang launched what appeared to be its longest-range missile yet.
"I will never tolerate the North's provocations and nuclear threats," he said on a visit to the defence ministry, urging the South's military to adopt a "watertight defence posture". "We are living in the reality where there is a high possibility of military clashes" along the disputed sea border off the Koreas' west coast or along the heavily-fortified land frontier that divides them, he said.
The Korea Times (http://www.koreatimes.co.kr)
Seoul seeks to reopen North Korea hotline
The Moon Jae-in government will push for the reopening of an inter-Korean hotline at the truce village of Panmunjeom, a security adviser said Wednesday. The liaison office in Panmunjeom was shuttered last February after North Korea severed the hotline in protest of former President Park Geun-hye's closure of the Gaeseong Industrial Complex, an inter-Korean joint venture in the North Korean border city. The shutdown was in response to Pyongyang's nuclear test and missile launches. Yang Moo-jin, a professor at the University of North Korean Studies who was a key adviser to Moon on security issues during campaign, said normalizing the liaison channel will be the first step toward reopening inter-Korean dialogue.
Moon to push renegotiation of sex slavery deal
President Moon Jae-in's special envoy to Japan conveyed the Korean people's opposition toward a disputed agreement reached between the two countries on "comfort women" during a meeting with Japanese Foreign Minister Fumio Kishida, Wednesday. "Most Korean citizens do not accept the agreement emotionally," Rep. Moon Hee-sang of the ruling Democratic Party of Korea (DPK) told Kishida at the latter's office in Tokyo. The presidential envoy arrived in Japan, Wednesday, to deliver the President's letter about improving relations between the two neighbors. The DPK lawmaker's remark came after the President hinted at renegotiating the verbal agreement during a telephone conversation with Japanese Prime Minister Shinzo Abe, May 11.
Cyberattack: N. Korea's new cash source?
Speculation is rising that North Korea is using cyberattacks to earn cash amid tightened international sanctions against the isolated country. U.S. Homeland Security Advisor Tom Bossert said Monday that less than $70,000 has been paid to hackers in the form of bitcoins in connection with an ongoing ransomware attack. The ransomware, dubbed WannaCry, had infected more than 300,000 computers in about 150 countries, Bossert said. It can encrypt all files on a Windows PC and submit a demand for $300 worth of bitcoins, an untraceable digital currency widely used online, to unlock the user's data.
U.S. willing to hold dialogue if N.K. halts nuke tests
“A country that helps North Korea is challenging against the international community (excluding North Korea),” U.S. Ambassador to the UN Nikki Haley said on Tuesday, commenting on the successive ballistic missile tests by the North. She urged, “All countries should send (stern warnings) to North Korea.” “If there is any country that assists or supports North Korea, the world should openly identify its name to inform all people worldwide and to ensure that it is subjected to sanctions (like North Korea),” Haley said.
Trump scandal over request to end FBI investigation into Russia
U.S. President Donald Trump has faced with his biggest political challenge ever since his inauguration in January over a series of allegations that Trump asked FBI to stop its investigation into Russian interference in the U.S. presidential election and any internal association. Moreover, Trump has been accused of sharing confidential information about Islamic State with Russia. If it becomes worse, it could lead to impeachment of Trump. The ongoing scandal over Trump may impact the first presidential summit between Trump and his South Korean counterpart Moon Jae-in scheduled in July, bilateral cooperation for North Korea’s nuclear program and a visit by special envoy.
Haegeum musician Lee Seung-hee to present contemporary music
A new test will be conducted to present an encounter between haegeum (traditional Korean string instrument) and contemporary music. “Lee Seung-hee’s Contemporary Music” will take place at the Seoul Donhwamun Traditional Theater in Jongno district on May 26 and 27. Haegeum performer Lee Seung-hee, a winner of the gold prize in the student and adult categories of the Dong-A Music Competition, won the silver prize at the Third Jeju World Delphic Games, and hosted a radio program on Gugak (traditional Korean music) Broadcasting. In the upcoming performance, she will perform "Haegeum Melody II" by Western music composer Lee Geon-yong.
Maria Sharapova banned from the French Open
The 30-year-old tennis player Maria Sharapova of Russia has been denied to play at the French Open. The French Open organizers announced Tuesday, saying, “We have decided not to give a wildcard to Sharapova.” “There can be a wildcard for the return from injuries but there cannot a wildcard for the return from doping,” said French Tennis Federation President Bernard Giudicelli. “Her fans might be very disappointed, she might be very disappointed, but it's my responsibility, my mission, to protect the high standards of the game played without any doubt on the result.”
1 in 10 Koreans Always Eats Alone
One in 10 Koreans eat all three meals a day by themselves, according to a study. The Ministry of Food and Drug Safety said Tuesday health data from 2013 through 2015 collected from 20,000 adults show that nine percent eat breakfast, lunch and dinner alone. Among women the proportion is 10.8 percent and among men 7.1 percent. About half of all single householders eat their meals alone. The rate is already high among people over 65 at 25 percent, but especially among single elderly people at 76.5 percent.
Park Refuses to Stand Trial with Choi Soon-sil
Ex-President Park Geun-hye on Tuesday objected to a court decision to make her stand trial alongside her fatal confidante Choi Soon-sil, who is charged on many of the same counts of extortion and soliciting bribes. The objection came in Park's second pre-trial hearing, in which she pleaded not guilty to all 18 criminal charges against her. Park was not present at the hearing but entered the plea through her lawyers. The formal trial starts next Tuesday. Park and Choi are charged with taking or demanding W43.3 billion in bribes from Samsung and demanding W8.9 billion in bribes from SK and W7 billion from Lotte. They are also suspected of extorting billions more from other conglomerates, most of which went into Choi's slush funds.
Samsung Sells Over 10 Million Galaxy S8s
Samsung has sold more than 10 million Galaxy S8 smartphones just three weeks after its release. At this rate, sales are expected to surpass the 50-million milestone set by the S7 last year.
Samsung said Tuesday that global sales of the Galaxy S8 and S8 Plus passed the 10 million mark on May 12. It was launched in the U.S. on April 21. It has been taking less and less time for the Galaxy S series to break the 10-million mark every year. The Galaxy S1 needed seven months. A Samsung staffer said the reason for the fast sales is that the phone was released in 50 countries at the same time whereas previous models were rolled out more gradually.
Before summit, South Korea and US find common ground on North Korea
South Korea and the US’s tentative agreement to hold a summit in Washington as early as the end of June appears to mean that both sides recognize the need to fill the gap in summit diplomacy, created by the impeachment of former president Park Geun-hye, as soon as possible. At the same time, the Blue House also seems determined to quickly dispel US concerns about South Korea’s new president, Moon Jae-in. On May 16, Blue House officials said that Chung Eui-yong, head of the Blue House diplomacy and foreign affairs task force, and Matthew Pottinger, senior director for East Asia at the White House’s National Security Council, had largely agreed during a meeting at the Blue House that morning to hold a summit at the end of June.
Pres. Moon asks special envoys to stress administration’s origins in “people power”
President Moon Jae-in asked newly appointed special envoys to the US, China, Japan, Russia, and the European Union at a luncheon on May 16 to “stress that the new administration took office through ’people power‘ and that political legitimacy and transparency have now become very important.” His remarks are being read as signaling his commitment to consulting public opinion and reopening discussions on controversial back-room deals made by predecessor Park Geun-hye’s administration on issues such as the Korean Peninsula THAAD deployment and the comfort women agreement with Japan.
South Jeolla farmers call on new administration to stop rice imports
A South Jeolla farmers’ group held a demonstration to protest imported rice bidding that took place a week after the new South Korean administration took office. Around 200 farmers with the Gwangju-South Jeolla branch of the Korean Peasants’ League held a rally on May 16 in front of the Korea Agro-Fisheries and Food Trade Corporation (aT) in Naju, South Jeolla Province, to demand a halt to rice imports and the dismissal of Minister of Agriculture, Food and Rural Affairs Kim Jae-soo. In their protest, the demonstrators said the new administration had ignored farmers’ appeals in going ahead with bidding for the import of 25,000 tons of rice.
Moon talks tough about ‘enemy’
President Moon Jae-in said Wednesday he would not tolerate further provocations by North Korea or its nuclear weapons programs during his first visit to the Ministry of National Defense as commander in chief since his inauguration a week ago. “The firing of a ballistic missile is a serious provocation that violates United Nations Security Council resolutions and poses a serious challenge to peace on the Korean Peninsula as well as to the international community,” said Moon during his meeting with military commanders at the Defense Ministry in Seoul. “I will not tolerate the North’s provocations and nuclear threats.” The newly elected leader also stressed that South Korea’s military was capable of “stern retaliation against an enemy’s provocation” in any form.
U.S. envoy to UN shifts stance a bit on dialogue
The top U.S. envoy to the United Nations underscored Tuesday that Washington will not hold talks with Pyongyang unless it sees “a total stop” to the regime’s “nuclear process” and additional tests, indicating a slight shift in tone. U.S. Ambassador to the United Nations Nikki Haley said in a press conference ahead of an emergency session of the New York-based Security Council following North Korea’s latest ballistic missile test on Sunday, “We are willing to talk, but not until we see a total stop of the nuclear process and of any test there,” referring to conditions for dialogue with Pyongyang.
DSME gets ‘overdraft’ before bond conversion
Debt-ridden Daewoo Shipbuilding & Marine Engineering will receive 500 billion won ($446) in emergency funding from its main creditor, Korea Development Bank, within this month, according to industry sources Wednesday. The cash is a part of 2.9 trillion won support fund the Korea Development Bank and Export-Import Bank of Korea promised to inject to save the shipbuilder in March.
The banks’ support will be offered in the form of overdraft, which means the shipbuilder will only use it when its cash flow dries up. When the shipbuilder earns profits after ship deliveries, it needs to immediately pay back the overdraft to the banks.
Chaebol critic tapped to lead fair trade agency
President Moon Jae-in on Wednesday appointed a longtime critic of Korea’s family-run conglomerates to lead the country’s Fair Trade Commission. Kim Sang-jo, an economics professor at Hansung University who has been variously called “conglomerate sniper” and “Samsung’s grim reaper” for his outspokenness against chaebol, will serve as first commissioner of the government agency that regulates economic competition. The professor said his first task would be to get rid of the commission’s exclusive right to bring antitrust cases to the prosecution. Currently, only the Fair Trade Commission can refer cases to the prosecution for investigation and possible indictment.
Banks promise to shed contract employment
Banks have joined the Korean government’s effort to reduce the number of contract workers in the country by turning their contract employees into salaried ones. The Industrial Bank of Korea, a state-run bank, said Wednesday that it plans to convert some of its contract-based staff into regular workers. The move is in line with President Moon Jae-in’s push to end contract employment in the public sector. Contract employment does not come with the same level of pay and benefits as salaried employment. Multiple media outlets reported that the bank would turn all 3,000 of its contract employees into salaried ones.
Questionable Death in the Military
The government recognized the death of Private First Class Heo Won-geun as death in the line of duty thirty-three years after his questionable death during the Chun Doo-hwan regime. On May 16, the Ministry of National Defense announced, ”The Central Review Committee for Distinguished Services and Deaths held on April 28 decided to classify the death of Private First Class Heo Won-geun as death in the line of duty.“ The ministry explained, ”The nine committee members referred to related precedents at the Supreme Court and reached the conclusion after an in-depth review of the location of his body, the situation before and after his death, and the official tasks he had overseen.“
Deliver the Significance of the New Government, Launched by People Power
On May 16, at a Cheong Wa Dae luncheon with special envoys who will be dispatched to major countries, President Moon Jae-in said, “The dispatch of special envoys is the beginning of top level diplomacy.” President Moon said, “We inherited a diplomatic and security situation more serious than ever before, and there had been about a six-month absence of summit diplomacy. Filling in this void in summit diplomacy is the most urgent task of the new government.” Moon then asked the envoys to “stress the significance of the new government, which was launched by people power, and particularly emphasize the fact that political legitimacy and transparency are now very important.” He added, “Although the situation is grave, I ask you to fulfill your tasks with confidence.”
The Korea Economic Daily (http://english.hankyung.com/)
China Eases THAAD Retaliation
The Chinese government is showing signs of lifting retaliatory sanctions against Korean businesses in response to Korea's decision to deploy the Terminal High Altitude Area Defense (THAAD) system after the inauguration of the Moon Jae-in government. Such signs are most visible in the TV commercial, concert, and other cultural content areas. It is likely that group tourists will also come back to Korea. According to Beijing's culture and tourism industry sources on May 16, Korean actress Song Hye-kyo has appeared in a commercial for Laneige cosmetics in the season 2 of popular drama "Ode to Joy" on Zhejiang Satellite TV since the 14th. Since November last year, the Chinese government has banned Korean entertainers from appearing on commercials on TV and online programs.
Samsung's Galaxy S8 Global Shipments Reach 10 Mil. Units
The global shipments of Samsung Electronics' latest flagship smart phone Galaxy S8,which was released on April 21, have already passed the 10-million level. According to Samsung Electronics on May 16, the sales of the Galaxy S8 and S8 Plus through telecom service companies worldwide, including those in Korea, exceeded the 10-million level, more than 5 million of which are now in use by consumers. Company officials said, "We cannot disclose sales figures in detail but the sales of the Galaxy S8 and S8 Plus are going smoothly worldwide." Samsung said the shipments of the Galaxy S8 are about 20-30 percent higher than those of its previous version Galaxy S7.
LG CNS Signs Largest ESS Export Deal
LGCNS, a specialist in IT services, signed a deal to export energy storage systems to Guam, a U.S. territory. The deal is valued at US$43 million, the large stever among those made by Korean firms. LGCNS announced on May 16 that it inked a contract to set up 40-megawatt ESS with the Guam Power Authority. Under the terms of the deal, the LG Group company will complete the establishment by May 2018 and will be responsible for operation, maintenance, and repair over the next 25 years. ESS is a system that enables users to save electricity produced by power plants and use it when needed, thereby contributing to improving the efficiency in power usage.
Goldman Sachs Issues 20 Bil. Won "Arirang Bond"
The world's largest investment bank Goldman Sachs decided to issue "Arirang bonds" worth 20 billion won. This indicates that the investment bank has a bright outlook the Korean economy. For American securities firms to issue non-dollar denominated bonds like Arirang bond, the stability of the local currency is an important precondition. Goldman Sachs' latest decision reflects its view that given the fundamentals of the Korean economy, chances are low for the won to make volatile movements. According to industry sources on May 16, Goldman Sachs is set to issue 20 billion won worth of Arirang bonds with a maturity of 20 years on May 17. Hana Financial Investment is a lead manager for the issuance of the Arirang bonds with an annual compound yield rate of 2.75 percent.
AJU Business Daily (http://eng.ajunews.com/korea)
Drama star Park Hae-jin to embark on Asian tour in June
Park Hae-jin, an actor who gained fame by appearing in a popular drama "Cheese in the Trap", will embark on a fan meeting tour over Asian countries, the actor's agency said Wednesday. The 34-year-old will start his fan meeting tour in Hong Kong on June 24 and will move to Thailand and Japan. "We are also trying to organize fan meetings in Taiwan and Singapore," the actor's agency, Mountain Movement, told media. According to the agency, "JIN's HOUSE PARTY", the fan meeting events, will be carried out under a concept of a home party held at a friend's house. Park's fans will be able to meet the actor just like they would meet a friend.
BLACK PINK to officially debut in Japan in August
Girl group BLACK PINK will officially debut in Japan, the group's agency YG Entertainment said Wednesday. YG Entertainment released a statement and said that the girls will hold "BLACK PINK Premium Debut Showcase" in Budokan, an iconic indoor stadium often used for mega-sized concerts and events, located in Tokyo on August 9. BLACK PINK will be the second girl group to debut in Japan this summer. TWICE, currently the most popular girl group in Asia, is also scheduled to debut in June.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
CJ Group chief returns to helm after 4 years of absence
Lee Jae-hyun, chairman of South Korean retail conglomerate CJ Group, has returned to the helm after four years of absence due to imprisonment from criminal wrongdoings and treatment of his hereditary disease. Lee declared his official return to chairmanship during an event to celebrate the inauguration of CJ Blossom Park, the group’s newly built R&D headquarters on food products and biologics, held on Wednesday. During the ceremony, Lee said he will push efforts to develop new business opportunities and get stalled business projects back on track. The event was also attended by CJ Vice-Chairman Lee Chae-wook, CJ CheilJedang CEO Kim Chul-ha, and heads of key CJ affiliates.
Samsung Elec releases Galaxy S8 series in China with its fingers crossed
Samsung Electronics Co. will release its latest flagship Galaxy S8 series in China on May 25 with desperate hopes that the new premium phone could help uplift its sagging share and reputation in the world’s largest smartphone market, according to sources from the industry on Wednesday. The company has been receiving pre-orders for Galaxy S8 and Galaxy S8 Plus smartphones since May 10 in China and giving Chinese consumers opportunities to experience the products at offline stores.
Chaebol reform advocate Kim Sang-jo named as FTC head
Kim Sang-jo, professor of economics at Hansung University known for his outspoken criticism against family-run chaebol business structure, has been nominated as the first chairman of Fair Trade Commission under liberal President Moon Jae-in who was sworn in last week, the Blue House said on Wednesday. Chaebol reform had been one of the key campaign planks of Moon to bring more fairness in business practices and balance in the economy over-reliant on a few chaebol names.
Korean firms in China ready to get back to business
With signs of recovery in relations between South Korea and China after Korea’s new government set sail, Lotte Mart website in China has reopened after two-month-long shutdown, and Chinese authority’s restrictions on trips to Korea are also expected to be eased. According to Lotte Mart on Tuesday, its official website in China has reactivated since last week after closing down on March 1 when Lotte Group decided to yield its golf course to the Korean government for the U.S. Terminal High Altitude Area Defense (THAAD) antimissile battery, further souring ties between the two countries and hiking hostility toward Korean businesses operating in China.
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