The Korean daily media headlines and humor
Monday May 22, 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
President Moon taps Kang Kyung-hwa as new foreign minister
Madam Kang Kyung-wha, senior policy adviser to the then UN Secretary General Ban Ki-moon has been tapped as the new minister of foreign affairs of Korea. If confirmed, Madam Kang will become not only the first female foreign minister in the history of the Republic of Korea but also the first not coming from the Foreign Service Examination circles in Korea.
In tapping Madam Kang, President Moon Jae-in was quoted as saying:“I believe that she would prove to be the best person to positively meet the diplomatic challenges that faces today, making good use of her expertise in the international organization.” Moon said.
For further details, please visit: http://www.koreapost.com/news/articleView.html?idxno=3903
What’s ticking in Korea today? Here is a quick roundup of important news stories from the major Korean news media today:
N. Korea Fires Ballistic Missile, NSC Meeting Convened
South Korea's Joint Chiefs of Staff(JCS) says North Korea fired an unidentified ballistic missile at around 4:59 p.m. Sunday from Pukchang, South Pyongan Province. The JCS said the missile flew about 500 kilometers before landing in the East Sea and that it is trying to find out the type of missile and other details in cooperation with the United States. The JCS says the missile is not presumed to be an intercontinental ballistic missile(ICBM) and that, given its flight distance, the launch doesn't seem to be a failure. The missile launch comes one week after the North fired what it called a Hwasong-12 ballistic missile. It's also the second missile provocation since President Moon Jae-in was sworn in as South Korea's 19th president.
McCain Confirms US Payment of THAAD Deployment
The chairman of the United States Senate Armed Services Committee says that his government will pay for the THAAD antimissile system in South Korea. Republican Senator John McCain reportedly made the remarks on Friday during a meeting with President Moon Jae-in’s special envoy to the U.S. Hong Seok-hyun in Washington. MaCain has effectively confirmed that the THAAD deployment will be paid for by the United States as the two nations agreed, given that McCain is the head of the Senate Armed Services Committee and has significant influence on U.S. military policies.
Pres. Moon Nominates Deputy Prime Mininister, Foreign Minister
President Moon Jae-in on Sunday named key members of the Cabinet and his secretariat. The president nominated Ajou University President Kim Dong-yeon as deputy prime minister and finance minister. The president named special adviser to the United Nations secretary-general, Kang Kyung-hwa, to lead the Foreign Ministry. Chung Eui-yong, former ambassador to Geneva, has been tapped as head of the National Security Office, while Korea University Professor Jang Ha-seong will lead the Cheong Wa Dae policy office.
N.K. says its leader OKs deployment of new missile for action
North Korean leader Kim Jong-un has approved the deployment of a new intermediate-range ballistic missile for combat use as the country succeeded in test-firing it, Pyongyang's state media said Monday. North Korea's leader observed the launch of the new ground-to-ground Pukguksong-2 missile, expressing satisfaction with its accuracy in hitting targets, according to the Korean Central News Agency (KCNA). North Korea fired the missile from the vicinity of Pukchang in the country's western province Sunday, the South Korean military said. The launch was the second in a week after it test-fired another new mid-to-long-range ballistic missile on May 14, called the Hwasong-12. The North's leader approved the deployment of the Pukguksong-2 for action, calling it a "successful strategic weapon," the KCNA said.
President names new foreign, finance ministers, chief security officials
President Moon Jae-in on Sunday announced his picks for the new finance and foreign ministers, while appointing his new chief security advisor. Kim Dong-yeon, president of Ajou University, has been tapped as the new finance minister, who doubles as a vice prime minister, the president said at a press conference. The earlier-than-expected announcement apparently highlights the importance of economic problems the country is facing and the importance the chief executive places on the economy. Moon said he picked the Ajou University president as the new finance minister for his "ability to handle crisis and push for changes."
Debt ratio of listed firms edges up in Q1
South Korean companies listed on the country's main stock market saw their debt ratio inch up in the first quarter of this year from three months earlier, data showed Monday. The debt-to-equity ratio of the 725 listed companies, which close their books in December, came to 116.8 percent at the end of March, up 1.77 percentage points from the end of December, according to the data by the Korea Exchange and the Korea Listed Companies Association. A key measure of financial health and stability, the ratio is calculated by dividing a company's total liabilities by its stockholders' equity.
The firms' debt totaled 1,322.9 trillion won (US$1.18 trillion) as of the end of March, up 0.66 percent from three months earlier, with their combined equity dropping 0.86 percent to 1,132.9 trillion won.
Producer prices up for 6th straight month in April
South Korea's producer prices rose for a sixth straight month in April on rising oil and raw material prices, central bank data showed Monday. The producer price index -- a barometer of future consumer inflation -- reached 102.58 in April, up 4.0 percent from a year earlier, according to the preliminary data from the Bank of Korea (BOK). The BOK attributed the hike to an increase in oil and raw material prices. The price of Dubai crude -- South Korea's benchmark -- stood at an average of US$52.30 in April, up from $38.99 a year earlier, the BOK said. Prices of coal and petroleum products jumped 25.9 percent year-over-year in April, down from the previous month's 27.8 percent.
Baseball league to review bench-clearing brawl
The nation's top baseball league said Monday it will review a bench-clearing brawl that led to the ejection of four players over the weekend. The Korea Baseball Organization (KBO) said it will convene a disciplinary committee meeting Tuesday to discuss punishment for players involved in Sunday's incident between the Samsung Lions and the Hanwha Eagles at Hanwha Life Eagles Park in Daejeon.
With the Eagles up 1-0 in the bottom of the third, Samsung starter Yun Sung-hwan hit Kim Tae-kyun with an inside pitch. Kim took exception to the pitch and exchanged a few words with Yun before both benches cleared.
The Korea Herald (http://www.koreaherald.com)
N.K. says its leader OKs deployment of new missile for action
North Korean leader Kim Jong-un has approved the deployment of a new intermediate-range ballistic missile for combat use as the country succeeded in test-firing it, Pyongyang's state media said Monday. North Korea's leader observed the launch of the new ground-to-ground Pukguksong-2 missile, according to the Korean Central News Agency (KCNA). North Korea fired the missile from the vicinity of Pukchang in the country's western province on Sunday, a week after it test-fired another new intermediate-range ballistic missile, called the Hwasong-12.
Moon Jae-in taps finance, foreign ministers
President Moon Jae-in on Sunday named seven key members of the Cabinet and his secretariat, including finance and foreign affairs ministers. Kim Dong-yeon, a university president versed in fiscal and economic policy and without ties to partisan politics, was appointed to the post of the deputy prime minister cum finance minister, while Kang Kyung-wha, senior policy adviser to the UN secretary general, was tapped to head the foreign ministry. President Moon Jae-in on Sunday named seven key members of the Cabinet and his secretariat, including finance and foreign affairs ministers.
Moon puts chaebol reform, income growth top on economic agenda
President Moon Jae-in’s chaebol reform drive became even more clear on Sunday as he named a longtime activist for shareholders’ rights and transparent corporate governance as the chief of the staff for policy, a position he revived for swift changes on overall economic policies. Jang Ha-sung, a business professor at Korea University, is “the right person,” to shift an outdated socio-economic paradigm that long focused on ways to support conglomerates for the nation’s growth to ones that put the workers and small businesses first, Moon said while announcing his name on Sunday.
The Korea Times (http://www.koreatimes.co.kr)
North Korea fires another ballistic missile despite sanctions threats
North Korea fired a ballistic missile that flew about 500 kilometers, Sunday, according to the Joint Chiefs of Staff (JCS). This marked the North's second missile provocation since President Moon Jae-in was sworn in May 10. The first was launched May 14. President Moon immediately ordered the new chief of the National Security Office, Chung Eui-yong, to preside over a meeting of the Standing Committee of the National Security Council (NSC) at Cheong Wa Dae. Chung was appointed to the post earlier in the day.
Finance, foreign ministers tapped
President Moon Jae-in tapped Kim Dong-yeon, a veteran bureaucrat and president of Ajou University, as deputy prime minister and finance minister, Sunday. Announcing seven key figures of the Cabinet and the presidential office, Moon also nominated Kang Kyung-wha, a female career diplomat, as foreign minister. For his chief of staff for economic policy, Moon picked Korea University professor Jang Ha-sung, a chaebol reform activist. Kim Kwang-do, a professor at Sogang University, has been tapped as vice chair of the presidential economic advisory committee. For his security lineup, the President appointed Chung Eui-yong, former permanent representative to the United Nations in Geneva, as Cheong Wa Dae's national security chief.
'AI mastering countries will rule world': Yuval Noah Harari
Countries that master artificial intelligence (AI) and biotechnology will outrun other countries and eventually dominate the world, said Yuval Noah Harari, the author of bestsellers "Sapiens" and "Homo Deus.""I can say that AI is likely to be the most important factor in the economic developments of the coming decades. It will change almost every industry and profession, be it transportation, healthcare, education or the military," he said. Harari said AI will eventually replace or augment human drivers, doctors, teachers and soldiers. "AI might even begin to replace human artists, as it learns how to detect and manipulate human emotions."
Pres. Moon nominees Kim Dong-yun as deputy PM for economy
President Moon Jae-in nominated Ajou University President Kim Dong-yun for the first deputy prime minister for economy on Sunday. “The new administration’s most important state agenda is to overcome the crisis at the earliest date and create jobs and economic vitality,” President Moon said in a briefing on his appointment of his senior aides and nomination of candidates for his Cabinet on the day. President Moon also appointed Chung Ui-yong, chief of the presidential office’s foreign affairs and national security taskforce.
KCON 2017 Japan festival sees 48,500 Hallyu fans
The scene of Hallyu festival "KCON 2017 Japan" at Makuhari Messe, one of the largest convention centers located in Chiba nearby Tokyo. The KCON 2017 Japan was held for three days starting from last Friday and popular K-Pop stars including Apink, BTOB, CNBLUE, GOT7, GFRIEND, Block B, K. Will and others were appeared on the show. All tickets were sold for three days, although it is highly priced at 1,900 yen (or 120,000 won) for day. CJ E&M, the organizer or KCON, has held KCON in the U.S., Europe, and Asia since 2012, contributing to the expansion of the Korean Wave craze. In this year's KCON Japan, which marked the third year, the number of event days and cast members are increasing each year.
Melania and Ivanka Trump do not wear hijab in Saudi Arabia visit
U.S. First lady Melania Trump and first daughter Ivanka Trump had an official schedule without wearing hijab during their visit to Saudi Arabia with U.S. President Donald Trump. Hijab is veil or headscarf worn by Saudi women to hide their head and face and they are required to wear according to the kingdom’s dress code for women. Former first lady Michelle Obama refused to wear hijab when she accompanied Barack Obama on a visit to the kingdom in 2015. Back then Trump blamed Michelle by saying that she insulted Saudis but he said nothing about Melania this time for making the same choice.
Kim Ja-young claims KLPGA tour title in five years
Kim Ja-young was once called as an idol of middle-aged men as thousands of her fans came to see her whenever she played the game. However, Kim was almost forgotten for the last five years with no victories. She took the victory once again on Sunday and Park In-bee had to give up her first winning on the Korean tour due to the return of Kim Ja-young. Kim defeated Park by 3 holes on Sunday in the final round of the Doosan Match Play Championship on the KLPGA tour held at the Ladena Golf Club in Chuncheon, Gangwon Province. She was ranked third in prize money with three wins for the 2012 season but failed to win for the past five years.
Medical Costs of Parents Are Children's Heaviest Burden
Middle-aged people feel most burdened by medical bills when they care for their parents, a survey suggests. The Life Insurance Social Contribution Committee said on Wednesday polled 1,000 people aged 40-59 who have either lived with their parents or supported them financially. Respondents selected multiple answers. About half of the respondents ticked, "Taking care of my parents is a burden." Some 48.9 percent cited medical bills as the heaviest weight. Next came living expenses (47.6 percent), providing care (33.1 percent), and conflict (31.6 percent).
Park's Quack Doctors Found Guilty
The Seoul Central District Court on Thursday found Park Geun-hye's beauty doctor Kim Young-jae and three others guilty of administering unsupervised treatments to the deposed president while she was in office. It was the first ruling in the massive influence-peddling and corruption scandal that brought Park down. The court gave Kim a three-year suspended sentence and fined him W3 million (US$1=W1,126). His wife Park Chae-yoon was sentenced to a year in prison for bribing ex-presidential secretary An Chong-bum to gain Cheong Wa Dae backing to expand her medical supplies business overseas.
Trump Willing to Engage N.Korea 'in the Right Conditions'
U.S. President Donald Trump on Wednesday told President Moon Jae-in's special envoy in Washington that he would be willing to engage with North Korea "under the right conditions," according to the envoy. Hong Seok-hyun told reporters, "President Trump said although we are at the stage of pressure and sanctions, he is willing to make peace through engagement if certain conditions are met." Hong, a media mogul, quoted Trump as saying that he will not hold talks for talk's sake but to produce results.
With lack of facilities, local governments taking lead in providing medical care
“I’m pregnant with twins, and they’re at 21 weeks now. I pushed myself too hard while we were moving a few days ago. I’m worried there might be something wrong with the twins,” said a pregnant woman surnamed Jung, 33, with worry in her voice. Jung, who was lying in bed for an ultrasound examination, had visited the “mobile maternity care vehicle” in front of the Uiryeong County Clinic in South Gyeongsang Province on May 2. As the obstetrician, Dr. Kim Yang-gyun, listened to the patient, he was checking the status of the fetuses on the screen. “Here’s one of your babies, and here’s the other. Both of them are growing big and strong. You don’t need to worry - you can go about your everyday activities,” Kim said, reassuring Jung.
Seongnam’s youth dividend: basic income, and the tail that wagged the dog
“The youth dividend didn’t change my life in a huge way. But it did help me buy tastier snacks for my dog Jackpot, which I adopted from the dog pound. I was also able to cook an egg with my ramen noodles, and when I was tired of life and in the mood for a drink, I could sometimes get a snack, too.” - an individual surnamed Kim, from Seongnam, Gyeonggi Province
“The dividend isn‘t a charitable donation - it’s redistribution. Furthermore, the dividend doesn‘t say anything about consumption. There are some people who talk about the moral hazard of the dividend. I think that’s like saying that if you give alms to a beggar, they‘ll buy booze with it. Taking the attitude of a benefactor and trying to determine the beneficiaries’ morality and future actions is just charity,” - an individual surnamed Ahn, in the Pangyo neighborhood of the Bundang District of Seongnam.
How basic income can prevent moral hazard
“A basic income doesn’t encourage moral hazard. It’s a welfare policy to prevent it. Welfare isn’t about giving things to the recipient - it’s about dividing up shared assets with local residents.”
This was the response of Hanshin University economics professor Kang Nam-hoon, chairperson of the Basic Income Korean Network, to criticisms that a youth dividend as a form of basic income policy promotes moral hazard. “The current welfare system was meant to select and guarantee a minimum standard of living for South Korean citizens,” said the 60-year-old Kang, who also heads the Innovate More Institute. In other words, it was designed to identify people earning below a certain economically defined level and supplement their incomes.
Woman to be Moon’s top envoy
President Moon Jae-in announced his nominees for top economic and foreign affairs cabinet posts and the Blue House secretariat, naming veteran civil servant Kim Dong-yeon as deputy prime minister for the economy and finance minister and senior United Nations diplomat Kang Kyung-wha as foreign minister. Kang will be Korea’s first woman foreign minister, if she passes a confirmation hearing. In a press conference, Moon announced the appointments and praised his nominees.
U.S. will pay for Thaad, special envoy assured
Hong Seok-hyun, President Moon Jae-in’s special envoy to the United States, told reporters that Sen. John McCain confirmed in a meeting that Washington is paying for the deployment of the Terminal High Altitude Area Defense (Thaad) system in Korea. “Sen. McCain was very clear about this,’” Hong told reporters at Washington Dulles International Airport on Saturday before he boarded a plane home. “He said, ‘We are paying for Thaad.’ He also mentioned how important the U.S.-Korea alliance is to both countries.” Hong’s statement came a day after his meeting with McCain, a Republican from Arizona and chairman of the Senate Committee on Armed Services.
NHTSA is looking into Hyundai Motor recalls
American traffic safety regulators will investigate whether Hyundai Motor and Kia Motors’ decision to recall some 1.7 million cars in the country was done properly. The National Highway Traffic Safety Administration (NHTSA) said in a filing over the weekend that it will open a probe into the recall. Hyundai decided to recall 470,000 units of Sonata YFs in 2015 due to engine noise and engine failure. Kia did not recall any cars although the company used the same Theta 2 engine as in Hyundai’s recalled vehicles. Last month, the group decided to expand the recall to an additional 1.3 million cars, including some 620,000 Kia models such as the Sportage.
Robotic fish make a splash at Lotte World
Inside a large tank at the Lotte World Aquarium in southern Seoul, a school of luminous fish which appear to be sea breams makes its way through the water. But look closely, and one will notice that there’s something peculiar about the fish. They are, in fact, robots with red and blue LED lights giving off the luminescence. Dubbed MIRO (pronounced mairo), the robotic fish are now only display just for show, but the hope is that they might be able to perform functions like water purification and monitoring.
Moon names top economic advisers to begin reforms
President Moon Jae-in on Sunday named his top economic advisers, including the nation’s top economic chief, as he hopes to address impending issues such as economic inequality and low growth.
Kim Dong-yeon, the president of Ajou University, was nominated by President Moon in a press briefing as the new finance minister and deputy prime minister for the economy. For his chief of staff for policy, Moon tapped Chang Ha-sung, a professor of economics at Korea University.
"Chaebol Reforms Don't Aim to Bring Down the Chaebol, They Induce Sound Development"
"I don't think that the chaebol reforms are in themselves our goal." Kim Sang-jo, nominee for the chairman of the Fair Trade Commission held a press conference at the Korea Fair Trade Mediation Agency in Seoul on May 18 and explained the meaning of chaebol reforms, which the commission will focus on in the future. Kim stressed that the reforms were measures to resolve the tyranny of the promisees encouraged by a hierarchical relationship between large and smaller businesses and to improve the quality of life for the economically vulnerable, such as temporary workers and small shop owners.
The Korea Economic Daily (http://english.hankyung.com/)
President Picks Kim Dong-yeon and Chang Ha-sung to Lead Economic Policy Team
President Moon Jae-in nominated Kim Dong-yeon (60), current president of Ajou University, as new Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance. For the post of Presidential Senior Advisor for Policy Affairs and Vice Chairman of the National Economic Advisory Council, he announced his appointment of Chang Ha-sung (64), currently Korea University professor, and Kim Gwang-du (70), endowed professor of economics at Sogang University, respectively.
SK Broadband to Switch 5,200 Workers under Retail Agencies to Regular Ones
SK Broadband will employ all its 5,200 temp workers currently hired by subcontractors as full-time regular ones by establishing a subsidiary. This is in line with the government's campaign to strength the job security of temporary workers. To this, owners of retail phone stores that have hired the workers responded, "This is equivalent to eliminating 100 small businesses in order to create a subsidiary within a large business group." According to industry sources on May 21, the Internet service company will hold a board of directors meeting on the 23rd and pass an agenda to create a subsidiary tentatively named "SKB Service" specializing in membership sign-up, Internet network installation, and after-service.
"We Are Willing to Put Relations with Korea Back on Track"...Xi Jinping
China's President Xi Jinping said on May 19, "We are willing to put relations with South Korea back on track." He said this at the Great Hall of the People in Beijing in a meeting with special presidential envoy Lee Hae-chan, lawmaker of the ruling Minjoo Party, adding, "China takes seriously the relations with South Korea as much as the South does with us. We are willing to work with South Korea to preserve the hard-won results, properly handle disputes, put China-South Korea relations back on to a normal track." To this, Lee responded, "The South Korean President wanted me to tell you that he is grateful for your kindness to send the congratulatory message and phone call." In today's meeting, Lee delivered a letter from President Moon Jae-in.
AJU Business Daily (http://eng.ajunews.com/korea)
Moon faces tough diplomacy despite signs of thaw in frozen ties with China
There have been clear signs of a thaw in frozen ties between Seoul and Beijing since a new liberal government took office in South Korea this month but breaking a diplomatic deadlock caused by a US missile shield in Northeast Asia is not an easy issue.At talks Thursday with South Korea's special presidential envoy, Lee Hae-chan, Chinese Foreign Minister Wang Yi urged the Seoul administration to clear the "obstacle" that has strained ties, referring to a Terminal High Altitude Area Defense system (THAAD) battery brought into the Korean peninsula by US troops.
Tillerson rules out diplomatic backroom deal with Pyongyang
US Secretary of State Rex Tillerson ruled out any diplomatic backroom deal with North Korea, saying Washington will take action only if Pyongyang suspends nuclear and missile tests, according to a South Korean presidential envoy. Tillerson said Washington wants Pyongyang to trust its promise of no hostility and conduct no more nuclear or missile tests before Washington can consider opening talks with the communist nation, Yonhap News Agency said. The remarks were made in a meeting with South Korea's special presidential envoy Hong Seok-hyun in Washington, it said.
Seoul to encourage abandoned dog adoption via 'walking' campaign
A philanthropic animal protection campaign is under way in Seoul to find new homes for tens of thousands of abandoned dogs which have become a new social problem in South Korea. The campaign comes amid growing public awareness of the abandoned dogs following an election pledge by South Korea's new liberal President Moon Jae-in to adopt a mongrel dog named "Tory" which was brought to a private shelter in Seoul two years ago but failed to be adopted because he was an unhandsome mixed breed.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
President Moon names new finance, foreign ministers
South Korea’s new President Moon Jae-in on Sunday has nominated Kim Dong-yeon, president of Ajou University as the deputy prime minister and finance minister as he named six other key members of the Cabinet and his secretariat. Kang Kyung-hwa, policy aide to United Nations secretary-general was picked as the foreign minister, Chung Eui-yong, former ambassador to Geneva was appointed as the national security chief, and Chang Ha-sung, Korea University professor was named new chief of staff for policy.
Shares of Hyundai Motor Group affiliates rally on expectations for ownership structure reform
Shares of South Korea’s top automaker Hyundai Motor Co. and its affiliates Kia Motors Corp. and Hyundai Mobis Co. are continuing a rally amid expectations that the family-run business may soon pursue a major reorganizing into a holding and separate multi-operating entity structure under the new government’s vow to reform family-run chaebols. According to the Korea Exchange on Saturday, shares of Hyundai Motors jumped 10.4 percent over the past five days to finish Friday at 170,000 won ($1,123) as foreign investors continued a strong net buying trend. Shares of auto parts supplier Hyundai Mobis surged 10.5 percent over the same period to end at 273,000 won, and those of Kia Motors rose 11.3 percent to 38,800 won since April 28.
Samsung Electronics elected to join 5GAA board
Samsung Electronics Co. has become a board member of 5G Automotive Association (5GAA), a global cross-industry association of companies from the telecommunications and automotive industries, a move to speed up development of connected car technology. The 5GAA established in September last year has more than 40 international companies that include automakers and telecom service providers as its members to work together on developing and commercializing future vehicles based on the next generation 5G mobile networks. Samsung Electronics is the first among the Korean members to become a member of the board of directors.
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