The Korean daily media headlines and humor

The Korean daily media headlines and humor

Friday, July 3, 2017

Your Excellency:

Here are The Korea Post notices and a roundup of important headlines from all major Korean-language dailies, TV and other news media of Korea today:

Very Respectfully Yours

/s/

Lee Kyung-sik

Publisher-Chairman

Korea Post Media

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Presidents Moon Jae-in, Donald Trump have a summit meeting in the US

U.S. President Donald Trump said Thursday he will discuss the complexities of North Korea, trade and other things with President Moon Jae-in.

"We're going to have tremendous discussions tonight. I know you've been discussing with our people some of the complexities of North Korea and trade and other things, and we'll be discussing them all as we progress -- and it could be very well late into the evening," Trump said at the start of a White House dinner with Moon, according to a pool report.

"We very much respect you, and we very much respect the people of South Korea," he said.

(For further details, visit: www.koreapost.com.)

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What’s ticking in Korea today? Here is a quick roundup of important news stories from the major Korean news media today:

The Korea Post media (www.koreapost.com) in English, (www.koreapost.co.kr) in Korean.

KBS (http://world.kbs.co.kr/english/news/)

Moon Meets Trump at White House on Eve of Bilateral Summit

Presidents Moon Jae-in and Donald Trump met for the first time at the White House on the eve of their scheduled summit. Following the official welcome dinner on Thursday, Moon and Trump will meet again on Friday for their first summit. The two presidents will adopt a joint statement and also hold a news conference on the result of their meeting. Thursday's evening event at the White House marks the first time President Trump has hosted an official welcome dinner for a visiting foreign president. Moon and Trump held their first telephone talks last month shortly after the South Korean president's inauguration.

Moon: No Aim to Reverse THAAD Decision

President Moon Jae-in has reassured U.S. congressional leaders that the temporary suspension of the THAAD deployment does not mean a change in South Korea’s decision to deploy the U.S. antimissile system. In a meeting with leaders of the U.S. Senate and the House of Representatives on Thursday, the president said that they should discard any suspicions they have that he and his new government are pushing for due procedures with a purpose to reverse the decision to deploy the system. Moon said that THAAD deployment was an agreement based on the Korea-U.S. alliance to protect the lives of South Korean people and U.S. forces in Korea, and that he has repeatedly clarified that his government will not treat it lightly simply because the agreement was reached by the former administration.

Antitrust Watchdog Head Considers Expanding Class Action System

The head of the country’s antitrust watchdog said Thursday that he will push to expand consumers' ability to file class action lawsuits against large companies. In a speech to mark the 30th anniversary of the Korea Consumer Agency, Fair Trade Commission Commission(FTC) Chairman Kim Sang-jo said there should be a stronger institutional basis to protect consumers. Collective or class action lawsuits generally require the company at the losing end to pay compensation not only to the plaintiff, but to others who have been affected, even if they were not directly involved in filing the suit.

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Yonhap (http://english.yonhapnews.co.kr)

Trump says he will discuss with Moon 'complexities' of N. Korea, trade

U.S. President Donald Trump said Thursday he will discuss the complexities of North Korea, trade and other things with President Moon Jae-in.

U.S. blacklists Chinese bank, individuals, shipping firm for links to N. Korea

The United States blacklisted a Chinese bank as a "primary money laundering concern" Thursday for helping North Korea access the U.S. and the international financial system, Treasury Secretary Steven Mnuchin said. The designation of the Bank of Dandong can have powerful effects in efforts to cut the North off from the international banking system as seen in the case of a similar 2005 U.S. financial sanction on Banco Delta Asia, a bank in the Chinese territory of Macau..

World Taekwondo Federation to hold demonstration in Pyongyang for 1st time

m for the first time in Pyongyang this fall, an official with knowledge of the matter said Friday.

The official with the World Taekwondo Federation (WTF) said its demonstration team will perform during the opening ceremony of the world championships by the North Korea-led International Taekwondo Federation (ITF) in September. "The WTF team will travel to Pyongyang from Sept. 16 to 20," the official said, noting the ITF's championships will run from Sept. 17 to 21.

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The Korea Herald (http://www.koreaherald.com)

NK nuclear solution more likely than ever with Trump: Moon

Resolving the issues surrounding North Korea’s nuclear program is more likely than ever before with Donald Trump in office as US President, South Korean President Moon Jae-in said Thursday. “The ultimate goal of South Korea and the US is to end North Korea’s missile and nuclear programs. This is only possible through strong Korea-US alliance,” Moon said in his meeting with House of Representatives’ leaders including Speaker Paul Ryan.

A legendary battle, ship of miracles and Moon

On a mission to strengthen the South Korea-US alliance, Moon Jae-in’s maiden visit to the US as president began at a place which holds political and military significance.
The first stop on his five-day trip was the memorial dedicated to the US veterans of the Battle of Chosin Reservoir during the 1950-53 Korean War. The battle, also known as Changjin Lake Campaign, raged from Nov. 27 to Dec. 13, 1950 and is considered one of the fiercest battles in the three-year conflict.”

Moon says no inter-Korean business resumption without nuke talks

Resumption of inter-Korean business projects cannot be considered without significant developments in denuclearization of North Korea, South Korean President Moon Jae-in said Thursday. In his meeting with US lawmakers in Washington DC, Moon said that despite the benefits of such projects, developments in denuclearization efforts must come first. “Kaesong Industrial Complex and Mount Kumgang tours had the effect of educating (North Koreans) that market economy, and (political system of) South Korea is better,” Moon said.

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The Korea Times (http://www.koreatimes.co.kr)

Moon, Trump have 1st meeting

South Korean President Moon Jae-in and U.S. President Donald Trump had their first meeting at a dinner at the White House, Thursday, a day before their summit meeting.
Moon and first lady Kim Jung-sook met Trump and U.S. first lady Melania Trump at the diplomatic reception room and had a reception and the dinner at the state dining room. The meeting comes only 50 days after Moon was sworn in, a meeting between leaders of the two counties to take place in the shortest period since inauguration among all South Korean presidents so far. It was also the first time for the U.S. president to have a dinner with a head of a foreign country and the spouse at the White House since his inauguration in January.

'Peace will spur US investment in N. Korea'

President Moon Jae-in said Thursday that he hopes South Korea and the United States will become "strategic economic partners" to pioneer the global market by combining their strengths. In the Business Summit organized by the two countries' chambers of commerce, he also said if the two allies can resolve North Korea's nuclear issue and realize peace on the Korean Peninsula, American companies will be able to invest in South Korea and furthermore in North Korea.

Moon lauds US sacrifice for Korea

President Moon Jae-in has expressed his gratitude to former American and U.N. troops who fought at the Battle of the Chosin Reservoir, one of the fiercest battles during the Korean War (1950-53), for their heroic fighting and sacrifices. The battle delayed Chinese troops penetration into the Hamhung region of North Korea for about two weeks in late 1950, enabling the Hungnam Evacuation, the largest U.S. military evacuation of civilians among whom were Moon's parents.

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DongAIlbo (http://english.donga.com)

Pres. Moon stresses Seoul-Washington alliance on first of U.S. visit

President Moon Jae-in stressed the “blood alliance” between South Korea and the United States on the first day of his visit to the United States, expressing his gratitude for U.S. troops who evacuated numerous refugees from North Korea’s Hungnam Port at the height of the 1950-1953 Korean War. “The ROK (South Korea)-U.S. alliance was forged in blood in the fire of war like this.” he said during his speech to a wreath-laying ceremony at the Jangjin (Chosin) Reservoir Battle Monument in Quantico, Virginia.

Tokyo expresses regret for Moon’s remarks on Fukushima nuke disaster

The Japanese government expressed regret to the Korean government for what President Moon Jae-in commented on the number of deaths due to the Fukushima nuclear power accident, calling it “factually inaccurate,” the Jiji Press reported on Tuesday.

“We regret (President Moon’s remarks) because they are not based on accurate understanding of facts,” the Japanese foreign ministry told a senior diplomat at the Korean embassy in Japan on Thursday last week.

Samsung to build a home appliance plant in U.S.

South Korea's electronics giant Samsung Electronics Co. plans to build a 380-million-U.S.-dollar home appliance plant in Newberry, South Carolina to become the second major South Korean company to decide to build a production plant in the United States since Donald Trump became U.S. president. Samsung signed a letter of intent with the state government of South Carolina for the production facilities at the Willard InterContinental hotel in Washington D.C. on Tuesday (local time).

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ChosunIlbo (http://english.chosun.com)

Russia, China Continue Oil Supplies to N.Korea
North Korea imports 200,000-300,000 tons of oil from Russia annually, Voice of America reported Sunday. The information comes from Ri Jong-ho, who was a senior official with Room 39, a secretive branch of the Workers Party that manages the party coffers. He fled in 2014 and was given asylum in the U.S. last year. "We first strike a deal with Singaporean firms, which then enter into another contract with Russian oil companies," he told VOA.

Moon Embarks U.S. Trip

President Moon Jae-in on Wednesday embarked on a five-day visit to the U.S., where he will meet his counterpart Donald Trump. On arrival in Washington, Moon started his itinerary with a visit to the National Museum of the Marine Corps in Quantico, Virginia. He laid a wreath at a memorial there commemorating the Battle of Jangjin (Chosin) Reservoir, one of the fiercest in the 1950-53 Korean War that left 10,400 American soldiers dead or injured.

Ex-Cheong Wa Dae Security Staffer Sentenced to 1 Year in Prison

Former Cheong Wa Dae security staffer Lee Young-sun was sentenced to one year in prison on Wednesday for habitually smuggling cronies and quack doctors of ex-President Park Geun-hye into the presidential office. The Seoul Central District Court also convicted Lee (38) of providing Park and her secret confidante Choi Soon-sil with mobile phones registered in other people's names, which is illegal in Korea, and for refusing three summonses to testify in a National Assembly hearing on the corruption scandal that brought Park down.

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HanKyoRehShinmoon (http://english.hani.co.kr)

On first trip to US, Pres. Moon to underscore importance of alliance with US

On June 28, President Moon Jae-in departed for the US for the first South Korea-US summit since his inauguration. Moon‘s five-day itinerary is studded with events that underline the strong alliance between South Korea and the US. The South Korea-US summit, which will be held in Washington on June 30, is taking place 51 days after Moon’s inauguration, earlier than any previous South Korean president. This reflects the view that the South Korea-US alliance and mutual trust are essential for easing tensions on the Korean Peninsula. The capstone of Moon‘s emphasis on the alliance is his visit to a memorial commemorating the Battle of Chosin Reservoir (also known as the Changjin Lake Battle), immediately following his arrival in Washington on June 28.

S. Korean companies boosting investments in the US

South Korean businesses have been giving gifts to the US ahead of President Moon Jae-in’s visit. US President Donald Trump has called openly for multinational companies in the US market to build factories and create jobs for Americans. In a ceremony at Washington’s Willard Hotel attended by its consumer electronics CEO Yoon Boo-keun and South Carolina Gov. Henry McMaster, Samsung Electronics signed a letter of intent to build a consumer appliance factory in Newberry County, South Carolina, the company announced on June 28. The investment amounts to US$380 million (around 440 billion won), with around 950 jobs to be created.

To become an advanced country, S. Korea should reckon with Vietnam War massacres

The sun was beating down at 3 on the afternoon of June 28. The voice of To Ngoc Luyen, a 40-year-old exchange student from Vietnam, rang out in front of the Central Government Complex in downtown Seoul. At the press conference, which was held to encourage a just resolution to the issue of massacres of Vietnamese civilians by South Korean troops during the Vietnam War, To began slowly reading an open letter to the South Korean public.

“Living in South Korea, I have seen how South Korea endlessly resents Japan,” she said.

“Anyone who goes to another country and kills people for any reason should reflect on that, and I myself have been angered by the way the Japanese government seems not to have done that,” she continued.

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JoongAngIlbo (http://koreajoongangdaily.joins.com/)

Moon affirms alliance with U.S. at start of his visit

President Moon Jae-in began a four-day visit to the United States Wednesday with an emotional tribute at a Korean War memorial to highlight his commitment to the Korea-U.S. alliance and to working with U.S. President Donald Trump to deal with threats from North Korea. Moon, elected last month, arrived here Wednesday for his first overseas presidential trip. He is scheduled to meet with Trump for dinner on Thursday and a meeting on Friday to address security and economic issues common to the two countries, including the North’s rapidly intensifying nuclear and missile threats.

Gov’t announces plan to raise tax on wealthy

The Moon Jae-in government’s de facto transition team announced Thursday a plan to raise taxation on major conglomerates and the wealthy while increasing benefits for small businesses and low-income households. “The Moon Jae-in government will be strengthening the wealth distribution through taxation that has been distorted [by past administrations] with tax cuts for the wealthiest,” said Park Kwang-on, the spokesman for the Presidential Advisory Committee for State Affairs Planning.

Hanwha talks solar energy at ‘Summer Davos’

Kim Dong-kwan, chief commercial officer of Hanwha Q Cells, took part in a panel discussing solar energy during the three-day Annual Meeting of the New Champions, also known as the Summer Davos, held in Dalian, China. According to Hanwha group on Thursday, a number of officials from the group participated in the annual economy forum, also known as the Summer Davos Forum, to strengthen business ties with global experts and find ways to enhance the competitiveness of its core businesses.

Delegation offers $12.8 billion in U.S. investment

Korean companies promised to invest $12.8 billion in the U.S. over the next five years. The announcement on Thursday was made by the 49 Korean businesses - including Samsung Electronics and Hyundai Motor - that have traveled with President Moon Jae-in on his first trip to Washington since taking office in May. It is seen as a move to ease rising pressure from the U.S. government against Korean exported goods including the possibility of the renegotiation or termination of the Korea-U.S. Free Trade Agreement.

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The KyungHyangShinmoon (http://english.khan.co.kr/)

Resistance Inevitable Regardless of the Decision: Seeking a Breakthrough by Encouraging Public Discussions

The government decided to temporarily suspend the construction of Shin Kori Nuclear Power Plant units five and six and to listen to the opinion of the public. Now the fate of Shin Kori five and six are in the hands of the citizens. Environmental groups that had called for the government to immediately stop construction shared views that it was fortunate that the government suspended the construction albeit belatedly. "

[The Kyunghyang Forum 2017] "The Age of Petroleum Is Over. A New Economy Is Coming"

On June 28, J. B. Straubel, co-founder and chief technical officer (CTO) at Tesla, a leader of electric cars and autonomous vehicles, said, "The age of petroleum, which spanned the past century, is over and a new economy will be born," and declared a major transition due to the fourth industrial revolution. DJ Patil, formerly the U.S. chief data scientist (CDS) at the White House, a position introduced for the first time in the Barack Obama administration, said, "Only the technology that puts people at the center will be recognized as a revolution for the future of mankind," and stressed a human-centered fourth industrial revolution.

People's Party, "Maximum Penalty for Those Responsible for Fabricating Evidence." Also a Heated Debate over Ahn Cheol-soo's Silence

On June 26, The People's Party is engulfed in the aftermath of fabricated evidence concerning allegations that President Moon Jae-in's son, Joon-yong took advantage of his father's influence in seeking employment. Members of the party continued to raise their voices saying, "Sentence them (the people responsible for the fabrication of the evidence) to the maximum legal penalty" (floor leader Kim Dong-cheol), and "It is embarrassing and shameful" (former lawmaker Moon Byung-ho).
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The Korea Economic Daily (http://english.hankyung.com/)

Gov't to Collect More Taxes from the Rich While Giving Breaks to the Rest

The Moon Jae-in government has made official its plan to collect more taxes from the rich while offering more tax cuts for the rest. The State Affairs Planning Advisory Committee announced on June 29 a tax reform blueprint for the new administration. Park Gwang-on, spokesperson of the committee, said, "The main theme of the new government's tax reform plan is to rectify the current tax scheme distorted by previous administrations by giving too much tax cuts to the rich and large corporations."

Samsung Heavy Industries Succeeds in Building World's Largest FLNG

Samsung Heavy Industries has succeeded in completing the world's largest floating liquefied natural gas. The Korean company said on June 29 that it has completed the building of Prelude FLNG commissioned by Royal Dutch Shell in its Geoje shipyard for the past five years. Samsung had won the Prelude FLNG project in June 2011 at the cost of US$3.4 billion by forming a consortium with France's engineering firm Technip.

Major Shakeup Looms for the Ranking of Global Automotive Supplies

A major shakeup is looming in the ranking of the global automotive suppliers as an increasing number of auto makers and suppliers are going for M&As to get the upper hand in the next-generation car market, including self-driving vehicles and connected cars. ZF of Germany, which ranked fifth last year, jumped to the No. 2 spot, while Denso of Japan which ranked second last year slipped to No. 4. Hyundai Mobis of Korea, which maintained No. 6 spot for three straight years, fell by one notch to No. 7 this year.

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AJU Business Daily (http://eng.ajunews.com/korea)

US highlights importance of missile shield to protect key industrial facilities

US troops in South Korea regard Posco's second mill in the southern port city of Gwangyang as a crucial industrial facility that should be guarded by their new missile shield. Posco, the country's largest steel producer, has two still mills -- one in the southeastern port city of Pohang and the other in Gwangyang. General Vincent Brooks, the top commander of some 28,000 US troops stationed in South Korea, visited Gwangyang on Wednesday.

Samsung discloses $380 mln investment in US plant

Samsung Electronics Co. said it will invest US$380 million in the United States to set up new production facility and tap deeper into the North American country's large home appliances market. The South Korean tech giant said the investment will be made in Newberry County, South Carolina. On Wednesday, Yoon Boo-keun, who heads Samsung's home appliance business, met Governor Henry McMaster of South Carolina to sign a letter of intent for the project, which is estimated to generate some 950 jobs.

Pyongyang wants Park's death for plotting Kim's assassination

In an unusual and bizarre demand that coincided with President Moon Jae-in's US trip, Pyongyang demanded the handover of South Korea's jailed ex-president and her former spy chief for capital punishment, insisting they deserved "death by dismemberment" for plotting to assassinate the North's leader. The demand was contained in a joint statement issued Wednesday by North Korea's three state bodies -- the Ministry of State Security, the Ministry of People's Security and the Central Public Prosecutors Office -- through Pyongyang's official KCNA news agency.

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Maeil Business News Korea (http://www.pulsenews.co.kr/)

South Korea’s Doosan Group to bolster power business in the U.S.

South Korea’s Doosan Group is seeking to expand its power and energy business through bigger U.S. presence. The group said on Thursday that its two affiliates - Doosan Heavy Industries & Construction Co. and Doosan Corp.- separately signed contracts related to the business with U.S. firms during the group chairman Park Jung-won’s visit to the country as a business delegation accompanying Korean president Moon Jae-in on his first state visit.

Korea’s first online-only K Bank to suspend consumer loans

South Korea’s first online-only bank K Bank said on Thursday that it will temporarily suspend sales of its signature credit-backed consumer loan from July to moderate the pace of growth in consumer loans amid thinning capital. K Bank - which began operations in April as the country’s first digital bank - drew explosive demand as they charge less for loans than brick-and-mortar banks. According to K Bank, there has been an increase of 200 billion won ($175.6 million) worth of credit loans every month on average after its service launch in April. The amount almost doubles 114.5 billion won worth monthly household credit loans extended by eight commercial banks on average last year.

LG Electronics sells off TV set-top box unit to Technicolor

South Korea’s LG Electronics Inc. sold its TV set-top box unit to French media and entertainment company Technicolor SA for $50 million to formally fold the business. Global set-top box shipment has been on a decline from the peak of 290 million units in 2015 as multi-media platforms require less presence of separate set-top box, according to market data provider IHS. Its bigger rival Samsung Electronics Co. also attempted to sell off its set-top box unit to global private equity fund Carlyle Group in 2015 but failed in the end.

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What’s ticking around the world at this second?

See what the world media around the world have to report:

USA Today www.usatoday.com aallman@gannett.com

The New York Timeswww.nytimes.com inytletters@nytimes.com

Wall Street Journalwww.wsj.com support@wsj.com,service@wsj-asia.com

Financial Times www.ft.com ean@ft.com

The Timeswww.thetimes.co.uk help@timesplus.co.uk

The Sun www.thesun.co.uk talkback@the-sun.co.uk

Chinese People's Dailywww.people.com.cn kf@people.cn

China Dailywww.chinadaily.com.cn circulation@chinadaily.com.cn

GwangmyeongDailywww.gmw.cn webmaster@gmw.cn