The Korean daily media headlines and humor
Tuesday, July 18, 2017
Here are The Korea Post notices and a roundup of importantheadlines from all major Korean-language dailies, TV and other news media of Korea today:
Very Respectfully Yours
Korea Post Media
Cartoons and comic strips tell a lot more than words, and this has been especially true in
Korea. Here are some published today.
Cartoon by Kim Young-min, The KyungHyangShinmoon
(Korean-language daily newspaper), dated July 18, 2017
Surion Helicopters developed by the Korean Defense Industry at a total cost
of US$ is have been found with a lot defects needing substantial improvements.
The preceding governments of Presidents Lee Myung-bak and Park Geun-hye initiated
the development and construction of the combat and multi-purpose helicopters, but a lot
of defects have been found since the inauruation of new Moon Jae-in government.
Former President Ha Su-yong of the Korea Aeronautics Industries (in white circle) is calling former
senior Presidential Secretary Ahn Jong-bum (now under detention), and says, “Mr. Ahn Jong-beom?
This is me, heh, heh…”
KAI is presently under fire due to suspected involvement in shady deals during Park’s era.
Cartoon by Artist Kwon Beom-chul published by the liberal Korean-language daily,
HanKyoRehShinmoondated July 18, 2017
The Korean media circles represented here by a media tycoon wearing a golden media crown
is pouring liquor to a self-employed small businessman. But the conservative Liberty
Korea Party leader (obviously alluding to Hong Jun-pyo from his looks) giving the bill to the
small businessman to pay, saying: “This all due to the leftist populists!”
What’s ticking in Korea today?Here is a quick roundup of important news stories from the major Korean news media today:
S. Korean Unification Minister Urges N. Korea to Accept Dialogue Proposals
South Korean Unification Minister Cho Myoung-gyon has called on North Korea to accept Seoul’s latest proposals for dialogue.The minister said on Monday that Pyongyang should accept Seoul’s proposals if it wants to sincerely pursue peace on the Korean Peninsula and the development of inter-Korean relations.Cho said that inter-Korean dialogue and cooperation will create a virtuous circle of improving inter-Korean relations and resolving the North Korean nuclear issue.He reaffirmed that Seoul will not pursue a hostile policy on the North, a regime collapse or reunification through the absorption of the North by the South.
FSC Chief Nominee Vows Bold Steps in Restructuring Petrochemical, Steel Sectors
The nominee for the chairman of the Financial Services Commission(FSC) says he would take "bold" steps in restructuring the petrochemical and steel sectors.Choi Jong-ku, CEO of the state-run Export-Import Bank of Korea, made the remarks on Monday during his parliamentary confirmation hearing. Choi said that restructuring is a critical task and that he, if appointed, would step up restructuring efforts for the nation's ailing shipbuilding and shipping sectors.
Foreign Minister Kang Meets UN Rapporteur on N. Korean Human Rights
Foreign Minister Kang Kyung-wha met with the UN’s point man on North Korea’s human rights situation and discussed cooperation on the issue.At the start of their meeting at the Foreign Ministry in Seoul on Monday, Kang highly assessed the importance of the opinions and efforts presented by UN special rapporteur on human rights in North Korea, TomásOjea Quintana.Noting that North Korean human rights is a "matter of great concern" for the Moon Jae-in administration, the foreign minister expressed hope the South Korean government will continue to hold discussions with Quintana regarding the issue.
Current conditions 'far away' to reopen inter-Korean talks
The White House expressed veiled opposition to South Korea's proposal for rare inter-Korean talks Monday, saying current conditions are "far away" from those needed to reopen dialogue with the recalcitrant state.Seoul proposed military talks for this coming Friday and Red Cross talks on Aug. 1 to discuss ways to ease tensions along their shared border and resume reunions of families separated since the 1950-53 Korean War.The offer came amid renewed tensions over the North's first launch of an intercontinental ballistic missile on July 4.
Samsung, PayPal ink strategic partnership
Samsung Electronics Co. said Monday it has clinched a strategic partnership with U.S. online payment service provider PayPal for an expansion of its mobile payment services.The move will allow Samsung's mobile payment platform Samsung Pay to be linked to PayPal accounts, which paves the way for Samsung to expand its consumer base, according to Samsung. More than 200 million people use PayPal.
For PayPal, it is expected to expand its service into offline payments, it said.
Teen golfer hoping for Hall of Fame induction after runner-up finish at major
On the heels of an impressive performance at the oldest major championship in women's golf, South Korean teenager Choi Hye-jin said Tuesday she hopes to enter the LPGA Hall of Fame someday.Choi returned home early Tuesday after finishing runner-up to fellow South Korean Park Sung-hyun at the U.S. Women's Open at Trump National Golf Club in Bedminster, New Jersey. Choi shot a nine-under 279 to end up two strokes behind the champion.Choi, 17, came close to becoming the first amateur champion of the tournament since Catherine Lacoste of France in 1967, but a costly double bogey at the par-three 16th foiled that bid.
The Korea Herald (http://www.koreaherald.com)
Seoul offers military, family reunions talks with NK
South Korea on Monday proposed military talks with the North in its first formal overture under President Moon Jae-in, who has called for a halt in hostilities and revival of cross-border communication.
Seoul also offered a separate meeting between the two sides’ Red Cross officials to arrange a fresh round of reunions for families separated by the 1950-53 Korean War on the Chuseok holiday on Oct. 4, which is also the 10th anniversary of an inter-Korean peace declaration.
Hamburger phobia spreads following child's illness
A lawsuit filed against McDonald’s Korea claiming that a 4-year-old contracted a condition causing kidney failure after consuming a hamburger at the fast-food chain has been spreading fear about the safety of burger patties.Earlier this month, a woman surnamed Choi filed a suit against McDonald’s Korea claiming that her daughter became sick with hemolytic uremic syndrome after eating a Happy Meal at a McDonald’s branch in Pyeongtaek, Gyeonggi Province.
Teen murderer may be faking mental illness
A teen suspect on trial for the murder of an 8-year-old girl in Incheon in March may be feigning mental illness in order to receive a lenient punishment, said a psychologist who interviewed the suspect to evaluate her mental condition. Professor Kim Tae-kyung of Woosuk University said the suspect, a 17-year-old high school dropout identified only by her surname Kim, seemed “quite different” from mentally ill people he has known and interviewed throughout his career. The professor, as an adviser to the Forensic Science Investigation Department of the Supreme Prosecutors’ Office, interviewed the suspect in April ahead of her trial.
The Korea Times (http://www.koreatimes.co.kr)
US Embassy, UNHCR exploit interns
A student in her 20s, who requested to be identified by the alias Kim Hye-jin, recalled the distress she felt as an intern for the U.S. Embassy in Seoul in 2015, during which she received neither a salary nor even a stipend for transportation and lunch."I had to take an additional part-time job after finishing work at the embassy at 5:30 p.m. I barely had any time for myself," Kim told The Korea Times."Since I was working for its public affairs department, I was always required to take part in the department's events in the evening. Whenever I returned home late at night, I felt so depressed for losing personal time in addition to not receiving money."
Military, Red Cross talks offered to North Korea
The Moon Jae-in government has made an official offer for dialogue to North Korea, including inter-Korean military talks and resuming reunions of separated families, as a follow-up measure to the peace overture he proposed in his recent speech in Berlin.The Ministry of National Defense said Monday the government proposed that the two Koreas hold military talks on reducing tension along the border, July 21, at Tongilgak, a North Korean building in the truce village of Panmunjeom."We are requesting Pyongyang to respond to the offer through the disabled inter-Korean military communication line in the western region after restoring it," said Vice Defense Minister SuhChoo-suk.
N. Korea issues guarded response to Moon's peace initiative
North Korea on Saturday issued a guarded response to President Moon Jae-in's latest proposal for cross-border rapprochement, calling it "sophistry" while voicing relief over Seoul's pledge to respect past joint declarations.In its first reaction to the initiative that Moon announced in Berlin last Thursday, the RodongSinmun, the North's main newspaper, made a lengthy point-by-point rebuttal -- rather than a terse rejection -- which a Seoul official said may signal Pyongyang's interest in the proposal.The newspaper issued its statement in a commentary attributed to the pen name of a private writer, which observers say hints at the reclusive state's efforts to be cautious not to blunt the potential momentum of better inter-Korean ties."The overall content, enumerated under the name of peace, carries confrontational intentions to quash its neighbor while relying on foreign forces," the paper said.
Allies must seek deal with N. Korea
It appears that time is not on the side of South Korea and the United States when it comes to resolving the North Korea nuclear crisis.Despite increased sanctions, the North is quickening its development of missile technology so that it can hit "anywhere in the world." China and the U.S. are showing a rift at the U.N. Security Council over how to deal with this problem.There should be a big deal with North Korea, obviously, at least to stop it from continuing the development, if not to make it give it up completely.
Seoul proposes inter-Korean military and Red Cross talks
The South Korean government concurrently proposed North Korea to hold inter-Korean military talks and Red Cross talks to seek reunions of separated families. The measure is a follow-up of the suggestions in the "Berlin Declaration" that President Moon Jae-in made in Germany on July 6.The South Korean Red Cross on Monday officially suggested Red Cross talks with its North Korean counterpart to discuss reunion events for separated families timed with the Chuseok (Korean Thanksgiving on October 4). “We are proposing inter-Korean Red Cross talks (with the North) to discuss solutions to pending humanitarian issues, including the convening of reunion events for separated families on the occasion of the Chuseok holiday, at the South’s ‘Peace House’ within (the truce village of) Panmunjeom on August 1,” Kim Seon-hyang, acting chief of the South Korean Red Cross, told a press conference at Red Cross headquarters in Seoul.
Haruki warns against dichotomy in an interview on 'Killing Commendatore'
“It is impossible to draw a clear line between black and white in history. Novels exist to fight such dichotomy, and therefore we need to treat words as a being with warmth, a living thing. To that end, we need modes and common sense.” So opined Haruki Murakami (68·pictured), the Japanese novelist who is drawing much attention with his latest book “Killing Commendatore” when asked about the recent disputes over the historical issues mentioned in his new novel. In the book, Haruki touches upon controversial issues such as the Nanjing Massacre and the alliance between Japan and Nazi Germany, and was subjected to harsh criticism by the far-right factions in Japan.
1st print edition of Korea’s modern novel 'Heartless' disclosed
The first print of "Heartless (pictured)," the first modern Korean novel penned by novelist Lee Gwang-soo (1892-1950), also known as his penname Chunwon, has been disclosed.The Library of Korea University announced Monday that an alumnus and a retired teacher of the Korean language surnamed Yoo (75) has donated the first print of the Heartless to the institution, which he had received from one of his students. Of the 1,000 volumes of the first batch of the Heartless published in 1918, only one has been identified so far, which has been kept at the Museum of Korean Modern Literature. The version at the museum, however, had its cover binding missing, so the image of the original cover page had been presumed based on the 1920 reprint. The Heartless was serially published in the Maeil Daily from January 1 to June 14 in 1917, and the novel was published by Sinmoongwan on July 20, 1918.
China holds massive artillery fire drills near border with India
"It could lead to the second China-India border war," said Nevil Maxwell, who covered the 1962 China-India border war, in an article of the South China Morning Post on Monday. "A tense standoff between India and China is in a dangerous state now." The standoff has been lasting for over three weeks after border incursion claims by China and India near the Himalayas.The border incursion that took place near Doka-La short of the Sikkim-Bhutan-Tibet tri-junction, Bhutan has worsened the ties between China and India in all respects. China argued that the Indian military disrupted road construction in what it says in Chinese territory but India reacted that China violated its border.
Commander Says U.S. Ready for Military Ops AgainstN.Korea
The U.S. has all military options available against North Korea, the chief of the U.S. Pacific Command, Adm. Harry Harris, said Friday.Harris told the Asahi Shimbun daily that efforts to solve the North Korean nuclear issue by diplomatic means and sanctions will continue, but military options are always on the table and can be put into action at any time.Earlier, White House National Security Advisor H.R. McMaster said, "The threat [from North Korea] is much more immediate now. We can't repeat the same failed approach of the past... The President has directed us to not do that and to prepare a range of options, including a military option, which nobody wants to take."
U.S. Makes Formal Request to Revise FTA
The U.S. on Wednesday formally asked Korea to renegotiate their bilateral free trade agreement that went into effect in 2012.U.S. President Donald Trump has denounced this FTA as well as the North American Free Trade Agreement as "job killers" for U.S. workers and businesses and claimed after a summit with President Moon Jae-in late last month that the two sides are already discussing a revision.Now U.S. Trade Representative Robert Lighthizer has sent a letter to Korean Trade Minister JooHyung-hwan seeking "a meeting of a special joint committee in Washington D.C. within 30 days" to renegotiate terms of the FTA.
Huge Trove of Park-Era Documents Found in Cheong WaDae
Cheong WaDae officials said Friday they have discovered more than 300 documents from the Park Geun-hye era, including a potential paper trail in the bribery case against Park and new Samsung chief Lee Jae-yong.Presidential spokesman Park Soo-hyun said the documents dated from June 2014 to June 2015 were found in a filing cabinet in the former office of the presidential secretary for civil affairs.
They relate to the nomination of ministers and artists blacklisted for their progressive political views, but the bulk focuses on ways to use the voting rights of state-run National Pension Service, a major shareholder, to help Lee secure management control of the Samsung Group after his father fell into a coma.
Minimum wage increased by 16.4%, the biggest hike in history
The 2018 minimum wage is being increased by 16.4%, a rate of increase more than double the 7.4% average for the past five years.The decision helps clear the way for President Moon Jae-in to honor his election pledge to institute a minimum wage of 10,000 won (US$8.87) by 2020. With 23.6% of all workers (4.63 million people) affected by the 2018 minimum wage hike, observers are calling for efforts to insure compliance and close analysis of the ripple effects the sharp increase will have on the economy.The minimum wage was set at 7,530 won (US$6.68) an hour at a plenary session of the Minimum Wage Commission on July 15. The increase of 1,060 won (US$0.94) per hour is the largest in history, while the rate of increase is the fourth highest ever at 16.4%. The steep minimum wage hike is also consistent with the new administration’s policy keynote of “income-driven growth”: a higher minimum wage is one of the key policy approaches to achieving a positive feedback loop for the economy by increasing wage income and promoting consumption among low-wage workers.
South Korea’s debate over dog meat consumption flaring up again
“There would be an uproar if you just let 10 dogs free on the Cheonggye Stream,” said one of the marchers in the “The Rally to Defend the Livelihood of 1 Million Dog Farmers,” which was held in downtown Seoul on the afternoon of July 6. The joke was echoed by other people walking above Mojeong Bridge at Jongno 1-ga Street in Seoul, as they were soaked by a sudden downpour.“The media and the government are in cahoots with animal rights groups, and it’s time for them to wake up! Let‘s wipe them out,” the protesters chanted, after listing the names of 13 animal rights groups, one after the other.
“There is no later. We’re changing things now,” 18th Queer Culture Festival
Seoul Plaza was decorated with tens of thousands of colorful rainbows on an intermittently rainy July 15. Appearing everywhere from flags to headbands, the rainbow-colored symbols were a message of support for LGBT rights by people assembled for the 18th Queer Culture Festival - 70,000 according to the organizers, 9,000 by police estimates.“There is no later. We’re changing things now,” attendees proclaimed, voicing a festival slogan declaring that now is the time to oppose hatred toward LGBT people. The festival kicked off at 11 am with a booth event, for which around 100 booths were set up around Seoul Plaza.
South asks North to hold military talks this week
Less than two weeks after President Moon Jae-in described a vision for inter-Korean peace during a speech in Berlin, the South Korean government formally asked North Korea on Monday to hold military talks at the end of this week and discuss a reunion for families next month who were separated by the 1950-53 Korean War.The proposals were separately announced to local media by the Ministry of National Defense and the Korean Red Cross, the latter of which organizes the family reunions. Pyongyang cut off direct communications with the South in February 2016, leaving Seoul no other choice but to convey their message openly through the media, government sources said.
Paper trail now includes 1,361 documents
More paper trails involving Park Geun-hye’s “unlawful orders” by top aides of the former President Park Geun-hye over some of the most controversial events of the administration - the 2015 agreement with Japan to settle the comfort women issue and the 2014 sinking of the Sewol ferry - were discovered in a locked cabinet inside the presidential secretariat building, the Blue House said Monday.Park Soo-hyun, spokesman for President Moon Jae-in, said a total of 1,361 documents were found in the office of the senior secretary for political affairs. The discovery was made while the Blue House was combing through cabinets and desks used by presidential aides to find any more documents left behind by the previous administrations, following its initial finding announced on Friday.
President vows to investigate defense projects
President Moon Jae-in vowed on Monday to scrutinize corruption allegations surrounding major defense projects of previous administrations, ordering the Blue House to create a system to fight corruptions.
The move was made amid an ongoing investigation by the prosecution into alleged ties between the procurement agency and one of the country’s largest defense contractors.“Rooting out irregularities and defense industry corruption is the earnest desire of the people who elected this administration,” Moon said in his opening remark for the senior presidential secretariat meeting.
Power Demand in 2030 to Decrease by an Amount of Power Generated by 8 Nuclear Power Plants
Electricity demand forecasts for 2030 were significantly lower than previous estimates. This means that the number of additional power plants we need to construct will also go down. The Moon Jae-in government's nuclear and coal power phase-out policy is expected to gain momentum.A working group on demand forecasts consisting of private consultants held a meeting at COEX in Gangnam-gu, Seoul on July 13 and released their draft estimates for power demand in connection to the 8th Basic Plan for Power Supply (2017-2031). The government has drawn up 15-year plans for stable mid to long-term power supply every two years, and power demand is the basis of this basic plan.
U.S. Formally Takes Action to Revise South Korea-U.S. FTA
The United States requested a joint committee to review the free trade agreement with South Korea on July 13. The two countries need to reach an agreement in order to begin negotiations on amending the free trade agreement, but since it is difficult for South Korea to refuse the U.S. request, this practically launches negotiations to revise the bilateral trade agreement.The United States Trade Representative (USTR) released a statement on July 12 (local time) and said, "United States Trade Representative Robert Lighthizer today, as directed by President Trump, formally notified the Republic of Korea that the United States is calling a special Joint Committee meeting under the U.S.-Korea Free Trade Agreement (KORUS) to start the process of negotiating to remove barriers to U.S. trade and consider needed amendments to the agreement." When the U.S. requests a joint committee meeting, South Korea, in principle, must respond within thirty days.
Chung Yoo-ra, "There's No Way Samsung Did Not Know About the 'Horse Laundering'"
On July 12, Chung Yoo-ra (21), the daughter of Choi Soon-sil (61) appeared as a witness in the trial of Lee Jae-yong (49), vice chairman of Samsung Electronics, and poured out a stream of testimonies that drove Samsung, Choi, and former President Park Geun-hye (65) into a corner. Chung said, "I thought that I owned the horse that Samsung gave me," and insisted, "There's no way Samsung did not know," about the alleged 'horse laundering.' On July 11, Chung's lawyer had submitted a letter of reasons for Chung's refusal to appear in court, but Chung appeared without consulting her lawyers. The key issue in Lee's trial this day heard by Criminal Department 27 of the Seoul Central District Court (Chief judge: Kim Jin-dong) was whether Samsung had turned over the ownership of the horse that the company purchased to Chung and whether they "switched" the horses that they provided. The former would support the bribery charge against Lee and the latter would be an attempt to conceal criminal proceeds.
The Korea Economic Daily (http://english.hankyung.com/)
Gov't to Establish New Mini Residential Cities in Hanam and Gwangmyung
The government will build new residential cities in the south and southeast of Seoul near Hanam and Gwangmyung with the size of 300,000-1,500,000 square meters. According to the Ministry of Land, Infrastructure, and Transportation and Korea Land & Housing Corp. on July 17, the government is pushing forward with a plan to create new "mini" cities in Gambuk-dong and Choi-dong (Hanam), Gwangmyung, and Shiheung.Currently Korea Land & Housing Corp. is reviewing the feasibility of potential sites and is set to announce the final results by September this year. This is the first time for the government to reveal new housing construction plans in the Seoul metropolitan area since 2011. Actually the areas under consideration were designated earlier as public housing sites by the government.
Samsung Pay Joins Hands with PayPal
Samsung Electronics forged a business tie-up with the world's largest online payment service PayPal as a way to promote the uptake of its mobile payment service Samsung Pay. Samsung announced on July 17 that it will expand the Samsung Pay service under the partnership with PayPal which is used by more than 200 million people worldwide. The Samsung Pay users who register their PayPal accounts with Samsung Pay, can make online and offline payments just like those who register their credit cards or debit cards. When making offline payments through a PayPal account, users should select PayPal instead of credit or debit cards for payment on the list of payment methods.
CCIM to Hold International Conference Jointly with KED Real Estate Research Inst.
The Certified Commercial Investment Member, an American association of international real estate investment analysts, will jointly host the Asia Real Estate Summit that will be held concomitantly with the Korea Economic Daily's Cityscape Korea 2017.The summit, which will be held for two days from August 17 at Seoul's COEX Convention Center (Hall E), will be participated by leading CCIM members who will make presentations on global real estate development market trends and opportunities.The CCIM International Real Estate Conference to begin at 2 pm on the 18th will be organized by the CCIM Korea Association and the KED Real Estate Research Institute. Kim Yong-nam, president of the CCIM Korea Association, will make opening remarks, followed by a keynote speech by Konkuk University professor Cho Soo-hyun entitled "Current Trend in Overseas Real Estate Market."
AJU Business Daily (http://eng.ajunews.com/korea)
Car tuning and aftermarket exhibition attracts enthusiastic fans
A monstrous roar of engines filled a hall at COEX, the site of South Korea's only car tuning and aftermarket exhibition, watched by enthusiastic fans who are eager to get a chance to try out new products.
The "Seoul AUTO SALON 2017" was held on July 14 on the COEX complex for conferences and exhibitions in southern Seoul.Eyes filled with curiosity, visitors carefully sat in the driver's seats and took turns to experience new audio and other products. Some visitors closed their eyes after sitting in customized, luxurious limousine seats.
US streaming giant Netflix benefits from Chinese ban on Hallyu
More South Korean TV production companies are considering Netflix as an alternative to the Chinese market, the single-largest market for Korean cultural exports, as Beijing remains adamant against lifting a sweeping ban on Korean cultural products.Since opening its South Korean service in January 2016, major Korean TV shows first began appearing on Netflix since April of this year, starting with JTBC's "MAN x MAN" in April. The 16-episode series starring Park Hae-jin as an undercover government agent was sold for 6.4 billion won (5.67 million US dollars) to Netflix to be streamed concurrently throughout the two-month programming.
TV networks tie up to open first joint Hallyu streaming platform for American fans
In a business tie-up prompted by China's retaliatory action, South Kora's three major TV networks agreed to open a joint streaming platform for Hallyu (Korean culture wave) fans in the United States.
KBS, MBC and SBS launched a joint service called Korea Content Wave (KOCOWA) to provide their drama and entertainment programs directly to American fans. KOCOWA is their first direct Hallyu streaming platform. They will offer an exclusive release of BIGBANG member leader G-Dragon's concert in Seoul.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
SK Telecom, SM form business marriage to mix ICT with hallyu power
South Korea’s major mobile operator SK Telecom Co. has joined hands with leading entertainment company SM Entertainment Co. to mix its advanced wireless technology and services with Korea’s winning brand of hallyu, or Korean Wave. SK Telecom and SM Entertainment on Monday announced plans to work together in boosting content and ICT businesses by mutually investing in each of their related affiliates through a stock sale and purchase deal. SK Telecom will buy 25 billion won ($22.2 million) worth new shares in its sound system affiliate iRiver Co. and 65 billion won in SM Entertainment’s content production company SM Culture & Contents Co. (SM C&C). Entertainment will be investing 40 billion won in iRiver and 7.3 billion won in SM C&C.
Toshiba’s memory division sale suffers another delay
A California court has put on hold its decision on an injunction request by Western Digital Corporation (WDC) to block the sale of Toshiba’s memory division, giving another headwind to a multinational preferred bidder comprising of South Korea’s memory chipmaker SK Hynix and U.S. and Japanese entities. Some cautiously say the situation would be disadvantageous for the Korea-US-Japan alliance, while the sale is continuously challenged by WDC, Toshiba’s long-term memory partner. Overseas media reported that San Francisco Superior Court Judge Harold Kahn delayed a ruling on WDC’s request last Friday, while suggesting that Toshiba should work to persuade WDF further by giving a two weeks’ advance notice of the sale.
Posco stocks flying high amid earnings expectations
Posco shares have been flying high as the Korean steelmaking giant is on a path to deliver its best performance in six years this year. Based on data compiled by FnGuide, Posco due to report second-quarter earnings on Thursday is estimated to have finished the quarter ended in June with an operating profit of 944.1 billion won ($836.1 million) on a consolidated basis, up 39.1 percent from a year earlier, but down from 1.37 trillion won in the previous quarter. “The widening steel spread (the difference between the price of the raw material and finished product) is expected to raise Posco’s third-quarter earnings to 1.2 trillion won,” said Park Jong-kook, an analyst at Kiwoom Securities Co.
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