The Korean daily media headlines and humor

The Korean daily media headlines and humor

Monday, August 7 2017

Your Excellency:

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

/s/

Lee Kyung-sik

Publisher-Chairman

Korea Post Media

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Former Army Chief of Operations Lt. Gen. Shin Won-sik, ret.

‘Another Korean war? We will win beyond any doubt’

If another war should break out on the Korean peninsula, which side will win, South Korea or North Korea?Without doubt South Korea will win—thanks to the combined forces of the Republic of Korea and the United States.

This view was expressed by Lt. Gen. Shin Won-sik (ret.), former chief of operations at the Office of the Joint Chiefs of Staff of the Korean Armed Forces.

In an extensive special interview published this morning by leading Korean-language daily, ChosunIlbo, Lt. Gen. Shin stated, “The Combined ROK-US Forces will win absolutely without any doubt. We have conducted a ‘war game with the North Korean Armed Forces’ on scores of different occasions, and each time we won.”

He said:“We win so easily under the normal conditions between the two sides that we have also tried it putting North Korea under the best conditions and our side under the worst conditions. It took a little more time but the result was the same. The combined ROK-US forces won an overwhelming victory over the North Korean forces. Of course, we sustain some losses. I tell you, because of these anticipated losses, we are trying to avoid the war.”

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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/)

Chinese Foreign Minister Urges N. Korea to Stop Nuclear, Missile Tests

During the meeting, Wang reportedly asked North Korea not to conduct missile launches or nuclear tests following the UN Security Council’s adoption of new sanctions against the North.South Korean Foreign Minister Kang Kyung-wha also had her first official meeting with the Chinese foreign minister.Wang expressed regret over Seoul’s decision to install four remaining launchers of the U.S. THAAD antimissile system, saying it threw cold water on relations between the two nations.In response, Kang reiterated the government’s position that the THAAD deployment is for national defense against North Korea, stressing the need for communication to resolve the conflict between the nations.

US Prepares for Preventive War against N. Korea

U.S. President Donald Trump's security adviser says that the U.S. is preparing for a "preventive war" with North Korea.In an interview with MSNBC on Saturday, White House National Security Adviser Herbert McMaster stressed that Trump has already made it clear that the North Korean threat against his country will not be tolerated.Sound bite: White House National Security Adviser Herbert McMaster"What you're asking is are we preparing plans for a preventive war, right?"

"If they have nuclear weapons that can threaten the United States. It's intolerable from the president's perspective. So of course, we have to provide all options to do that. And that includes a military option."

Kim In-kyungWins Women's British Open

South Korean golfer Kim In-kyung has won the Ricoh Women’s British Open, claiming her first LPGA major title.Kim won the women's British Open by two strokes with a three-round total of 18-under 270 on Sunday at the Kingsbarns Golf Links in Fife, Scotland.JodiEwartShadoff from England came in second with 16 under par.Sound bite: Kim In-kyung, Winner of Women’s British Open (Korean)

“I feel like I received a great gift. I didn’t expect to win and I felt a lot of pressure with so many people supporting me.”

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

N.K. threat to top agenda for Asia-Pacific security forum in Manila

Top diplomats from Asia-Pacific countries will meet in Manila on Monday to discuss regional security issues, including North Korea's growing military threats.The annual ASEAN Regional Forum (ARF) hosted by the Association of Southeast Asian Nations will gather together 27 foreign ministers from nations across the region and the European Union.The ARF launched in 1994 is a rare international gathering attended by the North, along with all other countries involved in the now-suspended six-party talks aimed at curbing its nuclear ambitions.This year's forum comes amid increasing pressure on the North following its two intercontinental ballistic missile tests last month, which prompted the United Nations Security Council to adopt a fresh sanctions resolution Saturday (local time).

S. Korean Kim In-kyung wins Ricoh Women's British Open for 1st LPGA major

South Korean Kim In-kyung has captured her first LPGA major title in Scotland.Kim held off Jodi EwartShadoff of England to win the Ricoh Women's British Open by two strokes at Fife, Scotland, on Sunday (local time), after carding a one-under 71 at the par-72 Kingsbarns Golf Links. Kim finished at 18-under 270, one shy of the tournament record in relation to par.Kim now has seven career LPGA victories and is the first three-time winner on the tour this year. The 29-year-old is the fifth South Korean champion of the Women's British Open since it became a major in 2001.Following her victory, Kim jumped 12 spots from the previous week to sit at No. 9 in the women's world rankings released Monday.

Samsung Engineering wins US$1 bln plant deal from Oman

Samsung Engineering Co., a South Korean plant builder, said Monday that it has secured a US$1 billion deal to build refining plant-related facilities in Oman.Under the deal with Duqm Refinery Petrochemical Industries Co., a 50-50 joint venture between Samsung Engineering and Petrofac of Britain, the companies will construct utilities and offsite facilities for a refinery project at Duqm, located in the southern part of Oman, by 2021.

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

Allies vow tighter NK sanctions enforcement, further pressure

Bolstered by a new UN resolution, the foreign ministers of South Korea and the US on Sunday vowed to ensure a tighter enforcement of the sanctions and further step up pressure to dissuade North Korea from its nuclear and missile development. Kang Kyung-wha and Rex Tillerson held talks ahead of the ASEAN Regional Forum scheduled to kick off Monday in Manila, lauding the resolution adopted Saturday at the UN Security Council as a “good outcome.” Resolution 2371, triggered by North Korea’s tests of intercontinental ballistic missiles on July 4 and 28, is designed to cut the country’s annual export revenues by about a third, or $1 billion, through a trade ban on coal and other resources, fisheries, labor and others.

NK seeks to put Mt. Kumgang on UNESCO biosphere reserve list

North Korea is seeking to put its scenic Mount Kumgang on the east coast on a list of UNESCO Biosphere Reserves, Pyongyang's media said Monday, as it is pushing for ecotourism. North Korea has entered the final stage in seeking to get the mountain registered on the list, an official at the country's institute on biodiversity said in an interview aired by North Korea's state-run TV broadcaster.The United Nations Educational, Scientific, and Cultural Organization (UNESCO) designates a biosphere reserve, which promotes conservation of biodiversity and its sustainable development.

A tattoo that is painless, removable and safe

For those who are not fans of permanent tattoos etched onto the skin, alternative options have long been limited to either body painting or slapping on a tacky tattoo sticker by rubbing it with water.But now, a South Korean tech startup spun off from Samsung’s in-house venture program Creative Lab has developed a new portable printer that lets users instantly custom-print temporary tattoos using cosmetics-grade ink.The new gadget, named “Prinker,” allows users to design their own tattoos using a smartphone and to “print” the customized designs directly to their skin.

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

Seoul, Washington agree on early revision of missile guidelines

The top diplomats of South Korea and the United States agreed to start early negotiations on revising a bilateral missile guidelines agreement to better cope with North Korea's missile threats, an official from the Ministry of Foreign Affairs said Sunday. The agreement comes after Washington accepted Seoul's call in late July to rewrite the guidelines to extend the maximum allowable payload of a ballistic missile with an 800 kilometers range from 500 kilograms to 1 ton. "There was a consensus about launching negotiations in a prompt manner while speeding up working-level discussions to hold Extended Deterrence Strategy and Consultation Group talks regularly," the official told reporters after the meeting between Foreign Minister Kang Kyung-wha and U.S. Secretary of State Rex Tillerson on the sidelines of the ASEAN Regional Forum (ARF) in Manila, the Philippines.

Moon, Trump hold telephone conversation over N. Korea

South Korean President Moon Jae-in and U.S. President Donald Trump held telephone talks Monday that were widely expected to have focused on ways to rein in North Korea's evolving nuclear and missile technologies. The talks came one day after the U.N. Security Council unanimously adopted a new sanctions resolution against the communist North, condemning the North's launch of claimed intercontinental ballistic missiles on July 4 and July 28. "Just completed call with President Moon of South Korea. Very happy and impressed with 15-0 United Nations vote on North Korea sanctions," Trump tweeted.

FMs from two Korea meet in Manila

North Korean Foreign Minister Ri Yong-ho has claimed that South Korea's recent offer for talks lacks sincerity in his brief encounter with Seoul's top diplomat on the sidelines of an Asian security forum, a government source said Monday. Ri was referring to Seoul's recent offer to hold military talks aimed at easing tensions across the border and resume reunions of families separated by the 1950-53 Korean War. The North has not responded to the overtures. Ri made the remarks on Sunday in response to South Korean Foreign Minister Kang Kyung-wha's request for Pyongyang to respond to the offer "as soon as possible," the source said.

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

Beijing reluctantly agrees on sanction without any remarks

Given the new Resolution 2371 adopted by the UN Security Council to sanction North Korea in just eight days after the second test launching of the Intercontinental Ballistic Missile (ICBM) "Hwasong-14" by North Korea, the newly adopted sanction comes as a stern warning from the international community against provocations made by Pyongyang. In particular, the recent resolution is expected to be effective in crunching the "financial support" to Pyongyang, by prohibiting mineral exports (coal, iron, led) as foreign earnings and freeze any hiring of North Korean workers in foreign countries. Still, some say the recent adoption is not enough to drive direct changes, as Beijing once again vetoed on limiting supply of crude oil; the "lifeline" of North Korea and also the crucial means for the international community to stop the nuclear provocations.

German journalist heralded horrors of Gwangju Uprising

It was belatedly made public that the last e-mail sent from the late German journalist Jürgen Hinzpeter was about the restoration of the clock tower in front of the South Jeolla Provincial Office. Hinzpeter was the first foreign correspondent who heralded the May massacre in 1980, and was the real character in the recent film "Taxi Driver."

On Sunday, Gwangju City officials released the last e-mail sent by Hinzpeter on Jan. 12, 2015 which mentioned his strong hopes of "restoring the clock tower in front of the former South Jeolla Provincial Office," where around 30 people were shot to death by martial law army on the night of May 21, 1980. Indeed, the "blue-eyed witness" Hinzpeter was concerned about another witness, the "clock tower."

Hyundai Mobis speeds up parts supply to U.S. market

It was confirmed that Hyundai Mobis held "Mobis Parts Technology Exhibition" in June at the Ford Research and Engineering Center located in Detroit, the U.S. The exhibition comes as the latest since 2010. Around 400 Ford R&D executives and engineers participated in the show. An official of Mobis North America hinted possibilities of a possible delivery, saying, "We may come up with significant outcomes by the end of this year at the latest." As the world's sixth largest auto parts supplier, Hyundai Mobis boasts over 3.6 trillion won dollars of annual sales. Nevertheless, their goal is to become the "real" global comprehensive auto parts supplier. This is due to the fact that Mobis has been expanding in size under the umbrella of Hyundai Motor Group.

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

UN Security Council Agrees Harsher Sanctions Against N.Korea

The UN Security Council on Saturday unanimously agreed harsher sanctions against North Korea that include a complete ban on exports of coal, iron ore and seafood and freeze labor exports.

UNSC Resolution 2371 follows more than a month's intense negotiations since North Korea tested an intercontinental ballistic missile in early July. The South Korean Foreign Ministry estimates that the latest sanctions could slash US$1 billion or one-third of North Korea's annual exports. The new sanctions ban member states from buying North Korean coal and iron ore and add lead and lead ore to a list of already banned exports that include gold, vanadium and rare earth elements. Seafood, which has also been included, accounts for around seven percent of the North's exports.

Trump 'Willing to Go to War with N.Korea'

U.S. Senator Lindsey Graham on Tuesday claimed President Donald Trump told him he is willing to go to war with North Korea if it develops a nuclear-capable intercontinental missile that can hit the U.S. Speaking on NBC's "Today" program, Graham flatly contradicted pundits who say there is no realistic military option against North Korea. "There is a military option to destroy North Korea's nuclear program and North Korea itself," he said. Trump "is not going to allow the ability of this madman [North Korean leader Kim Jong-un] to destroy America," he said, adding, "He's told me that to my face."

Moon Returns to Work After Summer Break

President Moon Jae-in wrapped up his summer break and returned to Cheong Wa Dae on Saturday. He is now poised to discuss North Korea on the phone with U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe. Cheong Wa Dae said Moon will chair a meeting of senior presidential secretaries on Monday and hold a Cabinet meeting on Tuesday to announce his latest plans.

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

72% of South Koreans in favour of decision to temporarily deploy THAAD launchers

72% of South Koreans have a positive view about President Moon Jae-in’s orders to temporarily deploy the THAAD missile defense system, a new poll found. Concerns about the possibility of war on the Korean Peninsula are higher now than they were after North Korea’s fourth nuclear test last year.

In a public opinion poll carried out by Gallup Korea from Aug. 1 to 3, 72% of respondents said that Moon had done the right thing when he gave orders for four THAAD launchers to be temporarily deployed soon after North Korea’s second launch of an intercontinental ballistic missile. Just 14% of respondents disagreed with the decision. Approval of the decision was lowest around Daegu and North Gyeongsang Province, the area where THAAD is being deployed, with 63% in favor and 21% against. Among supporters of the Minjoo Party, 74% rated Moon’s decision highly.

THAAD deployment causes South Korea’s biggest ever services deficit with China

South Korea recorded its highest-ever deficit in services amid conflicts with China over the deployment of a THAAD missile defense system on the Korean Peninsula. The Bank of Korea (BOK) previously predicted the South Korea-China conflict would reduce the 2017 economic growth rate by around 0.3 percentage points.

A provisional report on the international balance of payments for June published on Aug. 3 by BOK showed a negative balance of US$15.74 billion in services for January to June 2017. The deficit was more than double the US$7.8 billion recorded for the same period in 2016 – a historic high on a half-yearly basis. The previous highest deficit was recorded in the second half of 2016 at US$9.78 billion. The services balance refers to the difference between payments made and received through service transactions with other countries, including transportation, travel, and patent usage expenses.

New Trade Minister pledges ‘look one way and row another’ strategy

Newly appointed Trade Minister Kim Hyun-chong sent an inaugural message that trade policy officials “need to abandon their passive and defensive ‘goalkeeper’ attitude” and “become strategists who don’t let their negotiating partner predict their next move.” The remarks appeared to call for a more aggressive strategy in response to the US’s demand for negotiations to amend the South Korea-US Free Trade Agreement (KORUS FTA). During his Aug. 4 inauguration at the Ministry of Trade, Industry and Energy (MOTIE) at the Sejong Government Complex, Kim declared, “If our past trade policy and strategy were about ‘befriending distant states and antagonizing neighbors,’ we now have to start thinking about a ‘look one way and row another’ strategy.”

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

UN passes new North sanctions

North Korea faced a new ban targeting a third of its annual exports of $3 billion following its two intercontinental ballistic missile tests last month. The United Nations Security Council unanimously passed new sanctions on the North on Saturday in New York. The U.S.-drafted resolution bans key North Korean exports of coal, iron, iron ore, lead, lead ore and seafood. It also bars countries from hiring more North Korean laborers. Opening new joint ventures with the North is prohibited as well as making new investments in current ventures. Nine North Korean officials and four organizations were added to the sanctions list for having supported the regime’s nuclear and ballistic missile programs.

Real estate takes a hit after Moon’s measures

At the end of last week, a 72 square-meter (775 sq. ft.) apartment in Banpo, Seocho District, southern Seoul, was offered for sale for 1.65 billion won ($1.46 million) - down from an original asking price of 1.8 billion won. “The owner, who owns two apartments, is offering up the unit in a hurry,” said the real estate agent. “Until a couple of days ago, there were a lot of inquiries about it. But today, no buyers are interested.” The local real estate market is feeling the effects of the Moon Jae-in government’s second round of real estate measures aimed at cracking down on speculative buying, which was announced on Aug. 2.

Companies vie for a space in parking lot industry

On July 28 investors pumped some 3 billion won ($2.6 million) into parking lot operator start-up Parking Cloud through Hana Financial Investment. Last year, VIG Partners, a private equity fund operator, acquired 83.3 percent of Hi Parking, a local parking lot operator, for about 30 billion won. With the number of registered vehicles still on the rise in Korea and smarter technology solutions available, investors and venture capitalists are increasingly focusing on the parking lot industry. “Parking lots were just thought of as part of a building in the past, but the image is changing since many of them are now operated by franchises and companies with brand names,” said Lee Seung-ho, an executive at Hana Financial Investment. “This is leading to a growing interest in the business among wealthy people.”

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

NIS “Outside” Cyber Team Manipulated Public Opinion: MB Government Hired 3,500 Civilians for the Task

The National Intelligence Service (NIS) under the Lee Myung-bak government ran an "outside cyber team" of 3,500 civilians in 2012, the year of the presidential election, and manipulated public opinion, according to an internal investigation by an NIS task force to eradicate deep-rooted problems in the agency. The latest investigation revealed that the NIS spent 3 billion won of their budget to operate this team in 2012 alone. The intelligence service also received orders from Cheong Wa Dae in 2011 to use social network services (SNS) in promoting state affairs. The service drew up plans to support ruling party candidates in the parliamentary elections and the presidential election and reported such plans to Cheong Wa Dae. According to the NIS Reform Committee on August 3, the task force confirmed that the agency had operated thirty teams of civilians to manipulate public opinion in 2012, while investigating the intelligence agency's intervention in the presidential election. At the time, the intelligence service spent 250 to 300 million won on personnel expenses alone for this project and in 2012 spent a total of 3 billion won on this project.

More Taxes for the Chaebol and the Rich: Annual Revenue to Increase by 5 Trillion Won Including 550 Billion Won from Samsung

The corporate tax rate for chaebol conglomerates will rise 3% to 25%. This is a return to the rate at the time of the Lee Myung-bak government in 2009, and Samsung Group is expected to shoulder 550 billion won more in corporate taxes. The income tax rate for the "super rich," whose tax base exceeds 500 million won will also rise to 42%. Meanwhile, the government will provide 10% more to encourage employment, and children, from newborns to five-year-olds, will receive a monthly 100,000 won for child support. The Moon Jae-in government has launched its "rich tax," and the government is expected to collect more taxes from the chaebol and the rich first, then support small and medium-sized enterprises and low-income households.

Lee Jae-yong, "The Company Presidents and the Future Strategy Office Were Responsible for the Merger of Samsung C&T and Cheil Industries"

On August 2, Lee Jae-yong (49), vice chairman of Samsung Electronics testified that he had never ordered the executives at Samsung's Future Strategy Office to support the equestrian training expenses of Chung Yoo-ra (21), the daughter of Choi Soon-sil (61). He also said he had never asked former President Park Geun-hye (65) to solve Samsung's problems during the private meeting. He flatly denied his charges of bribery. This is the first time that Lee expressed his position on the charges against him, after his case went to court. This afternoon, in his hearing at Criminal Department 27 (Chief Judge Kim Jin-dong) of the Seoul Central District Court, Lee stood before the bench as a defendant, and when the team of special prosecutor Park Young-soo asked, "Didn't you discuss the funding of Chung in a meeting with your executives shortly after the private meeting with former President Park on July 25, 2015?" Lee answered, "I didn't even know who Chung was."

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The Korea Economic Daily (http://english.hankyung.com/)

SK E&C Signs $1.6 Bil. Refinery Modernization Order from Iran

Korean construction companies have won a series of large-scale projects in Iran and Vietnam. SK Engineering & Construction said on August 6 that it clinched a US$1.6-billion deal to modernize an oil refinery in Tabriz in northern part of the country 600 kilometers northwest of the Iranian capital Tehran. The refinery currently has a processing capacity of 110,000 barrels a day. Under the terms of the agreement, SK E&C will undertake the modernization project to increase the capacity to produce gasoline, diesel, and lubricant base oil in compliance with Euro 5 standards. SK E&C will form a consortium with a local EPC (engineering, procurement, and construction) company ODCC. The length of the project will be 36 months after commencing on the construction.

LNG Power Generation Capacity Use at a Historic Low

A liquefied natural gas-based power plant near the Seoul metropolitan area recently recorded the daily average operating hours of fewer than 8 hours even though it is capable of running around the clock. That's largely because of the current power generation rule that prioritizes cheaper nuclear and coal power plants over LNG-fueled ones. According to the Korea Power Exchange on August 4, the average capacity utilization ratio of LNG power plants around the Seoul metropolitan area has been 35.9 percent during the first half of the year. This is the lowest level since 2005 when the power exchange started compiling the data. The capacity use hit a peak in 2013 at 67.1 percent after which it has kept declining. The ratio is even lower than a half of that for nuclear (78.1%) and coal-based power generation (75.9%).

Wonik IPS Posts 2Q Earnings Surprise...Samsung Securities

Samsung Securities said on August 7 that Wonik IPS, a semiconductor equipment maker, will be able to continue to perform well next year on the back of the brisk sales of memory chips. It raised the target price on the stock to 38,000 won from 36,000 won and kept its investment rating unchanged at "buy." The company's second-quarter operating profit was 46.8 billion won, up 1,153 percent from four quarters ago. During the same period, its sales were up 290 percent to 205.2 billion won. Lee Jong-wook, analyst with Samsung Securities, said, "The company's operating profit ratio of 22.8 percent is amazing. This is largely because investment in the 3D NAND production lines in Pyeongtaek began in the first half while the logic foundry investment has just begun."

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

Four-star army commander put under criminal probe by military prosecutors

A four-star field army commander will be put under a criminal investigation by military prosecutors over allegations he and his wife had abused authority to treat house-keeping soldiers like slaves at their official residence, the defense ministry said. The wife of Park Chan-ju, chief of the 2nd Operations Command, will be investigated by military prosecutors as a witness, the ministry said in a statement that followed a field survey of ten people including Park, his wife and soldiers. Park has applied for discharge to take responsibility, it was not accepted pending an investigation. The scandal prompted Defense Minister Song Young-moo to order a full probe into the status of about 100 soldiers manning the residential compounds of top army commanders.

UK Model kidnapped in Italy to be sold on Dark Web auction for sexual predators

A 30-year-old Polish man, Lukasz Herba, was arrested on July 17 for kidnapping a 20-year-old British model. The model whose name was not released was in Milan, Italy for a photo shoot. She was attacked when she arrived at the shoot, drugged, and loaded into a bag by Herba and his accomplice. She then was put into a car trunk. Herba drove to Lemie in Turin, northern Italy, to lay low in a cabin. The model was kept in a wooden chest of drawers in a bedroom for about a week with her hands cuffed. Herba contacted her agent claiming that he was planning to sell her on the dark web auction and asked $300,000 in compensation of stopping the model getting sold on the auction. He also told the agent that he is working on behalf of "the Black Death Group" that is an organized human trafficking group that operates through the dark web.

Lotte suffers group-wide setback in Q2 earnings

Lotte, South Korea's fifth-largest conglomerate, saw its group-wide earnings falling sharply in the second quarter of this year after it became the prime target of China's trade retaliation over a US missile shield. Lotte has been battered by strong retaliatory steps such as a buyer's strike from Chinese consumers and tourists since it pushed ahead with a land swap deal to let US troops install missile interceptors at its golf course some 200 kilometers (124 miles) southeast of Seoul. The consolidated second-quarter operating profit of Lotte Shopping, one of the group's flagships, plunged 49 percent on-year to 87.3 billion won (77.4 million US dollars). Sales fell 4.3 percent to 6.92 trillion won, and net profit was down 95 percent to 4.1 billion won, according to industry data and the Financial Supervisory Service.

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

KDB makes public possibility of GM’s withdrawal from Korea

State-run Korea Development Bank (KDB), the second-largest shareholder of GM Korea, on Thursday officially raised concerns about the possibility of U.S. automaker General Motors Co. pulling out of the local market. In its latest report submitted to the National Assembly on Thursday, KDB made public the possibility of GM deserting the Korean market, given deteriorated business conditions at home and abroad, impending termination of the ban on stake sales, and overall overseas streamlining of policy of the U.S. automaker. Rumors of GM’s exit spread after GM Korea CEO James Kim stepped down before his term ended in March next year.

Korea’s new trade chief vows to be inventive and aggressive in trade strategy

Kim Hyun-chong, former chief negotiator for the Korea-U.S. Free Trade Agreement (FTA) under former Roh Moo-hyun administration, taking office as Korea’s chief trade representative with pending possibility of a revisit to the five-year bilateral trade deal with the U.S. vowed to be aggressive in trade negotiations and policy. “There is no future in trade if we keep to a defensive position,” Kim said in his inauguration address on Friday. He returns to the helm of trade negotiations after the role went back to the ministry of trade from the foreign ministry under President Moon Jae-in.

Doosan Heavy Industries’ order and profit prospects foggy under new govt energy policy

Doosan Heavy Industries & Construction Co., Korea’s largest power plant equipment maker responsible for a third of revenue for 11th largest conglomerate Doosan Group, has become fretful about its future under new energy policy of President Moon Jae-in to phase out of nuclear and coal fuel to generate power. The equipment maker is also the parent of Doosan Infracore, Doosan Engineering & Construction and Doosan Engine. Doosan Heavy posted 1.45 trillion won ($1.29 billion) in second-quarter sales with an operating profit of 62.6 billion won. Both figures were lower than a year ago. New orders in the April-June period were valued at 1.24 trillion won, up 17 percent from a year earlier.

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