The Korean daily media headlines and humor
Tuesday, October 31, 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
‘Apple Carriage’ in the fairy tale is re-enacted at the Cheongsong Apple Festival on Friday
Nov. 3, 2017 where the ambassadors and senior diplomats are invited with madams.
The special tour for the members of the Seoul Diplomatic Corps is organized by
The Korea Post media on the upcoming Friday.
Expatriate ladies demonstrate how to use the Cheongsong apples.
Cheongsong apples are noted for taste, flavor and nutrients and has won the
Top Award for five years in a row from the Korean government.
The 13rd Cheongsong Apple Festival on Friday Nov. 3, 2017.
Mayor Han Dong-su of the Cheongsong County cordially invites you and madam to the 13rd Cheongsong Apple Festival on Friday Nov. 3, 2017.
There are many interesting events and sights offered by the Host that day. See The Korea Post article and photos at http://www.koreapost.com/news/articleView.html?idxno=4097
The tour is organized for the Ambassadors, Senior Diplomats and Madams by The Korea Post media at the invitation of Mayor Han Dong-su and the chairman of the Organizing Committee of the Festival.
Cheongsong has won the Slow City Award for the three consecutive years, is a UNESCO Geological Park, is widely known for a Slow City in Korea and its Apple has won the TOP AWARD in quality and taste for the five consecutive years.
Mayor Han is providing each visiting Diplomat that day with a box of Top Quality Cheongsong Apples for the purpose of personal sampling and introduction to all the countries of the world through actual sampling by the Excellency and Madam as well as their own country.
The itinerary of the Tour follows:
0900 hours Friday November 3, 2017: Meet at Grand Hyatt Seoul
0905-1150 hours: Depart for Cheongsong by a Limousine bus.
1150-1200 hours: Meet and exchange of pleasantries and greetings with Mayor Han Dong-su of Cheongsong.
1200-1300 hours: Luncheon with Mayor and Mrs. Han and other leaders of the County.
1330-1420 hours: Tour the Songso Ancient House of the Joseon Dynasty.
1420-1430 hours: Move to the Festival venue.
1430-1630 hours: Tour 2017 Cheongsong Apple Festival Venue.
1630-1800 hours: Tour the famed Juwangsan National Park.
1800-2050 hours: Move back to the Grand Hyatt Seoul from Cheongsong.
For inquiries, please call Publisher-Chairman Lee Kyung-sik (010-5201-1740) or Ms. Kim Su-a (010-7584-5873) for inquiries in English or Ms. Kim Jung-mi (010-3388-1692), Hwi Won (010-5376-1225), or John Kim for Korean information.
The Korea Post media
What’s ticking in Korea today? Here is a quick roundup of important news stories from the major Korean news media today:
AmorePacific's Q3 net drops sharply amid THAAD row
AmorePacific Corp., the country's top cosmetics maker, said Monday its third-quarter net profit plunged 32 percent from a year earlier, due largely to a protracted slump in the domestic market amid a sharp decline in Chinese tourists. Its net income came to 79.8 billion won (US$70.9 million) in the July-September period, compared with 117 billion won the previous year, the company said in a regulatory filing.
The operating profit for the cited period also fell 39.7 percent on-year to 101 billion won, with sales plunging 13.6 percent to 1.21 trillion won from a year earlier.
Air Busan adds Busan-Vientiane route
Air Busan Co., a South Korean budget carrier, said Monday it has begun to offer flights on a route from a provincial airport to Vientiane, Laos, as part of its route diversification efforts. Air Busan began servicing the route from the southern port city of Busan, 453 kilometers south of Seoul, to the capital city of Laos with a 195-seat A321 passenger jet, the company said in a statement. The budget carrier unit of Asiana Airlines Inc. currently operates 15 A321-200 jets and six smaller A320-200s, all leased and with up to 220 seats, to serve four domestic routes and 24 international routes. In 2020, it plans to bring in the A321-200 NEO.
Hyundai's new i30 N wins TCR Europe Trophy
The i30 N TCR, Hyundai Motor Co.'s purpose-built circuit car, beat rivals at the TCR Europe Trophy race held in Italy, the carmaker said Monday. In the circuit event held at the Adria International Raceway from Oct. 27-29, Hyundai's i30 N TCR outpaced such vehicles as the Audi RS3 LMS and Volkswagen's Golf GTi, Hyundai Motor said in a statement. The win comes weeks after the i30 N TCR beat the same rivals at its TCR International Series debut held in China from Oct. 6-8. After upgrading the high-performance car based on data earned from the TCR, Hyundai said it plans to sell the race car model to international professional racing teams later this year.
UNESCO Listing of Comfort Women Documents Put on Hold
UNESCO has decided to put on hold the registration of documents related to Japan's wartime sexual slavery on its Memory of the World Register. UNESCO's International Advisory Committee held a meeting in Paris last Tuesday and deliberated the value of the documents for four days, before UNESCO Director General Irina Bokova made the decision to put off the registration. Last year, civic groups from nine countries including South Korea, China, Japan and Taiwan, made an official request for UNESCO to register documents on "comfort women" forced into sexual slavery for Japanese troops during World War II.
Japan, which is the largest contributing member of UNESCO's budget, has been opposing the move and putting pressure on UNESCO by delaying the payment of its membership.
S. Korea's Industrial Output Up 0.9% in September
South Korea's industrial output rebounded in September on the back of a rise in major industries. According to data by Statistics Korea released on Tuesday, the country's overall industrial output increased point-nine percent on-month last month, following an on-month decrease of point-one percent in August. Production in the mining, manufacturing, gas and electricity industries climbed point-one percent on-month in September. Production in the service sector increased one-point-three percent on-month, while retail sales gained three-point-one percent on-month, posting the largest growth since February.
Foreign Minister Expects 'Good News' on Seoul-Beijing Ties
Foreign Minister Kang Kyung-wha expects Seoul will soon be able to make an announcement regarding improving ties with Beijing. Speaking before the National Assembly Foreign Affairs and Unification Committee during a parliamentary inspection on Monday, Kang confirmed there have been positive signs of easing tensions between South Korea and China over the deployment of a U.S. THAAD missile defense battery. She pointed out that since the start of the Moon Jae-in administration, the government has been working to resolve a number of pending issues with China, including a dispute over THAAD.
Moon Urges Social Dialogue for Economic Paradigm Shift
President Moon Jae-in has called for a social dialogue involving the government, business and labor circles for a paradigm shift in the economy. Chairing a meeting of his top aides on Monday, the president said that reaching a social consensus on economic and labor policies is a "mission of our time" that must be achieved. He said that polarization and falling domestic demand can adversely affect the market economy from properly operating. He said this deals a blow to businesses and eventually the workers who suffer the most. Moon stressed that efforts to make small concessions, share the burden and bridge the gap will help advance the economy and grow companies and laborers together side by side.
S. Korea's industrial output up for 3rd month in Sept.
South Korea's industrial output rose slightly for the third consecutive month in September from a month earlier on a rise in major industries, government data showed Tuesday. Production in the mining, manufacturing, gas and electricity industries climbed 0.1 percent on-month in September, following an adjusted 0.1 percent rise in the previous month, according to the data by Statistics Korea. It is the first time in more than four years that the figure has remained in positive terrain for three months in a row. From a year earlier, industrial output also jumped 8.4 percent last month, marking the highest on-month gain since January 2013. Production in the service sector added 1.3 percent on-month, with a 5.4 percent on-year rise. Retail sales gained 3.1 percent on-month, turning around from a 0.9 percent drop in August.
UNESCO listing of comfort women documents postponed
UNESCO has delayed its review of multinational civic groups' request to register documents related to Japan's wartime sexual slavery of women on the list of "Memory of the World," the South Korean culture ministry said Tuesday. In May 2016, 15 civic groups from 8 countries, including South Korea and China, made an official request for the UNESCO listing of documents related to women, mostly Koreans, forced into sexual slavery for Japanese troops during World War II. The victims are euphemistically called "comfort women." They include around 2,700 kinds of documents, including court records and materials given by victims. According to the Ministry of Culture, Sports and Tourism, the International Advisory Committee (IAC) of UNESCO made the decision in Paris early this week.
U.S. congressional report identifies 7 military options for N. Korea
A U.S. congressional report has identified seven possible military options the United States could use to handle the threat of North Korea's nuclear weapons program. In the report sent to lawmakers Friday, the Congressional Research Service offers options ranging from enhanced containment and deterrence to a change of regime in Pyongyang and to a complete withdrawal of U.S. troops from South Korea. It comes as tensions have escalated over North Korea's nuclear weapons and ballistic missile programs, with Washington vowing to use military action to counter the threat if necessary. The other options are maintaining the military status quo; "denying (North Korea's) acquisition of delivery systems capable of threatening the United States," such as by shooting down all missiles the North test-fires; and eliminating the North's long-range ballistic missiles and associated facilities and its nuclear facilities.
The Korea Herald (http://www.koreaherald.com)
Seoul not considering joining US missile defense system
Korea is not considering any additional deployments of the US’ Terminal High Attitude Area Defense anti-missile system, Foreign Minister Kang Kyung-wha told lawmakers Monday. She also reiterated that the country won’t participate in the US-led missile defense networks. “We are not considering any additional THAAD deployments,” Kang told a parliamentary audit of the Foreign Ministry in Seoul. The THAAD battery, comprising six interceptor launchers and a radar, has been deployed by the US military in Seongju, North Gyeongsang Province. “There is no change on our stance that we will not participate in the US’ MD networks,” said Kang, while stressing that Seoul will focus on the early establishment of the Korea Air and Missile Defense system, South Korea’s independent missile shield.
Korean firms face challenges beyond THAAD row
South Korean companies should brace for the sophistication of China’s economic structure that will be accelerated during Xi Jinping’s second five-year term as Chinese leader, economists here say. The possible easing of China’s economic retaliation against South Korea over the latter’s hosting of a US anti-missile system could not mask fundamental challenges facing them in the Chinese market. Guarded optimism has been raised here that Beijing will ease retaliatory measures following last week’s closure of the 19th congress of the Chinese communist party, in which Xi cemented his grip on power.
North Korea’s trade dependency on China peaks amid sanctions
North Korea’s trade dependency on China reached an all-time high last year, while its luxury goods imports amounted to nearly $666 million, according to a lawmaker. The figures come amid the international community’s growing efforts to place a cap on the reclusive nation’s economic activity by convincing Beijing to use its clout against Pyongyang. A recent report by the Korea-Trade Investment Promotion Agency said the North’s trade dependency rate on China inched to 92.5 percent in 2016, a tad higher than 91.3 percent in 2015. Its rate with Russia, which came in second, stood at 1.2 percent, making China clearly North Korea’s economic lifeline.
The Korea Times (http://www.koreatimes.co.kr)
Diplomacy key to resolving North Korea crisis
Diplomacy is the only way to achieve a peaceful resolution of the North Korea nuclear crisis, according to Kelsey Davenport, director for nonproliferation policy at the Arms Control Association. She said that in order to bring North Korea back to negotiations, U.S. President Donald Trump and his administration should send a sincere, consistent message that the offer of engagement is real. "Diplomacy is the only path forward to resolve the North Korean nuclear crisis," Davenport said in a recent interview. "The Trump administration purports to advance a strategy of maximum pressure and engagement but U.S. actions and rhetoric expose a serious diplomacy deficit," she added.
Autumn freeze sweeps Korea
The first big autumn freeze hit Korea on Monday morning as temperatures plunged to 4.5C in Seoul and to sub-zero in rural regions. "Cold winds will work their way from the northwest area to the south until Tuesday. The temperature will drop significantly more than average," said the Korea Meteorological Administration (KMA). "There were areas that dropped below zero, which is the lowest temperature this autumn. The first ice and frost were also spotted."
More than 200,000 sign pro-abortion petition
More than 200,000 people have signed a petition on South Korean presidential office's homepage to abolish the criminal status of abortion as of Sunday, requiring the central authority to give an official response. A member of the public filed the petition on Sept. 30 and since then 214,298 people had signed by Sunday at 4 p.m. on Oct. 29, one day before the deadline. Cheong Wa Dae had pledged in August to give an official reply within 30 days from a senior-or -minister level to a petition with more than 200,000 signatures. The pledge came 100 days after the Moon Jae-in administration took office in May.
"Korea has a low birth rate, but unwanted pregnancy is a tragedy for those directly involved, the babies, and the nation," said the first petitioner. "It is unfair to hold only women responsible under the current law."
DongA Ilbo (http://english.donga.com)
Pictures of Xi and Mao hung together in his old home
Taking a step into a cave home where Chinese President Xi Jinping lived at the age of 15, the portrait of Mao Zedong and a propaganda poster saying “Let’s march forward under the banner of Mao Zedong!” hung up on the wall came into view behind a blanket and oil lamp. Xi was sent to Liangjiahe Village, Yanchuan County, Shaanxi Province in 1969 to work as a farmer as part of the “Down to the Countryside Movement.” A step further into a little space less than 10 square meters, this reporter was greeted with the framed black and white photograph of President Xi in his youth. One meter away from his picture, the picture of Mao Zedong with a phrase “Long live Mao Zedong!” was posted on the wall.
Pentagon poised to make stronger armed protests towards N. Korea
The United States is likely to step up its pressure on Pyongyang as U.S. Secretary of Defense James Mattis and his South Korean counterpart Song Young-moo have agreed to expand the rotational deployment of U.S. strategic assets at the 49th Security Consultative Meeting at the Defense Ministry in Yongsan, Seoul on Saturday, which was held for the first time since the new administrations took office in both countries. Saying that high-level armed protests are an effective method to deter North Korea’s nuclear and missile provocations, defense chiefs of the two allies have agreed to deploy U.S. strategic assets including its strategic bombers and nuclear-powered aircraft carriers “more boldly and frequently” on the Korean Peninsula so that these assets can be effectively deployed on a permanent basis. At the annual security dialogue, Seoul’s Defense Ministry reportedly requested that Washington increase the number of times it sends strategic weapons, promising to provide needed support for maintenance or oil in case of emergency.
Chinese budget carriers to resume S. Korea-bound routes
Amidst signs of alleviated tensions between Seoul and Beijing over the THAAD deployment, Chinese airlines have started to resume their South Korea-bound routes, which have been suspended since March. Chinese Foreign Minister Wang Yi and Korea’s Ambassador to China Noh Young-min met in Beijing on Sunday for the first time and shared expectations over the development of South Korea-China relationship.
China’s budget carrier Spring Airlines Co., which suspended its Ningbo-Jeju Island routes from July due to a decrease in the number of passengers, has notified through its homepage that it plans to resume its flight service, connecting Ningbo and Jeju Island, three times a week starting from Tuesday. The airline company applied for an MOU to the competent authority of both countries and received approval. It has been identified that Spring Airlines is carefully looking through expanding its Shanghai-Jeju Island routes, which are continuing to be in service.
Chosun Ilbo (http://english.chosun.com)
Western Components Used in N.Korean Missiles
Components made by major Western companies including one in the U.K. have been used to make North Korean missiles, a UN official said. The claim was made Sunday by Hugh Griffiths, who leads the UN Security Council's Panel of Experts monitoring sanctions on North Korea, on CBS show 60 Minutes. He said UN investigators found a manufacturer's logo and serial numbers on debris of North Korean rockets recovered by South Korea in February 2016. This allowed "investigators to trace the origin and supply chain. And one component, called a pressure transmitter, was sourced to a well-known company in the West," CBS added. The pressure transmitter is a key part for missile control. The program did not reveal the company’s name because it is cooperating with Griffiths' investigation.
Talks Over New Korea-U.S. Wartime Command Put on Ice
Discussions between Seoul and Washington about creating a new Korean-led command structure when Seoul gains full charge of its own troops have been postponed until next year. Defense Minister Song Young-moo and U.S. Defense Secretary James Mattis originally planned to hammer out the plan during the annual security consultative meeting in Seoul last Saturday. President Moon Jae-in is keen for Seoul to gain full control of its own troops in wartime by 2020, but that looks increasingly unlikely as the U.S. drags its heels and tensions with North Korea mount.
Over 200,000 Sign Petition to Legalize Abortion
More than 200,000 people have signed an online petition on the website of Cheong Wa Dae to legalize abortion. The presidential office is obliged to give a response to petitions that garner more than 200,000 signatures in a month. The petition was posted on the website on Sept. 30 and had garnered 220,000 signatures by Sunday. The person who posted it said, "Unwanted pregnancies and children born from such pregnancies are a tragedy for both the mother, child and our country." Under current laws, women who abort a fetus face up to a year in prison or a W2 million fine, and doctors who perform abortions can be jailed for two years (US$1=W1,131). A Cheong Wa Dae official said, "We will discuss what response to give and when."
HanKyoReh Shinmun (http://english.hani.co.kr)
Stephen Hadley: “Finding a diplomatic solution is the priority”
During a visit to South Korea, Stephen Hadley, Executive Vice Chair of the Atlantic Council, emphasized that a diplomatic solution should be the priority in the North Korean nuclear crisis. Hadley served as the Assistant to the President for National Security Affairs under former US President George W. Bush. Hadley made the remark in response to a question about the South Korea-US alliance and the future of American policy toward North Korea while meeting South Korean reporters in a hotel in Seoul on the morning on Oct. 29. While Hadley remarked that the possibility of resorting to a “military option” to resolve the North Korean nuclear issue was “a matter for the Trump and Moon administrations to discuss,” he said that “finding a diplomatic solution is the priority. We should be resolving this through diplomatic and economic pressure and sanctions and through China. In the end, the military option is not what we want.”
Plans for early return of wartime OPCON transfer to be developed by next year
South Korea and the US plan to jointly develop a plan by late 2018 for the early return of wartime operational control (OPCON) to South Korea. A senior Ministry of National Defense official said on Oct. 29 that Minister of National Defense Song Young-moo and US Secretary of Defense James Mattis agreed at their bilateral Security Consultative Meeting (SCM) the day before to “comprehensively re-examine the OPCON transfer plan and work together on supplementing and developing it, with results to be reported at next year’s SCM.”
Signs of a thaw emerging in South Korea-China relations
As the onset of Chinese President Xi Jinping’s second term in office brings signs of a thaw in South Korea’s relations with China, which have been frozen since the deployment of the THAAD missile defense system on the Korean Peninsula, there is growing hope in South Korea’s distribution and tourism industries. The two industries are heavily dependent on China, and they have suffered heavily since the flow of Chinese tourists was cut off this past March after China slapped a ban on Korean cultural exports, including group tours to South Korea and the sale of South Korean travel packages.
JoongAng Ilbo (http://koreajoongangdaily.joins.com/)
Skepticism grows on vetting process at Blue House
Questions are growing over the competence of the Blue House’s vetting of candidates for top jobs after it missed problems on the resume of a nominee to head a new start-up ministry. Last week, President Moon Jae-in named Hong Jong-haak, former lawmaker of the Democratic Party and a liberal economist, as minister of SMEs (small- and medium-sized businesses) and Startups. The economist-turned-politician is now facing a barrage of criticism from opposition parties over controversial transfer of assets among his family members.
LKP ends National Assembly boycott after 4 days
The main opposition Liberty Korea Party decided Monday to end its boycott of the National Assembly interpellation after four days, as its lawmakers agreed that the walkout was ineffective. Since Thursday, the conservative opposition party has been boycotting the legislature’s inspection of the government in protest of the Korea Communications Commission’s decision to add liberal members to the board of directors of a public broadcaster.
Samsung’s Lee may owe tax on bank accounts
Korea’s financial authorities may send bedridden Samsung Chairman Lee Kun-hee a large tax bill for bank accounts he controls under other people’s names. During a final round of a parliamentary audit of the Financial Services Commission and Financial Supervisory Service on Monday, Rep. Park Yong-jin of the governing Democratic Party asked Choi Jong-ku, the chairman of the FTC, the top financial regulator of Korea, whether the government should collect tax on accounts that have been confirmed by law enforcement as being controlled by a person in the names of other people.
The KyungHyang Shinmun (http://english.khan.co.kr/)
Hot Summit Diplomacy in Early November: Can It Melt the Frozen Korean Peninsula?
Major summit meetings scheduled for early November are expected to be a decisive moment for peace on the Korean Peninsula. With the possibility of a military clash between North Korea and the United States still present, the situation on the Korean Peninsula is expected to be a major agenda in the summit meetings between major countries during U.S President Donald Trump's first visit to Asia. South Korea and China are also discussing details to organize a summit meeting during the Asia-Pacific Economic Cooperation (APEC) Summit on November 11-12.
1. South Korea Suffocates in a Race of Power
President Xi Jinping has declared a "strong China" as he begins his second term, and the political situation in Northeast Asia has made it a region of chaos as uncertainty rules. China has made clear its goal to build a socialist nation surpassing the U.S. in terms of the military and the economy as it heads toward two centennials: the centennial of the founding of the Communist Party (2021) and the centennial of the founding of the People's Republic of China (2049). China declared it would, on its own, change the international order centered on the U.S. established after the Second World War.
Park Geun-hye Chooses Life in Seclusion
Former President Park Geun-hye (65) has not received a single outside visitor, including family, friends and acquaintances, except for her lawyers for over six months since she was arrested at the end of March. This is in contrast to her former Chief of Staff Kim Ki-choon (78), Choi Soon-sil (61) and Lee Jae-yong (49), vice chairman of Samsung Electronics, who have continued their contact with the outside world even after their arrest for their involvement in the abuse of state authority.
The Korea Economic Daily (http://english.hankyung.com/)
POSCO Completes Steel Wire Service Center in the U.S.
POSCO, Korea's largest steel maker, has completed on September 22 the construction of a steel wire service center in Jeffersonville, Indiana, with an annual capacity of 25,000 tons. The plant will supply steel wire goods to be used for bolts, nuts, and bearings to auto parts companies. Started in April last year, the service center cost the company US$20.9 million to build. The high-quality steel materials produced in the new plant will be supplied to companies like Simplex Korea, Taeyang Metal Industrial, Nissan, and Fontana.
Industry Panics over Prospect of Rising Subcontract Worker Disputes
As the government pronounced illegal on the practice of companies relying on subcontract workers for a long time such as the cases in Paris Baguette and Mando-Hella, the whole industry in shock. This is not just restricted to manufacturers but is spread to services and the food franchise industry as well. The corporate sector expected on September 24 that companies like Tous Les Jours, Samsung Electronics service centers, and LG U+ will likely face the same problem any time soon after the Ministry of Employment and Labor made a decision on dispatch workers. An official with a large corporation said that he is worried that the government may pressure his company to hire all dispatch workers as full-time regular employees.
Gov't Decides to Give $8 Mil. Aid to North Korea...Timing to Be Announced Later
The government has decided to give support to North Korea worth US$8 million in programs helping its vulnerable people including children and pregnant women indirectly through international organizations. It, however, has not decided when to start sending money and exactly how. This is interpreted as a choice to deflect criticism that it is undertaking an aid project at a time when North Korea is causing an international storm by launching a series of missile tests. On September 21, the government held a consultative meeting for inter-Korean exchange and cooperation and approved an agenda to provide $8 million to programs such as those for North Korean mothers and children' health and nutrition by way of the UNICEF and the World Food Program.
AJU Business Daily (http://eng.ajunews.com/korea)
Pyongyang may face more serious economic crisis than in 1990s
Due to strengthened international sanctions, North Korea may see an economic crisis which is more serious than the period of a great famine following the death of its founding father, Kim Il-sung, the South's point man on Pyongyang said. Unification Minister Cho Myoung-gyon told a forum that sanctions are expected to affect some 90 percent of North Korea's annual exports worth about three billion US dollars.
North Korea's missile and nuclear threats prompted the U.N. Security Council and Washington to impose tough sanctions. Analysts said Pyongyang was nervous about Beijing's toughened stance as 90 percent of its external trade comes through China.
S. Korea honors French war veteran's wish to be buried in DMZ battlefield
A French veteran who fought during the Korean War more than six decades ago will be buried inside the world's last Cold War frontier in a post-humous funeral this week as he wished before his death.
The remains of Jean Le Houx, who died on December 30 last year at 84, will be transferred from France to South Korea for burial at a French memorial monument near a South Korean guard post inside the demilitarized zone (DMZ) which splits the Korean peninsula. The burial ceremony involving dozens of participants including French Ambassador to South Korea Fabien Penone will be held on Thursday in Chorwon northeast of Seoul, according to the Ministry of Patriots and Veterans Affairs.
Prosecutors demand jail term of up to 10 years for Lotte's ruling family
Prosecutors demanded jail terms of up to ten years for the ruling family of South Korea's fifth-largest conglomerate, Lotte, accusing group chairman Shin Dong-bin and others of privatizing corporate assets to pursue personal interests. Group founder Shin Kyuk-ho, 94, and his common-law wife, Seo Mi-kyung, and two sons -- group chairman Shin Dong-bin and his brother Shin Dong-joo -- have been indicted along with the founder's daughter, Shin Young-ja, who was sentenced to three years in prison in January in a separate case. In a final hearing on Monday, prosecutors urged a criminal court in Seoul to sentence Dong-bin to 10 years in prison along with a fine of 100 billion won (889 million US dollars) and five years for his brother along with a fine of 12.5 billion won.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
SK Group hopeful of signing PVB JV with Sinopec by year-end
South Korea’s SK Group hopes to realize its plan to create a joint venture in the polyvinyl butyral (PVB) film business between its petrochemical unit SKC Ltd. and Sichuan Vinylon Works (SVW), a subsidiary of China’s Sinopec Corp., within the year amid signs of improvement in bilateral ties between Seoul and Beijing. According to the chemical industry on Sunday, the two companies signed a letter of intent in May outlining plans to form a joint venture by the end of the year and are said to be in active talks to reach an agreement. PVB film is an essential safety film used in bonding glass for automobiles and buildings. Its ability to reduce noise, heat and ultraviolet radiation has made it one of the most rapidly growing high-end petrochemical products.
Samsung Chief Lee’s borrowed accounts mostly set up with Samsung Securities, Woori Bank: Lawmaker
Samsung Group Chairman Lee Kun-hee opened most borrowed-name accounts for his secret funds worth more than 4 trillion won ($3.56 billion) with Samsung Securities Co., the group’s key brokerage unit, and Woori Bank, a lawmaker from the Democratic Party said on Monday, citing the results of a special prosecutor’s probes into South Korea’s largest conglomerate in 2008. Representative Park Chan-dae, also a member of the National Assembly’s National Policy Committee, said the Financial Supervisory Service (FSS) looked into 1,021 of Lee’s apparent 1,199 borrowed-name accounts confirmed a special counsel investigation in 2008, and uncovered that 64 were bank accounts and 957 were securities accounts. According to the FSS document, 83 percent of the bank accounts, or 53 accounts, were set up with Woori Bank and 79 percent of the securities accounts with Samsung Securities.
Shinhan Financial Group’s net profit up 25.1% on year in Jan-Sept
South Korea’s leading banking group Shinhan Financial Group Co. on Monday reported a 25.1 percent increase in net profit for the first nine months of this year, thanks to a growth in interest income and a decline in loan-loss reserves. According to its regulatory filing on Monday, Shinhan Financial Group has raked in 2.7 trillion won ($2.4 billion) in net income during the January-September period, 25.1 percent from the same period last year. This is the financial group’s largest-ever net income for the period, it said. Over the same period, operating profit rose 4.4 percent on year to 6.9 trillion won. In the July-September quarter alone, the company posted 817.3 billion won in net income, up 15.5 percent from a year ago.
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