The Korean daily media headlines and humor
Monday, November 6 , 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
Ambassadors, spouses grace Cheongsong Apple Festival with kind attendance and interest
Ambassador Petar Andonov of Bulgaria and several other members of the Seoul Diplomatic Corps visited the 2017 Cheongsong Apple Festival on Nov. 3, 2017 organized by The Korea Post media at the invitation of Mayor Han Dong–su of Cheongsong County.
Mayor Han very warmly welcomed the visiting members of the Diplomatic Corps who had their fill of genuine local hospitality and welcome of the local government and civic leaders who are considered ‘real Koreans’ in contrast with the ‘cosmopolitan’ Koreans in Seoul and other big cities across Korea.
The ‘real’ Koreans are truly courteous and polite as well as helpful to the visiting foreign dignitaries.
Ambassador Petar Andonov of Bulgaria (fifth from left, front row) poses with Mayor Han Dong–su of Cheongsong County (seventh from left, front row) and other leaders of the Seoul Diplomatic Corps and Korean local leaders. On the right of Ambassador Andonov is Mrs. Cristina Confalonieri (a TV celebrity in Korea) and on the right of Mayor Han are Ambassador Milan Lajciak of Slovakia, Mrs. Elena Lajciakova (spouse of the Slovak ambassador), Publisher Chairman and Mr. Lee Kyung-sik of The Korea Post media, Mrs. Tran Thi Lan Hinh (spouse of the Vietnamese ambassador) and Seoul Bureau Chief Seon Sa-roe of the Chinese Legal Daily. The other guests in the front row are, from far left, Chairman Lee Seung-woo of the County Council, Chairman Sim Sang-jung of the Cheongseong County People’s Association in Daegu, Chiarman Hwang jong-gil of the Federation of the Cheongsong Countymen’s Federation and Chief Woo byeon-Yoon of the Regional Office of Economic Affairs of the Cheongsong County.
Ambassador Petar Andonov of Bulgaria (dean of the visiting members of the Seoul Diplomatic Corps, right) presidents Mayor Mayor Han Dong–su of Cheongsong County with a Plaque of Appreciation for inviting the members of the SDC to the Cheongsong County that day.
Mayor Han Dong–su of Cheongsong County welcomes the visiting ambassadors and other senior members of the Seoul Diplomatic Corps.
From right: Ambassador Milan Lajciak of Slovakia, Ambassador Petar Andonov of Bulgaria and Publisher-Chairman Lee Kyung-sik of The Korea Post media.
The visiting ambassadors and madams pose in front of the Daejeon-sa Buddhist Temple.
In the backdrop of the temple is the famous Juwang-san Mountain.
Vising ambassadors and other members of the Diplomatic Corps pose with the Head Monk of the Daejeon-sa Temple.
Mayor Han Dong–su of Cheongsong County (third from right) poses with the visiting members of the
Seoul Diplomatic Corps to the Cheongsong County.
Ambassador Petar Andonov of Bulgaria (left, forground) and other visiting members of the
Seoul Diplomatic Corps respond with a smile to the offer of a toast by Mayor Han (on the stage not seen from the guest seats).
Ambassador and Mrs. Lajciak of Slovakia pose in front the ‘Apple Love Gate’ with, from right,
Ambassador Petar Andonov of Bulgaria, Mrs. Tran Thi Lan Hinh (spouse of the Vietnamese ambassador), Publisher-Chairman Lee Kyung-sik of The Korea Post media and Peace Ambassador Ferdinand Renz of the UPF.
What’s ticking in Korea today? Here is a quick roundup of important news stories from the major Korean news media today:
S. Korea blacklists 18 N.K. banking officials in unilateral sanctions
South Korea said Monday that it has put 18 North Korean individuals on its blacklist as part of its latest unilateral sanctions aimed at squeezing the flow of money to Pyongyang's nuclear and missile development programs. The people on the new list include heads and ranking officials of five North Korean banks stationed in overseas countries such as China, Russia and Libya. The list was posted on the Seoul government's official gazette.
Trump embarks on Asia trip as N. Korea tensions mount
U.S. President Donald Trump embarked on his first trip to Asia Friday as tensions over North Korea's nuclear weapons took front and center. He expressed optimism about the unusually long overseas trip as he boarded Marine One for Joint Base Andrews, from where he departed for Hawaii. "I think we're going to have great success," he told reporters. "We'll be talking about trade. We'll be talking about, obviously, North Korea."
N. Korea warns Trump about 'foolish remarks' before S. Korea visit
North Korea threatened "merciless punishment" on U.S. President Donald Trump over "foolish remarks" on Sunday, two days before his state visit to South Korea. The Rodong Sinmun, the main newspaper and organ of the ruling Workers' Party of Korea (WPK), published a commentary accusing Trump of "seriously stimulating" North Korea with his words. Trump kicked off his Asia tour in Japan earlier Sunday. He's scheduled to land in South Korea on Tuesday for a summit with President Moon Jae-in during his two-day visit.
Experts urge Moon, Trump to demonstrate unity, strong alliance
U.S. President Donald Trump will arrive in Seoul on Tuesday for a two-day visit as part of his first Asia trip as head of state, and will hold a summit with President Moon Jae-in later in the day. His visit to South Korea comes amid high tensions caused by the North's sixth and most powerful nuclear blast test in September and a series of ballistic missile launches. "The most important thing is to demonstrate that South Korea and the U.S. closely coordinate over the North with the same objectives," said Yun Duk-min, former chancellor of the Korea National Diplomatic Academy. "It would be very bad for any differences to be exposed."
S. Korea ready to 'warmly welcome' Trump, lay groundwork for stronger alliance
South Korea said Sunday it is ready to "warmly welcome" U.S. President Donald Trump later this week, adding it will use the visit to lay the groundwork for an even stronger alliance between the two countries. In a media briefing, presidential spokesman Park Soo-hyun said Trump's state visit on Tuesday and his subsequent summit with South Korean President Moon Jae-in comes at a critical juncture for comprehensive cooperation between Seoul and Washington in the political, economic and military fields. Park also noted the backdrop of the grave security situation on the Korean Peninsula following North Korea's nuclear test and subsequent missile launches.
S. Korea Blacklists 18 N. Koreans Ahead of Trump's Visit
South Korea imposed its own sanctions against North Korea on Sunday over its nuclear and missile provocations ahead of U.S. President Donald Trump's visit to the country this week. The Foreign Ministry put 18 North Korean individuals on its blacklist subject to the unilateral sanctions, which will freeze their property within South Korean jurisdiction and ban their transactions with South Korean banks. Those listed include chiefs and executives of five North Korean banks stationed in overseas countries such as China, Russia and Libya. The ministry expects the measure will help cut the North's illegal financial resources and raise awareness of the dangers of transactions with the blacklisted individuals at home and abroad.
9 Bareun Party Lawmakers Announce Defection Monday
The minor opposition Bareun Party is set to lose the status of a parliamentary negotiation group as about half of its 20 lawmakers have decided to quit the party. The party lawmakers held a general meeting on Sunday night but failed to narrow differences between lawmakers regarding the merger with the main opposition Liberty Korea Party(LKP). Accordingly, Rep. Kim Moo-sung and eight other lawmakers decided to announce their mass defection on Monday morning and take steps to join the LKP. Representatives Yoo Seong-min, Ha Tae-keung and other lawmakers reaffirmed that they will elect new leadership at the national party convention set for next Monday.
Moon: Japan's not S. Korea's Ally
President Moon Jae-in reportedly made it clear that Japan is not South Korea's ally during his U.S. trip in September for the United Nations General Assembly. A senior Cheong Wa Dea official on Sunday told KBS that the president said during a luncheon meeting with U.S. and Japan leaders in September that the United States is South Korea's ally but Japan is not. In response, U.S. President Donald Trump reportedly said that he understood. The official said that with the remark, Moon stressed that he cannot accept Tokyo's calls for forming a military alliance among the United States, South Korea and Japan.
Pentagon: N. Korea's nuclear program can only be destroyed by ground invasion
The Pentagon assesses that the only way to destroy North Korea's nuclear weapons program with certainty is through a ground invasion, according to a letter to U.S. lawmakers. Michael Dumont, vice director of the Joint Chiefs of Staff, was responding to a request from Reps. Ted Lieu (D-CA) and Ruben Gallego (D-AZ) to provide assessments of the expected casualties and possible military operations in the event of a conflict with North Korea. Many political leaders have been concerned by the prospect of war in the wake of North Korea's missile and nuclear tests and the bellicose exchange of threats between U.S. President Donald Trump and North Korean leader Kim Jong-un.
Trump says 'open' to meeting with N.K. leader
U.S. President Donald Trump said he would "certainly be open" to meeting with North Korean leader Kim Jong-un as he embarked on his first trip to Asia last week. In an interview aired Sunday, Trump was asked on U.S. news program "Full Measure" whether he would sit down with a dictator. "I would sit with anybody I feel," the president said. "I don't think it's strength or weakness. I think sitting down with people is not a bad thing. So I would certainly be open to doing that." He made no commitment, though, saying, "But we'll see where it goes. I think we're far too early."
S. Korea blacklists 18 N.K. banking officials in unilateral sanctions
South Korea said Monday that it has put 18 North Korean individuals on its blacklist as part of its latest unilateral sanctions aimed at squeezing the flow of money to Pyongyang's nuclear and missile development programs. The people on the new list include heads and ranking officials of five North Korean banks stationed in overseas countries such as China, Russia and Libya. The list was posted on the Seoul government's official gazette. "Those individuals have worked overseas, representing North Korean banks and getting involved in supplying money needed to develop weapons of mass destruction," a foreign ministry official said.
The Korea Herald (http://www.koreaherald.com)
26 killed in church attack in Texas' worst mass shooting
A man opened fire inside of a church in a small South Texas community on Sunday, killing 26 people and wounding about 20 others in the deadliest mass shooting in the state's history, the governor said. Officials didn't identify the attacker during a news conference Sunday night, but two other officials _ one a US official and one in law enforcement _ who were briefed on the investigation identified him as Devin Kelley. They spoke to the AP on the condition of anonymity because they weren't authorized to discuss the investigation.
Moon bent on balancing act between US, China
With US President Donald Trump in Japan and soon to arrive here with the North Korean nuclear and missile threat high on his agenda, it may be of US interest to keep the two -- arguably the US’ closest regional allies -- unified in resolving the standoff with North Korea. But for President Moon Jae-in, fresh off from a “let’s patch up” deal with China and now bent on performing a balancing act between two great powers, that is not a simple matter. Washington has long stressed the need for enhanced South Korea-Japan military cooperation to create a stronger defense partnership among the US, South Korea and Japan. A trilateral alliance would not only better counter North Korea, but ease the strain on US defense capabilities in the region, it asserted.
US ITC begins probe over Samsung’s alleged microchip patent violation
US International Trade Commission has embarked on a probe into an alleged patent infringement by Samsung Electronics for its lucrative semiconductor business, it said Sunday, raising further concerns about the Trump Administration’s growing pressures on its major trade partner South Korea. The probe was announced on Oct. 31 after US semiconductor packaging firm Tessera Advanced Technologies accused Samsung of violating patents regarding wafer level packaging. Wafer level packaging is a technology that simplifies the packaging of wafers and reduces the volume of finished products.
The Korea Times (http://www.koreatimes.co.kr)
Seoul unveils own sanctions against NK
The South Korean government issued its own sanctions against North Korea on Sunday over its nuclear and missile provocations ahead of U.S. President Donald Trump's visit to the country. The Ministry of Foreign Affairs unveiled a list of 18 North Korean individuals subject to the unilateral sanctions, saying they will take effect Monday. It marks Seoul's first unilateral sanctions against the nuclear weapon-seeking country since President Moon Jae-in took power in May. However, the sanctions could only remain ineffective and symbolic because the two Koreas have already cut almost all exchanges.
Moon's balanced diplomacy put to test this week
President Moon Jae-in faces his biggest diplomatic task this week as he is scheduled to hold separate summits with U.S. President Donald Trump and Chinese President Xi Jinping. The Moon-Trump summit will take place in Seoul on Tuesday, while the Moon-Xi summit will be held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum in Vietnam from Friday to Saturday. In between, the Trump-Xi summit will be held in Beijing. In his pursuit of balanced diplomacy between the United States and China, Moon needs to maintain a staunch alliance with Washington while at the same time instigating cooperation from Beijing in resolving growing threats from North Korea's nuclear and missile programs.
Different fates hit two game giants
The key to success for a game industry lies in how to remain agile enough to embrace emerging markets before they are saturated. Depending on this, the fate of a company is determined, as is shown from the rise of Netmarble Games and the downfall of 4:33. The two companies have steadily put their games onto the top 10 mobile game list at Google Play Store. But their fates have differed in recent years, with the latter receiving voluntary retirement for its botched crisis management. Last year, 4:33 posted an operating loss of 67 billion won ($59 million), while Netmarble marked more than 1 trillion won in sales in the first half of this year.
DongA Ilbo (http://english.donga.com)
‘India-Pacific’ becomes Trump’s choice of word in his Asia trip
“India-Pacific” has seemingly become a word that the U.S. administration prefers over “Asia-Pacific” as evidenced by several remarks before and during President Donald Trump’s maiden Asia trip. Trump mentioned “India-Pacific” in his speech at the Yokota air base in Japan Sunday, and National Security Advisor H.R. McMaster also said at a briefing Thursday that “Since taking office, Trump has placed 43 calls to India-Pacific leaders.” U.S. Secretary of State Rex Tillerson also mentioned “India-Pacific” 15 times on Oct. 18 in his remark to stress the expansion of the strategic relationship between the United States and India.
Cheong Wa Dae mulls over what to serve Trump in Korea
South Korean presidential office Cheong Wa Dae is laboring over the menu and drinks to be served at the banquet with U.S. President Donald Trump vising Korea this coming Tuesday. Cheong Wa Dae is reviewing serving fusion food with a Korean basis at the state dinner of Presidents Moon Jae-in and Trump. This is in order to deliver the deep traditional taste of Korea while minimizing the feeling of unfamiliarity. “The Presidential Protocol Office is busy with preparations such as tasting the food be served to President Trump,” said a staff from the presidential office. In Japan, Japanese Prime Minister Shinzo Abe treated President Trump with Wagyu steak at an unofficial dinner on Sunday.
Samsung Insurance introduces policy for self-driving test vehicles
A self-driving car driver was killed in May last year when his car rammed into a tractor-trailer in the United States. At the time, Tesla said Autopilot, the vehicle’s self-driving function, failed to sense the white surface of the large trailer’s side. However, controversy over the cause of the accident continued for more than a year. Expectations for commercialization of self-driving vehicles are running high, but cause of an accident, who will be held responsible, and rules on compensation remain uncertain.
Chosun Ilbo (http://english.chosun.com)
How to Stay Healthy Until the End of Life
The number of centenarians is rising steadily in rapidly aging Korea. But rather than spending these extra years bed-ridden, how can you remain healthy? Here is some useful advice for keeping illness at bay from the Korean Medical Association. One modern source of discomfort is overdependence on smart devices. It is advisable to refrain from using smartphones for a couple of hours before going to bed. Bright blue light from smartphones disrupts biorhythms and can cause insomnia. Don't get in the habit of using the devices during meals, as it reduces movement and induces excessive eating.
Park 'Ordered Aides to Receive Bags of Cash from Spy Agency'
Two former Cheong Wa Dae secretaries have testified that ex-president Park Geun-hye ordered them to take regular delivery of illicit cash from the National Intelligence Service. Prosecutors questioned Lee Jae-man and Ahn Bong-geun in the course of a probe into corruption in the NIS. They plan to question Park soon and bring additional bribery charges against her if the evidence holds water. According to prosecutors, Lee and Ahn said they received around W4 billion from the NIS at Park's orders over three years starting in March 2013 (US$1=W1,115). They were given about W50-100 million a month in bags that were handed over near the presidential office.
N.Korea Conducts Blackout, Evacuation Drills
North Korea conducted blackout and mass evacuation drills in provincial regions on Oct. 23-28 with a focus on the eastern seaboard area, U.S. news service NK News said Saturday."The wartime preparations were not observed in Pyongyang... and were restricted to locations outside of the capital, particularly on the east coast," the NK News said. A source said similar drills had happened in the past but this was by far the biggest exercise.
HanKyoReh Shinmun (http://english.hani.co.kr)
US Presbyterian ministers visit site of Nogeun-ri massacre
Reverend Dr. J. Herbert Nelson II, General Assembly Stated Clerk of the Presbyterian Church PC(USA), paid a visit on Nov. 2 to the village of Nogeun-ri. PCUSA represents a denomination with some 2.77 million members, providing counsel and suggestions to the US government on policies related to social justice, human rights, and peace. Its prestige is great enough that it has become regular practice for Washington to officially review and announce findings for its suggestions. A minister and human rights advocate in the Washington area, the 58-year-old Nelson has drawn attention as the first African-American to become PCUSA’s de facto leader.
Trump’s Asia strategy strongly resembles Abe’s “security diamond”
The day after Japanese Prime Minister Shinzo Abe launched his second cabinet, he published an article in Project Syndicate, a commentary website, in which he wrote, “Peace, stability, and freedom of navigation in the Pacific Ocean are inseparable from peace, stability, and freedom of navigation in the Indian Ocean.” As the basis for this argument, Abe imagined “a strategy whereby Australia, India, Japan, and the US state of Hawaii form a diamond to safeguard the maritime commons stretching from the Indian Ocean region to the western Pacific.” This is the origin of the phrase “security diamond.”
President Moon reiterates opposition to trilateral military alliance with US and Japan
President Moon Jae-in asserted on Nov. 3 that it was “undesirable” for South Korea’s cooperation with the US and Japan to respond to North Korea’s nuclear and missile provocations to “develop the level of a military alliance.” While stressing the “paramount importance” of the South Korea-US alliance, Moon also sent a signal that he hopes to actively improve relations with China. “I intend to pursue balanced diplomacy to form a friendlier relationship with China,” he said.
JoongAng Ilbo (http://koreajoongangdaily.joins.com/)
Trump starts 12-day Asia visit
U.S. President Donald Trump started his 12-day Asia tour with more rhetoric against North Korea, saying that “no dictator” should underestimate America’s resolve. “No one - no dictator, no regime and no nation - should underestimate, ever, American resolve,” Trump said as he addressed U.S. and Japanese troops at Yokota Air Base shortly after his arrival in Japan. “You are the greatest threat to tyrants and dictators who seek to prey on the innocent.”
Moon levies his first sanctions on Pyongyang
Seoul imposed its first set of unilateral sanctions on North Korea since President Moon Jae-in took office, sending a symbolic message to the Kim Jong-un regime as the Blue House prepares to host U.S. President Donald Trump on a state visit this week. The Moon administration, which seeks to mend strained ties with the North mainly through dialogue and reconciliation, hasn’t drafted a single set of unilateral sanctions against Pyongyang since coming to power last May through a snap election, though it openly endorsed sanctions from the United Nations Security Council after each North Korean provocation.
Korea’s young generation has a debt problem
Young Koreans are struggling with loans, according to the Financial Services Commission on Sunday, because of high educational costs and unemployment. About 16 percent of Koreans between the ages of 19 and 31 owe money and 11.1 percent have been forced to delay repayment, according to a survey jointly conducted by the FSC and three other government institutions in June of 1,700 young people. Half the young people surveyed were college students. Half were not in college, which includes people who have already earned college degrees.
The KyungHyang Shinmun (http://english.khan.co.kr/)
The "Doorknobs" Were the Link: Was Park Geun-hye the Final Destination of the Bribes?
On November 2, prosecutors secured a statement claiming that former secretaries Lee Jae-man, Ahn Bong-geun and Jeong Ho-seong, known as former President Park Geun-hye's "doorknob trio" had received over 4 billion won for special activity expenses from the National Intelligence Service (NIS) upon orders from the former president. What started out as an NIS controversy is now set to spread to the Park Geun-hye slush fund scandal. If former President Park was behind the bribe, it is also likely for the former president to be the final destination of the money. Former President Park, prosecuted for collecting tens of billions of corporate funds for Choi Soon-sil and her daughter Chung Yoo-ra, may also be charged with personally receiving bribes amounting to billions of won from state funds.
Kim Sang-jo Meets the Five Major Groups, "Doubt Their Determination for Reforms... Will Review How Holding Companies Earn a Profit"
On November 2, Chairman of the Fair Trade Commission Kim Sang-jo met with the chief executive officers of the five major business groups in South Korea and discussed chaebol reforms. Kim thanked the businesses for their efforts to change, but at the same time expressed his concerns saying, "There are still doubts about your willingness to change." He also shared his future plans to review the management of public utility foundations owned by the chaebol groups and the profit structure of holding companies.
Mentioned "People" 70 Times, Sought "Multipartisan Cooperation on a People’s Budget and the Five Principles of Security "
On November 1, President Moon Jae-in addressed the National Assembly and the keywords of his speech were the "people's economy" and "security." To stimulate the economic activities of the people, finances would have to play a more active role. This was the message that the president conveyed throughout his speech. In addition, President Moon also presented five major principles on security to lead efforts to resolve inter-Korean problems and to establish peace on the Korean Peninsula and requested multipartisan cooperation.
The Korea Economic Daily (http://english.hankyung.com/)
Tourism and Duty-free Industries Hopeful about Improving Korea-China Relations
AsKorea and China are set to improve their relationship that was rocked by thecontroversy over the Terminal High Altitude Area Defense (THAAD) anti-ballisticmissile system, Korea's tourism and duty-free shopping industries are raisingtheir hopes of better days. Thetourism industry believes that the Chinese government's group tour ban to Koreawould be relaxed soon. A travel agency in Hebei posted an Internet ad recentlyfor a group tour program to Korea in November at the price of 1,480 yuan(US$223). China's largest online travel agency Ctrip also put out group tourprograms to Korea for the first time in seven months.
Korea's MBI to Establish EV Plant in Vietnam
MBI, a Korean manufacturer specializing in making transmissions, will build an electric car plant in Hanoi, Vietnam, jointly with local firm N&G Group. The two companies will invest a total of US$1 billion for the next seven years. The companies said on September 21 that the heads of the two companies signed an agreement to establish a joint venture called Viko Motors in South Hanoi next month. Earlier in June this year, MBI was promised by the Vietnamese government and the Hanoi city government for a 20-year free land lease, high-tech investment incentive, preferential tariffs, and designation of MBI-held patented technologies as Vietnamese standards.
Oil Refiners See Good Times ahead due to Rising Oil Prices
International oil prices have hit a record high in seven months as they went up over US$50 a barrel. The domestic oil refining sector raised its hopes of improving their profitability in the third quarter after suffering poor results for two consecutive quarters. The spot price for Dubai crude as compiled by the Korea National Oil Corp. was $53.64 a barrel on September 16, up by 7 cents from the previous day. This is the highest level since February this year when the figure was $54.39.
AJU Business Daily (http://eng.ajunews.com/korea)
Trade expert recommends partnership to survive in China's different environment
South Korean firms doing business in China were cornered to a dead end after Beijing took retaliatory steps over the deployment of an American missile shield this year. Their woes were exacerbated by a shift in Beijing's stance toward foreign capital that has been visible this year as China marks the second term of President Xi Jinping after a period of high growth. Experts suggest foreign firms should bolster their risk management, among other things, to cope with a changing business environment. In the early 2000s, foreign companies rushed to Asia's largest and booming market. China treated them with incentives and eased regulations, but the situation has now changed, requiring South Korean firms to work out a completely new strategy.
Pyongyang slams American B-1Bs for staging simulated nuclear strike
North Korea slammed American B-1B strategic bombers for staging a simulated attack on its key targets with nuclear weapons during their flight on and around the Korean peninsula ahead of an Asia trip by U.S. President Donald Trump. The exercise was conducted on Thursday when the bombers entered South Korea's airspace off the east coast after flying over Okinawa, Japan, according to Pyongyang's official Korean Central News Agency (KCNA). The bombers, escorted by South Korean fighter jets, practiced dropping bombs on a South Korean shooting range in a simulated nuclear strike against key North Korean facilities, it said.
S. Korea and China agree on early turnaround in strained ties
South Korea and China agreed on an early turnaround in relations that have been soured by the deployment of an American missile shield, saying they would try to find a solution through a channel of military dialogue. The agreement was announced simultaneously by Seoul and Beijing in the form of a press statement published on the websites of their foreign ministries. "The two sides agreed to expeditiously put the development of exchanges and cooperation in all fields back on a normal track, sharing the view that strengthening exchanges and cooperation between South Korea and China serve their interests," the South's foreign ministry said in a statement.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
Foreign companies retreat from Korean stock market
The South Korean stock market is becoming less attractive, said foreign companies citing lackluster demand, a little bit too much emphasis on shareholder relations and strict regulatory requirements. A growing number of foreign companies are opting for delisting from the country’s bourses, a move that would make it less cumbersome for foreign capitals to recoup investment.
Posco E&C clinches 220 bn won petrochemical plant deal in Philippines
South Korea’s Posco Engineering & Construction Co. (Posco E&C) bagged a 220 billion won ($197 million) worth of deal to build a petrochemical plant in the Philippines. Posco E&C said on Sunday that it has won a petrochemical contract as an EPC (Engineering, procurement and construction) deal to ramp up the existing Naphtha Cracking Center (NCC) and newly establish a second stage pygas hydrogenation unit for JG Summit Olefins Corp., a petrochemical company in the Philippines.
S. Korea’s Sep current surplus doubles on month to historic high
South Korea’s current account surplus stretched to its biggest-ever in September as it extended the surplus streak to the 67th consecutive month, fueled by robust exports on recovery in the global economy.
According to preliminary balance of payments data released by the Bank of Korea on Friday, the nation’s current account surplus surged to a new record-high of $12.21 billion in September, more than doubling from the previous month and up 51.3 percent from $8.07 billion a year ago.
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