The Korean daily media headlines and humor

The Korean daily media headlines and humor

Tuesday, November 14, 2017

Your Excellency:

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

Very Respectfully Yours

/s/

Lee Kyung-sik

Publisher-Chairman

Korea Post Media

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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.

Fiscal self-reliance of local gov'ts worsens over 13 years

The financial self-reliance of South Korea's local administrations has deteriorated over the past 13 years due to increasing dependence on subsidies from central government, a report showed Tuesday. The so-called financial independence ratio of the nation's municipalities was 52.5 percent in 2016, down from 56.3 percent in 2003, according to the report from the Korea Institute of Local Finance. The figure measures the portion of money local governments raise on their own to finance their operations and administrative projects.

U.N. adopts Olympic Truce for PyeongChang Winter Olympics

The United Nations General Assembly on Monday adopted a resolution calling for the peaceful running of the upcoming Winter Olympics in South Korea's PyeongChang. The resolution, also known as the "Olympic Truce," is adopted every two years ahead of the Summer and Winter Olympic games to declare a truce and safe passage for all participants during the athletic events. The PyeongChang Olympic and Paralympic Winter Games are slated to run next year from Feb. 9-25 and March 9-18, respectively, against the backdrop of heightened tensions over North Korea's nuclear and missile programs.

Moon pledges increased cooperation with ASEAN, joint efforts to build peace

South Korea will work to greatly expand its economic ties with Southeast Asian countries and enhance their joint efforts to ensure prosperity and peace in their shared region, South Korean President Moon Jae-in said Monday. The pledge came in a meeting with 500 business leaders from 10 member countries of the Association of Southeast Asian Nations (ASEAN). Moon arrived in Manila on Monday for the ASEAN-South Korea summit, slated for later in the day. He is also set to attend the ASEAN Plus Three summit, which will involve the leaders of Japan and China.

Hanwha Chemical Q3 net surges 25 pct on widening margins

Hanwha Chemical Corp., a major chemicals firm, said Friday that its third-quarter earnings soared 25 percent from a year earlier on widened margins and gains from equity ties with affiliates. Net profit reached a record 252 billion won (US$226 million) in the July-September period, compared with a profit of 202 billion won a year earlier, the company said in a regulatory filing. Operating income also advanced 5.18 percent on-year to reach 215 billion won, while sales edged down 3.04 percent to 2.3 trillion won over the cited period, it said.

Korean cosmetics maker buys U.S. firm for US$50 mln

Cosmax Co., a South Korean cosmetics maker, said Monday it has acquired a U.S. company for US$50 million to expand its foothold in the North American market. The Korean company said it signed a contract earlier in the day to buy all of NuWorld Beauty. Cosmax is the country's leading original design manufacturer (ODM), making products ranging from skincare to haircare and facial masks. The latest deal is the second acquisition made by the Korean firm in the U.S. market, following the takeover of French cosmetics maker L'Oreal's factory in Solon, Ohio in 2013, it said.

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

Ex-NIS Chief Lee Byung-kee Detained over Allegations of Delivering Money to Top Office

Former chief of the National Intelligence Service(NIS) Lee Byung-kee has been detained over allegations that the spy agency delivered money to key aides of ex-President Park Geun-hye while she was in office.

The Seoul Central District Prosecutors' Office said it took Lee into custody early Tuesday while questioning him, "considering all circumstances" surrounding its investigation. The prosecution, which can hold a suspect for up to 48 hours without a court-issued arrest warrant, will determine before the deadline whether to apply for a formal warrant for Lee.

UN Adopts Resolution on Olympic Truce for 2018 PyeongChang Games

The UN General Assembly has adopted a symbolic resolution calling for a truce around the period of the Winter Olympics in PyeongChang. The resolution, “Building a peaceful and better world through sport and the Olympic ideal,” was adopted by consensus without voting on Monday at the 72nd General Assembly. The resolution calls on the nations of the world to uphold the Olympic Truce for the time of the Olympic Winter Games. It specifically asks member states “to ensure the safe passage, access and participation of athletes, officials and all other accredited persons taking part in the Olympic Winter Games and Paralympic Winter Games.”

Moon to Attend ASEAN Plus 3, East Asia Summit

President Moon Jae-in on Tuesday will attend a series of regional meetings with the leaders of the Association of Southeast Asian Nations(ASEAN) and other countries. Moon, who arrived in the Philippines on Sunday for a four-day visit, will attend the ASEAN Plus Three summit, involving the leaders of ASEAN, South Korea, Japan and China.The leaders will review the ASEAN cooperation and discuss the future direction of the cooperation at the 20th anniversary summit of the ASEAN Three Plus. The leaders are expected to issue the Manila Declaration at the end of the summit.

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

Trump calling Kim 'short and fat' is 'big mistake': Biden

Former U.S. Vice President Joe Biden called out President Donald Trump Monday for calling the North Korean leader "short and fat." In an interview on NBC, Biden, who served under President Barack Obama from 2009 to 2017, said Trump's remarks go against "common decency.""Our leaders have impact on attitudes," he said. "And I just think it's a big mistake and it's beneath the office."Trump, who is wrapping up a 13-day visit to Asia, tweeted Sunday that North Korean leader Kim Jong-un had insulted him by calling him "old," when he would "never call him 'short and fat.'"

N. Korea vows to continue nuclear program amid major U.S. drill

North Korea vowed Monday to continue its pursuit of nuclear missiles in the wake of the United States' rare deployment of three aircraft carrier groups near the Korean Peninsula. In a letter addressed to U.N. Secretary-General Antonio Guterres, Ja Song-nam, Pyongyang's top envoy to the U.N., said the carrier groups' joint exercises with South Korea were creating "the worst ever situation" in the region, according to foreign news reports."The large-scale nuclear war exercises and blackmails, which the U.S. staged for a whole year without a break in collaboration with its followers to stifle our republic, make one conclude that the option we have taken was the right one and we should go along the way to the last," he was quoted as saying.

Trump to make statement on N. Korea, trade

U.S. President Donald Trump said Monday he will make a statement on North Korea and trade issues following his return to Washington from Asia this week. Speaking to reporters before a trilateral meeting with the Australian and Japanese leaders in Manila, the Philippines, Trump cited "a lot of big progress" on trade during his five-nation Asia trip that ends Tuesday. "We'll be making a statement when we get back, from the White House, sometime during Wednesday," he said. "And it will be a very complete statement as to trade, as to North Korea, as to a lot of other things."

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

UN adopts Olympic Truce for PyeongChang Winter Olympics

Trump to make statement on N. Korea, trade

US President Donald Trump said Monday he will make a statement on North Korea and trade issues following his return to Washington from Asia this week.Speaking to reporters before a trilateral meeting with the Australian and Japanese leaders in Manila, the Philippines, Trump cited "a lot of big progress" on trade during his five-nation Asia trip that ends Tuesday. "We'll be making a statement when we get back, from the White House, sometime during Wednesday," he said. "And it will be a very complete statement as to trade, as to North Korea, as to a lot of other things."

N. Korea vows to continue nuclear program amid major US drill

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

UN adopts 'Olympic Truce' for PyeongChang Winter Olympics

The United Nations General Assembly on Monday adopted a resolution calling for the peaceful running of the upcoming Winter Olympics in South Korea's PyeongChang.The resolution, also known as the "Olympic Truce," is adopted every two years ahead of the Summer and Winter Olympic games to declare a truce and safe passage for all participants during the athletic events. The PyeongChang Olympic and Paralympic Winter Games are slated to run next year from Feb. 9-25 and March 9-18, respectively, against the backdrop of heightened tensions over North Korea's nuclear and missile programs.

Naver's problems

In choosing hospitals or private educational institutes, people usually search articles written by those who have had experience at these facilities before. Frequently, they will find these articles on Naver, Korea's largest portal operator.It has just been discovered that most of these "experience stories" were fake information manufactured by business enterprises and advertising agencies. The Seoul District Prosecutor's Office Friday booked three people who had opened about 70,000 Naver accounts with "cloned cellphones" and sold them to ad agencies for around 260 million won ($233,600), while prosecuting 48 people at 22 companies who committed "fake marketing" with these accounts.

Apple under scrutiny over unfair practices

South Korea's corporate watchdog is probing U.S. tech giant Apple Inc.'s practice of shifting the cost of advertisements to local mobile carriers, industry sources said Tuesday.South Korea's three mobile carriers started television advertisements for the iPhone 8 earlier this month. According to the sources, local mobile carriers currently bear the full cost of Apple's commercials, which could be considered an unfair business practice. "Whenever there's a new product, mobile carriers air the same advertisements decided by Apple," an official from a local mobile carrier said. "As no action has been taken by the FTC, mobile carriers have no choice but to follow Apple's guidelines to grab consumers' attention for a few seconds." FTC stands for Fair Trade Commission.

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DongA Ilbo (http://english.donga.com)

Moon vows to increase cooperation with ASEAN

President Moon Jae-in on Monday unveiled his vision of "New Southern Policy" and, as part of the vision, proposed "ASEAN-ROK Future Community Vision" that aims to expand cooperation between Korea and ASEAN countries in the areas of transportation, energy, water management and information technology. He added that Korea will simplify its visa issuance process for visitors from ASEAN countries. The New Southern Policy is a part of Moon's balanced diplomacy strategy that plans to enhance trade with ASEAN to the level its trade with China and puts importance on people, peace and prosperity (3P).

Largest storage shed of Baekje discovered in Cheonan

The biggest wooden storage shed named “Mokgwakgo” of the Baekje Kingdom has been excavated at Seonggeo Mountain in Cheonan, hinting at a possibility that the site was a station for Baekje’s soldiers during the 5th to 6th Century. “Mokgwakgo made in the Baekje Kingdom was discovered during the excavation investigation of a well named ‘Yongsaem’ (which literally means ‘dragon spring’ in Korean) located in Wiryeseong Fortress (South Chungcheong Province Monument No. 148) in Seonggeo Mountain, Cheonan, South Chungcheong Province,” announced the Chungnam Institute of History and Culture Monday.

American politicians and media blast Trump’s Asia Trip

U.S. President Donald Trump’s first visit to Asia is creating controversy over his low-profile diplomacy towards China, the Russia scandal and wordy war on North Korea. Critics assert that Trump is swayed by Chinese President Xi Jinping, incurring isolation and losing the U.S. leadership position in the international community.Senate Minority Leader Charles Schumer called President Trump’s trip to Asia a “flop” on his twitter on Sunday (local time). “Trump Asia trip a flop: POTUS acts like a lap dog to Xi and China, but talks tough to our friends in Southeast Asia,” said Schumer, blasting Trump for his remarks in China blaming past presidents instead of Beijing for trade deficit between the two countries.

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Chosun Ilbo (http://english.chosun.com)

N.Korean Soldier Flees Through Hail of Bullets

A North Korean soldier fled to South Korea through a hail of bullets in the Joint Security Area on Monday afternoon. The man suffered six or seven gunshot wounds to the abdomen. Internal organ damage is so severe that it will take two or three days to find out whether he can survive an operation. But there was no direct exchange of gunfire between South and North Korean guards in the process.

New UNESCO Chief Pledges to Keep Down Tensions

UNESCO's new leader Audrey Azoulay has promised to promote unity and reduce tensions in the global culture body, casting doubt on Korea's efforts to list divisive documents on the Memory of the World Register. Azoulay, a former French culture minister, told AFP on Saturday, "To rebuild unity, we must promote UNESCO's assets and its knowhow, as well as that of its members." UNESCO "must show, through its actions, that [it] is addressing the challenges of globalization today," she said. She pledged to "reduce a certain amount of tension" but conceded that difficulties will "always exist."

Japan to Study Quarantine for N.Korean Boat People

Japan has recently launched a taskforce who will come up with quarantine measures for a mass influx of North Korean boat people fleeing a war on the Korean Peninsula, Japanese media reported Monday.

The Japanese Health Ministry believes that large numbers of North Koreans will flee in wooden boats if North Korea continues its nuclear weapons development and an emergency breaks out. The group of experts is tasked with working out what measures will be needed once the boats reach Japan, according to NHK.

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HanKyoReh Shinmun (http://english.hani.co.kr)

Presidents Moon and Xi restore bilateral ties through Da Nang summit

During his summit with Chinese President Xi Jinping on Nov. 11, South Korean President Moon Jae-in officially restored ties between the two countries. This represented a confirmation by the leaders of the two nations that they are moving to thaw ties that have been frozen since South Korea and the US began deliberating the deployment of the THAAD missile defense system in Feb. 2016.This was Moon and Xi’s second summit, following a previous meeting this past July in Berlin, Germany, where they were attending the G20 summit. During a press briefing after the summit, Blue House spokesperson Park Soo-hyun indirectly referred to the THAAD conflict by saying that “Moon and Xi also candidly shared their opinions about differences of opinion between the two countries.”

Conflicting interpretations of China’s decision to again raise issue of THAAD deployment

China’s decision to raise the THAAD deployment during the South Korea-China summit puts the spotlight back on an issue assumed to have been settled during deliberations on Oct. 31. Chinese President Xi Jinping mentioned the THAAD issue during his summit with South Korean President Moon Jae-in in Da Nang, Vietnam, on Nov. 11. A statement released by China’s Ministry of Foreign Affairs on Nov. 12 said that Xi had reconfirmed China’s position on deploying THAAD in South Korea during his meeting with Moon the previous day. “Xi said that South Korea-China relations are at a critical point and that the two countries must respect their key interests and their grave concerns, safeguard reciprocal trust in political affairs and strengthen communication and cooperation,” China’s Foreign Ministry reported.

Press announcement hints at US openness to dialogue on North Korean nuclear issue

A White House press announcement a day and a half after US President Donald Trump and Chinese President Xi Jinping’s Nov. 9 summit in Beijing mentioned efforts to resolve the Korean Peninsula nuclear issue through dialogue. The message’s inclusion is seen as signaling that the two sides reached something of an agreement at their summit on the need for dialogue with Pyongyang to achieve a breakthrough.

The press announcement sent to reporters on the evening of Nov. 10 said that China and the US would “work toward resolving the Korean Peninsula nuclear issue through dialogue and to addressing the reasonable concerns of all parties.” The message has not been included before in past US press reports on the US-Japan summit outcome or in joint press releases following the South Korea-US summit.

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JoongAng Ilbo (http://koreajoongangdaily.joins.com/)

Soldier wounded during JSA defection

A North Korean soldier defected through the Joint Security Area (JSA) in Panmunjom on Monday afternoon, and was wounded by bullets fired by his fellow soldiers trying to get him to stop.

But open fire between North and South Korean soldiers at the demilitarized zone (DMZ) did not break out.

Former president Lee may face wide range of probes soon

Speculation is growing that the prosecution will soon question former President Lee Myung-bak in multiple probes of his administration’s alleged interference in domestic politics and a corruption scandal involving the businessman-turned-politician. Lee’s name came up in several probes, prosecutors said. One of the key investigations is the suspicion that the military’s cyber command manipulated online public opinion against liberals during the Lee presidency. Former Minister of National Defense Kim Kwan-jin was detained on Saturday in that probe.

5 brokerages get licenses to grow into ‘mega’ IBs

Five brokerage firms in Korea were given a green light by the local financial authorities to operate as investment banks. Of the five, Korea Investment and Securities was the only firm permitted to issue short-term financing, a key part of the investment banking business.On Monday, the Financial Services Commission (FSC), Korea’s top financial regulator, gave investment banking licenses to five leading securities firms: Korea Investment and Securities, NH Investment and Securities, Mirae Asset Daewoo, KB Securities and Samsung Securities.

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The KyungHyang Shinmun (http://english.khan.co.kr/)

Closer Relations Between South Korea and China and U.S. Comments on Dialogue with North Korea

On November 11, President Moon Jae-in and Chinese President Xi Jinping held a summit meeting and agreed to quickly restore bilateral exchange and cooperation to previous levels in all areas. The leaders of South Korea and China also agreed to a stable management of the present security situation on the Korean Peninsula and ultimately resolve the North Korean nuclear issue through dialogue. The two leaders decided that President Moon would visit Beijing next month and hold another summit. The two officially announced the restoration of relations between South Korea and China, which had been in conflict due to the Terminal High Altitude Area Defense (THAAD) system.

Lee Myung-bak Refuses to Reflect on His Irregularities and Criticizes Efforts to Root Them Out

Former President Lee Myung-bak accused the Moon Jae-in government's efforts to eradicate long-established irregularities, including the Prosecution Service's investigation of the online comments posted by the military's Cyber Command and the National Intelligence Service (NIS), as political retaliation. On November 12, former President Lee said, "Looking at the government's efforts to root out long-established irregularities for the past six months, I began to wonder if this was in fact reforms. I had some expectations after the new government entered office, but conflicts and division have deepened in all social fields." He also said, "We are facing a crisis in security and foreign affairs, and I think the government treating the military organization and intelligence agency indiscriminately and unfairly puts our security in greater danger."

Cooperation with ASEAN Countries as a Community of People, Peace and Mutual Prosperity

On November 9, President Moon Jae-in announced his plans for a new "southern policy" as part of an effort to diversify South Korea's foreign relations and seek balance. The new southern policy is the counterpart of the "new northern policy" that President Moon presented during his trip to Vladivostok, Russia last September, and it aims to increase cooperation with ASEAN countries to break away from South Korea's geo-political position, which is excessively dependent on the U.S. and China.

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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.

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.

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.

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

Get ready to jump off tightrope any time

The principle that security issues should never be compromised is appealing. Security is a top priority in foreign policy, but the question is how much we can yield to China. China and the United States are basically competitive. It is hard to expect China to abandon North Korea and allow South Korea to absorb it. It is our task to take all of these factors into account and keep our security at its best.The United States is snubbing China's stance to swap North Korea's nuclear development for an end to the ROK-US military exercise. Our security situation is not affordable enough to consider stopping it. China is aware of this and its demand is probably aimed at undermining the ROK-US alliance. The same is true of THAAD retaliation. In the future, China can take similar measures to weaken the alliance.

U.N. adopts Olympic Truce for PyeongChang Olympics: Yonhap

The United Nations General Assembly adopted a resolution calling for the peaceful running of the upcoming Winter Olympics in South Korea's Pyeongchang. The resolution, also known as the "Olympic Truce", is adopted every two years ahead of the Summer and Winter Olympic games to declare a truce and safe passage for all participants during the athletic events. The Pyeongchang Olympic and Paralympic Winter Games are slated to run next year from February 9-25 and March 9-18, respectively, against the backdrop of heightened tensions over North Korea's nuclear and missile programs.

N. Korean soldier defect to S. Korean troops guarding border truce village

A North Korean soldier suffered a gunshot wound as he defected to South Korea through a joint security area around a border truce village, but no cross-border gunfight was reported, according to military authorities. The soldier from a North Korean guard post defected to the southern side of the Joint Security Area (JSA) on Monday in the demilitarized zone (DMZ), which bisects the Korean peninsula, the South's Joint Chiefs of Staff (JCS) said, adding the defector suffered a gunshot wound to his arm and soldier.

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

FSC allows additional five brokerage houses to add investment banking service

South Korea’s financial authority will approve Monday candidates among local brokerage houses to branch out to investment banking activities. The Financial Services Commission (FSC) said Monday that it will issue additional permits among the candidates - Mirae Asset Daewoo Securities Co., Samsung Securities Co., Korea Investment & Securities Co., NH Investment & Securities Co. and KB Securities Co. - that meet the eligibility as full-fledged investment banks.

S. Korea’s Hanatour to seek IPO of Japanese unit in Japan in Dec

Hanatour Service Inc., South Korea’s largest travel agency, is seeking to list its Japanese subsidiary on Tokyo Stock Exchange later this year. Once its stocks are listed, its market capitalization would reach 278.8 billion won ($248.7 million). The company on Friday said in a regulatory filing that its board approved a plan to list total 11 million shares of Hanatour Japan Co. including 1 million new shares on Tokyo Stock Exchange. It aims to list the stocks on Dec. 15 but did not disclose whether it has already hired an underwriter for Hanatour Japan’s initial public offering (IPO).

S. Korea’s exports share in global economy to be highest ever in 2017

South Korea will be able to up its share in the global commerce to a new record this year thanks to brisk global demand in electronic components and vehicles, according to a local research institute. According to a report by the research arm of the Korea International Trade Association, Korean products accounted for 3.33 percent of global commerce in the first half. The best-ever share was 3.19 percent in 2015.

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What’s ticking around the world at this second?

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

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

The New York Times www.nytimes.com inytletters@nytimes.com

Wall Street Journal www.wsj.com support@wsj.com,service@wsj-asia.com

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

The Times www.thetimes.co.uk help@timesplus.co.uk

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

Chinese People's Daily www.people.com.cnkf@people.cn

China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn

GwangmyeongDaily www.gmw.cn webmaster@gmw.cn