The Korean daily media headlines and humor

The Korean daily media headlines and humor

Friday, November 24, 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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At KCCI Economic Forum in Seoul

President Mirziyoyev of Uzbekistan accents improved investment conditions in Uzbekistan for Korean investors

Speaking at the ‘Korean-Uzbekistan Business Forum entitled “Economic Liberalization, Society Democratization “ at Hotel Shilla in Seoul today (Nov. 23, 2017), President Mirziyoyev said, “The Korean businesses made a considerable measure of contribution to the economic development of my country and I hope that the bilateral cooperation will further increase and widen in a much broader scale.”

The meeting, which also marked the 25th anniversary of establishment of diplomatic relations between Korea and Uzbekistan, was attended by Deputy Prime Minister and Finance Minister Kim Dong-yeon; Minister Baek Woon-kyu of trade, industry and energy; President Park Yong-man of the Korea Chamber of Commerce and Industry; Chairman Song Yeong-gil of the Northern Economic Cooperation Committee ; Chairman Sohn Kyung-sik of CJ Business Group; President Sung Sang-rok of Hyundai Engineering, CEO Kim Young-sang of POSCO-Daewoo, and representatives of small-medium industries.

President Shavkat Mirziyoyev of Uzbekistan speaks during a South Korea-Uzbekistan business forum at the Silla Hotel on Nov. 23, 2017.

From the media came Publisher-Chairman Lee Kyung-sik of The Korea Post media, who personally visited Uzbekistan on several different occasions covering the country for the Korean and international audience.

From the Uzbek side, besides President Mirziyoyev, Vice Speaker Sodyq Safoev of the Uzbek Parliament, ) Deputy Prime Minister Kuchkarov Jamshid Anvarovich for Economic Affairs, Chairman Azim Akhmedkhadjaev of State Investment Committee, Minister Elyor Ganiev for External Economy and Trade, Ambassador Vitali Fen of Uzbekistan in Seoul, former Uzbek Ambassador Botirzon Asadov to Korea, and scores of government, business other representatives of Uzbekistan.

At the beginning, a welcome and congratulatory message of President Moon Jae-in was read out to the participants of the business forum by a represent from of Korean government.

President Shavkat Mirziyoyev of Uzbekistan (second from left) claps hands with Korean representatives while listening to a welcome speech. At left is Deputy Prime Minister Kim Dong-yeon and on his right is President Park Yong-man of the Korea Chamber of Commerce and Industry.

(For more pictures, please visit:

http://www.koreapost.com/news/articleView.html?idxno=5499)

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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.

President Mirziyoyev of Uzbekistan accents improved investment conditions in Uzbekistan for Korean investors

Retailers bet big on private-label brands

South Korean retailers are placing big bets on their own private-label brand (PB) products to take advantage of customers' growing appetite for low-priced but relatively good quality products. Local retail companies, such as Lotte and Shinsegae Group, began to sell a couple of PB products, including milk, in their outlets some 20 years ago after the country was hit hard by the 1997 Asian financial crisis. A prolonged slowdown following the global financial meltdown in 2008 drove up the demand for PB goods that has grown with time. The Korean PB market grew to 9.3 trillion won (US$8.4 billion) in 2013, jumping from 3.6 trillion won in 2008, the latest data by state-run Korea Development Institute (KDI) showed.

EX-U.S. energy secretary advises reconsideration of Seoul's energy policy

Former U.S. energy secretary Steven Chu said Thursday that South Korea's current policy to do away with nuclear power is not a viable solution, and called for more concerted efforts to develop renewable energy."Nuclear is better than natural gas or coal... it's a job of the government to educate the public and to weigh pros and cons of the health and economy," the former official appointed by President Barack Obama said during a forum hosted by South Korea's top engineering school Korea Advanced Institute of Science and Technology (KAIST).

China levies anti-dumping tariff on S. Korea chemical product

A South Korean chemical firm was hit with anti-dumping tariffs by China's Commerce Ministry this week for its exports of methyl isobutyl ketone (MIBK), a compound widely used in coatings, pesticides and solvents, industry officials said Friday. Kumho P&B Chemicals, an affiliate of Kumho Petrochemical, was among companies from South Korea, Japan and South Africa that the ministry named in its preliminary ruling announced Tuesday after an anti-dumping probe on the product was launched in March. The tariff margin for Kumho is 29.9 percent. For Japanese companies, Mitsui Chemicals and Mitsubishi Chemical Corp., it was 48.4 to 51.2 percent, and 15.9 percent for South Africa's Saso South Africa.

S. Korea to take firm stance against further opening of agriculture in KORUS

The South Korean government has expressed its firm stance to the United States against the additional opening of the agricultural market in the upcoming negotiations to amend the bilateral free trade pact, a senior ministry official said Wednesday."The government will not strike deals that turn the balance of interest against us," Yoo Myung-hee, a director general at the trade ministry, said in a Seoul meeting with people from the agricultural sector. "In previous talks, we've explained the sensitivity of the issue and stressed that it is difficult to further open up the agriculture market, as we've already widely opened the sector."

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

S. Korea's Consumer Sentiment Hits 7-Year High in November

South Korea's consumer confidence hit a seven-year high in November on reduced North Korean risks and eased tensions with China. According to the Bank of Korea(BOK) on Friday, the composite consumer sentiment index for November stood at 112-point-three, up three-point-one points from the previous month. That's the highest in six years and eleven months since December 2010, when it posted 112-point-seven. The three-point-one gain is the largest increase since June. The index posted growth for six straight months from February to July, surging 17-point-nine points. It fell one-point-three points in August and two-point-two points in September before rebounding last month.

US to Deploy Six F-22 Stealth Fighters to Korea Next Month

The U.S. will reportedly send six F-22 Raptor stealth fighter jets to a joint air force exercise in South Korea early next month. A military official in Seoul said on Thursday that six F-22 fighters from the U.S. Air Force are scheduled to join the South Korea-U.S. air force exercise "Vigilant Ace" from December fourth to eighth. The official said that the fighters will fly to the Korean Peninsula from Kadena Air Base in Okinawa, Japan and stay at an air base in South Korea throughout the exercise. The U.S. will also dispatch three or four F-35A Lightning stealth fighters for the exercise, in which U.S. and South Korean fighter jets will engage in enemy infiltration and precision strike drills.

Heavy Snow Advisories Issued for Parts of Nation

Seoul saw its first snow buildup this winter on Friday, with heavy snow advisories issued for parts of the nation. The Korea Meteorological Administration(KMA) said that as of 7 a.m. Friday, heavy snow advisories are in place in parts of Chungcheong, Gyeonggi and North Jeolla provinces. An advisory is issued when an additional snowfall of more than five centimeters is expected in 24 hours. Seoul received one-point-three centimeters of snow early Friday. The first snowflakes of the year already fell last Friday and Monday but it's the first time a buildup of snow was recorded in the city this winter.

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

U.S. to deploy 6 Raptor stealth fighters to Korea next month

The United States is planning to send six F-22 Raptor stealth fighter jets to a joint air force exercise in South Korea next month in what is believed to be U.S. action to put maximum pressure on North Korea, military officials here said on Thursday."Six F-22 fighters from the U.S. Air Force are scheduled to join the joint South Korea-U.S. air force exercise Vigilant Ace from Dec. 4-8," the officials said. The fighters will fly to the Korean Peninsula from Kadena Air Base in Okinawa, Japan and stay at an air base in South Korea throughout the exercise, according to officials. Up to four F-35A Lightning stealth fighters are also likely to join the deployment, they said.

S. Korea mulls talks with U.S. on rescheduling drills during Olympics: source

South Korea's military is mulling whether to consult with U.S. forces over a rescheduling of joint military drills slated for early next year that will overlap with the PyeongChang Winter Olympics and Paralympics, a government source said Thursday. Seoul and Washington stage their military exercises annually around March, and North Korea has long denounced them as rehearsals for a northern invasion. The PyeongChang Winter Olympics will be held in South Korea from Feb. 9-25 and the Paralympics from March 9-18. "The military is considering consulting with U.S. forces to make the Key Resolve training slated for March not overlap with the Olympics," said the source. "Consultations may be launched as early as this year."

N.K. apparently replaces all border security guards after soldier's defection: source

North Korea is believed to have replaced all border security guards following a North Korean soldier's recent defection to the South via a jointly controlled area at the tense border, an intelligence source said Thursday.A North Korean soldier was shot and wounded by his fellows Nov. 13 when he sought to cross the heavily guarded inter-Korean border to defect. The replacement seems to be a response to their failure to deter his escape."Signs were detected that North Korea has replaced all border security officials following the defection," the source said. "Given this situation, commanders of the responsible military unit and senior officers might have undergone punishment."

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

Hyundai vice chairman hints at Samsung partnership

A top executive at Hyundai Motor Group, South Korea’s largest automaker, hinted Thursday at a strategic partnership with Samsung Electronics, which has been expanding into the vehicle component business in recent months. When asked by The Korea Herald about a possible partnership with the South Korean tech giant to develop electronic vehicle components and infotainment systems, Hyundai Motor Group Vice Chairman Kwon Moon-sik said, “We will do so.” But regarding the plan and timeline, the vice chairman said nothing had been discussed yet.

S. Korea, China seek bilateral summit in mid-December

With an expected summit between the leaders of South Korea and China next month, attention is being paid to whether the two countries will be able to mend strained ties caused by Seoul’s deployment of an advanced US missile defense system and Beijing’s economic retaliation.

Government denies postponing military drills for Olympics

South Korea’s presidential office on Thursday denied reports it is considering halting joint military drills with US Armed Forces during the upcoming Olympic and Paralympic Winter Games. On Thursday, a number of local media outlets reported that Cheong Wa Dae was working with concerned organizations to postpone drills scheduled during the events, citing unnamed presidential officials. The PyeongChang Winter Games start on Feb. 9, and the Paralympics that follow run until March 18. South Korea-US joint military exercises that may overlap with the games include the Key Resolve and Foal Eagle exercises, which are customarily held in March.

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

College entrance exam held without sensed tremors

A total of 593,000 students took the College Scholastic Ability Test (CSAT) nationwide Thursday after a one-week delay caused by a 5.4-magnitude quake that hit the southeastern city of Pohang Nov. 15. Due to continued aftershocks _ with a 2.0-magnitude one occurring the night before _ the test was held with an emergency response system in place. Only a slight 1.7 magnitude tremor which was not felt at test sites occurred. In Pohang, North Gyeongsang Province, 5,523 students took the test with buses on standby to take them to sites in adjacent areas if a strong aftershock occurred.

North Korean defector's dramatic escape latest chapter in 72-Hour Bridge's history

North Korea's landmark 72-Hour Bridge played a pivotal role in a North Korean soldier's daring escape to the South through the Demilitarized Zone (DMZ) last week. The United Nations Command this week released footage of the dramatic Nov. 13 defection. It shows the soldier driving a military Jeep across the 72-Hour Bridge that connects to the Joint Security Area (JSA), where North and South Korean soldiers face each other. The bridge, on the Sacheon River, has a history of division of the North and South.

Chief digital officers: banks race to keep pace with rapidly changing times

South Korean banks are working around to clock to come up with innovative new products and platforms to attract more customers in a fast-changing digital world. With more people using mobile apps for their banking and the banks' desire to lead the nation's financial industry with the latest technology, bankers are adapting their workforces. To satisfy the hype surrounding the fourth industrial revolution ― such as artificial intelligence, blockchain and big data ― banks have created a new job: chief digital officer (CDO) to oversee the introduction of new financial technologies.

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

U.S. trade body recommends tariffs of up to 50% on imported washers

The U.S International Trade Commission (ITC) has called for safeguards on foreign-made washing machines. South Korea’s Samsung Electronics Co. and LG Electronics Inc. said it was “not the worst ruling,” but worried it would affect their future sales. This is the second case in a safeguard petition against Korean products, after photovoltaic cells and steel pipes. Accordingly, there is a growing concern among Korean companies whether this could signal the spread of protectionism to other items including steel, semiconductor and petrochemical products.

Military builds up fire power on frontline island

The South Korean military is stepping up its readiness posture for North Korea’s additional provocations on the occasion of the seventh anniversary of the North’s artillery attack on a South Korean frontline island of Yeonpyeongdo. The South Korean military has significantly reinforced its fire power on Yeonpyeongdo since the shelling attack, increasing the Marine Corps’ K-9 self-propelled guns from six to around 40 and deploying several units of the Chunmoo multiple rocket launchers. The locally developed launchers are capable of continuously firing 12 highly explosive rockets at targets up to 80 kilometers away. With longer ranges and more power than the older Guryong rocket launchers, the Chunmoo launchers are the core fire power capable of neutralizing North Korean long-range rocket launchers.

Seoul City opens Warship Seoul Park on Han River

A 1,900-ton retired warship is floating at the newly opened Warship Seoul Park within the Mangwon Han River Park in Seoul’s Mapo district. The Seoul city government opened Wednesday the exhibition and active theme park, covering an area of 6,942 square meters. The 150-ton warship Chamsuri and the 178-ton submarine Dolphin also casted their anchor along with the Warship Seoul, which used to be a convoy. After negotiations with the Navy headquarters since 2015, the city has created the park by borrowing three warships without any charges.

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

Won Goes from Strength to Strength

The won keeps strengthening against the U.S. dollar, closing at W1,089.1 on Wednesday, up W6.7 from a day earlier and the highest since May 2015. The strengthening won has raised alarm bells among exporters because it makes their products more expensive overseas. But forex authorities have few options since Korea is already on a U.S. watchlist for currency manipulation. Traders forecast the won could rise to W1,050, which is considered the Maginot Line among exporters where they start to lose money.

Angola Kicks out N.Korean Laborers

Angola has expelled 154 North Korean laborers under UN sanctions against North Korea, Angolan state TV reported Tuesday. Angolan Foreign Minister Manuel Augusto said the laborers, who had been working on construction projects, left Angola on Sunday and Monday. He promised that the African country will meet its "international obligations" by implementing UN Security Council resolutions against the North.

They were employed by North Korean construction company Mansudae, which is notorious for building bombastic monuments in the Third World.

Air China Suspends Flights to N.Korea

Chinese flag carrier Air China has indefinitely suspended flights between Beijing and Pyongyang since Monday, AP reported Wednesday. AP quoted an Air China spokesman as attributing the suspension to "poor demand" and declining to comment when flights could resume. Air China also suspended the route in November last year, which is low season, but resumed them in late March this year, only to suspend them again in April. Pundits speculate that the latest suspension comes in retaliation against a snub from North Korean leader Kim Jong-un, who seems to have refused to meet a special envoy from Chinese President Xi Jinping.

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

Video shows dramatic defection of North Korean soldier

Video footage released by the United Nations Command on Nov. 22 offered vivid evidence of the tense situation at the Joint Security Area (JSA) at Panmunjeom when a North Korean soldier defected there on the afternoon of Nov. 13. The closed-circuit video footage shows the soldier appearing three minutes earlier than the 3:14 pm time when the South Korean Joint Chiefs of Staff (JCS) claimed on Nov. 14 to have ascertained the situation.

North Korean soldier defected through JSA on his own free will

The doctor who is treating the North Korean soldier who defected to the South in the Joint Security Area (JSA) at Panmunjeom said that he had learned through extensive conversation with the now-conscious soldier that he had defected of his own free will. The doctor is Lee Guk-jong, a professor at the trauma center at Ajou University Medical Center in Suwon, Gyeonggi Province.“Currently, the patient is in a lucid state,” Lee said in a press release that he distributed prior to the second press briefing at 11 am on Nov. 22. “The patient is exhibiting depressive tendencies because of the severe psychological stress resulting from gunshot wounds and two major surgeries, so we’re planning for psychologists to assess the patient for post-traumatic stress disorder.”

South Korean imports of US agricultural products show sharp increase

Imports are up sharply for US beef, pork, powdered milk, and other items the South Korean government listed as being “protected as sensitive items” in the South Korea-US Free Trade Agreement (FTA), a study shows. At the same time, safeguards on agricultural products and tariff-rate quotas (TRQ) instituted in the agreement have proven powerless as protections. Han Seok-ho, director general of the Models and Policy Support Office at the Korea Rural Economic Institute (KREI), shared the findings in a presentation at a government-organized agriculture and livestock industry roundtable on amending the KORUS FTA held on Nov. 22 at aT Center in Seoul’s Yangjae neighborhood. According to Han’s findings, imports of US livestock products averaged 419,000 tons a year in the first five years after the FTA took effect (2012–2016), an increase of 19.4% in volume from the 351,000 ton average for the five years before (2007–2011). US beef imports rose 82.7% from 66,000 tons to 121,000 tons, while pork and powdered milk imports respectively rose 23% from 108,000 to 133,000 tons and 1,300% from 400 to 6,000 tons.

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

China asks for military talks with South Korea

China officially requested military talks with Korea over the issue of the deployment of the Terminal High Altitude Area Defense (Thaad) battery during a meeting between the two countries’ top envoys in Beijing, according to a senior Korean government official Thursday. The senior official said, “China hopes for talks between military officials as soon as possible,” adding that the message would be conveyed to the Korean Ministry of National Defense. Korean Foreign Minister Kang Kyung-wha kicked off her first visit to Beijing Tuesday and held bilateral talks with her Chinese counterpart, Wang Yi, on Wednesday, that lasted late into the evening.

To avoid AI, Olympic host province culls birds

Gangwon authorities are asking farmers near Olympic venues to slaughter or relocate poultry to prevent the spread of bird flu, which was detected in North Jeolla on Sunday.They plan to cull 6,000 birds and compensate farmers with up to 120 million won ($110,000) for their cooperation. To avoid embarrassing glitches disrupting the 2018 PyeongChang Winter Olympic Games taking place in Gangwon in February, regional authorities decided to get rid of all poultry in the city of Gangneung and counties of Pyeongchang and Jeongseon, even though no avian influenza (AI) cases have been detected. The discovery of the H5 strain on a duck farm in Gochang, North Jeolla, Sunday inspired authorities to take pre-emptive measures.

KEF slams Moon’s minimum wage increase

Controversy over the raising of Korea’s minimum wage continues with the leading business lobbying group arguing that the current system benefits already highly paid conglomerate employees rather than people who live on a minimum wage. “Our country continues to maintain an irrational system in which many guaranteed payments such as regular bonuses are not included when setting the basic wage,” said Kim Young-bae, vice chairman of the Korea Employers Federation (KEF), during a forum at the Westin Chosun Hotel in central Seoul on Thursday. “The purpose of the minimum wage system is to guarantee minimum livelihoods of employees living on low wages but [the current system] has the potential to only benefit highly-paid employees working at conglomerates.”

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

North Korean Soldiers Were Right Behind the Defector When They Opened Fire

On November 22, the United Nations Command (UNC) released the results of an investigation by the Military Armistice Commission stating that the North Korean soldiers violated the Armistice Agreement by crossing the Military Demarcation Line (MDL) and firing at the North Korean soldier, Oh Chong-song, who defected to the South. This is the first time that the UN Command released relevant videos and a spokesperson personally briefed the South Korean press on North Korea's Armistice Agreement violations.

Oceans Ministry Found Remains from the Sewol But Concealed the Discovery

The Ministry of Oceans and Fisheries discovered remains presumed to be from a victim in the Sewol hull on November 17, but concealed this fact until the end of the funeral (Nov. 18-20) for the missing victims of the Sewol. This triggered allegations that the government might have hidden the discovery worried that it could fuel public opinion for a further search. It has not yet been confirmed whether the newly discovered wrist bone is that of an already identified victim or from one of the five victims still missing. On November 22, when the Kyunghyang Shinmun asked the oceans ministry to verify related facts, the ministry said, "We requested the National Forensic Service for a DNA test this morning."

Faults Below the Ground Threaten Life, But South Korea Without a Single Fault Map

When you log in to the website of the U.S. Geological Survey (USGS), you can access a map of the faults that lie throughout the U.S. It is an interactive map that allows the user to see a fault map of the entire United States or to zoom in to the town unit by moving her mouse. In the west coast, an area with frequent earthquakes, faults are densely marked. For instance, near San Mateo, California, there is a fault that has been active within the past 150 years. The young faults that were recently active are marked by a red solid line. The older the faults?faults that were last active in the more distant past?the fainter the solid lines, and the faults that have been constrained are marked in dotted lines.

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

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.

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.

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

Resurging popularity of vinyl LPs faces abrupt halt in S. Korea

In a maze of alleyways and narrow byroads packed with hundreds of small stores selling everything outdated and old-fashioned from TVs and antiques to expensive transistor audio systems sit a 45-year-old vinyl shop with a worn-out sliding door which is reminiscent of a doorway into a dungeon.On the walls of Dol Record, filled with a sweet and spicy smell of old vinyl paper covers, tens of thousands of LPs were tightly shelved. And Kim Sung-jong, a 63-year-old shop owner, silently wiped the dust off LPs with a few regular customers watching the graceful handiwork or being immersed in deep consideration over what to buy.

KT unveils LTE-based AI assistant speaker

KT, one of South Korea's leading telecom companies, unveiled a new AI assistant speaker called "GiGA Genie LTE" for use both at home and in the open air, using an LTE network for the first time in the world.

KT said the new device used a Harman Kardon speaker and featured an LTE router function that can be used to transfer wireless Internet from notebooks and smartphones. GiGA Genie LTE is similar in size to a tumbler (7x7x17cm) and has a black cylindrical shape. It is easy to carry and its battery capacity for non-stop use for up to eight hours is the largest among domestic AI speakers.

Pearl Necklace and Diamond

According to Kenneth Waltz, an international political scientist, countries have developed survival strategies such as balance and alliance. as the war has been caused by the anarchy of international politics. But it's not clear whether international politics in the 21st century will proceed according to his theory. The world is watching with hope and fear that it will be reorganized into the Cold War balance, or whether the U.S. and China will cooperate and move into a new era of peace and cooperation.

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

LS Industrial Systems, Macquarie team up in solar power biz

LS Industrial Systems Co. (LSIS), a South Korean manufacturer of electric power and automation equipment, struck a strategic alliance with Macquarie Capital Korea to scale up its solar power and energy storage system operation. The Korean company said on Thursday it signed an agreement with Macquarie Capital Korea to build and operate solar power plants with financing from the investment bank. LSIS would be in charge of engineering, procurement and construction as well as operation and management while Macquarie Capital would provide the financing. Financial terms of the partnership have not been revealed.

Doosan Infracore forms JV with top Chinese machinery maker

South Korea’s leading construction equipment maker Doosan Infracore Co. has formed a joint venture with a major Chinese farm machinery manufacturer to penetrate the Chinese engine market. The Korean company said on Thursday it has signed a 50:50 joint venture deal with Lovol Heavy Industry Co., China’s largest agricultural machinery maker, to develop engines customized for the Chinese market.

Korea’s household credit hit fresh record-high Q3, up 9.5% on yr

South Korea’s household credit jumped to a fresh record-high of 1,419.1 trillion won ($1,304.9 billion) as of the end of September, accelerating from past quarters and surging near 10 percent from a year ago despite a series of measures to contain housing loans. Household credit, which includes household loans from banks and non-banks as well as outstanding credit card balance, added 31.2 trillion won in the third quarter from the previous three-month period and 122.7 trillion won from a year earlier, according to a data by the Bank of Korea (BOK) on Wednesday.

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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