The Korean daily media headlines and humor
Wednesday, February 28, 2018
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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Round-up of important news stories from major Korean dailies today:
The Korea Post media (www.koreapost.com) in English, (www.koreapost.co.kr) in Korean.
National debt reaches record in 2017, but growth pace slows
The balance of government and government-backed bonds reached a record amount of 953.24 trillion won (US$888.8 billion) last year, although the pace of the debt increase slowed, data from the Korea Financial Investment Association (KOFIA) showed Tuesday.The government bonds balance, or the total issuance minus redemptions, came to 615.22 trillion won as of end-2017, the first time that it exceeded 600 trillion won. It marked a 5.8 percent increase from the previous year.The balance for government-backed special bonds, issued by state agencies, came to 338.02 trillion won.The debt growth, however, slowed for the second consecutive year, according to KOFIA, from a 10.5 percent increase in 2015 to 6.7 percent in 2016 and to 5.8 percent last year. The figure for 2017 is the smallest since the 3.7 percent increase in 2008, when South Korea was hit by the global financial crisis.
Korean businessman in Ghana helps Ghana’s only Olympian in Skeleton
The sole Ghanaian athlete at the PyeongChang Winter Games has thanked his Korean financial backer and supporters for making his dream of competing at the Olympics come true. Akwasi Frimpong, who is also the only athlete representing Ghana, came in last, at 30th, at the men's skeleton event held at Olympic Sliding Centre in PyeongChang on February 15. South Korea's Yun Sung-bin won gold, becoming the first Asian to win a medal in the history of the Olympic skeleton competition.The story of Akwasi Frimpong at PyeongChang 2018 was never going to be about the results to much as the inspiration he provided to millions of fans and his hopes for the future. "The people of Korea are amazing. Thanks to Korea's support, I've been able to make my dream become a reality," Frimpong said in a mixed zone interview after the event.
‘Ultimate goal of Jongsun Lee is to produce fertilizer in Ghana’
Little did they know that they will become life-long business partners, when Jongsun and Nathaniel agreed to move into a same flat on an online community of INSEAD MBA admitted students. They were young, bright, healthy business majors who after 3-4 years of work experience were just admitted to one of the world’s best business schools. For them, future seems just promising as whales ready to dive into deeper ocean. Not having ever met face to face, they just realized that they were only two people in the group who have not decided where to live during the study. So, abruptly, they decided to move into a flat.
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KBS (http://world.kbs.co.kr/english/news/)
US: Denuclearization is Condition for Talks with N. Korea
The United States says that the condition for direct talks with North Korea is the regime's denuclearization.U.S. State Department spokeswoman Heather Nauert made the remark on Tuesday during a regular news briefing when asked about President Donald Trump’s comment the day before, that talks would only be held under the right conditions.The spokeswoman said that there has been no change in Washington's policy, which is maximum pressure against North Korea and the denuclearization of the Korean Peninsula. Nauert added that China, South Korea, Japan, Russia and many countries also agree on the North's denuclearization.
N. Korea to Send Athletes for PyeongChang Paralympics on March 7
North Korea will dispatch its delegation for the PyeongChang Winter Paralympic Games, including athletes, on March seventh via the western land border. The two Koreas agreed on major issues concerning the North’s participation in the Paralympic Games during working-level talks on Tuesday at the truce village of Panmunjeom. According to Seoul’s Unification Ministry, the two sides also agreed that the North’s delegation will follow the South’s guidance during their stay in the South, while the South guarantees to ensure they are comfortable. Absent from the agreement, however, was the North’s initial plans to send an art troupe and cheerleaders. The two Koreas had agreed last month that the North would send a delegation of about 150 athletes, officials and cheerleaders to the South for the Paralympic Games, to be held between March ninth and March 18th. The two Koreas plan to discuss further details by exchanging letters through Panmunjeom.
Top Office: No Agreement with N. Korean Delegation, No Proposals Made
A senior presidential official said Tuesday that the government did not reach any agreement with a North Korean delegation or convey proposals either to the North or the United States.The North Korean delegation led by Kim Yong-chol, vice chairman of the North Korean ruling party's Central Committee, returned home Tuesday after visiting the South for the PyeongChang Olympics closing ceremony.Speaking to reporters after the delegation left, the presidential official said that the government candidly delivered South Korea's ideas to the North, which also expressed its thoughts to Seoul.The official said the overall dialogue touched on the issue of various conditions to realize talks between the North and the U.S. and what steps can be taken for that to happen.The official said that South Korea is mediating between the two sides and is aware of their respective stances to some degree but what's important is to build trust with the North and convey Washington's position to Pyongyang.The official said the government needs time to analyze what it has heard from the North Korean delegation and after that is done, the U.S. will be briefed on the situation.
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Yonhap (http://english.yonhapnews.co.kr)
Outgoing British ambassador says he believes in power of dialogue with N. Korea
Britain's ambassador to South Korea said Wednesday he believes in the power of dialogue when it comes to how to resolve North Korea's nuclear issue."As a professional diplomat, I am a fundamental believer in the power of dialogue," Charles Hay said during a press conference ahead of his departure from South Korea this weekend. His three-year term as the top British envoy to South Korea ends this week. "If you think about the twin tracks which are pressure/sanctions and dialogue, one very important aspect of these is that there should be no release of pressure until there's some real substantive progress (on ending North Korea's nuclear weapons development)," the outgoing ambassador said. For talks with North Korea to happen, both the North Korea side and the South Korea-United States side need to approach dialogue "in a spirit of wanting progress," he said.
U.S. does not want talks with N.K. aimed at buying time: acting ambassador
The U.S. does not want to have talks with North Korea if it seeks to use them as a means to buy time for further development of its nuclear and missile programs, its acting ambassador in South Korea said Wednesday.Marc Knapper, charge d'affaires at the U.S. Embassy in Seoul, said in a meeting with reporters that the North should show its willingness to use any opportunity for dialogue to make progress in itsdenuclearization."We have seen enough times the North used dialogue with us and South Korea and others to continue to buy time to pursue nuclear and missile developments," he said. "North Korea should show some willingness to talk about denuclearization if any talks between the U.S. and North Korea can be possible."He made the remarks at a time when the North recently said that it is willing to talk with the U.S., raising speculation about if and when Washington and Pyongyang will gather to discuss the North Korean nuclear problem.
Hyundai Merchant to launch Asia-Northern Europe service
Hyundai Merchant Marine Co., South Korea's top shipping firm, said Wednesday it will launch a regular service linking Asia to Northern Europe in early April.Hyundai Merchant Marine said it opened "a new Asia-Northern Europe loop in accordance with the increased demand for express service."The Asia-Europe Express (AEX) is an independent service operated by Hyundai Merchant Marine outside of its strategic cooperation with 2M, the world's largest shipping alliance.The South Korean shipping firm has, until now, used 2M vessels in European trade.Hyundai Merchant Marine said it will deploy a total of 10 Panamax vessels with a capacity of 4,600 twenty-foot equivalent units (TEU) for the AEX service, with the first voyage scheduled for April 8 from South Korea's southeastern port of Busan. TEU is a measurement of a ship's cargo capacity.The port rotation of the new service is Busan, Shanghai, Ningbo, Kaohsiung, Shenzhen, Singapore, Colombo, Rotterdam, Hamburg, Southampton, Singapore, Hong Kong.
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The Korea Herald (http://www.koreaherald.com)
US risks dog Korean economy
A global automaker’s move that could potentially lead to a withdrawal of business here, key rates pressures, and increasing trade pressure from the United States -- these are the three major US-related hurdles weighing upon South Korea’s economy this year.In the industrial sector, GM Korea’s decision to shut down its Gunsan plant after 22 years of operation is increasingly imposing strain upon the local economy and Seoul’s government. Macroscopically, Asia’s fourth-largest economy faces the possibility of foreign capital leak following the imminent US key interest rate hike, as well as rising challenges in exports due to the mounting trade pressure from the US administration. Of them, the most tangible risk of the ongoing brawl over the US carmaker’s plausible withdrawal from the local market, an event likely to devastate the southwestern city and burden policymakers ahead of the June local elections.GM, which announced its tentative plan to close its underutilized Gunsan factory by May, recorded some 2 trillion won ($1.9 billion) in accumulated losses in 2014-2016.
NK leaders used Brazilian passports to apply for Western visas
North Korean leader Kim Jong Un and his late father Kim Jong Il used fraudulently obtained Brazilian passports to apply for visas to visit Western countries in the 1990s, five senior Western European security sources told Reuters. While North Korea’s ruling family is known to have used travel documents obtained under false pretences, there are few specific examples. The photocopies of the Brazilian passports seen by Reuters have not been published before. “They used these Brazilian passports, which clearly show the photographs of Kim Jong Un and Kim Jong Il, to attempt to obtain visas from foreign embassies,” one senior Western security source said on condition of anonymity.
GM Korea freezes wages of 500 workers ahead of plant shutdown
GM Korea Co., the South Korean unit of General Motors Co., froze the base wages for 500 executives and team leaders early this year in a drive to cut costs ahead of a local plant shutdown, the company said Wednesday. As the 500 workforce does not belong to GM Korea's 13,000-member union, the company didn't need to seek an agreement for its actions. The company also asked them to reduce the use of corporate cards, according to GM Korea. The move came before GM announced on Feb. 13 it would shut one of its four car assembly plants in South Korea by May and decide the future of the remaining plants within the following weeks due to low productivity.
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The Korea Times (http://www.koreatimes.co.kr)
Between Ivanka and Kim Yo-jong, it's no draw
There were desperate attempts to compare Ivanka Trump and Kim Yo-jong.Perhaps it was the spirit of Olympic competition and the patriotic trappings that fed the media frenzy _ who is the better of the two?The first visited the closing ceremony of the PyeongChang Winter Games, while the second was there for the opening. Or the old Cold War sense of confrontation gave full play to the United States-North Korea standoff over the latter's nuclear and missile programs that threaten the former. One of The Korea Times' columnists, Don Kirk, an American, called it a draw, while a New York Times columnist said it was no contest in Ivanka's favor because her opposite number was the sister of a notorious dictator. But didn't American liberals call Trump, Ivanka's father, the destroyer of democracy in a country that is often regarded as the cradle of modern democracy?
South Korea protests over Chinese military aircraft intrusion
The Ministry of Foreign Affairs summoned China's ambassador to South Korea Tuesday after Chinese military aircraft intruded on its air defense identification zone (KADIZ), a ministry official said Wednesday."First Vice Foreign Minister Lim Sung-nam summoned the ambassador (Qiu Guohong) Tuesday night to file a complaint and urge him to ensure that it doesn't happen again," the official said."We are working closely with the defense ministry to share information about the incident."It came after the Chinese jet flew over South Korea's territorial waters for more than four hours ― from its southern end to Ulleung Island in the East Sea ― before leaving the KADIZ.The Joint Chiefs of Staff said the jet is believed to be a reconnaissance plane. It said the flight route was different from China's previous dispatch of warplanes into the zone.
North Korean leaders used Brazilian passports to apply for Western visas
North Korean leader Kim Jong Un and his late father Kim Jong Il used fraudulently obtained Brazilian passports to apply for visas to visit Western countries in the 1990s, five senior Western European security sources told Reuters.While North Korea's ruling family is known to have used travel documents obtained under false pretences, there are few specific examples. The photocopies of the Brazilian passports seen by Reuters have not been published before."They used these Brazilian passports, which clearly show the photographs of Kim Jong Un and Kim Jong Il, to attempt to obtain visas from foreign embassies," one senior Western security source said on condition of anonymity."This shows the desire for travel and points to the ruling family's attempts to build a possible escape route," the security source said.The North Korean embassy in Brazil declined to comment.Brazil's foreign ministry said it was investigating.
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Chosun Ilbo (http://english.chosun.com)
Chinese Spy Plane Buzzes Korea's Air Identification Zone
Chinese military reconnaissance plane flew into Korea's air defense identification zone without warning on Tuesday. It flew to an area about 55 km northwest of Ulleung Island before turning back, according to the Joint Chiefs of Staff here.The aircraft came within 33 km of Korean territorial waters. Several Chinese military aircraft have buzzed the Korean ADIZ in recent months, but mostly in areas where the two countries' zones overlap and never so close to Korean territorial waters."It seems China was attempting to spy on Korea and the U.S. in preparation for resumption of joint military drills," a government source here said. The Defense Ministry summoned three military attachés of the Chinese Embassy in Seoul to lodge a protest.
N.Korea's Kim Yong-chol Wraps up Reclusive Visit
Senior North Korean apparatchik Kim Yong-chol, the head of the United Front Department, wrapped up a three-day trip to South Korea on Tuesday. Kim waved at South Korean reporters as he crossed the border but did not reply to their barrage of questions. Apart from attending the closing ceremony of the Winter Olympics in Pyeongchang, Kim was mostly holed up in his hotel, where he met with senior South Korean government officials. No photos or videos of the meetings were revealed by the government. The government apparently tried to be discreet because Kim masterminded the sinking of the Navy corvette Cheonan in 2010, when he was chief of the General Bureau of Reconnaissance.On his last day in South Korea, Kim and his entourage had breakfast with Unification Minister Cho Myoung-gyon and National Intelligence Service chief Suh Hoon on the 16th floor of the Walkerhill Hotel in eastern Seoul, which had been taken over by the North Korean delegation.
Over 1,200 Leaders Gather at Korea-India Forum
The second Korea-India Business Summit jointly hosted by the Chosun Ilbo, the Korea Trade Investment Promotion Agency and Confederation of Indian Industry was held in New Delhi on Tuesday. Some 1,200 businesspeople, politicians and bureaucrats from both countries converged to discuss possible investments and more economic cooperation. From Korea came around 350 executives from 84 companies, while the Indian side was represented by some 800 executives from 400 companies, including Mahindra Group chairman Anand Mahindra.
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HanKyoReh Shinmun (http://english.hani.co.kr)
South Korean government looking to arrange dialogue between the US and North Korea
Despite the calm winds of reconciliation blowing during the Pyeongchang Winter Olympics, the Korean Peninsula remains unstable. If South Korea and the US resume the joint military exercises that were delayed during the Olympics and if North Korea and the US return to their confrontation, the peninsula could be haunted by the specter of war, just as it was last year. That’s why the South Korean government under President Moon Jae-in has accelerated its preparations for the post-Pyeongchang phase since the closing ceremony of the Pyeongchang Winter Olympics.On the morning of Feb. 26, Moon met with Chinese Vice Premier Liu Yandong, who visited South Korea as a special envoy for Chinese President Xi Jinping, and asked China for its cooperation so that the mood for dialogue created during the Pyeongchang Winter Olympics can lead to North Korea-US dialogue. “Recently, North Korea has been showing an eagerness to talk with the US, while the US has been talking about the need for dialogue, too. The US needs to lower the threshold for dialogue, while North Korea needs to show a commitment to denuclearization. That’s why it’s important for the US and North Korea to sit down at the table together soon,” Moon said.
North Korean delegation holds closed-door meetings with South Korean counterparts
On Feb. 26, the second day of his visit to South Korea, Kim Yong-chol, vice chairman of the North Korean Workers' Party’s (KWP) Central Committee, reportedly did not leave the hotel where he is staying in Seoul while meeting with a wide range of senior officials from South Korea’s foreign policy and security establishments. While it is unusual for high-ranking North Korean officials on an official visit to South Korea to take part in closed-door deliberations without a public itinerary, the apparent objective was for South and North Korea to share information about the latest developments, including recent movements by the four major powers around the Korean Peninsula, and to discuss in detail each other’s plans and approaches for bringing about North Korea-US dialogue.The only part of Kim’s schedule on Feb. 26 that was made public was his luncheon with the director of the Blue House National Security Office, Chung Eui-yong. “The two sides had a candid discussion about the situation around the Korean Peninsula and about relations with four countries, namely, the US, China, Japan and Russia. [South and North Korea] were in agreement about the importance of cooperation among these four countries,” a senior Blue House official said during a meeting with reporters late in the afternoon.
Former senior prosecutor brought in for questioning in sexual harassment case
Ahn Tae-geun, the central figure in the sexual harassment allegations raised by prosecutor Seo Ji-hyun, was brought in for questioning at the Seoul Eastern District Prosecutors’ Office on Feb. 26. During a television interview that rocked the nation, Seo accused Ahn of groping her at a staff dinner, and then transferred her to a regional office after she voiced complaints. Seo’s accusations have sparked an outpouring of similar stories, which have evolved into South Korea’s #MeToo movement, and have ensnared powerful figures of the country’s judiciary, cultural, religious, and entertainment sectors. (by Baek So-ah, staff photographer)
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JoongAng Ilbo (http://koreajoongangdaily.joins.com/)
North’s delegation returns home
North Korea’s high-level delegation to the Olympics closing ceremony returned home Tuesday after meeting with authorities in the intelligence, diplomatic and inter-Korean relations sectors as the Moon Jae-in administration takes on the big challenge of brokering talks between Pyongyang and Washington. The eight-member delegation led by Kim Yong-chol, vice chairman of North Korea’s Central Committee of the Workers’ Party, who is also known to be director of the committee’s intelligence arm, the United Front Department, wrapped up a three-day visit to South Korea at noon Tuesday, driving up a road linking the two countries along the west coast. None of the delegates took questions from the media as they left the Gyeongui Highway Transit Office in Paju, Gyeonggi.Before heading back, the North Korean officials had breakfast for about an hour from 9 a.m. with Unification Minister Cho Myoung-gyon, Vice Unification Minister Chun Hae-sung and National Intelligence Service Director Suh Hoon, according to the South’s Unification Ministry, which handles inter-Korean affairs.
Shorter workweek bill passed by committee
Legislation to shorten Korea’s notoriously long working hours cleared a key committee Tuesday.After discussions lasting two days, the employment and labor subcommittee of the National Assembly’s environment and labor committee agreed at around 3 a.m. Tuesday to limit maximum working hours to 52 hours a week, including work on weekends.The reform of Korea’s labor laws has been strongly pushed by the Moon Jae-in administration as part of its larger agenda of creating more jobs.Under current law, the work week is 40 hours, which can be extended 12 hours during the week and another 16 hours for weekend work.Under the revised law, the working week is 40 hours, which can be extended a maximum of 12 hours during the week or on weekends.
Korea Inc. pleads its case in Washington
A delegation of executives from Korea’s largest conglomerates is lobbying Washington on behalf of Korea Inc. amid tough protectionist trade measures from the Trump administration.The Federation of Korean Industries (FKI), a big-business lobbying group, said in a statement Tuesday that it sent high-ranking executives from companies that have invested in the United States to persuade Wilbur Ross, the U.S. secretary of commerce, and Kay Cole James, president of the conservative Heritage Foundation, on contributions that Korean businesses have made to the American economy.The companies include Hanwha Group, Hyundai Motor, Korean Air, Lotte Chemical, Posco and SK Group.Korean conglomerates have been perturbed about efforts by the Trump administration to revise the two countries’ free trade agreement and impose higher tariffs and tighter import guidelines on Korean washing machines, solar panels, steel and aluminum.
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The KyungHyang Shinmun (http://english.khan.co.kr/)
North Korea and the U.S. Both Want Dialogue, But First They Need to Narrow Their Differences on Denuclearization
Kim Yong-chol, vice chairman overseeing South Korean intelligence in the Workers' Party of Korea (WPK) cum director of the United Front Department, who visited South Korea to attend the closing ceremony of the PyeongChang Olympics met with President Moon Jae-in on February 25 and said that Pyongyang had "ample intentions of holding talks with the United States." After his remark was released to the public, the possibility of direct talks between North Korea and the U.S. has increased. There are still many challenges, but just the fact that the two countries agree to the need for talks is great progress. White House Press Secretary Sarah Huckabee Sanders responded to Vice Chairman Kim's remarks by saying, "We will see if Pyongyang's message today, that it is willing to hold talks, represents the first steps along the path to denuclearization." The White House seemed to welcome Kim's comment, but at the same time stated that denuclearization must be included in the agenda. Vice Chairman Kim's mention of "intentions of holding talks" was practically a public message to Washington. However, since we do not know the nature of the talks Kim mentioned, it is difficult for the U.S. to willingly accept the proposal. North Korea and the U.S. both agree to the need for dialogue, but they are still far apart when it comes to the nature of the talks.
The Bareun Mirae Party Fails to Enjoy "Integration Effect": Approval Ratings Step Back
The Bareun Mirae Party established two weeks ago is having a hard time making a rebound. The party's approval rating has fallen back to a one-digit figure. The party failed to bring about a "convention bounce" after the People's Party and the Bareun Party united, and people are even mentioning a "minus integration effect" referring to the falling approval ratings of the new party. The mud fight in the process of integrating the two parties and the party's failure to distinguish itself from the Liberty Korea Party by highlighting the security issue appear to have had an overall influence in the falling ratings. According to a survey of 2,510 adults nationwide conducted by Realmeter on February 19-23 (confidence level 95%, sampling error ±2.0%) and released on February 26, the approval rating of the Bareun Mirae Party was 7.1%, a 3.4% fall from the previous week (10.5%). The approval rating of the Bareun Mirae Party was only 8% in the survey by Gallup Korea released on February 23.
"We Are Interested in Talks with the U.S."
President Moon Jae-in met with the high-ranking North Korean delegation led by Kim Yong-chol, director of the United Front Department cum vice chairman of South Korean intelligence in the Workers' Party of Korea (WPK), who visited South Korea to attend the closing ceremony of the PyeongChang Winter Olympic Games on February 25. According to Cheong Wa Dae, President Moon stressed the need for talks between North Korea and the United States, and Vice Chairman Kim also replied that Pyongyang was willing to talk with the U.S. Cheong Wa Dae conveyed that this evening at 5 p.m. President Moon met with Kim for about an hour at Pyeongchang, Gangwon-do. In a press briefing, Cheong Wa Dae spokesperson Kim Eui-kyeom said, "President Moon pointed out the need for urgent talks between North Korea and the U.S. to improve inter-Korean relations and to fundamentally resolve issues on the Korean Peninsula," and added, "The North Korean delegation said they were willingly to engage in dialogue with Washington and shared our thoughts that inter-Korean relations should develop along with North Korea-U.S. relations."
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AJU Business Daily (http://eng.ajunews.com/korea)
Samsung jumps into AI speaker market this year with new product
In the global market for voice assistant speakers, Samsung Electronics has been an outsider as it focused on premium phones using artificial intelligence and other advanced technologies to consolidate its position as the world's top smartphone maker.Finally, Samsung declared its entry into the AI speaker market dominated by global tech companies such as Amazon, Apple and Google. "We plan to release an AI speaker later this year possibly during the second half of 2018," Samsung President Koh Dong-jin said at the Mobile World Congress (MWC) in Barcelona, Spain."I want to hear consumers say that they purchased a good quality item," he said, adding Samsung's AI speaker can attract picky consumers. Samsung aims to come up with a product which works as a home IoT (Internet of Things) hub and can be used as an independent audio device.Samsung has long been absent from the race to produce AI speakers, while Amazon unveiled its Echo Ai speaker in 2015, followed by Apple and Google. Now, AI speakers have grown to become a mainstream, and British digital market analyst firm Juniper Research predicts more than 70 million AI speakers will be installed at home in the United States by 2022.
Number of new babies in S. Korea hits record low in 2017
The number of babies born last year fell 11.9 percent on-year to a record low of 357,700, data showed Wednesday, sparking concerns South Korea's depopulation and aging society would come faster than expected.The fertility rate, or the average number of babies that a woman is projected to have during her lifetime, hit a record low of 1.05 last year, according to Statistics Korea. The state agency predicts that if the current trend continues, South Korea is expected to see a decrease in population in 2027.South Korea has spent an enormous amount of money on tackling its aging population and a low birthrate. Various government incentives including cash rewards have been offered to have more children, but an increasing number of women work and want to hold onto their career, leading them to delay marriage and have children late.In 2017, 264,500 couples got married, down 6.1 percent from a year ago. Many young people are less interested in marriage or having children due to costly housing expenses, unstable employment and high living and wedding costs, accelerating a low fertility rate.
S. Korea's Posco secures lithium deal with Australia's Pilbara Minerals
As part of efforts to secure a stable supply of raw materials for its battery business, South Korean steel giant Posco has forged a deal to buy a stake in Pilbara Minerals and purchase up to 240,000 tons of battery-grade lithium from the Australian mine developer.Posco said Tuesday that it has purchased convertible bonds worth a 4.75 percent stake in Pilbara Minerals. The two companies will jointly build a plant to produce 30,000 tons of lithium hydroxide and lithium carbonate annually from 2020.Posco has invested heavily in lithium-ion battery materials. Most of the world's lithium production is in South America where the standard extraction technique is to evaporate water from brine with each batch taking from 18 to 24 months. Posco has developed its own technology to extract lithium phosphate from brine and convert it to lithium carbonate.In 2012, POSCO ESM was established to produce cathode materials with an annual capacity of 7,000 tons and supply them to major domestic and overseas battery makers. POSCO Chemtech has succeeded in mass production of anode materials for high capacity electric vehicle battery.
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Maeil Business News Korea ( http://www.pulsenews.co.kr/)
Korea`s Posco to buy stake in Aussie lithium miner Pilbara
South Korea’s leading steelmaker Posco announced Tuesday it has agreed to acquire a 4.75 percent stake in Australian miner Pilbara Minerals for $62.5 million and buy up to 240,000 tons of lithium concentrate per year, creating a more stable supply chain for manufacturers of electric vehicle batteries. Posco said in a statement it will use the commodity to make 30,000 tons of lithium products per year starting from 2020. The lithium products will be supplied to battery material manufacturing affiliate Posco ESM and its joint venture with China’s Huayou Cobalt and South Korean battery makers. Pilbara Minerals, which owns 100 percent of the Pilgangoora lithium mine in western Australia, aims to begin production of 300,000 tons of lithium concentrate in the second half of this year and scale up the output to as much as 800,000 tons annually, Posco said. Pilbara will also take a 30-percent stake in Posco’s planned lithium factory.
Kolao Holdings launches truck brand with Pakistan’s Dewan
Kolao Holdings, a South Korean car and motorcycle maker whose business is primarily done in Southeast Asia, released a new truck brand in Pakistan with a major local partner in hopes of branching out to Africa and the Middle East. The company said Tuesday it unveiled the 1-ton truck Daehan Shehzore at a ceremony in Karachi, the economic capital of Pakistan. It is the first product to be launched by Daehan Dewan Motor Company (DDMC), a 50/50 joint venture between Kolao and Pakistani conglomerate Yousuf Dewan Companies. The pickup would be an upgrade of Dewan’s Shehzore, a popular truck brand in Pakistan that has sold 50,000 units since its release. DDMC plans to bolster its lineup, with a 0.8-ton mini truck and 2.5-ton pickup to be released within the year.
SK Innovation to reward CEO with stock option for first time
South Korea’s leading oil refiner SK Innovation Co. is seeking to award its chief executive with stock options for the first time in its seven-year history after hitting record profits last year. The company said Tuesday the proposed compensation package for CEO Kim Jun will be submitted for approval at the next shareholder meeting on March 20. If approved, Kim would be granted a total of 70,551 common shares with the right to buy 23,517 shares at a fixed price in three equal installments from 2020 to 2025. He would be able to gain financially if the stock price remains above the option’s strike price. The surprise package came after SK Innovation posted a record operating profit of 3.23 trillion won ($2.99 billion) on sales of 46.8 trillion won in 2017. Earnings in its non-refinery business, including chemical and lubricants, also topped 2 trillion won for the first time.
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