The Korean daily media headlines and humor
The Korean daily media headlines and humor
  • Lee Kyung-sik
  • 승인 2018.03.07 10:10
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The Korean daily media headlines and humor

Wednesday, March 7, 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


Lee Kyung-sik


Korea Post Media


Round-up of important news stories from major Korean dailies today:

The Korea Post media ( in English, ( in Korean.

Trump believes N. Korea is sincere about talks after sanctions

U.S. President Donald Trump said Tuesday he believes North Korea is sincere about talking with the United States because of sanctions that were imposed on the regime.Trump appeared to be taking credit for his administration's "maximum pressure" campaign, which has led to increased economic sanctions on Pyongyang over its nuclear weapons and ballistic missile programs.He was speaking after the North Koreans offered to discuss their nuclear weapons program with the U.S."I think that they are sincere, but I think they're sincere because of the sanctions with respect to North Korea, including the great help we've been given by China," Trump said in a joint news conference with Swedish Prime Minister Stefan Lofven at the White House. "The sanctions have been very strong and very biting. We don't want that to happen, so we're hoping they're sincere. We'll find out."

Bangladesh that won independence through the supreme sacrifice of the freedom fighters, will become a middle-income country by 2021

At a recent interview with The Korea Post, publisher of three English and two Korean-language news outlets, Ambassador Abida Islam of Bangladesh in Seoul said that the people of her country won their independence through the supreme sacrifice made by the three million martyrs’. She recalled with deep gratitude the greatest Bangalee of all time, Father of the Nation Bangabandhu Sheikh Mujibur Rahman, under whose undisputed leadership Bangladesh earned its independence. She also paid homage to two hundred thousand women who lost their innocence during that War and paid her tributes to four national leaders of Bangladesh, who led the War of Liberation and homage to all valiant freedom fighters.On the economic cooperation between the Republic of Korea and Bangladesh, Ambassador Islam said that “our economy is becoming intensely engaged with the economy of the Republic of Korea. Our bilateral trade has reached over US$1.5 billion in the 2016-17 period from US$22.86 million, only in a little over one decade.”Details of her interview is as follows:

Korea, Uzbekistan agree to en-hance economic cooperation

Deputy Prime Minister Kim Dong Yeon attended the 1st Korea-Uzbekistan Deputy Prime Ministers’ Meeting in Tashkent, Uzbekistan on February 13.According to the Korean Ministry of Foreign Affairs, Deputy Prime Minister Kim Dong Yeon attended the 1st Korea-Uzbekistan Deputy Prime Ministers’ Meeting in Tashkent, Uzbekistan on February 13. The meeting was a follow-up to last year’s summit as well as in preparation for President Moon Jae-in’s upcoming visit to Uzbekistan this year.DPM Kim underscored the importance of Uzbekistan’s partnership in Korea’s Northern Economic Cooperation Initiative, and added that providing a stable business environment is crucial to enhancing the bilateral economic cooperation.The Uzbek government pledged to promptly resolve the difficulties facing the Korean companies operating in Uzbekistan in relation to Surgil gas field development, smart meters and CNG projects, and agreed to take measures for the loss accumulated by the Korean SMEs following the liberalization of FX regime last September.



Trump: N. Korea Sincere on Possible Nuke Talks

U.S. President Donald Trump says that North Korea seems to be "acting positively" after the two Koreas agreed to meet for a summit and the North expressed its willingness to hold talks on its denuclearization.

Trump made the remarks on Tuesday ahead of summit talks with Swedish Prime Minister Stefan Lofven at the White House. Assessing the North as "sincere," Trump told reporters that the U.S. had “come a long way, at least rhetorically” with North Korea and “statements coming out of South and North Korea have been very positive.” Trump added that the U.S. would wait and see how things play out, saying that he would not let the dispute "fester" much longer.Earlier in the day he tweeted that possible progress was being made in talks with North Korea and that for the first time in many years, a serious effort is being made by all parties concerned. He said the world is watching and waiting, adding it “May be false hope, but the U.S. is ready to go hard in either direction!”

Court Rejects Arrest Warrant for Ex-Defense Minister

A Seoul court has refused to issue an arrest warrant for former Defense Minister Kim Kwan-jin, who is accused of interfering with a ministry investigation into the military's political intervention ahead of the 2012 presidential election.The Seoul Central District Court on Wednesday rejected the prosecution's warrant request for Kim, saying that there is room for argument against the charges and the risk of him fleeing or destroying evidence is low.It is the second time prosecutors have sought an arrest warrant for Kim, who headed the ministry from 2010 to 2014.In November, he was detained for his alleged involvement in illegal cyber activities aimed at influencing public opinion under the Lee Myung-bak government. But he was released eleven days after a court granted a motion to reconsider the legality of his confinement. This time, the prosecution sought an arrest warrant for him on charges of interfering with a ministry investigation.

Rival Parties Fail to Resolve Differences on Constitutional Revision

South Korea's rival parties have failed to reach a compromise over how to revise the Constitution regarding the country's governing structure. During a plenary meeting of the special parliamentary committee on constitutional revision and political reform on Tuesday, the ruling Democratic Party(DP) repeated its demand for a four-year, two-term presidential system, while the largest opposition Liberty Korea Party(LPK) continued to insist upon a dual executive system. Representative Choi In-ho of the DP dismissed the dual executive system as an unrealistic option, saying the National Assembly does not have an environment conducive to choosing a prime minister. Representative Chong Jong-sup of the LKP argued that merely adapting the current system will not reduce the power of the president, calling for a constitutional amendment that reduces the power of the president.


Yonhap (

Trump believes N. Korea is sincere about talks after sanctions

U.S. President Donald Trump said Tuesday he believes North Korea is sincere about talking with the United States because of sanctions that were imposed on the regime.Trump appeared to be taking credit for his administration's "maximum pressure" campaign, which has led to increased economic sanctions on Pyongyang over its nuclear weapons and ballistic missile programs.He was speaking after the North Koreans offered to discuss their nuclear weapons program with the U.S."I think that they are sincere, but I think they're sincere because of the sanctions with respect to North Korea, including the great help we've been given by China," Trump said in a joint news conference with Swedish Prime Minister Stefan Lofven at the White House. "The sanctions have been very strong and very biting. We don't want that to happen, so we're hoping they're sincere. We'll find out."

S. Korea faces 40 import restrictions from U.S. in Feb.

South Korea faced far more import restrictions from the United States than any other country in February amid Washington's growing trade pressure on its ally, a trade body said Wednesday.Asia's fourth-largest economy was subject to 196 import regulations from the rest of the world as of Monday, with the U.S. accounting for 40 of them, the highest number, according to the Korea International Trade Association (KITA).Of the American restrictions, 30 cases were anti-dumping investigations, eight were countervailing duties, and two were safeguards.The U.S. launched a probe into two cases in January, but there were no new investigations into South Korean products.

Biopharmaceutical stock owners to receive big dividends

The biggest shareholders of South Korean pharmaceutical and bio companies stand to receive large dividends thanks to their strong performances last year, data showed Wednesday.A total of 10 owners of biopharmaceutical companies will receive 1 billion won (US$930,000) or more in dividends this year, according to, which tracks family-controlled conglomerates in South Korea.Lim Sung-ki, chairman of leading pharmaceuticals firm Hanmi Pharm Co., is expected to post the largest dividend income of 4.3 billion won through Hanmi Science, the holding company for Hanmi Pharm.Hanmi Science plans to pay out a cash dividend of 200 won per share, with Lim owning a 34.2 percent stake in the company, around 2.13 million shares.


The Korea Herald (

Koreas to hold summit in late April

The two Koreas will hold a summit at the border village of Panmunjeom at the end of April, and North Korea is willing to engage the US, National Security Office chief Chung Eui-yong revealed Tuesday. The summit will be held at the Peace House, which is located on South Korean side of Panmunjeom. Chung, who led the five-member special envoy delegation to the North, said the two Koreas came to the conclusion during his meeting with North Korean leader Kim Jong-un on Monday.

Seoul all out to counter US 25% tariff on steel imports

South Korea is making last-minute struggles this week to exempt itself from the US government’s impending steel tariff which would strike a heavy blow to steel producers here and the nation’s export-dependent economy.Unlike other major steel exporting states such as China, Canada and the European Union, however, Seoul refrained from adopting reciprocal tariffication.Trade Minister Kim Hyun-chong on Tuesday left for Washington DC as part of his second outreach program to respond to the toughening trade regulations, according to the Ministry of Trade, Industry and Energy.His hurried move came as US President Donald Trump is set to impose a tariff of 25 percent on all steel imports later this week, in the wake of the US Department of Commerce’s report on Section 232 of the Trade Expansion Act, suggesting either a higher tariff or import quota on steel products.During the four-day visit, Seoul’s chief trade policymaker is slated to meet senior officials including US Trade Representative Robert Lighthizer and US Chamber of Commerce CEO Thomas Donohue.

#MeToo spreads to business sphere, partially

A series of revelations involving prominent figures allegedly committing sexual crimes appears to have reached the nation‘s business arena, although its impact on the market has been limited so far. A fresh allegation that Gov. An Hee-jung of South Chungcheong Province sexually assaulted his secretary not only sent shockwaves nationwide, but also to the nation’s second largest bourse, with shares of companies even remotely related to the politician collapsing rapidly on Tuesday.Share price of BG T&A listed on the tech-heavy Kosdaq market plunged to 3,410 won as of 9:05 a.m., hours after a live TV interview with An’s secretary Kim Ji-eun claiming that she was assaulted by him four times in the last eight months. The wireless device manufacturer has been categorized as an An-related firm as its CEO Lim Hak-kyu is the governor’s college alumnus.Other companies that are either based in South Chungcheong Province or those who signed contracts with the provincial office for projects, were trading significantly lower than a day before for no particular reason other than their relations with An.


The Korea Times (

China has its own North Korea scenario

China is the only country that can stop North Korea from becoming a fully fledged nuclear power. But Beijing will not take that step, even if that means the U.S. could attack the North, experts say.China's oil supply provides key support to the Kim Jong-un regime, which would collapse in no time without it. Yet China has chosen to provide resources Pyongyang badly needs and will likely continue to do so, says Boston College professor of political science Robert Ross."China opposes nuclear weapons in North Korea, but it has other more immediate priorities, including preventing regime collapse and loss of its control over nuclear weapons," he told The Korea Times."These objectives are more important than coercion to achieve immediate denuclearization. Thus China resists excessive sanctions that could lead to regime collapse."In some ways, he notes, South Korea shares this Chinese perspective, as it also opposes excessive U.S. sanctions that could destabilize the regime and its control over nuclear weapons, which could lead to war.

Two Koreas to hold summit in late April

South and North Koreas have agreed to hold an inter-Korean summit at the truce village of Panmunjeom at the end of April, Cheong Wa Dae said Tuesday. Pyongyang also expressed intention to hold talks with Washington over denuclearization, saying it could give up its nuclear weapons if the safety of its regime is guaranteed. President Moon Jae-in's special envoys, who visited Pyongyang for two days and met North Korean leader Kim Jong-un, announced these agreements upon returning to Seoul. "The two Koreas decided to hold the third inter-Korean summit at the Peace House in Panmunjeom at the end of April, and will have meetings of working-level officials to discuss details about it," National Security Office chief Chung Eui-yong, who led the envoys, said in a press briefing. "The two Koreas also agreed to set up a hotline between the leaders in an effort to ease military tension and have close discussion. They will have their first phone call before the summit."

An American diplomat's visit to Pyongyang in 1891

One of the first diplomats to visit Pyongyang was Augustine Heard, the U.S. minister to Korea, in November 1891. He and his party (three naval officers and seven sailors) sailed up the Taedong River in a small steam launch.After some difficulties, they finally arrived and disembarked at a wharf illuminated brilliantly with lanterns, where soldiers greeted them. According to Heard's report to the State Department, the soldiers played both Korean and European music but they "mangled the notes of their bugles with the native pipes and drums." He was, however, impressed, at least initially, with the fanfare: "[The] scene as we passed up through the great [Taedong] Gate, with the variety of costumes and the swinging lanterns, was very picturesque." But upon closer examination he noted the gate was "sadly in need of repair and paint _ as indeed are all the public buildings" in Pyongyang.They were housed at Ryongwang Pavilion. Heard apparently hadn't heard the tales of a brave gisaeng who helped assassinate a Japanese invader during the 1592-98 Imjin War, only knowing it was "devoted to the entertainment of guests and was in rather shabby condition, but had been freshly papered and matted" for his arrival. He declared it "amply sufficient."


Chosun Ilbo (

Moon to Meet Kim Jong-un Next Month

President Moon Jae-in and North Korean leader Kim Jong-un have agreed to hold a summit at the end of next month in the border truce village of Panmunjom, National Security Council chief Chung Eui-yong said Tuesday. Chung, who headed a five-member delegation to North Korea, met Kim on Monday evening and agreed the meeting the next day. The last inter-Korean summit was held in 2007, when President Roh Moo-hyun met Kim Jong-il. "The two previous summits held in 2000 and 2007 took place in Pyongyang, but the upcoming one will take place in Panmumjom on the South Korean side of the border, which symbolizes the division of the two Koreas." It will be the first time that North Korean leader steps across the military demarcation line to set foot on South Korean soil.

N.Korean Exports at a Virtual Standstill

Harsh international sanctions are weakening the North Korean economy in an unprecedented way, according to economists."North Korean people's purchasing power and industrial production will dwindle significantly from the second half of this year," the Korea Institute for International Economic Policy predicted on Monday. And the Korea Development Institute said recently, "North Korea's exports are shrinking just like in a trade blockade." North Korean leader Kim Jong-un has launched a charm offensive toward South Korea in a bid to weaken the sanctions, but so far to little avail.

Seoul's Chinatown Bustles with Imported Cars

The Chinese enclave in Daerim-dong in Seoul is a somewhat seedy area, but locals are clearly not short of money and were upset when a recent film portrayed their area as a hangout for criminals.Expensive foreign cars throng the back alleys and streets around the market. The Korean-Chinese population has soared since the government began issuing F-4 visas to ethnic Koreans in 2012 that permit them to do business here for up to three years. This has led to a boom, especially among restaurants and wholesale and retail businesses.Soon Mercedes-Benz and BMW dealerships began opening here. One staffer with a foreign car dealership said, "We always have Chinese-speaking staff on standby."


HanKyoReh Shinmun (

South Korean special envoy meets with Kim Jong-un

Just three hours after Chung Eui-yong, Director of the Blue House’s National Security Office, arrived in Pyongyang on the afternoon of Mar. 5 as the head of a five-person special delegation to North Korea, he met North Korean leader Kim Jong-un and had dinner with him. The special delegation touched down at Pyongyang International Airport at 2:50 pm (2:20 pm in North Korea) and met Kim at 6 pm. The previous North Korean leader, Kim Jong-il, would often refuse to commit to meeting with special delegations to the North and only meet them on the final day of their visit. That happened during visits to the North by former National Intelligence Service director Kim Man-bok in Aug. 2007 and by former Unification Minister Chung Dong-young in June 2005. But on the first day of this visit, Kim Jong-un met the special delegation almost as soon as they arrived and then had dinner with them.

Results of dinner with Kim Jong-un “not disappointing”

The Blue House remained On Mar. 5, South Korea’s special delegation to the North led by Chung Eui-yong dined with North Korean leader Kim Jong-un for four hours and 12 minutes. Kim’s wife Ri Sol-ju was also present during the dinner. A Blue House spokesman said that results were apparently “not disappointing.”“The five members of the special delegation to North Korea led by Blue House National Security Advisor Chung Eui-yong had a meeting with North Korea State Affairs Commission Chairman Kim Jong-un on Mar. 5 followed by a dinner. The meeting and the dinner lasted from 6 pm until 10:12 pm, for a total of four hours and 12 minutes,” said Blue House spokesperson Kim Eui-gyum during the press briefing on Mar. 6.

South Korean government to continue fight against Trump’s steel tariffs

The South Korean government has decided on a response plan of “fighting to the end” to exclude South Korean steel from an across-the-board 25% tariff announced by US President Donald Trump, while examining the possibility of the measures being in violation of World Trade Organization (WTO) norms. Trump’s measures have triggered a strong backlash from the international community, with the EU, China, and Canada announcing their own retaliatory tariff response.Seoul avoided reference to “tariff retaliation” or cooperation with the international community in response to the onslaught of “America first” protectionist measures by Trump. Analysts said the decision to pursue the somewhat mild approach of “working to exclude South Korean steel” – after President Moon Jae-in’s previous calls for a “bold and resolute response” – was based on the realistic conclusion that the national interest would be best served by minimizing frictions in the trade war between major trading powers.


JoongAng Ilbo (

North agrees to talks with U.S.

North Korea expressed its intention to have a candid dialogue with the United States to discuss denuclearization and promised a moratorium on nuclear and ballistic missile tests during the period of talks, President Moon Jae-in’s special envoy to Pyongyang said Tuesday. The two Koreas also agreed to hold a summit at the truce village of Panmunjom in late April, Chung Eui-yong, head of the Blue House’s National Security Office, said in the evening as he announced the outcome of his two-day trip to Pyongyang, which included a meeting with North Korean leader Kim Jong-un that lasted more than four hours.

“North Korea made clear its will for denuclearization of the Korean Peninsula,” Chung said. “It also assured that it has no reason to own nuclear arms if military threats against the North are resolved and the regime’s security is guaranteed.” According to Chung, the North also expressed its intention to have candid talks with the United States to discuss denuclearization issues and normalization of North Korea-U.S. relations.

Rape accusations force governor out of office

South Chungcheong Gov. An Hee-jung resigned Tuesday after his secretary said he raped her multiple times, becoming the most prominent figure to be disgraced in Korea’s snowballing Me Too movement. Kim Ji-eun, 33, An’s secretary, accused the governor Monday of raping her four times and sexually harassing her more often during her eight months working in his office.Kim went public with her allegations against An, 52, a Democratic Party presidential hopeful, in an interview with JTBC Newsroom Monday evening.“A secretary is someone who has to say ‘yes,’ even if everybody says ‘no,’ someone who has to defend the governor till the end,” said Kim. “The governor always told me, ‘Don’t state your opinions, don’t speak your thoughts. You are a mirror that reflects me. Live transparently, reflecting me. Live like a shadow.’”

LG vice chairman fears protectionism in U.S.

LG Group Vice Chairman Koo Bon-joon told top LG executives to review their long-term business plans to see how they may be affected by protectionist policies of the United States. “The business environment at home and abroad has been deteriorating, affected by the protectionist trade policies introduced from the beginning of this year,” Koo said at an internal corporate seminar with 400 CEOs and executives of LG affiliates held at LG headquarters in Yeouido, western Seoul, Tuesday. “Such uncertainty in the global economy is expected to influence the first-quarter performances of LG affiliates.” Koo pushed executives to review existing business strategies by analyzing opportunities and threats linked to the rapidly changing business environment.


The KyungHyang Shinmun (

Expose by a Secretary: "I Was Raped Four Times by Ahn Hee-jung, Governor of Chungcheongnam-do"

A former secretary claimed that Ahn Hee-jung (53, photo), the governor of Chungcheongnam-do raped her, spreading the #MeToo campaign to all areas of our society. The latest expose is expected to stir quite a storm throughout the political circle for Ahn was a strong presidential candidate from the ruling party. Some people claim that this is a sign that the #MeToo movement is spreading to the political circle.Kim, the former executive assistant and current secretary for political affairs to Ahn, appeared on JTBC Newsroom this day and revealed that Ahn had sexually assaulted her on several occasions and had raped her four times in eight months since June 2017.Kim specifically described the details of the rape. She said, "Ahn raped me during a business trip to Russia last July and to Switzerland last September," and added, "In the past eight months, he frequently assaulted me sexually." She further said, "It usually happened when there weren't any eyes on us, such as business trips to Seoul or overseas," and said, "In Switzerland, he (Ahn) took me from the bed to the sofa and continued to talk."

Kim Jong-un Makes His Debut in Inter-Korean Diplomacy Six Years after Entering Office: A Son Not So Much Like His Father

Kim Jong-un (photo), chairman of the Workers' Party of Korea (WPK) debuted on the inter-Korean stage six years after he stepped up as the leader of North Korea when he greeted and hosted a dinner for the delegation of special envoys to North Korea including Chung Eui-yong, head of the Cheong Wa Dae National Security Office. Chairman Kim moved in an organized fashion meeting the special envoys immediately after they arrived in North Korea following prior discussions. This was quite different from his father, Kim Jong-il, chairman of the National Defense Commission, who preferred to remain unpredictable: in the past when a special envoy visited the North, Kim Jong-il would not inform the South of whether he would meet him, and later abruptly announce a meeting.The special envoys arrived at the Sunan Airport in Pyongyang at 2:50 p.m. on a private plane this day. The meeting with Chairman Kim began at 6 p.m. It was held just three hours after their arrival. Reportedly, the first meeting between Kim and the special envoys was agreed to during a prior discussion between North and South Korea before the envoys left for Pyongyang. This is unusual, given that North Korea often keeps the schedule of its top leader confidential.

The Tides Have Turned: Will the "Conservative Union" Make a Difference?

The June 13 local elections, which will practically be an interim evaluation of the Moon Jae-in government, are a hundred days away as of March 4. Thus a one-hundred-day race has begun for the Democratic Party of Korea (Minjoo Party of Korea), which needs to secure the power to push ahead with state affairs at the halfway point in the government's term; the Liberty Korea Party, which seeks to rebuild the conservatives and reorganize the battle line; and the Bareun Mirae Party and the Party for Democracy and Peace, which aim to secure an independent foundation to survive and to stand as an alternative party, and none of the parties have the leisure to step back.The Democratic Party must win in the local elections to secure the power to push ahead with state affairs as the government enters the middle of its term. Since this is a time when the government needs to see the fruits of their reform policies, such as its efforts to eradicate long-established irregularities and "economic democratization" in the form of institutional reforms, the results of the local elections can be directly related to the success of the entire term of the Moon Jae-in government. If the Democratic Party wins, the Moon Jae-in government's plan to break away from an opposition-majority parliament with the support of the public will gain momentum. Since the upcoming elections are in nature an interim evaluation of the incumbent government, a victory by the ruling party is bound to be interpreted as the people's support for the government's reforms, and it will be difficult for the opposition parties to ignore public demand for institutional reforms.


AJU Business Daily (

Prosecutors to question ex-president Lee Myung-bak next week

South Korea's conservative former president Lee Myung-bak has been ordered to appear for questioning by state prosecutors next week following a three-month probe into alleged wrongdoing under his tenure.

The Prosecutors' Office said Tuesday that Lee, who served as president from 2008 to 2013, was summoned for questioning on March 14 as a suspect. Prosecutors have questioned Lee's family members and key aides. Some aides were accused of receiving illicit money from South Korea's spy agency and businessmen in return for favors.Lee's aides said Lee was ready to face an interrogation but insisted the date for his appearance at the office of prosecutors should be negotiated.Lee, 76, has denied any wrongdoing. In January, he slammed a prosecution probe as political retaliation for the death of his predecessor, Roh Moo-hyun, who jumped from a mountain cliff behind his rural home in 2009 following a humiliating probe by prosecutors into alleged corruption involving his family.

Trump believes N. Korea is sincere about talks

U.S. President Donald Trump said he believes North Korea is sincere about talking with the U.S. because of sanctions that were imposed on the regime.Trump appeared to be taking credit for his administration's "maximum pressure" campaign, which has led to increased economic sanctions on Pyongyang over its nuclear weapons and ballistic missile programs. He was speaking after the North Koreans offered to discuss their nuclear weapons program with the U.S."I think that they are sincere, but I think they're sincere because of the sanctions with respect to North Korea, including the great help we've been given by China," Trump said in a joint news conference with Swedish Prime Minister Stefan Lofven at the White House. "The sanctions have been very strong and very biting. We don't want that to happen, so we're hoping they're sincere. We'll find out."South Korean President Moon Jae-in's chief national security adviser, Chung Eui-yong, returned from a trip to Pyongyang earlier in the day and reported on his Monday meeting with North Korean leader Kim Jong-un.

Koreas agree to hold third summit in April

South Korea and North Korea have agreed to hold a summit of their leaders late next month, South Korean President Moon Jae-in's top security adviser said on the outcome of his trip to the communist North.

Chung Eui-yong said the third inter-Korean summit, between Moon and the North's reclusive leader Kim Jong-un, will be held at the Peace House, a South Korean facility in the joint security area of Panmunjom located just south of the inter-Korean border.The summit, if held, would mark the first time a North Korean leader has stepped on South Korean soil since the end of the 1950-53 Korean War. The surprise announcement followed Chung's two-day trip to Pyongyang as Moon's special envoy.'While in the North Korean capital, Chung and four other South Korean envoys held an unprecedented meeting with the reclusive North Korean leader.


Maeil Business News Korea (

J&W Partners buys $48 mn stake in SK Securities

SK Holdings Co. has sold its 10 percent stake in SK Securities Co. to South Korean private equity firm J&W Partners for 51.5 billion won ($47.9 million) to abide by a law prohibiting a general holding company from owning a stake in a local financial company. J&W Partners is said to have vowed to keep the SK Securities’ staff intact to minimize confusion after the acquisition and ensure smooth operations. SK Securities’ chief executive Kim Shin and several other executives are also known to have participated as joint investors and are expected to continue their management role, according to investment banking sources on Monday. “When considering job stability and the future growth of the company, this decision appeared to have the least impact on our stakeholders and the market,” said an official from SK Holdings.

Samsung chief found to hold $5.7 mn under borrowed-name accounts

Samsung Group’s bedridden chairman Lee Kun-hee was found to hold 6.2 billion won ($5.7 million) in 27 borrowed-name accounts for illicit tax evasion, which would be subject to a fine of 3.1 billion won, 50 percent of the asset value. The Financial Supervisory Service (FSS) on Monday announced the results of its special probe on the ailing chairman’s borrowed-name accounts on Monday, saying that it tentatively confirmed Lee had 6.2 billion won stashed away in 27 accounts as of August 12, 1993, a day a law, dubbed the Real Name Financial Transactions Act requiring all financial transactions to be made in real names enacted. The financial watchdog looked into four local brokerage firms holding the accounts traceable to Lee over the last two weeks.

Trade protectionism may affect Q1 earnings of LG firms: LG vice chief

The full-blown protectionist movement on the global trade front could deal a blow to LG companies’ businesses, LG Group Vice Chairman Koo Bon-joon raised concerns. “The business environment has been seriously deteriorated both at home and abroad due to the strengthening trade protectionism and rising uncertainties in the global economy, which could have a negative impact on the companies’ first quarter earnings,” said Koo at an executive seminar held on Tuesday at Twin Tower in Yeouido, Seoul. In particular, LG Electronics is expected to be hit hard by the U.S. government’s recent decision to impose hefty safeguard duties on Korean washing machines. Washington demanded remedial duties of 20 percent on 1.2 million imported washers in the first year and 50 percent on any number beyond that quota. The respective tariff rates are brought down to 18 percent and 45 percent in the second year and to 16 percent and 40 percent in the third year. LG Electronics and Samsung Electronics export a combined 3 million units of washing machines worth 1 trillion won ($929.7 million) annually to the U.S.


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