The Korean daily media headlines and humor
The Korean daily media headlines and humor
  • Lee Kyung-sik
  • 승인 2018.03.09 10:03
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The Korean daily media headlines and humor

Friday, March 9, 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:

S. Korea, U.S. to make 'major announcement' on N. Korea

South Korea and the United States plan to make a "major announcement" on North Korea on Thursday, officials said, after the two sides met over South Korean officials' recent meeting with North Korean leader Kim Jong-un.South Korea's national security adviser, Chung Eui-yong, will hold a joint press briefing with White House press secretary Sarah Sanders at the White House at 7 p.m. (local time), a South Korean official here said.The announcement comes after Chung briefed his U.S. counterpart, H.R. McMaster, on the outcome of his trip to Pyongyang on Monday and Tuesday. U.S. President Donald Trump told reporters in an impromptu visit to the White House briefing room there would be a "major announcement" from the South Korean side, according to news reports.Kim reportedly offered to discuss his country's nuclear weapons program with the U.S. and promised to stop all nuclear and ballistic missile testing while talks were under way.

Trump signs 25 pct tariff on steel imports

U.S. President Donald Trump on Thursday signed a 25 percent tariff on steel imports that is certain to add pressure on South Korean exports.Trump signed two proclamations -- one for steel and another for a 10 percent tariff on aluminum imports -- to address what the administration has called a threat to national security.South Korea was the third largest exporter of steel products to the U.S. last year, after Canada and Brazil. The new action comes after the U.S. introduced safeguard measures against Korean washers and solar panels earlier this year. The tariffs will take effect in 15 days.Mexico and Canada were the only countries to be exempted as negotiations to amend the North American Free Trade Agreement with the U.S. are currently under way.The proclamations include provisions to allow other countries to discuss alternative ways to address the threat posed by the metal exports, a senior administration official told reporters.

Moon's special envoys head to U.S. to explain outcome of N. Korea trip

South Korean President Moon Jae-in's top security adviser left Thursday for the United States to explain the outcome of his recent trip to North Korea that led to what many here have called "exceptional" concessions from the communist state, such as plans for an inter-Korean summit.Chung Eui-yong, head of the National Security Office, has quoted North Korean leader Kim Jong-un as saying the North is willing to suspend all its military provocations, including ballistic missile tests, as long as U.S.-North Korea dialogue was in progress.He will directly explain the outcome of his Pyongyang trip to the highest U.S. officials during his three-day visit to Washington, an official from the presidential office Cheong Wa Dae told reporters.



Kim Jong-un Invites Trump for Talks

North Korean leader Kim Jong-un has invited U.S. President Donald Trump for talks. After briefing Trump on the result of his meeting with Kim earlier this week, South Korea's national security adviser held a news conference at the White House on Thursday.

Trump Signs Steel Tariffs, No Exemption for S. Korea

U.S. President Donald Trump on Thursday signed heavy tariffs on steel and aluminum imports in a bid to boost U.S. industries. Trump signed the proclamations for the new tariffs at the White House, surrounded by steel and aluminum workers. Canada and Mexico were exempted from the move which will impose tariffs of 25 percent on steel and ten percent on aluminum imports, as negotiations on the North American Free Trade Agreement are currently under way.South Korea was not exempted from the new tariffs which will go into effect in 15 days.However, Trump hinted that exemptions could be given to more countries, saying some of the countries the U.S. deals with are "great partners and great military allies" and that will be looked at very strongly. He added that the U.S. will look at who is treating it fairly, and part of that will be related to military costs.

Gov't Toughens Punishment for Sex Offenders in the Workplace

Anchor: The government is now seeking to double the statutory punishment for power-based sexual violence at workplaces. As the #MeToo movement is shining a spotlight on sexual misconduct in South Korea, the government came up with plans to strengthen punishments against offenders and those who conceal crimes, while also improving protection for the victims. Oh Soo-young has more. Report: Those found guilty of abusing their power to commit sexual violence against subordinates could face up to ten years behind bars. That's double the current five-year statutory ceiling for power-based sexual violence.The revision will directly apply to the cases of former South Chungcheong Governor An Hee-jung, accused of raping his secretary, and theatrical director Lee Youn-taek, also accused of numerous sex assaults against actresses.


Yonhap (

Trump signs 25 pct tariff on steel imports

U.S. President Donald Trump on Thursday signed a 25 percent tariff on steel imports that is certain to add pressure on South Korean exports.Trump signed two proclamations -- one for steel and another for a 10 percent tariff on aluminum imports -- to address what the administration has called a threat to national security.South Korea was the third largest exporter of steel products to the U.S. last year, after Canada and Brazil. The new action comes after the U.S. introduced safeguard measures against Korean washers and solar panels earlier this year.The tariffs will take effect in 15 days.Mexico and Canada were the only countries to be exempted as negotiations to amend the North American Free Trade Agreement with the U.S. are currently under way.The proclamations include provisions to allow other countries to discuss alternative ways to address the threat posed by the metal exports, a senior administration official told reporters.

Trump, Kim agree to meet by May: Seoul envoy

U.S. President Donald Trump and North Korean leader Kim Jong-un have agreed to meet by May, a South Korean envoy said Thursday.South Korea's national security adviser, Chung Eui-yong, told reporters at the White House that Trump told him he would accept Kim's invitation to meet with him as soon as possible.The announcement comes after a year of tensions over North Korea's nuclear and ballistic missile programs.

Consumer prices forecast to remain stable, deputy finance minister says

South Korea's consumer prices are expected to remain stable going forward, but the country needs to guard against a possible rise in inflationary expectations, a senior government official said Friday.The country's consumer price index climbed 1.4 percent last month from a year earlier, accelerating from the previous month's 1 percent on-year gain, according to the data compiled by Statistics Korea.From a month earlier, the index also increased 0.8 percent in February.Core inflation, which excludes volatile oil and food prices, grew 1.2 percent compared with last year.In a policy meeting, Deputy Finance Minister Ko Hyung-kwon said the nation's inflation rate is being maintained at a below 2 percent target."The government will also rein in a hike in public service fees as part of efforts to stabilize consumer prices," Ko said.


The Korea Herald (

Trump, Kim agree to meet by May: Seoul envoy

North Korea has invited President Donald Trump to meet their leader Kim Jong-un according to a senior US official and a former US senior official, CNN reported.President Donald Trump said South Korea will be making a “major statement” about North Korea soon.Trump spoke after South Korean officials briefed the White House on the outcome of their pathfinding meeting with North Korean leader Kim. Seoul has already publicized that North Korea offered talks with the United States on denuclearization and normalizing ties, a potential diplomatic opening after a year of escalating tensions over the North’s nuclear and missile tests. The rival Koreas also agreed to hold a leadership summit in late April.Top Trump administration officials got a chance to hear firsthand from South Korean national security director, Chung Eui-yong, who led the delegation that went to Pyongyang and met Kim on Monday.

Upcoming South Korea-US drills to be “consistent” with previous ones: US Navy commander

A top US Navy official Thursday downplayed the South Korean defense minister’s remark about scaling down the deployment of US strategic assets, describing them as “a little bit of ribbing.” Speaking to The Korea Herald, he emphasized that the scope of the allies’ upcoming Key Resolve and Foal Eagle exercises would be on “the same size, scope and scale” with previous ones. US Pacific Fleet Commander Adm. Scott Swift’s comments came after his meeting with Defense Minister Song Young-moo, who said the US did not need to send a nuclear submarine and other strategic assets for the upcoming drills. This came amid the speculation that Seoul might want to scale down the scope of the exercise in order to sustain the peaceful mood on the peninsula after the Olympics. The Defense Ministry later described Song’s comment as “well-wishing” remarks for Swift, who will retire around May.

KDB chief says cash to GM Korea possible, only if viable

The state-run Korea Development Bank will review injecting fresh investment to ailing GM Korea after examining the viability of its profit structure, its chief said Thursday.Chairman Lee Dong-gull of KDB told reporters that he has made a “verbal commitment” to Barry Engle, the president of GM International that he would consider making fresh investment to the US carmaker’s local unit on condition of the company presenting a self-rescue plan. But on the carmaker’s request to handle GM Korea’s piling debts, Lee ruled out KDB’s support.“For old money, we cannot spend a dime. GM head office is completely responsible for the old money. (The talks) began under the principle that the major shareholder is accountable for the debt,” he said at a press conference held at its head office in Seoul. “Old money” refers to 3 trillion won worth of debt borrowed to GM Korea by its parent company, GM.


The Korea Times (

Kim Jong-un offers to meet with Trump; Trump accepts

North Korean leader Kim Jong-un has expressed willingness to meet U.S. President Donald Trump for talks over denuclearization, South Korean officials visiting Washington said, Friday.In response, Trump said he would like to meet him by May, they said.National Security Office chief Chung Eui-yong, one of President Moon Jae-in's envoys to Pyongyang who is now visiting Washington, said in a press briefing at the White House that he delivered such messages of Kim to Trump.Kim also said he was "committed to denuclearization" and would "refrain from any further nuclear or missile tests," Chung said.

South Korea revs up fight against sexual crimes

South Korea on Thursday announced measures to toughen punishment on sexual violence in the workplace, responding to growing calls to root out the pervasive culture of predatory sexual behavior at work. The government announced a plan to raise the maximum punishment and extend the statute of limitations for sexual assault cases involving abuse of power at work, as seen in cases of An Hee-jung, former South Chungcheong Province governor accused of raping his secretary multiple times, and theatrical writer-director Lee Youn-taek, who is accused of sexually assaulting numerous female junior colleagues.According to the new plan, the maximum prison sentence for obtaining sex through abuse will be raised to 10 years from the current five years. The statute of limitations will also be extended to 10 years from the current 7-year threshold.For sexual harassment cases, maximum punishment will be raised to five years from the current two-year ceiling. Statute of limitation will be lengthened to seven years from the current 5-year period.

'Don't bring food on bus in Seoul'

The Seoul Metropolitan Government has decided to step up its publicity campaign to inform citizens they are no longer allowed to bring food on buses. This is because most passengers are only aware that coffee and other drinks are subject to the ban, not hamburgers and other food items.The city will put up posters on buses and at bus stops, beginning Thursday, telling passengers both food and drinks are not allowed on buses.Since Jan. 4, bus drivers have been able to deny passengers holding drinks or food. After the revision of the city ordinance, the bus industry says the number of people getting on buses with coffee has decreased. Through the campaign, the city hopes to discourage passengers from bringing on food too."I very much like the idea of banning food on the bus because it smells a lot," 26-year-old student Kim Ji-yong said. "Sometimes when I ride the bus back home, middle school students get on the bus with a cup full of tteokbokki or a hamburger in their hands. It takes less than five minutes for the smell to spread and fill up the whole bus."


Chosun Ilbo (

Trump's Trade Wars Expected to Hurt Korean Exports

China and the European Union are gearing up for a trade war with the U.S. that raises fears for massive Korean exports of intermediate goods to those regions. According to the Korea International Trade Association, the country's exports to China stood at US$142.1 billion last year, accounting for 24.8 percent of its total exports. Exports to the U.S. totaled $68.6 billion or 12 percent, and to the EU $54 billion or 9.4 percent. Together that makes a whopping 46.2 percent of the nation's total outbound shipments. So a full-blown trade war between the U.S. and China and the EU, whose prospect has already prompted the resignation of U.S. President Donald Trump's economic adviser, could have a direct impact on Korea's exports. Hit hardest would be intermediate goods like steel, auto-parts and other half-made products which make up most of Korea's exports. Intermediate goods accounted for 78.9 percent of Korea's total exports to China last year, 58.8 percent of exports to Germany, 53.34 percent of exports to France and 49.4 percent of exports to the U.S.

More Inter-Korean Exchanges in the Pipeline

North Korea has invited a South Korean taekwondo demonstration team and musicians and entertainers for a performance in Pyongyang. The suggestion came during a visit to North Korea on Monday by National Security Council chief Chung Eui-yong and National Intelligence Service chief Suh Hoon.If this materializes, it will be the first performance by a South Korean ensemble in the North in 16 years.

The South Korean government is apparently keen to carry on the conciliatory mood amid North Korea's recent charm offensive, so it is likely to hold a concert there ahead of a mooted inter-Korean summit in late April."The Ministry of Culture, Sports and Tourism will discuss the details with its North Korean counterpart to decide on the timing and scale" of the performance, a Unification Ministry spokesman said.

There are hopes that the thaw could lead to other civil exchanges including reunion of families separated by the Korean War.

German Car Sales Soar Amid Domestic Slump

Sales of domestic cars declined last month amid fears of GM shutting down its plants in Korea altogether, while sales of imported cars surged.According to the Korea Automobile Importers and Distributors Association on Wednesday, 19,928 imported cars were sold in Korea last month, up 22.9 percent from a year earlier. It was the highest figure for February, beating the previous record from 2015. But over the same period, sales of Korea's five automakers shrank 11.9 percent to 105,432.Mercedes-Benz sold 6,192 cars here, up 11.9 percent on-year to rank at the top among foreign carmakers. Second was BMW with 6,118 cars, up a staggering 91.1 percent. The two carmakers' combined sales beat those of their rivals GM Korea (5,804) and Renault Samsung (5,353). Other foreign carmakers also posted double-digit sales growth, with Toyota up 66.7 percent to 1,235 cars and Jaguar 62.7 percent to 454.


HanKyoReh Shinmun (

Diplomatic efforts press ahead on the Korean Peninsula

Diplomatic efforts on the Korean Peninsula are moving with a new sense of urgency after South and North Korea’s agreement to hold an inter-Korean summit and Pyongyang’s expression of willingness to hold denuclearization dialogue with the US. The period of the next month and a half are expected to see an intense diplomatic battle over how to solve the North Korean denuclearization issue with a combination of inter-Korean and North Korea-US dialogue – which could prove a watershed for the peninsula’s future.“Denuclearization is the final goal,” Moon Jae-in told leaders of five political parties invited to the Blue House for a Mar. 7 luncheon.“We cannot make ‘proliferation prevention’ or a ‘freeze’ our ultimate goal,” he added.At the same time, Moon cautioned, “Because denuclearization is our final goal, it may be difficult to move all once toward denuclearization. What is possible is to agree on a path through different road maps to achieve denuclearization.”

President Moon discloses details of special delegation’s visit to North Korea

During a luncheon with the leaders of the five main ruling and opposition parties at the Blue House on Mar. 7, South Korean President Moon Jae-in gave a detailed explanation of how South and North Korea reached an agreement to hold a third inter-Korean summit at Panmunjeom at the end of April. The two sides had been holding closed-door meetings at Panmunjeom, and during a discussion about whether the summit should be held in Seoul, Pyongyang or Panmunjeom, North Korea chose Panmunjeom, Moon said.During the meeting, Liberty Korea Party leader Hong Joon-pyo asked a number of questions about the inter-Korean summit, including when the meetings with the North had begun, where they had been held and who made the proposal. “There were no secret meetings outside the country,” Moon said in response. “As for who made the proposal, if you go back to the Berlin Declaration [last year], you could say that we made the proposal, and if you think of the New Year’s address [by North Korean leader Kim Jong-un on Jan. 1], you could say that the North Koreans responded favorably. It happened naturally.”

Conservative leaders challenge Moon over North Korea’s commitment to denuclearize

President Moon Jae-in acknowledged the difficulties in ultimately achieving denuclearization of the Korean Peninsula, but sent a resolute message while explaining his vision and solutions for inter-Korean relations to conservative leaders in a midday meeting with the heads of five parties on Mar. 7 at the Blue House’s Spring House reception room.Liberty Korea Party (LKP) leader Hong Joon-pyo and Bareun Mirae Party leader (BMP) leader Yoo Seong-min focused most of their remarks on the possibility that recent progress in inter-Korean dialogue might be used to “buy time” for North Korea’s nuclear development.

“The part about [North Korean leader Kim Jong-un’s] willingness to denuclearize is something they’ve said over and over as a ‘teaching,’ but it has all been lies,” Hong said.In response, Moon stressed that “nothing is definite yet.”“We should be wary of rushing to optimism. But we should also avoid an attitude of ‘it will never work’ or ‘we’re just being taken in with this,’” he added.


JoongAng Ilbo (

An Hee-jung accused of rapes by second woman

A second woman has accused former South Chungcheong Governor An Hee-jung of raping her on multiple occasions since 2016, as Korea’s steamrolling Me Too movement crushes its most powerful sexual abuser to date. An was considered a strong liberal candidate for the next presidential election. JTBC, a local cable channel affiliated with the Korea JoongAng Daily, reported Wednesday night that a worker at the Institute for Better Democracy, a political think tank established by An in Mapo District, western Seoul, claimed she was raped by the politician three times: in August 2016, December 2016 and January 2017.In the most recent instance, the woman claimed she was summoned by the politician to his hotel room in Yeouido, western Seoul on Jan. 18, 2017. As soon as she stepped inside the room, she was forced to have sex with An. It was the third time he raped her, the woman said, and an attempt in July 2016 at a religious facility in Nonsan, South Chungcheong, failed.

Gov’t takes action amid Me Too

The government on Thursday announced a set of comprehensive measures to root out sexual crimes in the workplace as well as the country’s arts and culture circle, following the snowballing Me Too movement in Korea. One measure includes a plan to raise the maximum punishment and extend the statute of limitations for sexual assault cases that are committed in the workplace through an abuse of power. As clearly seen in recent sexual assault cases involving former South Chungcheong Gov. An Hee-jung and Korea’s theater mogul Lee Youn-taek, Gender Equality and Family Minister Chung Hyun-back said that the measures have been drawn up by seriously taking into consideration that the recently revealed cases are power-based sex crimes.“Finally, the fury over Korea’s pervasive culture of predatory sexual behavior in the workplace as well as sexual discrimination has finally exploded as can be seen through endless Me Too revelations,” said Chung. “We have to take this beyond merely a movement and spur into action to bring about a change in the social structure as a whole.”

Joint drills may start on April 1

South Korean and U.S. joint military exercises could begin as early as April 1, according to multiple defense officials, amid a detente on the peninsula and an inter-Korean summit planned for later that month.

Two U.S. defense officials told CNN Wednesday that the Pentagon has scheduled the annual Foal Eagle military exercise with South Korea for March 31, or April 1 local time.NBC also reported Tuesday that “massive” joint military exercises will run from the end of March through May, citing three U.S. defense officials, with Foal Eagle slated for March 1 and Key Resolve for mid-to-late April.Korea and the United States usually hold Key Resolve, computer-simulated war games, and Foal Eagle, a combined field training exercise, over two months in early spring. The rare inter-Korean summit, only the third of its kind, is scheduled for April, meaning that it will likely coincide with the joint military exercises. President Moon Jae-in and U.S. President Donald Trump agreed in early January to postpone the joint exercises for the safety and security of the PyeongChang Winter Olympic and Paralympic Games, and to promote a spirit of peace.


The KyungHyang Shinmun (

"Relaxed and Smiling Throughout the Meeting… Kim Jong-un Was Honest and Bold"

President Moon Jae-in's special envoys to North Korea, who visited North Korea on March 5-6 with Chung Eui-yong, head of the Cheong Wa Dae National Security Office, in the lead, said that Kim Jong-un, chairman of North Korea's State Affairs Commission was "honest and bold" in his handling of foreign affairs. Reportedly, the envoys communicated with Cheong Wa Dae via facsimile only during their stay in North Korea. The House of Peace in Panmunjom, which will be the venue for the third inter-Korean summit, was selected by North Korea among the many options that the envoys proposed.A key Cheong Wa Dae official met with reporters on March 7 and said, "Chung Eui-yong, head of the National Security Office and the people who returned from Pyongyang said that he (Kim Jong-un) was honest and bold." Within Cheong Wa Dae, officials assessed Kim Jong-un to be "different from Kim Jong-il," and "cool and flexible" even before the envoys set out for North Korea.

People Involved in Sexual Offenses to Be Excluded from Party Nominations: #MeToo Becomes the First Check Point for Candidates in the Local Elections

The #MeToo campaign, which is spreading to the political circle, has emerged as the first standard in verifying candidates for the June 13 local elections.The ruling and opposition parties are competing to be the first to declare a "zero-tolerance policy" on sex offenders and are busy establishing bodies to verify related details. This appears to be a response to the spread of the #MeToo campaign after it spread to the political circle with the "Ahn Hee-jung shock."The Democratic Party of Korea, which suffered a direct blow due to the rape case involving Ahn Hee-jung, former governor of Chungcheongnam-do, is busy preparing follow-up measures. The Democratic Party held a meeting of the party's Ethics Tribunal and the Public Office Candidate Verification Committee on March 7 and decided to disqualify applicants whose involvement in sexual offenses have been confirmed as well as people who were punished for sexual crimes from candidate nominations.

[The Two Koreas Agree to an Inter-Korean Summit] In Late April at Panmunjom: Kim Jong-un Willing to Dismantle Nuclear Program

North and South Korea agreed to hold the third inter-Korean summit at the House of Peace in the South's side of Panmunjom at the end of April and open a hotline between the leaders of the two Koreas before the summit. The third summit, following the two summits in Pyongyang in 2000 and 2007, will be held in South Korean territory. Kim Jong-un, chairman of the Workers' Party of Korea (WPK) expressed his willingness to talk with Washington on the issue of denuclearization and hinted at a possible moratorium on nuclear and missile tests during the talks.


AJU Business Daily (

President Moon cautions against high expectations on inter-Korean détente

South Korean President Moon Jae-in cautioned Wednesday against high expectations on rapprochement or a possible detente with North Korea, saying his ultimate goal is to achieve complete nuclear dismantlement or denuclearization.North Korean leader Kim Jong-un surprised the world by agreed to hold an inter-Korean summit in late April at the truce village of Panmunjom in the middle of the demilitarized zone which has split the Korean peninsula since the 1950-53 Korean War.At talks on Tuesday with a South Korean delegation, Kim expressed North Korea's willingness to talk with the United States and put denuclearization on the table as well, according to Moon's top security adviser Chung Eui-yong. Pyongyang also offered to suspend nuclear and ballistic missile tests as long as its dialogue with Washington is in progress.Kim's peace overture fueled expectations on a possible inter-Korean detente, but critics say it could be a ploy to earn time or mitigate biting U.S.-led international sanctions. Opposition politicians argued Seoul may end up allowing Pyongyang to be recognized as a nuclear power.

S. Korea hopes to discuss American tariffs on steel imports at FTA negotiations

South Korea's trade minister said Friday that U.S. tariffs on steel imports would be put to the negotiating table at talks this month between the two countries on revising a free trade agreement."We intend to negotiate with the United States in a way that minimizes the damage," Trade, Industry and Energy Minister Paik Un-gyu told a business forum in Seoul, referring to a new round to FTA negotiations to be held this month.President Donald Trump signed two proclamations -- one for steel and another for a 10 percent tariff on aluminum imports. The tariffs will take effect in 15 days.South Korea was the third largest exporter of steel products to the United States last year, after Canada and Brazil, with 3.54 million tons in 2017. The United States has already slapped anti-dumping and countervailing tariffs on 88 percent of South Korean steel products.Posco, the country's largest steel company, is subject to import duties of 66.04 percent and 62.57 percent on its cold-rolled steel sheets and hot-rolled steel sheets, respectively.

Trump signs 25% tariff on steel imports

U.S. President Donald Trump on Thursday signed a 25 percent tariff on steel imports that is certain to add pressure on South Korean exports.Trump signed two proclamations -- one for steel and another for a 10 percent tariff on aluminum imports -- to address what the administration has called a threat to national security.South Korea was the third largest exporter of steel products to the U.S. last year, after Canada and Brazil. The new action comes after the U.S. introduced safeguard measures against Korean washers and solar panels earlier this year. The tariffs will take effect in 15 days.Mexico and Canada were the only countries to be exempted as negotiations to amend the North American Free Trade Agreement with the U.S. are currently under way.The proclamations include provisions to allow other countries to discuss alternative ways to address the threat posed by the metal exports, a senior administration official told reporters.


Maeil Business News Korea (

Govt opts to save Sungdong, STX through reorganization

The South Korean government decided to keep two financially-troubled mid-sized shipbuilders Sungdong Shipbuilding & Marine Engineering Co. and STX Offshore & Shipbuilding Co. afloat by downsizing them. The restructuring outline for the money-losing shipyards would be finalized after a cabinet meeting presided by deputy prime minister and finance minister Kim Dong-yeon on Thursday. Sungdong, whose liquidation value more than triples its going-concern value, will head to bankruptcy court without additional creditors’ relief. But the government will recommend the court to keep the shipyards open for repair and sub-assembly or block-level building tasks. Nearly 4 trillion won ($3.74 billion) worth of bank funds - 2.5 trillion won in loans and 1.5 trillion won debt swap into equity - have gone into Sungdong ever since it entered voluntary creditors’ management in 2010. State lender Export-Import Bank of Korea extended 2.1 trillion won in loans and converted 1 trillion won worth into equity.

Korean gov’t to inject $225 mn to Tongyeong, Gunsan hit by shipbuilding woes, GM exit

The South Korean government will provide emergency funds totaling 240 billion won ($225.6 million) to two coastal cities hit by a prolonged slump in the shipbuilding sector and an anticipated closure of GM Korea’s factory. After a policy meeting chaired by the country’s finance minister and deputy prime minister Kim Dong-yeon on Thursday, the Korean government has decided to inject an emergency fund of 240 billion won to Gunsan and Tongyeong. Gunsan in North Jeolla Province is grappling with economic uncertainty after the operation of the country’s largest shipbuilder Hyundai Heavy Industries Co.’s factory in the city has remained suspended since last year, and GM last month announced to shut down its Korean operation’s manufacturing factory in Gunsan by May. Those two companies have accounted for a major share of the city’s economy.

Samsung SDS to expand logistics biz with AI, blockchain technologies

Samsung SDS Co., a logistics and information technology solutions unit of South Korea’s largest conglomerate Samsung Group, will expand its logistics business by actively embracing artificial intelligence (AI) and blockchain technologies. At a press conference on Thursday, Samsung SDS revealed a plan to add an intelligent artificial (AI)-backed logistics platform in which its partnering companies and clients can participate to help overall logistics ecosystem expand. As part of the project, the company will upgrade its smart logistics platform dubbed Cello that is helping the company rapidly shift into a platform-centered service provider. Samsung SDS jumped into the logistics business in 2012 by launching Cello, an end-to-end logistics solution that handles the process from securing raw materials to warehouse transfers and management to personal customer delivery.


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