The Korean daily media headlines and humor
The Korean daily media headlines and humor
  • Lee Kyung-sik
  • 승인 2018.03.13 15:08
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The Korean daily media headlines and humor

Tuesday, March 13, 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:

President to submit own bill on constitutional change next week: official

President Moon Jae-in will table a government proposal for a constitutional amendment next week should the National Assembly fail to come up with its own proposal, an official from the presidential office Cheong Wa Dae said Tuesday.The president is expected to submit the government bill on the constitutional change next Wednesday, the official told reporters while speaking on condition of anonymity.The move comes as the government seeks to put a constitutional revision to a vote concurrently with the local elections slated for June 13.

S. Korea to decide on joining CPTPP before June

South Korea will decide whether to join the fledgling Pacific trade pact within the first half of the year after looking into its impact on the national economy and consulting with member states, Seoul's chief economic policymaker said Monday.A year after U.S. President Donald Trump abandoned the Trans-Pacific Partnership, the 11 remaining member states last week signed a revamped deal, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in Chile.The agreement that aims to slash tariffs on goods to stimulate trade, will come into force after it is fully ratified by six of the 11 members, which include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.The countries represent 13.5 percent of global gross domestic product, a total of $10 trillion.

Kim JU of N. Korea wants US to open Embassy in Pyongyang

Chairman Kim Jong-Un of North Korea has asked President Donald Trump of the United States to open the US Embassy in Pyongyang. This was disclosed by Korean-language daily Dong-A Ilbo this morning.

According to the Korean-language report, Chairman Kim wants the United States to open the US Embassy in Pyongyang as well as concluding a peace treaty between Pyongyang and Washington.An inter-Korean summit between President Moon Jae-in and Chairman Kim Jong-Un is slated in April and North Korea-United States summit in May, where denuclearization of the Korean peninsula and conclusion of a peace treaty between the US and NK are expected to be handled.



Moon to Submit Own Bill on Constitutional Revision Next Week

President Moon Jae-in plans to submit a government proposal for a constitutional amendment next Wednesday. The presidential office said Tuesday that Moon will table the government bill next week based on a draft produced by a special presidential advisory panel.A presidential official told reporters that the Moon plans to submit the bill next Wednesday as the parliament requires up to 60 days for its deliberations once a bill has been submitted.The move comes as the government seeks to put a constitutional amendment to a vote concurrently with the June 13th local elections.The draft, which will be reported to the president on Tuesday, is said to call for a revision to the current single five-year presidential system. The panel reportedly seeks to reduce the presidential term to four years and allow for a consecutive term.

The panel is also expected to recommend the country's capital city be stipulated in the law as well as call for the introduction of runoff voting in presidential elections.

White House Fully Expects US-N. Korea Summit to Happen

The White House says that it fully expects summit talks between U.S. President Donald Trump and North Korean leader Kim Jong-un will take place.White House Press Secretary Sarah Huckabee Sanders told a regular briefing on Monday that the offer was made and the U.S. has accepted, adding North Korea made several promises and the U.S. hopes that they would stick to them and if so the meeting will go on as planned. She said that the U.S. is continuing to prepare for the summit on a number of levels but stressed that the U.S.' maximum pressure campaign against the North will continue, saying North Korea responded thanks to the campaign. Meanwhile, U.S. Secretary of State Rex Tillerson told reporters in Abuja, Nigeria that the U.S. has not heard anything back from North Korea, although it does expects to hear something directly.Tillerson urged patience, saying that the venue has yet to be agreed upon, but "it's going to be very important that those conversations are held quietly."

Chinese President Calls for Strengthened Communication with Seoul

Chinese President Xi Jinping has expressed hope that Beijing and Seoul will handle “sensitive issues” properly by strengthening bilateral communications. Xi made the remark during a meeting with South Korean National Security Adviser Chung Eui-yong at the Great Hall of the People in Beijing on Monday. Chung arrived in the capital earlier in the day to brief top Chinese officials on the results of his recent talks with North Korean leader Kim Jong-un and U.S. President Donald Trump. Chung conveyed President Moon Jae-in's invitation for the Chinese leader to make a state visit to South Korea. Xi said President Moon Jae-in showed his consideration for Seoul-Beijing ties by sending his special envoy to China, adding that he thinks highly of the South Korean move. He also said China is treating its bilateral relationship with Seoul with importance, citing Moon’s state visit to China last year and the two leaders’ telephone talks earlier this year.


Yonhap (

President to submit own bill on constitutional change next week: official

President Moon Jae-in will table a government proposal for a constitutional amendment next week should the National Assembly fail to come up with its own proposal, an official from the presidential office Cheong Wa Dae said Tuesday.The president is expected to submit the government bill on the constitutional change next Wednesday, the official told reporters while speaking on condition of anonymity.The move comes as the government seeks to put a constitutional revision to a vote concurrently with the local elections slated for June 13.The parliament requires up to 60 days for its deliberations once a government proposal is submitted, thus the bill needs to be submitted at least before the end of March, the president noted earlier.Still, Moon has said the government will withdraw its proposal, even after its submission, should the parliament come up with its own in time.

U.S. 'fully' expects summit with N. Korea

The White House said Monday it "fully" expects U.S. President Donald Trump to meet with North Korean leader Kim Jong-un if the regime keeps its promises.Kim invited Trump to a summit after agreeing to commit to denuclearization, halt nuclear and missile tests, and expressing understanding that joint military exercises between South Korea and the U.S. would continue.Trump, in a surprise move, accepted the invitation Thursday. A day later, White House press secretary Sarah Sanders called for "concrete actions" from the North, which led to interpretations the U.S. was attaching new preconditions to the summit.

Foreign investors turn to net sellers of local stocks in February

Offshore investors turned to net sellers of South Korean stocks last month, official data showed Tuesday.Foreign investors sold a net 3.96 trillion won (US$3.71 billion) worth of local stocks in February, according to data by the Financial Supervisory Service (FSS), compared with net buying of 3.23 billion won a month earlier. Investors from Britain and the United States were among net sellers of local stocks last month, the latest findings showed.At the end of February, foreign investors held a total of 621.1 trillion won worth of local stocks, accounting for 32.1 percent of the nation's market capitalization.Foreigners also bought a net 2.64 trillion won worth of local bonds last month.Holdings of local debt stood at 103.4 trillion won at the end of last month, accounting for 6.2 percent of the total market.


The Korea Herald (

US 'fully' expects summit with NK

The White House said Monday it "fully" expects US President Donald Trump to meet with North Korean leader Kim Jong-un if the regime keeps its promises.Kim invited Trump to a summit after agreeing to commit to denuclearization, halt nuclear and missile tests, and expressing understanding that joint military exercises between South Korea and the US would continue.Trump, in a surprise move, accepted the invitation Thursday. A day later, White House press secretary Sarah Sanders called for "concrete actions" from the North, which led to interpretations the US was attaching new preconditions to the summit.

Korea considers joining revived TPP

Korea needs to move faster to join a Pacific trade deal signed by Japan and 10 other regional nations last week without the presence of the US, experts here say.Seoul officials have withdrawn their attention from the Japan-led process of reviving the Trans-Pacific Partnership since President Donald Trump pulled the US out of it to pursue his “America First” agenda shortly after taking office early last year. An interministerial task force formed to consider Korea’s entry to the TPP was disbanded in July.Finance Minister Kim Dong-yeon said Monday that Korea would decide whether to join the revived Pacific trade pact within the first half of the year after discussion among government agencies.“We will closely monitor other countries’ moves as well,” said Kim, who doubles as deputy prime minister for economic affairs, in a meeting of economy-related ministers.

Concerns rise over lack of US diplomats experienced with NK

The question of who in Washington will take the lead in preparing for proposed talks between North Korea and the US is gaining attention as concerns grow over a lack of seasoned diplomats in Washington familiar with North Korea.US President Donald Trump accepted an invitation on Friday to meet North Korean leader Kim Jung-un for talks on denuclearization by May in what appears to be a breakthrough after months of insults, threats and hostility between the leaders. With the Trump administration already deliberating the logistics and location of the meeting, questions are being raised about who will lead the day-to-day, working-level negotiations with North Korea in preparation for the historic summit between Kim and Trump.Hillary Clinton, former secretary of state and presidential candidate for the Democratic Party, warned that the Trump administration lacks experienced diplomats to handle talks on the North’s nuclear disarmament in an interview with a Dutch media outlet.


The Korea Times (

Expats exploiting public insurance loopholes face crackdown

The government is considering making it more difficult for foreigners and overseas Koreans to "exploit" the state-run healthcare system by revising the relevant laws, health officials said Tuesday. The move comes amid the increasing number of non-Koreans found to have abused the healthcare system here as they leave the country after undergoing expensive medical treatments after paying only a fraction of the costs in premiums.According to the Ministry of Health and Welfare and the National Health Insurance Service (NHIS), the review is underway to strengthen subscription standards including case studies of overseas countries that have state-run healthcare systems. Also under consideration are measures to better detect illegality such as impersonating a holder of an NHIS-issued certificate only given to state healthcare subscribers. "We are reviewing measures to root out violators thereby improving the fairness and efficiency of the system," a ministry official said. "Although we have not conclusively set a date, comprehensive measures will be unveiled as early as the first half of this year." The ministry and a special task force under the NHIS launched last December will exchange opinions in fine-tuning measures to address and resolve the recurring problems.

Moon steps up talks with China, Japan, Russia

South Korea is seeking cooperation from neighboring states in its bid to pave the way for the summit between North Korean leader Kim Jong-un and U.S. President Donald Trump by May.South Korean envoys who met with Kim and Trump last week are visiting heads of state in China and Japan to share details of the meetings. After returning from Washington, National Security Council chief Chung Eui-yong headed to Beijing on Monday and National Intelligence Service director Suh Hoon headed to Tokyo, after reporting details of their meeting with Trump to South Korean President Moon Jae-in. Chung met with Chinese President Xi Jinping in Beijing, Monday.Xi told Chung China supports Washington-Pyongyang dialogue, and wants to develop relations with South Korea "stably and healthily," according to Cheong Wa Dae.In a message delivered through Chung, Moon invited Xi to visit Seoul at an early date.Chung will head to Moscow on Tuesday. It is unclear whether he will be able to meet with Russian President Vladimir Putin, due to the upcoming presidential election on Sunday, in which Putin is running.

KCCI preps for inter-Korean contact amid détente

The Korea Chamber of Commerce and Industry (KCCI) is preparing for possible contact with its North Korean counterpart amid a mood of detente on the Korean Peninsula, sources said Tuesday.In a dramatic turnaround from icy relations, South Korean President Moon Jae-in is scheduled to hold a summit with North Korean leader Kim Jong-un in late April to discuss ways of promoting peace on the peninsula.U.S. President Donald Trump agreed last week to a summit with Kim by the end of May after the reclusive leader expressed his commitment to denuclearization.According to the sources, the KCCI is considering plans to push for indirect contact with the North Korean Chamber of Commerce through the International Chamber of Commerce or direct dialogue with the North Korean business body should the summits be held as agreed upon.The KCCI is slated to host a conference on the outlook of inter-Korean relations and future tasks in Seoul next week with local businessmen attending.It will mark the first time since June 2015 that the KCCI has held an event related to inter-Korean ties.


Chosun Ilbo (

Trump and Kim Jong-un Likely to Meet in Border Truce Village

The border truce village of Panmunjom is the likeliest venue for a historic meeting between U.S. President Donald Trump and North Korean leader Kim Jong-un scheduled for May. The village will also host the inter-Korean summit in late April. The New York Times on Friday reported, "The administration is already deliberating over the logistics and location of the meeting, with a senior State Department diplomat noting that the most obvious venue is the Peace House, a conference building in the Demilitarized Zone between North and South Korea." A key Cheong Wa Dae source also said Sunday that Panmunjom was "one of the most likely venues."Panmunjom offers practical advantages because it sits in neutral territory, which creates fewer political and diplomatic complications for both leaders than a meeting in the U.S. or North Korea and also makes security easier to handle. It is also symbolic as the place where the ceasefire that halted the 1950-53 Korean War was signed.

U.S.-N.Korea Talks 'Gamble of the 21st Century'

The international media are gripped by the prospect of talks between U.S. President Donald Trump and North Korean leader Kim Jong-un, as well as the mediating role played by South Korean President Moon Jae-in. The BBC said Friday the summit would be "a huge gamble" since North Korea is "a communist state which is hard to read." It headed the report, "Trump and North Korea talks: The political gamble of the 21st Century."If Moon "helps pull it off, it may reduce the threat of nuclear war and he could win himself a Nobel peace prize. If all fails, it is back to brinkmanship," it said.But the BBC warned, "When there are so many definitions for both success and failure, a lot is at stake."It said perceptions of Moon vary from "either a diplomatic genius or a communist set on destroying his country" and of Trump as "either a master of brinkmanship or a pawn in a more devious game -- depending on who you speak to."

Coffee Drinking Linked to Tooth Decay

People who drink at least one cup of coffee a day are much more likely to lose one or more teeth, according to a recent study. A joint research team of St. Mary's Hospital in Seoul, Korea University's Anam Hospital and Catholic University of Korea analyzed the dental health and coffee consumption of 7,299 adults based on public health data in 2010 and 2011.It found that people who drank at least one cup of coffee per day were 1.69 times more likely to have 19 or fewer of their 28 teeth left than people who drink only one cup of coffee per month.


HanKyoReh Shinmun (

South Korean special envoys continue tour to brief foreign leaders of China, Russia, and Japan

After returning from a visit to the US on Mar. 11, Blue House National Security Advisor Chung Eui-yong and National Intelligence Service Director Suh Hoon will be departing once again on Mar. 12 on separate trips to China, Russia and Japan. Chung and Suh will be giving these countries a detailed explanation of their visits to North Korea and the US and asking for their support in bringing peace to the Korean Peninsula.The two envoys are expected to emphasize that peace on the peninsula is in these countries’ interests in the hope of reassuring China, which welcomes the rapid improvement in North Korea’s relations with the South and with the US but is concerned about forfeiting its leadership on the Korean Peninsula, as well as Japan, which is suspicious of North Korea’s motivations and is concerned about being sidelined in Northeast Asian affairs.

Opportunity for peace must be handled “carefully as glass”

The inter-Korean summit scheduled for April and the North Korea-US summit scheduled for May have attached an unexpected lifeline to the “temporary peace” on the Korean Peninsula created during the Pyeongchang Winter Olympics. South Korean President Moon Jae-in has played an outstanding role as mediator, earning positive responses from North Korea and the US. The problem is that this dramatic opportunity is still extremely fragile and must be handled and managed as carefully as glass, as Moon put it. In other words, continuing effort is required for the summits to be successful.The biggest variable leading up to the North Korea-US summit in May is the domestic political situation in the US, experts say. Not only hardliners in the Republican Party but also Democrats and members of the foreign policy establishment are expressing skepticism about President Donald Trump’s announcement on Mar. 9. For now, the important question is what stance these American hardliners will adopt.

Children from wealthy families more likely to end up in comfortable, high-paying jobs

The more assets parents have, the more likely their children are to end up in comfortable jobs where they are paid a lot to do very little, a recent study has found. When parents have more assets, children also tend to start work later, suggesting that they took their time looking for a job.These were the findings of a report titled “Asset Inequality and the Effect of Intergenerational Mobility on the Labor Market” that was released on Mar. 9 by the Korea Labor Institute. Drawing upon data from the 2014 Korea Labor and Income Panel Study, the report analyzed the assets of parents from 647 households and the employment status of their children, between the ages of 26 and 34. The report separated assets into the four categories of none, low, medium and high, corresponding to an average of 10.55 million won (US$9,900), 47.03 million won (US$44,400), 111.54 million won (US$104,800) and 333.21 million won (US$313,300).


JoongAng Ilbo (

Trump knew of Kim’s invitation well in advance

Since last year, the United States has been aware of North Korea’s intent to resolve the nuclear crisis through a summit, a diplomatic source told the JoongAng Ilbo on Monday, contradicting the idea that U.S. President Donald Trump impulsively decided to meet with North Korean leader Kim Jong-un. “Using its own channels between the United States and the North, Washington detected last year Pyongyang’s idea that only a summit can resolve the issues,” said the source. He added that the North was persistent with the idea of a “top-down” approach and the U.S. leadership, including Trump, was frequently briefed about the situation. Washington, however, didn’t pursue the idea of a meeting because it was implementing its “maximum pressure” campaign and because it was unsure of Pyongyang’s authenticity. The United States, therefore, decided to wait until North Korea offered talks.

FSS chief resigns over friend’s son being hired

Financial Supervisory Service Governor Choe Heung-sik resigned amid allegations that he helped a college friend’s son get a job when he was the president of Hana Financial Group in 2013. “In regards to accusations that I was involved in the hiring scandal at Hana Bank while I was the president of Hana Financial Group, I have never been involved in the hiring or committed any illegal activities,” Choe said in a statement released on Monday. “However, my actions at the time may not meet eye-to-eye with the public’s and for the sake of fairness as the head of the FSS, which is in charge of investigating hiring practices in the financial industry, I came to the judgement that stepping away is the responsible action.”

Apology for portraying Moon as rich murderer

Turkey’s Show TV apologized Sunday for a gaffe in a news program that described a photo of South Korean President Moon Jae-in and U.S. President Donald Trump’s daughter Ivanka Trump as a millionaire couple in Kuwait suspected of murdering their Philippine maid.“We hereby apologize to Korea and Korean President Moon Jae-in,” said anchor Pinar Erbas on Show TV’s news show Sunday. “We have conveyed our apology through a written statement before, but we apologize once again here. We have mistakenly used the president’s photo in our news program. It was not intentional and we apologize to our brother country Korea and its president.”A news bulletin aired Feb. 25 described a case in Kuwait in which a Philippine maid was murdered and her body parts kept inside a fridge for over a year. When describing the “millionaire businessman” suspect, the program aired a photo of Moon. In reporting that the businessman and his wife were captured, the show aired a photo of Moon with Ivanka Trump during her visit to Korea last month.


The KyungHyang Shinmun (

A Separate Message from Kim Jong-un Probably on "NK Human Rights"

When Chung Eui-yong, head of the Cheong Wa Dae National Security Office and Suh Hoon, director of the National Intelligence Service (NIS) met with U.S. President Donald Trump, it appears there was another message aside from the proposal for a summit by Kim Jong-un, chairman of North Korea's State Affairs Commission. Experts believe it could be a message on human rights in North Korea, which has been under fire from the U.S. and the international community. On March 9 (local time), a senior government official met with correspondents in Washington D.C. and said, "There was a special message that Chairman Kim asked to give to President Trump," but added, "We can't release every message exchanged by the state leaders." The official simply said, "It was an effort to build trust in order to hold the summit meeting" and "The message was very comprehensive." The undisclosed message of Chairman Kim may concern the human rights situation in North Korea. Since Chairman Kim's proposal for a summit between North Korea and the U.S., his willingness to discuss denuclearization, and his plans of a moratorium on nuclear and missile tests have already been disclosed, the only topic left is human rights in North Korea. The international community's criticism of North Korea's human rights has been the biggest concern for Pyongyang, since the possibility of Chairman Kim being referred to the International Criminal Court (ICC) was raised after the United Nations adopted a report by the Commission of Inquiry (COI) in 2014. The U.S. government has since raised the issue of human rights as a premise for restoring relations with North Korea along with denuclearization.

The Pathetic #MeToo Awareness of Hong Joon-pyo and Park Soon-ja

At a Cheong Wa Dae luncheon on March 7, Hong Joon-pyo, the leader of the Liberty Korea Party referred to the rape case involving Ahn Hee-jung, former governor of Chungcheongnam-do and suggested a conspiracy theory. He said, "There's word that Im Jong-seok (chief of staff) planned it (the expose)." On March 8, International Women's Day, lawmaker Park Soon-ja, chairperson of the Liberty Korea Party's special committee to end sexual violence spoke on the problem of sexual violence within the party and said, "The conservative Liberty Korea Party is also conservative when it comes to sexual morality," and added, "The shameful incidents in our party were mostly just 'touching' or incidents that occurred at dinner parties; things never went so far as sexual violence." We are outraged at the behavior of the Liberty Korea Party, which undermines the nature of the #MeToo campaign and reveals their shameless and base gender sensitivity.

Expectations for the Summit, Perhaps an Agreement on a Reunion of Separated Families

Now that North and South Korea have agreed to hold a summit at the end of April, the attention is on whether progress will be made on previous suggestions by the Moon Jae-in government, such as a reunion of separated families and a meeting of military authorities. The government has already begun preparations expecting the third inter-Korean summit to open the door to a reunion of separated families. Non-government exchanges and aid to North Korea, which had reduced significantly due to the sinking of ROKS Cheonan in 2010 along with North Korea's nuclear and missile provocations, are also showing signs of renewed life. Reportedly, at a presidential luncheon with the leaders of the five ruling and opposition parties on March 7, Cheong Wa Dae mentioned plans to actively promote Red Cross talks for the reunion of separated families in addition to military talks. Lee Yong-ju, the parliamentary spokesperson for the Party for Democracy and Peace, who was present at the luncheon, said in a press briefing, "The government explained that they will proceed with various talks, such as the Red Cross talks and military talks after the summit."


AJU Business Daily (

Envoy urges S. Korean firms to use Indonesia as regional production base

Indonesia with a young population, abundant natural resources and strong domestic spending can be used by South Korean companies as a regional production base covering Australia, India or even China, its top envoy in Seoul said, calling for business ties in areas such as healthcare, infrastructure and e-commerce.Indonesia has significantly eased procedural and bureaucratic regulations on foreign investments to make it an easy country to do business, Ambassador to South Korea Umar Hadi said in an interview with Aju News.Along with a stable political environment, Indonesia, a key member of the Association of Southeast Asian Nations, has a huge market backed by 265 million people. "The middle-class population is growing extensively, so more purchasing power and very strong domestic spending."To upgrade its infrastructure, Indonesia is spending a lot of money on building roads, ports, airports and other facilities, Hadi said, adding there is a good business opportunity in mineral processing and smelting as well as in the downstream industry.

Ruling party lawmaker resigns over sexual harassment allegation

A senior ruling party lawmaker tendered his resignation to parliament Monday over sexual harassment allegations, becoming the second politician to sink in South Korea's #MeToo movement that led to the suicide of a veteran actor.A businesswoman claimed last week that she was sexually harassed by Min Myung-doo, a three-term lawmaker of the ruling Democratic Party, at a karaoke bar in 2008. Min insisted he was unaware of his involvement in any sexual misconduct, but he said he would step down anyway.Last week, actor Jo Min-ki, 52, hanged himself three days before police were to question him on charges of sexually harassing college students. The ill-fated actor was expelled as a drama professor at a university in Cheongju south of Seoul last month over a string of sexual abuse allegations.An Hee-jung, who was once regarded as a potential ruling party presidential candidate, was questioned by police last week after he stepped down as governor of the South Chungcheong Province. His female secretary insisted she was forced to have sex with An four times.

Hyundai shipyard raises $1.12 bln through rights issue

South Korea's top shipbuilder, Hyundai Heavy Industries, said Monday it has successfully raised about 1.12 billion US dollars by issuing new stocks, reflecting a favorable business climate this year.Hyundai Heavy said its recapitalization worth 1.23 trillion won ($1.12 billion) was done last week. The capital increase reduced Hyundai Heavy's debt ratio from 89.9 percent at the end of last year to 78 percent. The new shares would be listed on March 27.The shipbuilder said it would allocate about 820 billion won to improve its financial status and use the remainder for research and development. This year, Hyundai Heavy aims to secure $13.2 billion in total orders, compared to last year's $9.9 billion. So far this year, the company has received orders to build 29 ships worth $2.0 billion.


Maeil Business News Korea (

Posco-Samsung SDI consortium wins project to build cathode plant in Chile

A consortium of South Korea’s steel maker Posco and battery maker Samsung SDI Co. has won a project in Chile to produce cathode, a key material for lithium-ion batteries, which is expected to help the two firms ensure a stable supply of electric vehicle batteries whose demand is on the rapid rise by taking advantage of Chile’s ample lithium deposits. Posco and Samsung SDI announced on Sunday that they have been chosen to build a cathode manufacturing plant in Chile by the Chilean development agency CROFO last Friday (local time). Shares of Posco closed Monday up 2.32 percent at 353,000 won and those of Samsung SDI up 3.05 percent at 202,500 won. The tender launched by CORFO in May last year drew 12 companies from seven countries. Of the seven firms shortlisted after initial screening in August last year, the Posco-Samsung SDI consortium, Chile’s Molymet and China’s Sichuan Fulin Industrial Group were finally selected to make investments in the lithium industry in Chile, home to half of the world’s lithium reserves.

Lotte Card enters Vietnamese consumer finance market via M&A

Lotte Card Co., credit card unit of South Korean conglomerate Lotte Group, is set to buy a full stake in TechcomFinance, a subsidiary of Vietnam’s fifth-largest bank Techcom Bank, in a bid to tap into the Southeast Asian country’s fast-growing consumer finance market. Lotte Card announced on Monday that it gained final approval from Vietnam’s central bank for the acquisition, becoming the first Korean credit card company to make inroads into the local consumer finance market by earning licenses to operate credit card and other related businesses. TechcomFinance currently holds credit card, installment finance, and consumer lending licenses in the country The approval comes after Lotte Card signed a corporate transfer contract to buy a full stake in TechcomFinance in September, last year, and has put out steady efforts to build trust in the country to gain approval from the local financial authority.

Daewoo Elec under Dayou family steps up expansion in China

South Korea’s Daewoo Electronics Co. attended the 2018 Shanghai Appliance & Electronics World Expo, China’s largest appliance exhibition, with a reinvigorated campaign to expand its presence in the world’s biggest consumer market under its original name and new owner. The trade show, held in Shanghai from Mar. 8 to 11, had gathered more than 220,000 visitors from nearly 80 countries. Daewoo Electronics showcased 60 home appliances, including its French door refrigerator, 18-kilogram washing machine and wall-mounted front-load washer. It premiered with its new sibling Dayou Winia Co. that displayed its premium fridge brand Praud, Dimchae kimchi refrigerator and rice cooker, and Winia air purifier and dehumidifier. Daewoo Electronics returned to the global market under its founding name after Dayou Group acquired a 84.5 percent stake in the firm from Dongbu Group and financial shareholders last month, a move that has pushed Dayou Group to Korea’s No. 3 leader in home appliances.


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