The Korean daily media headlines and humor
The Korean daily media headlines and humor
  • Lee Kyung-sik
  • 승인 2018.03.23 11:33
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The Korean daily media headlines and humor

Friday, March 23, 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


Seoul, Hanoi agree to enhance cooperation in science, technology: ICT Ministry

South Korea and Vietnam agreed to enhance cooperation in science and technology, the Ministry of Science and ICT said Friday.The agreement was made between Science and ICT Minister Yoo Young-min and his Vietnamese counterpart Chu Ngoc Anh at a science and technology joint committee meeting in Hanoi on Thursday.The two policymakers also discussed measures to increase cooperation in climate change and bio industry technologies. They concurred on providing support for the construction of the Vietnam-Korea Institute of Science and Technology (V-KIST) whose groundbreaking ceremony was held with President Moon Jae-in in attendance.

Science and ICT Minister Yoo Young-min (L) meets with his Vietnamese counterpart Chu Ngoc Anh in Hanoi on March 22, 2018, in this photo provided by the ministry. (Yonhap)

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

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S. Korean steelmakers queasy despite U.S. tariff move

South Korean steelmakers remain jittery about their exports to the United States despite Washington's move to temporarily exempt Seoul from heavy tariffs on steel imports, industry sources said Friday.Speaking at a Senate hearing, U.S. Trade Representative Robert Lighthizer said President Donald Trump has authorized a "pause" in the 25 percent tariff on steel and 10 percent tariff on aluminum imports, which were to go into effect Friday.The exemption, which also applies to the European Union, Argentina, Brazil, Australia, Canada and Mexico, will last until the end of April."At the moment, there is no guarantee of a complete exemption, so South Korean steelmakers have only bought some time," an industry source said. "But uncertainty lingers about future exports."

U.S. temporarily exempts S. Korea from steel tariffs

The United States will temporarily exempt South Korea from stiff tariffs on steel imports, a top U.S. trade official said Thursday, following weeks of lobbying by South Korean officials.Speaking at a Senate hearing, U.S. Trade Representative Robert Lighthizer said President Donald Trump had authorized a "pause" in the 25 percent tariff on steel and 10 percent tariff on aluminum imports, which are to go into effect Friday.Also on the list of exemptions are the European Union, Argentina, Brazil, Australia, Canada and Mexico.

Former President Lee arrested on corruption charges

A Seoul court issued an arrest warrant Thursday for former President Lee Myung-bak on bribery, embezzlement, tax evasion and other charges.A grim-faced Lee was taken in a black prosecution sedan from his home in southern Seoul to the Seoul Eastern Detention Center, becoming the nation's fourth former president to be arrested for corruption. He was assigned to a solitary cell.The 76-year-old former conservative leader faces at least 12 charges, including taking more than 11 billion won (US$10.2 million) in bribes from the state spy agency and businesses.He is also suspected of embezzling about 35 billion won from a company, which he is said to secretly own, and of evading related taxes.Other charges include abuse of power, breach of trust, illegally stashing presidential documents and a violation of election law.



Arrest Warrant Issued for Former President Lee

A Seoul court has issued an arrest warrant for former President Lee Myung-bak on bribery, embezzlement, tax evasion and other charges. The Seoul Central District Court accepted the prosecution's warrant request for Lee late Thursday night, stating that the suspect may destroy evidence. After the court decision, the 76-year-old former president released a three-page hand-written statement, saying his efforts for clean politics fell short of the present day standard of Korean citizens. As the prosecution secured Lee's custody for up to 20 days, Lee was transported to the Seoul Eastern Detention Center. The court decision marks the fourth time a former South Korean president has been arrested for corruption.Lee faces at least 12 charges, including bribery, tax evasion, embezzlement, abuse of authority and illegal leak of presidential records. He is accused of pocketing eleven billion won in bribes and embezzling 35 billion won.

Pres. Moon Arrives in Vietnam

He kicked off his first state visit of the year at a football training center in the Vietnamese capital. He is set to meet South Korean football coach Park Hang-seo who heads the Vietnamese national football team and led the under-23 football team to win second place in the U23 Asian Cup. Moon will then participate in the groundbreaking ceremony for the Vietnam-Korea Institute of Science and Technology, a 70 million dollar joint investment, after which he will attend a dinner with Korean nationals. On Friday, Moon will hold a summit with Vietnamese President Tran Dai Quang as well as other government leaders and politicians to discuss ways to enhance bilateral cooperation, especially in trade and investment.South Korea is Vietnam's second-largest trading partner, with trade having reached nearly 64 billion U.S. dollars last year. Moon's Vietnam trip also comes as he rolls out his New Southern Policy which aims to increase political and economic ties with member countries of the Association of Southeast Asian Nations.After a breakfast with Vietnamese citizens on Saturday, the South Korean president will head to the United Arab Emirates.

Govt Unveils Entire Text of Constitutional Revision Bill

The presidential office Cheong Wa Dae has unveiled the complete text of President Moon Jae-in's proposed bill for a constitutional amendment. The top office unveiled the entire text of the proposed bill to the public on Thursday after announcing the third and final portion of government's envisioned changes to the Constitution.The government bill consists of the preamble, eleven articles and 137 clauses in addition to supplementary provisions. Compared with the current Constitution, it has one more article and seven more clauses. The government said it will submit the bill to the National Assembly on Monday unless rival parties reach an agreement on drawing up their own proposal for a constitutional amendment.


Yonhap (

S. Korea, China, Japan hold new trade talks amid rising protectionism

South Korea, China and Japan held a new round of trade talks on Friday in Seoul in the latest push to work out differences for a free trade deal amid rising trade protectionism.Trade officials will discuss modalities for tariff reduction, service market liberalization and other global trade issues, the Ministry of Trade, Industry and Energy said."South Korea, China and Japan need to show a firm will to advocate free trade amid intensifying trade tension in light of the protectionist policies," South Korea's top negotiator Kim Young-sam said in an opening speech.He also expressed hope that the three neighbors will make efforts to move forward trilateral free trade talks with a goal of speeding up economic integration in Northeast Asia.

Trump replaces top nat'l security aide with ex-ambassador to U.N.

U.S. President Donald Trump said Thursday he will be replacing his chief national security adviser, H.R. McMaster, with former U.S. Ambassador to the United Nations John Bolton."I am pleased to announce that, effective 4/9/18, @AmbJohnBolton will be my new National Security Advisor," Trump wrote on Twitter. "I am very thankful for the service of General H.R. McMaster who has done an outstanding job & will always remain my friend. There will be an official contact handover on 4/9."McMaster has long been rumored to be the next one out amid an ongoing personnel reshuffle that saw the ouster of Secretary of State Rex Tillerson last week.Both announcements were made after Trump agreed this month to meet with North Korean leader Kim Jong-un to discuss the regime's denuclearization.In dismissing Tillerson, an advocate for engagement with Pyongyang, Trump reportedly wanted a top diplomat who was more in line with his views and named Central Intelligence Agency Director Mike Pompeo to the role.

Samsung launches mobile payment tool in Italy

Samsung Electronics Co. on Friday said it released Samsung Pay in Italy, marking the 21st country to release the mobile payment system on smart devices.The South Korean tech giant first kicked off the service in August 2015 and gradually expanded the scope to cover the United States, China, Spain, Australia, Brazil and Russia.In January, the service was also made available in Mexico.The service can be used through high-end smartphones or smartwatchs made by Samsung Electronics. Samsung Pay is significant as it works on traditional credit card machines based on the magnetic secure transmission (MST) technology. It also supports near field communication (NFC) technology that requires a separate transaction device."We strive to deliver the best experiences to our customers," Samsung said. "The rapid growth of Samsung Pay has been made possible by Samsung's commitment to an open model of collaboration around the world, resulting in over 1,700 partnerships, including payment providers Visa and Mastercard."


The Korea Herald (

Ex-President Lee arrested on corruption charges

The courts on Thursday issued an arrest warrant for former President Lee Myung-bak, who is suspected of a string of allegations including bribery, embezzlement and power abuse. The allegations against him include bribery of some 11 billion won ($10.3 million) from the state spy agency, individuals and conglomerates, such as Samsung. The former president, who was in office from 2008 to 2013, is also viewed as the real owner of auto parts maker DAS, which has been involved in several irregularities, such as creating a slush fund totaling some 30 billion won.

US temporarily exempts Korea from steel tariffs

The United States will temporarily exempt South Korea from stiff tariffs on steel imports, a top US trade official said Thursday, following weeks of lobbying by South Korean officials.Speaking at a Senate hearing, US Trade Representative Robert Lighthizer said President Donald Trump had authorized a "pause" in the 25 percent tariff on steel and 10 percent tariff on aluminum imports, which are to go into effect Friday.Also on the list of exemptions are the European Union, Argentina, Brazil, Australia, Canada and Mexico.South Korean Trade Minister Kim Hyun-chong said the exemption will last until the end of April for now."We need to continue negotiations on the conditions (for a permanent exemption)," he told Yonhap in a phone interview.

Samsung Galaxy Note 9 to adopt in-display fingerprint scanning: sources

Samsung Electronics is likely to adopt in-display fingerprint scanning for its upcoming flagship Galaxy Note 9 smartphones, according to industry sources on Thursday. “Samsung Display has prepared three or four solutions for Samsung Electronics to embed the fingerprint sensor inside of the main display, and both are seriously considering one of the solutions,” a source told The Korea Herald. “The delay in deciding on the final concept for the Note 9 is due to the work in adopting the in-display fingerprint sensor,” the source added. “A final decision on adoption of the technology will be made by this month.” In previous years, the concept for a flagship phone was finalized about five months before its launch. Industry watchers said they highly expect that the ninth edition of Samsung’s premium Note series will have an in-display fingerprint sensor in order to differentiate it from phones unveiled by Chinese rivals such as Vivo and others that will be launched by Huawei soon.


The Korea Times (

Ex-President Lee arrested over corruption

The Seoul Central District Court issued an arrest warrant for former President Lee Myung-bak, Thursday, determining that he could destroy evidence pertinent to an investigation of corruption against him. Lee was taken from his home in Gangnam to the Seoul Eastern Detention Center in Songpa-gu, after the court's ruling. The prosecution sought the arrest warrant for Lee, Monday, over allegations that he was the de facto owner of DAS, an auto parts company at the center of corruption, embezzlement and abuse of power charges leveled at Lee.The court had planned to summon the former president Thursday to quiz him over the prosecutors' charges, but Lee refused to attend saying he had talked enough to the prosecution during questioning March 15.Prosecutors did not force him to appear, saying: "Giving up the opportunity to state his position in court does not mean Lee will flee. It is one of his rights to not attend questioning." The court agreed and cancelled the hearing Wednesday.

Korean users could be among Facebook data-breach victims

Korean Facebook users could be among the 50 million people whose personal information was swept up in a massive data-harvesting scandal."It is possible that Koreans were included, but we do not know yet," a Facebook Korea official told The Korea Times Thursday. "There is no data showing them (the victims) by countries." The comment came as government officials in the United States, Britain and Canada pursue separate investigations into Facebook and Cambridge Analytica, a political consulting firm at the center of the scandal.It has been revealed that Cambridge Analytica collected data from more than 50 million Facebook users without their consent or knowledge. The firm collaborated with the developer of a Facebook app, "thisisyourdigitallife." Many people downloaded the quiz app, which collected their profile information and that of their friends. Cambridge Analytica used it for mass-scale psychological profiling to help the 2016 Trump presidential campaign.

President meets Korean coach of Vietnamese national football team

President Moon Jae-in has encouraged Park Hang-seo, the Korean head coach of the Vietnamese national football team, and players of the team, Thursday, the first day of his three-day state visit to Vietnam.He and first lady Kim Jung-sook visited the training field of the team in Hanoi. Park, who started to lead the Vietnamese team in October, has gained popularity among people in Vietnam by leading the country to second place at the U23 Asian Cup in January. He is famous for his humble leadership, having meals and using the lodgings together with the players. After the Asian Cup, the Vietnamese government granted Park the Third Class Labor Medal.Mentioning about snow during the finals of the U23 Asian Cup, Moon told Park, "Vietnamese players may not have had much experience of games in snow. I think they could have won if it had not been the heavy snow."


Chosun Ilbo (

Ex-President Lee Arrested for Corruption

Former president Lee Myung-bak was arrested on Thursday night on charges of corruption. A court approved the arrest warrant eight days after he was grilled by prosecutors over allegations of bribery, embezzlement and amassing illegal slush funds. Lee is the fourth former president to be arrested. Prosecutors escorted him from his grace-and-favor residence in Gangnam late Thursday night and transported him to a remand jail on the outskirts of Seoul. He is being held in a different remand jail from the one where his successor Park Geun-hye awaits sentencing for corruption and abuse of power.Seoul Central District Court judge Park Beom-seok, who reviewed the arrest warrant, said there was a risk of "destruction of evidence considering the social status of the suspect, gravity of the crime and circumstances revealed during the investigation" that justify Lee's confinement.

Elderly to Account for ¼ of Voters in Regional Elections

Senior citizens account for a whopping 25.2 percent of total registered voters in the upcoming regional elections, even though they make up a much smaller proportion of the population. The Chosun Ilbo on Wednesday counted the number of voters in each age bracket using the population records from the Ministry of the Interior and Safety. Over-60s are the biggest group followed by voters in their 40s (20.3 percent), those in their 50s (19.9 percent), 20s (17.4 percent) and 30s (17.2 percent). In the last regional elections in 2014, voters in their 40s made up the largest proportion with 21.7 percent, followed by voters over 60 with 21.6 percent. It was in the general election in 2016 that elderly voters first became the biggest group.

Low-Cost Airline Offers Annual Pass

Frequent flyers can now fly on an annual pass like on public transport. Low-cost carrier Air Seoul, a subsidiary of Asiana Airlines, launched the "Mint Pass J" on Wednesday. Mint represents Air Seoul, and J refers to Japan.The pass allows holders to travel to seven cities in Japan that the airline flies to exclusively -- Hiroshima, Nagasaki, Shizuoka, Takamatsu, Toyama, Ube, and Yonago. Three types are available depending on the number of cities to visit. The prices are W299,000 for three cities, W399,000 for five and W499,000 for seven (US$1=W1,073).


HanKyoReh Shinmun (

President Moon stresses need for denuclearization, establishment of peace on Korean Peninsula

President Moon Jae-in hinted at a possible trilateral summit with North Korea and the US during a meeting on Mar. 21 of a preparatory committee for an upcoming inter-Korean summit, while stressing that the talks ahead need to lead to a full resolution to the issue of nuclear weapons and peace on the Korean Peninsula.With his remarks, Moon shared some of the vision he is sketching for establishing peace on the peninsula after the inter-Korean summit in late April and a North Korea-US summit planned for May. They were read as stating his commitment to taking advantage of progress with denuclearization and Korean Peninsula affairs through the two summits to declare an official end to the Korean War – ending the Cold War regime on the peninsula and institutionalizing peaceful coexistence – while pursuing the normalization of North Korea-US relations, including economic cooperation and diplomatic ties.

South Korea to hold working level talks with North Korea in advance of April summit

The Blue House proposed high-level talks with North Korea on Mar. 22 to prepare for an inter-Korean summit scheduled for late April. The talks will take place at the Tongilgak building on the North Korean side of Panmunjeom on Mar. 29 and include discussions with North Korea on details concerning the summit schedule and agenda, including Seoul’s suggestion for a summit date.“Ahead of the inter-Korean summit in late April, we have decided to make a proposal to the South for high-level inter-Korean talks, suggesting Mar. 29 as a date and Tongilgak at Panmunjeom as a location,” said Blue House spokesperson Kim Eui-kyum in a briefing on a plenary session of the inter-Korean summit preparatory committee that day.“We plan to send a total of three people, including Minister of Unification Cho Myoung-gyon and one representative each from the Blue House and National Intelligence Service,” Kim added.In terms of the content to be discussed at the high-level talks, Kim said the participants were “to propose basic matters concerning the summit schedule, agenda, and delegations.”

Fearing diplomatic isolation, Japanese PM Abe seeks summit with Kim Jong-un

The Japanese government sent messages to Pyongyang over various channels expressing Prime Minister Shinzo Abe’s desire to have a summit with North Korean leader Kim Jong-un, the Kyodo news agency reported on Mar. 21.Tokyo cited the Pyongyang Declaration – a plan for normalized diplomatic relations and economic cooperation agreed upon by North Korea and Japan during a Sept. 2002 North Korea visit by then-Japanese Prime Minister Junichiro Koizumi – in inquiring about the need for a summit, Kyodo reported. The message called on Pyongyang to agree to a summit to discuss implementation of the declaration as a matter in North Korea’s own interest. The Japanese government also proposed discussing the issues of abducted Japanese nationals and North Korea’s nuclear and missile development programs.


JoongAng Ilbo (

Former President Lee Myung-bak detained on corruption charges

Former President Lee Myung-bak was taken into custody by prosecutors after a local court issued a warrant Thursday night to detain him as a suspect in a criminal investigation over corruption allegations.Lee, who served as president from 2008 to 2013, became the fourth former president to be detained on corruption charges. He faces at least 18 charges for receiving bribes from businessmen and politicians, misappropriating secret operations funds from the country’s main spy agency and generating slush funds using a company registered under his family’s name. After the Seoul Central District Court issued the warrant around 11:05 p.m. on Thursday, prosecutors went to his home in Nonhyeon-dong, southern Seoul, and transported Lee to the Seoul Dongbu Detention Center in Munjeong-dong, southern Seoul.

Patience over deal isn’t infinite, says Doublestar

Doublestar Tire is willing to wait patiently to acquire Kumho Tire - but not infinitely, said the Chinese tire company’s chairman Chai Yongsen. “There’s an old Chinese saying, ‘If you love someone, at the end you’ll be together,’” Chai said. Chai emphasized Thursday that Doublestar’s reason to acquire Kumho Tire was to create synergies that would help the combined companies become one of the world’s top-10 tire manufacturer. Doublestar does not want the deal merely to steal the Korean company’s technology, as some charge. Doublestar invited a group of Korean reporters to the company’s headquarters in Qingdao, China, last week, and then he traveled to Seoul. During a press conference at the headquarters of Kumho Tire’s main creditor, the Korea Development Bank, Chai repeatedly emphasized the need to get Kumho Tire’s union’s consent to the deal and promised he would uphold any agreement reached with it according to the law.

Final charter changes detailed

Replacing the current five-year, single-term presidential system with a four-year presidency with a possibility of re-election to a second consecutive term was proposed by President Moon Jae-in on Thursday.The Blue House announced Thursday Moon’s proposed amendments to the Constitution that involved changes to the governing system, the election system and measures to lessen the president’s powers.The announcement, made by Senior Presidential Secretary for Civil Affairs Cho Kuk, was the third and final in a series of changes Moon is proposing. Moon wants to submit his bill to the legislature on Monday, with the aim of holding a national referendum on June 13, when the nation holds local elections. According to Cho, Moon wants to introduce a four-year presidency with a possibility of re-election to a second consecutive term because it is strongly desired by the Korean public.


The KyungHyang Shinmun (

We Hope to Witness a Summit of North and South Korea and the United States

On March 21, President Moon Jae-in said, "Depending on the progress of the inter-Korean summit and the summit between North Korea and the United States, the situation could lead to a summit of the three nations." This day, President Moon joined the committee overseeing preparations for the inter-Korean summit and said, "We must completely resolve the issue of nuclear weapons and peace on the Korean Peninsula with the upcoming talks and ensuing future talks." He also said, "We have a clear goal and vision of what we want to achieve through the agreement with the leaders of North Korea and the U.S."The president sharing his plans of a tripartite summit of North and South Korea and the U.S., the next step following the inter-Korean summit and the North Korea-U.S. summit, which have yet to take place, appears to be an expression of his determination to take this opportunity to resolve the peace issue on the Korean Peninsula as well as the North Korean nuclear program.

Pursuit of a “Decentralized State” in Article 1 of the Constitution, Public Concept of Land Ownership Also Included to Ease Inequality

"The Republic of Korea pursues a decentralized state." This statement was included in Article 1 of the constitutional amendment proposed by the president. Article 3 of the Constitution, which describes our territory, will also include a statement on the capital. The president's amendment also stipulated the public concept of land ownership, which had been recognized only in the interpretation of the current Constitution, in Article 119.Cheong Wa Dae Senior Secretary for Civil Affairs Cho Kuk announced the president's proposal for a constitutional amendment including these details on March 21. The day before, Cheong Wa Dae released the amendments of the preamble, basic rights, and the sovereignty of the people and this day additionally announced the amendments on decentralization, general provisions, and the economy.

President Moon Should Apologize for the Massacre of Vietnamese Civilians

On March 22-24, President Moon Jae-in will visit Vietnam. During the visit, President Moon will attend a summit with Vietnamese President Tran Dai Quang and meet with major leaders to discuss bilateral developments as the two nations celebrate 25 years of diplomatic relations. Vietnam is number one among the ten ASEAN countries when it comes to trade, investment and cooperation for development. It is also a key partner in the South Korean government's "southern policy." But between the two countries lies a tragic history뾲he massacre of Vietnamese civilians by South Korean soldiers. During the Vietnam War, South Korea dispatched the second largest number of troops, 320,000, to Vietnam following the United States. Accordingly, the damage suffered by the South Korean military was big, but so was the damage caused by the South Korean soldiers. Veteran groups deny the massacre or argue that it was inevitable when conducting operations, but in the case of the Ha My massacre in March 1968, most of the victims were women and children. If South Korean soldiers brutally sacrificed the lives of infants, this cannot be seen as a legitimate operation.


AJU Business Daily (

Facebook fined in S. Korea for causing inconvenience to users

Facebook has been fined by South Korean telecom regulators for causing inconvenience to domestic users with an arbitrary move that allegedly caused slow internet connections.In a decision on Wednesday, the Korea Communications Commission slapped Facebook with a fine of 396 million won (372,240 US dollars) for creating a market distortion. The American social media company was ordered to improve unfair clauses in its user agreement.The decision followed an investigation which was launched last year on complaints among the users of two internet companies, SK Broadband and LGU+, about their slow connection speed. Users of KT had no complaints because the country's largest telecom company has a contract to provide Facebook with cache server operation services.The contract with KT appeared to have caused trouble as SK Broadband and LGU+ have to use KT's servers for Facebook connections. However, the watchdog accused Facebook of having distorted the market by diverting the connection routes of SK Broadband and LGU+ users to overseas servers from late 2016 without full consultations or a prior notice to users.

Text of ex-president Lee Myung-bak's handwritten statement

Here is an unofficial translation of ex-president Lee Myung-bak's handwritten statement posted on Facebook before his arrest shortly before midnight Thursday: "At this moment, rather than blaming anybody, I feel all is my fault. I feel a sense of guilt.Looking back on the past, I think I did my best in my way when I was in business or served as the mayor of Seoul and president. Especially, I carried out my presidential duty with a determination to do really well. I had tried to eradicate wrong practices of the past and realize a clean politics but my work left something to be desired in today's public eyes.During my tenure, the country faced the biggest financial crisis since the Great Depression, but the Republic of Korea has overcome the crisis in the most exemplary way. Those who have worked together to overcome the crisis, and all of them -- civilians, government officials, unions and companies -- are never forgotten and appreciated. I just feel regret if I think about them.

U.S. temporarily exempts S. Korea from steel tariffs: Yonhap

The United States will temporarily exempt South Korea from stiff tariffs on steel imports, a top U.S. trade official said, following weeks of lobbying by South Korean officials.Speaking at a Senate hearing, U.S. Trade Representative Robert Lighthizer said President Donald Trump had authorized a "pause" in the 25 percent tariff on steel and 10 percent tariff on aluminum imports, which are to go into effect Friday. Also on the list of exemptions are the European Union, Argentina, Brazil, Australia, Canada and Mexico.'South Korean Trade Minister Kim Hyun-chong said the exemption will last until the end of April for now. "We need to continue negotiations on the conditions (for a permanent exemption)," he told Yonhap in a phone interview.


Maeil Business News Korea (

Korean Air-Delta JV likely be cleared by H1

A joint venture of South Korea’s largest full-service carrier Korean Air Line Co. and the U.S. Delta Air Lines Inc. is expected to gain conditional go-ahead from the Korean government and become serviceable in the first half at the earliest. According to sources from the aviation industry on Wednesday, the Fair Trade Commission recently submitted its opinion for approval on the joint venture to the Ministry of Land, Infrastructure and Transport on the condition that the two airliners ensure partnership won’t be antitrust. The ministry is expected to give the final nod within this month after reviewing the FTC’s opinion. The partnership was cleared by the U.S. authorities in November last year.

S. Korea’s household care maker Aekyung Industry lists on Kospi

South Korea’s household and personal care product maker Aekyung Industry Co. vowed to raise 1 trillion won ($930 million) in annual sales by 2020 on Thursday when it debuted on the country’s main bourse more than three decades after its inception. Founded in 1985, Aekyung Industry went public on Thursday and its shares finished the first trading day at 34,000 won, up 21.43 percent or 6,000 won from the opening price of 28,000 won. The initial offering price was 29,100 won. The company revealed its goal to rake in 1 trillion won in annual sales by 2020 and achieve 15 percent operating margin at Korea Exchange in Yeouido, western Seoul, after its successful listing on the Kospi index.

Seoul authorities raise watch, markets calm after FOMC’s rhetoric and hike

South Korean authorities immediately went into alert mode after the U.S. Federal Reserve delivered another quarter-point hike to its rate target to place interest rates slightly higher than Korea’s while markets took the much-anticipated change in stride. In line with expectations, the U.S. central bank on Wednesday (local time) pushed up the fed fund rate target to 1.50 percent to 1.75 percent in the first policy meeting chaired by new chief Jerome Powell. “The action is in line with expectations. The markets won’t be affected that much. But we will employ all possible policy tools should they turn unsettled,” said Bank of Korea Governor Lee Ju-yeol Thursday.


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