The Korean daily media headlines and humor

The Korean daily media headlines and humor

Monday, April 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:

If the Headlines are no longer desired, please advise us at: edt@koreapost.com or pub@koreapost.com.

Very Respectfully Yours

/s/

Lee Kyung-sik

Publisher-Chairman

Korea Post Media

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

The Korea Post media (www.koreapost.com) in English, (www.koreapost.co.kr) in Korean.

China bans exports of 32 'dual-use' items to N.K.

China has banned exports of 32 items to North Korea that could be converted for use in developing weapons of mass destruction (WMD), Beijing's commerce ministry said Monday.The "dual-use" items are mostly equipment, software and technologies. They include particle accelerators and centrifuges, the ministry said in a statement posted on its website.The export ban is in line with Resolution 2375 adopted by the U.N. Security Council in September in the wake of the North's sixth nuclear test.The move followed the surprise talks between Chinese President Xi Jinping and North Korean leader Kim Jong-un held in Beijing last month.Following the meeting, speculation arose that Beijing might be easing up on its sanctions on Pyongyang. China is the closest ally and biggest trade partner for the reclusive state.

S. Korea to fly some warplanes grounded after F-15K crash

South Korea's Air Force said Monday it is set to start flying warplanes grounded after an F-15K jet crash last week.The Air Force suspended flights of most of its aircraft after the plane crashed into a mountain in Chilgok, North Gyeongsang Province, on Thursday. Two pilots were killed, although there was no civilian damage reported."(We) plan to resume flight missions from tomorrow, except for the F-15K fleet," Lt. Col. Cho Se-yong, a spokesman for the Air Force, told reporters. Safety checks and measures were taken over the weekend, he added.

Top 10 chaebol make up nearly 80 pct of KOSPI net profits

South Korea's top 10 business groups accounted for 79.1 percent of all net profits generated by companies listed on the country's main stock exchange in 2017, the local bourse operator said Sunday.According to the Korea Exchange (KRX), of the 533 companies checked that settled their accounts in December, profits by the 62 affiliates belonging to the country's 10 largest chaebol, or family-run conglomerates, totaled 90.6 trillion won (US$84.7 billion), up 57.1 percent from the 57.6 trillion won tallied in 2016.It said the increase marks a 8.6 percentage-point gain from 70.5 percent reported for the previous year.Excluding the companies belong to the 10 largest chaebol, however, net profits for firms listed on the Korea Composite Stock Price Index (KOSPI) reached 23.9 trillion won, down 0.5 percent from a year earlier when earnings reached 24.1 trillion won.

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KBS (http://world.kbs.co.kr/english/news/)

Contact between US, N. Korea Going Well

South Korea's presidential office says that contact between the U.S and North Korea to prepare for their upcoming summit is going well. A senior presidential official told reporters on Monday that as far as the top office knows, the U.S.-North Korea contact is proceeding smoothly. The official said that National Security Adviser Chung Eui-yong is expected to contact his U.S. counterpart John Bolton soon. Bolton is set to take office on Monday. CNN reported on Sunday that the U.S. and North Korea have been holding secret, direct talks to prepare for the summit. CNN said that Central Intelligence Agency Director Mike Pompeo, tapped as Trump's new secretary of state, has been working through intelligence back-channels to prepare for the summit.

Prosecution to Indict Former President Lee Monday

The prosecution says it will indict former President Lee Myung-bak on Monday on corruption charges.A probe team at the Seoul Central District Prosecutors’ Office will hold a news conference at 2 p.m. to release the outcome of its investigation into various allegations involving Lee, his family and his aides. The former president was detained late last month on 12 charges, including bribery, tax evasion, embezzlement, abuse of authority and leaking of presidential records.He is accused of pocketing eleven billion won in bribes from businesses and the state spy agency, and embezzling 35 billion won from auto parts company DAS, which he allegedly owns.

FSS Chief Apologizes for Sponsored Overseas Trips

The head of the nation's financial watchdog has apologized for his overseas travel expenses paid for by financial organizations while he was a lawmaker.Financial Supervisory Service(FSS) chief Kim Ki-sik said in a statement on Sunday that he apologizes for going on the overseas business trips which failed to meet the expectations of the people.However, Kim stressed that he did not take any actions that favored the agencies that sponsored the trips. The apology came amid strong criticism from the opposition parties.The main opposition Liberty Korea Party set up a team to investigate the case and decided to consider filing a complaint with the prosecution on alleged bribery and abuse of power.

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Yonhap (http://english.yonhapnews.co.kr)

Finance minister urges parliamentary support for proposed extra budget

South Korea's chief economic policymaker on Monday urged the National Assembly to approve a proposed extra budget that he says will be used to tackle the country's chronic youth unemployment problem.

Finance Minister Kim Dong-yeon held a series of meetings with key officials from opposition parties, including Chang Byoung-wan, floor leader of the Party for Democracy and Peace (PDP).Early this month, the government unveiled a set of measures, including bolder financial and tax incentives and the use of a 3.9 trillion-won extra budget, to tackle the jobless rate among young people.The measures center on extending direct financial and tax incentives to young job seekers. The government also proposed broader support for startups launched by young people, with part of the financing to come from a supplementary budget.Despite various measures taken in the past, youth unemployment has consistently worsened, due mainly to structural changes in the country's industrial, educational and labor markets. This has led many young people to put off marriage, in turn leading to the very low birth rate.

Finance minister urges parliamentary support for proposed extra budget

South Korea's chief economic policymaker on Monday urged the National Assembly to approve a proposed extra budget that he says will be used to tackle the country's chronic youth unemployment problem.

Mentally-ill man apprehended for making hoax call warning of bomb at Seoul hotel

A man in his 30s suffering from mental illness was apprehended Monday after making a hoax call warning of an impending bomb explosion at a Seoul hotel, police said.The man, whose identity was withheld, made the call to police around 8:35 a.m., claiming he had planted an explosive at a Lotte Hotel and that it would go off 10 seconds later.The man didn't specify whether he was referring to the Lotte hotel in Sogong-dong in central Seoul or the Lotte establishment in Jamsil in southern Seoul. Police commandos and rescue workers were immediately dispatched to the two locations to search for a bomb, but nothing was found, officials said.While the search was under way, police apprehended the man in Siheung, just south of Seoul, around 9:40 a.m.Officials said that the man has been receiving treatment for mental illness and he used his father's mobile phone to make the hoax call.

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The Korea Herald (http://www.koreaherald.com)

Spymasters prepare for US-NK summit

The United States and North Korea have kicked off their working-level discussions for their first summit amid speculation that the two countries’ spy chiefs are leading diplomatic efforts to resolve the decadesold nuclear issue on the Korean Peninsula. Citing several officials from the Trump administration, CNN reported Saturday that the United States and North Korea have been holding secret, direct talks using intelligence backchannels between the two countries’ top intelligence agencies. Led by former Central Intelligence Agency chief Mike Pompeo, who awaits confirmation for his appointment as a secretary of state, the US intelligence officials have met with their North Korean counterparts several times in a third country to nail down a venue for the summit, US officials told CNN.

Samsung Securities fiasco exposes stock trading loophole

A South Korean brokerage mistakenly paying 1,000 shares in dividends instead of 1,000 won ($0.93) due to a computational error Friday has exposed a major loophole in the nation’s stock trading system, prompting immediate intervention by regulators.Starting Monday, the Financial Supervisory Service will launch an inspection into internal system flaws at Samsung Securities, the nation’s fourth-largest brokerage, where the incident happened last week, officials said Sunday. The authorities will also look into accounting management system of all brokerage firms and the trades of securities-linked futures.Apologizing for causing the public concern, Kim Yong-beom, vice chairman of the Financial Services Commission, said the government is taking the case seriously and will deliver countermeasures to restore market confidence.

Prosecutors to indict ex-President Lee over corruption charges

Prosecutors were to indict former President Lee Myung-bak on Monday on a string of corruption charges, including taking millions of dollars in bribes, making him South Korea's fourth former leader to face trial.Lee, president from 2008-2013, has been in pretrial detention since his arrest last month on charges of bribery, abuse of power, embezzlement and other irregularities. He's the fourth former president to be arrested and put on trial after former Presidents Chun Doo-hwan, Roh Tae-woo and Park Geun-hye.The indictment comes days after Park was sentenced to 24 years in prison for corruption Friday.

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The Korea Times (http://www.koreatimes.co.kr)

Man caught after bomb threat to Lotte Hotel

Prosecutors to indict ex-President Lee over corruption charges

Prosecutors are expected to indict former President Lee Myung-bak on Monday on a string of corruption charges, including taking millions of dollars in bribes, making him South Korea's fourth former leader to face trial.Lee, president from 2008-2013, has been in pretrial detention since his arrest last month on charges of bribery, abuse of power, embezzlement and other irregularities. He's the fourth former president to be arrested and put on trial after former Presidents Chun Doo-hwan, Roh Tae-woo and Park Geun-hye.The indictment comes days after Park was sentenced to 24 years in prison for corruption Friday.Prosecutors are expected to indict Lee with about 14 counts of corruption.

South Korean gov't at odds with US think tank

Tension is mounting between the Korean government and the U.S.-Korea Institute (USKI), a think tank at Johns Hopkins School of Advanced International Studies (SAIS), after the government announced it would cut off its funding for the Washington, D.C.-based institute beginning in June. Since its foundation in 2006, the think tank, which runs 38 North specializing in North Korean affairs, has received 2 billion won ($1.87 million) from the government annually through the Korea Institute for International Economic Policy (KIEP) installed under the Prime Minister's Office. As its reasons for the cut-off, the KIEP cited "lax reporting on accounts and a lack of transparency in selecting visiting scholars and interns." To reform the management of the organization, the KIEP has reportedly requested the resignation of Jae H. Ku, director of USKI, and Jenny Town, vice director of USKI, a request the think tank dismissed. Ku has headed the organization since 2007.

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Chosun Ilbo (http://english.chosun.com)

S.Korean Envoy Told Kim Jong-un to Quit Smoking

National Security Council chief Chung Eui-yong advised North Korean leader Kim Jong-un to quit smoking, the Asahi Shimbun reported on Sunday.This episode happened when Kim had dinner with the South Korean envoy in Pyongyang on March 5, the daily quoted a source as saying."How about stopping smoking? It's bad to your health," Chung said.

More French Students Embrace Korean Courses

More and more French university students are applying to Korean studies departments. The number of applicants at exceeded 1,000 at both Université Paris-Diderot (Paris-VII University) and Institut National des Langues et Civilisations Orientales, the two universities in Paris that have Korean departments. Last September, 1,056 students applied to Paris-VII University's Korean Studies Department, which only has a quota of about 100, while 1,014 applied at INLCO, which has a quota of 150. The competition is even fiercer for the new academic year that starts this September. College applications data show that 1,412 and 1,360 students applied to the two. "The recent popularity of Korean studies is surprising since fewer than 800 students applied before 2016," an admissions officer said.

Samsung Posts Earnings Surprise

Samsung Electronics posted better-than-expected sales of W60 trillion and an operating profit of W15.6 trillion for the first quarter of the year, according to preliminary performance results released Friday (US$1=W1,070). The operating profit tops the record it just set in the previous quarter. Its operating margin of 26 percent is also a record high.But Samsung is increasingly dependent on semiconductors for its operating profit while its display and home appliance businesses are declining.The semiconductor business is achieved an estimated operating profit of W11 trillion, just a quarter after it surpassed the W10 trillion mark for the first time. The proportion of semiconductors in total operating profit increased from 35 percent in 2014 to 65.6 percent in 2017 and is expected to reach 70 percent this year. Samsung ranks a distant first in the global DRAM and NAND flash markets with a share of over 40 percent in each.

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HanKyoReh Shinmun (http://english.hani.co.kr)

Park hit with 24 year prison sentence

Former South Korean President Park Geun-hye could not shake a harsh sentence of 24 years because the district court ruled that she had received around 23.2 billion won (US$22.1 million) in bribes, representing the gravest charges she was facing. The court convicted Park of 16 of the 18 charges against her, which means that Park has now been punished for the majority of her influence-peddling, first by the Constitutional Court and now in criminal court as well. But the court did find that Park made no inappropriate request to Samsung Electronics Vice Chairman Lee Jae-yong, clearing her of the charge of “third-party bribery” with Samsung.On Apr. 6, the 22nd criminal division at the Seoul Central District Court under Hon. Kim Se-yun ruled that the 7.29 billion won (US$6.8 million) of equestrian support that Samsung gave to Chung Yoo-ra, daughter of Choi Soon-sil, was a bribe received by Park.

Park facing further trials following initial conviction on bribery charges

Former president Park Geun-hye’s first trial in connection with an influence-peddling scandal may have come to a close on Apr. 6, but initial court decisions are not finished for all charges against her. The first trial in another case concerning the payment of “special activity funds” by the National Intelligence Service (NIS) has only just begun. Depending on how fast it proceeds, the two cases could end up merged at the appeals court level, and with each being heard separately, the sentences in the event of convictions in both trials would be added together.On Jan. 22, Park was indicted on additional charges of bribery and misuse of state funds according to the Act on the Aggravated Punishment, etc. of Specific Crimes for allegedly conspiring with former NIS directors Nam Jae-joon, Lee Byung-kee, and Lee Byung-ho to receive 3.5 billion won (US$3.27 million) in NIS special activity funds.

Park could be sent to a workhouse if she is unable to pay millions in fines

A sentence of 18 billion won (US$16.8 million) in fines imposed by the court on Apr. 6 in addition to its 24-year prison sentence against former President Park Geun-hye is raising questions about how the amount was decided and whether Park will be able to pay it.In cases of bribes involving more than 100 million won (US$93,500), the Act on the Aggravated Punishment, etc. of Specific Crimes allows for sentences of life or 10 or more years in prison along with fines amounting to between two and five times the amount of the bribes.Park was convicted of accepting 7,294,270,000 won (US$6.82 million) from Samsung and 7 billion won (US$6.5 million) from Lotte and demanding 8.9 billion won (US$8.3 million) from SK; in this case, the largest amount – 8.9 billion – serves as the standard for the fine. This means the bribery punishments available to the court ranged from 17.8 billion won (US$16.6 million), or double the 8.9 billion won, to 66.75 billion won (US$62.4 million), which is five times the amount plus an additional 50% for multiple offenses. The amount chosen means the court selected essentially the smallest possible fine.

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JoongAng Ilbo (http://koreajoongangdaily.joins.com/)

Big trading blunder roils Samsung Securities

Samsung Securities’ butter-fingered trading error Friday prompted financial authorities to conduct an industry-wide probe. A trader at Samsung’s securities affiliate was supposed to be making wire transfers of 1,000 won ($0.94) in dividends for each share of Samsung Securities owned by the companies’ employees on Friday. Instead the trader ordered 1,000 shares for each share owned by an employee - a total of 2.8 billion shares of Samsung Securities worth 112.6 trillion won. That sent the brokerage’s stock price plunging 3.64 percent by the close of the day. Aside from the sheer size of the blunder, the orders were so-called naked short-selling, which is illegal in Korea. In an approved short-sale or covered short-selling, traders must borrow a stock before they sell it short. But a naked short-seller is not required to borrow the securities in time to make delivery.

North, U.S. negotiating summit

Following reports of secret talks between the United States and North Korea to make preparations for a first bilateral summit, the Blue House said Sunday that it is “observing closely” the situation without confirming further details.Mike Pompeo, director of the Central Intelligence Agency and state secretary nominee, and his team have been working through intelligence back-channels with Pyongyang to prepare for a summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, CNN reported Saturday, citing several administration officials familiar with the discussions. It further reported that such secret talks are a “sign that planning for the highly anticipated meeting is progressing.”The U.S. and North Korean intelligence officials were said to have spoken several times in a third country, focusing on deciding a location for the summit.

Seoul to cut budget for Johns Hopkins’ USKI

The Blue House rejected accusations that the South Korean government has cut off funding to the U.S.-Korea Institute (USKI) at Johns Hopkins University’s School of Advanced International Studies (SAIS) after the school failed to replace its director and assistant director.The Korean government was said to have notified the school last Wednesday that starting from June it would cut off its annual funding for USKI, which had been allocated since its founding in 2006. The reason reportedly was because SAIS did not agree to the Blue House’s request to replace the U.S.-Korea Institute’s conservative director, Jae H. Ku, and its assistant director, Jenny Town.

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The KyungHyang Shinmun (http://english.khan.co.kr/)

In Broad Daylight, a Student Taken Hostage at an Elementary School in Gangnam, Seoul: More Holes in School Safety

A man took a student hostage at an elementary school in Seoul. The police arrested him after an hour-long confrontation. The school allowed the man to enter the school without checking his identification, revealing how the school had failed to abide by the safety management manual. The school sheriff was introduced to our schools for tighter control on outsiders entering school grounds after the Gim Su-cheol incident 2010, Gim entered an elementary school and kidnapped and raped a female student. Yet access to the school was too easy once again.

Cheong Wa Dae, "Not Like Libya or Iran, But a Korean-Style Solution"

The "fateful April" to determine the future of the Korean Peninsula is here. Every year in April, military tension on the Korean Peninsula heightened without fail, but this year, the situation is different. As the two Koreas agreed to hold an inter-Korean summit on April 27, military tensions have given way to diplomatic negotiations. The ROK-U.S. joint military exercises, which had been postponed due to the PyeongChang Winter Olympics, began this day, but the two countries are conducting the exercises "quietly."

Spring Songs of Peace Touch the Heart of Pyongyang

On the afternoon of April 1, the South Korean art troupe and Taekwondo demonstration team in North Korea performed their first show in Pyongyang. The performance was a preshow to the inter-Korean summit scheduled for April 27 and was also in response to the performances in Gangneung and Seoul by the North Korean art troupe in February. Kim Jong-un, chairman of North Korea's State Affairs Commission was in the audience along with his wife, Ri Sol-ju. The South Korean art troupe composed mainly of popular singers opened the stage to the “Pyongyang Performance by the South Korean Art Troupe for Peace and Cooperation between North and South Korea” at the East Pyongyang Grand Theatre at 6:20 p.m. (Pyongyang time) this day. The theme of the show was "Spring Is Coming."

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AJU Business Daily (http://eng.ajunews.com/korea)

Ex-president Park Geun-hye receives 24-year jail sentence

As a key culprit behind a corruption scandal that revealed deep-rooted collusive ties between businessmen and politicians, South Korea's ousted ex-president Park Geun-hye received a 24-year jail sentence Friday after a court found her guilty of abusing her power to extort money from businessmen.Park was also slapped with a fine of 18 billion won (16.8 million US dollars) in the verdict delivered by the Seoul Central District Court in a session televised live for two hours."The defendant abused the presidential power entrusted by the people, resulting in great confusion in the order of state and leading to the unprecedented impeachment of the president," the verdict said.

Top economic official urges close look into 'ghost' stock trading

South Korea's top economic official called for a quick and close probe into the internal system of Samsung Securities as public concerns grew over fat-finger trading that saw non-existent "ghost" stocks paid to employees as dividends."Something that shouldn't have happened," Finance Minister Kim Dong-yeon told a radio talk show on Monday, adding financial regulators should take steps after launching an investigation into the brokerage arm of South Korea's largest Samsung group.Under a stock ownership plan, Samsung Securities had planned to pay cash dividends of 1,000 won (0.94 US dollars) per share to employees on Friday, but shares were paid due to a keyboard entry mistake. The brokerage said the error has been fixed.

Shipping association demands active reorganization to build size and strength

The liquidation of Hanjin Shipping was a big policy mistake made by the government of South Korea's ousted ex-president Park Geun-hye because it weakened the competitiveness of South Korean shippers and helped foreign rivals increase their clout, a top official at the Korea Shipowners Association (KSA) said."After a bitter remorse, we need to take a right direction and approach strategically," KSA Vice Chairman Kim Young-moo told Aju News.South Korean shippers have been in trouble due to falling freight rates stemming from an oversupply of ships and a protracted slump in the global economy. In February last year, Hanjin which used to be South Korea's top container carrier terminated its 40-year-long business.

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Maeil Business News Korea ( http://www.pulsenews.co.kr/)

Korea’s top 10 chaebol behind 80% of `17 net profits of Kospi members

The Korean Inc. on the main bourse delivered a stellar performance in 2017, but the act largely owed to a select household family-run conglomerates that accounted for nearly 80 percent of the headline bottom line of Kospi members. According to the Korea Exchange stock operator on Sunday, 533 non-financial Kospi-listed companies whose fiscal year ended on December 31, 2017, recorded a combined net profit of 114.6 trillion won ($107.2 billion). Net profits of 62 affiliates under the country’s top 10 chaebols, based on assets, totaled 90.6 trillion, up 57.1 percent on year, contributing to 79.1 percent of the total net income of Kospi members.

Samsung Securities stk in wild run over dividend mess-up, invites FSS probe

South Korea’s Samsung Securities Co. underwent an extraordinary rout on Friday amid supply concerns upon news that the brokerage house rewarded employees dividends for their holdings in company stock in equities instead of cash. The stock nosedived 12 percent during the day. It closed down 3.64 percent at 38,350 won ($35.85). The upset was triggered by what the company claimed as a computer error that paid out dividends to company employees in shares instead of cash on their treasury holding. The error has been fixed, but it was only after some employees had already dumped the shares on the market.

Samsung Heavy Industries gets relief from sister companies

Samsung Heavy Industries Co. struggling with deficits will get relief from its sister companies under South Korea’s top conglomerate Samsung Group including Samsung Electronics Co. that have agreed to buy the company’s new shares. Samsung Electronics, Samsung Heavy Industries’ affiliated company and largest shareholder with a 16.91 percent ownership, announced in a regulatory filing on Friday that it will buy Samsung Heavy Industries’ 34,762,416 new shares at 5,870 won ($5.49) apiece to take part in the shipbuilding sibling’s capital increase plan. Following the addition of 204 billion worth new shares, Samsung Electronics’ total investment in Samsung Heavy Industries would increase to 677.8 billion won, the company said.

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What’s ticking around the world at this second?

See what the world media around the world have to report:

USA Today www.usatoday.com aallman@gannett.com

The New York Times www.nytimes.com inytletters@nytimes.com

Wall Street Journal www.wsj.com support@wsj.com,service@wsj-asia.com

Financial Times www.ft.com ean@ft.com

The Times www.thetimes.co.uk help@timesplus.co.uk

The Sun www.thesun.co.uk talkback@the-sun.co.uk

Chinese People's Daily www.people.com.cnkf@people.cn

China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn

GwangmyeongDaily www.gmw.cn webmaster@gmw.cn

Japan's Yomiuri www.yomiuri.co.jp japannews@yomiuri.com

Asahi www.asahi.com customer-support@asahi.com

Mainichi www.mainichi.jp

Le Monde www.ilemonde.com

Italy LaRepubblica www.quotidiano.repubblica.it vittorio.zucconi@gmail.com

Germany Frankfurter AllgemeineZeitung www.faz.net anzeigen.ausland@faz.de

SüddeutscheZeitung www.sueddeutsche.de forum@sueddeutsche.de

Australia Brisbane Times www.brisbanetimes.com.au syndication@fairfaxmedia.com.au

Sydney Morning Heraldwww.smh.com.au

Colombia Reports http://colombiareports.com

Bogota Free Planet http://bogotafreeplanet.com bfp@bogotafreeplanet.com

El Universal http://www.eluniversal.com.mx/english

Andes http://www.andes.info.ec/en

Ecuador Times http://www.ecuadortimes.net

The Jordan Times https://www.jordantimes.com

LSM.lv http://www.lsm.lv/en

The Baltic Times http://www.baltictimes.comlithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com

El Pais http://elpais.com/elpais/inenglish.html

Philippine Daily Inquirer https://www.inquirer.net

Daily News Hungary http://dailynewshungary.com

Budapest Times http://budapesttimes.hu

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Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE

And many other countries.

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Lee Kyung-sik edt@koreapost.com