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The Korean daily media headlines and humor

Thursday, April 12, 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.

S. Korea's top security adviser makes surprise visit to U.S.

South Korea's top national security adviser visited Washington on Wednesday to meet with his U.S. counterpart, John Bolton, the White House said.The surprise trip by Chung Eui-yong, head of the presidential National Security Office, came ahead of the South Korean and U.S. presidents' separate summits with North Korean leader Kim Jong-un.South Korean President Moon Jae-in is set to meet with Kim on April 27, while U.S. President Donald Trump has said his meeting will be in May or early June.

Ambassadors, spouses visit Yeongam, attend 2018 Wangin Culture Festival

Mayor Jeon Dong-pyeong of Yeongam County at the southwestern tip of the Korean peninsula said, “One thousand and six hundred years ago, Dr. Wangin (Dr. Wani in Japanese) went over to Japan in the spirit of communication, co-existence and co-prosperity, and became the starter of the Asuka Culture of Japan.” Wangin took with him Cheonjamun (One Thousand Chinese Characters) to Japan and spread it there for the first time, which the Japanese people still use even today.

Moon calls for restrained efforts for successful summit with N. Korean leader

President Moon Jae-in called for ambitious but restrained efforts on Wednesday to ensure the success of his upcoming summit with North Korean leader Kim Jong-un, saying the meeting will only mark the first step in what he called a great transition toward peace."Right now, we are standing at the starting line of a long journey toward peace and prosperity on the Korean Peninsula. We are about to embark on a great transition of complete denuclearization of the Korean Peninsula, lasting peace and sustainable development of South-North Korean relations in the history of the world," the president said while meeting with members of a preparation committee for the upcoming inter-Korean summit.

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

Bank of Korea Keeps Rate Steady at 1.5%

The Bank of Korea maintained the key rate at one-point-five percent on Thursday as uncertainties loom at home and abroad. It was the third freeze since the central bank hiked the rate by a quarter of a percentage point in November. In a statement following the monetary policy meeting, the bank said consumer price growth this year is expected to fall short of its January forecast of one-point-seven percent, narrowing the likelihood of a rate increase in the first half of the year. The bank kept its growth forecast for the year at three percent, but U.S.-China trade tensions remain a concern while employment conditions are dismal. The unemployment rate reached a 17-year high for the month of March with the number of jobs growing by a feeble 112-thousand last month.

Attention Drawn to Whether US Will Stage Military Strike Against Syria

Anchor: Attention is focused on whether the United States will take military action against Syria which is facing accusations of using chemical weapons on its own people. U.S. President Donald Trump has told Russia to “get ready” for U.S. missiles fired at Syria which Russia vowed to intercept. Our Bae Joo-yon has more. Report: U.S. President Donald Trump has threatened the possibility of staging a military attack against Syria which has come under suspicion of using chemical weapons. On his Twitter Wednesday, Trump said that Russia should “get ready” because missiles “will be coming, nice and new and smart!” He added that Washington's relationship with Moscow is worse now than it has ever been including during the Cold War.

Top Office: S. Korea-China-Japan Summit to be Held in Japan in May

The presidential office says a summit between South Korea, China and Japan will be held in Japan next month. Presidential spokesman Kim Eui-kyeom made the revelation as he released a written press briefing on the results of President Moon Jae-in’s meeting with Japanese Foreign Minister Taro Kono the previous day. Moon told Kono that Seoul will actively cooperate for the upcoming three-way summit to be held successfully as he highly assessed Tokyo’s efforts to make the summit happen. The presidential office had, so far, failed to confirm whether the leaders of the three neighboring countries would hold a summit, only saying that efforts are being made for the meeting to be held in early May.Moon will visit Japan for the first time since he took office to attend the summit.

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

Moon says success of upcoming summit with N. Korea requires all-out efforts

President Moon Jae-in sought to rally public support for his upcoming dialogue with North Korean leader Kim Jong-un Thursday, saying it would require all-out efforts on all sides to ensure success in the rare opportunity to ease tension between the two Koreas."Now the South-North summit will be held in about half a month. A North-U.S. summit is also scheduled to be held thereafter. They will be once-in-a-life time chance to completely denuclearize the Korean Peninsula, establish permanent peace and move toward sustainable development of South-North Korea relations," the president said while meeting with a group of 21 advisers, including his special security adviser Moon Chung-in.

Listed firms' dividend payouts hit record high in 2017

Dividend payouts by South Korean listed companies reached an all-time high last year on the back of solid corporate gains, the bourse operator said Thursday.The aggregate dividend payouts by 537 out of 745 firms listed on the country's main KOSPI market stood at 21.8 trillion won (US$20.3 billion) last year, up 4.3 percent from the previous year's 20.9 trillion won, according to the Korea Exchange (KRX).The amount has risen from 11.1 trillion won in 2012 to 11.8 trillion won in 2013, 15.1 trillion won in 2014, and 19.1 trillion won in 2015.The portion of companies that paid dividends to shareholders has also risen over the past several years from 62 percent of the total listed firms in 2002, to 63.4 percent in 2013, 66 percent in 2014, 66.8 percent in 2015, and 72 percent in 2016, according to the KRX.

GM Korea applies for foreign investment zone designation

The Korean unit of General Motors Co. has asked the government to designate its factory sites as foreign investment zones that would make the automaker eligible for up to seven years of special benefits that can help with its turnaround plan, the commerce ministry here said Thursday.The Ministry of Trade, Industry and Energy said GM Korea has submitted applications for factories in Bupyeong, west of Seoul, and in Changwon, on the nation's southeast. GM Korea made the request to the Korean government amid negotiations with its labor union over the turnaround plan, following its decision to close its underutilized Gunsan factory by May. The ministry said it will speed up the review process considering the schedule of GM Korea's restructuring plan, while pressuring the automaker to pledge its "long-term commitment" on its Korean businesses.

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

GM Korea applies for foreign investment zone designation

The Korean unit of General Motors Co. has asked the government to designate its factory sites as foreign investment zones that would make the automaker eligible for up to seven years of special benefits that can help with its turnaround plan, the commerce ministry here said Thursday.The Ministry of Trade, Industry and Energy said GM Korea has submitted applications for factories in Bupyeong, west of Seoul, and in Changwon, on the nation's southeast. GM Korea made the request to the Korean government amid negotiations with its labor union over the turnaround plan, following its decision to close its underutilized Gunsan factory by May.

Seoul confirms trilateral meeting with Tokyo, Beijing in May

A trilateral summit with South Korea, China and Japan will be held in Japan in May, Seoul’s presidential office said Wednesday. The trilateral meeting, the date of which has yet to be specified, was confirmed by Cheong Wa Dae spokesman Kim Eui-kyeom in a statement regarding President Moon Jae-in’s meeting with Japanese Foreign Minister Taro Kono in Seoul on Wednesday.

Unemployment rate hits 17-year high

South Korea’s unemployment rate in March hit is highest level in 17 years, amid a persisting slump in the construction industry and slowdown in population, data showed Wednesday.The number of employed people reached 26.55 million last month, up 112,000 from a year earlier, according to the report released by Statistics Korea. The on-month climb, though slightly higher from the previous month’s record of 104,000, continued to linger in the range of 100,000 for two consecutive months.The number of jobless people tallied 1.26 million, remaining above 1 million for three months straight. The nation’s monthly unemployment rate was 4.5 percent, up 0.4 percentage point from a year earlier and the highest since the 5.1 percent in March 2001.

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

US to open embassy in Pyongyang after Trump-Kim summit: report

What would the United States give North Korea in return for denuclearization? The Trump administration is now detailing a compensation package for the Kim Jong-un regime that would significantly boost economic and diplomatic sectors, the Dong-A Ilbo daily reported on Thursday, citing government sources. The newspaper said if the Trump-Kim summit is a success, the U.S. is willing to open a liaison office and an embassy in Pyongyang, and start humanitarian aid. The two countries discussed the issues during working-level talks, the paper said. Meanwhile, South Korea's top national security adviser is visiting Washington to meet his U.S. counterpart John Bolton, the White House said.

Russian hit-run driver in Daegu kicked out of country

A Russian man on a tourist visa will be deported after crashing his unregistered car several times and fleeing the scenes. The man, 24, bought a 20-year-old Avante sedan for 600,000 won ($560) from an unidentified Russian woman he met via social networking after arriving in South Korea in October. The car was unregistered.His trail of destruction began when he crashed into a parked car in an emergency lane in Songhyun-dong, Dalseo-gu, in Daegu on March 30. Immediately following the crash, he hit another vehicle coming from the opposite direction.

Supreme Court orders mobile carriers to reveal cost breakdowns

South Korea's top court on Thursday ordered the country's three mobile carriers to reveal the breakdowns of their operating costs, which can provide the public with a clearer understanding of fees being charged.The Supreme Court of Korea upheld the ruling made by a local high court, claiming that access to such information is a right granted by the Constitution. The announcement came seven years after a local activist group filed a lawsuit in 2011 demanding mobile carriers to make public related documents.Following the ruling, the mobile carriers are requested to reveal the breakdowns of their earnings and related documents for the 2005-2011 period. Pundits, however, said it is more significant that the court acknowledged that the costs of mobile services can be considered as public information.

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

How Will Kim Jong-un Get to Summit with Trump?

No North Korean aircraft could reliably fly North Korean leader Kim Jong-un across the Pacific Ocean or to Europe without stopping, the Washington Post said Tuesday.Kim has three jets, the most powerful being a Cold War-era Ilyushin IL-62 manufactured in the Soviet Union.But even that plane, which the daily dubbed "Air Force Un," is superannuated, and all three often break down. In 2014, an Ilyushin IL-62 of the North's flag carrier Air Koryo carrying Kim's right-hand man Choe Ryong-hae was on its way from Moscow to Pyongyang but had to turn back due to a mechanical failure.Most experts believe that the plane is not capable of flying over 9,000 km across the Pacific due to its age and lack of maintenance.It would be difficult for it to stop en route for refueling and maintenance given international sanctions against the North.

U.S., N.Korea Discuss Agenda for Summit

U.S. and North Korean officials are fine-tuning the agenda for a bilateral summit and are likely to agree on venue and dates as early as next week.A source in Washington said Tuesday that U.S. President Donald Trump will ask North Korean leader Kim Jong-un to dismantle his nuclear program in six months to a year. Trump opposes the "phased and simultaneous denuclearization" proposed by Pyongyang, the source added. The phased approach preferred by previous U.S. administrations from Bill Clinton to Barack Obama failed to achieve any progress as North Korea habitually reneged on promises. Trump's national security team believes that this made it more difficult to find a solution, and Trump is determined to achieve denuclearization in the shortest time possible. He may even demand that North Korea dismantle its nuclear weapons before this year ends, a diplomatic source in Washington said.

Smog Fears Keep More People Indoors

Walking was all the rage in Korea until a few years ago as a light, healthy form of exercise and a pleasant way to pass the time, but now fears of toxic haze are keeping more and more people indoors. According to the Ministry of Health and Welfare, the proportion of regular adult walkers who head outside for at least half an hour a day more than five times a week stood at 41.3 percent in 2014, but fell to 39.1 percent in 2016. Deadly fine dust particles in the increasingly frequent haze played a role. The government first introduced a fine dust alert system in 2013 and began warning people about ultra-fine dust levels in 2014.

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

LKP decries Moon administration’s “socialist” constitutional amendment

A signboard calling to “stop socialism” appeared at 2 pm on Apr. 10 in the heart of Seoul’s Yeouido neighborhood. The setting was the first-floor entrance of the Hanyang Building, home to the Liberty Korea Party (LKP) headquarters across the street from the National Assembly. The message was visible to anyone passing by. It was a reflection of party leader Hong Joon-pyo’s commitment to “rescuing the nation,” with the LKP head decrying President Moon Jae-in’s proposed Constitutional amendment and various economic policies as an “attempt to drag the country into socialism.”The building, which has produced a president – including Kim Dae-jung, Lee Myung-bak, and Park Geun-hye in the past – each time a political party has used it as its headquarters has now been transformed into the main opposition party’s “forward base to guard the system.”

Trump says that summit with Kim Jong-un will take place in May or early June

US President Donald Trump announced on Apr. 9 that his summit with North Korean leader Kim Jong-un would be taking place “in May or early June” and shared that preliminary discussions had taken place. North Korea’s state-run media also made their first official mention of the US summit and the date and venue for an inter-Korean summit later this month while reporting on Apr. 10 on a Workers’ Party Central Committee Politburo meeting the day before.“We’ve been in touch with North Korea,” Trump said during a Cabinet meeting at the White House on Apr. 9.

Samsung sues government over release of a report on the company’s semiconductor facilities

Controversy continues over a report measuring the work environment at Samsung’s semiconductor factories. While South Korea’s Ministry of Employment and Labor continues to maintain that releasing the report was necessary to expedite the compensation of the victims of industrial accidents, Samsung Electronics countered by suing the Ministry for releasing the report to the victims and arguing that the report includes business secrets. But several experts in the field of occupational health find Samsung’s arguments hard to believe.

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

Jobless rate stays stubbornly high

The unemployment rate in Korea hit a 17-year high for the month of March, according to government data released Wednesday. The retail and service sectors experienced significant losses of jobs, raising concerns about the possible side effects of a minimum wage increase this year. According to a report by Statistics Korea, Korea’s unemployment rate for March stood at 4.5 percent, up 0.4 percentage points year-on-year. March marks the second consecutive month that the unemployment rate remained above 4.0 percent. The number of unemployed stood at 1.26 million last month, up 120,000 or 10.6 percent from a year ago. March was the third month in a row in which the number of unemployed was higher than 1 million.

Japan’s top envoy visits Korea after a long time

South Korean Foreign Minister Kang Kyung-wha and her Japanese counterpart Taro Kono stressed the importance of the upcoming summits involving Pyongyang in achieving the joint goal of denuclearization and establishment of permanent peace on the Korean Peninsula in bilateral talks held in Seoul Wednesday. A Japanese foreign minister last visited the country in December 2015, and this marks Kono’s first trip to Seoul since he took the post as Tokyo’s top envoy last August. The two envoys, according to Seoul’s Ministry of Foreign Affairs, emphasized building a future-oriented bilateral relationship along with joint coordination and communication among Seoul, Tokyo and Washington on how to resolve the North Korean nuclear issue.

Embassy, State Dept. set up a kind of hotline

The South Korean Embassy in Washington and U.S. Department of State established what they call a hotline system to regularize meetings in advance of the upcoming inter-Korean and U.S.-North summits, according to a senior government official Wednesday. “For the success of the two summits, the embassy and the U.S. State Department agreed to continue to meet, exchange opinions and exchange information,” the South Korean official told reporters in Washington. Korea will be represented by Ambassador to the United States Cho Yoon-jae, and his U.S. counterpart will be Susan Thornton, acting assistant secretary for East Asian and Pacific Affairs, said the official.

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

What Will Become of the Ban on Short Selling? Over 200,000 People Sign Cheong Wa Dae Petition Due to Samsung Securities Incident

More than 200,000 people signed a Cheong Wa Dae petition on the "ghost stock" accident at Samsung Securities. When the number of people supporting a Cheong Wa Dae petition exceeds 200,000 in a month, a Cheong Wa Dae senior secretary or related minister has to give an official response.According to the Cheong Wa Dae petition website on April 10, the number of people supporting the petition to "Ban Short Selling and Regulate the System at Samsung Securities," which was submitted on April 6, reached 207,000. The person who proposed the petition claimed, "Samsung Securities can issue up to 120 million stocks, but a total of 2.8 billion stocks were distributed thousand stocks for every stock owned by Samsung employeesand five million stocks were sold on the market. That the company can distribute stocks that are nonexistent and sell stocks that are nonexistent means that people can short sell stocks without borrowing the stocks." He further argued, "This means that a securities firm can issue and sell shares whenever they want, but this is fraud," and demanded, "We ask that the authorities abolish the short selling system, which only preys on ordinary people. "

STX Shipbuilding Submits Its Own Recovery Plan, Which Expands "Unpaid Leave"

Labor and management at STX Offshore & Shipbuilding Company submitted a voluntary recovery plan including a massive expansion of unpaid leave along with a letter of comfort to the government. The agreement reached by labor and management meets the creditors' demand for the company to cut 95 billion won in fixed costs and at the same time supports the labor union's declaration against any layoffs. The Korea Development Bank (KDB) will review the details of the plan as well as its viability and make a final decision on whether to apply for court receivership. Thus, the ball has once again been tossed from the labor and management of STX to the largest creditor, the Korea Development Bank.

"Kim Yong-chol Sat Next to Kim Jong-un During North Korea-China Summit; Key Figure in NK's Korean Peninsula Policy"

On April 9, Minister of Unification Cho Myoung-gyon said Kim Yong-chol, the vice chairman of the Central Committee at the Workers' Party of Korea cum director of the United Front Department was playing an important role in policies concerning the Korean Peninsula in general and not just in inter-Korean relations. This day, Minister Cho met with reporters and said, "Vice Chairman Kim sat right next to Kim Jong-un, chairman of the State Affairs Commission during the summit with China, which showed that he played an important role in a range of areas including foreign relations and nuclear issues. We indirectly confirmed that he had an important part in issues concerning the Korean Peninsula in general, in a broader area than just inter-Korean relations."

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

LG Chem and China's Huayou team up to produce battery materials

Huayou Cobalt, a major cobalt supplier in China, has teamed up with South Korea's LG Chem for the joint production of key materials for lithium-ion batteries which are used widely for electric vehicles.LG Chem said Wednesday that it would invest 240 billion won (226 million US dollars) in two joint factories with Huayou Cobalt to produce precursor and cathode materials with an annual production capacity of 40,000 tons each. Production will begin in 2020.LG Chem, one of the world's largest lithium-ion batteries, said that the partnership with Huayou Cobalt would enhance its global competitiveness. LG Chem, which has a battery plant in China, is building another plant for electric vehicles in Poland.On Tuesday, LG Chem disclosed its plant to issue convertible bonds worth 600 million US dollars on the stock exchange in Vienna to raise money for an investment abroad. The three-year unguaranteed bonds to be issued in US dollars and Euros together would carry a zero interest rate.

Doosan Infracore invests in start-up for autonomous mobile industrial robots

Doosan Infracore, a leading construction machinery manufacturer in South Korea, has acquired an unspecified stake in PoteNit, a start-up specializing in autonomous mobile industrial robots. The amount of money involved in the investment was not disclosed.Doosan Infrascore, a Doosan Group unit, said Thursday that with its investment in PoteNit, the development of unmanned automation technology would be accelerated.The company seeks new business opportunities like a solution business using technology to automate machinery at construction and mining sites. PoteNit offers autonomous mobile robots for logistics and warehouse service companies, smart factories and mobile solutions in semiconductor manufacturing.

Hyundai Motor unveils electric version of Kona subcompact SUV

Hyundai Motor unveiled the electric version Thursday of its subcompact sport utility vehicle, Kona, capable of traveling up to 406 kilometers (252 miles) with a full single charge.Two models mounted with 64-kWh and 39.2-kWh batteries each were showcased at a trade fair in Seoul. The 64-kWh battery takes about 54 minutes to charge on a fast-speed charger and about nine and a half hours on a slow-speed charger.The electric SUV features driving assistant technologies such as highway driving assistant (HDA) to provide a semi-automated driving experience.The cheapest trim comes with a price tag of 46.5 million won (43,481 US dollars) and the expensive trim is priced at 48.5 million won. With government subsidies, a Seoul consumer can buy the cheapest trim for 29.5 million won.

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

BOK stays pat, revises down inflation target to indicate slower rate move

The Bank of Korea (BOK) on Thursday kept the policy rate steady at 1.50 percent and indicated subdued inflation and growing uncertainties from the clashes of the world’s two largest economies could slow additional hike moves. The central bank suggested that its policy decision would be guided by inflation movement more than the U.S. rate actions and household debt increases after revising down this year’s forecast for consumer prices to annualized gain of 1.6 percent from 1.7 percent estimated in January. It kept its estimate for economic growth unchanged at 3.0 percent.

Samsung Sec begins to cover for losses on fat-finger blunder at April 6 intraday high

South Korea’s Samsung Securities Co. on Wednesday offered to indemnify for its major fat-finger mess-up by paying stock sale made last Friday at the intraday-high price. The redemption applies to any retail investors who sold their holdings in Samsung Securities during the day after the first employee of the brokerage house placed an order at 9:35 a.m. Friday to sell corporate shares that had been distributed to their accounts instead of cash dividends through computer error. The stock had swung 12 percent during the day upon reports that employees were dumping treasury shares that had been misplaced, falling to as low as 35,150 won. The brokerage house, whose blunder invited intensive probe on its trading practices as well as employees from regulatory authorities, offered to compensate for any losses below the intraday high of 39,800 won. It will also pay for the trade commission plus tax.

KDB oks revised rescue plan, saves STX Offshore from bankruptcy

In a dramatic u-turn, South Korea’s cash-strapped shipbuilder STX Offshore & Shipbuilding Co. avoided falling under a bankruptcy court after its main creditor Korea Development Bank (KDB) on Wednesday accepted the company’s delayed self-rescue plan. The state-run lender held off its decision to refer the shipbuilder to the bankruptcy court this week after outside experts including its auditor found the self-rescue scheme plausible.

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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.combfp@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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The Korea Post is running video clips from the different embassies.

Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM

Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s

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

And many other countries.

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Lee Kyung-sik  edt@koreapost.com

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