The Korean daily media headlines and humor
Tuesday, May 29, 2018
What’s ticking in Korea and around the world today?
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
The Korea Post media
‘We are working hard to join the best 100 in the world’
Discloses President Cho of INU to visiting ambassadors, senior diplomats
By Reporters Ms Sua Kim and Won Hwi
Over 20 members of the Seoul Diplomatic Corps, including Ambassadors Thura Thet Oo Maung of Myanmar of Myanmar, Petris Varivas of Latrvia and Herbert Estuardo Meneses Coronado of Guatemala, visited Incheon National University in the Incheon Metropolitan City, 40 km southwest of Seoul, on May 28, 2019. Other countries represented by the senior diplomats and their spouses (in alphabetical order) were Afghanistan, Belarus, Bolivia, El Salvador, Ghana, Paraguay, Peru, South Africa, Turkmenistan, Uzbekistan, Venezuela. The state-run INS campus, sprawling on a vast reclaimed land estate of some 460,000 square meters in the fast-growing Incheon, a major gateway metropolitan city to the Capital City of Seoul, had an ambitious plan, according to President Cho Dong-sung, to join the world’s top 100 universities in the future.
At the welcome ceremony, President Cho warmly received the ambassadors and other visiting senior diplomats with their spouses, and introduced the University in impeccable English.
Ambassador Maung of Myanmar, speaking on behalf of the visiting members of the Diplomatic Corps said that cooperation and interaction between the advanced educational institutions of the different countries of the world is becoming increasingly important today.
President Cho Dong-sung of Incheon National University (INU), 9th from left at front row, poses with Ambassador Thura Thet Oo Maung of Myanmar (8th from left, front row), Publisher-Chairman Lee Kyung-sik of the Korea Post (5th from right, front row) and other members of Seoul Diplomatic Corps. Other are, from left, Charge d’Affaires (CDA) Luis Pablo Ossio Bustillos of Bolivia, Dean Park Mi-jin of External Affairs and Development of INU, Mrs. Malohat Sadikova (spouse of the third secretary of Uzbekistan), Second Secretary Ms. Kory Del Carpio of Peru, Mrs. Tursunova Kamola (spouse of the First Secretary of Uzbekistan), Mrs. Olga Popkova (spouse of the Ambassador of Belarus), Vice President Choe Nam-suk of The Korea Post, Mrs. Fabiola Yelamo (spouse of the First Secretary of Venezuela), First Secretary Stephen Panyin Danso of Ghana, First Secretary Abdul Halim Qarizada of Afghanistan, Ambassador Herbert Estuardo Meneses Coronado of Guatemala.From left, rear row: Counsellor Political Gert Du Preez of South Africa, Counsellor Luis Molinas of Paraguay, Mrs. Maria Jose Zapata Aliaga (spouse of the CDA of Bolivia), Third Secretary Nurmuhammet Berdiyev of Turkmenistan, First Secretary Olga Pashkevich of Belarus, Assistant Professor Chad David Anderson of Department of Public Administration of INU, Ambassador Peteris Vaivars of Latvia, First Secretary Sergio Leon of Venezuela and his son, Vice President of INU, Counsellor Jason Manuel Castro of El Salvador.
(For further details, visit: http://www.koreapost.com/news/articleView.html?idxno=6813)
Round-up of important news stories from major Korean dailies today:
U.S., N. Korean officials to resume summit prep talks after break: source
U.S. and North Korean officials will meet again on the inter-Korean border after a one-day break Monday, a diplomatic source said, as they continue preparations for a potential summit between their leaders.The two sides met Sunday (Korea time) on the northern side of the border, with the U.S. delegation led by Amb. Sung Kim and the North Korean delegation led by Vice Foreign Minister Choe Son-hui.These teams are reportedly responsible for agreeing on the substance of any summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, which was originally planned for June 12 in Singapore but canceled by the American president last week.Trump has since said the summit could still be held on the same date.
Trump, Abe agree to meet before N. Korea summit
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe agreed Monday to meet ahead of the president's planned summit with North Korean leader Kim Jong-un, the White House said.Trump and Abe spoke by phone after the U.S. leader canceled his June 12 meeting with Kim, citing "open hostility" from the regime, and then put it back on track.They "confirmed they would meet again to continue close coordination in advance of the expected meeting between the United States and North Korea," the White House said in a statement. "The President and Prime Minister affirmed the shared imperative of achieving the complete and permanent dismantlement of North Korea's nuclear, chemical, and biological weapons and ballistic missile programs."
S. Korea making preparations for high-level talks with N. Korea
South Korea is making preparations for high-level talks with North Korea slated for later this week to discuss follow-up measures to the historic summit between their leaders last month, the unification ministry said Monday. The move came after South Korean President Moon Jae-in and North Korean leader Kim Jong-un met on Saturday and agreed to hold high-level inter-Korean talks on Friday as part of efforts to carry out the so-called Panmunjom Declaration they adopted after the April 27 summit "We are making follow-up working-level preparations," unification ministry spokesman Baik Tae-hyun told a regular press briefing Taking issue with military drills underway, North Korea unilaterally canceled a meeting with the South slated for May 16 that was intended to discuss concrete steps to implement the agreements reached during the summit last month.
WSJ: US Holds off on New Sanctions as Talks for Summit Progress
The U.S. has reportedly decided to hold off on implementing new sanctions against North Korea while the two sides are working to hold a summit next month. Quoting a U.S. official, the Wall Street Journal reported on Monday that the White House had been prepared to announce the ramped-up sanctions as early as Tuesday, but decided Monday to indefinitely delay the measures while talks with North Korea proceed. The U.S. is said to have made the decision, citing progress in efforts to repair diplomatic relations between Washington and Pyongyang. Two administration officials reportedly said that the Treasury Department had prepared a package aimed at nearly three-dozen sanction targets, including Russian and Chinese entities. The officials said the actions were being readied in response to recent aggressive rhetoric from North Korea, which prompted U.S. President Donald Trump last week to abruptly cancel the planned summit.
Parliament Passes Revision to Minimum Wage Bill
The National Assembly has passed a revision bill on minimum wage that will incorporate some regular bonuses and welfare allowances as minimum wage. The Assembly passed the revision bill on Monday, the final full session of the May extraordinary session, with 160 out of 198 lawmakers in attendance voting for it. Twenty-four lawmakers voted against it while 14 others abstained. Under the bill, regular bonuses exceeding 25 percent of the minimum wage and welfare benefits such as lodging and transportation surpassing seven percent of minimum wage will be included in the calculation of minimum wages.Before casting their votes, lawmakers held an hour-long discussion on the passage of the bill.
The largest opposition Liberty Korea Party and the minor opposition Bareunmirae Party called for the bill’s passage, arguing that the minimum wage hike has increased the burdens on small and mid-sized businesses while some high-income earners are taking advantage of it.
S. Korea's Consumer Sentiment Rebounds in May
South Korea's consumer confidence rebounded in May after five months of losses thanks to improved inter-Korean relations.According to a survey by the Bank of Korea on Tuesday, the composite consumer sentiment index(CCSI) for this month stood at 107-point-nine, up eight tenths of a point from the previous month.The May figure ended five consecutive months of losses that started in December last year. The CCSI is produced by studying six key indices that gauge consumer confidence. A reading above 100 means that optimists outnumber pessimists on economic conditions. The central bank attributed the rebound to improved investor sentiment on prospects of inter-Korean economic cooperation amid a reconciliatory mood on the Korean Peninsula.An index measuring people's sentiment regarding current economic conditions rose three points to 89 in May, while another index gauging the public's feelings toward economic conditions over the next six months jumped from 96 to 101 over the same period.
Low earners' transfer income soars in Q1
Low-income households in South Korea saw their financial assistance from the state and family members jump more than 20 percent in the first quarter amid the country's worsened employment situation, data showed Tuesday.The average transfer income for households in the lowest 20 percent bracket came to 597,000 won (US$555.4) in the January-March period, up about 22 percent from a year earlier, according to the data from Statistics Korea.The amount expanded at the biggest-ever, on-year pace since the statistical agency started compiling related data in 2003. Transfer income refers to financial assistance from the government, their family members and others.The earned income of the lowest quintile, meanwhile, dropped at the fastest on-year rate of 13.3 percent to 472,000 won in the first quarter.
S. Korea designates Ulsan, other restructuring-hit regions as emergency industrial zone
South Korea has designated Ulsan, Geoje, Mokpo and several other regions, home to the country's shipbuilders and related industries, as an emergency response zone to provide job support and tax incentives as these areas are reeling from high unemployment, the commerce ministry said Tuesday.The designation came as local shipbuilders have suffered a drawn-out slump, which forced them to implement massive restructuring efforts, including extensive job cuts.It is the second time that the government has designated the regions as a "special industrial crisis response zone" since it provided a legal framework in June last year.Thousands of workers in the country's shipbuilding and automaking sectors have lost their jobs or may be fired as the industries are struggling with a protracted slump.Gunsan, the home to General Motors' money-losing assembly line, was also designated as an emergency response zone in April this year after the American automaker in February announced a plan to shut down its underutilized plant in the city, 274 kilometers south of Seoul, by the end of this month.
S. Korea's consumer sentiment rebounds in May after five months of losses
South Korea's consumer confidence rebounded in May after five months of losses thanks to improved inter-Korean relations, a central bank poll showed Tuesday.The composite consumer sentiment index (CCSI) for this month stood at 107.9, up 0.8 point from the previous month, according to the survey by the Bank of Korea (BOK). A reading above 100 means that people have an optimistic outlook, compared to the average sentiment over the past 14 years.The May figure ended the five consecutive months of losses that started in December last year, after CCSI hit a seven-year high of 112 in November.The BOK said the recent thawing on the Korean Peninsula, following the April 27 summit meeting between South Korean President Moon Jae-in and North Korean leader Kim Jong-un, boosted consumer confidence here. Prospects for the first-ever summit meeting between the United States and North Korea that could take place on June 12 further buoyed consumer confidence.Eased worries over a possible trade clash between the United States and China also supported the turnaround in consumer sentiment.
The Korea Herald (http://www.koreaherald.com)
US, NK officials to meet in Singapore for summit preparations
US and North Korean officials are set to meet in Singapore on Tuesday to discuss security and protocol issues concerning a possible summit between their leaders, a diplomatic source here said.White House Deputy Chief of Staff for Operations Joe Hagin leads the US delegation, while Kim Chang-son, a senior official at the State Affairs Commission, represents the North. They arrived in the city state on Monday. The high-stakes summit between US President Donald Trump and North Korean leader Kim Jong-un over Pyongyang's denuclearization is expected to take place in Singapore on June 12.Trump called it off on Thursday, citing "open hostility" from the North. But following Pyongyang's conciliatory gesture and Seoul's mediation, Trump suggested that the summit could go ahead as planned.
Dispute rising over pace, effect of minimum wage hike
The parliamentary move to revise the labor act to expand the scope of the minimum wage marks a rare legislative step that works against the interests of waged workers in the country.Under an agreement reached last week by lawmakers on the parliamentary labor committee, monthly bonuses and lodging and transportation expenses will be gradually incorporated into minimum wage calculations by 2024. Next year, monthly bonuses that exceed 25 percent of the minimum wage and lodging and transportation expenses above 7 percent of it will be counted toward total pay when calculating the minimum owed.Some workers had been considered to be on the minimum wage regardless of whether they also received regular monthly bonuses and allowances. This entitled them to increases in pay when the minimum wage was raised, even when their bonuses meant that their total income was actually much higher than the statutory minimum wage.
Trump, Abe agree to meet before N. Korea summit
US President Donald Trump and Japanese Prime Minister Shinzo Abe agreed Monday to meet ahead of the president's planned summit with North Korean leader Kim Jong-un, the White House said.Trump and Abe spoke by phone after the US leader canceled his June 12 meeting with Kim, citing "open hostility" from the regime, and then put it back on track.They "confirmed they would meet again to continue close coordination in advance of the expected meeting between the United States and North Korea," the White House said in a statement. "The President and Prime Minister affirmed the shared imperative of achieving the complete and permanent dismantlement of North Korea's nuclear, chemical, and biological weapons and ballistic missile programs."
The Korea Times (http://www.koreatimes.co.kr)
Kim-Trump summit likely to be held as scheduled
U.S. President Donald Trump and North Korean leader Kim Jong-un are apparently likely to hold their first summit as scheduled on June 12 in Singapore.South Korean President Moon Jae-in, while holding a media briefing Sunday, on his surprise meeting with the North Korean leader the previous day, said Kim seemed determined to meet Trump as scheduled for a denuclearization deal."Our two leaders confirmed that the success of the North Korea-U.S. summit should be achieved and the journey toward the complete denuclearization of the Korean Peninsula and the permanent peace regime should be carry on," said President Moon."Also, we reaffirmed fast implementation of the April 27 Panmunjeom Declaration. In order to do so, we agreed to hold a high-ranking official meeting on June 1 as well as meetings of military officials and Red Cross officials for the separated Korean families. "
High-level inter-Korean talks to resume June 1
The two Koreas agreed Sunday to resume peace talks by holding high-level talks on June 1 and rearranging schedules to realize the inter-Korean Panmunjeom Declaration.The agreement came a day after South Korean President Moon Jae-in held his second summit with North Korean leader Kim Jong-un.The leaders agreed to resume recently suspended inter-Korean talks, and to continue the momentum for peace on the Korean Peninsula with ongoing talks. These include military talks aimed at easing armed conflicts at some disputed border areas, and Red Cross talks to resume reunions of separated families."Both sides agreed to hold the military and Red Cross talks soon after the high-level dialogue on June 1," Moon said in a media briefing on Sunday.
Moon expects US, NK to hold working-level dialogue
The United States and North Korea will hold working-level talks to prepare for a summit between their leaders, South Korean President Moon Jae-in said Sunday."The potential success of the June 12 summit between Washington and Pyongyang depends on whether the upcoming working-level negotiation goes smoothly," Moon said at a media briefing at Cheong Wa Dae.A day earlier, the President held an unexpected summit with North Korean leader Kim Jong-un at Tongilgak, on the northern side of the Panmunjeom truce village."I expect the planned summit to be successful as the U.S. and North Korea push ahead with the event at a time when the two countries fully recognize what each side wants," Moon said.Washington and Pyongyang are expected to narrow their differences on the latter's recent pledge to denuclearize during the working-level talks, for which the dates have not been reveled.
Chosun Ilbo (http://english.chosun.com)
U.S. Wants N.Korea to Ship Nukes Overseas
The U.S. reportedly demanded that North Korea ship overseas and dismantle nuclear warheads, nuclear materials, and missiles promptly.The demand was made by a U.S. team to its North Korean counterpart at talks held at Tongilgak on the northern side in the truce village of Panmunjom on Sunday to discuss the agenda for a U.S.-North Korea summit scheduled for June 12 in Singapore, according to a source on Monday."The Trump administration fears that it might repeat the mistake of past negotiations, which only dragged on and ended up in failure, unless North Korea's nuclear weapons are eliminated promptly," a government source here said."Washington's stance is that it can't give Pyongyang what it wants, be it the guarantee of the regime's survival or the easing of sanctions, until irreversible denuclearization is achieved," the source added.
Reporters No Wiser About N.Korea's 'Destruction' of Nuke Test Site
The destruction of North Korea's nuclear test facility in Punggye-ri has raised more questions than it answered since no experts were invited to the event.It is unclear how much radiation leaked out after the explosions since North Korean authorities confiscated the radiation dosimeters of foreign reporters invited to the event. Radiation measured on reporters before their departure from Wonsan could either have been completely safe or dangerously high since they did not know how to check properly, and no accurate measurements were made because there were no experts there.Reporters witnessed the explosions of the tunnels from observation decks about 500 m away. CNN reporter Will Ripley saw "'soccer ball' sized and shaped explosives, rigged alongside one another, visible for a distance of around 35 meters inside the tunnels... It was pretty dramatic images, but it was hard really to know exactly what we were seeing."
Close Kim Jong-un Aide Visits China
A close aide to North Korean leader Kim Jong-un has been spotted in China, raising speculation of another looming visit to Beijing by Kim. Japanese media reported that Kim Chang-son, a senior official at North Korea's State Affairs Commission, was spotted entering the VIP lounge of Beijing Capital International Airport on Saturday afternoon before boarding a 2 p.m. flight to Pyongyang. He was accompanied by Kim Song-nam, a China expert at the Workers Party, and the two stayed at the Diaoyutai State Guesthouse in Beijing. Secrecy was tight. A Chinese government car was seen spiriting away a passenger who disembarked from an Air Koryo flight last Thursday, with airport staff using large umbrellas to cover the official.
HanKyoReh Shinmun (http://english.hani.co.kr)
Moon and Kim reaffirm commitment to Panmunjeom Declaration
South Korean President Moon Jae-in and North Korean leader Kim Jong-un reaffirmed their commitment to “swiftly implementing” the terms of their previous Panmunjeom Declaration from Apr. 27 during a May 26 summit at the Unification House (Tongilgak) on the North Korean side of Panmunjeom. The two leaders agreed to hold high-level talks on June 1, followed by general-level military talks and Red Cross talks.The decision is expected to inject new momentum into inter-Korean relations, which had been subdued since the North’s announcement canceling scheduled high-level talks on May 16. Pyongyang in particular hinted that the recent summit may have set a “baseline” for overcoming the recent dispute between the two sides, stating that the two leaders had “agreed to work together with mutual trust and consideration so that the Panmunjeom Declaration is swiftly implemented.”
Turning point toward “replacing mistrust with trust” on the Korean Peninsula
If US President Donald Trump had not sent the letter cancelling the North Korea-US summit that was supposed to be held in Singapore on June 12, there would probably not have been an inter-Korean summit in Panmunjeom on May 26, the second in two months.Thanks to the completely unexpected summit, which came out of the blue, South Korean President Moon Jae-in and North Korean leader Kim Jong-un managed to revive the North Korea-US summit and qualitatively upgrade inter-Korean relations.It was a classic example of creating good from evil. The surprise move by Moon and Kim to break out of the crisis was a joint declaration that the Korean Peninsula will no longer remain a lonely outpost of the Cold War and that Koreans will no longer be swayed by the political machinations and the wedges driven by the four powers around the Korean Peninsula – the US, China, Japan and Russia – which have caused them to squander so much time in war, division and conflict.
Kim Jong-un displays pragmatic attitude and strategic behavior
The inter-Korean summit at Panmunjeom on May 26 came about after North Korean leader Kim Jong-un reached out to South Korean President Moon Jae-in in an attempt to somehow save his summit with US President Donald Trump, which was in danger of being scrapped. Many experts are struck by Kim’s pragmatic attitude and strategic behavior, his candid display of desperation and his persistent pursuit of his goals. Kim’s unconventional style also makes a striking contrast with his father and former North Korean leader Kim Jong-il.“On the afternoon of the day before yesterday [May 25], Chairman Kim conveyed his desire to hold a casual meeting, and I gladly accepted,” President Moon said on May 27. In effect, Kim proposed an “emergency meeting” with President Moon less than 24 hours after Trump summarily canceled the North Korea-US summit on the evening of May 24.
JoongAng Ilbo (http://koreajoongangdaily.joins.com/)
Talks attempt to save summit for Trump-Kim
Meetings between American and North Korean officials are underway simultaneously in Panmunjom and Singapore as the two nations strive to revive a June 12 summit between U.S. President Donald Trump and North Korean leader Kim Jong-un.Sung Kim, the U.S. ambassador to the Philippines, was called from his post in Manila to lead the U.S. delegation to the truce village of Panmunjom in the demilitarized zone for pre-summit talks with North Korean diplomats. Kim is a former American top nuclear envoy and ambassador to South Korea.He and his team met Monday with a North Korean team led by Choe Son-hui, a vice foreign minister who has specialized in dealing with the United States, in the Tongilgak building on the northern side of Panmunjom, about the planned summit between their leaders. More meetings will take place today.
Change to minimum wage passes Assembly
The bill that changes the way the minimum wage is calculated passed the National Assembly on Monday.The bill allows some regular bonuses and welfare payments to be calculated as part of an employee’s base salary. These benefits can cover health, transportation, meals and lodging. This new way of calculating an employee’s wages means that companies will not have to raise some employee’s wages if what they receive under the new system meets or exceeds the wage increases stipulated by the Moon government’s increases to the minimum wage. The bill is aimed at easing the burden of rising labor costs on companies due to the spike in the minimum wage, which went up by more than 16 percent this year and is scheduled for another increase next year. The bill comes at a crucial time as trilateral talks between the government, labor and businesses representatives have until June 28 to decide next year’s minimum wage.
It’s getting more pricey to rent appliances, stream
After movie tickets and fried chicken, price hikes are spilling over to a range of services.Renting home appliances, subscribing to after-school academic programs and streaming music are getting more expensive due to hikes in minimum wages and raw material prices.Kumon, a subscription-based supplementary learning provider, said it will raise its monthly fees by 2,000 won ($1.86), or 6 percent, for subjects such as Korean, English and mathematics to 35,000 won, effective in June. The company cited salary increases for its teachers for the increase, its first in almost eight years.“Teachers’ wages were frozen for years, even though the minimum wage and general prices rose,” said a Kumon spokesman.
“Half of the hike will go to teachers. It’s an inevitable choice because the cost of paper, the key material for our service, has also gone up 40 percent on-year this year and rent fees for offline Kumon centers around the country got costlier.”
The KyungHyang Shinmun (http://english.khan.co.kr/)
High-Interest Loans Surge: Debt Burden Gets Heavier for Those Vulnerable to Interest Rate Hikes
The increase in household debt has slowed thanks to tighter government regulations, but other loans, such as overdraft and unsecured loans or loans on credit, continue to increase. This is seen as a "balloon effect" due to tighter regulations on mortgage loans. As the United States and other major economies continue increasing their base rates, the vulnerable groups using other loans, the majority of which have variable interest rates, may find their debt burden growing heavier.
According to the Bank of Korea on May 27, other loans from deposit money banks (200 trillion won) and institutions handling non-bank deposits (201 trillion won) reached 401.8 trillion won (based on balance) in the first quarter of this year, a 9.5% increase from the same quarter last year. Other loans increased due to tighter government regulations on mortgage loans. The government tightened regulations on real estate loans at a time when the sale of housing increased. Thus the demand for money headed toward other loans including unsecured loans. The nationwide housing sales volume was 233,000 in the first quarter, which is a 17% increase from the same quarter last year (199,000).
Who Ordered the Abuse of Court Authority? Yang Seung-tae, at the Center of Allegations, Was Never Even Questioned
Circumstantial evidence suggested that the National Court Administration tried to make a deal with Cheong Wa Dae under Park Geun-hye using trial outcomes as a negotiation tool when Yang Seung-tae (70, photo) served as the chief justice of the Supreme Court. Despite such investigation results by the special investigation team on the alleged abuse of authority in court administration, it was confirmed that the special investigation team failed to investigate former chief justice Yang. The team is now under fire for having conducted an incomplete investigation, unable to disclose the person at the “top” responsible for the abuse of authority.According to the investigation report on May 27, the special investigation team questioned a total of 49 people in the past three months. The team questioned 19 people in person, 22 in writing, and 5 through letters. They also visited and listened to the statements of two people. However, Yang was never included in the list of people subject to the questioning. The investigation team said that they tried to question Yang, but that the chief justice refused.
North Korea Takes Action toward Denuclearization, But Significance of the Test Site Dismantlement Pales
On May 24, North Korea dismantled the nuclear test site in Punggye-ri, Gilju-gun, North Hamkyong Province, where they had conducted six underground nuclear tests since October 2006, taking the first step toward denuclearization as they had announced. The North took action amidst an uncomfortable air stirred by differences between North Korea and the U.S. concerning the specific methods for denuclearization. However, due to U.S. President Donald Trump's abrupt cancellation of the summit with North Korea scheduled for June 12, experts claim this day's dismantlement would lose its significance. First, this day's event was the first action taken by North Korea to back their willingness for denuclearization since they first expressed such intentions. It could provide a clue to understanding North Korea's future actions concerning denuclearization.
AJU Business Daily (http://eng.ajunews.com/korea)
Talks to resume after break in Panmunjom: Yonhap
U.S. and North Korean officials will meet again on the inter-Korean border after a one-day break Monday, a diplomatic source said, as they continue preparations for a potential summit between their leaders.The two sides met Sunday on the northern side of the border, with the U.S. delegation led by Amb. Sung Kim and the North Korean delegation led by Vice Foreign Minister Choe Son-hui.These teams are reportedly responsible for agreeing on the substance of any summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, which was originally planned for June 12 in Singapore but canceled by the American president last week.
S. Korea's Mando to provide parts for Chinese electric-car startup
Mando Corp., a leading auto parts maker in South Korea, has signed a contract to provide parts to Future Mobility Corp (FMC), a Chinese electric-car startup which has unveiled its first sport utility vehicle concept model targeting global clients.Mando, a Halla Group unit, said Monday it would rack-type electric power steering (R-EPS), steering wheel column, electronic brakes and other parts for Byton from late 2019. The company did not disclose financial terms.Byton is a brand of Future Mobility established by a team of former executives from BMW and engineers who worked for Google and Tesla. At a motor show in Las Vegas in January, the Chinese company unveiled its first SUV concept car that will hit the market in 2019. Mando's sales in China stood at more than 1.6 trillion won ($1.49 billion) last year, or 30 percent of its global sales.
Tottenham Hotspur's Son Heung-min proves attacking prowess: Yonhap
South Korean forward Son Heung-min proved his attacking prowess while wearing the captain's armband in a friendly match against Honduras on Monday, with the opening goal in his team's 2-0 victory ahead of the 2018 FIFA World Cup.The Tottenham Hotspur star served as the national team captain for the first time at Daegu Stadium in Daegu. With Ki Sung-yueng, the usual captain, out with lower back pain, Son was chosen by head coach Shin Tae-yong as the leader on the pitch."Playing with the captain's armband has been my dream and I can't express my feelings at this moment," Son said after the match. "I felt more responsibility than during any other match. I also realized how important a role Ki has been playing for this team."
Maeil Business News Korea ( http://www.pulsenews.co.kr/)
China’s BYD to up EV fleet in Jeju, reinforce ties with Samsung Elec
China’s electric vehicle maker BYD Auto Co. will increase supply of its electric cars to South Korea’s Jeju Island and strengthen cooperation with Samsung Electronics Co. in the automotive electronics business, the company’s founder and chief executive pledged. “Our aim is to have BYD vehicles all around the roads of Jeju,” Wang Chuanfu, founder and chief executive of BYD, said during an interview with Maeil Business Newspaper at the 2018 World Manufacturing Convention held in Hefei, Anhui Province last Friday.
Korean stocks related to NK rebound on hopes of US-NK summit
Korean stocks bounced back Monday as weekend developments suggest a summit between leaders of the United States and North Korea will go ahead as planned in Singapore next month. “We are having very productive talks with North Korea about reinstating the summit which, if it does happen, will likely remain in Singapore on the same date, June 12th,” U.S. Donald Trump said in a Twitter post last Friday, just two days after he sent a letter to North Korean leader Kim Jong-un to cancel the summit, saying that “it is inappropriate, at this time, to have the long-planned meeting.” South Korean President Moon Jae-in and North’s Kim held a surprise meeting at the truce village on Saturday, where Moon was able to confirm Kim wishes to meet with Trump and will on denuclearization.
Hyundai Heavy Industries teams with Naver to venture into service robots
Hyundai Heavy Industries Holdings said on Monday its robot business division has signed a memorandum of understanding with Naver Labs on partnership in service robots based on its experience in industrial robots. Under the MOU, Hyundai Heavy Industries Holdings will be responsible for the production, sales, quality control and development of service robots, while Naver Labs Corp., R&D subsidiary of South Korea’s leading online portal operator Naver Corp. will be responsible for research and software development to support robot manufacturing. The two are aiming to commercialize a robot called M1 that creates a three-dimensional indoor precision map and an indoor autonomous service robot called AROUND that can travel and provide services along the pathway of the map. The M1 and Around robots were conceptualized by Naver Labs.
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