Thursday, July 19, 2018
Round-up of important news from major Korean, international dailies, other news sources today:
The Korea Post media (www.koreapost.com) in English, (www.koreapost.co.kr) in Korean.
‘India’s basic science, technology with Korea’s applied technology and hardware, will lead Global 4th Industrial Revolution’
“If India’s world-class basic science and software technology are combined with Korea’s applied technology and hardware, the two countries will be able to lead the era of the Fourth Industrial Revolution,’ emphasized President Moon Jae-in speaking at the Korea-India Business Forum during his visit to India on July 9, 2018. In his speech, President Moon also touched on the deep historic link between the leading families of Korea and India in the erstwhile days, citing the Korean-Indian royal marriage between Princess Heo of India and Gaya Kingdom of Korea (Silla).
“We reached to further expand economic cooperation making the most of complimentary economic structures, potential”
President Moon Jae-in said, “We reached an agreement to further expand economic cooperation by making the most of the two nations' complementary economic structures and potential for cooperation.” Then he said: “Many Korean companies doing business all across India are leading bilateral economic cooperation, living up to Prime Minister Modi's ‘Make in India’ initiative. I hope a growing number of Korean businesses will advance into the Indian market by increasing their investments, thereby laying the groundwork for mutually beneficial prosperity.”
‘Bilateral trade up 30%, Korean investment picks up, firms take strong interest in India’
Ambassador Vikram Doraiswami of India in Seoul said, “Following the reforms initiated by our Government since 2014, and more particularly after the visit of Prime Minister Modi to Korea in May 2015, there has been a perceptible uptick in Korean interest in India.” At a recent interview with The Korea Post media, publisher of 3 English and 2 Korean media news media outlets for the past 33 years, Ambassador Doraiswami stated: “There is strong empirical evidence to show that we have turned a corner in perceptional terms in Korea: trade is up for the first time in nearly eight years, by 30%; investment flows from Korea into India have picked up, with as much as US$ 4.5 billion in contracted FDI in the past couple of years, and so on. There is also anecdotal evidence, as is visible in the number of Korean business queries, requests for assistance, visits by business houses to India.
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KBS (http://world.kbs.co.kr/english/news/)
EU to Slap Safeguard Measures on Steel Imports
The European Union(EU) will impose provisional safeguard measures on some steel imports to guard against a flood of steel imports resulting from U.S. protectionist measures. The European Commission(EC) on Wednesday announced that it will impose an additional 25 percent tariff on 23 categories of steel products if their volumes exceed average quotas over the past three years. EU Trade Commissioner Cecilia Malmstrom said in a statement that the decision was made in order to protect EU steelmakers and workers from a surge in steel imports following the U.S.' imposition of a 25 percent tariff on steel products, which fully came into effect last month.
Pompeo: N. Korea Deal 'May Take Some Time'
U.S. Secretary of State Mike Pompeo said Wednesday that reaching a denuclearization deal with North Korea "may take some time," reiterating sanctions would continue to be enforced on the regime in the meantime. The U.S. top diplomat made the remarks at a Cabinet meeting chaired by President Donald Trump. Pompeo said that there is a lot of work to do on the North's denuclearization and it may take some time to achieve the goal, adding negotiations will take place against the backdrop of the continued enforcement of existing sanctions.
Foreign Minister: Summit Between Two Koreas, US Could Happen at UN General Assembly
South Korean Foreign Minister Kang Kyung-wha says she cannot rule out the possibility of a trilateral summit between the two Koreas and the U.S. at the U.N. General Assembly in September. The minister made the remarks to reporters on Wednesday during her trip to Britain for strategic talks with her British counterpart Jeremy Hunt and a meeting with chiefs of Korean legations in Europe. Kang said that in the past, it took months to prepare an inter-Korean summit, but now the landscape has changed.
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Yonhap (http://english.yonhapnews.co.kr)
Minister does not rule out Moon, Trump, Kim summit at UN Assembly in Sept.
South Korea's Foreign Minister Kang Kyung-wha has not ruled out the possibility of a summit among the leaders of the two Koreas and the United States on the margins of the U.N. General Assembly slated for September. She made the remarks during her first visit to London since her inauguration in June last year for talks with top British officials. "It is difficult to forejudge that, but we cannot rule out (the possible trilateral summit)," she said during a meeting with reporters Wednesday.
Net assets of money market funds top 130 tln-won mark
Money market funds in South Korea saw their combined net assets exceed the 130 trillion-won (US$115 billion) mark for the first time in nearly one year as investors take a wait-and-see attitude amid financial uncertainty, a trade body said Thursday. Local MMFs had a combined 130.14 trillion won under their management as of Monday, up 1.54 trillion won from the prior day, according to the Korea Financial Investment Association. It marks the first time since Aug. 23, 2017, that their net asset value has been above the 130 trillion-won level.
Global biz bodies urge G20 to act against protectionism
Business lobbies in South Korea and other major economies have called on the leaders of the Group of 20 (G20) to take action to stop the spread of protectionism, a local organization said Thursday. The Global Business Coalition (GBC) made the call in a statement issued ahead of the G20 meeting of finance ministers and central bank chief slated to take place in Buenos Aires over this weekend, according to the Federation of Korean Industries (FKI), the lobby for South Korea's family-controlled corporate conglomerates.
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The Korea Herald (http://www.koreaherald.com)
Moon yet to follow up on pro-business gesture
President Moon Jae-in’s recent outreach to the business community seems to have so far fallen short of gaining full confidence and cooperation from corporate officials. The local corporate circle is cautiously watching whether he will follow through with his encouraging signals to shift to business-friendly policies despite objections from civic and labor groups as well as many ruling party lawmakers.
Scorching heat kills 4-year-old left alone in minibus in South Korea
Two additional deaths were attributed to the heat in South Korea as of Wednesday morning, bringing the heat-related death toll in the country to six this year. A 4-year-old girl was found dead in a minibus on Tuesday afternoon after being left inside alone for nearly seven hours in scorching heat, in Dongducheon, Gyeonggi Province. An elderly man in his 80s was also found dead at a farm on the same day in Namwon, South Jeolla Province.
Ministry seeks to selectively permit marijuana-based drugs
In South Korea, marijuana is a strictly banned substance. Even when the purpose is clearly medical, using and importing the herb in any form is a criminal offense. But this is set to change, as local drug regulators are moving to legalize some forms of medical marijuana. Korea’s Ministry of Food and Drug Safety said Wednesday that it had set out to amend the narcotics law to legalize the import of selected drugs made with chemicals extracted from marijuana that have been officially approved for medical use overseas.
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The Korea Times (http://www.koreatimes.co.kr)
Minister's accusation of folktale hero as rapist legally challenged
A prominent lawyer says Gender Equality and Family Minister Chung Hyun-back's depiction of a folktale hero as a kidnapper-rapist is not based on law but on herd mentality. Hwang Ju-myung, a former judge and chairman of HMP Law, said Chung did not provide evidence to support her accusation and by her logic would have to prepare for a legal challenge from the woodcutter in the "Woodcutter and the Fairy."
52-hour workweek can hurt Korea's export competitiveness
Korea's mandatory 52-hour workweek, which went into effect on July 1, can hurt its export competitiveness if the working hour reduction is enforced indiscriminately across industries, according to the head of the Korean-German Chamber of Commerce and Industry (KGCCI). In a recent interview with The Korea Times, Barbara Zollmann, president and CEO of the KGCCI, said the Korean government should make the 52-hour work week more flexible to manage the reality of globally active companies.
Delta allegedly fires employees for speaking Korean
Four former Delta employees are suing Delta Airlines for firing them for speaking Korean at the workplace. Lilian Park, Kim Ji-won, Jean Yi and An Jong-jin are all of Korean descent and have a combined 50 years experience working at the desk and gate for Delta at the Sea-Tac Airport in Seattle. They regularly dealt with passengers bound for South Korea.
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Chosun Ilbo (http://english.chosun.com)
Gov't Slashes Employment, Growth Outlook
The government has slashed its job creation target for this year from 320,000 to 180,000 and its economic growth outlook from three to 2.9 percent. The pessimistic turn came at a government meeting on Wednesday after the Moon Jae-in administration pumped W33 trillion worth of taxpayers' money into job creation over the last two years (US$1=W1,132). Finance Minister Kim Dong-yeon said, "The economic outlook is tough, and the situation could get worse if jitters over international trade and market sentiment fails to perk up."
Kim Jong-un Berates Officials During Visit to Border Region
North Korean leader Kim Jong-un berated Workers Party officials during an inspection tour of in North Hamgyong Province on the border with China, the state-run Rodong Sinmun daily reported Tuesday. The daily devoted nine pages to Kim's outbursts at the factories, farms and construction sites he was touring. According to Rodong Sinmun, Kim was "furious" at the state of a hydroelectric power plant construction site in Orangchon. "I had been waiting for a chance to come out here and I am at a loss of words," he said, accusing his cabinet and officials of "irresponsibility and incompetence."
Gov't to Ensure Continuity of Inter-Korean Economic Projects
The Unification Ministry said Tuesday it will revise laws so that future administrations find it harder to scrap inter-Korean economic projects and exchanges. In future, halting projects like the inter-Korean Kaesong Industrial Complex and package tours to the North's Mt. Kumgang will require both Cabinet and National Assembly audits. But the government also wants more oversight in ongoing projects. Should production resume at the Kaesong industrial park, investments of up to US$500,000 will require government authorization.
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HanKyoReh Shinmun (http://english.hani.co.kr)
Reports allege KDCI involvement in early stages of defection of Ryugyong employees
The Republic of Korea Defense Intelligence Command (KDIC) was involved in the early stages of the process as the manager and 12 female employees of the North Korean restaurant Ryugyong in Ningbo, China, departed the restaurant and arrived in South Korea in a mass defection in Apr. 2016, sources reported. The revelation comes amid growing suspicions that the defection was orchestrated by intelligence organizations during the Park Geun-hye administration (2013–16). With previous allegations of involvement in the case focusing solely on the National Intelligence Service (NIS), the news is expected to lead to louder calls for an investigation into possible involvement at the administration level.
Japanese government speeds up implementation of “national territory education”
The Japanese government announced plans to move up the institution of mandatory “national territory education” claiming the Dokdo islets as Japanese territory by three years from its originally scheduled date. The government also unveiled a manual on government teaching guidelines reflecting the change. The manual is intended as a reference for teachers, presenting material in an accessible way so that it can be taught effectively to students according to the government teaching guidelines.
US POW/MIA remains expected to be returned by July 27, 65th anniversary of armistice agreement
North Korea and the US are planning to repatriate 55 sets of remains of American soldiers who died during the Korean War by plane on July 27, according to a July 17 report by Stars and Stripes, the newspaper associated with the US military. Quoting US government officials, Stars and Stripes reported that the two sides reached this agreement during working-level talks that were held in Panmunjeom on July 16. The newspaper said that Americans will load trucks with wooden cases for holding the remains and send them into North Korea, quoting an official as saying that the North Koreans are “going to use our cases for the remains and give them back to us.”
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The Dong-A Ilbo (http://english.donga.com/)
Trump says ‘no time limit’ on N. Korea’s denuclearization
U.S. President Donald Trump said Tuesday (local time) that there is “no time limit” and “no speed limit” on North Korea's denuclearization, suggesting that he would not rush. After hinting that the denuclearization talks will become a protracted process, he said for the first time that there is no timetable for Pyongyang’s denuclearization. The remark is seen as a withdrawal of his previous position on seeking a one-shot deal in a short period of time, fueling concerns that the denuclearization talks will take longer than expected.
LG Chem initiates 2-trillion-won car battery project in China
LG Chem is building a second battery factory, which can produce batteries for 530,000 high performance pure electric cars (electric cars that can drive 320 kilometers on a single charge) in Nanjing, China. The construction will begin in October and commercial production will begin in October next year. It is planning to secure a production ability of 32GWh per year by investing two trillion won by 2023.
Trump acknowledges Russian involvement in U.S. election
“I accept our intelligence community’s conclusion that Russia’s meddling in the 2016 election took place,” said U.S. President Donald Trump to backtrack on his comment that he didn’t see any reason why Russia meddled in the U.S. election. After telling reporters at the White House on Tuesday that he has “full faith and support for America's great intelligence agencies,” President Trump spoke from a script that “I’ve said this many times -- I accept our intelligence community’s conclusion that Russia’s meddling in the 2016 election took place.”
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JoongAng Ilbo (http://koreajoongangdaily.joins.com/)
Government tries propping up incomes
Six people died and more than 500 people got sick from the heat in the past two months - more than half of them over the past few days. From May 20 to Sunday, 551 people suffered problems due to lengthened exposure to the sun, including headaches, dizziness, muscle spasms and sunstrokes, of whom four died, the Korea Centers for Disease Control and Prevention (KCDC) said Tuesday in a statement. Of the 551 cases, 285, or 52 percent, took place from Thursday to Sunday.
North Korea’s coal smuggled into South via Russian port
South Korean authorities have opened an investigation into a UN panel’s finding that North Korea transhipped over 9,000 tons of coal, disguised as Russian exports, to South Korean ports in Incheon and Pohang, North Gyeongsang, last October. According to a recent United Nations panel of experts report, North Korean coal shipped to the Russian port of Kholmsk was reloaded on two vessels that entered South Korea’s Incheon and Pohang ports and arrived after the UN Security Council’s comprehensive coal ban was implemented in August last year.
Kim Jong-un summons his envoys home for meeting
Kim Jong-un urgently called North Korean ambassadors around the world back home for a meeting on policy issues amid a whirlwind of diplomacy on the Korean Peninsula, a local high-level official exclusively told the JoongAng Ilbo Wednesday. The source, who spoke on condition of anonymity, said the ambassadors traveled to Pyongyang over the past weekend for the meeting, which was expected to be held either Wednesday or today.
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The KyungHyang Shinmun (http://english.khan.co.kr/)
The Moon Government to Focus on the Economy in Its Second: First Reshuffle in Sight
The second phase of the Moon Jae-in government began after the June 13 local elections, and the biggest issue now is how the government will solve the worsening economy. To establish a new direction for state administration and to change the atmosphere in the government, a reshuffle in the current government is also coming into view for the very first time.
Korean Peninsula Trapped by Tibet-Triggered Heat, "The Heat Could Last a Month"
The Korean Peninsula is trapped in a heat wave. Some experts forecast the heat to continue for a month. The main culprit lies far away. The high air pressure in the Tibetan Plateau, some thousands of kilometers away, is sending the heat to Korea. According to the Korea Meteorological Administration on July 15, it will be sweltering on Monday (Jul. 16)--mostly sunny throughout the nation with high temperatures surpassing 33 degrees (Celsius).
President Moon "North Korean Complaints Can Be a Negotiation Strategy"
On July 12, President Moon Jae-in said, "North Korea criticized the United States in a statement released by the foreign ministry, but a look at the statement shows that the North is complaining about how the U.S. is not taking appropriate measures when Pyongyang is doing its utmost to take action." He added, "I think this is a strategy that they may have chosen to use in the negotiations."
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AJU Business Daily (http://eng.ajunews.com/korea)
S. Korea proposes concerted state project to nurture microchip industry
South Korea envisaged a concerted state project to enhance the competitiveness of its microchip industry, a top economic official said Wednesday, citing a strong challenge from Chinese companies. Trade, Industry and Energy Minister Paik Un-kyu told an industry conference in parliament that the technological gap with China is "rapidly" shrinking. "There are concerns over whether the super-cycle may shrink in the near future."
LG Chem expands battery production in China despite unfavorable policy
LG Chem went ahead with a $2 billion investment to build a second battery plant in China despite a policy of excluding electric vehicles equipped with South Korean batteries from a list of eco-friendly cars eligible for subsidies. LG Chem vice president Kim Jong Hyeon signed a deal with local government officials in Nanjing Tuesday on the construction of a second battery plant in the Binjiang development zone, company officials said, adding the second plant would start producing batteries in October next year.
S. Korea proposes concerted state project to nurture microchip industry
South Korea envisaged a concerted state project to enhance the competitiveness of its microchip industry, a top economic official said Wednesday, citing a strong challenge from Chinese companies. Trade, Industry and Energy Minister Paik Un-kyu told an industry conference in parliament that the technological gap with China is "rapidly" shrinking. "There are concerns over whether the super-cycle may shrink in the near future."
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
Korea’s Hyundai Heavy wins $740 mn Greek LNG carrier quartet
South Korea’s largest shipbuilder Hyundai Heavy Industries (HHI) Tuesday announced it has won a contract to build four liquefied natural gas (LNG) carriers for Capital Gas Carrier Corp., owned by Greek company Evangelos Marinakis. The deal is worth $740 million and the contract includes an option for additional orders of up to three ships in the future. The LNG carriers with 174,000 cubic meters in size are expected to be sequentially delivered from the second half of 2020, HHI said.
Korean govt cuts ’18 growth forecast to 2.9%, up ’19 budget by 5.7%
The South Korean government turned more pessimistic about growth prospects for this year and the next, citing challenges on the external front from intensified trade barriers and worsening job and demand conditions at home to argue for higher fiscal spending for next year. In its outlook for 2018 and 2019 economy and policy direction for the second half released on Wednesday, the Ministry of Strategy and Finance cut growth estimate for the gross domestic product (GDP) for this year to 2.9 percent from 3.0 percent maintained throughout the first half. For next year, the ministry projected a 2.8 percent growth.
Asiana Airlines under renewed buyout rumors after no-meal crisis
South Korea’s Asiana Airlines Inc. shares weighed down by in-flight meal crisis and owner family risk got a lift by rumors about SK Group interested in taking over the country’s second full-service carrier. The hype died down after SK, the country’s fourth largest conglomerate, shot down the possibility. Shares of Asiana went on a roller-coaster ride throughout Tuesday, gaining at one point 23 percent and becoming the third largest stock to exchange hands. They came down to close Tuesday 3 percent higher at 4,300 won ($3.81) after SK Holdings, the holding entity of the conglomerate, issued a disclosure statement denying the rumor.
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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.cn kf@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 Herald www.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.com lithuania@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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