Headlines, September 27, 2018

Thursday, September 27, 2018

President Moon tells U.S. Fox News

‘U.S. Forces are needed to stay on Korea peninsula even after reunification of peninsula’

President Moon Jae-in says, “We need the U.S. Forces to say in Korea even after the unification of the Korean peninsula to speak nothing of their need before it.”

President Moon Moon Jae-in said that the United States Forces are needed to stay in Korea even after the unification of the Korean peninsula to speak nothing of the need their presence after the declaration of the end of the Korean War and conclusion of a peace treaty. This was reported by Korean-language daily newspaper, Seoul Shinmun, this morning.

President Moon also proposed that the U.S. should open its liaison office (a defeactor U.S. Embassy) in Pyongyang in a corresponding action to North Korea’s initital action of denuclearization.

Lt. Gen. Michael A. Bills (third from left with his back to the camera) assumed the duty of the commander of the Eighth Army, the backbone of the U.S. Forces Korea on Jan. 5, 2018.

President Moon made the statement at an interview with the U.S. Fox News in New York on Sept. 25, 2018 (local time). Moon told Fox News, “Stationing of the U.S. Forces in Korea was decided upon solely based on the Alliance of the Republic of Korea and the United States and therefore that it has nothing to do with the Peace Treaty of the Korean Peninsula and even after the conclusion of the Peace Treaty and further after the conclusion of the peace treaty and achievement of the reunification of the Korean peninsula the U.S. Forces are needed to stay on the Korean peninsula for the sake of the peace and stability of the Northeast Asian Region.”

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Suggests former Professor Kim Dong-gil of Yonsei University in Seoul

“Why not ask Lee Myung-bak to give W100 bil. in scholarship in lieu of imprisonment?”

By Feature Editor Lee Sam-san, Reporter Sua Kim

All the former Presidents of the Republic of Korea have faced a tragic fate with the sole exception of Presidents Kim Young-sam and Kim Dae-jung. The ill-fate came from the new governments succeeding the old ones. Now two of them are still in jail, former Presidents Park Geun-hye and Lee Myung-bak.

At this juncture, opinions are being expressed one after another ridiculing the present situation and some even say, “Now what will happen to President Moon Jae-in after his term of office is over?” As in the case of former President Kim Young-sam, Moon will be safe if the successor ‘comes from the same waters like the dragon’ as in the case of President Kim Dae-jung who made it possible. Former President Chun Doo Hwan allegedly ‘committed a long of wrong things’ but he was not put in jail by his successor, President Roh Tae-woo, who also was a military general-turned President. Roh put Chun into a sort of an involuntary ‘exile’ instead of sending him to jail although there were so many things more than fully justifying to put him in jail. Instead, Roh sent him to the Baekdam-sa Buddhist Temple in the mountainous Inje County of the Gangwon Province to have a long period of ‘silent contemplation regretting the old wrongs he might have committed.

Now what will happen to the incumbent President after his term of office is over? If the successor comes from a political party of the same political-ideological background of his (as in the case of Kim Young-sam) he would be safe. However, it is very difficult to make any prediction if anything opposite to it should happen or if the candidate wins the election by his or her own merits with any backing from his incumbent political force.

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Round-up of important news from major Korean dailies today

And from international media:

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

Era of peaceful Korea, happy Korea has now begun!

The following are excerpts from the statement of President Moon Jae-in at a Joint Press Conference Following the 2018 Inter-Korean Summit in Pyeongyang on Sept. 19, 2018.--Ed. Fellow Koreans in the North, the South and abroad, A Korean Peninsula free of war has begun to take shape. The South and North agreed today to eliminate all risks that could lead to war from all parts of the Korean Peninsula.

Samsung Electronics to post a record $15.4 bil in operating profit

Samsung Electronics is expected to post a record operating profit of 17.2 trillion won (US$15.4 billion) in the third quarter of this year supported by firm demand for memory chips. This was recently learned from the market sources. The consensus formed by major brokerage firms in Korea marks an 18.5 percent on-year increase in the tech behemoth's profit for the July-September period. The revenue is forecast at 65.2 trillion won, up 5.1 percent from a year ago. The world's top smartphone maker logged a record high 65.9 trillion won in sales in the fourth quarter of last year and a record high of 15.6 trillion won in operating profit in the first quarter of this year.

Two BMW diesel vehicles cars catch fire near Pyeongchang

Two BMW diesel vehicles on the German automaker's recall list have caught fire in less than two days in South Korea, authorities said Monday. According to a report by Yonyap on Sept. 24, a BMW 520d caught fire shortly before Monday noon while going up a hill in Pyeongchang, 180 kilometers east of Seoul, local police and fire authorities said.

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

Moon Urges World to Respond to N. Korea's New Choice

President Moon Jae-in has called for global support for North Korea's efforts to denuclearize and achieve economic development. Addressing UN member nations on the last leg of his trip to New York on Wednesday, Moon said that North Korea has come out of its long isolation on its own to stand before the world again. He said that North Korea officially terminated its nuclear development policy on April 20th, and has been focusing all its efforts on economic development, and now, it is time for the international community to respond to North Korea's new choice and efforts.

US Fed Raises Key Rate for Third Time This Year

The U.S. Federal Reserve raised its benchmark interest rate by a quarter of a percentage point on Wednesday. The U.S. Federal Open Market Committee increased the lending rate to a range of two percent to two-point-25 percent. The widely anticipated hike is the third this year following a raise by a quarter of a percentage point in both March and June. With the latest hike, the difference between U.S. and South Korean interest rates has further widened to point-75 percentage points. The Fed is foreseeing another hike in December, three hikes next year and one final hike in 2020.

Pompeo to Visit N. Korea in October

U.S. Secretary of State Mike Pompeo will visit North Korea next month to arrange a second summit between U.S. President Donald Trump and North Korean leader Kim Jong-un. U.S. State Department spokeswoman Heather Nauert said in a statement on Wednesday that Secretary Pompeo accepted Chairman Kim's invitation to travel to Pyongyang next month. The spokeswoman said that Pompeo will visit the North to make further progress on the implementation of the commitments from the U.S.-North Korea Singapore summit, including the North's final, fully verified denuclearization and to prepare for a second summit between President Trump and Chairman Kim.

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

U.S. rate hike to have limited impact on S. Korea: official

The latest rate hike by the U.S. Federal Reserve will have a limited impact on South Korea, with authorities here ready to take actions if the need arises, a senior government official said Thursday. As widely expected, the U.S. Federal Reserve raised interest rates by a quarter of a percentage point to a range of 2 percent to 2.25 percent Wednesday and signaled one more rate hike within this year. The U.S. central bank said it foresees three more rate hikes in 2019.

Trump sees no need to fix timeline for N.K. denuclearization

U.S. President Donald Trump said Wednesday he sees no need to set a timeline for North Korea's denuclearization as long as the regime has stopped its nuclear testing. Speaking in a press conference in New York, Trump said he doesn't want to be drawn into a "time game" over how long it will take to dismantle the North's nuclear weapons and ballistic missile programs. "If it takes two years, three years or five months, doesn't matter. There's no nuclear testing, and there's no testing of rockets," he said at the end of his visit to the United Nations General Assembly.

S. Korean president urges U.N. not to leave N. Korea behind

North Korea is sincerely moving down the path of complete denuclearization and its acceptance and inclusion by the international community will help further accelerate the process, South Korean President Moon Jae-in said Wednesday. "North Korea on April 20 officially terminated its nuclear development policy, and has been focusing all its efforts on economic development," Moon said in his address to the United Nations General Assembly in New York.

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

Pompeo to visit N. Korea in Oct., set up 2nd summit

US Secretary of State Mike Pompeo will travel to North Korea next month to set up a second summit between US President Donald Trump and North Korean leader Kim Jong-un, the State Department said Wednesday. The trip was announced after a meeting between Pompeo and North Korean Foreign Minister Ri Yong-ho in New York earlier in the day. "Secretary Pompeo accepted Chairman Kim's invitation to travel to Pyongyang next month to make further progress on the implementation of the commitments from the US-DPRK Singapore summit, including the final, fully verified denuclearization of the DPRK, and to prepare for a second summit between President Trump and Chairman Kim," department spokeswoman Heather Nauert said in a statement, referring to North Korea by its formal name, the Democratic People's Republic of Korea.

Trump sees no need to fix timeline for NK denuclearization

US President Donald Trump said Wednesday he sees no need to set a timeline for North Korea's denuclearization as long as the regime has stopped its nuclear testing. Speaking in a press conference in New York, Trump said he doesn't want to be drawn into a "time game" over how long it will take to dismantle the North's nuclear weapons and ballistic missile programs. "If it takes two years, three years or five months, doesn't matter. There's no nuclear testing, and there's no testing of rockets," he said at the end of his visit to the United Nations General Assembly.

Top regulator hints at launch of 3rd internet-only bank

Anticipation is growing for the nation’s third internet-only bank as the authorities move to clear away hurdles affecting nonbanking institutions, including limits on ownership, following positive remarks from South Korea’s top financial regulator last week. Choi Jong-ku, chairman of Korea’s financial regulatory body, the Financial Services Commission, mapped out a plan to help the new digital banks to move in tandem with the changing environment in the financial industry landscape, toward greater innovation.

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

Moon urges UN to recognize NK leader's sincere denuclearization commitment

Unemployment of college graduates hits record high

The unemployment rate for college graduates rose to a record high in the second quarter as companies and small businesses grew more reluctant to hire new workers amid a consumption slump and other unfavorable business conditions. Due to worsening job market conditions, the number of unemployed university graduates as of June exceeded the figure following the 1997-98 Asian financial crisis. According to Statistics Korea, Wednesday, the number of unemployed college graduates reached 543,000 in the second quarter, up 2,000, or 0.3 percent, from a year ago.

LGU+ teams up with Google for IPTV market

LG Uplus is taking a series of aggressive strategies for its internet protocol television (IPTV) business in a bid to find a new revenue source and expand its market share amid the rapid saturation of the telecom market. The nation's smallest mobile carrier, after SK Telecom and KT, has been posting the fastest growth in the IPTV market with its subscribers tallied at 3.79 million as of June, a 14.5 percent jump from a year ago. During the same period, SK Broadband, an internet service subsidiary of SK Telecom, saw a 9.1 percent increase in the number of its IPTV subscribers, while KT saw only a 5.4 percent increase.

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

Dementia Patients Would Most Like to Remember Family

Pharmaceutical company Handok asked 373 dementia patients at community health centers in 25 districts of Seoul what memory they wish to retain the most. Some 66 percent said memories of their family members are the most cherished. Next were memories of their own lives (12.5 percent), their home towns (3.5 percent) and friends (3.2 percent).

Trump Promises 2nd Summit with Kim Jong-un Soon

South Korea's president personally relayed a message on Monday to U.S. President Donald Trump, telling him that North Korea's leader wants to meet him again soon to make progress on denuclearization of the Korean Peninsula. "You are indeed the only person who can solve this problem," Moon Jae-in, who met Kim Jong-un last week in Pyongyang, told Trump. The U.S. president responded that he would be "having a second summit with Chairman Kim in the not-to-distant future" and the location remains to be determined but likely would not be Singapore, where he first met the North Korean leader on June 12.

Trump: Details on 2nd Summit with N.Korean Leader Coming Soon

U.S. President Donald Trump said Wednesday his administration is planning a second summit with North Korean leader Kim Jong-un and will announce details soon. "I'll be meeting with Chairman Kim," Trump told reporters at the United Nation's General Assembly in New York. Trump said a date and location of the summit would be announced soon. Earlier Wednesday, U.S. Secretary of State Mike Pompeo said he is planning the summit and that it may take place after October.

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

US seems to be making assumptions regarding IAEA inspectors at Yongbyon shutdown

The US Department of State announced that when the Yongbyon nuclear complex is shut down, the involvement of an inspector from the International Atomic Energy Agency (IAEA) was “assumed by South Korea, North Korea and the United States.”Although the Pyongyang Joint Declaration does not include any specific statements about the inspection of the Yongbyon nuclear facilities, the announcement suggests that North Korea, South Korea and the US have come that much closer to a consensus on the issue.

Moon to talk with Trump at UN General Assembly in New York

After returning from his three-day trip to North Korea, South Korean President Moon Jae-in will be heading to New York for five days from Sept. 23 to 27 to attend the 73rd UN General Assembly. During his visit, it is expected that South Korea, North Korea and the US will hold a succession of summits focusing on the issues of the denuclearization of North Korea and the debate over a formal declaration of the end of the Korean War. Of particular interest will be whether or not Moon will be able to see his plan to declare an end to the war within the year become a reality.

North Korea emphasizes resuming operation of Kaesong “even without [wage] compensation”

North Korea proposed first resuming past efforts before pursuing other forms of economic cooperation during the recent inter-Korean summit in Pyongyang on Sept. 18–20, sources said. In particular, Pyongyang voiced its wish to quickly resume operations at the Kaesong Industrial Complex “even without [wage] compensation.” Observers are now watching to see whether previously halted economic cooperation efforts such as operation of the Kaesong Complex and tourism at Mount Kumgang will gain new momentum in the wake of the South and North Korean leader’s Pyongyang Declaration.

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The Dong-A Ilbo (http://english.donga.com/)

‘N. Korean leader ‘well aware’ of consequences of deception,’ Moon says

South Korean President Moon Jae-in in Washington on Tuesday (local time) quoted North Korean leader Kim Jong Un as saying in their latest summit in Pyongyang that he was very well aware of consequences he and his country may face if caught deceiving the world about denuclearization. Revealing the North Korean leader’s undisclosed message in Pyongyang, President Moon urged Washington to trust Kim’s sincerity and take measures corresponding North Korea’s denuclearization steps, including an end-of-war declaration following a second U.S.-North Korea summit.

‘It is not easy to hold U.S.-N. Korea summit in S. Korea,’ Seoul says

People are turning their eyes toward the venue and timeline for the second U.S.-North Korea summit as U.S. President Donald Trump announced MondY that the second summit is to be held in the near future. Japanese media including the Yomiuri Shimbun reported that Seoul and the truce village of Panmunjom are mentioned as the venue for the second U.S.-North Korea summit, but the South Korean presidential office Cheong Wa Dae said that it is “difficult to hold the summit in South Korea realistically.” That is, as much as the two states need to discuss details such as denuclearization measures and declaration of the end of the war at the second U.S.-North Korea summit, a third country is more likely to be chosen as the venue for the summit so as to allow the two states to engage in negotiations without being carried away by the atmosphere.

Average selling price of smartphones in S. Korea is second-highest in world

The average selling price (ASP) of smartphones in South Korea is the second highest in the world next to Japan. The ASP of smartphones in South Korea this year is 529 U.S. dollars on average, following 650 dollars of Japan, according to Strategy Analytics on Wednesday, a market research firm. The result was due to the popularity of high-priced flagship in the two countries.

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

Moon urges UN not to leave North Korea behind

Pompeo to visit North in Oct., set up 2nd summit

U.S. Secretary of State Mike Pompeo will travel to North Korea next month to set up a second summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, the State Department said Wednesday. The trip was announced after a meeting between Pompeo and North Korean Foreign Minister Ri Yong-ho in New York earlier in the day.

Leaders agree to revised U.S.-Korea trade deal

President Moon Jae-in and U.S. President Donald Trump signed a revised bilateral free trade agreement between Korea and the United States on Monday in New York.“With the swift conclusion of the negotiations for the revision, uncertainty surrounding our FTA has been eliminated,” said Moon after the signing ceremony. “As a result, companies from both countries will now be able to do business under more stable conditions.”“The new U.S.-Korea agreement includes significant improvements to reduce our trade deficit and to expand opportunities to export American products to South Korea,” said Trump. “In other words, we are now going to start sending products to South Korea.”

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

Liberty Korea Party Condemns Pyongyang Declaration Despite International Support

The conservative Liberty Korea Party and Bareun Mirae Party are criticizing the results of the summit between President Moon Jae-in and North Korean leader Kim Jong-un. On September 20, Kim Byung-joon, chairman of the Liberty Korea Party's emergency committee said, "They hardly made any progress on denuclearization, while they weakened our military force considerably." He further said, "They agreed to remove the eyes of our military in reconnaissance (of North Korea)." Kim Kwan-young, floor leader of the Bareun Mirae Party said, "When it comes to denuclearization measures, nothing much has changed from before." The attitude of the conservative parties is regrettable, for they seem to be busy trying to undermine the summit, without even attempting an objective assessment.

Lee Youn-taek's 6 Year Prison Sentence Reflects the Purpose of the #MeToo Campaign

Lee Youn-taek (former art director for the Yeonhee Street Theatre Troupe), a theater director on trial for sexually assaulting actresses on a regular basis, was sentenced to six years in prison in his first trial. Criminal Court 30 of the Seoul Central District Court announced, "Lee abused his authority and took advantage of the victims, who had no choice but to obey in order to achieve their precious dreams," and found Lee guilty of most of his charges. It was an obvious ruling considering how Lee blamed the victims rather than reflect on his misconduct after he was prosecuted, despite the gravity of the criminal charges. The latest ruling is also significant for it is the first prison term for a well-known figure, prosecuted after an investigation was launched by the #MeToo campaign.

Kim Jong-un’s Visit to Seoul and a Complete Ban of Military Force: The Start of Irreversible Inter-Korean Relations

President Moon Jae-in and North Korean leader Kim Jong-un announced the Joint Pyongyang Declaration after a summit in Pyongyang on September 19. Mr. Kim promised to visit Seoul within the year. Minister of National Defense Song Young-moo and North Korean Defense Minister No Kwang-chol adopted the Military Agreement to Implement the Panmunjom Declaration, which went beyond a ban on all hostile activities on land, sea and air, and included a reduction of military forces. The two ministers also agreed to concrete measures that could be executed immediately, such as a test withdrawal of guard posts (GPs) within the demilitarized zone (DMZ), the joint recovery of lost soldiers, and the demilitarization of the Joint Security Area (JSA) in Panmunjom. The two Koreas also agreed to hold a groundbreaking ceremony to connect the East and West Coast railways and roads by the end of the year and establish a permanent visiting facility where separated families can meet regularly. They were all measures that dramatically advanced inter-Korean relations. There could be no greater Chuseok gift than this.

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

Trump has good reason to make peace declaration with Kim in Seoul

President Donald Trump should visit Seoul for a trilateral summit with South and North Korean leaders and make a declaration to end the status of war on the Korean peninsula if he wants to see substantial progress in denuclearization, a U.S. foreign policy and security expert said. It makes "a lot of sense" for Trump to visit South Korea when North Korean leader Kim Jong-un meets South Korean President Moon Jae-in in Seoul, Harry Kazianis, director of defense studies at the Center for the National Interest, said, adding it would be "a bridge too far right now" to have Kim in the White House due to a complicated domestic political situation.

Finance ministry rules out sudden outflow of foreign capital from S. Korea

South Korea's finance ministry ruled out any sudden outflow of foreign capital following a rate hike by the U.S. Federal Reserve, saying it would have a limited impact on the international financial market. The Fed raised the federal funds rate by 25 basis points to a range of two percent to 2.25 percent. The Bank of Korea has kept its key interest rate at 1.5 percent. The rate gap widened to 0.75 percentage point, sparking concerns about a possible outflow of foreign capital.

Trump sees no need to fix timeline for N.K. denuclearization: Yonhap

U.S. President Donald Trump said he sees no need to set a timeline for North Korea's denuclearization as long as the regime has stopped its nuclear testing. Speaking in a press conference in New York, Trump said he doesn't want to be drawn into a "time game" over how long it will take to dismantle the North's nuclear weapons and ballistic missile programs.

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

Seoul apartment price index hits all-time high in June

Apartment prices in Seoul, the capital city of South Korea, rose at the fastest rate in June despite a slew of government measures to stabilize the city’s property market. According to data from Korea Appraisal Board (KAB) on Tuesday, Seoul’s apartment price index reached 188.1 in June, the highest since the appraisal and assessment institution began compiling related data in January 2006.

SK Holdings to invest $31 mn in U.S. fashion brand Rails

SK Holdings Co., holding entity of South Korea’s third largest conglomerate SK Group, added interests in international fashion labels as it continues to diversify its portfolio as a comprehensive investment-focused holding firm. SK Holdings at a board meeting last Tuesday okayed the plan to invest 35 billion won ($31 million) in Plutus Capital, its American investment subsidiary, to finance its acquisition of 3,160 common shares in Rails, a contemporary fashion brand founded in 2008 in Los Angeles. Rails, best known for high-quality women shirts, is one of the fastest growing fashion labels in the country, according to sources.

NPS ups holding in chemical, pharmaceutical firms so far this year

South Korea’s largest institutional investor National Pension Service (NPS) has upped its holding in chemical, pharmaceutical and bio companies so far this year while trimming ownership in textile and apparel-related companies, data showed on Tuesday. According to Seoul-based market data provider FnGuide, the NPS has owned a 5 percent or higher stake in 324 companies since the end of last year until last Thursday. Among them, it has added new stakes or increased investments in 131 companies this year to own 5 percent or more shares.

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