Headlines, October 16, 2018

Tuesday, October 16, 2018

Round-up of important news from major Korean dailies and from international media today:

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

France and U.N. could speed up N. Korea's denuclearization thru easing of sanctions

President Moon Jae-in of the Republic of Korea (south) on Oct. 15, 2018 stressed the need to ease international sanctions against North Korea when and if the communist state takes practical steps to denuclearize.The call came in a bilateral summit with French President Emmanuel Macron where the South Korean leader asked France, a permanent member of the U.N. Security Council, to spearhead the move when conditions are met.

Samsung donates US$600,000 for earthquake-struck victims in Indonesia

Samsung Electronics Co. on Oct. 16, 2018 said it sent US$600,000 to help in the recovery from the recent earthquake that devastated parts of Indonesia.The move came after Indonesia's Sulawesi Island was hit hard by a 7.5-magnitude quake and ensuing tsunami late last month.

ROK import price index reaches near 4-year high in Sept

South Korea's import prices rebounded to a near four-year high in September due to a steady rise in crude oil, central bank data showed on Oct.16, 2018.In Korean won terms, the import price index gained 1.5 percent to 90.69 last month from August, according to preliminary data from the Bank of Korea (BOK). Compared to a year earlier, it jumped 9.7 percent.

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

'Kim Jong-un to Visit Russia Late Oct. or Early Nov.'

North Korean leader Kim Jong-un will reportedly visit Russia late this month or early next month. Quoting multiple diplomatic sources in Seoul, Russian newspaper Izvestiya reported on Monday that Kim's Russia trip will come before the U.S. midterm elections on November sixth. The report added that Moscow and Vladivostok are under consideration as possible venues for the summit between Kim and Russian President Vladimir Putin.

Two Koreas, UNC to Hold Talks on Disarming

The two Koreas and the United Nations Command will launch trilateral consultations on Tuesday on disarming the Joint Security Area(JSA) at the truce village of Panmunjom. The Defense Ministry said the inaugural talks are set to begin at 10 a.m., with three officials representing each side. The two Koreas have carried out joint work to remove mines and explosives in the JSA since the beginning of the month, and the three-way council will assess the 20-day mine removal work, which will wrap up at the end of this week.

S. Korea's Q3 Unemployment Tops One Million for First Time in 19 Years

The monthly number of jobless people in South Korea topped an average of one million in the third quarter. According to data by Statistics Korea on Oct. 14, 2018, the average monthly unemployed stood at one-point-06 million in the July-September period, up 102-thousand from a year earlier. The number marks the largest third quarter figure since it posted one-point-33 million in 1999 during the foreign currency crisis. It is also the first time in 19 years that the figure surpassed one million.

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

Tougher loan screening to help better manage household debt: regulator

Banks will be required to implement a stricter screening rule for mortgage loans starting this month so as to better manage growing household debt, according to the head of the financial regulator on Oct. 16, 2018. Banks have applied for the so-called debt service ratio (DSR) to almost all household loans on a pilot basis since earlier this year. The new rule will become mandatory later this month.

Gov't, ruling party prepare measures to curb preschool irregularities

The government and the ruling Democratic Party (DP) will come up with measures to tackle widespread irregularities in private kindergartens next week, a party official said on Oct. 16, 2018. Public uproar rose last week after a DP lawmaker disclosed that nearly 6,000 cases of corruption, including accounting frauds and budget misappropriation, were found at 1,900 private kindergartens between 2013 and 2017.

N.K. media report on high-level talks with S. Korea

North Korea's media on Oct.16, 2018 reported on high-level talks with South Korea a day earlier, saying that they "deeply discussed" practical measures to implement their leaders' recent summit agreement. During the talks at the truce village of Panmunjom on Oct. 15, 2018, they agreed to break ground to connect railways and roads across their borders either in late November or early December. They also decided to hold Red Cross talks in November and general-level military talks at an early date.

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

Koreas agree to start railway, road work by Dec.

The two Koreas have agreed to break ground for the modernization of cross-border railways and roads in late November or early December, said a statement released by South Korea’s Unification Ministry on Oct. 15, 2018. The statement came as a result of high-level talks held Oct. 15, 2018 to discuss the implementation of the agreement reached at last month’s inter-Korean summit in Pyongyang.

Korean businesses venture into ASEAN in search of new opportunities

Seeking new opportunities amid intensifying competition and a shift in the industrial and manufacturing landscape, South Korean businesses are jumping into new markets in the ASEAN region in line with the government’s diplomatic push to strengthen ties there.

SK Telecom, Samsung announce successful 5G first call

South Korea’s biggest network operator SK Telecom announced on Oct. 15, 2018 the company had succeeded in the first call in a test bed using commercial fifth-generation equipment by Samsung Electronics. To reach the goal of commercializing the world’s first 5G services through mobile routers as early as in December, the two Korean mobile operator and equipment manufacturer are speeding up technological preparations for the launch.

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

Six arrested for smuggling 112kg of meth

Six members of an international drug syndicate have been arrested on charges of smuggling 112 kilograms of meth, police said on Oct. 15, 2018. According to the Seoul Metropolitan Police Agency, the six, including a Japanese, 32, and a Taiwanese, 25, allegedly colluded in smuggling 112 kilograms of meth into Korea on July 6.

North Korea strengthens ties with Mongolia

North Korea is strengthening its ties with Mongolia, with Mongolian President Khaltmaagiin Battulga's inviting Chairman Kim Jong-un to visit the country to mark the 70th anniversary of North Korea-Mongolia diplomatic relations. North Korea's state-run Korean Central News Agency (KCNA) reported Sunday that Kim received the invitation last week. KCNA also reported that a delegation of the Mongolian Food, Agriculture and Environment Workers Trade Unions headed by President Gantuya Ochirjantsan arrived in North Korea, On Oct. 14, 2018.

Two Koreas to break ground for road, railway connection in Nov.-Dec.

The two Koreas agreed on Oct. 15, 2018 to start a joint project to modernize and eventually connect their railways and roads across their borders in late November or early December. They also agreed to hold Red Cross talks this month to discuss issues related to families separated by the 1950-53 Korean War and arrange a general-level military meeting "as soon as possible."

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

Kim Jong-un Refuses to Submit Nuke Inventory to U.S.

North Korean leader Kim Jong-un refused to hand over an inventory of his nuclear facilities until a formal declaration ending the Korean War when he met with U.S. Secretary of State Mike Pompeo in Pyongyang, reports said on Oct. 15, 2018. Pompeo visited Pyongyang on Oct. 7 and asked for a partial inventory of the North’s nuclear facilities and stockpiles, but Kim told him that in the absence of trusting relationship between Washington and Pyongyang, the U.S. would not believe the list even if it got it, according to the Yomiuri Shimbun newspaper.

Half of Premium Smartphones Cost More Than W1 Million

Half of all premium smartphones released in Korea since last year still cost more than W1 million, according to data from the Korea Communications Commission (US$1=W1,134). Some 34 out of 67 premium smartphones sold by Apple, LG and Samsung cost more than W1 million.

Gov't to Slash Fuel Taxes

The government has decided to slash fuel taxes for the first time in a decade to stimulate economic growth amid high unemployment and slumping consumer spending. Finance Minister Kim Dong-yeon, who is in Bali, Indonesia for a meeting of G20 finance ministers and central bank chiefs, told reporters On Oct. 13, 2018, "We are considering lowering fuel taxes for a limited time.

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

US experts on nuclear nonproliferation say demanding full inventory of NK arsenal is unrealistic

At the current stage, US experts on Korean Peninsula issues say it’s unrealistic to ask North Korea to submit a full inventory of its nuclear and weapon facilities. Instead, they suggested that the US should persuade the North to suspend the production of nuclear material and reveal the relevant facilities. As a corresponding measure, the US could officially declare the end of the Korean War and make a joint declaration with South Korea or hold a multilateral peace conference.

S. Korean ambassador to US addresses controversy over Trump’s remarks on Seoul’s sovereignty

South Korean ambassador to the US Cho Yoon-je said he has told the Americans about the controversy inside South Korea over US President Donald Trump’s remarks on Oct. 12 that South Korea can’t do anything without US “approval.”Cho was responding to lawmakers on the National Assembly Foreign Affairs and Unification Committee who said that Trump’s remarks could be interpreted as violating South Korean sovereignty during a parliamentary audit at the South Korean embassy in Washington, DC, on Oct. 14.

Hyundai to supply 5,000 hydroelectric vehicles to French market

Hyundai Motor announced on Oct. 14 that it will sign a memorandum of understanding (MOU) with French industrial gas company Air Liquide and multinational energy firm ENGIE. The South Korean automaker agreed to expand the French market for hydrogen chargers and full cell electric vehicles (FCEVs). Air Liquide and ENGIE agreed to build the domestic infrastructure for recharging FCEVs, while Hyundai promised to supply 5,000 FCEVs in the form of sedans, buses, truck and even commercial vehicles.

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

Kim Jong Un refuses to provide nuclear facilities list to U.S.

The Japanese Yomiuri Shimbun newspaper reported on Oct. 15, 2018 that North Korean leader Kim Jong Un refused to provide the list of nuclear sites to U.S. Secretary of State Mike Pompeo during their meeting in Pyongyang on Oct. 7, 2018. According to the Japanese daily, in response to Mr. Pompeo’s request to provide at least a partial list of nuclear facilities, the North Korean leader said that in the absence of mutual trust between the two countries, even if the list is submitted, the U.S. would call it untrustworthy and demand submission again, which will likely lead to a battle.

SK Biopharm develops drug design platform using artificial intelligence

SK Biopharmaceuticals has become the first pharmaceutical company in Korea to develop a drug design platform that designs and proposes new compounds using artificial intelligence (AI). The South Korean pharmaceutical company announced on Oct. 15, 2018 that it completed the development of its “drug design platform” and has already applied it to drug discovery. The platform is capable of predicting the properties of drugs, analyzing how drugs work inside the body. Based on this prediction function, the platform creates new compounds and designs drugs by studying the properties of drugs.

Japan refused to lend Goryeo relics

“These cultural heritages must have been designated to be on the list of national treasures if they were possessed domestically," said Jeong Woo-taek, former Director of the Dongkuk University Museum. "I hope that they will be exhibited here in Korea so that we can research and enjoy them (even if I wish they were possessed by Korea).” He expressed frustrations while explaining about the Amitabha triad that the Tokyo National Museum has been with. This triad represents the Buddha Amitabha (Korean: Amita), Avalokitesvara (Korean: Gwaneum) and Mahasthamaprapta (Korean: Deseji) greeting devotees to Amitabha’s Western Paradise.

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

Work on roads, rails get serious for two Koreas

The two Koreas agreed in a high-level meeting on Oct. 15, 2018 to hold a joint ceremony some time between late November and early December to mark the start of working to modernize and link roads and railways connecting the two countries along the seas.The event was one of seven major agreements reached by officials from Seoul and Pyongyang in the latest high-level talks held in the Peace House, a South Korean-controlled building in the truce village of Panmunjom.

On Europe tour, Moon touts Kim’s sincerity

North Korean leader Kim Jong-un has “taken the strategic decision to abandon his nuclear weapon,” said South Korean President Moon Jae-in in an interview with French daily Le Figaro published on Oct. 14, 2018. In the interview conducted ahead of his four-day state visit to France, Moon reflected on the inter-Korean summit held in Pyongyang from Sept. 18 and 20 and listed five signs that indicated that Kim was sincere in his pledge to denuclearize in exchange for security guarantees for his country and regime.

Small semiconductor firms suffer from neglect

Samsung Electronics, the world’s largest chipmaker, and SK Hynix are expected to post great results in the third quarter thanks to strong semiconductor sales. But things are not looking great for Korea’s other semiconductor companies, especially equipment and materials makers, as they suffer from a lack of government funding and an unbalanced industry structure that offers few opportunities to cooperate with larger players.

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

Observation or Inspection? Biegun's Meeting with Choe Son-hui to Determine the Future of the Korean Peninsula

Stephen Biegun, the United States special representative for North Korea, may begin working-level talks with Choe Son-hui, vice foreign minister of North Korea, as early as this week. In the working-level talks, they will discuss specific action plans including the verification of the shutdown of the nuclear test facility in Punggye-ri and the missile launch site at Tongchang-ri as well as preparations for the second North Korea-United States summit.

Parliamentary Inspections Tainted with Political Strife, Disruptions and "Shows" Aiming for a Big Break

The first real parliamentary inspection of the Moon Jae-in government began on October 10, but it has been tainted with political strife, disruptions and “shows” looking for a big break early on. The parliamentary inspection by the Legislation and Judiciary Committee was disrupted after the Liberty Korea Party demanded to question Kim Myeong-su, chief justice of the Supreme Court, and the ruling party opposed claiming the risk of undermining the separation of powers.

Inadequate Words by Trump Disrespectful of an Ally

U.S. President Donald Trump referred to the remarks by Foreign Minister Kang Kyung-wha about a review of the lifting of the May 24 Measure and said, "They won't do it without our approval. They do nothing without our approval." He probably wanted to keep in check a move toward the easing of sanctions at a time when denuclearization negotiations are underway.

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

SK Telecom and Samsung test 5G commercial equipment
South Korea's top mobile carrier SK Telecom successfully tested fifth-generation (5G) commercial equipment provided by Samsung Electronics, paving the way for the smooth establishment of an ultra-fast mobile network.SK Telecom said the so-called "First Call" was successfully done at its office in Bundang south of Seoul. It is a final procedure to check if data is being normally transmitted or received in the same environment as commercial service.

Koreas agree to start work on rehabilitating overland transport artery

A much-heralded inter-Korean project to rebuild a cross-border transport artery will begin this year as the United States and North Korea are ready to open a new round of talks on arranging a fresh summit between their leaders.The two Koreas agreed to hold a ground-breaking ceremony in late November or early December for their joint project to modernize and re-connect severed railways and roads across the border.

LG to release new smartphone 'V40 ThinQ' later this month

LG Electronics will release "V40 ThinQ", a new premium smartphone with powerful camera features, on October 24 in South Korea. The smartphone will carry a price tag of 1,049,400 won ($926)LG said in a statement on Monday that it would start receiving pre-orders for V40 for six days from October 17. Customers will be given free cases and gifts such as a free coupon which can be used to repair the phone's display and rear housing.

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

Seoul considers cutting fuel taxes to aid consumption amid high oil prices

The Korean government is mulling a temporary gasoline tax break - which would be the first in 10 years - as early as November 1 to alleviate consumer burdens from jump in oil prices against deteriorating domestic demand, a top economic official said on Oct. 14, 2018. "The government is in discussion with related ministries over a temporary fuel tax cut,” Deputy Prime Minister and Finance Minister Kim Dong-yeon told reporters during his visit to Indonesia for a meeting of G20 finance ministers and central bank governors.

Jeju Air to add 3 new international routes from Daegu this year

South Korea’s Jeju Air Co. said on Oct. 15, 2018 that it will launch three new international routes to Tokyo and Kagoshima in Japan and Macau, China that will depart from Daegu International Airport this year, a move that would solidify its position as the country’s biggest low-cost carrier. The new daily route from Daegu to Tokyo will begin service on Oct. 28 while from Daegu to Kagoshima available on Tuesdays, Thursdays, and Saturdays, on Oct. 30.

Seoul in anti-dumping probe on papers from China, Indonesia, Brazil

The South Korean Trade Commission will start anti-dumping investigation into uncoated paper imports from China, Indonesia, and Brazil on complaints about unfair pricing practices harming the local industry, the state agency said on Oct. 15, 2018. Uncoated papers are papers for printers, faxes, and copiers. Korea’s uncoated paper market was estimated at around 400 billion won ($352.9 million) as of 2017, and imports from the three countries under allegation accounted for nearly 40 percent of the market. Korean products and imports from other countries made up the other 30 percent each.

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