Headlines, October 17, 2018

Wednesday, October 17, 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.

S. Korean president to hold summit with Italian premier, visit Vatican

South Korean President Moon Jae-in was set to hold a bilateral summit with Italian Prime Minister Giuseppe Conte on Oct. 17, 2018, one day after he arrived here on an official visit that will also include his visit to the Vatican.The Moon-Conte summit will be held later in the day, following Moon's meeting and lunch with Italian President Sergio Mattarella, according to Moon's presidential office Cheong Wa Dae.

Ambassador seeks to dispel U.S. concerns about inter-Korean ties

South Korea will continue to enforce international sanctions on North Korea, but it also believes that improved inter-Korean ties can contribute to the North's denuclearization, Seoul's top envoy to Washington said on Oct. 16, 2018.Speaking at a forum, Ambassador Cho Yoon-je addressed a perceived uneasiness in the United States that South Korea is making concessions to the North, potentially in violation of international sanctions on the regime, before the dismantlement of Pyongyang's nuclear weapons program.

Washer exports to U.S. subject to 50 percent tariffs from filled quota

South Korean washing machines exports to the United States have filled the annual quota of 1.2 million units, subjecting future shipments to 50 percent tariffs until February next year, data showed on Oct. 17, 2018.The tariff rate quota was reached as of Oct. 1, according to the U.S. Customs and Border Protection.

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

Moon, UNESCO Chief Vow Efforts to Promote Peace on Korean Peninsula

President Moon Jae-in and the head of UNESCO have agreed to cooperate in efforts to promote peace and progress on the Korean Peninsula. The presidential office said that in a meeting in Paris on Tuesday, President Moon and UNESCO Director-General Audrey Azoulay agreed to joint efforts to designate the Demilitarized Zone as an international biosphere reserve.

Bodies of Korean Climbers Killed on Nepal Peak Return Home

The bodies of five South Korean climbers who were found dead following a blizzard on a Himalayan mountain on Oct. 13, 2018 returned home on Oct. 17, 2018.According to Incheon International Airport, a Korean Air flight carrying the bodies of the climbers, including record-breaking climber Kim Chang-ho, arrived at the airport at 5:10 a.m. from Nepal.

S. Korean Envoy: Full-fledged Inter-Korean Projects Could Violate UN Sanctions

South Korea's Ambassador to the United Nations Cho Tae-yul says that if inter-Korean projects to reconnect roads and railways begin in earnest, they could be in violation of UN sanctions against North Korea. The envoy presented the assessment on Oct. 16, 2018 during a parliamentary audit at the country's mission at the UN.

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

Bank accounts owned by underage people stand at 1.9 tln won

Bank accounts owned by people under 18 reached a combined 1.9 trillion won (US$1.7 billion) at the end of August, official data showed on Oct. 17, 2018. According to the Financial Supervisory Service (FSS), underage people owned 107,754 time deposits, with each bank account having more than 10 million won.

More companies switching to blind hiring for new recruits

More local companies are switching to blind hiring for new recruits, looking more at qualifications for required skills rather than alma mater, hometowns and language proficiency, an analysis indicated on Oct. 17, 2018.According to the Korea Economic Research Institute, the surveyed firms mostly adopted blind hiring for select positions.

U.S. seeks Russia's cooperation on N. Korea

The U.S. envoy for North Korea met with his Russian counterparts on Oct. 16, 2018 to ensure full coordination on efforts to dismantle the North's nuclear weapons program, the State Department said.Stephen Biegun, U.S. special representative for North Korea, held talks in Moscow with Russian Deputy Foreign Minister Igor Morgulov and Deputy Foreign Minister Sergey Ryabkov.

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

Toward stronger partnership between Korea and Southeast Asia

South Korea’s top government and political figures, corporate executives and diplomats from Southeast Asia gathered at The Korea Herald’s inaugural business forum on Oct. 16, 2018, an event that aimed to increase mutual understanding and cooperation and reinforce economic ties between the two sides.The Korea Herald Biz Forum reflected the Moon Jae-in government’s “New Southern Policy,” which strives to elevate Korea’s diplomatic and economic ties with the Association of Southeast Asian Nations as well as India and stresses the region’s rising importance. The forum was co-hosted by the ASEAN-Korea Centre.

N. Korea hands over S. Korean citizen held for illegal entry

North Korea on Oct. 16, 2018 repatriated a 60-year-old South Korean man who was detained last month after Pyongyang claimed he entered the country illegally, Seoul’s unification ministry said.The man, identified only by his surname, Pyo, was sent to the South via the truce village of Panmunjom inside the Demilitarized Zone at around 4 p.m., the ministry said.

Beware fallacy of hasty generalization in ASEAN investment

When addressing Southeast Asian states as “ASEAN,” foreign investors are often inclined to overlook the individual economic, legal and cultural differences of each country, according to a legal expert. “Cultural disparity is a frequent challenge for foreign investors who seek to affiliate themselves with an unknown business environment,” Jeong Cheol, a lawyer at Jipyong LLC, said at The Korea Herald Biz Forum.

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

UNC, North Korean military discuss JSA disarmament

The two Koreas and the United Nations Command (UNC) discussed disarmament of the Joint Security Area (JSA) on Oct. 16, 2018 amid expectations for unarmed soldiers to "guard" the inter-Korean border area in a near future."The three-way consultation body had negotiation on measures on having a weapons-free JSA, including the withdrawal of firearms and guard posts," according to the Ministry of National Defense.

France backs CVID on NK nukes

French President Emmanuel Macron said Paris will support Seoul's efforts to achieve the complete, verifiable, and irreversible denuclearization (CVID) of North Korea."France hopes North Korea will take more relevant measures to completely denuclearize. Precisely, France is waiting for a clear commitment from North Korea to demonstrate its willingness to dismantle its nuclear programs," Macron told a news conference alongside President Moon Jae-in at the Elysee Palace, early Tuesday morning (KST), following their summit.

Moon touts Samsung, NHN, Hyundai Motor in Paris

The government will continue to encourage leading Korean technology companies to invest in France because of its "open collaboration and open attitude" to foreign investment, President Moon Jae-in said Tuesday (KST).The President was speaking at the "France-Korea Business Leaders Summit" held at the Westin Paris-Vendome in central Paris.

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

2 Koreas to Allow Civilians into Joint Security Area

North and South Korea soldiers guarding the Joint Security Area in the border truce village of Panmunjom will be disarmed within this year and foreign tourists will be allowed to enter the area. Representatives from North and South Korea and the UN Command met in Panmunjom on Tuesday and agreed to the disarmament. The meeting took place after North and South Korea belatedly formed a three-way negotiating body with the UNC to finalize disarmament steps that President Moon Jae-in and North Korean leader Kim Jong-un mooted at their summit on Sept. 19.

BOK Faces Dilemma Over Interest Rates

The Bank of Korea's monetary policy committee meets later this week to decide on whether to hike interest rates after the U.S. raised the base rate late last month. The central bank faces a dilemma between raising the key rate in line with the West to prevent capital flight or whether to freeze it to stem shrinking domestic consumption. The BOK raised the base rate a quarter percentage point last November but has kept it frozen since.

Samsung Phone Users Suffer Dearth of Service Centers

There are not enough Samsung smartphone service centers in Korea for the country's 35 million users, and they are mostly concentrated in the capital region. While there are 43 service centers in Seoul, there are none in 76 cities and counties.According to Liberty Korea Party lawmaker Kim Sung-tae on Monday, there are 185 service centers across the country, or one for every 187,000 users. Samsung smartphones have a 65.3 percent market share here and are used by 34.61 million subscribers.

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

South and North Korea adopt joint statement following high-level talks at Panmunjom

During high-level talks held at the House of Peace in Panmunjom on Oct. 15, South and North Korea adopted a joint statement containing seven points about the scheduling of cooperation projects and follow-up talks in various areas necessary for implementing the Pyongyang Joint Declaration, which resulted from the inter-Korean summit held in September.

South and North need hasty implementation of inter-Korean railway and road cooperation

South and North Korea have reached a rough agreement about the schedule of the groundbreaking ceremony for a project to connect the two sides’ roads and railway networks. The high-level talks held on Oct. 15 also settled the schedule of sports talks aimed at promoting the joint hosting of the Olympics and Red Cross talks designed to arrange reunions for families divided by the Korean War.

South Korea has 61 people currently on death row

South Korea currently has a total 61 people on death row, with 57 people in ordinary correctional facilities and 4 in military prisons.According to data that Democratic Party lawmaker Geum Tae-seop received from the Justice Ministry and made public on Oct. 15, the largest number of death-row convicts, or 16, are in the Seoul Detention Center, followed by Gwangju Prison (13), Daegu Prison (12), Daejeon Prison (12) and the Busan Detention Center (4).

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

U.S.-N, Korea Summit is likely to be held in Stockholm or Geneva

The Asahi Shimbun announced on Oct. 16, 2018 that U.S. government officials anticipate a second U.S.-North Korea summit to be held in Europe mid-November. Stockholm and Geneva are mentioned as the venue of the summit. The Japanese newspaper, however, added that as the place of the summit is also one of the "negotiation cards." It is likely to be dealt with issues such as the method of inspecting nuclear weapons in North Korea at the working-level talks between the two countries that is expected to be held in Austria Vienna in the near future.

Venice may be submerged by the end of the century, says a study

Venice, an Italian city considered to be the world’s cultural heritage, and the Leaning Tower of Pisa may soon become inaccessible. A study has found that most of the 49 UNESCO World Heritage sites in the Mediterranean are expected to be heavily damaged due to floods and coastal erosion by the end of the 21st Century. Calls are growing for countermeasures to protect the historic sites that embody the essence of civilization and serve as popular tourist destinations.

2nd Seoul Biennale of Architecture and Urbanism opens next year

The 2nd Seoul Biennale of Architecture and Urbanism is to open between September and November next year. City officials and experts on architecture and urbanism from across the world visit various places such as Dongdaemun Design Plaza (DDP), Sejongdaero and Architecture & Urban Museum in Seoul to share relevant information and discuss future urban models.

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

Ministry orders broad crackdown on fake news

Justice Minister Park Sang-ki called on prosecutors on Oct. 16, 2018 to crack down on fake news, saying the spread of false information undermines public trust in society and can lead to serious political and economic damages.Park’s order, publicized in a press release issued by the Justice Ministry, came two weeks after Prime Minister Lee Nak-yon declared war on what he called a “destroyer of democracy” during a cabinet meeting at the Blue House.

New internet-bank investment rules take effect on Jan. 17

The government is hoping that IT giants will become the largest stakeholders of internet banks - and pull them out of their current rut - when new rules go into effect on Jan. 17. Last month, changes to regulations on internet banks passed the National Assembly, boosting a ceiling of shareholdings by nonfinancial companies from 10 percent to 34 percent.

Kakao starts carpool recruitment

Kakao Mobility has opened recruitment for its carpool app, infuriating taxi drivers who are vehemently opposed to the move.According to the mobility company that operates taxi-hailing app Kakao T, recruiting drivers is one of the crucial steps in preparation for the launch of its carpool service. The hiring process opened on Oct. 16, 2018 with the launch of a driver registration app, dubbed Kakao T Carpool for crews.

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

Cho Yang-ho Not Detained, Cho Hyun-min Acquitted: Can We Ever Be Able to Root out Irregularities Committed by Chaebol?

Chairman of Hanjin Group Cho Yang-ho was indicted for malpractice and embezzlement involving the amount of 27 billion won but without detention. Meanwhile, his daughter and former Senior Vice President of Korean Air Cho Hyun-min was acquitted after having caused great public resentment by the so-called ‘water rage’ in which she hurled a cup of water to an advertising agency employee.

Prosecutors Summon the Handyman in Charge to Reveal the Actual Influence

Former Deputy Director of the National Court Administration Im Jong-heon (59), The central suspect in the alleged abuse of court authority by the Supreme Court under Yang Seung-tae stood in front of the press on October 15, at the Seoul Central District Prosecutor’s Office. He is the person right at the corner of an investigation that will ultimately lead to former Chief Justice Yang Seung-tae (70) of the Supreme Court. The investigation to find out the ‘actual influence’ in the alleged abuse of court authority has begun.

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.

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

Kolmar Korea completes construction of second cosmetic plant in China

Kolmar Korea, a beauty and pharmaceutical company, has completed the construction of its second plant in China to provide products tailored for customers in the world's second-largest economy.The new plant in Wuxi in the southeastern Jiangsu Province is the largest cosmetics factory in China, Kolmar Korea said, adding that its combined annual production capacity in China would rise to 500 million units. The original development manufacturing (ODM) company has a factory in Beijing.

Samsung Electronics unveils new auto-related solutions for smart vehicles

In an effort to tap deeper into the connected car industry, Samsung Electronics unveiled two auto-related solutions, Exynos Auto for mobile chip processors and ISOCELL Auto for image sensors, that would enable new driving experiences to next-generation smart vehicles.Kenny Han, vice president of Samsung's device solutions division, said in a statement that the new automotive brand solutions would bring Samsung's market-proven technologies to automotive applications "with enhanced features and durability."

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.

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

Foreign selloff spreads to Korean debt after stocks

Foreigners have become net sellers of South Korean bonds for the first time in nine months, joining the selling spree on the country’s stock market and raising concerns that foreign capital could pull out of the country en masse as Korean assets lose their appeal due to subdued interest rates and weakened currency value.

Smartphone-use magnet manufacturer Novatech to debut on Kosdaq on Nov. 2

Novatech Co., South Korea’s manufacturer of special magnets used in smartphones, will go public on the country’s secondary Kosdaq market next month with hopes to raise capital to expand business. According to multiple sources from the investment bank industry on Oct. 17, 2018, Novatech plans to issue new shares at a price band of between 12,500 won ($11.09) and 16,500 won apiece.

K-food Fair kicks off in Hong Kong

The South Korean government is sponsoring a food fair in Hong Kong on Oct. 15, 2018 with an aim to bolster demand for Korean menu in the Great China region by riding on the renewed popularity wave in K-pop and entertainment contents. The Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corporation (aT) said on Oct. 16, 2018 the five-day K-food Fair kicked off on Oct. 15, 2018 in Hong Kong, Korea’s seventh largest food market that provides a gateway to other regional markets in the Great China.

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