Headlines, October 22, 2018

Monday, October 22, 2018

Special notice:

Thank you, Excellency, for the kind support for our Special Program for the international students in Korea.

Our program for them to share their views with the Korean public is progressing very smoothly with an unprecedented result--thanks to the kind interest on the part of the ambassadors in The Korea Post special program to invite the students of the countries diplomatically represented in Korea to present their views for publication in all five media publications of The Korea Post, 3 in English and 2 in the Korean language.

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The optic is optional and it could be either in English or Korean.

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Very Respectfully Yours

/s/

Lee Kyung-sik

Publisher-Chairman

The Korea Post media

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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. Korea to conduct solo air exercise in December

Despite the possible suspension of the upcoming joint air defense exercise with the United States, South Korea will carry out its own air drill as scheduled in December, an official of the defense ministry here said on Oct. 21, 2018.The annual Seoul-Washington air exercise, Vigilant Ace, which had been scheduled for December, is highly likely to be suspended this year to lend support for ongoing peace efforts involving North Korea, according to officials of the allies.

S. Korea holds meeting to tackle corruption at private kindergartens

Officials from the presidential office, the government and the ruling Democratic Party (DP) held a meeting on Oct. 21, 2018 to discuss ways to tackle irregularities at private kindergartens. The closed-door meeting came amid growing public uproar sparked by revelations of preschool owners' corruption by a lawmaker during a recent parliamentary audit of the education ministry.

Incheon to consider retrieving land from GM Korea over spin-off plan

The South Korean city of Incheon said Sunday it will consider retrieving land that it offered to General Motors Co.'s local unit for use as a test track as the company pushes ahead with a plan to spin off its research division.GM Korea's shareholders approved the split plan on Oct. 19, 2018, sparking concerns that the U.S. carmaker may keep only its research facility in South Korea and eventually shut down its manufacturing facilities here.

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

Gov't to Inspect Childcare Centers Suspected of Corruption

The government will launch an inspection of about two-thousand childcare facilities facing accusations of corruption and irregularities. The Ministry of Health and Welfare said on Oct. 22, 2018 that over the next two months it will conduct an inspection of nursery facilities that failed to install an accounting program based on the government's integrated information system. Childcare centers whose lunch fees per child are too low are also subject to inspection.

S. Korea to Conduct its Own Air Drill in December

Despite the possible suspension of an upcoming joint air defense exercise with the United States, South Korea will still carry out its own air drill as scheduled in December. A Defense Ministry official in Seoul told reporters on Oct. 21, 2018 that the annual joint drill set for December, Vigilant Ace, is very likely to be suspended, but there will be no changes in the planned drill by the South Korean Air Force.

Police to Expand Warrant Examination System Next Year

The Korean National Police Agency will expand its warrant examination system to major police stations across the country next year. In March, the agency launched the system at eight police stations on a trial basis as part of efforts to enhance the transparency of police investigation processes.

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

FTC chief urges fair biz relationship between large, smaller firms

The chief of South Korea's corporate watchdog said on Oct. 21, 2018 that large companies should redouble efforts to stem unfair business practices in deals with smaller players. Kim Sang-jo, head of the Fair Trade Commission (FTC), also said his agency will draw up detailed regulations regarding unfair business practices by large companies.

BOK chief signals future rate hike

South Korea's central bank chief on Oct. 22, 2018 again hinted at a future rate hike in the coming months to solve financial imbalances and secure wider policy tools. "It is necessary to adjust the (current) accommodative monetary policy in a way that eases the financial imbalances and have policy room to deal with a future economic cycles, if external downside risks do not weigh heavily on economic growth and inflation," Bank of Korea (BOK) Gov. Lee Ju-yeol said in a parliamentary audit.

S. Korea, France bolster cooperation in fintech sector

South Korea and France have agreed to forge closer cooperation in the financial technology sector, officials said on Oct. 22, 2018. The agreement was reached between South Korea's Financial Services Commission (FSC) and the French Prudential Supervision and Resolution Authority last week, the FSC said in a statement.

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

Young South Koreans take fashion inspiration from Bernie Sanders and Jesse Jackson

Among young South Koreans, civic rights activist and Democratic presidential nominee Jesse Jackson’s 1988 campaign T-shirts and French fashion brand Balenciaga’s Bernie Sanders-inspired caps are some of the hottest fashion items at the moment. “What size is it?” “Has it been sold yet?” Comments like these quickly appear when well-kept secondhand Bernie Sanders caps are put up for sale in online communities, as a brand new one could cost nearly 350,000 ($310).

6 feral cats found dead at Busan apartment complex; poisoning suspected

Six feral cats were found dead at an apartment complex in Busan over about a week, according to police. Police said Monday that they are currently investigating the sudden deaths of the stray cats. A dead cat was first reported Oct. 12, followed by two more the next day. Three more dead cats were reported a few days later, found near a flower bed on the complex grounds.

“Is this sexual harassment?” YouTuber asks

In the wake of #MeToo in South Korea, an elderly man has garnered criticism for directing sexually oriented questions toward a young YouTube creator as she was filming a live video. YouTuber YulKong on Sunday night uploaded a two-minute video, titled, “Is this sexual harassment?” In the video, she is approached by an elderly man who asks to be filmed. The creator goes along with his unexpected request, even complimenting him on his “good looks.”

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

Why North Korean newspaper highlights US-China trade feud?

North Korea's official newspaper again ran an article on the escalating conflict between the United States and China on Oct. 22, 2018, citing expert opinions critical of Washington. The Rodong Sinmun, the organ of the ruling Workers' Party of Korea, said in a commentary that confrontations between Washington and Beijing, which were caused by the imposition of retaliatory tariffs on each other, have been spreading to various other areas.

Two Koreas, UNC to hold talks over JSA disarmament today

The two Koreas and the U.S.-led U.N. Command will hold the second round of their working-level talks Monday over disarming the Joint Security Area (JSA) in the Demilitarized Zone (DMZ), Seoul's defense ministry said. The trilateral talks are set to take place at the Freedom House, a South Korea-controlled building at the truce village of Panmunjom inside the DMZ at 10 a.m.

'North Korea seeks to escape isolation by inviting Pope'

With North Korean leader Kim Jong-un inviting Pope Francis to visit his regime, Pyongyang's failed attempts to invite a former pontiff are resurfacing here. Last month, Kim shared his strong desire to ask the pope to visit the North in an inter-Korean summit with President Moon Jae-in. Kim said he would "ardently welcome the pope" if he accepted the offer, according to Cheong Wa Dae.

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

S.Korea Taken Unawares by Cancellation of Joint Drills

The U.S. has canceled a massive joint air drill with South Korea dubbed "Vigilant Ace" that was scheduled for December this year. After the ASEAN Defense Ministers' Meeting Plus in Singapore, U.S. Defense Secretary James Mattis and his South Korean counterpart Jeong Kyeong-doo agreed to suspend the drill to "give the diplomatic process" with North Korea "every opportunity to continue," a Pentagon spokeswoman said in a statement on Oct. 19, 2018.

China Blocks Access to Korea's Naver Sites

China has blocked access to online forums and blogs on Korea's top portal Naver for a week now, with no explanation given. Naver in a statement last Friday said users in China had been experiencing connection problems since Oct. 16."We have confirmed that the connection problems are not due to internal errors, and services are normal in most other countries," it added.

Incheon City Mulls Taking Back Land from GM

GM Korea in a shareholders' meeting on Oct. 19, 2018 decided to establish a research and development company despite opposition from workers and state-run Korea Development Bank, its second-largest shareholder. KDB says it cannot understand why GM Korea needs to establish an R&D company here now instead of putting its promised investment into the manufacturing operation, and the workers fear the move is a precursor to massive layoffs.

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

Final search of Sewol hull complete, with 5 victims still missing

The final search following the sunken Sewol ferry’s upright mounting has come to an end. “What will effectively be the last search of the hull has finished,” the local recovery headquarters of the Ministry of Oceans and Fisheries follow-up measure implementation team for the Sewol declared on Oct. 19.“We intend to continue through late October finishing up with the clearing of obstacles such as mud taken from the hull,” it added.

Moon administration releases support plan for investment to create jobs in new industries On Oct. 4, the Moon Jae-in administration released a support plan for private investment projects to create jobs in new industries. The plan in question involves creating around 107,000 new jobs through 2022 with 125 trillion won (US$111 billion) in investment chiefly to large corporations working in five areas, including future cars, semiconductors/displays, and new energy industries.

Moon asks ASEM member states for support to peace on Korean Peninsula

South Korean President Moon Jae-in, who visited Belgium to attend the Asia-Europe Meeting (ASEM), said on Oct. 19 that “peace on the Korean Peninsula will lead to the co-prosperity of Asia and Europe” and asked ASEM member states to lend their support to peace on the Korean Peninsula.

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

Timing of Kim Jong Un’s visit to Seoul

With a second U.S.-North Korea summit likely to happen next year, some observers say that the North Korean leader Kim Jong Un’s visit to South Korea, to which he agreed during the third inter-Korean summit in September, may also need be pushed back. A delay in the bilateral negotiation between Pyongyang and Washington will certainly affect President Moon Jae-in’s roadmap for denuclearization. South Korea’s presidential office Cheong Wa Dae initially considered arranging Kim’s visit to Seoul for December.

Samsung SDS to contribute to Dutch logistics using block chain technology

Samsung SDS announced on Oct. 21, 2018 that it entered an agreement with the Port of Rotterdam Authority that has the most port traffic in Europe and ABN AMRO, one of the three representative banks in the Netherlands, to launch a logistics project based on block chain.

74 corpses found at U.S. mysterious funeral halls

A total of 74 fetus and infant corpses were found with an interval of one week at two funeral halls located in Detroit, Michigan, the United States. What’s more surprising is that some of them were dead three years ago. This mystery over the discovery of the dead fetus and infants has drove the U.S. public into a state of shock.

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

Another joint exercise canceled

South Korea and the United States decided to suspend the Vigilant Ace joint aerial exercise slated for December in consideration of ongoing diplomatic efforts with North Korea, the latest cancellation of joint drills this year. The Ministry of National Defense reported in a statement issued on Oct. 20, 2018 that Defense Chief Jeong Kyeong-doo and his U.S. counterpart Secretary of Defense James Mattis discussed military measures aimed at helping establish a permanent peace regime in the region, “including suspension of the Vigilant Ace drill” during their meeting at the 2018 Association of Southeast Asian Nations Defense Ministers’ Meeting (ADMM-Plus) in Singapore.

Public wants no lenience in brutal stabbing case

More than 780,000 people signed a petition to the Blue House as of Sunday urging severe punishment for a 30-year-old man who fatally stabbed a part-time worker at a Seoul PC bang (internet cafe) last week, and blamed his violence on depression. The petition, which began last Wednesday, got the highest number of signatures since the online platform was established by the Moon Jae-in Blue House in August 2017, even higher than a petition asking the government to stop accepting refugees on Jeju Island.

Many chaebol chairmen’s stock holdings fall

Top shareholders in Korea’s top 10 conglomerates saw the value of their listed assets fall more than 5 trillion won ($4.42 billion) this year, hit by a slump in stock prices, according to chaebul.com, an online chaebol-related information provider, on Oct. 21, 2018.The combined value of shares held by chairmen of the top 10 chaebol stood at 29.93 trillion won as of Oct. 19, down by 15 percent, or 5.28 trillion won, from 35.18 trillion won at the end of last year.

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

We Welcome the Pope's Visit to North Korea

On October 18, Pope Francis said, "If the invitation (for a visit to North Korea) comes, I will surely respond to it and I can possibly go." This day, President Moon Jae-in officially visited the Vatican and delivered an invitation from North Korean leader Kim Jong-un wishing for a papal visit to North Korea. According to Yoon Young-chan, the Cheong Wa Dae senior secretary for public relations, the pope said that the verbal invitation relayed by the president was sufficient, but that an official invitation would also be nice.

Deep-rooted Bad Practices by the Korea Kindergarten Association: They Need to Be Pulled Out Now

The long-established bad practices are rooted deep. That is why they are called jeokpye, which means deep-rooted bad practices. The actions of the Korea Kindergarten Association, the largest organization of private kindergartens, clearly reveal this. The association has taken legal action against MBC, which released the audit results of kindergartens. The association has requested an injunction to ban the release of the names of the kindergartens.

Ministry of Justice Plays an Authoritarian Government: Says It’s All about Cracking

Minister Park Sang-ki of Justice demanded rigorous measures to handle false and

manipulated information or so-called ‘fake news.’ In a press release issued on October 16,

Minister Park ordered prosecutors that if someone should commit the offense of falsifying or manipulating information, they must promptly set up a chain of investigation at the initial

stage to track down and identify any principal and de facto offender behind the production

and distribution of such information.

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

Samsung SDS forges blockchain alliance with Dutch bank and port

Samsung SDS, an information technology wing of South Korea's Samsung group, will team up with ABN AMRO, a Dutch bank, to establish a digitized data platform for the logistics network of Rotterdam, the largest port in Europe, by using blockchain technology.

KT operates hydrogen fuel cell power plant in virtual power plant project

South Korea's top telecom company, KT, has started the commercial operation of a fuel cell power plant as part of its new business strategy to use artificial intelligence and other advanced technologies for the establishment of an intelligent virtual power plant (VPP), a network of interworking renewable energy power plants.

Incheon threatens to strip GM of crucial facility for test driving in S. Korea

A South Korean city which runs a free economic zone threatened to strip U.S. carmaker General Motors of free land used for vehicle testing and development, siding with workers who have opposed the proposed establishment of an independent corporation specializing in research and development.

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

S. Korea joins Europe in push for digital tax on tech giants

South Korea is seeking to impose a digital tax on Google and other global tech giants, joining a similar movement in Europe. In a parliamentary audit on Oct. 19, 2018, Kim Dong-yeon, Korea’s finance minister and deputy prime minister, suggested higher taxes on tech multinationals like Google are in order, as they are exempt from corporate tax in the country even while generating billions of dollars in revenue every year.

Korean names drop by half from Forbes’ Best Employers 500 from year ago

South Korean names were halved in the list of World’s Best 500 Employers compiled by U.S. business journal Forbes as the Korean Inc. struggle under multiple whammies of waning competiveness and productivity and dismal job conditions.

Fitch: Emerging markets to struggle in 2019

Emerging markets are set to face rising economic headwinds in 2019 as global growth slows and financial conditions tighten, according to James McCormack, Fitch`s global head of sovereign ratings. Rising US interest rates and the end of quantitative easing by the European Central Bank (ECB) will result in a tougher funding environment for emerging markets.

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Lee Kyung-sik edt@koeapost.com