Friday, October 26, 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.
Koreas to hold general-grade talks over enforcement of military agreement
The Koreas will hold general-grade military talks on Oct. 26, 2018 over the enforcement of last month's agreement aimed at reducing tensions and preventing accidental clashes, Seoul's defense ministry said. The talks will be held at Tongilgak, a North Korean building in the truce village of Panmunjom inside the Demilitarized Zone separating the Koreas, at 10 a.m. Major Gen. Kim Do-gyun will lead the South's delegation, while the North will be represented by Lt. Gen. An Ik-san.
U.S. envoy for N. Korea to visit S. Korea next week
U.S. Special Representative for North Korea Stephen Biegun will travel to South Korea next week to coordinate steps for the full dismantlement of North Korea's nuclear weapons program, the U.S. State Department said on Oct. 25, 2018. Biegun will visit Seoul on Oct. 29 and Oct. 30 to meet with his South Korean counterparts on "diplomatic efforts to achieve the final, fully verified denuclearization of North Korea as committed to by Chairman Kim in Singapore," the department said in a statement.
S. Korea's consumer sentiment dips in Oct.
South Korea's consumer sentiment fell slightly to below the breakeven point of 100 in October as rising oil prices and sliding stock prices hurt peoples' confidence in the future, a central bank poll showed on Oct. 26, 2018. Based on a new set of household samples, the composite consumer sentiment index (CCSI) for the month stood at 99.5, down 0.7 point from the previous month, the Bank of Korea (BOK) said.
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KBS (http://world.kbs.co.kr/english/news/)
Vice Foreign Ministers of S. Korea, Japan Discuss Fate of Japan-Funded Foundation
Vice Foreign Ministers of South Korea and Japan have discussed the fate of a Japan-funded foundation for Korean victims of wartime sexual slavery. According to Seoul’s Foreign Ministry, First Vice Foreign Minister Cho Hyun met with Vice Foreign Minister of Japan Takeo Akiba in Tokyo on Oct. 25, 2018 and exchanged views on a full range of issues, including the Reconciliation and Healing Foundation.
Hyundai Motor's Q3 Operating Profit Plunges 76%
Hyundai Motor's third quarter operating profit has plunged nearly 80 percent year-on-year.The carmaker on Thursday announced third quarter sales of 24-point-four trillion won and operating profits of 288-point-nine billion won. Sales have increased one percent from the same quarter last year but operating profit has nosedived 76 percent.
Military Finds Korean War Remains During Demining Work in DMZ
The South Korean military has found the remains of two people from the Korean War for the first time during its demining work inside the Demilitarized Zone. The Defense Ministry said on Oct. 25, 2018, its Agency for Killed In Action Recovery and Identification on on Oct. 24, 2018 retrieved the remains from Arrowhead Ridge in Gangwon Province, a site of fierce battles during the three-year conflict.
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Yonhap (http://english.yonhapnews.co.kr)
U.S. sanctions 2 Singapore firms, individual over N. Korea
The United States on Thursday sanctioned two Singapore-based firms and an individual over their alleged money laundering on North Korea's behalf. The Department of the Treasury said it is targeting Wee Tiong, a commodities trading company, WT Marine, a marine fuels company, and Tan Wee Beng, a Singaporean national who serves in senior positions in both firms.
S. Korea's local gov'ts speed up cooperation with N. Korea
Local governments in South Korea are accelerating various exchange and cooperation projects with North Korea amid the improving inter-Korean relationship. Busan's Vice Mayor for Economic Affairs Yoo Jae-soo, Gyeonggi Province's Vice Governor for Peace Lee Hwa-young and Sejong City's Vice Mayor for Political Affairs Lee Kang-jin have returned from their joint visit to North Korea from Oct. 20-23.
Man arrested in connection with his fiancee's murder
A man in his 20s was arrested on Oct. 26, 2018 in connection with the murder of his 23-year-old fiancee in the northeastern South Korean city of Chuncheon, police said. The 27-year-old man is suspected of strangling her to death at his house in the city around 11:30 p.m. the previous day and damaging her body following a quarrel with her over how to prepare for a house they would live in after getting married. After having trouble getting in touch with the man, his parents visited the son's house only to find her dead and reported the case to police.
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The Korea Herald (http://www.koreaherald.com)
Ruling camp to reinforce monitoring of private kindergartens’ accounts
The government and the ruling party vowed on Oct. 25, 2018 to reinforce monitoring of accounting practices at private kindergartens and to increase the number of the state-run facilities, after accounting fraud was discovered at thousands of kindergartens across the country. The Education Ministry will also improve transparency at private kindergartens by applying a new accounting system, Minister Yoo Eun-hae and ruling Democratic Party of Korea lawmakers said during a meeting at the National Assembly.
N.Korea warns US against 'confidence-destroying measures'
A North Korean official urged the United States on Oct. 25, 2018 to immediately lift sanctions against his country, warning that the country's "confidence-destroying measures" would undermine denuclearisation talks. The US has insisted on maintaining stringent international sanctions on North Korea until it gives up its nuclear weapons, even as the two countries' leaders are expected to hold a second summit soon.
Kolon, BASF launch joint venture for polyoxymethylene production
Kolon Plastics, an affiliate of South Korea’s Kolon Group, launched Kolon BASF innoPOM, a joint venture with German chemicals firm BASF, to make polyoxymethylene (POM) a plastic used in car parts, the company said on Oct. 25, 2018. Backed by the world’s biggest POM production capacity and growing demand in the auto industry, the joint venture is expected to bolster Kolon’s annual revenue by 80 billion won ($70.2 million).
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The Korea Times (http://www.koreatimes.co.kr)
GM Korea subcontractors on verge of collapse
Many GM Korea subcontractors are on the verge of collapse as the struggling carmaker's sales show no signs of recovery, industry officials said on Oct. 25, 2018. The escalating labor-management conflict at the Korean unit of the U.S. auto giant has made things worse for auto parts makers, which have been hit hard by plunging sales amid higher labor expenses and soaring raw material costs, they said.
'US embassy did not pay rent for 38 years'
The U.S. Embassy in South Korea has not paid rent for using its site since 1980, a ruling party lawmaker claimed on Oct. 25, 2018, citing data from the Ministry of Foreign Affairs. Rep. Shim Jae-kwon of the Democratic Party of Korea (DPK) said the South Korean government owns the site of the U.S. Embassy in central Seoul. The amount of rent over the past 38 years exceeds 90 billion won ($79 million).
Seoul taxi fare likely to start from 3,800 won next year
Seoul is planning to increase the base taxi fare from 3,000 won ($2.60) to 3,800 won next year, according to a city proposal submitted on Oct. 24, 2018. This is lower than speculation in February that the fare would rise to 4,500 won to prop up taxi drivers' low wages. Seoul has one of the lowest base taxi fares compared with other affluent cities in the world.
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Chosun Ilbo (http://english.chosun.com)
Gov't Spent W10 Billion on Inter-Korean Liaison Office
The Unification Ministry spent a whopping W10 billion from the Inter-Korean Cooperation Fund on setting up a cross-border liaison office in the North Korean border town of Kaesong without consulting the National Assembly (US$1=W1,133). Lawmakers were left out of the whole process and merely informed after the money had been spent. Instead, the government got the expenses rubber-stamped by a body called the Inter-Korean Exchange and Cooperation Promotion Council.
Remains of S.Korean War Dead Found in DMZ
The remains of two South Korean soldiers who were killed during the Korean War have been discovered in the demilitarized zone in Gangwon Province. Demining operations are underway in the DMZ ahead of a joint-Korean excavation of remains of the war dead. But the Defense Ministry has already discovered the remains of the two soldiers there, which was the site of fierce battles during the war, a spokesman said on Oct. 25, 2018.
Korea Becomes 1st Country to Export $100 Billion in Semiconductors
Korea has become the first country to export US$100 worth of memory chips in a year. The trade ministry said the record was set on Oct. 16. The closest any other country got to that feat are the U.S. and Japan. Each exported about $60 billion in 2000 and about $50 billion in 2007. Seoul's accomplishment comes 24 years after its chip exports passed $10 billion in 1994.
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HanKyoReh Shinmun (http://english.hani.co.kr)
South and North Korea to hold 10th round of general-level military talks
South and North Korea are holding a tenth round of general-level military talks at Panmunjom on Oct. 26 to discuss the composition and management of an Inter-Korean Joint Military Committee to implement the military agreement (Comprehensive Military Agreement, or CMA) adopted alongside the Pyongyang Joint Declaration on Sept. 19.
S. Korea to provide US$8.6 mln in support to repair facilities at inter-Korean joint liaison office
The South Korean government is providing 9.78 billion won (US$8.6 million) in inter-Korean cooperation fund support to cover facility repairs and renovations carried out ahead of the opening of an inter-Korean joint liaison office in the Kaesong Industrial Complex At a 298th Inter-Korean Exchange and Cooperation Promotion Council meeting on Oct. 17–24, the South Korean government approved a plan to use the inter-Korean cooperation fund to support repairs and renovations for the office’s opening, the Ministry of Unification reported on Oct. 24.
Civic groups demand apology from US for massacres in April 3 “incident”
The Association for the Bereaved Families of Victims, the Pan-National Committee for the 70th Anniversary of Jeju April 3, the Jeju Memorial Project Committee, and other groups associated with the Jeju Uprising of 1948–49 announced on Oct. 24 that they were sending 100,000 collected signatures to the US embassy in Seoul to demand responsible actions from the US in connection with the incident.
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The Dong-A Ilbo (http://english.donga.com/)
Presidential spokesman’s remarks on N. Korea’s state status face headwinds
“North Korea is not a state,” said Kim Ui-gyeom, the spokesperson of the presidential office of South Korea, in regard with the ratification of Pyongyang Joint Declaration before changing his stance overnight that “There exist many diverse aspects in how we should define North Korea.” Kim’s controversial remarks came up when he rebutted the Liberty Korea Party’s criticism that President Moon Jae-in’s decision to ratify the declaration in question without consent of the National Assembly is in violation of the constitution.
LG, Lufthansa to open joint venture for in-cabin signage systems
LG Electronics has taken its first step to make inroads into the in-cabin signage systems market. The South Korean electronics maker announced on Oct. 25, 2018 that it will establish a joint venture (JV) with Lufthansa Technik, a subsidiary of Deutsche Lufthansa, Germany’s largest air carrier, in a bid to develop in-cabin electronics systems together.
China welcomes Japanese PM amid soured relations with U.S.
Amid worsening relations between the United States and China, Beijing on Oct. 24, 2018 treated visiting Japanese Prime Minister Shinzo Abe with fanfare and hospitality, showing closer ties between the two regional rivals. It has been belated known that China intentionally insulted U.S. Secretary of State Mike Pompeo during his recent visit to Beijing, as Chinese President Xi Jinping refused to meet with him.
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JoongAng Ilbo (http://koreajoongangdaily.joins.com/)
LKP calls Moon’s ratification unconstitutional
The opposition Liberty Korea Party (LKP) on Oct. 25, 2018 slammed the Blue House for saying that an inter-Korean military agreement signed last month didn’t require parliamentary approval because North Korea was not a foreign state. The LKP said such a position was a blatant contradiction and argued South Korean President Moon Jae-in’s “unilateral ratification” of the Pyongyang Declaration and the military agreement signed in the North Korean capital on Sept. 19 was “unconstitutional.”
Government offers 15 trillion won to support innovation
With only about two months left on this year’s calendar, the government rolled out a series of measures to promote innovative growth in order to prevent the economy from slowing further. A total of 15 trillion won ($1.3 billion) of financial support, including loans and tax benefits, is being provided. The goal is to improve the environment so innovation can be led by the private sector rather than by the government.
SK Hynix reports record results
SK Hynix reported record quarterly revenue, operating profit and operating margins on Oct. 25, 2018. But the world’s second-largest memory chip maker, after Samsung Electronics, offered up a gloomy outlook, saying that weakness in memory chip pricing will continue through the first quarter. The company added in a conference call that, in response to the trend, it would scale down facility investments and production volumes at its factories in Cheongju, North Chungcheong, and Wuxi, China.
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The KyungHyang Shinmun (http://english.khan.co.kr/)
Ratification of Pyongyang Declaration: An Issue to Be Resolved by Dialogue, Not by Legal Battle
As President Moon Jae-in ratified the Pyongyang Declaration and the inter-Korean military agreement, the main opposition Liberty Korea Party (LKP) is looking into legal actions, calling the president’s ratification an ‘act beyond the constitution.’ In an emergency press conference, LKP Floor Leader Kim Sung-tae said, “The Panmunjeom Declaration is waiting for the National Assembly’s consent for ratification. In this context, it does not make a juridical sense that the ratification of the Pyongyang Declaration and the inter-Korean military agreement does not require the consent.”
Short-term, Makeshift Job Plans Cannot Solve Unemployment
The government announced its ‘support plan for innovative growth and job creation’ on October 24. To sum up, the plan largely has two main ideas. One is to spend 15 trillion won for small and medium enterprises (SMEs) and High and Potential Enterprises (HPEs) to achieve innovative growth. The other is to create 49,000 customized jobs by the end of this year, in various forms including the internships at public agencies. It seems that the government came up with this additional employment measures recognizing the gravity of current unemployment.
ROK-US Voice Different Views on Suspending Joint Military Exercise
Minister of National Defense Jeong Kyeong-doo and U.S. Defense Secretary James Mattis met in Singapore on October 19, but later spoke different views on Vigilant Ace, an ROK-US joint Air Force exercise. The Pentagon announced that they decided to suspend the military exercises "to give the diplomatic process (for denuclearization) every opportunity to continue." However, a day later, South Korea announced, "It is true that we decided to suspend the exercises, but we decided to further discuss supplementary measures after considering preparedness."
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AJU Business Daily (http://eng.ajunews.com/korea)
Top economic official defines sharing economy as inevitable choice
South Korea's top economic official supported the introduction of "sharing economy" as an inevitable choice as tax drivers remained adamant in opposing a carpool service pushed by Kakao, the country's top message-app operator. Finance Minister Kim Dong-yeon said at a parliamentary inspection on Oct. 25, 2018 that the sharing economy such as carpool services would create new markets.
Google to cooperate with LG Electronics in setting up smart towns
Google will team up with LG Electronics to create an intelligent urban space using artificial intelligence and other future technologies in smart towns to be built in South Korea. Any targeted area was not mentioned, but Google and LG have voiced their interest in an international commercial and business town in the western port city of Incheon.
Hyundai Mobis develops advanced adaptive car headlamps
Hyundai Mobis, a leading car parts maker in South Korea, developed a new adaptive smart headlamp, which efficiently stops a high beam mode from blinding drivers coming from the opposite direction in tough road situations such as an S-shaped curve.
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Maeil Business News Korea ( http://www.pulsenews.co.kr/)
LG Elec Q3 OP confirmed at 9-year high on premium appliance
South Korea’s LG Electronics Inc. on Oct. 25, 2018 confirmed its best third quarter operating profit since 2009 as brisk sales of premium home appliances and televisions more than offset losses in smartphone division.
S. Korea’s semiconductor exports set annual milestone of $100 bn in Oct.
South Korea`s semiconductor industry is writing a new chapter in history with a record $100 billion exports posted on October 16, which beat last year`s full-year record of $97.9 billion, the Ministry of Trade, Industry and Energy said on Oct. 25, 2018. The new milestone was achieved after the country’s accumulated outbound shipments of memory chips surpassed the $1 trillion mark for the first time on Oct. 2 since the government began compiling data in 1977.
Int’l flights from S. Korea to gain 10% on yr this winter season
Flights flying in and out of South Korea this winter season will increase 10 percent against last winter when the country hosted the Winter Olympics amid increases in Chinese tourists and overseas travelers from Korea. The Ministry of Land, Infrastructure and Transport said on Oct. 25, 2018 that licensed 4,854 return flights on 360 routes applied by 93 Korean and foreign airliners between Oct. 29, 2018 and March 30, 2019.
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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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