Headlines, October 30, 2018

Tuesday, October 30, 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. Korea, U.S. to hold annual defense talks in Washington this week

South Korea and the United States will hold their annual defense ministers' talks in Washington this week over a range of bilateral issues, such as the transfer of wartime operational control (OPCON), Seoul officials said on Oct. 29, 2018. Defense Minister Jeong Kyeong-doo and his U.S. counterpart, James Mattis, will attend the 50th Security Consultative Meeting (SCM) on Oct. 31, 2018 as the allies seek to stay on the same page to achieve the final, fully verified denuclearization of North Korea.

Hankook Tire Q3 net profit down 30.9 pct on costs, weak sales

Hankook Tire Co., the world's seventh-largest tiremaker by sales, said on Oct. 29, 2018 that its third quarter net profit fell 30.9 percent from a year earlier on increased costs and weak sales. For the three months ending Sept. 30, net profit reached 118.9 billion won (US$104.1 million), down from 171.9 billion won a year earlier, the company said in a statement.

S. Korea to host tourism fair in UAE this week

South Korea will host a tourism exhibition in the United Arab Emirates this week to try to attract more Middle Eastern visitors, the state-run tourism agency said on Oct. 30, 2018. The three-day 2018 Korea Culture & Tourism Festival will kick off in the oil-rich capital of Abu Dhabi on on Nov. 1, 2018, according to the Korea Tourism Organization (KTO).

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

Top Diplomats of S. Korea, US Discuss N. Korea, Iran Sanctions

Foreign Minister Kang Kyung-wha and U.S. Secretary of State Mike Pompeo have discussed ways to achieve the denuclearization of the Korean Peninsula and other pending issues. The Foreign Ministry in Seoul said that in phone talks on Oct. 29, 2018 evening, Kang stressed the need for improvement in inter-Korean relations based on close cooperation between South Korea and the U.S.

FSS to Closely Monitor Financial Market Situation

The nation's financial watchdog has vowed to closely monitor market movements at home and abroad and sternly respond to market disrupting activities. The Financial Supervisory Service convened a meeting on Oct. 29, 2018 to inspect the market situation and discussed the impact from the recent stock price plunges in Korea and abroad, and foreign funds exiting from the domestic bourse.

Education Authorities to Hold Meeting on Kindergartens' Possible Shutdown

Education authorities will hold an emergency meeting on Sunday afternoon to discuss measures to deal with a possible shutdown of private kindergartens amid calls for efforts to address irregularities in preschool facilities. In the meeting, the Education Ministry and education offices of 17 cities and provinces will check the situation of private kindergartens moving to suspend operations or refusing to admit new students in protest of a set of government measures aimed at improving their transparency.

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

50 years on, SCM serves as allies' pivotal defense dialogue

Five decades after its launch, the Security Consultative Meeting (SCM) serves as an overarching defense dialogue between South Korea and the United States to fend off North Korea's military adventurism and maintain peace and stability on the peninsula. On Oct. 31, 2018, the allies will mark the 50th anniversary of their annual defense chiefs' talks in Washington D.C. against the backdrop of diplomacy with the communist regime aimed at building trust and encouraging its nuclear disarmament.

Regulator to activate contingency plan on stock market if necessary

The financial regulator said on Oct. 30, 2018 it will activate a contingency plan for the stock market if necessary as the nation's benchmark index plunged to its lowest level in nearly two years. Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks at a meeting with senior FSC officials earlier in the day.

Finance minister says gov't ready to take measures to stabilize stock market

The government is keeping close tabs on the local stock market, which has suffered a sharp decline in the past few sessions, the country's chief economic policymaker said Tuesday, adding that the authorities are ready to take steps to help boost market sentiment. South Korean stocks fell 1.5 percent on Oct. 29, 2018 to hit their lowest point in 23 months on heavy sell-offs by foreign investors, extending the bourse's sharp slump into a fifth session.

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

Economist: NK eying Swiss, Singaporean-style success

North Korea is exploring a grand plan to become a regional transportation hub, inspired in part by the successes of Singapore and Switzerland, and would be open to joining world financial institutions such as the International Monetary Fund if current member states give up their “hostile” policies toward it, a senior government economist has told The Associated Press.

Hopes high for free access to ‘scariest place on Earth’

With the two Koreas withdrawing firearms and soldiers from guard posts within a jointly controlled area inside the heavily fortified border region, the focus is now on when and how security guards and civilian visitors will be allowed to travel freely inside the restricted area.

‘Egyptian military safeguards bilateral cooperation’: defense attaché

The Egyptian Embassy in Seoul and its Defense Office marked Egyptian Armed Forces Day on Oct. 31, 2018. On Oct. 6 each year, Egypt celebrates the October War of 1973, also known as the 1973 Arab-Israeli War or Yom Kippur War. The war began with the Egyptian Army’s crossing of the Suez Canal as part of Operation Badr, which culminated in the capture of the Bar Lev Line, a chain of fortifications built by Israel along the eastern bank of the canal.

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

OECD members to discuss digital government in Seoul today

An international meeting of OECD members and experts will be held in Seoul from on Oct. 30 to Oct. 31 to discuss digitization of government administration systems. The Ministry of the Interior and Safety is hosting the annual meeting with 100 senior officials from 36 governments of OECD member nations, partner countries and experts to tackle risks in applying the latest technologies to make the public sector more responsive and sustainable.

Trump pins hopes for economic prosperity of NK

United States President Donald Trump has pinned hopes that North Korea will achieve "economic prosperity" once it continues fulfilling its pledge for denuclearization. "North Korea will become a great economic place," Trump said in an Illinois rally, On Oct. 27, 2018. He said the location is good for North Korea, as it is between Russia, China and South Korea. "It is going to be fantastic."

Seoul, Washington fine tune details on North Korea's denuclearization

The top nuclear envoys of South Korea and the United States met in Seoul, Oct. 29, 2018, to discuss North Korea's denuclearization. U.S. Special Representative for North Korea Stephen Biegun and his South Korean counterpart Lee Do-hoon, representative for Korean Peninsula peace and security affairs, had met in Washington seven days previously.

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

Gunsan Bakery Tops Drivers' Favorite Eateries

The Leesungdang bakery in Gunsan, North Jeolla Province is the most popular eatery in Korea, according to data from drivers' satnavs. Kakao on Monday listed the 30 most frequently visited restaurants, cafes and bakeries for drivers who used KakaoNavi from September 2017 to August 2018.

Business Sentiment in October Marks Record Low Since December 2016

Business sentiment among Korean firms dropped this month to its lowest level since December 2016 mainly due to manufacturers' concerns about the spike in international oil prices. According to the Bank of Korea, the business survey index came to just 73 in October, down two points from the month before.

KOSPI Closes Below 2,000 for 1st Time in 22 Months

For the first time in 22 months, the Korea Composite Stock Price Index has closed below the 2,000 mark. On Oct. 29, 2018, the benchmark KOSPI closed at 1,996 points, down 1.5 percent and marking a fifth straight session of declines. The junior Kosdaq plunged by over five percent, closing below 630, the lowest figure since August 2017.

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

South and North Korea complete removal of outposts and firearms from JSA

South and North Korea’s joint verification of the removal of outposts and firearms from the Joint Security Area (JSA) at Panmunjom was completed on schedule on Oct. 27, leading to expectations that civilians and tourists will be able to access the area freely as early as the beginning of November.

Moon expresses willingness to give Kim Jong-un tour of Mt. Halla during reciprocal visit to Seoul

On Oct. 28, South Korean President Moon Jae-in mentioned the Korean expression “from Mt. Baekdu to Mt. Halla” while saying he would be willing to give North Korean leader Kim Jong-un a tour of Mt. Halla if he wants to during his reciprocal visit to Seoul. Moon made the remarks on the morning of Oct. 28 in response to a question about Kim’s visit while he was hiking on Mt. Bugak, behind the Blue House, with Blue House press corps.

Investigating the boom in South Korea’s instant rice industry

Food columnist Baek Moon-young, 29, eats instant rice at least once a day. Part of it is the convenience, but the biggest reason is the flavor. “Honestly, it’s better than the rice I make at home,” [she] said. “The uniformity of the taste is one of its strengths. I can’t imagine life without instant rice,” she added.

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

Steve Biegun visits Seoul with a N. Korean map

“We have a shared goal here, which is to bring an end to 70 years of war and hostilities on the Korean Peninsula,” Steve Biegun, United States Special Representative for North Korea, said on Oct. 29, 2018. “And the primary requirement for us to get to the end point is to achieve final, fully, verified denuclearization (FFVD) of North Korea.”

Hyundai Motor eyes Chinese hydrogen-powered car market

Hyundai Motor is establishing a 100 million dollars (approx. 113.4 billion won) fund to build and increase its presence in the hydrogen ecosystem in Korea and China. Hyundai Motor has signed a memorandum of understanding (MOU) with Beijing-Tsinghua Industrial R&D Institute (BTIRDI) to jointly establish a “Hydrogen Energy Fund,” the company said on Monday. Hyundai Motor and Yield Capital, investment firm under the BTIRDI, will jointly raise and manage the fund.

Ssireum to become UNESCO’s Intangible Cultural Asset

Ssireum, Korean traditional wrestling, is highly likely to be listed as UNESCO’s Intangible Cultural Asset. Both South and North Korea have separately applied for the inclusion of ssireum in the UNESCO’s list. The Cultural Heritage Administration said on Oct. 29, 2018 that ssireum was recommended for addition to the UNESCO Intangible Cultural Asset by the eval‎uation body under the UNESCO.

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

Trump is in no hurry to denuclearize North Korea

U.S. President Donald Trump said Saturday during a campaign rally in Illinois that he doesn’t care how long North Korean denuclearization takes as long as there is no nuclear testing. The remark was made as denuclearization talks between Washington and Pyongyang remain deadlocked and a month after Trump said it “doesn’t matter” if it takes “two years, three years of five months” for the North to denuclearize.

Pyongyang Declaration formally promulgated

An inter-Korean agreement reached last month in Pyongyang that promised to halt “all hostile acts” between the South and North Korea officially took effect Monday amid simmering discontent from the opposition, especially the Liberty Korea Party. The Pyongyang Declaration, signed between South Korean President Moon Jae-in and North Korean leader Kim Jong-un on Sept. 19 in the North Korean capital, was published in the government’s official gazette on Oct. 29, 2018, completing the process of promulgating an agreement that Moon touted as a virtual end-of-war declaration between the two Koreas.

Pyongyang’s envoys went to Europe to talk security

North Korean diplomatic officials visited Europe twice this month to attend security-related meetings alongside experts from the United States and South Korea. They likely attended the meetings to voice Pyongyang’s stance on denuclearization, as talks with Washington have stalled.

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

Im Jong-heon Arrested: The Court Acknowledged the Existence of the Abuse of Court Authority

The first arrest was made in the investigation of the abuse of court authority under Yang Seung-tae four months after the investigation first launched. Im Jong-heon, former assistant director of the National Court Administration was arrested on October 27.

Two Years after the Candlelight Demonstrations: Have the Wishes of the Candlelight Public Been Realized?

October 29 marks the second year since the citizens came out onto the streets holding candles and asking, "What kind of country is this?" at the abuse of state authority by former President Park Geun-hye. Since then, the courts have punished the abuse of state authority and corruption by former presidents Lee Myung-bak and Park Geun-hye. However, we find ourselves asking how much of the values that the candlelight citizens demanded have been realized.

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.”

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

Huawei ready to disclose source code if requested by LG U+

In an effort to prove its innocence over accusations that Huawei has "back doors" embedded in its network and device, the Chinese telecom giant expressed its willingness to disclose its source code if it is requested to do so by a South Korean partner for the establishment of a fifth-generation (5G) network.

Human drivers to test skills against self-driving cars at motor show

Self-driving cars will test their driving skills against human drivers next month on a hazard course full of unexpected obstacles and simulated on-road conditions at a South Korean autonomous motor show. The contest will take place at a three-day motor show, which starts on November 17 in the Pangyo Techno Valley, an industrial complex focusing on information, biotech and cultural technology in southern Seoul.

Hyundai seeks structural change to focus on future businesses

South Korea's Hyundai auto group set up two new organizations in charge of hydrogen electric vehicles and artificial intelligence for smart mobility solutions in a structural change that reflects the group's aggressive push for design innovation and the development of future technologies.

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

LINE to Acquire 20% Stake in Bank KEB Hana to Expand Fintech Services in Indonesia

LINE Corporation, through its subsidiary LINE Financial Asia, will acquire a 20 percent stake in lender Bank KEB Hana Indonesia to expand digital banking services in Southeast Asia`s largest economy, the Japan-headquartered messaging giant said in a statement on Oct. 28, 2018.

GM CEO indicates visit to Korea “to put an end to speculation”

Mary Barra, chief executive of U.S. automaker General Motors Co., in a letter to the union of GM Korea, indicated that she could come to Korea “at some point soon” to “put an end to the speculation” that is not helping the company and its stakeholders.

Korean business sentiment for Nov sours by biggest pace amid stk market crash

South Korea’s business outlook for November fell by the biggest monthly pace this year, reflecting the overall pessimism across key industries of Asia’s fourth largest economy. According to Korea Economic Research Institute (KERI) on Monday, the business survey index (CBSI) of the country’s 600 largest companies stood at 90.4 in November, down from 97.3 a month ago. That is the second lowest figure this year and the biggest monthly drop.

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