Headlines, November 2, 2018

Friday, November 2, 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.

U.S. says sanctions on N. Korea will remain in place

The United States said on Nov. 1, 2018 that sanctions on North Korea will remain in place until it gives up its nuclear weapons program, remarks following North Korean leader Kim Jong-un's sharp rebuke of "vicious sanctions." The two sides have been working to implement a deal reached by U.S. President Donald Trump and Kim to achieve "complete" denuclearization of the Korean Peninsula.

S. Korea analyzing soil sample from N.K.'s nuclear test site: lawmakers

South Korea's spy agency is analyzing a soil sample collected from around North Korea's nuclear test site, which Pyongyang demolished in May, lawmakers said on Nov. 2, 2018. In a briefing to the parliamentary intelligence committee this week, the National Intelligence Service (NIS) also said it is monitoring North Korean leader Kim Jong-un's health through a 3-D video analysis program, according to the committee members.

Financial market volatility may expand further: BOK chief

South Korea's central bank chief said Friday that the local financial market will likely face wider volatility in the coming months due to lingering uncertainties abroad. With global financial markets, including Wall Street suffering a stock rout, the benchmark Korea Composite Stock Price Index nose-dived 14.8 percent in October alone, and the secondary index for the tech-laden KOSDAQ market plummeted 23.4 percent.

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

US Lowers Provisional Tariffs on S. Korean Steel Products

Washington has significantly lowered its preliminary retaliatory tariffs on South Korean steel products. The U.S. Commerce Department on Wednesday issued a preliminary ruling on Posco’s hot-rolled steel plates, lowering provisional tariffs from 57-point-04 percent to a mere one-point-73 percent.

Every Car on S. Korean Roads Advised to Carry Fire Extinguisher

Every car running on South Korean roads has been advised to carry a fire extinguisher. It is part of government measures announced on Nov. 1, 2018 to strengthen vehicle fire safety management. The Anti-Corruption and Civil Rights Commission and the National Fire Agency jointly drafted the measures and advised the Land Ministry, the National Police Agency and major cities and provinces to follow them.

Rights Groups Welcome Conscientious Objector Ruling

Human rights groups in South Korea are welcoming a Supreme Court ruling upholding conscientious objectors' right to refuse mandatory military service. The Center for Military Human Rights and the Korea branch of Amnesty International joined other groups outside the court on Nov. 1, 2018 to call for "reasonable alternatives" to military service.

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

Police book Gyeonggi governor on 3 charges

Police said on Nov. 1, 2018 they have registered a criminal case against Gyeonggi Province Gov. Lee Jae-myung on multiple charges against him. Bundang Police Precinct in Seongnam, just south of Seoul, said it has booked the governor for allegedly abusing his power, spreading false information and violating the election law. The police then sent the case to the prosecution for further investigation with an opinion that he should be indicted on those charges.

1 in 5 seniors socially inactive: report

One in 5 elderly people in South Korea is socially inactive, necessitating greater care for their isolation and loneliness, a report said on Nov. 2, 2018. According to the report based on a 2017 survey of 10,000 senior citizens, 20.9 percent of the respondents said they were not socially active at all.

S. Korean delegation departs for sports talks with N. Korea

A South Korean delegation departed for sports talks with North Korea on Friday to discuss ways to cooperate on future Olympic Games. South Korean Vice Sports Minister Roh Tae-kang will meet his North Korean counterpart Won Kil-u with other officials at the joint liaison office in the North's border town of Kaesong. The meeting will start at 10 a.m.

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

Moon calls for ‘inclusive society’ in budget speech

President Moon Jae-in on Nov. 1, 2018 stressed job creation and welfare, and making peace with North Korea, promising to build an “inclusive nation” in his budget speech at the National Assembly. The government’s budget bill for next year requests 470.5 trillion won ($413.8 billion), up 9.7 percent from this year. The increase is the largest year-on-year rise seen since 2009.

Moon to take Friday off for rest

Moon needs rest because he hasn't taken a single day off since his European trip last month and he's scheduled to go on another overseas trip, spokesman Kim Eui-kyeom said. It will be Moon's 11th day off this year, including his five-day summer vacation.

Alleged Peeping Toms accused of hacking pet-monitoring cameras

Police said Thursday that 10 people have been booked on suspicion of hacking IP cameras used to monitor pets and violating privacy laws by recording videos of the owners. A suspect surnamed Hwang was booked on charges of hacking and leaking the personal information of about 10,500 users. Hwang is also accused of illegally accessing some 264 IP cameras and secretly recording videos of the users.

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

Multiracial Korea as solution to population decline

Step into any construction site, factory floor or fishing vessel and it becomes clear who keeps the wheels running at the lowest tier of the Korean economy — migrant workers. As of September, foreign residents, numbering around 2.3 million, made up over 4 percent of the country's population. Most of them are migrant workers from China or Southeast Asian countries.

Moon asks Assembly to support growth policy

President Moon Jae-in asked the National Assembly, Nov. 1, 2018, to endorse the government's expansionary budget proposal for next year as Seoul hopes to boost the economy by creating more jobs. "South Korea achieved 3 percent economic growth last year, but the economy is predicted to expand 2 percent this year retreating from the growth seen in 2017. It's highly likely that this low growth, which began many years ago, will continue," Moon said in his address to the Assembly.

Koreas take measures to prevent possible conflict at border

The two Koreas have implemented an agreement signed in mid-September designed to prevent any military conflict with each other on their land, sea and air borders, the Ministry of National Defense said on Nov. 1, 2018. "As of Nov. 1, Seoul and Pyongyang will put a complete end to any hostile activities against each other on land, sea and air boundaries," a military official said.

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

Moon Says N.Korean Leader Kim to Visit Seoul 'Soon'

South Korean President Moon Jae-in said on Nov. 1, 2018 that North Korean leader Kim Jong-un will "soon" visit Seoul as part of a flurry of high-profile diplomacy aimed at ridding North Korea of its nuclear weapons. During a speech before parliament, Moon said that a second North Korea-U.S. summit is "near at hand" and that Chinese President Xi Jinping is expected to visit North Korea soon.

Court Upholds S.Korea Conscientious Objection to Military

In a landmark verdict, South Korea's top court on Nov. 1, 2018 ruled that people can legally reject mandatory military service on conscientious or religious grounds and must not be punished. The Supreme Court ruling is expected to affect the cases of more than 900 conscientious objectors on trial, as hundreds of South Koreans, mostly Jehovah's Witnesses, are imprisoned every year for refusing to serve in the military.

Chanel Hikes Prices Again This Year in Korea

French luxury brand Chanel has raised the prices of its key products in Korea again. Chanel said on Oct. 31, 2018 that it would hike the prices of some products by 4 to 5 percent starting on Nov. 1, 2018, reflecting changes in productions costs and exchange rates.

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

Defense minister says “foundation for OPCON transfer has been laid”

During a press conference immediately after the 50th South Korea-US Security Consultative Meeting, which was held in Washington, DC, on Oct. 31, South Korean Defense Minister Jeong Kyeong-doo said that “the foundation for the OPCON transfer has been laid” in regard to his signing an important document related to the transfer of wartime operational control of South Korean troops, known as OPCON.

Aging plaintiffs in case against Japan’s forced labor practices running out of time

“I don’t have a lot of days left to live. I hope my wish will be granted while I’m alive,” said Kim Jae-rim. On the afternoon of Oct. 31, the 88-year-old woman was in room No. 204 at the Gwangju High Court. She is the plaintiff in an appeals case being tried by Hon. Choi In-gyu, head of the court’s second civil division.

Japan’s refusal to pay reparations contradictory to its attitude toward Chinese forced laborers

While the Japanese government and Nippon Steel and Sumitomo Metal Co. are protesting a ruling by South Korea’s Supreme Court that Koreans who were conscripted into forced labor during Japan’s colonial rule must be compensated, this reaction strikes some as a double standard, considering that Japanese companies have basically compensated some Chinese victims regardless of judicial rulings.

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

Outline of alternative military service to be confirmed next week

The Supreme Court recognized Thursday religious and personal faiths to be valid reasons for refusing military service, and the Ministry of Defense is going to announce a plan on alternative services for the so-called conscientious objectors next week. The gist of the new proposal is for objectors of religious beliefs to serve at correctional facilities for 36 months, starting 2020.

Bithumb to set up security token exchange in the U.S.

Bithumb, South Korea’s largest cryptocurrency exchange, is setting up a security token exchange in America, making inroads into the financial market of the United States. Bithumb announced on Thursday that it signed an agreement with SeriesOne, an American fintech company, on investment and technological support for the establishment of its token exchange.

Making of fermented bean paste becomes national intangible asset

The Korea tradition of making fermented bean paste, or "jang," which has been descended for many centuries since 668 A.D., will be designated as a national intangible asset. The Cultural Heritage Administration announced on Nov. 1, 2018 that it will designate the culture of making fermented bean paste and soy sauce by boiling beans and making meju as an intangible asset.

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

Seoul, Washington give assurances on Opcon

Seoul and Washington signed a strategic guideline on Oct. 31, 2018 that paves the way for a Korean-led combined defense mechanism after the transfer of wartime operational control (Opcon) from the United States. South Korean Defense Minister Jeong Kyeong-doo and U.S. Defense Secretary James Mattis convened the 50th Security Consultative Meeting (SCM) at the Pentagon and signed the Alliance Guiding Principles to ensure a strong combined defense posture following the transfer.

Supreme Court accepts conscientious objections

South Korea’s Supreme Court ruled on Nov. 1, 2018 that moral scruples and religious beliefs are valid reasons to refuse compulsory military service, a landmark change in the court’s decades-long stance on conscientious objection and one that’s expected to impact the fate of over 900 men.

Exports keep surging as other parts of economy wobble

Korea’s exports were the second-largest ever last month - and exports in the first 10 months hit a record high for that period. So while the employment situation continues to disappoint and the stock market suffers steep losses - forcing many institutions to lower their growth outlooks for this year - the economy’s main engine shows surprising strength.

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

Rape by "May 18" Army: Soldiers Should Be Held Responsible

An official government investigation announced that at the time of the May 18 Gwangju Uprising, military soldiers had raped and carried out sexual torture against women. The National Human Rights Commission of Korea, the Ministry of Gender Equality and Family and the Ministry of National Defense jointly organized an investigation team on the rape committed by the "May 18" military, and on October 31, the team announced, "We uncovered a total of seventeen cases of rape committed by the soldiers at the time and a number of actions violating the rights of women, such as sexual assault and sexual torture, against ordinary citizens and the victims who were arrested."

Agreement on a Working Group of South Korea and the U.S. Should Provide an Opportunity to Strengthen Cooperation for Denuclearization

South Korea and the United States decided to operate a "working group" to improve coordination on North Korean policies and discuss the compliance with United Nations (U.N.) sanctions. The U.S. State Department announced that the purpose of the group was to strengthen close cooperation on issues including the compliance of UN resolutions concerning efforts for denuclearization, the implementation of sanctions on North Korea and inter-Korean cooperation.

"No Collective Action" by Korea Kindergarten Association: Now Towards Restoring Education in Our Kindergartens

The Korea Kindergarten Association held a symposium on strengthening the public nature of private kindergartens to discuss the government's measures for private kindergartens, but reportedly, the group is not considering any collective action, such as a shutdown. It is good to hear that we no longer have to worry about a possible "childcare crisis." However, the association repeated its existing argument claiming that the corruption in the accounting of private kindergartens was due to an insufficient system and that private kindergartens were private property.

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

Aju Business Daily agrees with Japanese news outlet NNA to exchange contents

Aju Business Daily has agreed with NNA, an economic news outlet affiliated with Kyodo News Agency, the biggest news agency in Japan, to exchange contents. The two sides signed a memorandum of understanding (MOU) in a ceremony on Nov. 1, 2018 at Aju Business Daily's headquarters in Seoul to cooperate and exchange news contents. Through the agreement, NNA readers can read contents created by Aju Business Daily and vice versa.

Shinsegae interested in acquisition of beer company despite denials

In a saturated domestic market where competition is getting fierce due to brisk sales of imported products, South Korean retail giant Shinsegae is taking steps probably to acquire Oriental Brewery (OB), a major beer producer owned by a Belgian company. Both companies made flat denials, but there has been market speculation that Shinsegae was recruiting people involved in the liquor industry for the possible acquisition of OB, which is owned by Anheuser-Busch InBev of Belgium and produces popular beverages including Cass, a top beer brand.

New rules require all vehicles to carry handy fire extinguishers in S. Korea

All South Korean vehicles may have to carry at least one portable fire extinguisher designed to fit into the glove box or a door storage compartment under new rules proposed by firefighters amid widespread public concerns about a string of engine fires involving BMW cars.

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

FSC eases regulations on SME funding to vitalize capital market

The South Korean government has redesigned regulations on fundraising to enable small- and mid-sized companies to tap into more diverse capital resources easily, a move that is also expected to diversify investment choices for local retail investors relying heavily on real estate.

SKT and KT honored in recognition of global leadership in Wi-Fi technology

SK Telecom and KT Corp., South Korea’s leading mobile carriers, have been globally honored once again for their leadership in next-generation Wi-Fi technology. SK Telecom on Nov. 1, 2018 said it received a top customer value award during the 7th Wireless Broadband Alliance Industry Award held in London on Nov. 1, 2018. The industry award is organized by the Wireless Broadband Alliance consisting of global telecom companies such as AT&T, NTT DoCoMo and Qualcomm and Wi-Fi equipment vendors.

Celltrion, Celltrion Healthcare shares boosted by buyback plan

Shares of South Korea’s leading biosimilar manufacturer Celltrion Inc. and its marketing and distribution arm Celltrion Healthcare Co. received a boost on Thursday after the companies announced plans to buy back shares to aid their stock prices hammered by last month’s rout.

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