Headlines, November 5, 2018

Monday, November 5, 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.

Pompeo to meet N.K. counterpart in New York at end of week

U.S. Secretary of State Mike Pompeo said on Nov. 4, 2018 he will meet with his North Korean counterpart in New York "at the end of this week" to continue discussions on the denuclearization of the regime. Pompeo said in two separate interviews that his counterpart will be Kim Yong-chol, a top aide to North Korean leader Kim Jong-un, but stopped short of revealing the exact date of their meeting.

UNHCR Special Envoy Angelina Jolie calls for lasting support for Yemenis

United Nations High Commissioner for Refugees (UNHCR) Special Envoy Angelina Jolie on Nov. 4, 2018 called on the South Korean government to provide support for hundreds of Yemenis until they safely return home, the UN Refugee Agency said. Jolie is visiting South Korea. Her visit to Seoul follows that of UNHCR Filippo Grandi on Oct. 23-24. Around 500 Yemenis fled the conflict in their home country to South Korea's resort island of Jeju in May.

Exports of chicken soup to China soar over three years

South Korea's exports of its traditional chicken soup to China shot up in 2017 from three years earlier thanks to the dish's growing popularity in the world's most populous nation, data showed on Nov. 5, 2018. Exports of chicken soup, called "samgyetang" here, to China came to US$100,339 last year, up 22 times from three months earlier, according to the data from the Agro-Fisheries & Food Trade Corp. (aT).

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

Pompeo to Meet N. Korean Counterpart in New York at End of This Week

U.S. Secretary of State Mike Pompeo said on Nov. 4, 2018 that he will meet with his North Korean counterpart, Kim Yong-chol, in New York this week to resume discussions on the denuclearization of the regime. Pompeo revealed the plan during an interview with Fox News, saying that it will be a good opportunity to continue the denuclearization discussions.

Crimes by Foreigners in S. Korea Decline

South Korea has seen a continued decrease in the number of crimes committed by foreign nationals since last year. The National Police Agency said on Nov. 4, 2018 that the number of arrests of foreign nationals dropped by 18 percent last year from a year earlier and also marked a five percent on-year decrease during the first ten months of the year.

Parties to Form Task Force to Fight Low Birthrate

Three ruling and opposition parties have agreed to form a task force to combat the nation's low birthrate and work to pass related bills to expand coverage of child subsidies. Floor spokesman for the ruling Democratic Party Kang Byung-won told reporters Friday the task force will be able to demand a stronger government role on the low birthrate issue and discuss various policy ideas.

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

South and North Koreans call for resumption of exchanges

Hundreds of South Korean civic leaders and North Korean officials on Nov. 4, 2018 renewed calls for the resumption of inter-Korean exchanges as they met at a scenic mountain resort on the North's east coast for the first time in a decade. The two-day meeting at Mount Kumgang that ended on Sunday came amid rapprochement on the divided Korean Peninsula following inter-Korean summits between the leaders of the two Koreas.

Goldman Sachs economist named head of committee on cooperation with northern nations

A senior Goldman Sachs economist was named head of the Presidential Committee on Northern Economic Cooperation, the presidential office said on Nov. 4, 2018. Kwon Goo-hoon, 56, will replace Rep. Song Young-gil of the ruling Democratic Party as chairman of the committee that was formed to reinforce economic and other forms of cooperation with the northern region, including Eurasia.

Leaders of S. Korean stock firms to visit U.S. this week

A South Korean delegation involving chiefs of major securities firms will visit the United States this week to explore ways for innovative growth and seek investment chances, their association said on Nov. 5, 2018. The 17-member delegation including Kwon Yong-won, chief of the Korea Financial Investment Association (KOFIA), and CEOs of local brokerage firms will embark on a five-day trip later in the day to go to Silicon Valley and Seattle.

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

Police uncover 402 offences in crackdown on crimes by foreign nationals

A total of 402 crimes committed by foreign nationals, including the sale of illicit drugs and gambling, were uncovered during a special 100-day operation, police said. The cases involving 886 suspects were uncovered during a special inspection period from July 16 to Oct 23. Eighty-nine suspects are in custody, according to police.

Teen rescued after being trapped in washing machine

A teenage girl was rescued Saturday by firefighters after being trapped inside a washing machine at a self-service laundromat in Busan. According to police, the teen voluntarily entered the machine a friend had promised to get her something good to eat if she performed the daring act. Her friends reportedly tried to unlock the door afterward, but it remained locked shut.

Yongsan Garrison opens to Korean public for first time in 114 years

The Yongsan Garrison, which served as the US military headquarters in South Korea until the headquarters’ relocation to Pyeongtaek, Gyeonggi Province, in June, opened to the Korean public for the first time in 114 years on Nov. 2, 2018. A special bus tour program was jointly launched by the Ministry of Land and the Seoul Metropolitan Government, for those who are interested in visiting the army base in central Seoul that has been inaccessible to Korean civilians since 1904.

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

North Korea threatens to resume nuke development over sanctions

North Korea has warned it could revive a state policy aimed at strengthening its nuclear arsenal if the United States does not lift economic sanctions against the country. The statement released by the Foreign Ministry on Nov. 2, 2018 evening said North Korea could bring back its ''pyongjin'' policy of simultaneously advancing its nuclear force and economic

CJ CGV Vietnam seeking to boost market share in Vietnam via IPO

CJ CGV Vietnam Holdings said on Nov. 2, 2018 it will use funds raised by its planned listing on the Seoul main bourse to further expand its presence in Vietnam.The cinema chain based in Vietnam is scheduled to go public on the KOSPI, Nov. 16, and plans to issue 5.71 million shares with a price to be set between 18,900 won (US$16.8) and 23,100 won, according to the firm and the bourse operator, the Korea Exchange.

Foreign banks suffer mounting losses in Korea

Foreign Banks are sustaining a disappointing profitability in Korea. Their return on assets (ROA) plunged below the 0 percent level in the first quarter of this year and stretched the depth further in the following quarter. Dividing net income by its total assets, ROA is an indicator of how profitable a company is relative to its total assets.

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

U.S. Cancels Conference Calls with Korean Conglomerates

The U.S. has canceled conference calls with major South Korean conglomerates in what is seen by many as an attempt to put the brakes on hasty cross-border projects amid a lack of progress in North Korea's denuclearization.Chiefs of the conglomerates were advised by the U.S. Embassy in Seoul last week to prepare for calls with U.S. Treasury Department officials in which they were to explain economic cooperation pledges they made during their trip to Pyongyang in September.

N.Korea 'Still Mining Uranium'

North Korea seems to have continued uranium mining operations even during denuclearization talks with South Korea and the U.S., the website 38 North at Johns Hopkins University said on Nov. 2, 2018. The website said a suspected uranium mining and milling facility in Pyongsan, North Hwanghae Province has been in operation until recently.

S&P Downgrades Hyundai's Credit Rating

Hyundai Motor suffered its first credit-rating downgrades in two decades. Standard & Poor's lowered its ratings of Hyundai and affiliate Kia from A- to BBB+ on Oct. 31, 2018, while Moody's the following day downgraded their rating outlooks from stable to negative. The last time S&P downgraded its credit rating of Hyundai was in 1998 at the height of the Asian financial crisis.

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

Government study says partner companies’ subcontracts with automakers akin to “modern slavery”

The threat of collapse facing small automobile parts companies stems from an unfair subcontracting transaction system rooted in “exclusive” dealings that amount to a modern form of slavery, a state-run think tank contended in a report submitted to the South Korean government. The opinion comes amid a rush by the government to develop measures to address the crisis facing the domestic automobile industry.

Arbitration committee for Samsung’s leukemia outbreak proposes final mediation plan

After the arbitration committee set up to resolve issues related to the outbreak of leukemia and other diseases at Samsung Electronics semiconductor factories and other facilities (the committee is chaired by former Supreme Court justice Kim Ji-hyeong) proposed a mediation plan on Nov. 1, the Samsung leukemia controversy, which has now dragged on for 11 years, will soon be wrapped up.

Supreme Court decision sparks debate over legal power of international human rights agreements

The South Korean Supreme Court’s ruling that acquitted a conscientious objector to the country’s mandatory military service included the intriguing supplementary opinion that the International Covenant on Civil and Political Rights, of which South Korea is a signatory, can serve directly as a judicial norm. There has been a debate in the legal community about whether international human rights agreements that South Korea is a member of possess the same legal force as domestic law.

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

N.K. rejects U.S. demand for nuke list

North Korea is rejecting the U.S. demand for a nuclear list, by saying, “It is no different from request for a list of places as targets that you will launch attack at,” Seoul National University emeritus professor Yoon Young-kwan said. Citing informed sources, Yoon, who served as Foreign Affairs and Trade Minister during the liberal Roh Moo-hyun administration, made the remark in an interview conducted on October 29 marking the launch of "Wooahan" (Beautiful Korean Peninsula for Our Children), a Korean Peninsula forum platform for youth run by Dong-A Media Group.

SK Hynix develops world’s first 4D NAND flash

SK Hynix has developed 4D NAND flash chip that is more advanced than the conventional 3D NAND memory chip. The South Korean semiconductor giant announced Sunday that it developed for the first time in the world a 96-layer 512-gigabit TLC (triple level cell) 4D NAND flash, by incorporating PUC technology into Charge Trap Flash (CTF) structure, which is commonly applied to 3D NAND flash chips.

U.S. to reimpose sanctions on Iran next week

The Trump administration is set to make a final decision on the eight countries to be exempted from newly imposed sanctions against Iran on Monday (local time). Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin said during a teleconference Friday that eight jurisdictions will be granted temporary waivers and “the list will come out Monday.”

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

Ri Son-gwon plays bad cop to South’s visitors

Ri Son-gwon, a senior North Korean official, poked fun at the Democratic Party (DP) Rep. Kim Tae-nyeon’s pot belly during an inter-Korean event in Pyongyang last month, according to participants in the event. “Those with a pot belly should not be entrusted with a budget,” Ri was quoted by participants as saying after an official of the ruling Democratic Party introduced Kim as the DP official managing the government’s budget at a dinner in Pyongyang on Oct. 5.

IMF alum to head Moon’s Northern committee

The Blue House on Nov. 4, 2018 appointed Kwon Goo-hoon, chief Korea economist and strategist at Goldman Sachs, as head of the Presidential Committee on Northern Economic Cooperation, which seeks to foster economic cooperation with northern states, including North Korea. Kwon’s appointment came more than three months after Song Young-gil, former committee chairman, quit the post in July to run for the ruling Democratic Party’s top post, leaving the position vacant until on Nov. 4, 2018.

First lady takes solo trip to India for dedication

First lady Kim Jung-sook left for India on Sunday to attend a groundbreaking ceremony for a park commemorating the legendary Indian-born wife of the king of an ancient Korean kingdom. President Moon Jae-in didn’t accompany her as she embarked on the four-day trip. It is the first time in 16 years that a South Korean first lady has made a foreign visit without the president. The last first lady who did so was Lee Hee-ho, wife of late former President Kim Dae-jung.

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

Conscientious Objectors No Longer Criminals

The Supreme Court ruled that the state should not punish conscientious objectors. Conscientious objectors refuse to serve in the military due to their religious, nonviolent, or pacifist beliefs. The latest ruling marked an end to the criminal punishment of conscientious objectors--more than 20,000 men since 1950.

"Let Us Live Well, Together" President Moon's Address at the National Assembly Should Follow with Policy Results

The focus of President Moon Jae-in's speech before the National Assembly on November 1 was clear. He presented a vision of the state, one that embraces all people and where all people live well together by solving growing economic problems. To achieve this goal of an "all-embracing country," the president confirmed that he would continue to pursue income-driven growth, innovative growth, and a fair economy and made it clear that he would not change his policy direction as requested by the conservative opposition parties. In his speech, the president mentioned the problem of polarization as the most urgent economic issue.

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."

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

Top telecom company to increase stake in S. Korea's first internet bank

South Korea's top telecom company KT plans to increase its stake in K bank, the country's first internet-only bank launched last year, to 34 percent if a new law takes effect next year, a senior official said Friday. K bank, which started its service in April last year, is a consortium led KT and 20 other companies including GS Retail, Hanwha Life Insurance and Alipay, the payment platform of China's e-commerce giant Alibaba. For its growth, K bank relies heavily on young smartphone users.

LG's 40-year-old new head becomes largest shareholder of holding company

The 40-year-old new head of South Korea's fourth-largest conglomerate, LG, became the largest shareholder of the group's holding company by inheriting a portion of shares left over by its late chairman who died in May. LG Corp. said in a regulatory filing Friday that Koo Kwang-mo increased his stake in the group's holding company from 6.2 percent to 15 percent by inheriting 8.8 percent from Koo Bon-moo, the late chairman credited with nurturing his group into a global tech and chemical powerhouse.

Two Koreas agree to send formal joint bid for 2032 Olmpics to IOC

South and North Korean sports officials agreed to send a formal joint bid for the 2032 Summer Olympics to the International Olympic Committee (IOC) as agreed at an inter-Korean summit in September. No date was given. For the joint hosting of the 2032 Olympics, the two Koreas will send an official letter together to the IOC, according to a joint statement issued at the end of sports talks Friday at an inter-Korean liaison office in the North Korean border city of Kaesong.

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

LG Group heir becomes holding firm’s largest shareholder

LG Group Chairman Koo Kwang-mo has become the largest shareholder of LG Corp., the holding entity of South Korea’s fourth largest family-controlled conglomerate with shares inherited from his late father, the company said on Nov. 2, 2018. Koo inherited an 8.8 percent stake in the holding company from his father and late chairman Koo Bon-moo who held an 11.3 percent stake.

S. Korea’s T-commerce industry on growth spurt

T-commerce, a combination of TV home shopping and electronic-commerce has become the latest buzzword in the Korean retail industry with the sector showing exponential growth in just few years. T-commerce refers to a service that a TV viewer can search and buy an item the person sees on a TV program. For example, when a person sees a dress an actress is wearing in a TV show and wants to buy it, the person can search for the shopping details on the dress directly on TV and buy it using a remote controller.

Recovery in S. Korean shipbuilding to accelerate next year: report

Production at South Korean shipyards would grow in full swing next year on the back of increasing new orders amid the ongoing recovery in the global shipbuilding industry and growing demand for eco-friendly vessels before the implantation of tougher emissions regulations in 2020.

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