Headlines, November 27, 2018

Tuesday, November 27, 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.

‘We need a system to protect the management of social infrastructure’

Prime Minister Lee Nak-yon called for measures to better protect key infrastructure on Nov. 27, 2018 in the wake of last week's two accidents that caused major disruptions to telecom networks and railway services. At a Cabinet meeting, Lee addressed a fire at a KT Corp. building and a power failure at a high-speed train station, saying the fiascoes laid bare the vulnerability of this hyper-connected society.

‘We will try to further expand ties with OECD countries for mutual benefit’

South Korean President Moon Jae-in promised on Nov. 26, 2018 to further increase his country's cooperation with the Organization for Economic Cooperation and Development (OECD) and called for joint efforts to promote people-oriented, inclusive growth. While meeting with OECD Secretary-General Angel Gurria, the South Korean president welcomed the sixth OECD World Forum, set to be held here on Nov. 27, 2018.

Hyundai launches G90 sedan under independent brand

Hyundai Motor Co. on Nov. 27, 2018 launched the G90 sedan under the independent Genesis brand in South Korea, with a plan to introduce the flagship model in overseas markets next year. The G90, the facelifted version of the EQ900, comes with a 3.3-liter gasoline turbocharged engine, a 3.8-liter gasoline engine or a 5.0-liter gasoline engine. It has the same eight-speed automatic transmission, Hyundai Motor said in a statement.

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

Top Office Requests Probe into Fake E-mail Incident

The presidential office has requested police to investigate a large number of fake e-mails it believes was meant to damage the South Korea-U.S. alliance. They were sent to foreign affairs and security experts and resembled messages sent by the presidential security office.

KOSPI Adds 0.79% Tuesday

The benchmark Korea Composite Stock Price Index(KOSPI) added 16-point-40 points, or point-79 percent Tuesday. It closed the day at two-thousand-99-point-42. The tech-heavy KOSDAQ also gained, adding five-point-31 points, or point-76 percent, to close at 700-point-67. On the foreign exchange, the local currency weakened point-five won against the dollar, ending the session at one-thousand-129-point-four won.

Moon to Embark on 3-Nation Trip for G20 Meeting, Summits

President Moon Jae-in will embark on a three-nation tour on Tuesday afternoon to attend the annual Group of 20 summit and hold talks with global leaders. The president will first head to the Czech Republic for a two-day visit, where he will hold a summit with Prime Minister Andrej Babis.

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

Finance minister calls on parliament to approve record budget proposal

South Korea's chief economic policymaker on Tuesday urged parliament to approve a record budget proposal for 2019, stressing that passing it is necessary to help resolve chronic problems, such as the low birthrate and dismal job conditions. The National Assembly's review of the government's 2019 budget proposal hit a snag as rival parties sparred over an estimated shortfall in tax revenue at a meeting of the subpanel on the budget.

Local gov't heads of S. Korea, China agree to cooperate to improve air quality

Local governments of South Korea and China on Tuesday agreed to deepen bilateral cooperation to tackle the deteriorating air quality of the two countries. Mayors and governors of seven South Korean local governments -- Seoul, Daegu, Sejong, South Chungcheong Province, South Jeolla Province, North Gyeongsang Province and Jeju Province -- met with heads of 10 Chinese provinces and metropolitan cities in Beijing to discuss boosting their bilateral exchanges in wide-ranging areas, including climate, the environment and tourism.

Prosecutors raid Gyeonggi governor's home to search for criminal evidence

Prosecutors on Tuesday raided the home of Gyeonggi Province Gov. Lee Jae-myung in Suwon, south of Seoul, apparently to search for his wife's old mobile phone believed to hold crucial evidence in investigations into her suspected role in political slander. Prosecutors and investigators from the Suwon District Prosecutors' Office began the raid on Lee's home at around 9 a.m.

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

Controversy erupts over US suspension of bomber missions over peninsula Controversy erupted Tuesday over a US general’s remarks that South Korea had asked the US Air Force to stop sending bombers over the Korean Peninsula in an effort to support ongoing diplomatic talks with North Korea. According to Agence France-Presse, US Pacific Air Forces Commander Gen. Charles Brown told Pentagon reporters Monday that US bombers are no longer conducting flights over South Korea, as Seoul has asked for such missions to be halted.

SK Holdings becomes No. 2 shareholder of China’s Lingbao Wason Copper Foil

SK Holdings said Tuesday that it had acquired a 270 billion won ($239 million) stake in Lingbao Wason Copper Foil, a Chinese manufacturer of copper foil, an integral metal component used to build batteries that power electric vehicles. With the acquisition, the parent company of South Korea’s third-largest conglomerate, SK Group, is now the second-largest shareholder of China’s top copper foil manufacturer.

NK Foreign Minister to visit Vietnam this week: reports

North Korea’s foreign minister is reportedly scheduled to visit Vietnam later this week, with reports saying his intention is to learn more about the Southeast Asian country’s model of economic reform. Foreign Minister Ri Yong-ho will embark on a trip to Vietnam from Thursday to Sunday, a Vietnamese news agency reported Monday, citing Vietnam’s Foreign Ministry. The ministry added that Ri was to visit Vietnam at the invitation of Pham Binh Minh, Vietnam’s foreign minister and deputy prime minister.

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

North Korea-US high-level talks likely to be pushed back

It appeared Tuesday that the much-hyped high-level denuclearization talks between North Korea and the U.S. may face a further delay. There had been speculation that the meeting, scheduled to take place Nov. 8 but later postponed upon Pyongyang's request, would take place within this month. A foreign ministry official said, "The meeting will likely not take place this month, but it appears both sides are willing to engage in dialogue, so they will seek to meet soon."

Kim Jong-un's Seoul visit could be delayed

An aide to President Moon Jae-in indicated Tuesday that North Korean leader Kim Jong-un will not be able to visit Seoul this year as promised. "There are lots of considerations and conditions that must be met to make Kim's visit to Seoul happen. But doing so is becoming difficult," the aide told reporters on condition of anonymity. "Still, we are discussing the matter thoroughly but carefully."

Seoul's new multi-entry visa eases way for Vietnamese, other Southeast Asian visitors

Citizens of 11 Southeast Asian countries will be able to visit Korea more easily when Seoul's new visa measures start next month, if they meet certain background conditions. From Dec. 3, the Korean government will issue multi-entry visas to eligible nationals from Myanmar, Cambodia, Sri Lanka, Indonesia, Laos, Nepal, Pakistan, the Philippines, Vietnam, India and Bangladesh, according to the Ministry of Justice. Previously, citizens from these countries have had to acquire a visa for each visit.

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

N.Koreans Embrace Online Shopping

North Korea has apparently embraced online shopping, with some 30 online stores enlisting the participation of some 2,500 companies. The development comes as local moneylenders who got rich in open-air markets when the socialist planned economy collapsed have moved their money into cyberspace. The regime seems to be smiling on the growth of online shopping so far in hopes of attracting foreign investment once international sanctions are lifted.

UNESCO Accepts 2 Koreas' Bid to Register Traditional Wrestling

UNESCO's World Heritage Committee has listed traditional wrestling as an intangible cultural asset in both North and South Korea. This is the first time that the two Koreas have listed an intangible cultural asset together. The Foreign Ministry said Monday that the committee made the decision at a meeting in Mauritius under the official name "Traditional Korean Wrestling (Ssirum/Ssireum)." All 24 member nations voted in favor.

Korea's Major Industries Losing Steam

Korea's eight major industries will gradually become less competitive, and only the shipbuilding sector will maintain an edge for the next three years, businesses predict. The forecast comes from a survey of businesses released by the Korea Economic Research Institute on Sunday about the state of the eight major industries -- semiconductors, petrochemicals, shipbuilding, automobiles, oil products, iron and steel, displays, and wireless communications devices. It was conducted on Nov. 7-13.

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

State think tank projects 2.6% growth rate for S. Korean economy in 2019

The state-run Korea Institute for Industrial Economics & Trade (KIET) projected a 2019 growth rate of 2.6% for the South Korean economy, down 0.1 percentage point from this year. The projection was based on predictions that the growth rates of advanced and developing economies alike would remain stagnant, with exports and investment both dipping slightly and consumption dropping off from this year. With South Korea entering a low-growth era, KIET called for “strong policies to promote domestic demand for the sake of stable growth.”

58 conscientious objectors to be released from prison simultaneously

Fifty-eight South Koreans who had been imprisoned for conscientious objection to mandatory military service based on religious grounds will be simultaneously released. Thirteen conscientious objectors will still remain behind bars. During a meeting on Nov. 26, the South Korean Ministry of Justice’s parole review board decided that 58 conscientious objectors who had been given prison sentences and already served at least six months of their prison terms would be released on parole.

Pompeo says US is “prepared to be patient” regarding N. Korea denuclearization negotiations

US Secretary of State Mike Pompeo said on Nov. 25 that “we are prepared to be patient” in regard to negotiations with North Korea about its nuclear program. Pompeo also said that the economic sanctions on the North “will remain in place.” Pompeo, a former congressman from Kansas, made the remarks during an interview on Sunday with Kansas radio station KFDI.

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

Ssireum becomes UNESCO intangible heritage

The two Koreas, jointly for the first time, put ssireum or Korean wrestling, on the list of UNESO intangible cultural heritages. The Cultural Heritage Administration and the Ministry of Foreign Affairs announced on Monday that the 13th UNESCO Intangible Heritage Committee, held in Port Louis, Mauritius, determined to add ssireum on the list of the intangible cultural heritages.

SK Innovation to build its first EV battery plant in U.S.

SK Innovation said on Monday that it is investing 1.14 trillion won to build an electric vehicle (EV) battery plant in Commerce City in Jackson County, Georgia, the U.S. This is the second time a Korean company is building an electric vehicle battery plant in the U.S. following LG Chem’s battery plant in Holland, Michigan in 2012. The construction of the EV battery plant, which will be built on a 1.12-million-square meter site, will begin in early 2019 and be completed by 2022. Once the new plant is built, SK Innovations will have manufacturing plants in four key market including Korea, Hungary, China, and the U.S. The geographical position of EV battery plants is critical as it is imperative that EV batteries be supplied timely to the car manufacturers.

Chinese military plane enters KADIZ three times Monday

A Chinese military aircraft entered South Korea’s air defense identification zone (KADIZ) without notice three times on Monday, prompting an immediate response from Seoul’s Air Force. The last such intrusion was reported on Oct. 29, and this is the seventh time this year that a Chinese military jet has trespassed the KADIZ. South Korea’s military authorities said that a Chinese military plane, assumed to be a Y-9 recon aircraft, first entered the KADIZ from northwest of the country’s southern island of Jeju at around 11 a.m., and flew out of the zone toward Ieo Island some 40 minutes later.

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

Hospitals left ‘in the ’80s’ after network crash

Chaos reigned over the weekend at hospitals in western and central Seoul after they fell victim to the massive telecommunications blackout caused by a fire at a KT switching center on Saturday. One elderly woman died early Sunday morning after her family was unable to contact 119.

Ruined facility not considered high risk so had no failsafe

It has become clearer than ever just how important telecommunications infrastructure matters to Korea after the recent fire that broke out at a KT facility in western Seoul. Although a fire broke out in just one of KT’s hundreds of telecommunications switching centers nationwide, five major districts in Seoul lost phone connectivity and wireless internet. Even parts of Gyeonggi, close to Seoul, were affected by the fire.

Finance vows vigilance after telecom outage

Authorities remained vigilant Monday in the wake of a fire at KT’s switching center as the outage had some effect on finance and banking. The Financial Services Commission (FSC) and major banks said that they had restored most disrupted services, with automated teller machines and payments systems affected by the event back online.

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

The "Black" Weekend of an IT Nation

A fire burned a communication cable vault at KT’s Ahyeon branch shutting down cable and wireless communications in five autonomous regions (gu) in Seoul and Goyang-si in Gyeonggi-do for up to two days. Telephone lines and fiber optical cable in the communication vault completely burned and communication failure is expected to continue as it will take nearly a week to fully repair the damages. If such an accident had occurred in extreme disasters, such as a war or nuclear explosion, a number of citizens would have been exposed to the danger without even being aware of the situation.

The Lee Jae-myung Dilemma Sweeping over the Ruling Party

The woes of the Democratic Party of Korea intensify as it faces the problem of Lee Jae-myung, the governor of Gyeonggi-do.The senior members of the party including leader Lee Hae-chan drew the line saying, "It is too early to make a decision," but voices were raised once again after the Gyeonggi-do governor stood in front of the press photographers at the Prosecution Service on November 24. There are movements by some party members who want Lee to be expelled or to leave the party to organize and there is also a counter movement among Lee's supporters.

Second-Year Power Struggle in the Ruling Party Triggered by “Hyegyeonggung Kim”

Signs of a power struggle to seize the ruling party's support have emerged after two years of the Moon Jae-in government. The controversy surrounding Gyeonggi-do Governor Lee Jae-myung's future was the direct cause. Seoul Mayor Park Won-soon is aggressively widening his stride, facing the attacks by the opposition party head on, which shows his intention to secure his position as a future presidential candidate. Generally, a power struggle to secure one's position as a presidential candidate began in the latter half of a government's term, but the Lee Jae-myung variable has ignited the race early.

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

LGU+ leads joint project to introduce 5G ecosystem into theme parks

LGU+, a mobile carrier involved in the establishment of South Korea's fifth-generation mobile network, partnered with Ericsson-LG and a resort group to establish a 5G ecosystem at theme parks and resort complexes by using artificial intelligence and internet of things (IoT).

State research institute develops lightning-fast internet technology

South Korea's state research institute has developed a lightning-fast internet technology capable of downloading a 3GB movie file in a blink of an eye, which is ideal for fifth-generation (5G) services, virtual reality and augmented reality. The Electronics and Telecommunications Research Institute (ETRI) said in a statement Tuesday that its researchers have developed a core source technology to boost the current maximum internet speed of 2.5Gbps to 25Gbps.

Food and drug safety watchdog detects new Viagra analog

A new sildenafil analog has been detected by a research team affiliated with South Korea's drug and food safety watchdog during the screening of dietary supplements adulterated with erectile dysfunction drugs and analogous substances.

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

S. Korea’s GS Group goes under fourth gen management

GS Group, South Korea’s seventh conglomerate, has become younger as it joins LG Group whom it shares the founding roots to complete hereditary succession to the fourth generation. Hur Sae-hong, chief executive of GS Global Corp. and fourth-generation of GS Group’s founding family, has been appointed as chief executive of the the conglomerate’s flagship GS Caltex Corp. on Tuesday.

Korean researchers develop 10x faster internet technology

Korea’s state-run Electronics and Telecommunications Research Institute (ETRI) said on Tuesday its researchers have developed a proprietary technology that deliver data through the web at 25Gbps, 10 times faster than the current maximum speed of 2.5Gbps. This enables users to download a 3GB movie just in a second. This is similar to the speed of a human’s feel of touch, which enables data delivery in 0.001 second.

Hyundai Motor’s all-new Santro gets over 38,500 pre-orders in India

South Korea’s top automaker Hyundai Motor Co. has received pre-orders of 38,500 units of all-new Santro in just over one month since launch in India, fast gaining popularity among local consumers after the model’s re-launch in three years. According to Hyundai Motor India Ltd., wholly-owned subsidiary of Hyundai Motor, on Tuesday, it has received pre-orders of over 38,500 all-new Santro units in over a month from its launch in October 23 to November 26.

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