Headlines, December 3, 2018

Monday, December 3, 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. Korean president heads to New Zealand after trip to G-20 summit

South Korean President Moon Jae-in headed to New Zealand on Saturday, ending his three-day trip to Argentina for the annual Group of 20 summit, which also provided the venue for a possibly crucial meeting with U.S. President Donald Trump. At the annual meeting of the leaders of the world's 20 largest economies, the South Korean president sought to promote free trade and joint efforts to tackle global issues, such as climate change and slowing economic growth.

Hyundai receives 3,500 preorders for flagship Palisade SUV

Hyundai Motor Co., South Korea's largest carmaker by sales, said Friday it received orders for about 3,500 flagship Palisade sport-utility vehicles (SUV) on the first day of preorders. The carmaker said it began to take preorders on Thursday and preorders will be taken until Dec. 10.

S. Korea asks Turkey to provide compensation for safeguard measures on PET

South Korea has asked Turkey to provide compensation for the European nation's provisional safeguard measures on polyethylene terephthalate (PET) imports, Seoul's trade ministry said Saturday. The Ministry of Trade, Industry and Energy said that it met with its Turkish counterpart in Ankara, Turkey, on Thursday and discussed compensation plans regarding the bilateral safeguard measures on PET products.

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

S. Korea, Argentina Agree to Expand Economic Cooperation

President Moon Jae-in and Argentine President Mauricio Macri have agreed to expand their countries' economic and trade relations. The presidential office said that in the summit held on the sidelines of the G20 meeting in Argentina on Saturday, the two leaders pledged joint efforts to accelerate negotiations between South Korea and the South American trade bloc MERCOSUR. The leaders also agreed to establish a financial support system to create a better business environment.

Moon: Trump Vows to Fulfill Promises Upon N. Korea's Denuclearization Efforts

President Moon Jae-in says U.S. President Donald Trump has a very friendly view of North Korean leader Kim Jong-un and is ready to give everything he promised to Pyongyang should it faithfully implement its denuclearization steps. Speaking to reporters Saturday en route to New Zealand, the final stop on his three-nation tour, Moon said Trump asked him to relay the message to Kim if and when he visits Seoul by the year's end as previously agreed by the leaders of the two Koreas.

Moon Begins State Visit to New Zealand

President Moon Jae-in, who arrived in New Zealand Sunday for his three-day state visit is set to meet New Zealand's Governor-General Patsy Reddy Monday morning. Following a welcome ceremony at Reddy's official residence, Moon and First Lady Kim Jung-sook will hold a brief meeting with the governor-general and her husband David Gascoigne before attending an official lunch.

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

Trump says he will give everything Kim wants following denuclearization: Moon

U.S. President Donald Trump is ready to give everything he promised to North Korea should the communist state faithfully implement its denuclearization steps, South Korean President Moon Jae-in has said. Moon said Trump asked him to relay such a message to North Korean leader Kim Jong-un in their summit held Friday on the sidelines of the Group of 20 meeting in Argentina.

S. Korean president arrives in New Zealand on state visit

South Korean President Moon Jae-in arrived in Auckland on Sunday on a state visit that will include his summit with Prime Minister Jacinda Ardern. New Zealand is the last stop in Moon's three-nation tour that began Tuesday with an unofficial visit to the Czech Republic, followed by a trip to Argentina for the annual Group of 20 summit.

Trump sees need for 2nd summit with Kim Jong-un at early date: official

U.S. President Donald Trump sees a need to meet with North Korean leader Kim Jong-un at the earliest date possible, a ranking South Korean official said. Trump reaffirmed his commitment to holding the second U.S.-North Korea summit early next year in his talks Friday (Argentine time) with South Korean President Moon Jae-in on the sidelines of the Group of 20 summit.

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

Moon works to secure NK leader’s visit to Seoul during G-20 summit

With President Moon Jae-in having wrapped up the G-20 summit following a meeting with US President Donald Trump, hopes are high that North Korean leader Kim Jong-un’s visit to Seoul will materialize before the end of the year. Moon is expected to arrive in New Zealand on Sunday for a three-day state visit after leaving Argentina, where he attended the Group of 20 summit. During his three-day stay in Buenos Aires, Moon held a series of meetings with world leaders to rally support for diplomatic efforts to denuclearize North Korea.

Akaria Hanmi aims to lead Saudi Arabia’s project management market

Akaria Hanmi, a joint venture between South Korean construction management company HanmiGlobal and Saudi Arabian property developer Al Akaria, will continue to solidify its position as a leading construction management company in the Saudi Arabian market, the head of the joint venture said last week.

Korea officially launches 5G service via Samsung phone

To mark the official launch of the fifth-generation of mobile network, South Korean mobile carriers held various celebrations on Saturday, and vowed to aggressively expand their 5G infrastructure across the country in preparation for launch on smartphones in March, according to the telcos on Sunday.

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

NK soldier defects to South

A North Korean soldier defected to South Korea, Saturday, the first such incident since the two Koreas finished demolishing 10 guard posts on each side of the border line with inter-Korean reconciliation moves. There was no exchange of fire as the defector crossed the military demarcation line (MDL) at around 8 a.m. Saturday, according to the Joint Chiefs of Staff.

Surion will replace Black Hawk as defense chief's helicopter

A Korean-made Surion will be used as the official helicopter of the nation's defense minister, instead of the UH-60 Black Hawk developed by Sikorsky of the United States, a military official said Sunday. This is part of the ministry's efforts to localize weapons and military equipment.

Seoul to reduce speed limit to 50kmh downtown

The Seoul Metropolitan Government (SMG) plans to reduce the speed limit to 50 kilometers per hour (kmph) in the area surrounded by the four main gates of the capital next year. The speed limit is now 60 kmph, but this will be lowered to 50 on side roads and to 30 on non-main roads. The government will also upgrade traffic safety facilities by introducing LED signs and renewing road markings by March 2019.

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

Trump Favors Kim Jong-un Visit to Seoul

U.S. President Donald Trump supports a visit from North Korean leader Kim Jong-un to South Korea, President Moon Jae-in said Sunday. Moon and Trump met on the sidelines of the G20 summit in Argentina. Speaking to reporters aboard his plane en route to New Zealand, Moon said, "Although we cannot be certain, the issue is up to Chairman Kim."

Smaller Companies Outside Seoul Face Shortage of Workers

Human resources managers at a recent job fair hosted by subcontractors to Samsung Electronics and its five affiliates said young Koreans are reluctant to apply for jobs with them, and many new workers bolt shortly after getting hired. The 120 Samsung subcontractors are considered the cream of the crop among small and mid-sized companies, but despite record youth unemployment they are struggling to find staff.

Exports Rise But Pace of Growth Slows

Korea managed to post a seventh month of export growth in November to top US$50 billion, but the pace slowed. The Ministry of Trade, Industry and Energy on Saturday said exports in November totaled $51.9 billion, the third highest ever. But shipments to China fell 2.5 percent on-year to $13.7 billion, the first time in 25 months that exports to China fell.

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

Samsung BioLogics files administrative suit against SFC ruling of “accounting fraud”

Samsung BioLogics (Samsung Bio) has filed an administrative suit disputing a decision by the Financial Services Commission’s Securities and Futures Commission (SFC) of the Financial Services Commission (FSC) accusing it of “deliberate accounting fraud.” Round two of the battle now appears poised to begin in the courts as the two sides face off over allegations that Samsung Bio committed accounting irregularities amounting to some 4.5 trillion won (US$4.0 billion) through arbitrary changes to accounting standards for subsidiary Samsung Bioepis in 2015.

Moon’s plummeting approval ratings and the conservatives’ counterattack

From a height of over 80% at one time, President Moon Jae-in’s approval rating has dipped to just above 50%. Now that the “eradication of deep-rooted vices” has entered its final stages and North Korean nuclear negotiations have failed to progress, he finds himself hampered in the economic domain – particularly with his much-derided “income-driven growth.” With even the Blue House confessing it had no idea the minimum wage would rise by fully 16%, the prior preparations were inevitably inadequate.

Wage gap between large corporations and SMEs in S. Korea worse than in advanced countries

Wages for workers at South Korea’s large corporations are up to 50% greater than those for workers at large corporations in the US, Japan, and France, research findings show. An alternative approach was also proposed for relieving wage polarization between large corporations and SMEs, which involved both large corporation unions and chaebols abandoning their respective strategies of maximizing wages and dominating the market for high-paying positions.

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

U.S., China reach a 90-day truce in trade war

The world’s two superpowers have agreed on a 90-day trade war truce, lowering the temperature, albeit temporarily, in a conflict that has spooked world markets facing slowdown. The agreement was hashed out during dinner talks between U.S. President Trump and Chinese President Xi Jinping held in Buenos Aires Saturday (local time), which lasted two and a half hours. Both sides called it a “highly successful meeting,” according to a statement by White House spokeswoman Sarah Sanders. This was the first time since Trump’s visit to Beijing in November last year that the two leaders met with each other.

Moon, Trump hold pull-aside meeting in Buenos Aires

At the Costa Salguero Center in Buenos Aires at 3:25 p.m. Friday (local time), U.S. President Donald Trump first appeared in an entrance following a “pull-aside” meeting with Australia. Trump then sent his staff to notify his arrival to South Korean officials accompanying President Moon Jae-in. According to Moon’s chief press secretary Yoon Young-chan, Trump said that he “had high regard for President Moon having taken a leading role in creating an amicable environment for the denuclearization of the Korean peninsula particularly through the easing of military tensions.”

SoftBank chairman’s investment reflects trust in Coupang CEO

“SoftBank Chairman Masayoshi Son’s investment reflects his trust in Coupang CEO Kim Beom-seok," is what Coupang Executive Vice President Navid Veiseh (45) had to say solemnly when this reporter met him at Coupang headquarters in Seoul’s Songpa district on Friday. Veiseh made the remarks when he was asked “There are rumors that with the additional investment Chairman Son will take over managerial control over the long term, and CEO Kim will resign.” This reporter felt a sense of conviction from Veiseh’s facial expression‎ while he was giving the interview with a cheerful look. “It is unimaginable (that CEO Kim will resign),” ruling out the chance.

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

Trump supportive of Kim’s visit to Seoul

Korean President Moon Jae-in and U.S. President Donald Trump agreed during their meeting in Argentina that North Korean leader Kim Jong-un’s visit to Seoul will provide “additional momentum” to establish peace on the peninsula, according to the Blue House. The two leaders held their sixth bilateral meeting since they took office on Friday on the sidelines of the Group of 20, a gathering of the leaders of the world’s largest economies, in Buenos Aires. Trump reiterated his commitment to holding a second summit with Kim early next year.

Soldier from North defects across eastern part of DMZ

A North Korean soldier defected to South Korea across the eastern land border on Saturday, Seoul’s Joint Chiefs of Staff (JCS) said. South Korean military detected the soldier crossing the military demarcation line at 7:56 a.m., the JCS said. “Related agencies plan to investigate him regarding the details of how he came to the South,” the JCS said in a text message sent to reporters, adding that there were no “special activities” from the North Korean army on the front line.

Spouses’ time to shine

The spouses of G-20 leaders pose together for a photo at Malba (The Latin American Art Museum of Buenos Aires) during the G-20 leaders summit in Buenos Aires on Saturday. Korean first lady Kim Jung-sook fourth from right in the front row.

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

Justice Delayed for 18 Years: What Did the Courts Do During That Time?

This Time, Trump Mentions Tariffs on Imported Cars: Is He Trying to Tear down the World Economy?

On November 28 (local time), U.S. President Donald Trump announced that he was reviewing a 25% tariff on imported cars. He tweeted, "the countries that send us cars have taken advantage of the U.S. for decades. The president has great power on this issue," and further wrote, "Because of the G.M. event, it (imposing tariffs) is being studied now!" In other words, Trump wants to block the import of cars with a "tariff bomb" so that General Motors (G.M.), the largest U.S. automaker, which recently released the company’s largest restructuring plans, would not have to close its U.S. factories. Trump is once again flashing his selfishness claiming to erect a trade barrier that could threaten the global economy just to secure the interests of his country alone.

Justice Delayed for 18 Years: What Did the Courts Do During That Time?

The victims of forced labor during Japanese occupation finally won in their claim for damages against the Japanese company, Mitsubishi Heavy Industries. The latest ruling followed the precedent last month, when the Supreme Court recognized the liability of the Japanese firm, Nippon Steel & Sumitomo Metal Corporation. According to the Supreme Court, "The claim for damages by the victims of forced labor was not included in the claims settlement signed by the South Korean and Japanese governments in 1965." Thus the court judged that the victims could make individual claims for damages. It is regrettable that it had to take eighteen years for the South Korean court to acknowledge the liability for damages of Mitsubishi Heavy Industries. This calls for some serious reflection in our courts.

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

Celltrion's biosimilar Remsima reborn as subcutaneous injection

South Korea's leading biosimilar manufacturer, Celltrion, has developed a subcutaneous injection of Remsima, a copy of Janssen Biotech's Remicade treating rheumatoid arthritis and Crohn's disease, to enhance patient convenience and access to medical care.

Chong Kun Dang's anemia biosimilar wins regulatory approval at home

CKD-11101, a biosimilar developed by South Korea's pharmaceutical company Chong Kun Dang has won regulatory approval at home to sell the world's first copycat of Nesp for the treatment of anemia of chronic disease associated with cancer.

Synopex selected to provide waste water treatment for desalination plant in Oman

Synopex has been selected to provide a wastewater treatment system for a $203 seawater desalination plant to be built in Oman by an international consortium involving Doosan Heavy Industries & Construction. The system would be installed by October next year.

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

Korean retailers’ Nov mega sales events end in success

South Korean retailers enjoyed a big sales boost from annual shopping extravaganza they launched in November to join the world’s major shopping events like Black Friday in the U.S. or Single’s Day in China. According to industry sources on Sunday, Lotte Department Store, one of the country’s retail majors saw its sales from Nov. 1 to 29 grow 1.1 percent against the same period last year. Sales of its hypermarket affiliate Lotte Mart also gained 1.7 percent over the same period.

Korea’s exports hit third highest record of $51.9 bn in Nov

South Korea’s exports grew 4.5 percent in November from the previous year, reaching the third-highest record of $51.92 billion as semiconductors and petroleum products continued to drive up growth, data showed. It was the seventh consecutive month for nation’s monthly outbound shipments exports to exceed $50 billion, according to data released by the Ministry of Trade, Industry and Energy on Saturday. Daily shipment averaged $2.16 billion, up 4.5 percent compared to a year ago period.

Samsung Bio claims innocence in accounting charge to shareholders

Samsung BioLogics Co. reiterated innocence against accounting wrongdoing charges by Korean authorities, while apologizing for upsetting and inconveniencing shareholders. “We deeply regret the findings of the Securities and Futures Commission (SFC) as we are confident that our accounting treatment has been proper under the Korean-International Financial Reporting Standards (K-IFRS),” Kim Tae-han, CEO of the contract drug arm of Samsung Group, told shareholders in a letter.

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Lee Kyung-sik edt@koreapost.com