Headlines, May 1, 2019

The Korean daily media headlines and humor

Wednesday, May 1, 2019

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.

Moon pledges gov't support for non-memory chip businesses

President Moon Jae-in on Tuesday emphasized the great growth potential of the non-memory chip sector, reaffirming the government's plan to offer every possible support for South Korea's businesses involved. He laid out a strategic vision to boost the "system" semiconductor industry, making his first visit to the local facilities of Samsung Electronics Co. since taking office in May 2017.

Moon thanks Japan's outgoing emperor for helping bilateral ties

South Korean President Moon Jae-in on Tuesday sent a message to outgoing Japanese Emperor Akihito in appreciation for his role in developing relations between the two countries, Seoul's foreign ministry said. Akihito, 85, is set to end his three-decade-long reign on Tuesday afternoon following his decision to voluntarily step down due to his health conditions. His son, Crown Prince Naruhito, will succeed him the following day.

Samsung expects better second half after reporting weak Q1 results on chips

Samsung Electronics Co. on Tuesday cautiously expected an uptick in chip demand for high-value products and mobile devices in the second half of the year, after delivering a 60 percent drop in its first-quarter earnings on weak memory chip prices. The South Korean tech giant posted a net profit of 5.04 trillion won (US$4.3 billion) in the January-March period, the lowest since the third quarter of 2016, its regulatory filing showed. Its operating profit dropped 60.1 percent on-year to 6.2 trillion won, and sales slipped 13.5 percent to 52.4 trillion won over the cited period, it said. The figures were in line with its market guidance released earlier this month.

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

Moon Vows Support for Nonmemory Chip Sector during Visit to Samsung Facility

President Moon Jae-in laid out government plans to support and foster the nonmemory chip sector as an economic growth engine while visiting a Samsung Electronics facility in Hwaseong, Gyeonggi Province. While attending an event on Tuesday to promote the system semiconductors industry, the president said South Korea's success in this sector will position the country as a true, comprehensive global semiconductor powerhouse.

Moon Sends Letter to Outgoing Japanese Emperor

Seoul's Foreign Ministry says that President Moon Jae-in sent a letter of gratitude to Japanese Emperor Akihito ahead of his voluntary abdication from the throne on Tuesday. In a regular briefing, ministry spokesman Kim In-cheol said the president thanked the emperor in his letter for stressing the importance of maintaining peace and for his contribution to advancing bilateral relations during his reign. The letter is also said to contain Moon's hopes for the emperor’s continued efforts toward developing Seoul-Tokyo relations even after his abdication.

Pompeo Reaffirms Maximum Pressure on N. Korea

U.S. Secretary of State Mike Pompeo says Washington will maintain sanctions placed on North Korea. While noting that he is still at the helm pf negotiations with Pyongyang, Pompeo reaffirmed that only sanctions will incentivize North Korea to follow through with denuclearization. Hong Suhryung has more.

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

Korea's industrial output rises 1.1 pct on-month in March

South Korea's industrial output edged up 1.1 percent in March from a month earlier due in part to increased production of semiconductors and the service sector, government data showed Tuesday. The data compiled by Statistics Korea showed the output of semiconductors rose 3.6 percent in March from a month earlier, while production in the service sector increased 0.2 percent on-month.

TV celebrity Holley bought 1 gram of meth, used it twice: police

Robert Holley, a naturalized Korean citizen from America and TV personality, bought 1 gram of methamphetamine and took the illegal substance twice in March, police said Tuesday. The Gyeonggi Southern Provincial Police Agency made the announcement after wrapping up a monthlong drug investigation into Holley, better known among local TV viewers by his Korean name Ha Il.

S. Korea approves plan to build next Aegis destroyers, submarines

South Korea on Tuesday approved plans to build next-generation Aegis-equipped destroyers and upgraded submarines to enhance the military's operational capabilities, the arms procurement agency said. The Defense Project Promotion Committee passed the plans to construct the second batch of three destroyers, called Gwanggaeto the Great Ⅲ, by 2028 with a budget of around 3.9 trillion won (US$3.3 billion), according to the Defense Acquisition Program Administration (DAPA).

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

South Korea to double down on non-memory chips

South Korea, the world’s top memory chip provider, aims to rise to an unrivaled position in both memory and non-memory semiconductor industry by 2030, President Moon Jae-in said Tuesday as he visited a Samsung facility, unveiling a set of policy measures worth over 1 trillion won ($860 million) to support industry players. The president made the announcement titled “System Semiconductor Vision and Strategy,” as Samsung Electronics Vice Chairman Lee Jae-yong looked on along with some 280 participants representing other semiconductor businesses, academia and politics, at Samsung’s semiconductor business headquarters in Hwaseong, Gyeonggi Province.

S. Korea's exports down 2% in April

South Korea's exports dropped 2 percent in April from a year earlier, extending their on-year fall for the fifth consecutive month, government data showed Wednesday. Outbound shipments came to $48.86 billion for April, down from the $49.85 billion tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

Bills fast-tracked, but tension remains in parliament

The bills at the center of contention between the ruling and opposition parties have been put on the fast track, but the National Assembly remains tense and there is a long road ahead before they are passed into law. The bills -- which deal with election reform, the authority of police and prosecutors to investigate cases and indict suspects, and the establishment of a new investigative body that would look at allegations against high-level government officials -- were placed on the fast track early Tuesday morning, in spite of strong protests from the main opposition Liberty Korea Party.

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

Former KT chief arrested over involvement in hiring scandal

Lee Suk-chae, former chairman of KT, was arrested Tuesday over his suspected involvement in a hiring scandal at the telecom giant. The Seoul Southern District Court issued an arrest warrant for the 74-year-old Lee after holding a hearing Tuesday to review the legality of pretrial detention for him. The court said the arrest warrant was issued due to concerns of destruction of evidence. Lee, who served as KT chairman from 2009 to 2013, is suspected of being involved in nine cases of hiring irregularities at KT in 2012.

Ex-US envoy slams Pyongyang 'corrupt mafia state'

A former U.S. envoy on Tuesday slammed North Korea as a "corrupt mafia state" after it emerged that the regime billed the U.S. $2 million dollars for the hospital care of an American detainee in 2017. Ambassador Robert King, who served as the State Department's special envoy for North Korean human rights issues from 2009 to 2017, issued a blistering attack on the North in the wake of last week's report by The Washington Post on the bill, which has since been confirmed by former and current U.S. officials.

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

U.S. to Deploy State-of-the-Art Warships in Japan

The U.S. Navy will deploy the amphibious assault ship USS America and stealth landing platform USS New Orleans in japan. The U.S. 7th Fleet said Monday that the vessels will be deployed at Sasebo navalThe 45,000-ton USS America was built in 2014 and is 257 m long. It can carry up to 20 F-35B stealth fighter jets. The 25,000-ton USS New Orleans took part in a major joint military drill with South Korea in 2016.

If You Don't Break a Sweat, Exercise Won't Do Much for Your Health

Regular workouts are necessary to keep you healthy and fit, but you can get the most benefits only when you exercise above a certain level of intensity. The American Heart Association recommends a minimum of 150 minutes of medium-intensity exercise and 75 minutes of high-intensity exercise per week. At least 300 minutes of medium-intensity exercise brings more benefits. Low-intensity exercise has virtually no health impact. The benefits begin with medium-intensity exercise, which raises the breathing and heart rates, but still allows you to have enough breath to talk to others.

CEOs Are Getting Younger

The CEOs of Korea's top 100 corporations are becoming younger and more have degrees in business administration or social sciences than their engineering-trained predecessors. New Management magazine said Monday it analyzed the profile of 126 CEOs of top 100 companies excluding banks and public corporations. Their average age this year was 59.42, slightly younger than 59.71 last year. Sixty-five had a background in business administration or social sciences, compared to 53 in natural sciences or engineering. This is a straight reverse from five years ago, when CEOs with natural sciences or engineering background made up more than half.

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

Moon reiterates role of facilitator in third North Korea-US summit
South Korean President Moon Jae-in sent a message on Apr. 29 reiterating his commitment to playing the role of facilitator toward a third North Korea-US summit in the near future. In a summit at the Blue House that day with Chilean President Sebastian Pinera, who was visiting as a guest of the state, Moon said Pinera had “given firm support to the South Korean government’s efforts to achieve denuclearization of the Korean Peninsula and establish peace,” Blue House Spokesperson Ko Min-jung reported.

Bolton says 6-Party Talks not the US’ preferred method to resolve NK nuclear issue
White House National Security Advisor John Bolton flatly stated that the Six-Party Talks, which were recently mentioned by Russian President Vladimir Putin as a way to resolve the North Korean nuclear issue, are not the method preferred by the US. Bolton’s remarks were apparently aimed at keeping a discussion about the Six-Party Talks from spreading and at preventing Russia and other neighboring countries from intervening in the North Korean nuclear issue. Russia has notably underlined its stake in the North Korean issue, which it describes as a “critical issue in the region.”

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

Japanese Emperor Akhito’s abdication ceremony held Tuesday

At 9:00 a.m. on Tuesday, the Tokyo Station was packed with crowds of citizens, who braved the rain to commemorate the last day of the three-decade-long Heisei era by taking photographs of Emperor Akihito’s residence. Most citizens exited via the station’s west entrance and headed the Imperial Palace, which is the primary residence of the emperor. At around 9:40 a.m., a black vehicle that carries Crown Prince Naruhito appeared, and citizens welcomed it with cheers, waving their hands. Crown Prince Naruhito rolled down a window, and waved back at the crowds.

President Moon thanks Japan’s outgoing emperor

The South Korean government has expressed hopes that its relations with Japan will improve under the new emperor, who will officially ascend the throne Wednesday. President Moon Jae-in wrote to outgoing Japanese Emperor Akihito on Tuesday to thank him for his role in developing bilateral relations.“President Moon said that the emperor has stressed the significance of guarding peace during his reign,” South Korean foreign ministry spokesman Kim In-chul told a regular press briefing Tuesday. “(Moon) also expressed his expectation that (Akihito) will continue to help improve the two countries’ relations after he steps down.” Kim also added that the Seoul government congratulates Japanese Crown Prince Naruhito (who will become the new emperor) and hopes that the two countries’ ties will develop in a future-oriented way.

Super-disciplined Shin Ji-yai earns two wins in April

A taste that hasn’t been allowed for a while tasted as sweet as a win. South Korean golfer Shin Ji-yai had a small party at a French restaurant in Tokyo, Japan on Sunday. It was her birthday and she got to enjoy some cake and Coke after not two weeks of avoiding them following her come-from-behind victory with a gap of seven pars at the Japan LPGA's Fujisankei Ladies Classic, Kawan Hotel GC (Fuji).

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

Bae Hyun-jin, a Pretty Anchor Who Failed to Get Married

Lee Jin-song (31) is a single woman by choice. She publishes an independent publication called, Quarterly Alone, which critically looks at the discourse on dating and marriage in our society. Recently, she published the book, Something You Do If You Want To: Remain Single (Alma Books), a dialogue between her and Kim Ae-sun (78), a celibatarian born in 1941. In the book's epilogue, Lee wrote, "The strength with which our society combines heterosexuality and marriage, childbirth, childcare with normality and excludes and discriminates all others is very powerful. It is like a huge rock. Thus the “selfish” person, who refuses to get married and bear children--whom the heavens must condemn--is as an egg crashing into the rock. Since I am my own protector, I have the obligation to put my choice first and respect my own self rather than consider society's gaze on me or the feeling of indebtedness toward others."

“Fast Track” Toward the Prosecution Service

The clash between the Democratic Party of Korea and the Justice Party trying to put the amendment of the Public Official Election Act and the bill on the establishment of an investigative body for crimes involving high-ranking public officials on the Fast Track and the Liberty Korea Party physically trying to block the legislation has led to a series of lawsuits and reports. Politicians cited the Prosecution Service as the top candidate for reforms, yet they have ended up putting more power in the hands of prosecutors by filing a series of lawsuits and reports. The parties all warned of more massive lawsuits.

President Moon's role in the negotiations for the denuclearization of the Korean Peninsula is shrinking. April 27 was the first anniversary of the historic inter-Korean summit in Panmunjom, but due to the collapse of the Hanoi summit, North Korea's relationship with the United States has entered a stalemate pulling the brakes on inter-Korean relations as well. This has placed a hurdle on President Moon Jae-in's basic idea of encouraging the negotiations between North Korea and the U.S. with improvements in inter-Korean relations. North Korea is reaching out to China and Russia to diversify its contact points, clearly taking action to reduce its reliance on President Moon as the bridge between North Korea and the U.S.

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

Samsung Electronics to “sharply” lower capex to wait out chip correction

Samsung Electronics Co. rolled back capital investment in electronics components by more than half from last year’s levels as its earnings from mainstay chip-making tumbled over 60 percent in the first quarter and plans to “sharply reduce” investment in the memory sector this year in apparent synchronized move with other two memory majors to moderate supplies during the bust phase.

SK Global Chemical-Sinopec JV to acquire oil refinery in China for $2 bn

Sinopec-SK Wuhan Petrochemical, a joint venture between Korea’s SK Global Chemical and China`s Sinopec, agreed to acquire Wuhan Refinery in Hubei Province from Sinopec for nearly $2 billion, the Korean company announced on Monday. SK Global Chemical said in a separate disclosure that its board decided to chip in 189.8 billion won ($163.1 million) for the deal. Sinopec, which owns a 65 percent stake in the JV, will add 352.6 billion won to maintain their current ownership structure. The remainder will be financed through loans, SK Global Chemical said.

Blackstone to buy Korean pharmaceutical wholesaler at nearly $1 bn

Blackstone Group, the world’s largest private equity firm, has decided to pitch in nearly $1 billion to acquire a 46 percent stake in Geo-Young, Korea’s largest wholesaler of pharmaceutical products, in what would be its biggest corporate acquisition in Korea. According to sources on Monday, Blackstone Group based in New York, the U.S., signed an agreement to acquire a 46 percent stake in Geo-Young for 1.1 trillion won ($945 million) from another global PEF Anchor Equity Partners. The Korea-based PEF put the country’s biggest pharma wholesaler on sale two months ago. The remaining stake will be retained by Geo-Young co-founders Cho Sun-hye and Lee Hee-gu and management rights by Chairman Cho.

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