Headlines, May 23, 2019

SPECIAL NOTICE:

TIME IS RUNNIG OUT! And it is a tour Your Excellency surely would not wish to pass up!

Invitation to attend the Opening of the Peace Walk
And a Gala Luncheon at the plush Seoul Olympic Parktel

Chairman Man Hee Lee of the Heavenly Culture, World Peace Restoration of Light Program, in cooperation with The Korea Post media, cordially invites Your Excellency and Madam to a Gala Luncheon at the Seoul Olympic Parktel in Seoul at 12:00 hours, Saturday May 25, 2019.
Please scroll down to the bottom for the Official Invitation.

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The Korean daily media headlines and humor

Thursday, May 23, 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.

Prosecutors seek arrest warrant for Samsung BioLogics CEO in accounting scandal

Prosecutors on Wednesday sought an arrest warrant for Samsung BioLogics CEO Kim Tae-han as part of their probe into allegations of accounting fraud at the company. Kim is suspected of ordering its employees to destroy evidence related to alleged fraudulent accounting, the Seoul Central District Prosecutors' Office said. They also sought warrants to arrest two Samsung Electronics Co. vice presidents on similar allegations.

Diplomat accused of leaking phone conversation between Moon, Trump

South Korea's presidential office Cheong Wa Dae has found the diplomat suspected of leaking the phone talks between President Moon Jae-in and U.S. President Donald Trump to a lawmaker earlier this month, an official said Wednesday. Earlier this month, Rep. Khang Hyo-shang of the main opposition Liberty Korea Party said Moon asked Trump during the phone conversation to visit South Korea immediately after his May 25-28 trip to Japan, citing an unnamed diplomatic source in the U.S.

Samsung vice chairman, ex-U.S. President Bush meet in Seoul

Lee Jae-yong, vice chairman of Samsung Electronics Co., on Wednesday met with former U.S. President George W. Bush, who is on a visit to South Korea to attend a memorial event for a former leader of the country. Lee and Bush reportedly discussed the rapidly changing global industrial environment during the meeting at the hotel where Bush is staying in central Seoul. Their discussion lasted for about 30 minutes.

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

Key Figure in Ex-Vice Minister's Sex, Bribery Scandal Arrested

A local court issued an arrest warrant for a key figure in the 2013 sex and bribery scandal involving former Vice Justice Minister Kim Hak-ui. The Seoul Central District Court on Wednesday accepted the prosecution's request to arrest construction contractor Yoon Jung-cheon on charges of bribery and sexual assault, saying the major charges against him were proven and that the suspect may attempt to destroy evidence. The arrest came about a month after the court rejected the prosecution's first warrant request for Yoon. Prosecutors requested the warrant for the second time on Tuesday.

Memorial to Mark 10th Anniversary of President Roh's Death

A memorial service to commemorate the tenth anniversary of the death of former President Roh Moo-hyun is set to be held in his hometown of Bongha Village in Gimhae, South Gyeongsang Province. Government officials, lawmakers and family members of the late president will attend the event set for 2 p.m. on Thursday. Those in attendance will include National Assembly Speaker Moon Hee-sang, Prime Minister Lee Nak-yon, as well as former First Lady Kwon Yang-sook.

Presidential Office Finds Diplomat who Leaked Phone Conversation between Moon, Trump

An official at the South Korean Embassy in the U.S. has been found to have leaked phone talks between the presidents of the U.S. and South Korea to an opposition lawmaker. The presidential office said on Wednesday it conducted a probe into the leak and discovered that a councilor at the embassy had viewed the record of the phone conversation a day after the talks. Earlier this month, Rep. Khang Hyo-shang of the main opposition Liberty Korea Party said that President Moon Jae-in had asked U.S. President Donald Trump during a phone conversation to visit South Korea immediately after his trip to Japan in late May, citing an unnamed diplomatic source in the U.S.

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

Seoul unveils blueprint on fostering biohealth industry

In its quest for new growth engines for Asia's fourth-largest economy, South Korea charted out a set of measures to foster the biohealth industry by utilizing its prowess in information and communication technology with the goal of becoming a global powerhouse in the sector by 2030. South Korea has been struggling to find next-generation economic growth drivers, with focus on three key promising sectors -- system chips, biohealth and future cars -- as its exports face headwinds.

KDI cuts growth outlook for S. Korea to 2.4 percent

South Korea's prestigious state-run think tank on Wednesday slashed its economic growth outlook for the country this year to 2.4 percent from 2.6 percent, becoming the latest in a series of institutions to trim its growth forecast for Asia's fourth-largest economy. The KDI blamed weak domestic demand and slowing exports for its downward revision. "Overall, the Korean economy shows signs of sluggishness as export fell amid slowing growth in domestic demand," the KDI said in its latest economic outlook.

Late leader Roh's political legacy under spotlight ahead of his death anniv

One day ahead of the 10th anniversary of the death of former President Roh Moo-hyun, his political legacy has come under the spotlight due to local politics marred by sharp divisions. On May 23, 2009, Roh jumped to his death off a cliff behind his rural retirement home amid a widening probe by the prosecution into allegations that members of his family accepted illicit funds. Roh, who served as the country's president from 2003 to 2008, was a liberal politician who fought to challenge regional divisions and authoritarianism.

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

South Korea seeks to become bio-health powerhouse, invest W4tr in bio big data

South Korea has chosen the bio-health industry as one of its three new target growth engines, alongside non-memory chips and future mobility. Through the industry, it aims to capture a 6 percent global market share, reach $50 billion in exports and create 300,000 jobs by 2030.“Bio-health will continue to grow and develop,” said President Moon Jae-in on Wednesday at a ceremony to proclaim the nation’s bio-health vision in Osong Bio Valley, North Chungcheong Province, attended by four ministers of health, finance, science and industry.

US, North Korea square off over seized trade ship

The US State Department on Wednesday reaffirmed that UN sanctions against North Korea will remain in place, after Pyongyang publicly criticized Washington’s “extreme hostile policy” regarding the seizure of its cargo ship, escalating tensions between the two countries amid stalled nuclear talks. In a rare press conference at the UN in New York on Tuesday, North Korea’s UN Ambassador Kim Song demanded immediate return of the country’s second-largest cargo ship, the Wise Honest, and warned the US of consequences on the future of its relations with Pyongyang.

Turning Hyundai Motor into agile global player

What drove the former BMW executive to take on the heart of the research and development unit of Hyundai Motor four years ago was the strategic vision of the carmaker’s heir and Korean engineers’ ambition for perfection. In an interview with The Korea Herald, Albert Biermann, the head of R&D at Hyundai Motor and the first-ever foreign board member at the auto giant, said that his enthusiasm for Korea and the company remained high and that he was ready to turn the 51-year-old carmaker an “adaptive and agile” global player.

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

Bush to join memorial service for late President Roh

Former U.S. President George W. Bush will attend a memorial service at Bongha Village in Gimhae, South Gyeongsang Province, today, marking the 10th anniversary of the death of former President Roh Moo-hyun. Bush will present a portrait he painted of the late president to Roh's wife Kwon Yang-sook, which will be exhibited at the Roh Moo-hyun Foundation. In return, she will give Bush a "special present" featuring the carved features of Bush and Roh.

Gaining EU whitelist status to boost drug exports

There are expectations that exports of pharmaceutical ingredients will grow after Korea was recently added to the European Union's drug whitelist.Industry watchers welcomed the listing but also say pharmaceutical companies here must face up to the additional pressure to improve the quality of medicine and quality-control environment to more appeal to European customers. The Ministry of Food and Drug Safety said Wednesday that Korea has become the seventh outside country to be whitelisted following approval by the European Council, meaning Korea's medicine-related manufacturing and supervision standards are at the same level as those of the EU.

S. Korea aware of five nuclear facilities in NK

South Korea was apparently aware of the existence of five nuclear sites in North Korea after being informed of them by U.S. intelligence authorities, sources from the National Assembly said Wednesday. The exact number of the North's nuclear facilities was disclosed publicly when U.S. President Donald Trump said on Sunday that he demanded the closure of "five nuclear sites" during a summit with North Korean leader Kim Jong-un in Hanoi last February.

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

Gov't Admits Minimum-Wage Hike Cost Jobs

The Labor Ministry in an official report on Tuesday belatedly admitted that the drastic minimum-wage hike cost jobs in retail and hospitality. The government has long been under fire as the policy backfired but so far stubbornly denied there was any connection between the hike and loss of jobs. The ministry surveyed 94 businesses in the retail, hospitality and auto parts sectors and found that they are "cutting down on new hires" to deal with rising labor costs.

S.Korea Pushing for Another Border Summit with N.Korea

Unification Minister Kim Yeon-chul on Tuesday hinted that the government is pushing for another border summit with North Korea, saying Seoul is considering "various measures" to resume stalled dialogue. Speaking to reporters for the first time since he took the post, Kim said South Korea and the U.S. "are exchanging various opinions regarding measures to resume negotiations." "From a broad perspective, it is important to resume talks," he added.

S.Korea Delays Deployment of New Stealth Fighters

The South Korean military is delaying plans to deploy a first batch of new F-35A stealth fighter jets warfare-ready until the second half of this year, a spokesman said Tuesday. "A ceremony had been planned to deploy them warfare-ready before June, but the schedule is being delayed," the spokesman said. "It will highly likely be held after July." Two of the fighter jets were delivered from a plant in the U.S. to an air base in Cheongju in March.

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

Trump says there are “five nuclear facilities” in North Korea during interview
On May 19, US President Donald Trump mentioned that there are five nuclear facilities in North Korea, raising the question about what facilities he was talking about other than the Yongbyon nuclear complex. While describing the situation at the North Korea-US summit in Hanoi this past February during an interview with Fox News on May 19, Trump said, “When I left Vietnam where we had the summit, I said to Chairman Kim [. . .] ‘Look you're not ready for a deal,’ because he wanted to get rid of one or two [nuclear] sites, but he has five sites.” Trump’s remark implies that Kim was only planning to shut down a couple of nuclear facilities in North Korea out of a total of five.

Moon holds luncheon with key military commanders of combined forces at Blue House
South Korean President Moon Jae-in said in a meeting with South Korean and US military commanders on May 21 that the momentum for dialogue with Pyongyang was sustained thanks to coordinated restraint by Seoul and Washington following North Korea’s short-range missile launches earlier this month.“The robustness of the South Korea-US alliance and the close coordination between the two sides truly shined in response to North Korea’s recent projectile launches, including its short-range missiles,” Moon said in a luncheon meeting at the Blue House that day with 12 key military commanders from both sides, including South Korean Minister of National Defense Jeong Kyeong-doo and US Forces Korea Commander Robert Abrams.

S. Korean companies see mixed fortunes after US sanctions against Huawei
South Korean companies are enjoying mixed fortunes in the wake of the US government’s sanctions against the Chinese company Huawei. The ripple effects were visible in the South Korean stock market, where Samsung Electronics – which is currently battling with Huawei for dominance in the global smartphone market – experienced a boost to its share prices on May 21, while LG U+, which relies on Huawei for supplies of communication equipment, saw its share prices fall.

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

N. Korea’s UN ambassador demands return of seized cargo ship

As North Korea demanded the return of its Wise Honest bulk carrier impounded by the U.S. in violation of the UN sanctions, the U.S. government refused, saying, "International sanctions must be enforced." “The North Korean bulk carrier was illegally towed by the U.S. to American Samoa,” North Korea's United Nations Ambassador Kim Song said during the 14-minute press conference held at the UN headquarters in New York on Tuesday. “The horrible unilateral sanctions and domestic law, which the United States has employed in dispossessing our cargo ship is clearly illegal,” he said.

Hyundai E&C wins a 2.45-billion-dollar construction deal in Iraq

Hyundai Engineering & Construction (E&C) has won a deal to build a plant in Iraq, marking the construction firm’s first overseas deal this year. Hyundai E&C said on Wednesday that it signed a 2.45-billion-dollar deal to build a seawater processing plant with the government-owned Basra Oil Company in Iraq. Generally, a certain amount of water needs to be injected into the well in order to increase oil production. Hyundai E&C will build a facility that can purify 5 million barrels of seawater a day for the oilfields in the southern state of Basra. The construction of the facility is expected to take 49 months and the start date of the construction has not been confirmed yet.

British prime minister brings up new referendum on Brexit

British Prime Minister Theresa May made a last-ditch effort to get her Brexit deal approved by offering a “new” plan for Britain’s departure from the European Union on Tuesday at the headquarters of PricewaterhouseCoopers in London. She outlined a 10-point strategy that included a second referendum that she had dismissed so far. While the prime minister said she personally opposed another referendum on Brexit, she said she recognized the "genuine and sincere" feelings on the issue in the Parliament, adding she will ask the Lower House to decide whether to put her offer to a referendum. If the lawmakers pass it, Britain will have a second referendum on Brexit since the first in June 2016.

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

Display of Two Unreleased Pictures of Yu Gwan-sun During Her Days at Ewha Haktang

On May 21, Ewha Womans University released two photos of the independence activist Yu Gwan-sun (1902-1920) during her days at Ewha Haktang in commemoration of the 133th anniversary of the school's foundation. The pictures were discovered in the photo albums, Ewha in the Past, housed in the Ewha Archives. Ewha in the Past consists of 89 albums, which contain pictures of the school from 1886, when Ewha Haktang was founded to the 1960s. The first eight volumes hold pictures of the founding days of Ewha Haktang to the days of Ewha College before national liberation in 1945. The pictures of Yu were discovered in volumes one and four.

OECD Forecasts South Korean Economy to Grow by 2.4% This Year

The Organization for Economic Cooperation and Development (OECD) lowered its growth forecast of the South Korean economy to 2.4%, a 0.2% drop from its forecast in March. It cited the decrease in exports, including semiconductors, due to the decline in international trade, and the weak growth in manufacturing, a core industry, as the grounds for the latest adjustment. The OECD also predicted the South Korean economy to grow 2.5% next year, 0.1% lower than the previous forecast.

No Punishment for the Death of Jang Ja-yeon

A Justice Ministry committee on past cases handled by the Prosecution Service acknowledged the truth of some notes by Jang Ja-yeon, which recorded the fact that she was forced to drink and entertain the son of a Chosun Ilbo president, but concluded that they lacked the requirements of a criminal offense. The committee did not recommend another investigation on grounds of the statute of limitations and lack of evidence. It will no longer be possible to criminally punish the person responsible for the death of Jang.

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

Lotte taps MBK Partners-Woori Bank consortium to sell credit card unit

Lotte Group chose a consortium of MBK Partners and Woori Bank its new exclusive candidate to sell its credit card unit after failing to strike a deal with earlier choice, Hahn & Co. within the deadline. Lotte Corp., the holding entity of the South Korea’s fifth largest conglomerate, announced in a disclosure Tuesday that it named MBK Partners a new preferred buyer for Lotte Card, as it failed to end the deal with its original preferred bidder Hahn & Co. within the exclusive bargaining period that had expired on May 13.

S. Korea’s economy remains intact despite external downside risks: Moody’s

Moody’s Investors Service on Tuesday reiterated that the export-reliant South Korean economy would take a hit from the slowing growth in Chinese economy, intensifying U.S.-China trade war, and potential auto tariffs by the United States but ensured the country’s economic fundamentals remain intact. In a media briefing on Tuesday, Christian de Guzman, Moody’s vice president and senior credit officer, said that Korea’s economy that depends highly on exports is facing with a great challenge of softening demand for Korean products abroad.

U.S. lowers tariffs on Posco’s cold rolled steel plates to 3.23%

The United States imposed lighter tariffs on Posco’s cold rolled steel plates in its final antidumping and countervailing review while slapping other Korean steel exporters with double-digit levies. The U.S. Department of Commerce issued its final ruling on Korean-made cold rolled steel plates, according to industry sources on Tuesday. Tariffs on South Korea’s largest steelmaker Posco were set at 3.23 percent, lowered from the 4.51 percent in the preliminary ruling announced last October.

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Your Excellency:

I am very sorry to present this Invitation again, but we would like to finally confirm Your Excellency's convenience on the upcoming Saturday if Your Excellency and Madam could grace us with your kind participation in the most worthy program on Saturday May 25, 2019.
In anticipation of a kind response in the affirmative, I take the liberty of presenting our Invitation again--as follows:

SPECIAL NOTICE: The event taking place on Saturday, the drivers at the Embassy may not work, in which case the TAXI FEE will be fully REIMBURSED by the host upon presentation of the receipt.

Invitation to attend the Opening of the Peace Walk
And a Gala Luncheon at the plush Seoul Olympic Parktel

Chairman Man Hee Lee of the Heavenly Culture, World Peace Restoration of Light Program, in cooperation with The Korea Post media, cordially invites Your Excellency and Madam to a Gala Luncheon at the Seoul Olympic Parktel in Seoul at 12:00 hours, Saturday May 25, 2019.
The Luncheon follows the 6th Annual Commemoration of the Declaration of World Peace and Peace Walk starting at 9:45 a.m. of the same day.
Participation in the walk is not a requirement for the Ambassadors and Madams, but will be greatly appreciated.
Immediately after the opening ceremony, Your Excellency and Madam are invited to a gala luncheon at the nearby Seoul Olympic Parktel Hotel restaurant.
The Korea Post media, publisher of five media outlets (3 in English, 2 in Korean), including www.koreapost.com and www.koreapost.co.kr, fully cover the event for the promotion of understanding, relations and cooperation between the esteemed country of Your Excellency and Korea.

The Ambassadors’ attendance the meeting will be fully covered by all five media outlets of The Korea Post, including www.koreapost.com (English) and www.koreapost.co.kr (Korean).

Invitation has already been forwarded to Your Excellency, and I would appreciate being advised of Your Excellency's convenience on both occasions.
My phone number is: 010-5201-1740 or 2298-1740/2.

Very Respectfully Yours

/s/

Lee Kyung-sik
Publisher-Chairman
The Korea Post media

Lee Kyung-sik edt@koreapost.com