Headlines, July 8, 2019

The Korean daily media headlines and humor

Monday July 8, 2019

Rwandan National Day reception

Here are our story and pictures on the National Day of Rwanda on July 4, 2019.
Please visit: http://www.koreapost.com/news/articleView.html?idxno=9466

If our esteemed readers, as well as the Embassy of Rwanda, have any additional photos and story details, we would be more than happy to add them to our article to round out our report on the auspicious day of Rwanda.
Please email them to edt@koreapost.com and/or pub@koreapost.com.

Lee Kyung-sik
Publisher-Editor
The Korea Post media

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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.

Finance, presidential policy chiefs meet biz leaders over Japan's export curbs

Two top South Korean economic policymakers met with business leaders Sunday to discuss ways to cope with Japan's export restrictions, Cheong Wa Dae has confirmed. Economy and Finance Minister Hong Nam-ki and Kim Sang-jo, chief of staff to President Moon Jae-in for policy, had consultations with representatives from "major companies on the uncertainty over external economic conditions," according to Cheong Wa Dae spokesperson, Ko Min-jung.

Samsung Electronics VP heads to Japan amid export curbs on chips materials

Samsung Electronics Vice Chairman Lee Jae-yong traveled to Japan on Sunday, apparently to meet with local business leaders and discuss Seoul's response to Tokyo's retaliatory limits on exports of high-tech materials. Japan said last week it would tighten regulations on exports of materials used in chips and smartphone displays to South Korea amid a widening dispute over Koreans who were forced to work for Japanese companies during World War II.

“President Kagame bolsters bilateral ties, lays foundation for deeper cooperation”

Ambassador Emma Françoise Isumbingabo of the Republic of Rwanda in Seoul said, “Over the past two decades the relations between Rwanda and Korea have grown attaining the level of “Key Partner Country” for development cooperation.”Speaking at a reception she hosted at the Millennium Seoul Hilton on July 4, 2019 in celebration of to mark the 25th anniversary of the Liberation of the Republic of Rwanda, Ambassador Isumbingabo introduced that the visits in 2008, 2011 and 2014 to South Korea by President Paul Kagame have further bolstered the bilateral relations, laying the basis for deepening existing ties and broadening the parameters of cooperation.”

Then said Ambassador Isumbingabo, “The establishment of diplomatic missions in respective capitals have greatly enhanced cordial and constructive ties in various fields of mutual interest namely: political, economic and socio-cultural area.”

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

Top Policymakers Meet Biz Leaders over Japan's Export Curbs

The presidential office said South Korea's top economic policymakers met with the chiefs of major conglomerates on Sunday to discuss ways to cope with Japanese export restrictions. Presidential spokesperson Ko Min-jung on Sunday told reporters in a text message that Finance Minister Hong Nam-ki and presidential chief of staff for policy Kim Sang-jo had consultations with representatives from "major companies on the uncertainty over external economic conditions."

S. Korea Ranks 12th in GDP Rankings for 2018

South Korea maintained its position at 12th in the World Bank’s most recent gross domestic product(GDP) country rankings. According to data released Sunday, the country posted one-point-619 trillion U.S. dollars in terms of nominal GDP in 2018, the 12th-largest among 205 countries surveyed. South Korea ranked 14th in the World Bank’s GDP rankings from 2009 to 2013 and climbed to 13th in 2014 and eleventh in 2015 and 2016 before it fell to 12th in 2017.

Minimum Wage for 2020 Likely to be Set This Week

South Korea is expected to determine within this week the minimum wage for next year. The Minimum Wage Commission on Tuesday is scheduled to hold a full session meeting in Sejong city that includes policy experts and business and labor representatives with additional meetings scheduled for Wednesday and Thursday.

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

S. Korea urges Japan to lift export restrictions.

South Korea's finance minister on Monday pressed Japan to withdraw its export restrictions on key semiconductor materials as the Japanese move could have a negative impact on the global economy. Hong Nam-ki, the minister of economy and finance, said Japan's export restrictions run counter to the principles of the World Trade Organization (WTO).

Parliamentary speaker mulls sending delegation to N. Korea

National Assembly Speaker Moon Hee-sang is expected to push for sending a delegation of lawmakers to North Korea in a bid to lay the groundwork for an inter-Korean parliamentary meeting, officials said Monday. Moon plans to propose the idea to North Korea this week in a shift from his plan for an immediate inter-Korean parliamentary event, according to the parliamentary officials. Moon will hold a press conference Friday to mark the first anniversary of his inauguration.

9 Korean Confucian academies designated UNESCO World Heritage site

Nine South Korean Confucian academies were inscribed on the UNESCO World Heritage List for their "outstanding universal value," a UN committee said Saturday. The decision was made in a meeting of the UN World Heritage Committee in Azerbaijan, raising the total number of South Korea's World Heritage sites to 14. Seowon are private Confucian academies in Korea established during the Joseon Dynasty (1392-1910) to honor renowned Confucian scholars and educate the youth. They were also key venues for discussing social and state affairs among local aristocrats during the Confucianism-dominated Joseon era.

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

S. Korea urges Japan to lift export restrictions

Police arrest Korean man accused of beating Vietnamese wife

A 36-year-old South Korean man was arrested Saturday on suspicion of assaulting his wife and abusing their toddler son, police said Sunday. According to police, the man is accused of assaulting his wife, 30, for over three hours starting Thursday at 9 p.m. in the presence of their child. The victim came to Korea from Vietnam as a marriage migrant.

Chaebol chiefs to meet Moon, top policymakers over Japan’s ‘chip moves’

Amid intensifying fears over Japan’s retaliatory moves against Korea, leaders of major South Korean conglomerates were invited to a private meeting with top policymakers on Sunday to discuss countermeasures, according to reports. Economy and Finance Minister Hong Nam-ki and Kim Sang-jo, presidential chief of staff for policy, were to meet Hyundai Motor Executive Vice Chairman Chung Euisun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Gwang-mo, Yonhap News Agency reported, citing a person familiar with the matter.

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

Chaebol struggle to find solution to Japan's exports curb

Chiefs of Samsung, SK, LG and other Korean conglomerates are struggling to resolve the dispute over Tokyo's curb on exporting high-tech materials to Seoul, industry officials said Sunday. Lee Jae-yong, vice chairman of Samsung Electronics and de factor leader of the country's largest conglomerate, left for Japan on Sunday to seek ways to minimize the impact from the trade dispute. On Sunday afternoon, top executives of the conglomerates had a launch meeting with Finance Minister Hong Nam-ki and presidential chief of staff for policy Kim Sang-jo. The presidential office confirmed the meeting, saying the top policy aides met with representatives of major companies to exchange views over uncertainties connected with external economic conditions.

'Comfort women' films to hit theaters this summer

A handful of movies about the Korean wartime sex slavery during World War II ― "Shusenjo: The Main Battleground of the Comfort Women Issue," and "My name is Kim Bok-dong" ― are scheduled to hit the local theaters this summer, raising awareness on the unresolved issue. The issue of comfort women, a euphemism for the victims of wartime sex slavery, has been one of the most contentious debates between South Korea and Japan.

New North Korea nuclear envoy in spotlight

Kim Myong-gil, a former North Korean ambassador to Vietnam, is coming to the forefront as a highly probable figure to lead the North's delegation for the upcoming working-level discussions with the United States. As a replacement for Kim Hyok-chol, Kim is expected to make his international debut soon as Pyongyang's new point man for nuclear dialogue, according to North Korean watchers in Seoul, Sunday. He will be in talks with U.S. Special Representative for North Korea Stephen Biegun to lay the new groundwork for the upcoming meeting, they said.

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

Abe Flails in Defending Export Curbs to S.Korea

Japanese Prime Minister Shinzo Abe on Sunday flailed in defending export restrictions against South Korea by claiming they were motivated by fears that Seoul could violate international sanctions against North Korea. Speaking in a political debate hosted by Fuji TV on Sunday, Abe said while South Korea claims to adhere to sanctions against North Korea, "it is clear that [South Korea] does not abide by international promises regarding [forced laborers] so it is only reasonable to think that it will not abide by trade restrictions [against North Korea]."

U.S.' N.Korea Point Man Heads to Europe

U.S. Special Representative for North Korea Stephen Biegun is traveling to Europe to discuss denuclearization of North Korea, the State Department said Saturday. The trip has raised speculation that the U.S. and North Korea are in discussion to choose the venue and agenda of working-level talks that are expected to resume later this month. The U.S. State Department said Biegun will visit Brussels on Monday and Tuesday and Berlin on Wednesday and Thursday for "meetings with European officials and with [his South Korean counterpart] Lee Do-hoon to advance our shared efforts to achieve the final, fully verified denuclearization of North Korea."

Youth Job Growth Figures Largely an Illusion

Official job growth figures for young people are largely an illusion and conceal a decline in quality employment under a flood of part-time work. When May employment figures were released on June 12, the government patted itself on the back by claiming that the number of young people in work increased for the ninth straight month. Youth employment rose 1.2 percent or 46,000 on-year in May to 3.95 million. But that included many temporary jobs, even for just one hour a week.

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

Japan’s export controls go into effect on July 4

Japan’s export controls that are designed as retaliation against a South Korean Supreme Court decision awarding damages to victims of forced labor during the Japanese colonial occupation went into effect on July 4, placing South Korea’s foreign policy under the microscope. While the South Korean government is considering the options of filing a complaint against Japan with the World Trade Organization (WTO) and investing in reducing the high-tech sector’s dependence on Japan for parts and materials, it won’t be easy to find an economic solution capable of counteracting Japan’s retaliation, which deliberately targets South Korean industry where it’s most vulnerable. In order to solve this complex equation, South Korea will likely need to mobilize both economic and diplomatic assets.

S. Korean government to consider economic countermeasures against Japan

The South Korean government has announced that it will look into ways to retaliate against Japan for the import restrictions it’s imposing on key materials used by South Korean companies to produce high-tech products like semiconductors. Following a countermeasure planning meeting held by the relevant ministries on July 4, the government is planning to hold a meeting of ministers involved with the foreign economy early next week, during which the countermeasures will be announced.

EU requests expert panel to convene in S. Korea’s dispute with EU over labor issues

The EU formally requested the South Korean government to convene a panel of experts over violations of the two sides’ Free Trade Agreement (FTA). The issue concerns the South Korean government’s failure to ratify four International Labour Organization (ILO) core conventions and to conform to the principle of freedom of association in the operation of its Trade Union Act. This marks the first time the EU has convened a panel of experts over labor condition violations in one of the 74 countries with which it has an FTA.

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

Abe draws N. Korea sanctions into export controls against S. Korea

“South Korea is keeping sanctions with North Korea sanctions. It says it is managing North Korea’s trade, but Seoul clearly is not keeping its promise on wartime forced labor,” Japanese Prime Minister Shinzo Abe said Sunday about the background of imposing stricter export controls. “It is evident that South Korea would not keep its promise on trade controls, either.” He related North Korea issues with conflicts between South Korea and Japan.

Late former S. Korean foreign minister’s son defects to N. Korea

Choi In-guk (73), the second son of former South Korean foreign minister Choi Tok-sin, the highest ranking South Korean official who had defected to North Korea, arrived in Pyongyang on Thursday to live in the North for good, Pyongyang propaganda machine “Between (Korean) People” reported.

Hyundai Merchant Marine advances into Vietnam’s logistics industry

South Korean carrier Hyundai Merchant Marine is soon to advance into Vietnam’s logistics industry along with institutes such as Busan Port Authority. The company recently joined THE alliance, one of the three major maritime alliances, to expand its maritime networks. Its next strategy is to turn a profit faster by advancing into the logistics business.

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

Cheong Wa Dae Claims “Retaliation,” Finance Minister Calls for “Firm Response”

On July 4, Cheong Wa Dae defined the tighter export regulations on semiconductor-related products by the Japanese government as "retaliatory." This was the first time that Cheong Wa Dae recognized the "retaliatory nature" of the Japanese government measure, after Japan tightened export regulations on July 1. Cheong Wa Dae's latest response has led to speculation that the South Korean government has opted to fight Japan's action head-on. Japan began tightening exports to South Korea this day, as it had warned.

The EU Seeking to Sanction South Korea for Not Ratifying ILO Conventions

The European Union (EU) officially requested to convene a panel of experts claiming that the South Korean government was not doing its part to ratify the core conventions of the International Labour Organization (ILO). In other words, the EU argued that South Korea was not fulfilling its obligations stipulated in the free trade agreement (FTA) with the EU, which came into force in 2011. The EU signed an FTA with over seventy countries, but this is the first time that it has requested to convene a panel because a country had failed to comply with provisions on labor.

"I Worked 20 Years, But Only Earn 2 Million Won a Month" "Equal Work, Different Treatment"

Workers participating in a general strike from July 3 to 5 gathered under the name, "non-regular workers in the public sector," but they perform a variety of jobs, such as childcare, education support, sanitation, performance of a musical instrument, and stage installation. There were many who recently joined a union and took part in a strike for the first time. The workers on strike claimed they came out onto the streets because of "employers who would not listen despite complaints of unfair treatment" and because of "discrimination despite doing the same work as regular workers.”

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

LG Elec.’s Q2 OP down 15.4% on sluggish TV, smartphone sales

South Korea’s LG Electronics Inc. saw its operating profit drop 15.4 percent on year for the April-June period largely due to sluggish sales of smartphones and televisions, falling short of market expectations. In a preliminary earnings report released on Friday, LG Electronics estimated its operating profit on a consolidated basis reached 652.2 billion won ($555 million) in the second quarter ended June, down 15.4 percent from the same period a year ago and 27.6 percent from the previous quarter. Sales inched up 4.1 percent on year and 4.8 percent on quarter to 15.6 trillion won.

S. Korea’s trade deficit with Japan accumulated to $604.6 bn over 50 yrs

South Korea has never had surplus in trade with Japan for more than 50 years since diplomatic relations between the two neighboring countries normalized in 1965, falling into a disadvantageous position in taking measures to counteract Japan’s punitive trade barriers. According to trade data released by Korea International Trade Association and Korea Customs Service on Saturday, Korea’s cumulative trade deficit with Japan has amounted to $604.6 billion since 1965 when the two countries normalized their diplomatic relations. In the early stages of their trade, Korea’s deficit with Japan stood at $130 million, but the gap widened to $1.24 billion in 1974 and $11.87 billion in 1994 as Korea’s economy rapidly developed.

Samsung Elec Q2 OP halves on yr, improves on qtr on display gain

Samsung Electronics reported Friday its operating profit has more than halved from a year ago as the chip industry’s boom-and-bust cycle proved more damaging than expected amid the escalated trade conflict between the United States and China. According to its earnings guidance released on Friday, the Korean tech giant posted an operating profit of 6.5 trillion won ($5.56 billion) in the quarter ended June, down 56 percent from the same period a year earlier but up 4.33 percent from the previous three months. Revenue totaled 56 trillion won, down 4.24 percent on year but up 6.89 percent on quarter.

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Lee kyung-sik edt@koreapost.com