Headlines, August 28, 2019

Special notice!

The Korea Post media has a very interesting tour for the ambassadors and madams on Monday September 9, 2019.

The Pyeongchang Hyoseok Culture Festival is the event which is in memory of Korea’s literary masterpiece, “When the Bukwheat Blossoms Bloom,” written by famed Korean Novelist Lee Hyo-seok. The story demonstrates the connection between human life and the beauty of nature through the dazzling scenery of the Bongpyeong buckwheat farm.

In fact, Bongpyeong is the author's hometown, and appears frequently in his novels.

The cultural festival commemorates Lee Hyo-seok's novel and offers a chance for visitors to tour Lee Hyo-seok's birthplace and memorial hall.

To see the details of the Festival, please visit:

https://www.goobeegoobee.com/bbs/board.php?bo_table=guide_en&wr_id=58

The tour schedule is as follows:

08:15 hours, Mon. Sept. 9, 2019: Meet at Meet at the Grand Hyatt Seoul at the Fountain Site

08:30-10:30 hours: Move from Grand Hyatt Seoul to Pyeongchang Hyoseok Culture Town by 28-seat Deluxe Limousine Bus

10:40-11:30 hours: Experience the Traditional Performance and tour the Local Food Market.

11:30-13:00 hours: Luncheon (Korean Traditional Set Table plus bufflet)

13:00-14:00 hours: Visit the Buckwheat Flower Photo Zone.

14:00-14:45 hours: Tour the Lee Hyoseok Culture Center.

14:45-16:00 hours: Tour the Historical Center and Culture Experience Center.

16:00-18:30 hours: Move from Pyeongchang to the Grand Hyatt Seoul by 28-seat Deluxe Limousine Bus

Dress: Casual

Note: Please advise us of Your Excellency’s convenience at 010-5161-0350 (VC Madam Cho Kyung-hee), 010-5201-1740 (Chairman Lee), 010-5739-7087 (Reporter Paul Kim)

Tuesday, August 28, 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.

U.S. says Dokdo drills 'not productive' amid Seoul-Tokyo row

South Korea's military drills on its easternmost islets of Dokdo were "not productive" in the country's current row with Japan, the U.S. State Department said Tuesday. The comment comes a day after South Korea concluded a two-day exercise on and around Dokdo, drawing protests from Japan, which lays claims to the islets. In a statement, a department spokesperson said Washington does not take a position in the territorial dispute but regards the drills as unhelpful in light of the two countries' ongoing dispute over trade and wartime forced labor.

Major groups' investment dips 23 pct in H1

Investment by South Korea's major conglomerates plunged 23 percent on-year in the first half of the year due mainly to flagging chip and display businesses, a corporate tracker said Wednesday. Investment by 353 subsidiaries of 59 business groups totaled 36.9 trillion won (US$30.4 billion) in the January-June period, compared with 47.9 trillion won a year earlier, CEO Score said in a report based on their half-year reports. The companies cut their spending on equipment and other tangible assets by 26.1 percent while jacking up investment in intangible assets by 13 percent.

U.S. offers to help resolve Seoul-Tokyo row after 'whitelist' removal

The United States will do what it can to help South Korea and Japan resolve their differences, the U.S. State Department said Tuesday in response to Tokyo's latest trade restrictions against Seoul. Japan decided early this month to remove South Korea from its "whitelist" of trusted trading partners, and the decision took effect Wednesday (Seoul time), adding to the already high tensions in their tit-for-tat row stemming from differences over their shared history.

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

South Korea Officially Removed from Japan's Trade 'Whitelist'

Japan's removal of South Korea from its so-called whitelist of preferred trading partners took effect on Wednesday. On August 2, the Japanese government formally approved the amendment of the Export Trade Control Ordinance at a Cabinet meeting, which excludes South Korea from a shortlist of countries that enjoy streamlined trade relations with Japan. Tokyo officially proclaimed the amendment on August 7, saying that the revision would go into effect on August 28.

US Says Dokdo Drills 'Not Productive' for Resolving S. Korea-Japan Row

A U.S. State Department official said on Tuesday that South Korea's military drills on and around the Dokdo islets were "not productive" in the country's current row with Japan. A department spokesperson gave the response to an inquiry by Seoul-based Yonhap News regarding South Korea's recent military drills to defend its East Sea territories, including Dokdo, which Japan claims as its own. The spokesperson said in a statement that given the recent disagreements between the two nations, “the timing, messaging and increased scale of military drills at Liancourt Rocks are not productive toward resolving ongoing issues.”

US Hopes S. Korea will Change Mind about Termination of GSOMIA

A senior U.S. official reportedly said on Tuesday that the U.S. hopes South Korea will change its mind about its military information sharing deal with Japan set to terminate in November. According to AFP, the unnamed official said the deal does not expire until November 23 and there will be “a lot of things to do” before going back to the agreement. Washington strongly supports the General Security of Military Information Agreement(GSOMIA), and the comments published by the AFP likely reflect the U.S.’ desire that Seoul reconsider its decision to terminate the deal.

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

S. Korea to spend 5 tln won to nurture parts, materials industries by 2022

South Korea plans to inject more than 5 trillion won (US$4.1 billion) into its support of the local parts and material industries by 2022 to tackle Japan's export curbs against the South, officials said Wednesday. The move is aimed at stabilizing the supply channel of parts, materials and equipment, and spurring their localizations as South Korea seeks to reduce heavy reliance on imports of key Japanese materials. The decision was announced after senior officials from the presidential office Cheong Wa Dae, the government and the ruling Democratic Party (DP) held a meeting to cope with Japan's trade restrictions

U.S. offers to help resolve Seoul-Tokyo row after 'whitelist' removal

U.S. says Dokdo drills 'not productive' amid Seoul-Tokyo row

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

Prosecution raids key locations in probe into embattled Cho Kuk

The prosecution on Tuesday raided universities, a medical center and other facilities as part of an investigation into a series of allegations involving Justice Minister nominee Cho Kuk and his family, less than a week before the parliamentary confirmation hearing on Cho is to be held. The Seoul Central Prosecutors’ Office conducted search and seizure operations simultaneously at some 20 locations, including five universities -- including Korea University and Pusan National University’s Graduate School of Medicine -- to collect evidence linked to allegations ranging from university admissions irregularities involving Cho’s daughter to his family’s dubious investment in a private equity firm.

PM hints at flexibility on GSOMIA

Seoul could reconsider its decision on the General Security of Military Information Agreement if Japan reverts “unjust measures,” Prime Minister Lee Nak-yon said Tuesday. This is the second time in as many days that Lee has spoken of the possibility, in an apparent message to Tokyo. “There are about three months until Nov. 23, when GSOMIA expires. I think it is possible that a solution could be found in that time, and Japan’s unjust measures could be reversed and we could review (the decision) to end GSOMIA,” Lee said, speaking at a high-level policy meeting between government and ruling Democratic Party of Korea members.

Trade concerns push S. Korea’s consumer sentiment to 31-month low

South Korea’s consumer sentiment came to 92.5 in August, the lowest indicator readout since January 2017, data released by the Bank of Korea showed Tuesday as global trade issues continued to weigh on the economy. According to the central bank, the composite consumer sentiment index dipped 3.4 points on-month to well below the baseline of 100, which means consumers are decidedly pessimistic compared with average readings between 2003 and 2018.

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

Moon's key aide under corruption probe

The prosecution began investigating allegations surrounding justice minister nominee Cho Kuk and his family, Tuesday, carrying out large-scale search and seizure raids on a dozen schools and other facilities linked to the suspicions. According to the Seoul Central District Prosecutors' Office, investigators conducted searches at Busan Medical Center, and Seoul National (SNU), Korea, Dankook and Kongju National universities for evidence related to the allegations of preferential treatment given to Cho's daughter in her college admissions and receipt of scholarships.

Korea's open rebellion against US

Although few have said it out loud, Korea's decision to pull out of its three-year-old military intelligence-sharing pact with Japan despite strong U.S. objections is nothing less than open rebellion. It marks a major departure from the role of junior partner that Korea plays in its alliance with the U.S., coming as U.S. regional stewardship is being challenged by a growing China and undermined by its isolationist leadership in Donald Trump turning increasingly "beggar-thy-neighbor-ly."

Samsung on alert ahead of court ruling on its chief

Samsung Electronics has been scrambling to come up with responses to various scenarios as the Supreme Court is set to rule Thursday on the conviction of Vice Chairman Lee Jae-yong in the corruption scandal that unseated former President Park Geun-hye. The nation's highest court is expected to decide on whether to uphold or dismiss an appeals court ruling that reduced Lee's five-year jail term imposed by a lower court to two years and six months suspended for four years.

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

Korea's Smaller Carmakers in Dire Straits

The country's three smaller carmakers, GM Korea, Ssangyong and Renault Samsung, are in increasing financial straits as markets dwindle and orders vanish. They helped Korea produce 4.55 million cars as recently as 2015, the fifth most in the world, but the roost is ruled by Hyundai and affiliate Kia. Last year that fell to 4.02 million cars and Korea to the world's seventh-largest automobile producer behind Mexico and India. The ramifications affect not only the automakers but their suppliers and sellers that employ 1.7 million workers here, and an even bigger storm is approaching.

U.S. Warns Scrapping Intelligence Pact Threatens American Troops

The U.S. State Department on Sunday warned that Seoul's decision to scrap an intelligence-sharing pact with Japan will threaten the safety of American troops on the Korean Peninsula. "We are deeply disappointed and concerned that the [South Korean] government terminated the General Security of Military Information Agreement," State Department spokeswoman Morgan Ortagus tweeted. She added that the move "will make defending [South] Korea more complicated and increase risk to U.S. forces."

Samsung Increases Smartphone Market Share in Japan

Samsung's share of the Japanese smartphone market rose to 9.8 percent in the second quarter of this year, the highest in six years powered by sales of the new Galaxy S10. According to market researcher Strategy Analytics on Monday, Samsung sold 600,000 smartphones in Japan from April to June to rank a distant second in terms of market share after Apple's 50.8 percent. Still, that is a bumper result in a market where Korean phone makers traditionally fare poorly. Samsung's market share rose one percentage point compared to a year ago and fourfold compared to a trough of 2.4 percent in the third quarter of 2018.

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

S. Korean government steels for further measures by Japan after white list removal

On Aug. 26, just two days before the Japanese government was set to remove South Korea from its white list of countries that enjoy expedited screening for exports, the South Korean government and the Blue House were reviewing countermeasures for each company and product, in recognition that Japan could impose additional measures. If Tokyo implements the revision to its export and trade management rules on Aug. 28, dropping South Korea from the white list as planned, Japanese companies will be required to receive permits for each product they export to South Korea.

“Abe’s refusal to engage with S. Korea marks end of Japan’s status as peaceful country,” says Haruki Wada

Haruki Wada, professor emeritus at the University of Tokyo, came out in strong criticism of Japanese Prime Minister Shinzo Abe for his policy of not playing nice with South Korea. Wada voiced his concerns during the keynote address at an academic conference on Japan held at the conference room of the building of the Korea Federation of Banks, in Seoul, on Aug. 26, which was organized by the Institute for Japanese Studies, at Seoul National University.

Trump gives muted response on S. Korea’s withdrawal from GSOMIA

US president’s muted response in contrast to Washington’s blatant dissatisfaction. When asked about the South Korean government’s decision to terminate an intelligence-sharing agreement with Japan, US President Donald Trump said, “We’re going to see what happens.” Though Trump’s response was more muted than stern comments from the US State Department, concerns remain that the Trump administration will crank up pressure on Seoul over its decision to scrap the General Security of Military Information Agreement (GSOMIA).

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

U.S. expresses concern over S. Korea’s drills around Dokdo

A senior official at the U.S. Trump administration has expressed concern over South Korea’s military drill around Dokdo, which was wrapped up on Monday. Washington earlier voiced disappointment and dissatisfaction at Seoul’s decision to leave the General Security of Military Information Agreement (GSOMIA). The U.S. official said Monday (local time) that conducting the “East Sea Territory Protection Exercise,” given its timing and scale, does not help resolve conflicts between South Korea and Japan and that the United States does not hold a certain stance on the sovereignty and territory-related disputes like the one regarding the Liancourt Rocks.

Hyundai Motor Group reveals built-in scooter prototype

Hyundai Motor Group revealed an electric scooter built into a car on Tuesday. This is part of the South Korean auto giant’s total mobility solutions, which cover passengers’ end-to-end travels. The automotive company plans to launch new vehicles with the new electric scooter from 2021 and an optional feature is under review. The built-in electric scooter’s lithium-ion battery will be automatically charged with the electricity generated from a car’s driving. One charge will last approximately 20 kilometers.

Johnson & Johnson ordered to pay 572 billion dollars in damages

U.S. drugmaker Johnson & Johnson is held responsible for the opioid crisis regarding addictive painkillers that killed 47,600 people per year as of 2017 across the United States, according to new outlets including The Washington Post. Opioids are strongly addictive substances that are extracted from opium or compounded chemically. They are contained in morphine and fentanyl.

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

N.K. and the U.S. with Different Thoughts and No Intention to Yield in Upcoming Talks

North Korea is heightening its pressure on South Korea and the United States, continuing to launch short-range projectiles even after the end of the ROK-US joint military exercises. However, U.S. President Donald Trump is evading the pressure from North Korea by repeatedly expressing his lack of concern for the North's launch of short-range missiles. It seems the North and the U.S. are both keeping the upcoming working-level talks in mind. Such attitude from the two countries ahead of the talks suggests their determination to maintain their position, with no intention of making any concessions. This has led to predictions of difficulties in achieving outcomes despite the resuming of negotiations.

The Author of Anti-Japanese Tribalism Distorted History at the UN Funded by Japanese Far Right

On July 2, a Korean scholar said that there was no forced labor during Japanese occupation at a regular session of the UN Human Rights Council. He said that the workers at the time voluntarily went to Japan and enjoyed an easy and comfortable life during the war. He also said that the draft was legal. The person who turned over historical facts and poured out such an atrocious argument was Lee Woo-yeon, the co-author of Anti-Japanese Tribalism, a book written from a colonialist perspective of history. The one who suggested that he go to the UN Human Rights Council and who funded his airfare and accommodations during his six-day stay in Geneva, Switzerland was the International Career Support Association (ICSA), a Japanese far-right group.

A Sudden Dokdo Defense Exercise with an Aegis Destroyer and Special Forces

Military authorities launched the Dokdo defense drill on August 25, three days after the government decided to terminate the General Security of Military Information Agreement (GSOMIA) with Japan. The scale of this year's exercise was the largest ever, nearly twice as large as previous years, and a Navy Aegis ship and soldiers from the Army Special Warfare Command also took part for the first time. This, following the termination of the GSOMIA, suggests that South Korea will continue its hardline stance against Japan.This day, the Navy announced, "We will conduct a drill to defend our territory in the East Sea as well as Dokdo for two days beginning August 25." The latest exercise included the defense of Ulleungdo, as well as Dokdo.

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

Kolon TissueGene contests delisting decision, works to renew phase 3 clinical trial in US

South Korean bourse operator has tentatively decided to delist Kolon TissueGene, a U.S.-based affiliate of Kolon Life Science, from the local market following a key ingredient mix-up in its gene therapy for knee joint osteoarthritis, causing panic for some 60,000 retail investors. According to the Korea Exchange on Monday, its nine-member review committee determined the delisting of Kolon TissueGene shares from the country’s secondary Kosdaq market, supporting the measure by the country’s health authorities to ban production and sale of the company’s gene therapy based on mislabeling and false reporting of a key ingredient.

Alibaba founder Jack Ma to contribute to the Sept. 25-27 World Knowledge Forum

Asia’s top political and business leaders including Malaysian Prime Minister Mahathir Mohamad and Jack Ma, co-founder and executive chairman of China’s biggest online retailer Alibaba Group, will join the World Knowledge Forum (WKF) in Seoul slated for September to share their insights and experience regarding the future strategy of Asia. Wang Jia Rui, vice chairman of the 12th Chinese People`s Political Consultative Conference, who is a leading expert on North Korean affairs, will also propose ways to achieve peace and prosperity in Asia

Samsung Display likely to supply OLED panels for Huawei’s Mate 30 series

Samsung Display Co. could supply organic light-emitting diode (OLED) displays for Huawei’s new flagship premium phablet smartphones Mate 30 and Mate 30 Pro. Samsung Display has supplied OLED panels for Huawei’s various smartphones including P20, Mate 20, and P30 but not its top-spec Pro models. Huawei has procured panels for the Pro models primarily from Chinese display maker BOE.

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Lee Kyung-sik edt@koreapost.com

Lee Kyung-sik edt@koreapost.com