Headlines, September 16, 2019

The Korean daily media headlines and humor
Monday, September 16, 2019

Your Excellency:
What’s ticking in Korea and around the world today?
Here are The Korea Post notices and a roundup of important headlines from all major Korean-language dailies, TV and other news media of Korea today:

Very Respectfully Yours

/s/

Lee Kyung-sik

Publisher-Chairman

The Korea Post media

EXTRA

Invitation to the Cheonan World Dance Festival on Sept. 25, 2019

I am pleased to inform Your Excellency that Mayor Koo Bon-young of the Cheonan City invites Your Excellency and Madam to attend the Cheonan World Dance Festival on Sept. 25, 2019, and experience the interesting traditional dances, songs and costumes of Korea. The most comfortable 28-seat Super-deluxe Limousine buses will be used on the way to and from Cheonan.

To see the details of the Festival, please visit: http://cheonanfestival.com/_eng/

The schedule of the day is as follows:

09:20 hours, Wed. Sept. 25, 2019: Meet at the Grand Hyatt Seoul at the Fountain Site.
09:30-11:00 hours: Move from Grand Hyatt Seoul to the Independence Hall of Korea in Cheonan by 28-seat Super-deluxe Limousine Buses
12:00-13:30 hours: Luncheon (Traditional Korean Set-menu table plus buffet)
13:30-16:30 hours: Visit the Famous and Regional sites such as Coreana Cosmetics Factory, Walnut Cookie Factory and Gakwonsa Temple.
16:30-17:00 hours: Move to the main site of the Festival and experience the traditional open market and performances
17:00-18:20 hours: Attend the Welcoming Reception at the Walnut Tree Stage
18:20-20:20 hours: Participate the Opening Ceremony at the Main Stage
20:30-21:40 hours: Move from Cheonan back 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)

Very Respectfully Yours

/s/

Lee Kyung-sik
Publisher-Chairman

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Monday, September 16, 2019

Round-up of important news from major Korean dailies and from international media today

Samsung vice chairman visits construction site in Saudi Arabia

Samsung Electronics Vice Chairman Lee Jae-yong visited a metro construction site in Saudi Arabia on Sunday to check on the project's latest progress, his company said. Lee visited Samsung C&T Corp.'s metro construction site in Riyadh on his first trip for the subsidiary's overseas project, the firm said. Samsung C&T formed a consortium with FCC Construction of Spain and Alstom of France in 2013 to build six subway lines covering 168 kilometers in Riyadh. The project, Saudi Arabia's first public transportation construction project, is expected to be completed by 2020, the firm said.

SK Innovation to supply battery for Ferrari plug-in hybrid

SK Innovation Co. of South Korea has been picked to supply a battery pack for Ferrari's first plug-in hybrid electric vehicle (PHEV), industry sources said Sunday. After two years of tests of various products, the Italian luxury sports carmaker has chosen SK Innovation as the supplier of the lithium-ion battery pack for its SF90 Stradale model, according to the sources.

Political feud over Cho Kuk issue expected to escalate after Chuseok

South Korea's ruling and conservative opposition parties are expected to clash head-on this week, as they are scheduled to begin a full-fledged regular session of the National Assembly. The main opposition Liberty Korea Party (LKP) is emboldened by the reported spread during the Chuseok holidays of negative public sentiment against President Moon Jae-in's appointment of Cho Kuk as justice minister. Cho, a former law professor, is under heavy criticism over alleged ethical lapses and irregularities involving his family. His wife, a professor, has been indicted on charges of fabricating a college president's citation for use in her daughter's medical school entrance application.

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

Prosecution Requests Arrest Warrant for Justice Minister's Cousin

Prosecutors on Sunday requested an arrest warrant for a cousin of Justice Minister Cho Kuk on charges linked to a suspicious private equity fund investment. The Seoul Central District Prosecutors' Office sought a warrant for the cousin, also surnamed Cho, on charges of embezzlement, violations of the capital market law and abetting evidence destruction. The prosecution reportedly questioned the cousin on how Cho's family came to invest one-point-four billion won in Co-Link Private Equity, a fund that the cousin is suspected of owning.

Ousted President Park to Have Shoulder Surgery at Hospital in Seoul

Former President Park Geun-hye, who is imprisoned on corruption charges, will check into the hospital on Monday for shoulder surgery. The Justice Ministry said that Park will be admitted to a university hospital in Seoul on Monday for shoulder operations and receive medical treatment there for a period of time. The ministry said that it made the decision after internal treatment at the detention center did not improve the condition of Park’s ailing left shoulder.

Trump Authorizes Release of Oil from US Strategic Reserve

U.S. President Donald Trump said on Sunday that he has greenlit the release of oil from the U.S.’ Strategic Petroleum Reserve following attacks on major oil production facilities in Saudi Arabia. Trump tweeted that based on the attacks, which may have an impact on oil prices, he has authorized the release of oil from the Strategic Petroleum Reserve if needed. He added that the amount of oil released would be determined “sufficient to keep the markets well-supplied.”

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

S. Korea on clear path to job recovery: presidential office

South Korea's job growth is showing clear signs of improvement, with the government planning to roll out "preemptive" measures to help cushion the negative impact from the inevitable restructuring of some troubled businesses, the presidential office said Sunday. Hwang Deok-soon, senior Cheong Wa Dae secretary for job creation, said the government expects more than 200,000 jobs to be added this year. He cited the latest data on job creation. In August, the jobless rate hit a six-year low of 3 percent, according to the data compiled by Statistics Korea.

Samsung chief's share value rises most over past 5 yrs

Lee Kun-hee, chief of South Korea's top conglomerate, Samsung Group, saw his stock value increase the most over the past five years compared to other business tycoons, a report showed Tuesday. Lee, bedridden, held stocks worth 14.8 trillion won (US$12.4 billion) as of Friday, according to the report compiled by industry tracker CEO Score. The business tycoon has been hospitalized since 2014 after suffering a heart attack.

Radiation-tainted Japanese food imports remain low amid tight inspections

Japanese foods that have been barred from entering the country due to potential radiation contamination remained low this year as South Korea maintains its tight inspection system, according to the government Friday. Four shipments of Japanese foods totaling some 5 tons were denied entry for the whole of 2019 as of late last week, roughly on par with the annual tally from 2016 onward, the data from the Ministry of Food and Drug Safety showed.

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

South Korea set to exclude Japan from whitelist this week

South Korea is set to exclude Japan from its export control whitelist this week in response to Tokyo’s earlier decision to remove Seoul as a preferred trading partner and impose tighter controls on exports of high-tech materials that Korean tech firms need, officials said Sunday. Since the Aug. 12 announcement by Industry Minister Sung Yun-mo that Korea would drop Japan as a preferred trading partner, the ministry has completed the necessary administrative steps, such as soliciting opinions from the public and submitting the revised rules to the Office of Legislation for review.

Fiscal spending takes greater effect over time: BOK report

Fiscal spending may have a greater impact on the economy than generally viewed, but the effect may take some time to take place, a central bank report said Monday. In a recent study conducted by the Bank of Korea, the multiplier effect of government spending on the local economy came to 1.27 over a five-year period. This means every 1 trillion won ($850 million) spent by the government will generate 1.27 trillion won in gross domestic product over a five-year period, the report said.

Cho Kuk scandal reignites debate on college admissions system

At a glance, the daughter of the newly appointed Justice Minister Cho Kuk has led a charmed life. Her wealthy, highly educated parents with powerful and respected jobs have given her an elite background and the privileges that come with it. Cho’s 28-year-old daughter graduated from a prestigious foreign language high school. In her second year in high school, she was improperly listed as a primary author in a paper published in a medical journal.

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

Seoul asked to offer 'big promises' to NK

The government is asking the United States and the governments of regional allies to promise not to launch military offensives against North Korea in order to convince Pyongyang to give up its nuclear weapons. Providing sanctions relief alone may be insufficient, as North Korean leader Kim Jong-un might not have thought out a clear cut plan regarding his regime's nuclear disarmament despite repeated commitments to denuclearize at previous inter-Korean and U.S.-North Korea summits.

Pakistan eyes more investment opportunities with Korea

Businessman-turned-bureaucrat Abdul Razak Dawood admits Pakistan lags behind India, Bangladesh and ASEAN countries when it comes to trade with Korea. But Pakistan's minister for commerce, textile, industry, production and investment also argues that his country is more competitive in terms of free trade zones and other investment opportunities. His outspoken style is different from career diplomats who are extremely cautious and refrain from making comments that might make their country or neighboring countries look bad.

Tokyo refuses Seoul's help over North Korea firing

Japan did not ask South Korea for intelligence on North Korea's recent launch of two "unidentified projectiles" after Seoul ended its military information sharing pact with Tokyo. Political analysts in Seoul said Sunday the key motivation behind the silence was because it did not want to be viewed as seeking help to acquire classified information after the termination of the pact, commonly known as GSOMIA, Aug. 22. However Tokyo seems fully capable of monitoring North Korea's military activities in cooperation with the United States and does not need to work with South Korea, they added.

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

Why Sangju's Dried Persimmons Are a National Asset

Sangju, North Gyeongsang Province is known for three white things: rice, silk cocoons and dried persimmons. Dried persimmons there are covered in white powder because of the glucose and fructose that dry on their skin. Sangju consists of a vast plain, while the peaks of Mt. Sokri block the damp wind from blowing in from the west. The cold and arid air then results in high temperature fluctuations and creates ideal conditions for drying persimmons.

How Crescent-Shaped Rice Cakes Became Chuseok Food

Households across Korea celebrate the harvest under a full moon each year during Chuseok with sumptuous meals. Farmers used to calculate and plan their harvest according to the moon, which also served as a source of awe and light. That is why rice cakes shaped like crescent moons are eaten during Chuseok. Family members traditionally gather around to make songpyeon from freshly harvested rice and other ingredients. The history of songpyeon dates back to times of times of the Three Kingdoms (BC18 to AD 660).

Ancestral Ritual Tables Don't Have to Be Extravagant

Ancestral ritual tables do not have to be extravagant to display due filial respect, scholars say. According to Kim Mi-young at the Korean Studies Institute, traditional ritual tables were simple. "Each family had a different style of setting up ritual tables, and put different things on the table. For ritual tables on Lunar New Year's Day and Chuseok, our ancestors usually kept it simple, with fruits harvested in season, songpyeon [crescent-shaped rice cakes] made with rice harvested in season, and tea or alcohol. These are the three main things that were on the table."

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

The struggles of S. Korean students living on their own

After spending for her first year in college in a cramped four-person dormitory with bunk beds and four desks, 20-year-old Cheon Gi-ju got a place of her own last February. But her hopes of living a freer, more spacious existence were dashed when she began looking around for units. Because she had waited until just before classes started to look, the studio apartments and officetels (combined residential/commercial apartment buildings) were all taken up; the only place available was a windowless room at a “gosiwon” (dormitory-style apartment), measuring just 9.9 square meters. Safety was also an issue. Worried about crimes against women, Cheon wanted a building with closed-circuit cameras installed – but the rents at such places were 50,000 to 100,000 won (US$42.11-82.43) a month higher.

S. Korea needs to listen to pay heed to the anger of young people over Cho Kuk

Even after Cho Kuk was officially appointed South Korea’s justice minister, the controversy over his nomination still sizzles. The uproar about school admissions of Cho’s daughter and related allegations have aroused feelings of rage and relative deprivation among the younger generation. While the various allegations will no doubt be sorted out during the course of the ongoing investigation by the prosecutors, it will be much more challenging to answer young people when they ask whether this administration, and South Korean society today, are truly fair and just.

Bolton dismissed as White House national security advisor

On Sept. 10, US President Donald Trump suddenly dismissed White House National Security Advisor John Bolton, with whom he’d long clashed on foreign policy. The departure of the bellicose Bolton, known for being a virulent hawk, is likely to reinforce Trump’s signature “America first” policy, which prefers financial gain to military action. The move could also have an impact on North Korea-US dialogue, given the increasing likelihood of working-level talks resuming.

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

Drone attacks hit Saudi oil facility

Saudi Arabia’s major oil production facility and an oil field received drone attacks carried out by Yemen’s Houthi rebels. According to Saudi’s state media company Saudi Press Agency and the Financial Times on Saturday (local time), Yemen’s Houthi rebels used 10 drones to attack oil facility for desulfurization and refinement in Abqaiq and an oil field in Khurais in the eastern part of Saudi Arabia at 4 a.m. on Saturday. The two locations were both set on fire after explosions. The facility in Abqaiq is the world’s largest oil plant run by Saudi Aramco, a Saudi Arabian national petroleum company, and the oil field in Khurais is also one of the key oil fields of the country.

Pres. Moon to visit U.S. amid looming U.S.-N. Korea talks

South Korean President Mon Jae-in will embark on a tour to the U.S. on Sunday to attend the UN General Assembly, which will take place in New York. The president originally considered his absence from this year’s UN General Assembly but has chosen to visit New York instead based on judgment that positive developments have been made for negotiations over North Korea’s nuclear weapons. During his five-day tour to the U.S. Moon will hold a summit with U.S. President Donald Trump, and deliver a keynote speech at the UN General Assembly. Pundits carefully foresee the possibility of a summit between South Korea and Japan on the sidelines of the UN General Assembly.

Samsung heir visits metro construction site in Saudi Arabia

Samsung Electronics Vice Chairman Lee Jae-yong visited Saudi Arabia on Sunday (local time) to check on Samsung C&T Corp.’s metro construction site in the country’s capital, Riyadh. Lee’s visit was reportedly aimed at encouraging Samsung C&T employees, who were working hard even during the south Korea’s Chuseok holiday, and exploring new business opportunities in the Middle East. Having left for Saudi Arabia on Saturday, the Samsung heir paid a visit to the construction site in the morning of the following day, marking his first visit to the subsidiary’s overseas project.

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

"Contaminated Water from Fukushima, No Solution Other than to Release the Water into the Sea"

On September 10, Japanese Minister of Environment Yoshiaki Harada announced, "There is no solution other than to boldly release the water (into the sea) and dilute it," as a way to treat the contaminated water from the first unit of the Fukushima Daiichi Nuclear Power Plant. He said it was a "simple opinion," but more controversy is expected as his words could be interpreted as preparations to release the radioactive water into the sea. The Japanese government had claimed that it had yet to decide on how to treat the contaminated water.

Nation to Retrieve Yongsan Base Within the Year, But Still No Idea of Costs to Clean up Contaminated Soil

"We will begin the process of retrieving the U.S. Forces Korea Yongsan base within this year," announced the government, once again bringing to the surface the problem of the costs to clean up the environmental pollution, a heated issue each time the U.S. military returns a base to South Korea. The government currently estimates the cost to purify the contaminated soil in Yongsan base at 103 billion won. However, this is a controversial figure, because the grounds of this estimate is uncertain and there is no knowing how much money will actually be needed to clean up the site before experts actually enter and inspect the base.

Another Mailman Dies in a Traffic Accident After Delivering Chuseok Holiday Parcels

"It was the day when the son helped his father deliver the packages due to a surge in the volume of shipments ahead of the Chuseok holiday." A (57), a mailman working at the Asan Post Office in Chungcheongnam-do, died in a traffic accident on his way back to the post office after delivering the mail. He was the twelfth mail courier to die this year. A's son had helped his father make the deliveries, because there were so many deliveries to make this day. Couriers are criticizing the Korea Post's work regulations, which violate the ban on "deliveries after sunset," and extend the working hours to 9 p.m. during holiday season.

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

Korea’s Daewoo E&C in consortium bags $4.3bn LNG project in Nigeria

South Korea’s Daewoo Engineering & Construction Co (Daewoo E&C) in consortium with Italy’s Saipem and Japan’s Chiyoda has secured a $4.3 billion liquefied natural gas plant project in Nigeria. The consortium signed a letter of intent with Nigeria LNG Ltd for engineering, procurement and construction of the Train 7 facility at Nigeria LNG’s liquefied natural gas plant on Bonny Island, Nigeria last Wednesday, according to industry sources. Daewoo E&C’s share in the project is estimated at $1 billion. It will take part in the EPC project as well as carry out the front-end engineering design (FEED) work. An LNG train is a liquefied natural gas plant`s liquefaction and purification facility.

DJSI World includes 19 Korean companies this year

Nineteen South Korean companies have made the Dow Jones Sustainability Index (DJSI) World, the list of world’s most sustainable companies, this year. DSJI, which is co-operated by global index providers S&P Dow Jones Indices and RobecoSAM (Sustainable Asset Management), tracks the stock performance of the world`s leading companies in terms of economic, environmental and social criteria. It serves as a benchmark for evaluating a company’s sustainability. DJSI World evaluates the financial, environmental and social influence of the world`s top 2,500 companies in market capitalization. DJSI Asia Pacific analyzes the region’s 600 largest companies, and DJSI Korea the country’s top 200 companies.

Foreign capital outflow in Korean stocks near $2 bn in August, appetite for bonds revive

Foreigners cashed out of Korean stocks in August as prospects for the second-half performance of the Korean Inc. turned murkier while renewing investment in bonds amid expectations for additional lowering in the policy rate. According to the Bank of Korea`s data, foreign capital took out a net $1.95 billion from stocks in August while parking a net $1.43 billion in bonds, resulting in a net foreign capital outflow of $520 million in Korean securities. It is the first foreign capital outflow since October last year. The bank said renewed concerns over the global economy following the escalation in U.S.-China trade war have soured investment sentiment for private investors, who mostly withdrew their capital from large-cap exporters.

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