Headlines, December 13, 2019

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N. Korea Slams US for Calling 'Provocative' UNSC Meeting
North Korea strongly criticized the United States on Thursday for convening a UN Security Council meeting, saying the "provocative act" has helped it decide which path to take in deadlocked nuclear talks. A spokesperson from the North's Foreign Ministry made the remarks in a statement carried by state-run media. The statement came after the U.S. convened a UN Security Council session on Wednesday and said it is prepared to be flexible in talks with North Korea but warned the regime against provocations.

Assembly Speaker Summons Meeting with Floor Leaders of 3 Parties
National Assembly Speaker Moon Hee-sang on Thursday convened a meeting to be held with the floor leaders of three parliamentary negotiation groups to discuss referring fast-tracked reform bills to the plenary session for a vote. Assembly spokesperson Han Min-soo told reporters that the meeting is scheduled for around 5:30 p.m. along with the attendance of the floor leaders and deputy floor leaders from each of the three parties.

Chinese Ambassador: Xi Considering Visit to S. Korea During First Half of 2020
China's ambassador to South Korea says that Chinese President Xi Jinping is considering a visit to Seoul in the first half of next year. Qiu Guohong made the revelation at a forum hosted by the Federation of Korean Industries on Thursday, noting a recent visit by Foreign Minister Wang Yi as part of preparations for reciprocal visits by the leaders of the two countries. Qiu said such high-level relationships between the two sides provide an important opportunity in the development of ties between Seoul and Beijing.

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Seoul proposes to buy $1 billion of US weapons
In an apparent move to reduce South Korea's financial contribution to maintaining the 28,500 United States Forces Korea troops here, the government has proposed purchasing up to $1 billion worth of U.S. weapons, officials directly involved with the issue told The Korea Times, Thursday. "The South Korean team in the defense cost-sharing negotiations suggested a revised proposal to the United States. This included a Korea's plan to purchase up to $1 billion worth of U.S. weapons by the end of 2020," one official said.

Seoul, Tokyo seek 'exit strategy' over trade row
South Korea and Japan are seeking an "exit strategy" to end their bilateral friction ahead of the summit between the leaders of the two countries planned for Dec. 24 in Chengdu, China. Cheong Wa Dae confirmed President Moon Jae-in and Japanese Prime Minister Shinzo Abe will hold their summit on the sidelines of the upcoming 9th China-Republic of Korea-Japan Trilateral Summit to be held in the Chinese city.

FKI urges China to restore bilateral ties
The Federation of Korean Industries (FKI) urged China, Thursday, to put a bilateral dispute over a U.S. missile defense system deployed here behind it, and to resume full economic cooperation amid continued uncertainty in the global economy. At a meeting with Chinese Ambassador to Korea Qiu Guohong, FKI Vice Chairman Kwon Tae-shin called for the lifting of a ban on group tours to Korea, and the same treatment for Korean firms in China as their local counterparts, among others.

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U.S. Reaches Trade Deal in Principle with China
The United States has reached a "phase-one" trade deal in principle with China, a source briefed on talks between the two nations said on Thursday, saying a statement from the White House was expected soon. Trump was scheduled to huddle with his top trade advisers at 2:30 p.m. (1930 GMT) on Thursday. Ahead of the meeting, U.S. Trade Representative Robert Lighthizer told senators that announcements were possibly "imminent" on U.S. tariffs, senior Republican Senator John Cornyn told reporters.

Seoul Accepts Cleanup Cost for Returned U.S. Bases
Korea has taken back another four military bases from the U.S. and agreed to shoulder the cleanup cost for the often heavily contaminated sites. The two countries have also started negotiations about the process of returning the old U.S. Forces Korea headquarters in Yongsan in central Seoul to Korea. Seoul will foot an estimated W110 billion bill for their cleanup (US$1=W1,193).

S.Korea Budgets $1 Billion for Inter-Korean Cooperation in 2020
South Korea's budget next year for inter-Korean cooperation projects has set aside US$1 billion, an on-year increase of 9 percent. According to the Unification Ministry here, of the figure, a large portion is for economic cooperation, such as reconnecting railroads, while funds have also been allocated for forestry cooperation and for the peaceful use of the demilitarized zone.

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U.S. may counter N. Korea’s ICBM threats with ICBMs
The U.S. made a firm warning against North Korea’s provocations at the United Nations Security Council meeting in New York on Wednesday (local time). Washington even mentioned the short-range ballistic missiles launched by the North, about which U.S. President Donald Trump has been silent, indicating a potential change in the country’s approach to the North Korea issues.

Park Hang-seo magic goes on in Hanoi
Park Hang-seo, the head coach of the Vietnamese national football team, and his under-23 players arrived on their private plane at Noi Bai International Airport in Hanoi on Wednesday evening. Thousands of fans gathered at the airport to welcome the heroes who had won the championship title of the Southeast Asian Games for the first time in 60 years. Receiving loud applause, Park was seen wearing a big smile on his face and holding flowers as he disembarked.

U.S. to return 4 USFK bases to S. Korea
Four military bases of the United States Forces Korea (USFK) are returned to the South Korean government on Wednesday after a long delay since the agreement between South Korea and the U.S. The two countries will begin the return process of the Yongsan Garrison as well.

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Korean banks required to sell selective less risky equity-linked trusts to retailers
Korean primary bankers will be restricted in the counter sale of equity-linked trust (ELT) products by keeping them to underlying indices of major markets like S&P, public offerings and less-exotic or risky securities. Under a new guideline from the Financial Services Commission (FSC) to better protect consumers, banks will be allowed to sell trust products that track derivative-linked securities (DLS) with 1 or under loss multiple and are publicly issued.

Korean Air recognizes same-sex couple as family
South Korea’s flag carrier Korean Air Lines Co. recognized a same-sex female couple as family by granting the same-family mileage sharing program, a significant move in the patriarchal business empire in a traditionally conservative society. According to sources from the airline industry on Thursday, the nation’s largest full-service carrier registered a gay couple as family on its SkyPass mileage program on Monday, a day before Human Rights Day that falls on December 10 every year.

BOK to maintain monetary policy “accommodative” as it expects slow growth pickup
South Korea’s central bank will maintain monetary policy “accommodative” as it predicts growth and inflation to stay subdued over the next few years amid uncertainties on global front. In its annual monetary policy report submitted to the National Assembly on Thursday, the Bank of Korea (BOK) said the country’s economy is expected to grow gradually while from demand side inflationary pressure is projected to remain low.

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