The Korean daily media headlines and humor

The Korean daily media headlines and humor

Friday May 19, 2017

Your Excellency:

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

Korea Post Media

S. Korea's special presidential envoy meets with U.S. congressional leaders

Special envoy Hong Seok-hyun arrived in Washington on Wednesday and paid a visit to President Donald Trump at the White House. During the meeting, Trump expressed hope for working closely together with Moon to strengthen the alliance and resolve the North Korean nuclear issue, Hong said.

Hong also held a separate one-on-one meeting with National Security Advisor H.R. McMaster to discuss pending issues between the two countries, including nuclear and missile tensions with North Korea and the deployment of the U.S. THAAD missile defense system.

On Thursday, Hong, a former newspaper president who served as South Korea's ambassador to the U.S. in 2005, visited Congress for a series of meetings with senators and congressmen who have played key roles in enhancing relations between the two countries.

Hong began the meetings with Sen. Cory Gardner (R-CO).

"It was an honor to welcome Dr. Hong Seok-Hyun to the United States to congratulate President Moon on his election and to discuss the historic alliance between our nations," said Garner, chairman of the Senate Foreign Relations Subcommittee on East Asia, in a statement.

"The ROK-U.S. alliance is forged in blood and I reiterated to Dr. Hong that America's commitment to stand by our ROK friends against all external threats is unwavering. I look forward to working with President Moon Jae-In, Dr. Hong Seok-Hyun, and Ambassador Ahn (Ho-young) in the months ahead to strengthen our alliance and friendship," he said.

Gardner has been a leading voice in Congress for stronger relations between Washington and Seoul and greater pressure on Pyongyang. He is the author of last year's landmark North Korea Sanctions and Policy Enhancement Act that authorized significant sanctions on Pyongyang for its nuclear and missile development as well as human rights violations.

Hong was scheduled to meet with Sen. Ben Cardin (D-MD), ranking member of the Senate Foreign Relations Committee, as well as with Rep. Ed Royce (R-CA), chairman of the House Foreign Affairs Committee, as well as Rep. Ted Yoho (R-FL), later Thursday.

On Friday, he plans to meet with leading academics and experts on Korea-U.S. relations.

--------------------------------------------------------------------------------------------------------

What’s ticking in Korea today? Here is a quick roundup of important news stories from the major Korean news media today:

The Korea Post media (www.koreapost.com) in English, (www.koreapsot.co.kr) in Korean.

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

Pres. Moon Vows to Restore Democracy by Upholding Gwangju Uprising Spirit

President Moon Jae-in declared on Thursday that his government is on top of the extension of the May 18th Gwangju Democratization Movement. In a speech, he said that the spirit that bloomed in May of 1980 in Gwangju came back to life during last winter’s candlelight vigils across the nation, ushering in an era in which power resides with the people. Moon then vowed to restore the democracy which upholds the history of past democratic movements. “The new government will fully restore democracy on this land by upholding the spirit of the May 18th Gwangju Democratization Movement and candlelight vigils.” To this end, Moon pledged to unveil the truth behind the Gwangju pro-democracy uprising. In particular, he said the government will seek to shed light on the gun firing that took place and on who is responsible for those actions.

Special Envoy Moon Meets with Japanese Leader

South Korea's special envoy to Japan Moon Hee-sang said Thursday that during his meeting with Japanese Prime Minister Shinzo Abe he heard all he wanted to hear from him. Moon, a lawmaker of the ruling Democratic Party, told reporters in Tokyo he conveyed President Moon Jae-in's intent to build better relations with Japan as well as his wish to meet Abe swiftly and frequently. He said Abe supported President Moon's desire to coordinate a response with Japan and the United States to North Korea's nuclear threat. Moon said that even though there are some hurdles in bilateral ties, Prime Minister Abe expressed hope that South Korea-Japan relations would remain future-oriented and well managed.

Gov't Rejects Japan's Protest of Maritime Survey near Dokdo

The government said Thursday that it has dismissed Japan's protest against maritime research activity by South Korea conducted near the Dokdo islets in the East Sea. In a regular briefing, Foreign Ministry spokesman Cho June-hyuck said that Japan lodged a protest over the maritime survey but that Seoul dismissed it. He said the government's stance is to sternly deal with Japan's unjustified claims relating to Dokdo which is sovereign Korean territory. Japan's NHK and Kyodo news agency earlier reported that Tokyo's Foreign Ministry protested South Korea's maritime survey conducted near the Dokdo islets.

--------------------------------------------------------------------------------------------------------

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

S. Korea's special presidential envoy meets with U.S. congressional leaders

A special envoy of South Korean President Moon Jae-in held a series of meetings with U.S. congressional leaders on Thursday as he forged ahead with his mission to reaffirm and further strengthen the alliance between the two countries under the new government in Seoul. Special envoy Hong Seok-hyun arrived in Washington on Wednesday and paid a visit to President Donald Trump at the White House. During the meeting, Trump expressed hope for working closely together with Moon to strengthen the alliance and resolve the North Korean nuclear issue, Hong said.

President Moon set for first test in meeting with ruling, opposition leaders

President Moon Jae-in is set to hold his first multilateral meeting with party leaders Friday, which could very well set the tone for his relations with an opposition-led parliament. The president is scheduled to host a luncheon with the floor leaders of five major political parties at his presidential office Cheong Wa Dae including Woo Won-shik of the ruling Democratic Party and Chung Woo-taik of the main opposition Liberty Korea Party (LKP). Kim Dong-cheol, the new floor leader of the minor opposition People's Party, Joo Ho-young of the splinter conservative Bareun Party and Roh Hoe-chan of the progressive Justice Party are also set to join the meeting.

Tottenham's Son Heung-min sets single-season scoring record for S. Korean in European football

Tottenham Hotspur attacker Son Heung-min has broken the single-season goal record for a South Korean in European football after grabbing a brace against Leicester City. Son scored twice in Tottenham's 6-1 over Leicester City in their English Premier League (EPL) match at the King Power Stadium in Leicester, Britain, on Thursday (local time). Son now has 21 goals in all competitions this season, surpassing the previous record for a South Korean player in Europe held by Cha Bum-kun. Cha scored 19 goals during the 1985-86 season for the German side Bayer Leverkusen. Son, 24, has bagged 14 goals in the EPL, in addition to six goals in the English Football Association (FA) Cup and one goal in the UEFA Champions League.

Upgrades under way at N. Korea's long-range rocket launch site: 38 North

New road construction and other upgrades are under way at North Korea's long-range rocket launch site, although there is no sign of preparations for a rocket launch or an engine test, a website monitoring the North said Thursday. Commercial satellite imagery taken of the Sohae Satellite Launching Station "indicate upgrades are in progress at North Korea's main space launch facility, including new road construction throughout the site, new guard or observation positions and excavation near the launch pad, the purpose of which is yet unclear," the website 38 North said. "Natural-color and infrared imagery indicate there have not been any unreported rocket engine tests during the past month, and no preparations for a new engine test or satellite launch are apparent. No other activity of significance is noted at the site," 38 North said.

Senior State Department official to visit Philippines, China next week

A senior State Department official in charge of Asian affairs will travel to the Philippines and China next week, the department announced Thursday. Acting Assistant Secretary of State Susan Thornton will visit Manila on May 23-24 for a senior officials' meeting of the East Asia Summit and other sessions hosted by the Association of Southeast Asian Nations or ASEAN, the department said in a statement. Thornton will then travel to Beijing on May 25-26 to discuss bilateral and regional issues of mutual interest with Chinese officials, the statement said.

--------------------------------------------------------------------------------------------------------

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

Nominee for FTC chief aims strict regulation on big 4 biz groups

Kim Sang-jo, South Korea’s nominee for chief of the anti-trust watchdog, said on Thursday he would apply stricter fair trade laws to the four largest chaebol when he takes office. Often called “chaebol sniper” for his longtime shareholder activism, the economics professor at Hansung University was the key economic adviser to President Moon Jae-in during his election campaign, mapping out Moon‘s key pledges on chaebol reform.“The existing regulations were based on the same standards for all, for example, 60 business groups with assets of more than 5 trillion won, and 30 business groups with more than 10 trillion won in assets.

Trump willing to engage NK, but stresses ‘right conditions’: envoy

US President Donald Trump said Wednesday he is willing to engage North Korea, but emphasized the “right conditions” as a prerequisite, Seoul’s special envoy said. Hong Seok-hyun, a former chairman of JoongAng Media Network who also served as an ambassador to the US, met with Trump on his first day of a visit as President Moon Jae-in’s special envoy. During the 15-minute talk, the sides discussed what would be the first summit between the two leaders, slated for late June in Washington. They are expected to coordinate policy on North Korea, the deployment of the US’ Terminal High Altitude Area Defense missile shield here and other key issues.

Moon vows to uphold spirit of Gwangju uprising

Over the past years, the May 18 National Cemetery in this staunchly liberal city in the southwest has been the subject of implied neglect by national leaders, with a sense of dissatisfaction roaming in the annual commemoration of the pro-democracy uprising in 1980. It couldn’t have been more different this year. Liberal President Moon Jae-in, taking office after two conservative presidents, turned the otherwise dull, perfunctory event into an emotional revisit of the nation’s turbulent path to democracy, paved with the blood of Gwangju citizens.

--------------------------------------------------------------------------------------------------------

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

HOT bodyguard speaks about Korean president, 'surreal' global attention

Choi Young-jae seemed bewildered by his abrupt rise to rock-star status and the international media frenzy over him. The commando-turned-businessman who followed behind President Moon Jae-in like a shadow as a bodyguard during his presidential campaign has become a global sensation, after snapshots of him standing next to Moon and gazing out have gone viral. His "stunning handsomeness," with his chiseled jaw-line, steely eyes and coiffed hair, has sent numerous women swooning. A slew of news outlets have lauded the dashing bodyguard, often comparing him with Kevin Costner in the 1992 Hollywood hit film "The Bodyguard."

Moon vows probe of Gwangju Uprising

President Moon Jae-in participated in a ceremony to commemorate the May 18 Democratic Uprising in this southwestern city Thursday and sang a symbolic song with all participants. This is the first time in nine years that all the people attending have sung the memorial song for the pro-democracy uprising in 1980, which had been prohibited by the two previous conservative administrations. "Imeul Wihan Haengjingok" (March for the Beloved) resonated over the May 18th National Cemetery, following President Moon's order. After taking office on May 10, he said that the symbolic pro-democracy song should be sung by all participants at the commemorative event.

Trump hinted at engagement with N. Korea: envoy

U.S. President Donald Trump has expressed his intention to deal with the North Korean nuclear issue through engagement, a presidential special envoy said Thursday. Former media mogul Hong Seok-hyun, who is visiting the U.S. as President Moon Jae-in's special envoy, said the U.S. government was looking forward to working closely with Moon to resolve the North Korean issue. This was the first time for the U.S. president to mention engagement, and could be interpreted that his hard-line stance toward the North may turn softer during talks depending on how Pyongyang reacts.

--------------------------------------------------------------------------------------------------------

DongAIlbo (http://english.donga.com)

US Justice appoints special counsel to investigate Trump-Russia scandal

The U.S. Justice Department has decided to conduct an independent investigation into President Donald Trump’s alleged ties with Russia and interference in the presidential election. Former FBI Director Robert Mueller has been appointed special counsel to oversee the investigation. The decision came as the cloud of uncertainty swirled over former FBI Director James Comey’s dismissal after President Trump failed to stop him from investigating Russia’s role in the presidential election.

Google Lens to get information and translation

“We're moving from mobile first to AI-first. In an AI-first world we are thinking through all our products. We are building AI-first data centers. We are focused on applying AI to solving problems.” "We’re talking about an important shift from a mobile-first world to an AI-first world," Google CEO Sundar Pichai said at the Google I/O developers' conference on Wednesday. Pichai announced new AI-based offerings across a wide range of services and devices, from virtual assistant and advanced speakers to AI camera. The first unveiled technology was Google Lens, which is a set of vision-based computing capabilities.

Kang Jung-jo faces 'murky outlook' on return to Major League.

For Pittsburg Pirates infielder Kang Jung-ho who was indicted of Driving under Influence (DUI), his return to the Major League seems far from feasible. Following the first trial, Kang lost his appeal against his conviction. On Thursday, the Criminal Appeals Division-4 at the Seoul Central District Court dismissed Kang's appeal for a commutation, which requested that "if the imprisonment ruled at the original trial remains effective, the ruling will prohibit U.S. visa issuance and eventually block (Kang) from returning to the Major League." Against his appeal, Kang is under eight months of imprisonment with two years of probation.

Korean script garners 30% votes as best invention in Korea

Patents drive invention, and invention lays the foundation of industrial advancement. The economic renaissance in Venice in the 15th century gained fast momentum by the implementation of patent system. Britain’s invention of steam engine in the 18th century, which triggered the first industrial revolution, was also an outgrowth of patent law. The economic dominance of the U.S. in the 20th century was mainly attributable to a strong patent system. Some of the major beneficiaries include Google, Pfizer, and Apple, who established a solid footing on the back of innovative products.

--------------------------------------------------------------------------------------------------------

ChosunIlbo (http://english.chosun.com)

Defense, Foreign Ministries in Quandary Over THAAD

The defense and foreign ministries are in a quandary after Cheong Wa Dae and the ruling party said they want the National Assembly to ratify the controversial deployment of a Terminal High-Altitude Area Defense battery from the U.S. here. The two ministries, which have not been re-staffed since President Moon Jae-in came to power last week, have toed the party line of the previous Park Geun-hye administration that the THAAD deployment is not a matter for lawmakers to decide. But the Minjoo Party cites Article 60 of the Constitution, which stipulates that the National Assembly has the right to approve or disapprove treaties that pose significant fiscal burdens on the nation.

Bone Find Identified as Teacher Who Died in Ferry Wreck

A bone discovered in waters where the ill-fated ferry Sewol sank in 2014 was that of Ko Chang-seok, a teacher at Danwon High School. He was 40 years old. Ko is the first of nine victims still listed as missing whose remains have been officially identified, but the remains of one of the students at the high school have also almost certainly been found in the salvaged wreck itself. The 34 cm-long bone was found on the seabed in waters off Jindo, South Jeolla Province on May 5, and the National Forensic Servic carried out the DNA testing that was expected to take about a month, the Ministry of Oceans and Fisheries said Wednesday. "The test result came out earlier than expected, because the bone was in good condition," a ministry spokesman said.

Car Importers Rev up for Sales Rebound

Car importers are making aggressive marketing bids after the first decline in sales in seven years last year. Sales of foreign cars also dropped 4.5 percent in the first four months of this year compared to the same period of 2016, and unless importers pull themselves together they stand to suffer a second year of declining sales for the first time since the 1997 Asian financial crisis. One staffer with a foreign automaker said, "Everyone is offering discounts" including zero-interest installment plans. They have also bolstered their lineups of SUV, which are all the rage in Korea these days. Nine new imported SUVs have come on the market here since early April, accounting for half of all new foreign models launched in that time.

--------------------------------------------------------------------------------------------------------

HanKyoRehShinmoon (http://english.hani.co.kr)

A man who lost his brother in Gwangju movement, now fighting THAAD in Seongju

“I often find myself thinking about my older brother,” said Ryu Dong-in, 53, the publisher of the “Candlelight” newsletter for residents of Seongju County that is distributed by the Seongju Committee Fighting for the Reversal of the THAAD Deployment. “When I’m having a hard time for various reasons, I think of him even more,” Dong-in told the Hankyoreh on May 17. In the early morning hours of May 27, 1980, Dong-in’s older brother Dong-woon (born in 1961) laid down his life at the former site of South Jeolla Provincial Office while bearing arms against government forces sent to suppress Gwangju Democratization Movement.

President Moon’s special envoys depart for the US and Japan

Special envoys to the US and Japan bearing a personal letter from President Moon Jae-in departed for Washington and Tokyo on May 17.“The most important thing, of course, is sharing our views with the US on the issues of the South Korea-US alliance and solutions to the North Korean nuclear issue and increasing our mutual understanding,” said Hong Seok-hyeon, the special envoy to the US, when asked before departing from Incheon Airport on the morning of May 17 about what message he would deliver to the US. Hong previously served as the chairman of the Joongang Ilbo and JTBC, and he is currently the director of the Korean Peninsula Forum.

S. Korea’s first-ever female helicopter pilot appointed Minister of Veterans Affairs

President Moon Jae-in’s appointment of Pi Woo-jin, 61, a lieutenant colonel in the army reserves, as Minister of Patriots and Veterans Affairs on May 17 is remarkable for a number of reasons. It’s unprecedented for a female field officer in the reserves with progressive tendencies to be appointed to lead the Ministry, which has typically been directed by conservative male generals in the reserves. Pi is the first female Minister of Patriots and Veterans Affairs since the Ministry was established in 1961. It’s also noteworthy that the new minister’s appointment was announced one day before the memorial service for the 37th anniversary of the Gwangju Democratization Movement on May 18, an event that is organized by the Ministry.

--------------------------------------------------------------------------------------------------------

JoongAngIlbo (http://koreajoongangdaily.joins.com/)

Probe begins into justice ministry, senior prosecutor dinner

The Ministry of Justice and the prosecution launched a massive joint inspection on Thursday into a dinner hosted by a ministry director and a senior prosecutor, during which they gave envelopes stuffed with cash to each others’ juniors. The inspection was to follow through with an order by President Moon Jae-in after reports came in about a dinner last month involving Lee Young-ryeol, head of the Seoul Central District Prosecutors’ Office, and Ahn Tae-gun, director of the Criminal Affairs Bureau of the Ministry of Justice.

Trump discusses North with Moon envoy

U.S. President Donald Trump expressed his support for engagement with North Korea to make peace - under the right conditions - to President Moon Jae-in’s special envoy to Washington Wednesday.

“Though we are now at the stage of pressure and sanctions, [President Trump] said he has a willingness to make peace through so-called ‘engagement’ if certain conditions are right,” said Hong Seok-hyun, the special envoy to the Unites States, to reporters after his meeting with Trump at the White House. “He said, however, that rather than holding talks simply for the sake of talks, he is willing to hold talks that produce some outcome.”

New head of FTC to put chaebol on shorter leash

The new nominee to head the Fair Trade Commission promised stricter standards in overseeing Korea’s four leading conglomerates under existing law. “The top four conglomerates account for two thirds of the assets of the top 30 business groups in the country and therefore it would be more effective and sustainable to narrow the target to the four conglomerates,” Kim Sang-jo said on Thursday. “However, this does not mean that we will create regulations specifically targeting these four [business] groups. What I mean is that we will apply stricter standards on issues regarding the four groups within the boundaries of existing laws.”

GS Caltex turns 50 and looks for new cash cows

GS Caltex, the country’s first private oil refiner, celebrates its 50th anniversary today with goals to expand exports and tap into new business areas. “Through continuous innovation over the last 50 years of business, we have grown into a leading energy company in Korea,” said Huh Jin-soo, CEO of the local oil refiner at a 50th anniversary commemorating ceremony held at the refiner’s headquarters in southern Seoul Thursday. “During that time we have contributed to the nation’s economy by growing into an export-centered company rather than focusing only on the local market.”

According to the nation’s second largest oil refiner, 71 percent of its revenue last year was earned from exports.

SK C&C heads toward cloud service for growth

SK C&C, an IT service affiliate under SK Group, is targeting its cloud business for future growth and is looking to attract more enterprises by offering customized services. The IT service market focused on designing and building up IT infrastructure for companies is slowing down while the cloud service market is maintaining an annual 20 percent growth, the company said Thursday.

The increase in demand for cloud-based services is largely due to development of new technologies including big data and the Internet of Things, which is faster and more economical to service on cloud than on-the-premises IT equipment or companies’ private clouds.

--------------------------------------------------------------------------------------------------------

The KyungHyangShinmoon(http://english.khan.co.kr/)

Order to Fire, Shots Fired from Helicopters, and 76 Missing People: We Need to Put the Pieces of Truth Together

On March 20, President Moon Jae-in, a presidential candidate at the time, stood in Democracy Square in front of the former Jeollanam-do Provincial Office in Dong-gu, Gwangju, the final stage of the May 18 Democratic Uprising. At the time, Moon said, "The new Republic of Korea will be one that inherits the Gwangju spirit in its Constitution." He also declared, "The details, such as who ordered the soldiers to open fire, are still concealed, but will be identified and any attempt to distort or disparage the truth will be strictly prohibited."

The "Chaebol Sniper" Kim Sang-jo to Head the Fair Trade Commission

On May 17, President Moon Jae-in appointed Kim Sang-jo (55, left photo), a professor at Hansung University known as the "chaebol sniper," as chairman of the Fair Trade Commission. The latest decision signals the beginning of Moon's key campaign pledge, chaebol reforms. Former Lieutenant Colonel Pi Wu-jin (61, right), a first-generation female helicopter pilot, was appointed the minister of patriots and veterans affairs. In a briefing at the Cheong Wa Dae press room, Senior Cheong Wa Dae Secretary for Personnel Affairs Cho Hyun-ok introduced Kim as "the right person to establish the direction for economic reforms, such as a new relationship between the large and small and medium-sized enterprises."

--------------------------------------------------------------------------------------------------------

The Korea Economic Daily (http://english.hankyung.com/)

"Conglomerate Sniper" Kim Sang-jo Appointed as FTC Head

President Moon Jae-in on May 17 appointed Kim Sang-jo, an economics professor at Hansung University, as commissioner of the Fair Trade Commission. Cho Hyun-ok, senior advisor for personnel affairs, said on the same day, "Nominee Kim is a perfect candidate to lead the competition agency based on his prior experience as an advocate against concentration of economic power. The reason the President nominated the head of the Fair Trade Commission first out of all minister-level appointments is based on his judgment that the most urgent business to revive the economy is creating a level playing field."

Shinsegae Hits 52-week High on Expectations of End to THAAD Retaliation

Shinsegae hit a 52-week high on expectations that the company would benefit from the Chinese government's move to lift its retaliatory sanctions against Korean companies including retailers in relation to Korea's THAAD deployment. Immediately after the market opened on May 18, the stock rose 1.93 percent (4,500 won) to 239,000 won, reaching a 52-week high.

Heungkuk Securities upgraded its target price for Shinsegae to 280,000 won from 260,000 won. Lim Young-joo, analyst with Heungkuk Securities, said, "Shinsegae proved itself that it can earn much higher profit among the department store operators in its first-quarter results."

Korea's ICT Shipments Fly High Thanks to Semiconductor Boom

Korea's ICT exports surged by more than 24 percent in April on the back of the booming semiconductor market. According to the Ministry of Trade, Industry, and Energy on May 17, the nation's ICT shipments amounted to US$15.5 billion in April2017, up 24.4 percent from a year ago. This growth rate was the highest since August 2010 (26.4%). The surge in ICT shipments was led by computer chips. The country's chip exports stood at $7.2 billion last month, up 59.1 percent year on year, exceeding the$7-billion level for two straight months following March's $7.6 billion.

--------------------------------------------------------------------------------------------------------

AJU Business Daily (http://eng.ajunews.com/korea)

First China-S. Korea summit talks possible during G20 summit in July: special envoy

South Korean and Chinese leaders will be able to have their first one-on-one meeting on the sidelines of the G20 summit in July in Germany, and the second in August when the two countries mark the anniversary of diplomatic normalization, a presidential envoy said Wednesday. Lee Hae-chan, a veteran ruling party politician, left for Beijing as a special envoy to deliver a message from President Moon Jae-in to Chinese President Xi Jinping and arrange their summit talks. "I think South Korea and China will be able to hold their first summit talks in July during the G-20 summit in Hamburg," Lee told reporters.

State-led project launched to develop technology on baby eel mass-production

It may take at least three years for South Korean consumers to enjoy one of their favorite dishes at cheaper prices if a state-led project succeeds in mass-producing freshwater baby eels for fish farms.

The National Fisheries Research and Development Institute said it would launch a joint project involving researchers, government officials and fish farm experts to develop technologies by 2020 on the mass-production of 10,000 baby eels (glass eels) annually. Last year, the state institute made a breakthrough in technology to transform the leptocephalus into a glass eel capable of being raised in a fish farm. This is the second time in the world to succeed in leptocephalus raising after Japan.

Top four conglomerates face bumpy road under new government's reform drive

South Korea's four largest conglomerates led by Samsung face a bumpy road as the new head of a powerful state anti-trust watchdog vows to reform their unfair business activities and reduce their market dominance. The Fair Trade Commission (FTC) will put Samsung, Hyundai Motor, SK and LG groups under "more strict" surveillance than other conglomerates, said Kim Sang-jo, a Hansung University economics professor appointed by President Moon Jae-in as new FTC chairman on Tuesday. Kim's nomination means that "overcoming the economic crisis with an unfair market system is nearly impossible and that the government will build a fair market system to help revitalize the economy", the president's office said.

--------------------------------------------------------------------------------------------------------

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

FTC chair nominee vows to enforce tighter rules on chaebols

Kim Sang-jo, a professor and outspoken critic of South Korean’s family-run chaebols, particularly, Samsung Group, picked by President Moon Jae-in who had vowed to reform chaebols to head the antitrust agency, pledged to be stricter on the four major business conglomerates. “Since the four groups - Samsung, Hyundai Motor, LG, and SK - make up two thirds of the assets of top 30 conglomerates - (antitrust) regulations on chaebols should be focused on them,” the nominee to chair the Fair Trade Commission said in après conference on Thursday.

Hotel Lotte to open Lotte Arai ski Resort in Japan in Dec. 2017

South Korea’s Hotel Lotte Co. will open Lotte Arai Resort located in the Niigita prefecture, Japan in December 2017 after completing renovation, its first resort in Japan and fourth one following Lotte Art Villas in Jeju Island, Lotte Buyeo Resort in South Chungcheong Province and Lotte Resort Sokcho in Gangwon Province scheduled to open in July, according to the company on Thursday. Lotte Arai Resort, formally known as Arai Mountain Resort and Spa, closed its operation in 2006 but is scheduled to fully reopen in December 2017. The resort was founded in 1993 by Hideo Morita, the eldest son of Sony co-founder Akio Morita, and acquired by Hotel Lotte in June 2015 for 1.8 billion yen ($16 million).

Korean govt to invite bids by Sept for home-grown military reconnaissance satellites

South Korean government plans to accelerate the stalled 1 trillion won ($888 million) project to have five home-grown reconnaissance satellites in space by 2021 to up its surveillance and sovereign defense capability against North Korea’s nuclear and missile threats. The project is expected to pave the way for domestic defense equipment manufacturers to broaden their business portfolio beyond conventional weapons to space development. A spy satellite is pivotal to South Korea’s establishment of the so-called Kill Chain system aimed at owning sovereign capabilities to preemptively detect and destroy North Korean mass-destruction weapons.

--------------------------------------------------------------------------------------------------------

What’s ticking around the world at this second?

See what the world media around the world have to report:

USA Today www.usatoday.com aallman@gannett.com

The New York Timeswww.nytimes.com inytletters@nytimes.com

Wall Street Journalwww.wsj.com support@wsj.com,service@wsj-asia.com

Financial Times www.ft.com ean@ft.com

The Timeswww.thetimes.co.uk help@timesplus.co.uk

The Sun www.thesun.co.uk talkback@the-sun.co.uk

Chinese People's Dailywww.people.com.cn kf@people.cn

China Dailywww.chinadaily.com.cn circulation@chinadaily.com.cn

GwangmyeongDailywww.gmw.cn webmaster@gmw.cn