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Headlines, June 21, 2018

기사승인 2018.06.21  11:46:45

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The Korean daily media headlines and humor

Thursday, June 21, 2018

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

P.S.: If the Headlines are no longer desired, please advise us at: edt@koreapost.com or pub@koreapost.com.

Kim, Xi discuss strengthening strategic, tactical cooperation: NK media

North Korean leader Kim Jong-un and Chinese President Xi Jinping discussed ways to further strengthen strategic and tactical cooperation in their latest round of talks, North Korean state media reported Thursday. Kim and Xi held their second session Wednesday, the second and last day of the North Korean leader's latest trip to Beijing. It followed their summit on Tuesday, the third between the two in about three months. "The top leaders of the DPRK and China exchanged serious views on the present situation and urgent international issues and discussed issues to further strengthen the strategic and tactical cooperation between the two parties and the two countries under a new situation," the Korean Central News Agency (KCNA) reported.

(For further details, visit: http://www.koreapost.com/news/articleView.html?idxno=6963)

Allies test N. Korea's will to denuclearize through suspension of military exercises

U.S. Defense Secretary Jim Mattis is headed to South Korea next week to discuss the next steps following a rare suspension of joint military exercises over the promise of North Korea's denuclearization. The drills have been a core element of the U.S.-South Korea alliance forged in the 1950-53 Korean War, and their suspension has prompted a heated debate in South Korea over whether it could lead the communist regime to give up its nuclear weapons. After a historic meeting with North Korean leader Kim Jong-un on June 12, U.S. President Donald Trump announced the decision to halt the "war games" that are "provocative" and "inappropriate," while negotiations to dismantle the nuclear program are under way.

(For further details, visit: http://www.koreapost.com/news/articleView.html?idxno=6964)

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Round-up of important news stories from major Korean dailies today:

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

Rising oil prices drive up sales of products that increase car fuel efficiency

A rally in crude oil prices boosted sales of various car products that improve fuel efficiency over the last month, industry data showed Thursday. According to the data by online mall operator Auction, the sales of products aimed at enhancing vehicle engine efficiency surged 196 percent between May 18 and June 17 from a year earlier. The sales of coolant, a fluid used to cool engines, jumped 71 percent on-year during the cited period, with sales of engine oil surging 135 percent on-year. International oil prices have been surging since U.S. President Donald Trump declared Washington's withdrawal from the Iran nuclear accord.

LG Uplus partners with Shinil to produce IoT-powered fans

LG Uplus Corp. said Thursday it will release a new fan equipped with the Internet-of-Things (IoT) technology under cooperation with Shinil Industrial Co., a local appliance manufacturer. LG Uplus said the new IoT fan will connect to its "IoT@home" application, allowing users to easily activate and control the product. Shinil, which topped the Korean Standard Quality Excellence Index in the fan segment for the 12th consecutive year as of 2017, is a major producer of small-sized home appliances. Through LG Uplus' exclusive speaker powered by Naver Corp.'s voice recognition system, Clova, users can also make commands such as "Clova, I'm home."

Corporate watchdog chief vows to step up self-reform efforts

The chief of South Korea's corporate watchdog said Thursday that his agency will redouble its efforts to regain the trust of citizens amid the prosecution's probe into alleged job irregularities involving former senior officials. On Wednesday, investigators raided the offices of the Fair Trade Commission (FTC) as part of an investigation into allegations that former senior officials of the anti-trust watchdog landed jobs they were not supposed to after retirement. Investigators from the Seoul Central Prosecutors' Office searched FTC offices at the central administrative city of Sejong for evidence to back up suspicions that former top officials moved to posts at organizations related to their former duties.

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

Bolton Urges N. Korea to Make First Move on Denuclearization

U.S. National Security Adviser John Bolton has urged North Korea to make the first move to dismantle its nuclear weapons program, saying the U.S. has no interest in lengthy talks. Bolton told Fox News on Wednesday that the U.S. would like to move quickly and if North Korea is serious, it should want to move quickly too. He added that North Korea is facing a "decisive and dramatic choice" on whether to give up its weapons programs and ballistic missiles but that the U.S. will find out soon because diplomatic engagement will proceed very quickly.

KCNA: Kim, Xi Discuss Strengthening Strategic Cooperation

North Korean media has reported Leader Kim Jong-un and Chinese President Xi Jinping discussed ways to further strengthen strategic and tactical cooperation in their latest talks on Wednesday. The Korean Central News Agency(KCNA) reported on Thursday that the leaders of North Korea and China exchanged views on the present situation and urgent international issues and discussed how to further strengthen strategic and tactical cooperation between the two parties and the two countries under the new situation.

OECD: S. Korean Economy to Grow 3% in 2018, 2019

The Organization for Economic Cooperation and Development(OECD) has predicted South Korea's economy will grow three percent this year, holding on to its earlier outlook. In a biennial report published on the South Korean economy on Wednesday, the OECD said the fourth largest Asian economy will grow at three percent for both this and next year. The organization highly assessed the Moon Jae-in administration’s income-led growth initiative, saying a minimum wage hike and welfare expenditure expansion would contribute to household income growth and private consumption expansion.

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

Moon heads to Russia for bilateral summit with Putin

South Korean President Moon Jae-in headed to Russia on Thursday for a summit with his Russian counterpart Vladimir Putin that will focus on ways to boost the countries' economic cooperation, as well as their joint efforts to rid North Korea of its nuclear weapons. The South Korean leader is making a three-day state visit that will also include a meeting with Russian Prime Minister Dmitry Medvedev, according to his office Cheong Wa Dae. Moon is the first South Korean president to make a state visit to Russia since 1999.

LG Uplus partners with Shinil to produce IoT-powered fans

LG Uplus Corp. said Thursday it will release a new fan equipped with the Internet-of-Things (IoT) technology under cooperation with Shinil Industrial Co., a local appliance manufacturer. LG Uplus said the new IoT fan will connect to its "IoT@home" application, allowing users to easily activate and control the product. Shinil, which topped the Korean Standard Quality Excellence Index in the fan segment for the 12th consecutive year as of 2017, is a major producer of small-sized home appliances.

USFK to mark opening of new headquarters in Pyeongtaek next week

The U.S. Forces Korea (USFK) will mark the opening of its new headquarters in Pyeongtaek, south of Seoul, next week, officials said Thursday. The USFK will end its decadeslong presence in Yongsan, central Seoul, and mark a new start at Camp Humphreys, a sprawling military complex about 70 kilometers south of Seoul, on June 29. U.S. Secretary of Defense James Mattis, along with top U.S. and South Korean defense officials, is expected to participate in the ceremony, a source told Yonhap News Agency on condition of anonymity.

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

Seoul welcomes Kim-Xi meeting, experts sound caution

North Korean leader Kim Jong-un’s latest meeting with Chinese President Xi Jinping is fueling speculations about Pyongyang’s intentions and the future of denuclearization talks. On Tuesday, Kim arrived in Beijing accompanied by a large entourage, and met with Xi for the third time in as many months. According to North Korean media, Kim declared that North Korea will cooperate closely with Chinese leadership in “the historic journey to open a new future on the Korean Peninsula and the region,” at an event hosted by Xi on Tuesday.

Concerns rising over industrial hollowing-out

Concerns are growing over the possible hollowing-out of Korea’s key manufacturing industries as local companies rush to move factories to countries with better conditions to detour anti-business policies at home and global trade friction. According to industrial sources, 97.1 percent of TV sets made by Korean electronics firms in 2017 were manufactured at overseas plants. The corresponding figures reached 93.2 percent for mobile phones, 86.9 percent for washing machines and 80.3 percent for refrigerators.

Government, ruling party agree on having grace period for shorter work hours

The ruling Democratic Party of Korea, the government and the presidential office agreed to a six-month grace period for the revised law on shorter work hours, Prime Minister Lee Nak-yon said Tuesday. Under the revised law passed in February, companies with 300 or more employees are required to reduce the maximum work hours to 52 hours per week, from the current 68 hours, starting July 1.

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

China's influence on North Korea grows

North Korean leader Kim Jong-un's latest visit to China suggests Beijing's growing influence on the denuclearization talks, analysts said Wednesday. Kim made a two-day visit to China from Tuesday to Wednesday and met Chinese President Xi Jinping. It was his third trip to the longtime ally in three months; while the Chinese president has not yet visited Pyongyang. Kim's two earlier visits were made before his meeting with U.S. Secretary of State Mike Pompeo, as if he and Xi had strategic get-togethers about the denuclearization deal with the U.S. This visit, too, was made when Pyongyang and Washington were planning follow-up talks on details of denuclearization after Kim's summit with U.S. President Donald Trump in Singapore, June 12.

Multicultural children still face discrimination at schools

Children with multicultural backgrounds face discrimination at school, reflecting the prejudices against biracial people in the wider Korean society. To make Korea accommodating to them requires a change in Koreans' attitudes, according to experts. Kim Hye-young, 32, a Korean language teacher at Guro Middle School, says multicultural children at her school often face discrimination from classmates.

Koreans buying more shares of Amazon, Facebook

More Koreans are opening global accounts with domestic brokerages to buy foreign stocks, providing a lucrative source of income for securities firms. Analysts say the local stock market is still a "great place" to find value, and particularly "right now" when the U.S. stock market is overvalued. They say valuations of the country's well-known blue-chip stocks such as Samsung, SK and LG Group are "still cheap." Korean investors, however, are seeking long-term returns via investments in U.S. technology stocks.

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

S.Korea, U.S. Suspend August Joint Drills

South Korea and the U.S. on Tuesday announced the temporary suspension of the joint Freedom Guardian drills scheduled for August while denuclearization talks with North Korea go on. This is the first time in 26 years that joint military exercises is suspended. The drills, which have been staged in August every year, consist of the Ulchi defensive command post exercise staged by the South Korean government and the Freedom Guardian computerized command and control training by South Korean and U.S. troops. Only the second will be suspended.

Secrecy Lifted on Kim Jong-un's Latest China Trip

North Korean leader Kim Jong-un's latest China trip was surrounded by none of the secrecy that marked the last two visits, with Chinese media freely reporting on his arrival on the arm of his wife Ri Sol-ju. Chinese President Xi Jinping and his wife Peng Liyuan welcomed the Kims at a ceremony at the Great Hall of the People in Beijing.

Businesses Want More Time to Prepare for Shorter Working Week

The Korea Employers Federation, the leading big-business lobby, has officially asked the government for six more months so member firms can adjust to the shortened 52-hour working week. The KEF said Tuesday it asked the Labor Ministry to help resolve "systemic and realistic" difficulties being encountered by businesses as they seek to implement the measure.

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

Military authorities suspend Freedom Guardian joint exercise set for August

The Freedom Guardian joint military exercises originally scheduled for August will not be held, South Korea and US military authorities announced on June 19. The decision, which represents a working-level follow-up measure to US President Donald Trump’s promise to Pyongyang following a North Korea-US summit earlier this month, is expected to help hasten the North Korean denuclearization process and the establishment of a peace regime on the peninsula.

Joint research report on fine particles by South Korea, China and Japan indefinitely postponed

The publication of a joint research report on the movement of fine particle dust among South Korea, China, and Japan has been indefinitely postponed. At a 19th trilateral environmental ministers’ meeting in Suwon in Aug. 2017, the South Korean Ministry of Environment announced that the three countries had agreed to publish a report the following year summarizing joint research conducted since 2013 on long-range transport pollution (LTP) in the atmosphere, including fine dust.

Jeju authorities provide humanitarian assistance to Yemeni refugee applicants

Jeju agencies held a joint press conference on June 19 to announce measures in response to the growing social issue of Yemeni refugees on the island. The agencies stated plans for a humanitarian approach to the issue of Yemeni nationals applying for recognized refugee status. Experts said the situation calls for South Korea to take international responsibility as an advanced nation, while also requiring carefully thought-out intermediate and long-term measures in the interests of social integration.

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JoongAng Ilbo (http://koreajoongangdaily.joins.com/)

Kim thanks Xi for summit help

Chinese President Xi Jinping expressed “sincere support” for North Korea’s stance on denuclearizing the Korean Peninsula and vowed to play a “constructive role” in the process during his third summit with North Korean leader Kim Jong-un in Beijing Tuesday, the North’s state media reported Wednesday morning. The Korean Central News Agency (KCNA) said Kim thanked Xi for helping him with his summit with U.S. President Donald Trump on June 12 in Singapore, and that the young leader was pleased with the “recently strengthened strategic cooperation” between China and North Korea.

Bithumb loses over $30 million to hackers

Bithumb, one of the largest cryptocurrency exchanges in Korea, lost over $30 million worth of cryptocurrency to hackers on Wednesday in the second major cyberattack on a local cryptocurrency exchange in a matter of weeks. “We noticed that between last night and today early morning, about 35 billion won [$31.5 million] worth of cryptocurrencies has been stolen,” Bithumb said in an announcement on its website on Wednesday. “Cryptocurrency deposit/withdrawal and Korean won withdrawal service will be halted for the time being and until services are thoroughly reviewed.”

On way to Moscow, Moon shares future vision

President Moon Jae-in on Wednesday described the kind of economic development possible among the two Koreas and Russia if a peace settlement takes place in the region ahead of a trip to Moscow. In an interview with three Russian media outlets at the Blue House just a day before a visit to Russia, Moon cited railroads, natural gas and electricity as the industries that could get off to a fast start should North Korea’s economy open to international investment, which requires the withdrawal of United Nations sanctions.

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

North and South Korea to Hold “Unification” Basketball Match in Pyongyang on July 4

North and South Korea decided to appear at the opening and closing ceremonies of the Asian Games together, following their joint appearance at the PyeongChang Winter Olympics. The two Koreas also decided to hold a "unification" basketball game in Pyongyang on July 4. On June 18, the two Koreas held an inter-Korean meeting on sports exchanges at the Peace House in the South's side of Panmunjom and agreed to these details.

Wind of Change Among Mayors, County Chiefs, and Local Council Members: Regionalism Falters

The regional and ideological framework that had defined South Korean politics for the past 28 years is shaking from the ground up due to the June 13 local elections. That the ruling Democratic Party of Korea swept the three gubernatorial and mayoral positions in the Busan, Gyeongsangnam-do (PK) region, regarded as the home ground of the Liberty Korea Party, is evidence of this, but signs of groundbreaking changes are more apparent in the election results of the lower-tier local governments, the capillary vessels of local autonomy.

Suspicious Attention to Claims by Lawmakers When National Court Administration Under Yang Seung-tae Promoted the Final Appeals Court

An allegation has been raised claiming that the National Court Administration, when Yang Seung-tae served as the chief justice of the Supreme Court, even drew up reports after reviewing the complaints filed by lawmakers, in the process of promoting a final appeals court. On June 13, several officials in the judiciary said, "The National Court Administration wrote a report after reviewing and summarizing the claims filed by a number of lawyers from the Democratic Party of Korea and the Saenuri Party in 2014-2015." Reportedly, the claims included questions on specific criminal trials and opinions on the relocation of court-related facilities.

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

Kim and Xi discuss ways to enhance strategic and tactical cooperation

North Korean and Chinese leaders discussed ways to enhance strategic and tactical cooperation at their talks in Beijing, the North's state media reported as the international community keeps a close watch on how Pyongyang will implement a deal with Washington to dismantle nuclear facilities. North Korean leader Kim Jong-un returned home Wednesday after he held two rounds of talks with Chinese President Xi Jinping during his two-day visit to Beijing that followed a historic summit with U.S. president Donald Trump a week ago in Singapore, the Korean Central News Agency (KCNA) reported on Thursday.

U.S.-China trade war feared to leave S.Korea's economy in red light

With a trade war intensifying between China and the United States, concerns are growing among South Korean traders that exports may see a direct hit as China is a key market for South Korean goods. According to the Ministry of Commerce, Industry and Energy in December 2019, South Korea's trade dependence accounts for 68.8 percent of gross domestic product (GDP). Economic reports last year showed that U.S. and Chinese markets account for 12 percent and 24.8 percent of South Korea's total exports respectively.

S. Korean household loans grow at annual rate of 6.2%

Despite an intensive government campaign to reduce individual debts, South Korea's household loans have been growing fast at an average annual rate of 6.2 percent since 2008, exceeding the corporate loan growth rate of 5.4 percent, according to data from the Financial Supervisory Service. Since the 2008 financial crisis, South Korean banks have focused on household loans, catering to strong demands for mortgage loans which have risen sharply due to eased real estate regulations.

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

Kumho Petrochemical to ramp up NB latex production

South Korea’s Kumho Petrochemical Co. said Wednesday that it has started adding acrylonitrile-butadiene latex (NB latex) lines at its Ulsan plant to beef up its synthetic rubber production capacity to 550,000 tons a year on hopes to cement its global leadership position. It did not disclose the expansion cost. NB latex is widely used in making surgical gloves. Lately, it has also been used in making gloves for industrial uses and cooking after upgrades, opening new markets for the synthetic rubber manufacturer.

Fresh five-year $350 mn from Baa1 SK Innovation offering in the pipeline

South Korea’s largest oil refiner SK Innovation Co. is readying dollar bond sales to refinance $350 million in 2013-issued notes maturing in August. SK Innovation will hold a board meeting next week to approve the offering of five-year debt in the same scale of $350 million to pay off debt that had been priced 230 basis points above the five-year U.S. Treasury yield in August 2013.

S. Korea’s BrainContents buys cosmetics firm Swanicoco at $21 million

South Korea’s information service provider BrainContents Inc. has acquired the country’s small natural bio cosmetics brand Swanicoco, jumping in the busy local cosmetics market. BrainContents said on Wednesday that it signed a stock and management rights purchase agreement with Swanicoco on Wednesday to buy 70 percent or 154,420 shares in the cosmetics company at 23.3 billion won ($21 million).

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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 Times www.nytimes.com inytletters@nytimes.com

Wall Street Journal www.wsj.com support@wsj.com,service@wsj-asia.com

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

The Times www.thetimes.co.uk help@timesplus.co.uk

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

Chinese People's Daily www.people.com.cnkf@people.cn

China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn

GwangmyeongDaily www.gmw.cn webmaster@gmw.cn

Japan's Yomiuri www.yomiuri.co.jp japannews@yomiuri.com

Asahi www.asahi.com customer-support@asahi.com

Mainichi www.mainichi.jp

Le Monde www.ilemonde.com

Italy LaRepubblica www.quotidiano.repubblica.it vittorio.zucconi@gmail.com

Germany Frankfurter AllgemeineZeitung www.faz.net anzeigen.ausland@faz.de

SüddeutscheZeitung www.sueddeutsche.de forum@sueddeutsche.de

Australia Brisbane Times www.brisbanetimes.com.au syndication@fairfaxmedia.com.au

Sydney Morning Heraldwww.smh.com.au

Colombia Reports http://colombiareports.com

Bogota Free Planet http://bogotafreeplanet.combfp@bogotafreeplanet.com

El Universal http://www.eluniversal.com.mx/english

Andes http://www.andes.info.ec/en

Ecuador Times http://www.ecuadortimes.net

The Jordan Times https://www.jordantimes.com

LSM.lv http://www.lsm.lv/en

The Baltic Times http://www.baltictimes.comlithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com

El Pais http://elpais.com/elpais/inenglish.html

Philippine Daily Inquirer https://www.inquirer.net

Daily News Hungary http://dailynewshungary.com

Budapest Times http://budapesttimes.hu

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And many other countries.

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Lee Kyung-sik edt@koreapost.com

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