Headlines, October 11, 2018

Thursday, October 11, 2018

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.

New JCS chief vows to support peace efforts, strengthen readiness

Gen. Park Han-ki, the new chairman of the Joint Chiefs Of Staff (JCS), took office Thursday, vowing to back up South Korea's ongoing peace efforts and strengthen military readiness and cooperation among all armed services.During his inauguration speech, the 41st JCS chief also stressed his pursuit of "technology-based elite forces" through Seoul's Defense Reform 2.0 initiative aimed at creating a smaller yet smarter military.

S. Korea's current account hits US$8.44 bln in Aug

South Korea's current account surplus continued to remain firmly in the black in August on brisk overseas sales, central bank data showed Thursday.The country's current account surplus came to US$8.44 billion in August, up from $6.03 billion in the black a year ago, according to the preliminary data from the Bank of Korea (BOK). From a month earlier, the August figure declined from a yearly high of $8.76 billion.

Court denies arrest warrant for Shinhan Financial chief

A Seoul court turned down early Thursday a prosecution request for a warrant to arrest Shinhan Financial Group Chairman Cho Yong-byoung, who is suspected of involvement in alleged unfair hiring of new employees.
The Seoul Eastern District Court said he presents a low risk of fleeing or destroying evidence, given his social and residential status.
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KBS (http://world.kbs.co.kr/english/news/)

Semi-official Talks Among Koreas, US, China Under Way in Finland

A four-way semi-official meeting among the two Koreas, the U.S. and China is under way in Finland to discuss measures to denuclearize the Korean Peninsula and establish a peace regime.The rare “one-point-five” track meeting, which kicked off with a dinner on Wednesday will be held for three days.The secretive meeting organized by the Stockholm-based Institute for Security and Development Policy is reportedly being held at an unknown government building on the outskirts of Helsinki.

Foreign Ministry Clarifies No Earnest Moves Being Made to Lift N. Korea Sanctions

The South Korean government says it has yet to review in earnest moves to lift major economic sanctions on North Korea. The Foreign Ministry relayed the government’s stance on Wednesday following Foreign Minister Kang Kyung-wha’s earlier remarks that Seoul is considering clearing the May 24th sanctions. In a text message sent out to reporters, the ministry said any such changes will be determined based not only on inter-Korean relations but also international sanctions on the North.

Defense Minister: S. Korea, UNC Discussing Inter-Korean Military Agreements

Defense Minister Jeong Kyeong-doo says South Korea is in discussions with the United Nations Command over recent inter-Korean military agreements aimed at supporting the implementation of the Panmunjeom Declaration. Jeong told lawmakers during an audit of his ministry on Wednesday that he expects the UNC will consent to the implementation of the agreements intended to ease tensions between the two Koreas.
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Yonhap (http://english.yonhapnews.co.kr)

Trump says S. Korea won't lift N.K. sanctions without U.S. approval

U.S. President Donald Trump on Wednesday ruled out the possibility of South Korea lifting sanctions on North Korea without approval from the United States.South Korean Foreign Minister Kang Kyung-wha said earlier that Seoul has been reviewing whether to remove unilateral sanctions that were imposed on North Korea following its deadly sinking of a South Korean warship in 2010."Well, they won't do it without our approval," Trump told reporters at the White House. "They do nothing without our approval."

Hyundai Rotem wins 271.2 bln won locomotive order in Bangladesh

Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Thursday it has received a 271.2 billion won (US$239 million) diesel-electric locomotive order in Bangladesh. Under the deal, Hyundai Rotem will build 70 diesel-electric locomotives for Bangladesh's railway authorities by 2023, the company said in a statement.In May, the company already won a 41 billion won order to build 10 diesel-electric locomotives for the national railway authorities.

GM Korea union to vote on strike against R&D entity

Unionized workers at GM Korea Co., the South Korean unit of General Motors Co., will cast a vote next week on a possible strike to protest against the company's plan to establish a separate R&D corporation, the union said Thursday. GM Korea plans to hold a shareholders' meeting on Oct. 19 to push forward the plan to integrate design and engineering divisions into a separate R&D-focused entity. Its board of directors gave the go-ahead to the plan last week.
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The Korea Herald (http://www.koreaherald.com)

‘Government looking into ending May 24 measures on NK’: Foreign Minister Kang

The Korean government is considering lifting the May 24 measures against North Korea, Foreign Minister Kang Kyung-wha said Wednesday. Speaking at the parliamentary audit by the diplomatic and unification committee of the National Assembly, Kang also said that tours to North Korea are banned for South Koreans not by international sanctions, but by measures enforced by Seoul.

Korean economy underperforms growth potential

Economists have raised the alarm on the weakening growth momentum of the Korean economy, calling on the government to take steps to prevent the country from being stuck in a prolonged slowdown. Local research institutes predict that Asia’s fourth-largest economy will next year expand at a slower pace than its annual potential growth rate, which is estimated by the Bank of Korea to be around 2.8-2.9 percent. The potential growth rate refers to the maximum growth an economy could achieve through the input of all factors of production without prompting inflation.

Beyond the Peninsula: South Korean Navy aims to expand role

Under the mist hovering over the Navy base on Jeju Island on Tuesday, South Korea’s newest landing ship, the Ilchulbong, cruises along the coastline waiting for a signal from the deck. Alongside it are its sister ship, the Cheonjabong, and a bigger version called the Dokdo. With the buzzing sound of anti-submarine helicopters and patrol aircraft, the 7,600-ton Aegis destroyer the Yulgok Yi I leads a fleet of combat destroyers. Those onboard salute the three landing ships packed with Jeju residents, military officers and journalists who return the respect.
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The Korea Times (http://www.koreatimes.co.kr)

'South Korea won't lift North Korean sanctions without US approval': Trump

2 out of 5 Koreans cannot recognize fake news

Two out of five Koreans cannot tell fake news apart from the real thing, a survey showed Wednesday.In a recent joint survey of online video consumption by Rep. Kim Sung-soo of the ruling Democratic Party of Korea and the Green Consumer Network in Korea, 1,000 respondents were shown trending news content on YouTube and asked to identify the information as fake or real news. The average correct answer rate came out at 58.5 percent, showing two out of five people did not properly distinguish between the real and fake news in various fields including politics, the economy and other social issues.

Bluehole founder grilled over neglecting game industry development

Lawmakers grilled Bluehole founder Chang Byung-gyu during a National Assembly audit, Wednesday, over neglecting to develop the game industry during activities of the Presidential Committee on the Fourth Industrial Revolution. He has chaired the committee since September last year.Rep. Lee Dong-sup of the opposition Bareunmirae Party said, "The government appointed Chang as chairman of the committee, a prime minister-level position, to promote the game industry, but the committee has never dealt with relevant issues."
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Chosun Ilbo (http://english.chosun.com)

China Also Pulls Out of Korean Fleet Review

China on Wednesday canceled a plan to send a 7,100-ton destroyer to the International Fleet Review on Jeju Island on Thursday citing "internal reasons." It was the second country to pull out after Japan, which had planned to send a destroyer but decided not to participate because of demands not to fly the imperial rising-sun flag. The two countries will send delegations instead. Some 46 countries will be represented in one way or another.

More Americans, Europeans Take Interest in Korean Studies

More and more Europeans and Americans are learning Korean and taking an interest in Korean culture. The number of schools in France that teach Korean and students learning it is growing quickly. Korean is taught as a second foreign language in some 17 primary and secondary schools there, and last year it became a subject on the baccalauréat, the school-leaving exam before university.

Alarming Rise in Child Suicide Attempts

Korea has seen an alarming rise in suicide attempts among schoolchildren in recent years, despite sporadic campaigns to reduce academic stress and bullying at school. According to a detailed analysis by the Education Ministry, suicide attempts surged from 37 in 2011 to 451 last year. The number of students who succeeded in killing themselves fell from 150 in 2011 to 93 in 2015 but then rose again to 114 last year.
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HanKyoReh Shinmun (http://english.hani.co.kr)

North Korea and US expected to soon hold working-level negotiations for 2nd summit

After North Korea and the US agreed to hold a second summit as soon as possible, the two sides are finalizing the time and location of the working-level negotiations that will discuss the specifics of the summit, the Hankyoreh learned on Oct. 9. Since both North Korea and the US want to hold the working-level negotiations at an early point, negotiators are expected to sit down together as early as the beginning of next week.

Lee Hae-chan responds to controversy over remarks on revising National Security Act

South Korean Democratic Party leader Lee Hae-chan has responded to a political controversy over remarks he made in Pyongyang about revising the National Security Act by saying that a peace treaty would have to be signed first.Lee addressed his National Security Act remarks at a press conference on Oct. 9 that was organized to report the results of delegations from the Democratic Party to North Korea and to the US.

14 members of ruling LG family indicted for evading taxes

Fourteen members of the LG Group’s ruling Koo family and two staffers with its holding company financial affairs team were indicted recently on charges of evading 15.6 billion won (US$13.8 million) in stock-related transfer income taxes.The individuals in question were found to have avoided paying large amounts of taxes in the process of buying and selling of shares among major shareholders and relatives to maintain the family’s management authority
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The Dong-A Ilbo (http://english.donga.com/)

North Korea invites Pope Francis for visit

This is not the first time for North Korea to plan on inviting pope for the purpose of propaganda. According to a memoir by former North Korean Deputy Ambassador to the U.K. Thae Yong-ho, the hermit nation planned on then Pope John Paul II's visit to the North in 1991 as well. Thae revealed the relevant situation in detail in his book called "The Code of 3rd Floor of the Clerk Room," which was published in May.

Hyundai Heavy Industries receives 513 billion won order in U.S.

Hyundai Heavy Industries Co. received an offshore facility order in four years. Korea’s shipbuilding entities won 65 percent of global orders in September.
Hyundai Heavy Industries made a public announcement on Wednesday that it signed an agreement with LLOG Exploration Company, an oil development company in Houston, the U.S. on Tuesday for the "King’s Key" project, which is a semi-submersible floating production system (FPS).

Stolen portrait of Joseon prince to be returned to his clan

The Cultural Heritage Administration said Wednesday that it recovered a stolen portrait of Grand Prince Igan (1360-1404), the third son of King Taejo Yi Seong-gye, the founder of the Joseon Dynasty, and will return it to the families of the king’s Jeonju Yi clan 18 years after its loss.The portrait, which had been kept at a pavilion owned by the Jeonju Yi clan in Yeonsan-myeon, Nonsan, South Chungcheong Province, was stolen in January 2000. An antique broker acquired the portrait and smuggled it into Japan, before being sent back to Korea under the pretext of a re-purchase from Japan. The Cultural Heritage Administration’s investigators of cultural property smuggling launched a probe after obtaining information about the transaction last year and finally retrieved the portrait last year.
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JoongAng Ilbo (http://koreajoongangdaily.joins.com/)

Kim-Trump summit after Nov. 6

U.S. President Donald Trump said Tuesday his second summit with North Korean leader Kim Jong-un will take place after the U.S. midterm elections on Nov. 6, with several venues being discussed. “It’ll be after the midterms,” Trump told reporters on Air Force One flying to Iowa for a rally about his second meeting with Kim. “I just can’t leave now.” Earlier that day, Trump said in the White House Oval Office that “three or four different locations” are being discussed as the venue for the second North-U.S. summit, likely other than Singapore where the first summit was held, and that the “timing won’t be too far away.”

Gov’t slated for short-sighted emissions target

This July, the Ministry of Environment raised its 2030 greenhouse gas emissions reduction target for all industries to 20.5 percent from business-as-usual (BAU) levels, up from the previous target of 11.7 percent.The revised target has been met with huge backlash from businesses in heavy industries like chemicals, steel and oil, who argue that the Environment Ministry has set unrealistic goals relying on unavailable technology without taking into account that the capacity to reduce emissions differs by industry.

Seoul landmarks host co-working spaces

WeWork’s logo was added to Jongno Tower in central Seoul, one of the most famous skyscrapers in the city, in September.The tower now hosts a branch of the world’s largest co-working space company, which entered Korea in 2016. Co-working companies are transforming the faces of landmark buildings north of the Han River as they crowd the area.WeWork also placed its logo this May on Seoul Square, a building formerly occupied by Daewoo Group that sits across from Seoul Station, one of the busiest areas in central Seoul. Local co-working start-up FastFive will take up the former headquarters of Hana Card later this year.
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The KyungHyang Shinmun (http://english.khan.co.kr/)

Korea's Economic Outlook Continues to Worsen: We Need to Strengthen Our Fundamentals

The outlook for the South Korean economy is growing darker and darker. The International Monetary Fund (IMF) lowered its forecast of South Korea's economic growth this year to 2.8% from 3.0% in the World Economic Outlook released on October 9 (local time). In particular, the IMF expected South Korea's economy to grow by 2.6% next year, 0.3% lower than their previous forecast of 2.9%. Earlier, private economic research centers in South Korea, such as the Hyundai Research Institute and the LG Economic Research Institute, had also lowered their economic prospects for next year to 2.6% and 2.5% respectively. This falls well short of the potential growth rate of the South Korean economy (2.8~2.9%). The potential growth rate is the rate of growth that a nation's economy can achieve using all of its production factors including capital, labor, and resources, without triggering inflation. If the real growth rate is lower than the potential rate, the situation can be defined as a recession, so South Korea has reason to worry.

Japan Willing to Provide Venue for Second NK-US Summit

Japan is trying to host the second summit between North Korean leader Kim Jong-un and U.S. President Donald Trump. Japan may be seeking to prevent being isolated from the dialogue concerning the Korean Peninsula.On October 9, it was reported that Japan had delivered a message to the United States expressing its willingness to provide the venue for the second summit. The specific location is likely to be one of the resort areas rather than Tokyo due to security reasons.

Real Estate Policy and the Votes of the Homeowners

"All state authority shall emanate from the people." This is Article 1, Section 2 of the Constitution, which became well known after the people sang the words at the candlelight demonstrations last year. The sentence means that the country belongs to the people. But not everyone can personally run the state. That is why we elect representatives and delegate power. This is the government. Thus in a democracy, the people are the "principals" and the government is the "agent." However, sometimes the interests of the principal and the agent can differ, and problems can occur when the agent takes actions that go against the interests of the principal.
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AJU Business Daily (http://eng.ajunews.com/korea)

LS Cable secures $125 mln deal to install high-voltage cables in Bahrain

LS Cable & System, a major cable manufacturer in South Korea, has clinched a $125 million contract to install high voltage cables for Bahrain's power transmission network.The contract was awarded by Bahrain's Electricity and Water Authority (EWA), LS Cable said, adding it would build a 400-kilovolt power transmission network aimed at upgrading Bahrain's electricity transmission grid.

State research institute to develop hack-proof technology for autonomous cars

In preparation for an era of autonomous vehicles, South Korea's state research institute will team up with domestic tech firms to develop new technologies that can be used to stop hacking attacks on the core system of self-driving cars.The Electronics and Telecommunications Research Institute (ETRI) said in a statement on Wednesday that it would work with ESCRYPT, an embedded security company, and Hancom MDS, an information technology convergence solution firm, to develop an Ethernet-based security solution.

Some S. Koreans show sympathy to Sri Lankan man detained for oil tank fire

A 27-year-old Sri Lankan worker garnered unexpected public sympathy in South Korea after he was accused of flying a paper sky lantern that accidentally landed near an oil storage facility and ignited a huge fire.The fire Sunday at an oil storage facility in Goyang, a satellite city just northwest of Seoul, was put down in a 17-hour operation by firefighters. Police detained the man, based on CCTV footages that showed him sending a sky lantern into the air from a nearby construction site.
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Maeil Business News Korea ( http://www.pulsenews.co.kr/)

Digitalization best job and society solution for small state: Estonian pres

Digitalization will improve, not worsen, equalities, and can help build power and wealth for a small society like Estonia, said its President Kersti Kaljulaid, champion of connectivity technology to empower resource-poor country. “Digital disruption has made our (Estonian) society not only richer but a better place and far more equal,” said Kaljulaid during her keynote speech at the 19th World Knowledge Forum (WKF) in Seoul on Wednesday morning.

Hyundai Motor invests in U.S. AI startup Perceptive Automata

Hyundai Motor has participated in Perceptive Automata’s Series A funding to back the U.S. artificial intelligence startup’s behavioral science approach to develop AI that understands humans’ states of mind to solve major challenges in autonomous driving, robot and smart city applications. The Korean carmaker did not disclose the value of its investment. Perceptive Automata, founded in 2014, is a leading developer of psychophysics-derived pedestrian awareness and intent solutions for autonomous vehicles.

Daesang signs to transfer lysine technology to Chengfu Group for $8.82 mn

South Korea’s Daesang said on Wednesday it has signed a contract to transfer its lysine technology to China’s Chengfu Group for 10 billion won ($8.82 million). Lysine is an amino acid used in the biosynthesis of proteins and widely applied in the animal feed industry. Daesang said the partnership will leverage on Chengfu Group’s market positioning and manufacturing ability to expand its global reach. The two will expand alliance in other chemicals for animal feed beyond lysine. The duo’s lysine business is expected to grow from 500,000 tons to 700,000 tons. Daesang aims to achieve 2 trillion won in sales of lysine and other materials by 2022.
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