Headlines, October 12, 2018

Friday, October 12, 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.

N. Korean, Russian leaders swap messages to mark diplomatic anniversary

Chairman Kim Jong-un of North Korea and Preside Vladimir Putin of the Russian Fedeation have swaped messages with each other to mark the 70th anniversary of the establishment of bilateral diplomatic relations. This was reported by the state media of North Korea on Oct. 12, 2018.The North's official Korean Central News Agency (KCNA) carried two separate articles introducing the content of the messages that stressed the "constructive" partnership between Pyongyang and Moscow.

Ranking Chinese govt official attends S. Korean national day reception as a sign of sunny ties

A senior Chinese diplomat on attended a reception at the South Korean ambassador's residence in Beijing on Thursday in the latest sign of improved relations between the two neighbors.Bilateral ties had been icy over the deployment of a U.S. anti-missile system in South Korea. China -- South Korea's largest trading partner -- banned the sale of group tour packages to South Korea in March 2017, though it has since partially lifted the ban.

S. Korean smartphone makers join trend of multi-camera handsets

South Korean smartphone makers have released smartphones with three or more rear cameras in line with rising demand from the industry for handsets with premium photography features. Samsung Electronics showcased the Galaxy A9 smartphone earlier this week, which marked its first handset to come with a whopping four rear cameras.

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

S. Korean Minors Hold Around 2 Trillion Won in Stocks

Young South Koreans aged 18 and under are estimated to own more than two trillion won worth of stocks combined. The finding was made public on Thursday by Representative Kim Byung-wook of the ruling Democratic Party based on documents submitted by the Korea Securities Depository and commercial banks. According to the data, minors held a total of 154-point-eight million stocks issued by more than two-thousand companies as of late last year. Their combined values stood at two-point-03 trillion won.

N. Korea's Vice FM Returns Home from Trips to China, Russia

A North Korean senior diplomat tasked with preparing a potential second North Korea-U.S. summit has returned home after visiting China and Russia. North Korea's Vice Foreign Minister Choe Son-hui boarded an Air Koryo flight that departed Beijing Capital International Airport for Pyongyang on Thursday afternoon. Earlier in the day, she arrived in Beijing on an Air China flight from Moscow. She smiled at waiting reporters at the Chinese airport, but did not respond to questions regarding her planned working-level meeting with U.S. Special Representative for North Korea Stephen Biegun.

Growth of Seoul Apartment Prices Slows for 4th Straight Week

The growth of the average price of apartments in Seoul has been slowing over the past four weeks.The Korea Appraisal Board revealed Thursday that the weekly growth rate compiled at the start of the week stood at zero-point-07 percent. It is the fourth consecutive week the figure dropped since the zero-point-45 percent recorded on September tenth. It also marks the lowest weekly growth of Seoul apartment prices since zero-point-07 percent on June 18th.

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

S. Korea's jobless rate rises in Sept., sluggish job creation continues

South Korea's jobless rate rose slightly in September due to a fall in employment in the retail and restaurant sectors, with poorer-than-expected job creation continuing, government data showed Friday.The unemployment rate stood at 3.6 percent last month, up 0.3 percentage point from a year earlier, marking the highest rate for September since September 2005, according to the report compiled by Statistics Korea.The number of employed people reached 27.05 million in September, up 45,000 from the same month in 2017, according to the data.

Ruling party assesses Sept. job market avoids worst

The ruling Democratic Party (DP) said Friday that the job market appeared to avoid the worst situation after the government announced better than expected employment data last month.The number of employed people reached 27.05 million in September, up 45,000 from a year earlier, government data showed. The number of newly added jobs improved last month, after staying below 10,000 per month for the second straight month.Before the data release, there were concerns that job creation might contract.

Heads of 6 N. Korean universities to visit Canada next week: report

The heads of six major North Korean universities will visit Canada next week at the invitation of the University of British Columbia (UBC), American broadcaster Radio Free Asia (RFA) reported on Friday.The Canada-DPRK Knowledge Partnership Program (KPP), affiliated with the UBC, told RFA that a 12-member North Korean delegation, including the heads or deputy heads of Kim Il Sung University and five other universities, will visit the Canadian university in Vancouver from Oct. 16-20 for academic exchanges. DPRK stands for the Democratic People's Republic of Korea -- North Korea.

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

S. Korea struggles to contain concerns over sanctions relief

The South Korean government scrambled to play down concerns over the lifting of its unilateral sanctions against North Korea on Thursday, amid intensifying controversy after a top diplomat hinted at an ongoing governmental review of the matter a day earlier. US President Donald Trump on Wednesday ruled out the possibility of South Korea lifting the sanctions on North Korea without approval from Washington, a sign of a possible discord between the allies over quickly developing inter-Korean engagement.

Samsung launches Galaxy A9 with rear quad camera

Samsung Electronics on Thursday unveiled the world’s first smartphone with four rear cameras, packed with new features to capture moments more effectively. The Galaxy A9 debuted at a launch event held in Kuala Lumpur, Malaysia, highlighting the first rear quad camera built for a world driven by visual communication.

[Trending in Pairs] How far has ‘retail tech’ advanced?

After the world’s first experimental cashier-free grocery store Amazon Go opened in the US earlier this year, it did not take long for the trend to land in Korea. An increasing number of customers are going cashless or even credit card-free, as payment options through palm scanning or via app have become easier at offline shops. But there is also a pronounced trend among Korean customers who enjoy a traditional yet convenient way of purchasing products in comfort: home shopping.

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

Trump's remarks infringe national sovereignty

U.S. President Donald Trump has irritated South Korean officials and the people with his recent remarks over the possible lifting of Seoul's unilateral sanctions on the North. His statement is seen as infringing on the national sovereignty of South Korea.Foreign Minister Kang Kyung-hwa a day earlier stated that the government was reviewing the lifting of its May 24 sanction on North Korea. She later backed down, citing the need to review the matter flexibly within the framework of not undermining international sanctions on the North, but the controversy continued to flare. Lawmakers of the ruling and opposition parties also exchanged barbs over the matter during a National Assembly inspection of state affairs.

Police raid Gyeonggi governor's residence in probe of election violations

Police raided the residence of Gyeonggi Province Gov. Lee Jae-myung and two other locations on Friday as part of a probe into allegations that he told a falsehood about his family during the June general elections.The Bundang Police Station sent officers to search the property and confiscate evidence. They also raided parts of the Seongnam City Hall. Lee served as Seongnam mayor before he won the Gyeonggi governorship in June.

Rohingyas' lives go on in the camp

COX'S BAZAR, Bangladesh ― After an hour's flight from the Bangladeshi capital of Dhaka and a two-hour drive along a bumpy road from Cox's Bazar's airport, dozens of journalists and scholars arrived at the entrance of Kutupalong, a Rohingya refugee camp. It is the world's largest refugee camp and its whereabouts has placed it in the center of a controversy in the international community.

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

More Babies Born Through Fertility Treatment

About six percent of babies born in 2017 were conceived thanks to fertility treatments subsidized by the government. According to data from the Ministry of Health and Welfare, 20,854 out of 357,700 newborn babies or 5.8 percent, were conceived through government-assisted fertility treatments. The figure has increased by 1.8 times from 3.3 percent in 2013. The number of such babies is expected to surpass 20,000 this year as well since it already reached 10,654 in the first half of this year.

Most Koreans Would Prefer to Die in Bosom of Family

Dying in the arms of the family without burdening them is the last wish of a majority of Koreans, a survey suggests. A team led by Prof. Yun Young-ho at Seoul National University Hospital on Wednesday released a survey of 4,176 patients, their families, doctors, and others in 2016 on their ideal death. Among the 10 options they were given, the biggest proportion chose death in the bosom of their family or other people that are important in their life with 26 percent. A close second was death that does not burden the family with 22 percent, followed by death after all the arrangements have been made with 17 percent.

Trump Wanted to Move THAAD Battery out of Korea

U.S. President Donald Trump on Tuesday recalled that he ordered officials to remove a controversial Terminal high-altitude area defense battery from South Korea to the U.S. Trump was speaking at a Republican rally ahead of midterm elections in Iowa. From the podium, he recounted a meeting with "a certain general" in the past. He said, "How much is it going to cost? 'Sir, $1 billion.' I said, 'whoa, whoa!'","Go back to the country. Renegotiate that deal. That's not a good deal," he added. "But, sir, the Obama administration has already agreed to it. I said I don't care if they agreed to it. I couldn't care less if they agreed to it."

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

Moon says “lasting peace is now coming to the Korean Peninsula”

“If the second North Korea-US summit that will be held soon leads to a declaration of lasting peace and the achievement of a Korean Peninsula without nuclear weapons or a nuclear threat, the whole world will be shown the true value of the sacrifices made at the Battle of Chosin Reservoir,” South Korean President Moon Jae-in said on Oct. 10.“Today, I once more would like to honor the memory of those heroes and tell their spirits that lasting peace is now coming to the Korean Peninsula,” Moon said in an address that was read on his behalf by Minister of Patriot and Veterans Affairs Pi Woo-jin during the 3rd Memorial Service for the Battle of Chosin Reservoir. The Battle of Chosin Reservoir (Nov. 27-Dec. 13, 1950) of the Korean War resulted in heavy casualties for UN forces. There is a memorial for those who gave their lives during the battle in Washington, DC.

North Korea, China and Russia release joint statement urging UN to ease sanctions

Following a trilateral meeting by the vice foreign ministers of North Korea, China and Russia, the three countries released a joint statement urging the UN Security Council to reconsider its sanctions on the North.While North Korea, China and Russia have separately mentioned the need to ease sanctions, this is the first time they’ve officially raised this issue in the format of a trilateral meeting.

Water treatment plants in Kaesong Industrial Complex reopened along with joint liaison office

Water treatment plants that were shut down in the aftermath of the closure of the Kaesong Industrial Complex in Feb. 2016 were reopened on Sept. 14 to coincide with the opening of the Inter-Korean Joint Liaison Office in Kaesong, South Korea’s Unification Ministry announced.

“Purification and distribution facilities have been operating since the opening of the Inter-Korean Joint Liaison Office to provide the office with water for drinking and everyday use,” Unification Ministry Spokesperson Baik Tae-hyun said during the regular briefing on Oct. 10.

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

Asian stock markets experience 'Black Thursday'

Major stock market of Asia including South Korea witnessed a "Black Thursday’ as stock markets nosedived to some 4 percent during the day. The shock from the plunging U.S. stock markets put the global financial market into horror.The KOSPI ended down 98.94 points or 4.44 percent, which the largest single-day loss since November 11, 2011 (-4.94 percent). Based on the closing price, it saw the lowest figure of 2,129.67 since April 12, 2017 (2,129.91).

Unification minister: There was no specific review over sanctions relief

At the parliamentary audit of the Foreign and Unification Committee on Thursday, South Korean Unification Minister Cho Myung-gyon said, “There was no specific review over lifting the May 24 sanctions against North Korea.” He scrambled to play down intensifying controversy as U.S. President Donald Trump directly put a break on South Korean Foreign Minister Kang Kyung-wha’s remark that a review was being made to lift the May 24 sanctions.

Samsung’s new mid-priced phone features 4 rear cameras

Samsung Electronics Co. on Thursday unveiled its new Galaxy A9 smartphone, which the company says is the first smartphone in the world to include four rear cameras.Samsung Electronics President Koh Dong-jin, who heads the company's mobile business, said that the new Galaxy A series featuring four rear cameras and intelligent functions targets a new “visual communication” generation of consumers who tend to communicate through images they shoot.

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

At naval review, Moon stresses strong defense

President Moon Jae-in on Thursday emphasized it was essential for South Korea to have a “strong national defense” to ensure peace and prosperity on the peninsula. He also noted that South and North Korea had embarked on a journey toward complete denuclearization and peace in a speech to top-ranking naval officials from around the world. Standing on the South Korean Navy’s Il Chul Bong landing ship during an International Fleet Review event held in waters off the southern coast of Jeju Island, Moon said a strong national defense readiness was “critical” to the country’s path toward “peace and prosperity.”

‘Seoul needs my approval’ on sanctions: Trump

U.S. President Donald Trump rejected the notion that South Korea may lift some of its unilateral sanctions on North Korea, declaring it won’t happen without his “approval” on Wednesday.

Responding to reports that Seoul is reviewing the lifting of its so-called May 24 measures that block inter-Korean trade and investments, Trump said in the White House on Wednesday, “Well, they won’t do it without our approval.”

SKT lets people try out VR movie dates

SK Telecom’s latest product allows people to date and hang out with friends without leaving the house using virtual reality technology.Korea’s largest mobile carrier released Oksusu Social VR today. The service adds VR technology to the carrier’s mobile video streaming platform Oksusu. The service takes users to a virtual space where they can view content on Oksusu and move around in avatar forms together with friends. Up to eight people can create a room together to enjoy sports, movies and concerts together inside the virtual space. Inside the rooms, avatars can communicate with each other using users’ own voices or through text chat.

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

The More Shares Owned by a Second-Generation Chaebol, the More Intracompany Trade in Sales

Internal transaction accounted for more in the overall sales of companies where second-generation chaebols owned more shares. This shows that the chaebol are using internal transactions, which can generate more stable profits, as a means to succeed management. The amount of intracompany trade in the top ten corporate groups with owner families increased nearly 20 trillion won last year alone.

Abolition of the Death Penalty: The Minimum Qualification of a Civil State Guaranteeing Basic Rights

Two out of three citizens agreed to abolishing the death penalty when alternative punishments were provided. This was the result of a survey released by the National Human Rights Commission of Korea on October 10, the World Day Against the Death Penalty. When simply asked if they were for or against the death penalty, only 20.3% said they were in favor of abolishing capital punishment, but that percentage soared to 66.9% when the introduction of an alternative punishment was added. Practically, South Korea has already abolished capital punishment, for it has not executed a death penalty for over two decades since December 30, 1997. There is no reason to hesitate in formally abolishing the death penalty.

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)

S. Korean tech fans skeptical about Samsung's new 'quad-camera' phone

Samsung Electronics ambitiously showcased Galaxy A9 this week in Malaysia as the world's first smartphone with four rear cameras. The initial reaction from South Korean tech fans is not so favorable. Tech-savvy users voice doubt about whether the quad-lens camera will perform better than conventional cameras. Galaxy A9 is a 6.3-inch mid-range device with a hint of Samsung's flagship series melded into its design. The phone has a front single-lens camera and four rear cameras including a 24-megapixel main camera, an eight-megapixel wide-angle camera, a 10-megapixel zoom camera and a five-megapixel camera which works as a depth sensor, to provide a wide range of choices for users in taking pictures.

Naver to showcase indoor navigation platform at Incheon International Airport

Naver, South Korea's largest web portal, will apply its new navigation service that works with smartphone cameras without GPS to provide indoor directions for travelers roaming through an international airport west of Seoul. Incheon International Airport, South Korea's main gateway, signed a deal with Naver to introduce a new location and mobility-based platform called "xDM" in the second half of 2019. If passengers enter flight information on Naver's smartphone maps, indoor route information will be provided to guide them to the aircraft gate.

Court opens hearing for divorce suit against Hanjin chairman's daughter

Judicial proceedings for a divorce suit filed by the orthopedist husband of Cho Hyun-ah, a former Korean Air vice president known for a "nut rage" incident in 2014, began Thursday to end eight years of their marital status.A family court in Seoul opened its first hearing attended by legal representatives of Cho and her husband. The session ended in 20 minutes, but there were no official comments. Cho, 44, married her elementary school classmate in October 2010 and has twin children. The husband who runs an orthopedic clinic in southern Seoul filed for a divorce suit on April 2.

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

Auto parts manufacturer Plakor to debut on Kospi this month

Plakor Co., a manufacturer of plastic automotive parts and their molds in South Korea, will go public on the country’s primary Kospi market later this month. According to multiple sources from the investment bank industry on Thursday, Plakor plans to issue new shares at a price band of between 7,000 won ($6.1) and 11,000 won apiece after a two-day book building session on Oct. 15-16. Subscription for retail investors will take place on Oct. 22-23. The shares will debut on Oct. 31. The lead underwriter is NH Investment & Securities Co.

FDA advisory committee recommends approval of Celltrion’s Truxima

Celltrion announced on Thursday the U.S. Food & Drug Administration’s Oncologic Drugs Advisory Committee (ODAC) recommended approval of Truxima, a biosimilar for the monoclonal antibody rituximab (Rituxan), for non-Hodgkin lymphoma indications in a 16-0 vote, paving the way for a positive decision from the U.S. regulator. The advisory panel meeting took place at the FDA’s White Oak Campus in Maryland on Wednesday.

Kospi ends 4.4% lower on Black Thurs in biggest loss in nearly 7 years

South Korean stocks were major losers in across-the-board Asian rout Thursday following overnight retreat in U.S. shares with the main index tumbling by the biggest fall in nearly seven years as foreign investors packed out from Korean equity market amid bleak outlook and widening gap with U.S. interest rates. The benchmark Korea Composite Stock Price Index (Kospi) plunged 4.44 percent to end at 2,129.67, the lowest since April last year when uncertainty dominated the market ahead of the May election to vote on a new leader to fill the void after impeachment on the former president. The last time the Kospi lost so big was Nov. 10, 2011 when it retreated 4.9 percent.

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