Headlines, November 19, 2018

Monday, November 19, 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 propaganda outlet blasts U.S. for maximum pressure tactic

A North Korean propaganda outlet blasted the United States Monday for sticking to "maximum pressure" in pushing for denuclearization of the Korean Peninsula, calling it a "medieval-era" tactic that would never work on the North. "The U.S. has forgotten the objectives agreed upon during the Singapore summit, while moving a train off the basic theme and basic track of improving relations between North Korea and the U.S. and peace and now forcing it on a local line of denuclearization through maximum pressure," DPRK Today said in an article.

Minister Sung meets with U.S. Ambassador to Korea Harry Harris

Minister Sung Yunmo of Trade, Industry and Energy met with Ambassador Harry B. Harris of U.S. at the Government Complex Seoul on Nov.16. Ministry of Trade, Industry and Energy said recently. During the meeting, Minister Sung and Ambassador Harris discussed bilateral cooperation between the two countries on economy, trade, and energy.

President Moon meets Australian PM in Papua New Guinea, agree to continue friendly ties

South Korean president Moon Jae-in met with Australian prime minister Scott Morrison on Saturday and agreed to continue friendly relationship between two countries- Moon’s office. Two nations have established strong relationship in most of the field by sharing universal values- Moon said, during his talks with Australian PM in Papua New Guinea. He also mentioned Australia as an optimum partner of South Korea.

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

Moon Returns from Trip to Singapore, Papua New Guinea

President Moon Jae-in returned home Sunday after a six-day trip to Singapore and Papua New Guinea.At the annual Asia Pacific Economic Cooperation(APEC) summit in Papua New Guinea's capital city, Port Moresby, Moon proposed the nations of the Asia and Pacific region create the APEC Digital Innovation Fund to improve the region's digital capabilities. He also explained his government's vision for an innovative and inclusive nation.

Homemaker Husbands on the Rise Despite Low Birthrate

Despite the low birthrate, the number of homemaker husbands in South Korea has been rising for a year. According to Statistics Korea's employment data on Saturday, as of October, some seven thousand men were responsible for childcare out of the economically inactive population, which refers to those aged 15 and above who are neither employed nor seeking employment.

Police to Send Case Involving Governor's Wife to Prosecution Monday

Police will send a case involving Gyeonggi Province Governor Lee Jae-myung's wife to the prosecution on Monday.Ahead of handing over the case to the Suwon District Prosecutors' Office, the Southern Gyeonggi Province Police Agency said it will recommend the prosecution indict Kim Hye-gyeong on charges of violating election law and defamation.

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

Parties fail to reach agreement on parliamentary normalization

Rival parties failed Monday to reach an agreement on the normalization of the National Assembly due to their difference over a parliamentary probe into a hiring scandal at a public subway operator.The floor leaders of the ruling Democratic Party (DP) and two opposition parties held a meeting earlier in the day to discuss ways to break the current parliamentary stalemate amid partisan tensions.

S. Korea launches arms export promotion center

South Korea's arms procurement agency is launching an institution dedicated to supporting the country's defense firms seeking to advance into foreign markets. The Defense Acquisition Program Administration (DAPA) said it will hold an opening ceremony for the Defense Export Promotion Center (DEPC) at its headquarters in Gwacheon, just south of Seoul, on Monday afternoon, as Korea seeks to develop future growth engines in the defense industry.

POSCO E&C selected as preferred bidder for Malaysia plant project

A POSCO Engineering & Construction Co.-led consortium has been selected as the preferred bidder for a 600 billion-won (US$533 million) project to build a gas-fired combined cycle power plant in Malaysia by early 2023, the builder said Monday.

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

Korea considers adopting European design for car license plates

Starting in September 2019, Korea may change the look of its license plates for newly registered cars. Instead of six digits, the new plates under consideration would have seven. The Hangeul character that follows the second digit would instead follow the third. The addition of a digit would allow 210 million new cars to roam the country, a move the Ministry of Land, Infrastructure and Transport calls “ample preparation for the era of a reunified Korea.”

Janitor donates 20% of monthly wages for 7 years

A janitor who has donated 21 million won ($18,600) to charity over the past seven years, setting aside 20 percent of his monthly income, has drawn praise for his efforts. Shin Woong-sun, 56, recently told the Yonhap News Agency that “emptying led to happiness” for him.

Seoul court judge found unconscious at home dies in hospital

A presiding judge at Seoul High Court was pronounced dead on arrival at the hospital despite being rushed there immediately following her husband’s 119 call to authorities. Her husband found the 42-year-old judge unconscious on their bathroom floor at home in Seocho-gu, southern Seoul, at around 4 a.m. Monday, police said.

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

Banks frustrated at regulator's pressure to lower lending rates

Commercial banks are being frustrated by the financial regulators' moves to force them to lower their lending rates, bank officials said Sunday. The Financial Services Commission (FSC) and Financial Supervisory Service (FSS) plan to announce new guidelines concerning how lending rates are set, making it more difficult for banks to raise interest rates.

Bank workers pushed to quit to make way for jobless young people

Bank employees are facing growing pressure to quit to make way for unemployed young people, as the Moon Jae-in administration presses financial firms to help improve the worsening job market, an industry official said Friday. KB Kookmin Bank, whose wage negotiation talks with its union will continue through December, will determine how many people should leave before the end of the year.

Homeplus in conflict with subcontracted workers

Homeplus is facing a backlash from subcontracted workers for a decision to terminate contracts with eight subcontractors, according to the discount chain's union, Sunday. The conflict is expected to intensify further as the death of a subcontracted worker in April was belatedly revealed the day the union held a press conference to criticize the contract termination.

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

N.Korean Soldier Who Fled Across DMZ Speaks to Japanese Media

North Korean defector Oh Chong-song (25), whose bold dash across the heavily armed border in November 2017 made global headlines, spoke with Japan's Sankei Shimbun on Friday. "I really thought North Korea would go to war with the U.S. when tensions rose last year," he said. Oh uses a pseudonym, but the daily said Japanese intelligence had verified his identity.

Governor's Wife Used Fake Twitter Handle to Attack President

Police in Gyeonggi Province have concluded that Governor Lee Jae-myung's wife used a fake Twitter handle to spread fake news about President Moon Jae-in and other political rivals of her husband in the Minjoo Party since 2013. Some ruling-party lawmakers are demanding Lee's ouster from the party and resignation as governor, accusing him of deception. But Lee denies the allegations and claims to be a victim of a smear campaign himself.

Average Annual Wage Reaches W34.75 Million

The average annual wage of salaried workers in Korea last year stood at W34.75 million, up 2.2 percent from the previous year, while 440,000 people made six-figure sums (US$1=W1,131). To rank in the top 10 percent of the income bracket, a person would have to earn W67.5 million a year, according to the Korea Economic Research Institute, which analyzed Labor Ministry data on 15.2 million workers.

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

UN General Assembly’s 3rd committee adopts human rights resolution on N. Korea by consensus

A North Korean human rights resolution criticizing North Korea for its handling of human rights and calling for an improvement of that issue was adopted by the UN General Assembly’s Third Committee on Nov. 15. In a meeting held at the UN Headquarters on Thursday, the Third Committee, which handles human rights at the UN, adopted the North Korean human rights resolution by consensus, without holding a vote.

N. Korea proposes linking East and West Sea intl. aviation routes with South

North Korea proposed linking East and West (Yellow) Sea international aviation routes with South Korea at a working-level aviation meeting on Nov. 16. The linkage of the East and West Sea routes is drawing attention as potentially creating a new sky road providing economic benefits for both sides.

Ri Jong-hyok denounces Japan’s war crimes during international peace forum in Gyeonggi Province

“No future awaits a people that forgets its history. South and North Korea should work in concert to ferret out Japan’s crimes and to ensure that such an unhappy history never again befalls generations to come,” said Ri Jong-hyok, vice chairman of North Korea’s Asia-Pacific Peace Committee, on Nov. 16. Ri was visiting South Korea to attend an international forum on peace and prosperity in the Asia-Pacific region, co-organized by Gyeonggi Province and the Asia-Pacific Exchange Association.

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

Major dialogue occasions to be delayed to next year

South Korean President Moon Jae-in returned to Seoul on Sunday from his trip to Singapore and Papua New Guinea, where he met with national leaders of the United States, China, and Russia. Their point of focus is put on different events – the second summit and the high-ranking meeting between the U.S. and North Korea, Kim’s visit to Russia, and Xi’s visit to North Korea. Despite such a stark difference, they all confirmed that they will hold such events next year.

Samsung to offer new app store next March

Samsung Electronics has announced that the company will realign its app store next March by renaming its application market "Galaxy Store," which is currently named Galaxy Apps, and displaying it on Home screen of their smartphones. Galaxy Store will offer Korean and global popular games exclusively. The Korean electronics company is committed to becoming a hub for distributing gaming apps in collaboration with Korean and global gaming businesses, which feel burdened with an excessive commission of 30 percent by Google and Apple.

Two Koreas celebrate 20th anniversary of Kumgang tour program

An event celebrating the 20th year of Mt. Kumgang tour program was held for the first time in four years on the mountain. The tour has been on halt for the last 10 years. Many are paying attention on whether the current thawing of inter-Korean relations will resume the tour.

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

Average income grew by 750,000 Won in 2017

Annual incomes rose last year, with the top 10 percent of Koreans earning more than 67 million won ($59,740) a year and 440,000 people making over 100 million won, a recent study found.

Samsung Group’s total market cap falls 11.95%

Samsung Group has lost more than 56 trillion won ($49.9 billion) in market value this year as its flagship Samsung Electronics and its biopharmaceutical shares have struggled. According to a Nov. 14 study by FnGuide, the total market capitalization of all 16 listed Samsung companies shares’ amounted to 418.3 trillion won. This is nearly 56.8 trillion won less than the 475.1 trillion won at the end of last year, or 11.95 percent smaller.

China aims to weaken U.S.-Korea ties: Report

China isn’t as committed to North Korea’s denuclearization as Washington or Seoul and aims to weaken the South Korea-U.S. alliance, according to an annual report on the U.S.-China economic and security relationship submitted to the U.S. Congress on Wednesday. Beijing also appears to have already relaxed its enforcement of sanctions on North Korea, “undermining the U.S. ‘maximum pressure’ campaign,” according to the extensive report by the U.S.-China Economic and Security Review Commission.

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

Is the Liberty Korea Party Preparing the Private School Act Season 2?

On November 15, the Liberty Korea Party began to defend private kindergartens. In a debate co-organized with the Korea Kindergarten Association the previous day, lawmakers Hong Moon-jong and Kim Soon-rye asked, "What did you do wrong?" and said, "We will not forget your pain and struggle." Then this day, the party's leadership stepped forward and said, "We cannot condemn all private kindergartens as a corrupt group" and clearly expressed their opposition to the three “Park Yong-jin bills.”

Negotiations for Gwangju-Style Jobs Missed the Deadline, But...

The negotiations between the city of Gwangju and Hyundai Motor Company on the “Gwangju-style jobs project,” which aimed to create more jobs through tripartite negotiations of the government, management and labor, missed the initial deadline, November 15. Gwangju and Hyundai continued their discussions to sign an investment agreement this day, but failed to narrow their differences and decided to continue negotiations until the weekend.

Strict Judgment of Samsung BioLogics Accounting Fraud

On November 14, the Securities and Futures Commission concluded that accounting fraud had been committed at Samsung BioLogics. The commission announced, "Samsung BioLogics intentionally breached accounting rules when changing the status of Samsung Bioepis from a subsidiary to an associate company." In other words, Samsung BioLogics's interpretation of accounting standards, which they applied in 2015, did not conform to accounting principles. The commission recommended that the chief executive officer be dismissed and decided to request the Prosecution Service for an investigation into the company. It also suspended the trade of BioLogics shares, which will inevitably leave an impact on the stock market.

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

LG Innotek develops high-performance thermoelectric module for luxury freezers

LG Innotek, the electric component unit of South Korea's LG Group, has developed a new high-performance thermoelectric cooling module for luxury order-made freezers that could be applied to wearable devices and cars. A thermoelectric module, known as Peltier cooler, is a semiconductor-based electronic component which is basically a small heat pump and moves heat from one side of a device to another.

N. Korea proposes connection of international air routes with S. Korea

In an effort to reopen trade routes and become a reliable trading partner on the global stage, North Korea made a rare proposal to open its airspace to regular international air routes for planes flying into South Korea.The North's proposal came at aviation talks with South Korea Friday at an inter-Korean liaison office in Kaesong, a North Korean border city.

Researchers find world's smallest microraptor footprint fossil in S. Korea

An international team of researchers has found the world's smallest known footprint fossil, also known as a trace fossil, of sparrow-sized micro-raptors from the Lower Cretaceous Period in South Korea. The smallest known raptor tracks were found at Jinju Innovation City, a new town in the southern city of Jinju.

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

Korean aluminum industry lobbies to prevent entry of China’s Mingtai

South Korean aluminum industry has formed a joint front to block a Chinese heavyweight that commands one of the world’s largest capacities in aluminum foil and coil from entering their turf due to trade barriers in the United States.Members of the Korea Nonferrous Metal Association visited the offices of Gwangyang Bay Area Free Economic Zone Authority in the southern province of South Jeolla last Friday to request the local authority to reject China’s Henan Mingtai Aluminum Industrial Co.’s proposal to build a plant in the area.

Korean chipmakers take up 75% in the global DRAM market in Q3

South Korean chipmakers Samsung Electronics Co. and SK Hynix Inc. together took a dominant 74.6 percent by revenue in the global DRAM market in the third quarter ended September thanks to increased shipments, a report showed. According to a report published by market research firm DRAMeXchange on Thursday, Samsung Electronics saw a 13.6 percent on-quarter gain in revenue to $12.73 billion in the July-September period, taking up a 45.5 percent share in the global DRAM market.

Naver drops iconic green search bar for simpler “dot” command on mobile page

Naver Corp., South Korea’s leading online portal operator, unveiled a new mobile look, dropping its iconic green search bar for a simple “green dot” search button on the mobile page. “Green dot will be Naver’s new design identity as well as a core part of the company’s efforts to respond to various changes,” said Kim Seung-eon, head of design at Naver, during a keynote speech at Naver Design Colloquium held on Friday.

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