Headlines, January 8, 2019

The Korean daily media headlines and humor

Tuesday, January 8, 2019

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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.
World Bank chief Jim Yong Kim announces resignation

"It's been the greatest privilege I could have ever imagined to lead the dedicated staff of this great institution to bring us closer to a world that is finally free of poverty," he wrote.

LG Electronics debuts rollable OLED TV at CES

South Korean home appliance maker LG Electronics Inc. on Monday unveiled the world's first rollable OLED television, which can appear and disappear from a base unit with a click of a remote control. The LG Signature OLED TV R model, which measures 65 inches and features a 4K resolution display, was showcased ahead of the Consumer Electronics Show (CES) in Las Vegas, which runs from Tuesday to Friday.

N. Korea's state media confirm Kim's trip to China

Kim and his wife Ri Sol-ju left for China Monday afternoon for a four-day visit at the invitation of the Chinese president, Pyongyang's Korean Central News Agency said. China's Xinhua news agency also confirmed his visit.

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

N. Korean, Chinese Media Confirm Kim Jong-un's China Trip

North Korea's state media said that leader Kim Jong-un is visiting China from Monday to Thursday. The Korean Central News Agency said Tuesday that Kim and his wife Ri Sol-ju are making a four-day trip at the invitation of Chinese President Xi Jinping. The report said Kim and Ri departed Pyongyang on Monday afternoon along with senior officials of the government and the ruling Workers' Party, including Kim Yong-chol, Ri Su-yong and Ri Yong-ho.

Pres. Moon to Replace Chief of Staff Tuesday

President Moon Jae-in is expected to replace his Chief of Staff Im Jong-seok with the South Korean Ambassador to China, Noh Young-min, on Tuesday. A key presidential official told reporters Monday that Moon is also expected to replace his chief press secretary Yoon Young-chan with former broadcast journalist Yoon Do-han. Moon will also likely replace his senior political affairs secretary.

KB Kookmin Bank Workers to Stage General Strike Tuesday

Union workers at KB Kookmin Bank, a major South Korean lender, will launch a general strike on Tuesday after negotiations with the management fell through. The bank's union workers said they will stage a one-day strike from 9 a.m. as previously announced. The walkout, the first one in 19 years, is expected to cripple operations at more than one thousand bank branches across the country. The union and management said early Tuesday that they resumed talks on Monday night but the negotiations collapsed.

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

U.N. envoy in S. Korea for March report on N. Korean human rights

The U.N. special rapporteur on human rights in North Korea began a trip to Seoul on Monday meant to collect information for his spring report on the communist nation's human rights situation. Tomas Ojea Quintana met with South Korean Vice Foreign Minister Lee Tae-ho for closed-door discussions on the matter. He arrived in Seoul earlier in the day for a five-day stay, his fifth trip to the city not far away from North Korea since taking up the post in March 2016.

Trump says talks underway over venue for summit with N. Korean leader

U.S. President Donald Trump said negotiations with North Korea are underway on where to hold a second summit. "We are negotiating a location," he told reporters Sunday. "It will be announced probably in the not too distant future." He was referring to a plan to meet again with North Korean leader Kim Jong-un. They met in Singapore in June last year for a historic summit between the two countries that fought against each other in the 1950-53 Korean War.

S. Korea to release radar spat video clip in 6 more languages

South Korea will release six more versions in different languages of its video clip rebutting Japan's claims over an escalating spat involving military radar, a ranking defense ministry official said Sunday. The ministry posted the video clip in Korean and English on YouTube on Friday, a week after Tokyo released its own footage to back up the claim that a South Korean warship had locked fire-control radar on its maritime patrol aircraft on Dec. 20. "In addition to the Korean and English versions, we're working on videos with Japanese and Chinese subtitles," the official said.

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

US in discussion with North Korea for second summit venue: Trump

US President Donald Trump confirmed Sunday talks for the location of a second summit with North Korean leader Kim Jong-un are underway, after the two said last week they are ready to meet to further discuss Pyongyang’s denuclearization. “We’re negotiating a location. It will be announced probably in the not-too-distant future,” Trump told reporters before boarding a helicopter for a presidential retreat to Camp David, Maryland.

World Bank chief Jim Yong Kim announces resignation

World Bank Group President Jim Yong Kim announced his resignation Monday with nearly three years left in his term, but didn't state the reason for his decision. The Korean-American said on Twitter that he will be stepping down Feb. 1 after serving in the position since 2012. "It's been the greatest privilege I could have ever imagined to lead the dedicated staff of this great institution to bring us closer to a world that is finally free of poverty," he wrote.

Pope decries rise of nationalism, flaws of globalization

Pope Francis has expressed concern over the rise of nationalism in the world, blaming the surge partly on globalization's shortcomings. Without citing countries or political parties, Francis on Monday also lamented national policies favoring "quick partisan consensus'' over patient efforts for the common good.

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

Kim Jong-un leaves Pyongyang for China visit: KCNA

North Korean leader Kim Jong-un is on a trip to China for talks with Chinese President Xi Jinping, state media reported Tuesday, a development that could suggest a second summit between Kim and U.S. President Donald Trump is forthcoming. Kim and his wife Ri Sol-ju left for China Monday afternoon for a four-day visit at the invitation of the Chinese president, Pyongyang's Korean Central News Agency said. China's Xinhua news agency also confirmed his visit.

Samsung partners with Apple to boost smart TV

Users of Samsung Electronics' TV will be able to access to Apple's iTunes app and use AirPlay 2 streaming service, bringing hundreds of thousands of movies and TV shows to the screen, the Korean tech firm said Monday. Samsung said it inked a partnership with Apple ahead of the beginning of the Consumer Electronics Show (CES), scheduled to be held in Las Vegas from Tuesday to Friday. The move came as a surprise as the two firms has continued to vie for dominance in the smartphone business.

Let 'invisible hand' rule markets

The English Premier League is now the most successful soccer league in the world. As the favorite among soccer fans, it attracts a lot of world-class players and massive investments from abroad. There are several reasons behind its overwhelming success, such as the market being open to the outside, unique marketing efforts and free competition. However, there is, although often disregarded, another important factor ― quality referees.

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

Youth Unemployment Worse Than During Financial Crisis

Korea's overall employment has improved steadily since the global financial crisis, but youth unemployment is still worse. The main reason is a failure by big manufacturers to create jobs while the young working population has increased. The Korea Institute for Industrial Economics and Trade said in a report on Sunday that the employment rate among people in their 20s stood at 57.8 percent from January to October last year, which is 0.6 percentage point lower than in 2009 in the aftermath of the global financial crisis.

N.Korea Chomping at the Bit Over Cross-Border Projects

North Korea is pushing the South over cross-border economic cooperation projects and has set up an agency to oversee the ventures once they can be implemented. The propaganda outlet Meari on Sunday griped that Seoul is "trying to obtain the permission of foreign forces" even though projects aimed at reconnecting cross-border railways severed by the 1950-53 Korean War "are completely capable of being resolved by our people."

Suicide Promoters to Face 2 Years in Jail

The government is getting tough on people promoting suicide online as part of a bizarre subculture among the younger generation. The relevant laws amended on Dec. 27 and imposing tougher punishments will go into effect in July, the Health and Welfare Ministry said Sunday. Anyone found guilty of promoting or aiding suicide will face a maximum two-year jail term or a fine of up to a W20 million (US$1=W1,124).

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

Controversy over Japanese patrol plane should not undermine S. Korea-Japan relations

The dispute between South Korea and Japan is being aggravated by a Japanese patrol plane’s close approach to a South Korean naval vessel and by the issue of compensation for Korean victims of forced labor during the Japanese colonial occupation. After South Korea’s Ministry of National Defense (MND) posted a video explaining the patrol plane incident, the Japanese Maritime Self-Defense Force issued a rebuttal that may make the dispute escalate into a brawl between Korean and Japanese netizens.

Abe expresses “dismay” at forced labor victims attempt to seize Japanese company assets

Japanese Prime Minister Shinzo Abe responded with “serious dismay” to survivors of colonial-era forced labor conscription initiating compulsory execution procedures for the seizure of South Korean assets from the Japanese company Nippon Steel and Sumitomo Metal. Abe also said he had “directed the relevant agencies to examine concrete [response] measures.” In a Jan. 6 appearance on the NHK program “Sunday Discussion,” Abe said, “This seizure attempt [by attorneys] in connection with workers from the Korean Peninsula [forced mobilization survivors] is extremely dismaying.”

Defense Ministry release video refuting Japan’s claims regarding patrol plane

On Jan. 4, South Korea’s Ministry of National Defense (MND) released a video in which a Japanese patrol plane’s approach to South Korean destroyer Gwanggaeto the Great while it was performing a rescue operation is characterized as a “threatening low-altitude flight” and in which Japan is asked to apologize. Seoul has taken issue with the patrol plane’s “ungentlemanly conduct” while rebutting the Japanese government’s argument that Gwanggaeto the Great aimed its fire control radar at the patrol plane.

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

‘We are negotiating a location for second summit,’ Trump says

U.S. President Donald Trump said Sunday (local time) that the United States is “negotiating a location” for a second summit with North Korea. His remarks came amid a prolonged deadlock in nuclear talks between the two sides, and several Southeast Asian countries such as Vietnam and Malaysia have surfaced as possible candidates for a second Trump-Kim meeting.

Killing Eve's Sandra Oh wins Best Actress at Golden Globes

At the 2019 Golden Globes Awards on Sunday, the Queen biopic Bohemian Rhapsody won Best Drama and Korean-American actress Sandra Oh won the prize for best actress in a television drama for her role in "Killing Eve." Sandra Oh didn’t just host at 76th annual award show, but also won her second Globe, which has made her the first Asian performer to win multiple Golden Globes. Back in 2006, she was presented a Golden Globe award in recognition of her supporting role in Grey’s Anatomy.

Samsung Bioepis partners with China’s 3SBio

Samsung Bioepis announced Monday that it has joined hands with Chinese biopharmaceutical firm “3SBio” to make further inroads into the Chinese market. The licensing agreement covers biosimilars produced by Samsung Bioepis, including SB8, which is used for the treatment of colorectal cancer and lung cancer. The South Korean pharmaceutical company will receive upfront payment and royalties depending on sales from 3SBio.

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

Summit location is coming soon

Hinting that preparations for his second summit with North Korean leader Kim Jong-un are speeding along, U.S. President Donald Trump said Sunday that the location for the meeting will be announced in the near future. “With North Korea, we have a very good dialogue,” Trump told reporters before boarding a helicopter to head to a presidential retreat at Camp David, Maryland, adding he has “indirectly spoken to Chairman Kim.”

Banks expected to close as KB staff strike today

KB Kookmin Bank, Korea’s largest bank, is set to launch a nationwide strike today for the first time in 19 years due to a dispute over bonuses and wage system reforms. Some KB Kookmin Bank branches will close unless a dramatic breakthrough takes place during a last-minute negotiation held Monday, according to the bank and a statement attached to several Kookmin Bank outlets. No results were announced as of press time.

Banks expected to close as KB staff strike today

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

Rhyu Si-min's Alileo, A Sensation: Rhyu Emerges as the Relief Pitcher for the Ruling Party

It looks like Rhyu Si-min (60), the chairman of the Roh Moo-hyun Foundation, will be the relief pitcher for the Moon Jae-in government. Despite numerous public statements that he has no intention to run for public office, Rhyu's YouTube debut was a hit as he represented the ruling party and government and fought the conservative press and opposition parties. Some people claim this is a deja vu of when Rhyu abandoned his role as a "knowledge retailer" and rolled up his sleeves as the “political security chief” of the presidential candidate Roh Moo-hyun in 2002.

“Grinding” in Private Lives: Violence and Exploitation, "Features of the IT Industry"

From Yang Jin-ho, chairman of Hankook Mirae Technology, who threatened, "I'll get to you soon. You don't know what kind of person I am, do you?" to Song Myung-Bin, the head of Marker Group, who said, "You should be beaten to death"... The two cases of "gapjil (abuse of subordinates by executives)" in the workplace, which enraged the South Korean society recently, share the fact that they both occurred in the information technology (IT) industry.

Shin Jae-min's Disclosure: Uncovering the Truth Is Top Priority

The controversy triggered by Shin Jae-min, former deputy director of the Ministry of Strategy and Finance, continues. On January 3, Shin attempted suicide, drawing the nation's spotlight on the issue.To sum up Shin's argument, Cheong Wa Dae intervened in the appointment of the president of KT&G, a private company, and pressured the Ministry of Strategy and Finance to increase the nation's debt. The finance ministry denied the allegations. The ministry took additional measures and on January 2 reported Shin to the Prosecution Service for leaking official secrets.

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AJU Business Daily (http://www.ajudaily.com)

Yuhan and Gilead agree to develop novel therapeutic candidates for NASH

A new over-the-top (OTT) media company to be launched by South Korea's top mobile carrier SK Telecom (SKT) and three major broadcasters welcomes money from foreign and domestic investors as it seeks an open system targeting K-pop consumers in Southeast Asia. SKT President Park Jung-ho vowed to launch an integrated new service by June after he signed a memorandum of understanding Thursday with MBC, SBS and KBS to merge their OTT services.

Nexon founder puts entire stake in holding company up for sale

South Korea's game industry was thrown into frustration and confusion on news that Nexon founder Kim Jung-ju and his wife put their entire stake in NXC, a holding company of the global game development and distribution company, up for sale. There was no official comment from Nexon or Kim, but financial investment industry officials said Kim and related parts plan to sell a 98.64 percent stake in NXC. Kim owns 67.49 percent in NXC and his wife 29.43 percent. Kim also has 1.72 percent in NXC through his private company.

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

Samsung Elec OP Q4 dn 39% on qtr, back to pre-boom figures of 2 yrs ago

Samsung Electronics reported a bigger-than-expected 38.5 percent dip in its operating profit in the final quarter ended in December against the third quarter as chip-led hot streak peaked out. In its guidance for fourth-quarter earnings, the world’s largest chipmaker in a disclosure statement on Tuesday estimated its operating profit for the October-December period plunged 38.5 percent from the historic level of 17.57 trillion won in the third quarter to 10.8 trillion won ($9.7 billion), its poorest performance since 9.9 trillion won in the first quarter of 2017. Against a year-ago, it was down 28.7 percent.

Taxi industry must prepare for the eventuality of ridesharing age: Athey

Ridesharing will inevitably become a norm for transportation means and Korea’s taxi industry should find ways for survival instead of outright resisting the eventuality, said renowned economist Susan Athey at the Maekyung-KAEA Atlanta Forum on Saturday (local time). The changes from technological advance have already reached our doorsteps, and resisting them hardly would be of any help to the individuals as well as the society, Athey, the Economics of Technology Professor at the Stanford Graduate School of Business, told the Maekyung-KAEA Atlanta Forum held on the sidelines of the American Economic Association’s annual meeting held on Jan 4-6, in Atlanta, U.S.

Yuhan signs $785 mn licensing deal with U.S-based Gilead Sciences

Yuhan Corp., South Korea’s top pharmaceutical company by sales, has signed a $785 million deal with Gilead Sciences Inc. to license out its novel therapeutic candidates for treatment of chronic and progressive liver disease. Under the contract, Yuhan will receive $15 million in upfront payment and $770 million in a milestone payment from development to commercialization as well as royalties depending on sales after commercialization, the Korean company said on Sunday.

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Lee Kyung-sik edt@koeapost.com

Lee Kyung-sik edt@koreapost.com