Plans to Restrict Use of Magnetic Cards Delayed l2012-05-16 18:02
The Financial Supervisory Service (FSS) says it will delay until February 2014 a measure to limit the use of magnetic stripe cards at automated teller machines (ATMs). The move was to take effect on June first.
The financial watchdog said on Wednesday that it has decided to implement a series of restrictions on card use in phases to minimize inconveniences for card holders. The FSS noted that most of the cards being used are those with magnetic stripes and have not been replaced by integrated circuit (IC) chip-based cards.
For a trial period, it plans to implement the measure to limit the use of magnetic stripe cards starting February of next year for one year.
The FSS also decided to implement a measure to limit purchases with magnetic stripe cards starting in January 2015 after replacing all magnetic stripe cards with IC cards by the end of 2014.
Gov't to Seek Revision to Inter-Korean Cooperation Fund Lawl2012-05-16 17:46
The Unification Ministry has issued an advance notice of a revision to the inter-Korean cooperation fund law to prepare for an eventual reunification with North Korea.
Ministry spokeswoman Park Su-jin on Wednesday told a regular news briefing that the government decided to seek the revision during the 19th National Assembly as the pending bill is unlikely to pass in the current assembly.
The revision stipulates that the purposes of the inter-Korean cooperation funds be expanded to include a support for a smooth integration of the two Koreas after reunification. It will also require the government to create an account for the reunification.
Park said that the revision is aimed to launch substantial preparations for the reunification, create funds that will be needed during the early stages of the process, ease potential burdens for the next generations and spread public awareness.
Team Develops Medicine to Treat Diabetesl2012-05-16 17:25
Domestic researchers have developed a medicine that effectively suppresses diabetes and complication from the disease.
A team led by Cho Kyung-hyun at Yeungnam University said on Wednesday that it developed the medicine by recombining a new high density lipoprotein called “V156K-HDL.”
The team said that animal testing on zebrafish showed the medicine was effective in promoting insulin secretion, enhancing antioxidant activity and suppressing inflammation.
The findings appeared at the international academic journal of “Rejuvenation Research.”
KOSPI Plunges 3% on Greek Debt Crisisl2012-05-16 17:07
South Korean shares have nosedived over three percent amid escalating concerns over Greece’s possible exit of the euro zone.
The benchmark Korea Composite Stock Price Index (KOSPI) on Wednesday plummeted 58-point-43 points, or three-point-08 percent, to close at one-thousand-840-point-53.
Foreigners net sold over 500 billion worth of Korean shares, selling for the eleventh consecutive session.
The tech-laden KOSDAQ also plunged 15-point-49 points, or three-point-22 percent, to finish at 465-point-01.
On the Seoul foreign exchange market, the local currency nosedived eleven-point-six won against the U.S. dollar to close at one-thousand-165-point-seven won to the greenback.
Samsung Tops Global Flat Screen TV Marketl2012-05-16 17:00
Samsung Electronics has topped the global flat screen TV market in the first quarter.
Market research firms NPD and GFK said on Tuesday that Samsung accounted for 30-point-two percent of the market in the January-March period.
Samsung especially showed strong sales in Europe and North America, the world’s two largest TV markets.
In Europe, Samsung took a 35-point-nine percent share of the market, which is three times larger than the runner-up. In North America, it took the top spot with 35-point-three percent.
In 24 European countries, Samsung held a 43-point-seven percent share of the smart TV market, which is larger than the combined share of the firms that ranked second, third and fourth. Samsung also recorded a dominant share of 47-point-three percent in the North American smart TV market.
Public Ethics Division Allegedly Created to Serve Presidentl2012-05-16 16:47
A document recently secured by the prosecution says that the public ethics division of the Prime Minister’s Office was created to serve and follow orders of the president.
The document, which was drawn up in August 2008, describes reasons for establishing the division, purposes of the organization, its command structure, and the report system.
It also said that the ethics division was created to deal with supporters of late President Roh Moo-hyun within the government as their secret resistance to the Lee Myung-bak government was holding the incumbent president back.
The document specified that although the division is listed under the Prime Minister’s Office, it is under the direction of a private organization loyally serving the president.
According to the document, ordinary matters are supposed to be reported to the prime minister, but reports on special orders are to be briefed directly to the president or the presidential chief of staff.
PM Urges Active Public Support for Energy-Saving Effortsl2012-05-16 16:13
Prime Minister Kim Hwang-sik has asked all industries and the people for active participation and support for energy-saving efforts, explaining the nation is facing a power shortage ahead of summer.
Kim issued a statement to that effect on Wednesday after holding a meeting with eleven ministers to discuss energy-saving measures for the summer.
The prime minister said that power demand is expected to increase by four-point-eight million kilowatts this year as weather is forecast to be warmer this summer. He continued that the nation is unlikely to maintain optimum power reserves of four million kilowatts due to suspended operations at some nuclear power plants and a fire at the nation’s largest thermal power plant in Boryeong.
Kim apologized to the public for failing to secure sufficient power and hoped that the nation could wisely overcome a power shortage this summer if the government works hard and the people cooperate.
Detention of S.Korean Activists Causes Diplomatic Conflict with Chinal2012-05-16 15:05
A South Korean Foreign Ministry official says the arrest of four South Korean human rights activists in China has become a diplomatic conflict between Seoul and Beijing.
The ministry said Tuesday that the four activists fighting for North Korean human rights were arrested by Chinese police in the northeastern Chinese city of Dalian on March 29th.
The official told reporters Wednesday that the Chinese government is responding passively to South Korea's diplomatic efforts to resolve the issue, including its request for consular access to the detainees.
The official stressed that Seoul hopes Beijing can be more cooperative, noting China is not easy to deal with. He said many things are unclear because China has not accurately explained the charges the four Koreans are being held on.
The official also said determining what government level the issue should be discussed on with China needs further review.
One of the four detainees is Kim Young-hwan, a former key ideologue of North Korea's "juche" philosophy of self-reliance. He's famous for writing and circulating a series of pamphlets in South Korea promoting the juche ideology. However, he later renounced his pro-North Korea stance and devoted himself to shed light on human rights abuses in North Korea.
Survey: 80% of Seniors Living Alone are Womenl2012-05-16 14:41
A new survey shows that around 80 percent of senior citizens living alone are female.
Samsung Life Insurance released a report Wednesday which estimates that given the average South Korean life expectancy, women live an average nine years longer than their husbands.
The report notes that the number of one-person households in the country topped four million recently and that 47 percent of those people are above 60.
Based on these figures, the report explains that 80 percent of seniors living alone would be women.
The insurance firm advises the adequate cost of living for a widow living alone in her later years would be 70 percent of what the couple used to spend. For this aim, the report advises the spouses to sign a pension plan so they can receive monthly stipends even the husband dies.
FKI Proposes Cutting W15 Tln in Public Fees l2012-05-16 14:29
The Federation of Korean Industries says it has submitted a proposal to the government on reducing additional charges collected by the state in addition to taxes.
The plan calls for reducing the amount of 94 surcharges totaling an annual 15 trillion won by scrapping 28 of them that serve little purpose and by improving and merging overlapping ones.
These legal charges are collected from the public and businesses by the central and provincial governments and public corporations in addition to taxes.
The federation says that currently, buildings built on damaged land in areas where development is restricted is subject to double taxation which causes a heavy burden on companies.
The federation says that if all its reform proposals are reflected in government policies, the Korean public and companies will pay one trillion won less in additional fees each year.
It says this can lower the public's financial burden and help boost corporate investment.
IFRC Plants Millions of Trees in NK l2012-05-16 14:25
Radio Free Asia reports that the International Federation of Red Cross and Red Crescent Societies (IFRC) planted millions of trees in 30 mountainous regions in North Korea for two months from March this year.
Twenty-thousand North Korean farmers and volunteers were mobilized to plant two-point-seven million seedlings of pine trees and poplars in regions susceptible to flood damage.
The IFRC expects the project to minimize flood damage and boost the agricultural productivity of North Korea as a result.
White House Opposes Missle Defense Base on East Coast l2012-05-16 14:17
The White House is opposing the Republican Party’s proposal to build a missile defense base on the East Coast of the U.S. to prepare against threats from Iran and North Korea.
The White House called the construction of an East Coast missile defense base premature.
The Office of Management and Budget at the White House said that it saw no point in building the base.
Previously, the Republican Party submitted a revision of the National Defense Authorization Act to the House Armed Services Committee, proposing the missile defense base.
The head of the committee’s subcommittee on strategic forces, Republican representative Michael Turner, said that building the East Coast base is inevitable in order to address threats from Iran and North Korea.
450,000 Jobs Added in April, Jobless Rate Dips l2012-05-16 14:12
Anchor: Job growth was up by more than 450-thousand people in April year-on-year with those in their 50s and 60s leading the way. Our Kim Soyon has more.
Report: Statistics Korea announced Wednesday that 24-point-seven million South Koreans were working last month, up 455-thousand year-on-year.
Last month's job growth drove up the employment rate by four tenths of a percentage point year-on-year to 64-point-four percent.
The number of people without jobs fell roughly 41-thousand last month to stand at 895-thousand, cutting the unemployment rate from three-point-seven percent last year to three-point-five percent.
By age group, people in their 50s and 60s led job growth.
Meanwhile, due to the nation's dwindling population, new jobs among 30-year-olds fell 75-thousand, while job growth stagnated for Koreans in their 20s.
By industry, the services sector added 311-thousand more jobs last month year-on-year, while the manufacturing sector, the main provider of jobs in Korea, lost 80-thousand jobs.
The number of self-employed people grew 163-thousand.
Experts say the increase in the number of self-employed people shows that retired baby boomers continue to seek jobs in self-owned businesses or temporary posts.
Kim Soyon, KBS World Radio News.
S. Korea Considers Quota on Exports to Iran l2012-05-16 14:01
The South Korean government is considering whether to introduce a quota system for the nation’s exports to Iran, as the European Union is expected to stop insuring tankers carrying oil from Iran in July.
The government said South Korea might reduce shipments to Iran, since the nation's exporters would not receive payments from Iran for their products if oil imports are halted. The export quota will require South Korean exporters to ship their products to Iran only within the quota.
Roughly two-thousand South Korean companies are trading with Iran. South Korean exporters say that reducing exports to Iran would not be easy, since shipments to the Middle Eastern country have been increasing.
DUP to Unveil Voting Results by Each Region l2012-05-16 13:48
The main opposition Democratic United Party's (DUP) emergency leadership committee has decided it will unveil the results of next month's leadership election as soon as the votes are tallied in each regional district.
Party spokesman Shin Kyoung-min briefed reporters on the results of Wednesday's committee meeting. He said the DUP asked the National Election Commission how it could assist in the DUP's election for party chairman and another election to select municipal and provincial party chiefs. The two seperate elections will be held on the same day.
The commission responded that when a touch screen system is used for voting, ballots from both elections can't be counted separately due to technical issues.
The spokesman said his party therefore decided to disclose the voting outcome immediately after voting ends.
Speaking to reporters, Representative Cho Jeong-sik, who is running for party chair, expressed his regret over the decision. He says a mobile voting system hasn't been fully established within the party and five of the eight candidates running to become party leader have objected to conducting ballot counts by individual region.
More Foreign Patients Visit S. Korean Hospitals l2012-05-16 13:43
The number of foreigners coming to South Korea for medical treatment is on the rise.
Quoting reports from one-thousand-300 hospitals across the nation, the Ministry of Health and Welfare said that the number of foreigners receiving medical treatment in domestic hospitals jumped 49 percent year-on-year to 122-thousand in 2011.
Domestic hospitals’ earnings from foreign patients also surged more than 75 percent to surpass 180 billion won.
U.S. citizens accounted for the largest portion of foreign patients at 27 percent. Japanese patients represented the second largest portion followed by Chinese and Russian patients.
Fifteen percent of foreign patients visited South Korean hospitals to see physicians while 13 percent saw skin doctors or plastic surgeons.
Foreigners’ US Treasury Holdings Post Record High l2012-05-16 13:24
Foreign investors’ demand for U.S. government bonds is rising amid the European fiscal crisis.
The U.S. Department of the Treasury says that foreigners’ holdings of U.S. bonds jumped zero-point-three percent to reach an all-time high of more than five-point-one trillion dollars in March. The amount of U.S. Treasury holdings held by foreign investors has been rising for the past eight months.
The surge is attributable to global investors’ pursuit of safe investments, such as U.S. state bonds, with the spread of the euro zone crisis.
4.2 Mln Officials Punished for Corruption in China l2012-05-16 13:04
China’s state-run newspaper reports that hundreds of high-ranking Chinese government officials have been punished for violating government and Communist party rules over the past 30 years.
Quoting data from China’s National Bureau of Corruption Prevention, the People’s Daily said that a total of 465 senior government officials at or above the rank of vice ministers and vice governors were found to have defied the rules of the government and the Communist Party between 1982 and 2011. Of them, 90 were convicted of corruption.
The newspaper said that four-point-two million government and party officials were found to have violated various government and party rules during the period.
FIFA Worries About Delayed World Cup Preparations in Brazil l2012-05-16 12:44
The international governing body for soccer, FIFA, continues to express concerns about the slow progress in Brazil’s preparations to host the 2014 World Cup.
Brazilian media say that FIFA said in a report that the construction of stadiums is in a very serious situation in Brazil.
According to the report drawn up earlier this month, only one out of 12 planned stadiums is expected to be built on schedule.
In the report, FIFA recognized the Brazilian government’s efforts to complete World Cup preparations in time. But it expressed discontent about "bureaucracy and excessive politicization" in Brazil, which it said has contributed to the construction delays.
Saenuri Party to Mull Open Primary System l2012-05-16 12:20
The ruling Saenuri Party is considering whether to introduce an open primary system to nominate its presidential candidate ahead of this December's election.
A spokesman for party Chairman Hwang Woo-yea said the ruling party chief explained in Wednesday's Supreme Council meeting that party leadership will make a decision on using an open primary system as soon as possible. The spokesman noted that Hwang said time is running out for the party to select its presidential candidate.
Supreme Council member Shim Jae-chul proposed that the party’s secretariat review the pros and cons of the open primary system in earnest. But council member Chung Woo-taik voiced his opposition to Shim's proposal, saying an official review of the system would be problematic since it is not easy to introduce an open primary.
Representative Yoo Ki-june, another Supreme Council member, said that tinkering with the party’s rules to select a presidential candidate would result in political wrangling inside the party as the presidential election nears.
U.S. House Reauthorizes North Korean Human Rights Actl2012-05-16 12:07
Anchor: The U.S. House of Representatives has approved the extension of the North Korean Human Rights Act through 2017. The reauthorization bill was unanimously carried by acclamation during a House plenary session. Jang Souie has this report.
Report: The bill extending the North Korean Human Rights Act was passed in the U.S. House on Tuesday, local time. The act was established in October 2004 during the administration of President George W. Bush and extended for the first time in 2008.
The bill states that even after the leadership transition to Kim Jong-un after the death of Kim Jong-il, fundamental human rights and humanitarian conditions in North Korea remain deplorable and North Korean refugees remain acutely vulnerable.
The reauthorization bill particularly touches on the issue of China’s forced repatriation of North Korean escapees back to their homeland. It pointed out that China is forcibly sending North Korean defectors back to Pyongyang despite calls from the U.S., South Korea and the Office of the United Nations High Commissioner for Refugees. It said the U.S. government should urge China to immediately halt this act.
Diplomatic sources in Washington say both Democrats and Republicans in the U.S. Senate view the bill positively and project that it will pass the Senate at an appropriate time without much difficulty.
The U.S. North Korean Human Rights Act aims to enhance human rights and provide humanitarian aid for North Koreans and protect North Korean defectors. It also provides the legal ground for the U.S. to appoint a special envoy on North Korea and allocate subsidies to promote a market economy and democracy in Pyongyang. Under the act, the U.S. can also back groups and individuals working to promote North Korea's human rights.
Jang Souie, KBS World Radio News.
Ex-US Official Opposes Extending S.Korea's Missile Rangel2012-05-16 09:07
A former senior official of the U.S. Defense Department says she believes South Korea's intent to extend the range of its ballistic missiles is not the best option to counter North Korea's missile threat.
Michele Flournoy, who served as undersecretary of defense for policy in the Obama administration, made the remark during a seminar organized by the American Enterprise Institute in Washington on Tuesday.
Flournoy stressed that North Korea's missile threats should be approached “as a problem for the alliance.”
She said South Korea has much to do for the transfer of wartime operational command, including modernizing its military. She explained that South Korea should first consider whether it can address the North Korean threat differently through its alliance with the U.S. before putting resources toward extending the range of its ballistic missiles.
Parties to Change Governance Structure of Public Broadcastersl2012-05-16 08:48
Ruling and opposition parties will work to change the governance structure of public broadcasting companies in order to fundamentally resolve strikes at broadcasting firms.
Ruling Saenuri Party Chairman Hwang Woo-yea vowed on Tuesday to place top priority during the 19th National Assembly on improving regulations regarding the appointment of heads of public broadcasters.
The main opposition Democratic United Party had previously pledged to improve that regulation during last month’s general elections.
Academic organizations and civic groups have stressed that objectivity and neutrality must be maintained while appointing heads of public broadcasters for the sake of their political independence.
Greek Parties Fail to Form Coalition Gov'tl2012-05-16 08:41
Greece’s political parties have failed to create a coalition government due to wide differences of opinion.
Greek President Karolos Papoulias met with the heads of Greece’s top three parties and urged for the formation of a coalition government. However, those efforts collapsed after the three parties failed to resolve differences with minor parties.
In line with Greece’s Constitution, an interim government will now be set up and Greece will hold fresh general elections around next month.
Solomon Savings Bank Head Arrestedl2012-05-16 08:32
Prosecutors investigating irregularities at savings banks have arrested Solomon Savings Bank Chairman Lim Suk.
Lim's arrest at his home around 10 p.m. Tuesday night follows financial authorities' accusations that the bank chief provided illegal loans and embezzled bank money. He is suspected of pocketing parts of some 200 billion won in funds from Solomon Savings Bank in the process of investing it in the acquisition of a shipping company and securities firm.
Allegations that he raised roughly ten billion won in slush funds also recently emerged.
Prosecutors plan to trace Lim’s activities regarding investment toward the shipping company and securities firm and identify the amount of money he embezzled.
Day 5 of Yeosu Expo Features Various Performances, Eventsl2012-05-16 08:23
Various performances and festivals will take place on the fifth day of the Yeosu Expo on Wednesday.
The fifth day will be dedicated to the Central African Republic, which will display its marine technology and traditional culture. The pavilions of Cambodia and Gambia will also feature cultural performances.
Meanwhile, South Gyeongsang Province will introduce popular local products and tourist attractions.
Organizers of the expo say that some 39-thousand tourists visited the expo on Tuesday, the highest daily turnout since the event opened.
They also say the number of visitors is expected to surpass 100-thousand a day this weekend given the rising reservation rate.
China Tightens Visa Regulations Without Prior Noticel2012-05-16 08:15
The Foreign Ministry says the government was not aware that China tightened visa regulations earlier this week.
The Chinese government implemented new visa issuance conditions on Monday, making it mandatory for foreigners to receive an invitation from an organization officially recognized by the Chinese government while applying for a visa.
A ministry official said the South Korean government was not given prior notice from Beijing, and it found out about the new rules via media reports.
The official said that the ministry called the Chinese Embassy in Seoul and expressed regret over the fact that there was no communication prior to the implementation.
The ministry said it will work to resolve any inconveniences that South Koreans planning to visit China could face.
Some observers, however, raised the possibility of the diplomatic communication between South Korea and China having problems.
Prosecutors Secure Additional Documents on Illegal Surveillancel2012-05-16 07:23
Prosecutors investigating the illegal surveillance scandal involving the Prime Minister’s Office say they have secured more materials related to the surveillance operations of the office’s public ethics division.
Prosecutors reportedly secured around 400 new documents, including detailed information on lawmakers and state-run companies’ executives who criticized the president or the government.
The information reportedly includes data on ruling Saenuri Party lawmakers Hyun Ki-whan, Chung Doo-un and main opposition Democratic United Party legislators Baek Won-woo and Lee Seok-hyun. Information on Yoon Seok-man, who was president of POSCO when the info was recorded, was also acquired.
Prosecutors said the newly seized materials were stored separately in an external hard disc by former official of the Prime Minister’s Office, Jin Kyung-rak, who was arrested again last month for his alleged involvement in the scandal. Prosecutors got their hands on the hard disc when they raided the home of Jin’s younger sister last month.
Gov't Working to Swiftly Release Activists Detained in Chinal2012-05-16 07:08
The Foreign Ministry says it is working to see that the detention of four South Korean human rights activists in China is addressed as swiftly and fairly as possible.
Ministry spokesman Cho Byung-jae told reporters Tuesday that the four activists, who mainly campaign for North Korean human rights, were arrested in Dalian, Liaoning Province in late March for violating China’s security laws.
Among the activists is Kim Young-hwan, the author of a manual for the North’s Juche ideology that played a key role in college students’ antigovernment movements in the 1980s.
Cho said an official of South Korea’s consulate general in Shenyang met and talked with Kim. The official reported there were no signs that Kim was suffering from any health issues or human rights violations.
Cho added that the South Korean consulate general requested Liaoning Province’s security office to allow Kim to meet with legal counsel. He also said the government is trying to get consular access to the remaining three activists who Chinese authorities claimed are refusing to meet with officials from the consulate general.
