Local paper headlines_September 1

1. Chosun Ilbo

- The US Army is reported to hold back its plan of army relocation to PyoungTaek for the time being as it decided to transfer wartime operation control to Seoul much earlier than widely expected. A government official familiar with the issue says “PyoungTaek army base relocation was originally planned on premise that ROK-US Combined Forces Command will stay in place for a long time.”

- The prosecution broadens its investigation into the “Sea Story” gate, focusing on lobbying relations between the game industry and politicians.

- Parents groups lambasted the decision by Korean Teachers and Educational Worker’s Union to take a collective holiday in October ahead of college entrance exam in November. Meanwhile the union reiterated its plan to go ahead with its original walk-out amid severe criticism.

- Papertainer (Paper + container) museum, the first paper building in Korea, was built inside the Seoul Olympics park. The cost for building the paper museum was W3 bn and the museum will open from September 15 to December.

2. Maeil Business Daily

- Chung Moon-Soo, advisor to the President for Economic Policy, said yesterday “if the property market continues its stability there is no need for additional measures, but if it turns unstable again we will come up with new measures,” indicating government’s plan to continue its stern property control policy.

- Daewoo Shipbuilding & Marine Engineering receives an order worth $1.27 bn from Cabinda Gulf Oil Company to build drilling and production platform (DPP). Including the contract, DSME has been awarded a total of $9.26 bn in order this year, nearly achieving its yearly order goal of $10 bn.

- “We will open 4G technology to all telecommunication companies in the world,” said Lee Ki-tae, president of Samsung Electronics Co.’s telecommunication network business. “It is important to work together (with other companies) to make standardization and commercialize 4G technology.” He said “by 2008, people can see 4G mobile phones about the same size current ones.”

- Reigncom Co.,a MP3 player maker famous for its iRiver, brings in a new CEO to revive its weak performance. Kim Hyuk-kun, the new co-CEO in his 30s, is a former management consultant at AT Kearney. “I helped so many faltering companies revive, but normally it took at least 2-3 years. In the case of Reigncom, I can turn it around much earlier,” he said.