Local paper headlines_September 26

1. Chosun Ilbo

- Cho Young-hwang, head of the National Human Rights Commission, suddenly resigned yesterday allegedly over internal division with other commissioners. There have been differences in opinion among commissioners over various controversial issues such as the dispatch of Zaitun to Iraq, abolition of National Security Law, and elimination of temporary work positions.

- The prosecution revealed it would limitedly open criminal case document when the document is referred to in a civil case in order to discourage frequent complaints and protect people’s privacy.

- The Ministry of Unification is said to have reported to the presidential office a comprehensive and concrete inter-Korean economic cooperation plan which includes providing the North with energy, communication, logistic infrastructure on condition that the North would return to the six party talks. According to the plan, the expected cost will total a whopping W39000 -74000bn.

- The Seoul Metropolitan government decided to put up for sale publicly funded apartments after construction is 80 per cent completed, and detailed construction costs will be made public.

- Dong Kuk Steel strengthens its alliance with JFE Steel of Japan and builds a 760 billion won ($805.6 million) plant in the western coastal city of Dangjin to produce high-end steel plates.

- Due to lackluster construction market, the number of construction companies going bankrupt is on the rise with 50 companies in August, up 13 from a month ago.

- The relations between North Korea and Hyundai seem to recover. Hyun Jung-eun, President of Hyundai Group, visited yesterday to Kaesung Industrial Park after four month and met Park Chul-soo, Vice President of central committee of Central Development District of North Korea.

2. Maeil Business Daily

- According to the report issued by Korea International Trade Association (KITA), Korea stands at number 11 in the world by economy size and 12th by trade volume among 64 countries but it scores poorly in the fields of R&D personnel pool(25th), national image(34th ), international competitiveness(38th ), and life quality(39th).

- One in ten people who filed personal bankruptcy says the biggest reason for their default was education spending for their children.

- According to a report by Bank of Korea, foreigners last year earned net profit of $103 bn through investment in Korean assets while Koreans lost $1.9 bn through overseas investment.

- Kookmin Bank introduces a new service to allow customers to withdraw money from ATM using RF (Radio Frequency) chip established in their mobile phone. The pilot program is soon to be available in five branches of the bank.