other important headlines_Oct 30

- The North did not properly comply with the sea agreement between the two Koreas which took effect from August last year. According to the agreement, the two should respond to each other’s radio signal when passing by the other’s sea. North Korea, however, failed 22 times to respond to South Korea’s signal.

- Construction Minister Choo Byung-jik, who is under fire for failing to closely consult with relevant government organizations in announcing a new real estate project, stuck his gun by saying it is the discretion of the construction minister to make such as announcement.

- Japanese Kyoto press reported foreign ministers of S.Korea, the US, and Japan agreed not to recognize North Korea as a nuclear power in their meeting held on 19 October in Seoul.

- Monthly fee for DMB service will be down from the current W13,000 to W11,000 from November. A one-year subscriber can use the service for W9,900. The number of available channels increases to 15 from 12.

- Local banks make ambitious moves into Hong Kong for investment banking business. Woori Global Markets Asia Ltd has started its investment banking business in Hong Kong and Shinhan Asia Ltd will be up and running on November 21 also in Hong Kong. Kookmin bank is also reviewing to set up an investment bank in Hong Kong and Industrial Bank of Korea decided to strengthen its IB business through its local subsidiary.

- Peter Beck of the International Crisis Group warned a rush of North Korea defectors can dramatically increase early next year because of aggravated food and economic hardship in the regime. In the interview with VOA, he said in three to four months, food crisis could start in earnest which in turn could lead to a growing number of North Koreans who flees the country.