local paper headlines_Nov 1

1. Chosun Ilbo

- The Chinese Foreign Ministry said yesterday North Korea agreed to come back to the six party talks as soon as possible. In a statement posted on its website, the ministry said six party chief negotiators of the US, China, and North Korea had an unofficial meeting and agreed to resume the talk at an earliest possible.

- If the suspicion on the Loan Star employees of stock price manipulation proves to be true in a court, Loan Star will be deprived of its qualification as a controlling shareholder of the KEB, thus will be ordered to sell its stake in the bank. An official of Loan Star strongly rejected the claim, saying what the Korean prosecutors say is completely a novel and Loan Star will take as many measures as possible.

- Chang Min-ho, the head of Ilsimhoe, a North Korean spy group, is suspected of receiving at least $19,000 from the North for spying activities in South Korea. The authorities are especially investigating into the source of the money with which Chang established his business back in 1999 and whether he leaked any information on South Korean technology to the North when he worked in the IT sector.

- Kim Woo-joong, the founder of Daewoo Empire, has recently been re-retained because suspension of execution expired.

2. Maeil Business Daily

- National Intelligence Service First Deputy Director Kim Man-bok appears to be the strongest candidate for chief of the NIS and Lee Jae-jeong, senior vice president of the National Unification Advisory Council is likely to be named as the new unification minister. Army Chief of Staff Kim Jang-soo may be appointed as the new defense minister.

- Fair Trade Commission is reportedly investigating into Hyundai Card and Hyundai Capital for Hyundai Motor’s unfair business favor. The agency points out that Hyundai Capital virtually monopolizes the business of Hyundai car installment purchase. The motor company provides Hyundai Card with subsidies for discounted prices that a customer can get when they buy a Hyundai car on Hyundai Card.

- Samsung Corporation concluded an investment accord with GE Security to take a 10 per cent stake of logistics security company Commerce Guard, an affiliate of GE Security for $15 m. Through the contract, Samsung Corporation advances into a new field of the security business. “We overcome the business boundary which centered around export, and continue advancing into new promising businesses for stable profit-making,” said the company.

- According to the research by a magazine Monthly CEO, one out of ten CEOs in Korea is a foreigner. There are 19 Japanese CEO, 14 American, 13 German, 9 English, and 5 French.

- The prosecution called in Samsung Group’s vice president Lee Hak-soo on October 31 to investigate on the alleged illegal provision of Everland CB by Samsung Chairman Lee Kun-hee to his children.