- Inter-Korean businesses rose in the first quarter by 53 per cent from the same period last year while humanitarian aid bound for the North declined by 20.4 per cent for the same period. Commercial transactions involved in the joint industrial complex of Kaesung especially showed a much spike in its volume with 91 per cent increase. An official from the unification ministry cited the uncertainty of the new government’s NK policy as the main reason for the aid decline.

- Japanese newspaper, Nihon Geizai, reported yesterday China adopted a new financial settlement system which allows a North Korean business to open a Chinese bank account to expedite business transactions between the two countries. It is a rare move by the Chinese government especially since it imposed a financial sanction in 2006 when the North defiantly tested its nuclear missiles.

- Nuclear negotiators of the US and North Korea are to have a meeting tomorrow in Singapore hopefully to bring the prolonged nuclear deadlock to an end. It is expected that Pyongyang is likely to deliver its final position on the reporting of its nuclear activities since the US demanded Pyongyang’s position on the declaration as the pre-condition to the meeting.

- Lee Kun-hee, Samsung Group Chairman, admitted he was responsible for the on-going controversies surrounding Samsung, to some extent. Asked whether he acknowledged any wrongdoings after the investigation by the special counsel, he replied “not 100 per cent in some cases.” But he categorically denied any group-wide conspiracy or his direct order in the sale of Everland convertible bonds to his son.

- Rising prices of grains and fertilizer might cause some problems for the government in its northern-bound humanitarian aid. Seoul has been shipping around 0.4 million tons of rice and 0.3 M tons of fertilizer every year to Pyongyang. An official from the unification ministry admitted that shipment could be cut in volume due to budget constraints.