Report warns of more extreme weather

Tangerine trees, mostly grown in the southern part of the country, could fill Seoulstreets by 2040, the nation’s first report on climate change predicted. 

The report, published Monday by the National Institute of Environmental Research, listed the Korean Peninsula in the category of “sensitive region to climate change,” saying its warming temperature would affect climate conditions, water resources, agriculture and health issues in the future. 

Presidential hopefuls jockey for position

As Sohn Hak-kyu enjoys the spotlight as the new opposition leader, political heavyweights across parties are growing tense, gauging the possible impact that Sohn’s rise may have on their dream of becoming the next president. 

On Monday, Sohn continued to step up his criticism of President Lee Myung-bak and the ruling Grand National Party, which political observers view as an attempt to clarify his political stance as the leader of the liberal opposition Democratic Party. 

Sohn entered politics as a member of the conservative GNP and served as governor of Gyeonggi Province from 2002 to 2006. He bolted from the then-opposition party in 2007 after he was dropped from its presidential primary against Lee and former GNP Chairwoman Park Geun-hye.

Park Geun-hye

Sohn has criticized Lee’s hard-line stance on North Korea. “The Lee Myung-bak administration should restart inter-Korean exchange programs, pursuing peace on the Korean Peninsula through cooperation with the North,” he said. 

“I strongly urge the government to resume humanitarian rice aid to the North,” Sohn said during a meeting of the DP’s top decision-making body, the Supreme Council. 

The South Korean government has severed all inter-Korean exchange programs, including humanitarian aid, after it blamed the North for sinking one of its warships, killing 46 sailors in March. 

Sohn, 63, was elected earlier this month as chairman of the main opposition DP, beating out rivals Chung Dong-young and Chung Sye-kyun, whom he is expected to face in the race for the party’s presidential primary in about two year’s time. 

Sohn Hak-kyu

The victory is seen as a great boost to Sohn, who does not hide his presidential ambitions, allowing him a chance to solidify his powerbase within the party and raise his public profile as the opposition leader. 

In a popularity poll conducted after the DP leadership ballot, Sohn came in second out of a pack of politicians seen as potential presidential candidates. According to pollster Dongseo Research, Sohn received an 11.8 percent popularity rate, trailing behind Park Geun-hye at 31.5 percent. It was the first time that his popularity surpassed 10 percent. 

Not to be outdone, former Unification Minister Chung Dong-young and former DP Chairman Chung Sye-kyun are expected to make strategic moves to strengthen their positions as presidential candidates. 

Outside the DP, political watchers are keenly following the moves of former leader Park, daughter of former President Park Chung-hee. 

Park, 58, who has been locked in fierce rivalry with the president, has been meeting with pro-Lee members since a rare Aug. 21 one-on-one meeting with the president, whose support she will need in the future to become the party’s presidential candidate. 

Her in-party rival and Gyeonggi Province Governor Kim Moon-soo has been raising his profile by criticizing the Lee administration on several issues. 

Kim Moon-soo

Kia upgrades Opirus large sedan

Kia Motors Corp. launched the 2011-year model Opirus sedan on the local market on Tuesday.

The latest version of the vehicle comes with a number of new features includingcruise control and rearview mirror with built in automatic-toll paying system and rear display system.

KT&G completes plant in Russia

Tobacco firm to produce 4.6 billion cigarettes annually in factory near Moscow
KT&G Corp., Korea’s tobacco monopoly, has recently completed the construction of a plant in Russia to expand its presence in the world’s second-largest tobacco market. 

The company has invested $100 million in building the plant located on a 103,000 square-meter site near Moscow. 

Focusing on its flagship slim cigarettes, Esse, the plant will produce 4.6 billion cigarettes annually, KT&G said. It began operating Friday.

Installed with up-to-date raw material processing facilities and production lines, the plant will significantly cut costs and delivery time, KT&G CEO Min Young-jin said in a statement

“We will make Esse the No.1 brand in the Russian super-slim cigarette market within three years,” he added. 

Shinhan chairman to receive penalty for violating rules

Shinhan Financial Group chairman Ra Eung-chan’s 51-year career looks likely to end because of an alleged violation of real-name account laws as authorities appear poised to take stern action. 

The Financial Supervisory Service is set to penalize the 71-year-old banker after reportedly finding evidence to prove an allegation against him, which was highlighted in the wake of the internal feud at Shinhan Financial.

On Thursday, the regulator notified the financial group of its decision to reprimand the chairman. The watchdog is now said to be fine-tuning the penalties to be handed down to Ra in the coming weeks.

This could mean that the FSS, which has recently reinvestigated the allegation following its initial probe last year, is convinced of Ra’s violation of the law this time.

Shinhan chairman to receive penalty for violating rules

Shinhan Financial Group chairman Ra Eung-chan’s 51-year career looks likely to end because of an alleged violation of real-name account laws as authorities appear poised to take stern action. 

The Financial Supervisory Service is set to penalize the 71-year-old banker after reportedly finding evidence to prove an allegation against him, which was highlighted in the wake of the internal feud at Shinhan Financial.

On Thursday, the regulator notified the financial group of its decision to reprimand the chairman. The watchdog is now said to be fine-tuning the penalties to be handed down to Ra in the coming weeks.

This could mean that the FSS, which has recently reinvestigated the allegation following its initial probe last year, is convinced of Ra’s violation of the law this time.

G20 to mediate global ‘currency war’

Stakes raised for Seoul summit after IMF meet fails to calm tension

Korea is facing a daunting challenge of mediating global economic powers engaging in the so-called “currency war” in the lead up to the November Group of 20 Summit in Seoul.

After the annual meeting of the International Monetary Fund in Washington, D.C. over the weekend, the currency issue is emerging as a significant factor in determining the success of the G20 forum. 

Finance ministers and central bank governors of the member countries are scheduled to meet in Gyeongju on Oct. 22-23 ahead of the summit in Seoul held on Nov. 11-12.

The stakes of the G20 have increased as the IMF members concluded talks without reaching any solution to rising tensions over foreign exchange rates.

If major countries were to hammer out an agreement at the Seoul summit, their finance ministers have to discuss substantial solutions in Gyeongju. 

Ranking officials of the Presidential Committee for the G20 Summit recently said they would be able to make some progress through a series of meetings ahead of the event.

Committee chairman SaKong Il told The Korea Herald last week that he thinks the issue will be discussed for about a month on a step-by-step basis “among finance ministers before beginning of the November summit.”