Seoul stocks open lower despite US gains

South Korea's exports fell sharply from a year earlier in the first 10 days of April amid the economic fallout from the new coronavirus, customs data showed Monday. The country's outbound shipments came to $12.2 billion in the April 1-10 period, down 18.6 percent from the same period a year earlier, according to the data from the Korea Customs Service. The daily average exports during the cited period also slipped 18.6 percent on-year. The data came amid growing concerns that the coronavir

MarketApril 13, 2020

[Herald Interview] COVID-19 center makes being sick in a foreign land less lonely

A COVID-19 treatment center in South Korea treats exclusively foreign patients in the country’s first attempt at better providing for foreigners with the disease. Treatment centers have been set up as a way of easing bed shortages, housing patients with mild symptoms so that more room will be left at hospitals for the severely or critically sick. One such center launched last month in Paju, Gyeonggi Province, is just for foreign patients. On April 5, a 35-year-old Chinese woman&nbs

Social AffairsApril 13, 2020

NK holds parliamentary meeting two days later than scheduled without explanation

  North Korea has held a long-anticipated session of its rubber-stamp legislature two days later than originally scheduled, state media reported Monday without explaining why the meeting was delayed. Leader Kim Jong-un apparently did not attend the Supreme People's Assembly meeting held Sunday as the official Korean Central News Agency said the country's No. 2 leader, Choe Ryong-hae, presided over the session. The SPA session had originally been scheduled to take place on Friday. But the

North KoreaApril 13, 2020

How does coronavirus affect individuals’ financial management?

Individual subscribers are rapidly losing faith in savings deposits amid ultralow rates and volatile markets, with withdrawals topping 7.7 trillion won ($6.36 billion) in March, nearly a 35 percent increase from each of the previous two months.  According to data compiled by five commercial banks -- KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank and NH Bank -- the combined withdrawals from individuals’ savings and deposit accounts last month reached some 7.7 trillion won from

MarketApril 13, 2020

Kia Motors mulls suspending three domestic plants due to coronavirus disruptions

Kia Motors Corp., South Korea's second-biggest carmaker, is considering temporarily suspending some of its plants in the country later this month due to the fallout from the novel coronavirus pandemic, industry sources said Sunday. It is planning to halt operations of three factories -- two in Gwangmyeong, south of Seoul, and one in Gwangju, 330 kilometers south of Seoul -- from April 23-29, according to the sources. The company runs nine domestic manufacturing facilities, including one as a j

MobilityApril 12, 2020

U2 leader asks S. Korean president to support Ireland in fight

Bono, the lead vocalist of Irish rock band U2, has sent a letter to South Korean President Moon Jae-in asking for support in his country's fight against the novel coronavirus, the presidential office here said Sunday. In the letter, Bono asked for South Korean protective equipment and diagnostic kits and said he would personally pay for it, according to Cheong Wa Dae. In a reply sent Friday, President Moon said he would have the health authorities discuss the issue and he hoped Ireland will o

PoliticsApril 12, 2020

Self-isolators without coronavirus symptoms allowed to vote

Self-isolators will be allowed to cast ballots in the upcoming parliamentary elections if they do not show symptoms of coronavirus infection, authorities said Sunday. "People who were ordered to go into self-quarantine from April 1-14 and show no symptoms on the day of voting can cast ballots," Health Minister Park Neung-hoo said in a press briefing. "Wearing face masks, they should go to polling stations on foot or by car, while using mass transportation is strictly banned.&quo

PoliticsApril 12, 2020

Coming to you live from an empty concert hall

Lately, online streaming has become the norm in the performing arts scene, with more artists playing to empty concert halls while the shows are livestreamed. Kumho Art Hall Yonsei, run by the Kumho Asiana Culture Foundation, has joined in the trend, livestreaming two violinists’ performances online. Though the art hall has always streamed its recitals online, the musicians had never before played to an empty concert hall. Kim Dong-hyun, a 2020 Kumho Rising Star, performed Thursday at

PerformanceApril 12, 2020

[From the scene] Virus spurs churches to find new ways to celebrate Easter

  As the highly contagious COVID-19 continues its firm grip on the country, Christian churches found creative ways to celebrate Easter, considered a time of renewal and rebirth by the faithful. While some Protestant megachurches held their Easter services online, others convened offline to mark the special day on the Christian calendar. Saemoonan Presbyterian Church in Jongno-gu, Seoul, the oldest Presbyterian church in the country, was one of those churches that held Easter services both

CultureApril 12, 2020

[News Focus] Korea ranks 51st among 52 major countries in youth population

SEJONG -- South Korea has seen the percentage of its youth population drastically decline over the past three decades, while youth accounted for 27.3 percent of the population in 1988. According to a global comparison of 52 countries by the Organization for Economic Development and Cooperation, the nation’s youth population aged up 14 plunged to 12.9 percent as of 2018, after falling below the 20 percent mark in 2004 for the first time. Among the 52 countries with major economies, invol

Social AffairsApril 12, 2020

Masks, gloves and temperature checks for safe voting

Faced with the unprecedented novel coronavirus threat, South Korea is gearing up for its general election with extra caution to ensure voters can exercise their rights while minimizing the risk of person-to-person viral spread at polling stations. With 43 million eligible voters, the country will hold elections at around 14,300 polling stations nationwide on Wednesday, amid its nationwide social distancing campaign to stem the spread of the novel coronavirus. Nearly 11.7 million cast their

Social AffairsApril 12, 2020

Parties strive to turn early voting enthusiasm to their favor

  More than a quarter of all eligible voters in South Korea have already cast their votes in last week’s advance voting period. And parties are all out to turn the higher-than-expected voter enthusiasm to their favor in the lead up to Wednesday’s main voting. Voter turnout in the two-day early voting Friday and Saturday reached a record high of 26.67 percent with 11.7 million voters, according to the National Election Commission. The ruling Democratic Party interprets it as

PoliticsApril 12, 2020

‘S. Korea’s stock market to foster recovery from 2H’

Despite lingering volatility, South Korea’s main bourse Kospi is expected to recover starting from the second half of this year if the novel coronavirus comes under control globally and that sense of stability boosts consumption demand on the back of policy efforts, research heads of brokerages in Seoul said Sunday. “As pent-up demand sparks and corporate earnings increase with the government’s liquidity support, stock markets will gradually rise from the second half,”

MarketApril 12, 2020

Regulatory void undercuts Korean renewable energy industry

A regulatory void is undermining South Korea’s renewable energy industry due to the government’s failure to lay down ground rules for the burgeoning industry. A lack of oversight has led to an increase in fraud and loopholes in safety, resulting in businesses calling for more regulations. According to a recent press release from the Korea Energy Agency, unlicensed solar power contractors are damaging the country’s renewable energy by impersonating government agencies suc

IndustryApril 12, 2020

Streaming platform Wavve partners with NBCUniversal to export Korean content

South Korean video streaming platform Wavve said Sunday it has signed a partnership with NBCUniversal to export original hallyu k-pop content to the US media giant. According to Content Wavve, operator of the platform, the partnership was signed via a video conference on Friday and will allow the company to supply original content -- up to five movies and TV series a year -- produced by three South Korea terrestrial broadcasters -- KBS, MBC and SBS -- to NBCU for the next three years. &ldq

IndustryApril 12, 2020

Doosan to sell off full 61% stake in Doosan Solus

Doosan Group is planning to sell all of its stake in material solutions affiliate Doosan Solus, intent to deliver an intensive self-rescue plan after receiving a massive bailout from state-run banks. According to industry sources Sunday, Doosan Group is negotiating with private equity fund SkyLake Investment on handing over all of its 61 percent stake in battery copper foil and organic light-emitting diode materials maker Doosan Solus for 600 billion to 800 billion won ($495 million-$660 mil

IndustryApril 12, 2020

FDA reapproves phase 3 clinical trial of Invossa

The US Food and Drug Administration has lifted a clinical hold on the phase 3 trial of Kolon Life Science’s osteoarthritis drug Invossa in the US after a 11-month suspension imposed in May. According to industry sources on Sunday, the FDA sent an official notice to Kolon TissueGene, the biotech unit of Korea’s pharmaceutical firm Kolon Life Science, to resume the phase 3 trial of its degenerative arthritis treatment drug Invossa in the US. The official FDA notice said that all

IndustryApril 12, 2020

Prime minister renews pleas against weakening of social distancing

Prime Minister Chung Sye-kyun renewed calls Sunday for citizens to keep up social distancing efforts to contain the new coronavirus, as an uptick in springtime tourists and Easter services were feared to have weakened the nationwide antivirus campaign. Public health officials have warned against complacency amid progress in the nation's efforts to flatten the curve of COVID-19 infections. On Sunday, South Korea reported 32 additional cases, compared with 30 the previous day, bringing the tota

Social AffairsApril 12, 2020

BOK awaits state approval for loan extension to nonbanking entities

South Korea’s central bank is awaiting government signoff on an emergency program that would extend loans to nonbanking institutions, sources said Sunday, as both monetary and fiscal authorities aim to further funnel liquidity into the markets to counter the effects of the novel coronavirus. “We are currently preparing to launch an emergency lending program as swiftly as possible,” a Bank of Korea official said. The program -- which is expected to mirror actions taken by t

EconomyApril 12, 2020

[From the scene] Social distancing wanes in S. Korea

As spring has arrived and the daily new infections of COVID-19 hovered around 30 in recent days, life in South Korea appears to be cautiously returning to normal with signs of social distancing waning.   Over the weekend, mountains and parks were packed with families, friends and couples seeking to take in the fleeting spring blossoms -- with most of those venturing outside wearing masks.   　 Some churches resumed religious services over the Easter weekend and early voting

Social AffairsApril 12, 2020