Cyberattacks in Korea spike on virus crisis

The number of cyberattacks in South Korea spiked in the first quarter this year, due to the number of people working remotely amid the novel coronavirus outbreak, according to SK Infosec on Monday. The nation‘s biggest data security solution provider detected 1.74 million cyberattacks in the first quarter, up 21 percent on-year -- the monthly average reached 0.58 million, up from 0.48 million last year. The company said that there has been a significant increase in hacking attempts a

TechnologyApril 6, 2020

Ruling party pledges virus relief money for all income levels

Scrambling to make appeals to voters ahead of elections next week, rival political groups on Monday proposed coronavirus relief subsidies for all South Korean citizens to mitigate the economic fallout from the pandemic. Lee Hae-chan, the leader of the ruling Democratic Party of Korea, said Monday that the ruling party will push to expand the scope of the government’s stimulus program to have all income brackets benefit from it. The government’s plan, announced last week, envis

PoliticsApril 6, 2020

Jeonse prices on rise as demand for house purchases falls

The average price for the jeonse -- a real estate term unique to South Korea that refers to a property lease -- in Seoul has surpassed 460 million won ($375,000) for the first time, continuing the recent upward trend, data showed Monday. According to the Korea Appraisal Board, a property assessment agency, the average jeonse prices in the capital have been rising since July to reach 460.7 million won as of March. Separate data from property services platform KB Kookmin Bank Liiv On also sho

MarketApril 6, 2020

Virus halts KAI’s fighter jet exports to Argentina

Korea Aerospace Industries said Monday its plan to sell light fighter jets to Argentina has been put on hold as the coronavirus outbreak is dealing a huge blow. South Korea’s sole aircraft manufacture said its plan to export around several FA-50 light fighter jets -- a combat variant of its advanced supersonic trainer jet T-50 -- to Argentina has been delayed indefinitely. “It must have been difficult for Argentina to spend its defense budget for fighter jets when it is experien

IndustryApril 6, 2020

Bargain-hunting Korean investors flock to overseas stock markets

Korean investors are flocking to overseas stock markets to scoop up undervalued shares, given the sluggish domestic market, according to latest data Monday. Securities information portal SEIBro, operated by Korea Securities Depository, noted local investors transacted some $13.76 billion worth of overseas stocks in March -- up 67.39 percent from the previous month -- marking the largest trading amount in history. Their transactions came to $7.24 billion, while the selling amount recorded $6.5

MarketApril 6, 2020

Moon urges finance industry’s support for economic measures

President Moon Jae-in on Monday urged South Korean banks to ensure that the government’s financial measures against the COVID-19 pandemic are executed as smoothly as possible. Speaking at a meeting with heads of major private and state-run financial institutions, Moon stressed the importance of the financial sector’s role in shoring up the economy against the impact of the pandemic. “The finance (sector) is like the medical staff on the frontlines of quarantine. Just as th

PoliticsApril 6, 2020

Indie films set off on screening tour

The Seoul Independent Film Festival on Monday announced the full lineup of its annual screening tour “Indie Picnic,” hosted by the organization. The lineup of 24 independent films that received awards or premiered at last year’s film fest includes five feature-length films and 19 short films. “Evaporated,” by director Kim Sung-min, winner of last year’s award for best long feature, tells the story of the family of a young child who disappears without a tra

FilmApril 6, 2020

Over 30% of virus patients in cluster case show no symptoms: KCDC

More than 30 percent of coronavirus patients in a cluster of infections showed no symptoms, an investigation showed Monday, renewing concerns that people can spread the virus without knowing they are infected. A total of 39 people linked to the main building of the Ministry of Oceans and Fisheries in the central city of Sejong tested positive for the virus between March 10 and 24, with 13 of them showing no symptoms at the time of detection, according to the epidemiological investigation by th

Social AffairsApril 6, 2020

Culture Ministry orders affiliated institutions to remain closed until April 19

The Ministry of Culture, Sports and Tourism announced Monday that its affiliated institutions -- museums, art galleries, libraries and performance venues -- will remain closed until April 19. The Culture Ministry’s announcement follows the government’s announcement on Saturday that it was extending its social distancing campaign for another two weeks. The campaign was originally scheduled to end Sunday, but the Ministry of Health and Welfare extended it to April 19 in an effort

CultureApril 6, 2020

Seoul stocks spike almost 4% on hopes of virus treatment

South Korean stocks soared by almost 4 percent on Monday, extending their gains to a third straight session on hopes of potential treatment for the new coronavirus that has infected more than 1.2 million people around the world. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 66.44 points, or 3.85 percent, to 1,791.88. Institutional investors bought a net 1.03 trillion won ($838 million), while foreign investors sold a net 202 billion w

MarketApril 6, 2020

[Newsmaker] Ivermectin latest drug candidate for coronavirus

Ivermectin, a parasiticide, could be the next breakthrough solution to the COVID-19 pandemic, according to initial reports, but further tests must prove the efficacy of the drug in living organisms, experts say. Ivermectin became the center of attention after scientists from Monash University in Melbourne, Australia found that a single dose of the parasiticide could stop the replication of the SARS-CoV-2 virus growing in a cell culture. Ivermectin effectively eradicated all genetic material of

IndustryApril 6, 2020

[Feature] Used car sales become lucrative business for imported automakers

South Korea’s used car market has doubled in size over the past decade, with about 3.7 million vehicles registered for transfer last year.  With tech advancements, cars can be analyzed and auctions are made online, inviting more customers to sell and purchase secondhand cars. As the market grew, so did the market for imported cars, which are much coveted in the second-hand market. According to the country’s largest second-hand car company SK Encar, about 26 percent of used c

MobilityApril 6, 2020

Samsung Biologics strikes deal with PharmAbcine

Samsung Biologics said Monday it has signed a contract to develop PharmAbcine’s anti-cancer and angiogenesis material PMC-402. The South Korean firm will provide all-step CDO support from cell line development to clinical sample manufacturing and investigational new drug application, as well as produce preclinical and global clinical trial materials. PMC-402, according to PharmAbcine, helps normalize newly formed abnormal blood vessels that feed the growth of tumors, or the condition c

IndustryApril 6, 2020

Peru seeks S. Korea's coronavirus test kits: Cheong Wa Dae

Peruvian President Martin Vizcarra said Monday his country is in urgent need of South Korea's coronavirus test kits and pledged to make every effort for the health and safety of South Koreans there, according to Cheong Wa Dae. Speaking over the phone with President Moon Jae-in for about 20 minutes, Vizcarra said Peru is suffering "the most difficult situation" in fighting the virus, and a tougher road may lie ahead. Citing South Korea's quarantine-related decisions, he said, "We

Foreign AffairsApril 6, 2020

Cured virus patients might have tested positive due to virus reactivation: KCDC

More than 50 people who recovered after contracting COVID-19 have tested positive again, but the results might have been due to the reactivation of the novel coronavirus, health authorities here said Monday. The Korea Centers for Disease Control and Prevention (KCDC) said 51 people from Daegu and the surrounding North Gyeongsang Province, the epicenters of the COVID-19 outbreak here, had tested positive for the virus after they were released from quarantine. KCDC Director-General Jeong Eun-ky

Social AffairsApril 6, 2020

Police book 10 paid members of Telegram sexual chat room

About 10 paid members of an illegal chat room on the Telegram messenger service that distributed photos and videos of a sexual nature have been booked for possessing child sexual exploitation materials, police said Monday. They are also accused of paying cryptocurrencies to the pay-to-view online chat room, dubbed "Baksabang," to view illegal photos and videos of violent sex acts involving underage girls. Police have apprehended Baksabang founder Cho Ju-bin, a 25-year-old, and his th

Social AffairsApril 6, 2020

Eastar Jet to cut 20% of workforce on virus impact

Eastar Jet Co., a South Korean low-cost carrier, said Monday it will cut one-fifth of its workforce as it strives to stay afloat amid the growing impact of the coronavirus on the airline industry, but the proposed layoffs are smaller than originally thought. The planned job cut at Eastar raises concerns over the possibility of industrywide restructuring. The airline originally planned to cut some 750 employees out of its total 1,680-person workforce. Eastar Jet said it also plans to return 1

MobilityApril 6, 2020

[Chew on IT] Tech firms mobilize AI capabilities to fight COVID-19

Artificial intelligence has a great chance to prove its worth in the ongoing global war against the novel coronavirus. From garnering data about the pandemic to analyzing transmission patterns, providing information about prevention and diagnosing contamination, a variety of AI programs are being used to contain the virus spread and related treatments. IBM, the world’s leading cloud platform and computing business, is mobilizing its AI and supercomputing capabilities to support govern

TechnologyApril 6, 2020

LG Chem CEO urges caution amid ‘abnormal’ situation

South Korean lithium-ion battery maker LG Chem’s leader on Monday highlighted the company’s efforts to preserve cash and reestablish a contingency plan to tackle the “new abnormal,” amid the global fight against the coronavirus pandemic. While the “new normal” time has been endeavored since the 2008 global financial crisis, the coronavirus pandemic has ushered in an era of “new abnormal,” Shin said citing futurists and economists warning of econ

TechnologyApril 6, 2020

Citizens' weekend movement up 20% from late Feb.: data

More South Korean people dined out and visited outlets and parks over the weekend, although the country has been preaching a strict social distancing campaign to curb the outbreak of the new coronavirus, data showed on Monday. According to mobile big data collected by health authorities, people's movement rose by 20 percent over the weekend compared to late February, despite new cases cropping up across the country. South Korea initially kicked off its two-week-long strong social distancing dr

Social AffairsApril 6, 2020