NK hospital construction project moving ahead fast: state media

A hospital construction project in Pyongyang is moving ahead in a speedy manner, with more than 60 percent of the initial excavation work completed in just about 10 days after ground was broken, state media said Thursday. North Korean leader Kim Jong-un has shown interest in the Pyongyang General Hospital project, attending its groundbreaking ceremony on March 17 and ordering that construction be completed by Oct. 10, the 75th founding anniversary of the ruling Workers' Party. "With stron

North KoreaApril 2, 2020

Seoul stocks open lower on deepening virus woes

South Korean stocks opened slightly lower on Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) shed 4.18 points, or 0.25 percent, to 1,681.28 in the first 15 minutes of trading. The weak start follows another market crash in New York, apparently caused by fears of the new coronavirus outbreak bringing the US economy to a halt. The Dow Jones Industrial Average plunged 973.65 points, or 4.44 percent, to close at 20,943.51 on Wednesday (

MarketApril 2, 2020

[팟캐스트] (346) 서울시, 소외된 외국인 위해 공적 마스크 10만장 지원/ 보령시 해외입국자 전원 휴양림서 2주간 격리

진행자: 김보경, Kevin Lee Selzer 1.   Seoul gives masks free to foreigners alienated in public rationing 아이튠즈(아이폰): https://itunes.apple.com/kr/podcast/koliaheleoldeu-paskaeseuteu/id686406253?mt=2 팟빵 (안드로이드): http://www.podbbang.com/ch/6638 [1] Seoul Metropolitan Government is handing out 100,000 face masks free of charge to foreigners who have been largely sidelined in the country‘s public mask rationing system, the city said Tuesday. *free of charge: 무료 *sideline: 사이드라인 (소외되다) *p

PodcastApril 2, 2020

Prosecutors detain key suspect in fraud probe into Lime Asset

Prosecutors on Wednesday detained an executive of Lime Asset Management Co. as part of an investigation into a series of irregularities involving the country's biggest hedge fund.      The company has been under probe over its alleged cover-up of massive losses and subsequent suspension of fund redemption worth an estimated 1.6 trillion won ($1.3 billion). Seoul Southern District Prosecutors Office said it apprehended a company executive, identified by the surname K

Social AffairsApril 1, 2020

Two more Samsung workers contract coronavirus after overseas business trips

Samsung Electronics Co. said Wednesday two more employees have contracted the novel coronavirus following overseas business trips. The company said two employees who work at its factory in Gumi, North Gyeongsang Province, tested positive for COVID-19 after they went to Brazil. The two, who work for its mobile business unit, departed for Brazil together in early February and arrived back in South Korea on Monday. Samsung said there will be no shutdown of its plants, since the two had been u

IndustryApril 1, 2020

S. Korea calls for Japan to exempt essential business travel from planned entry ban

South Korea called Wednesday for Japan to allow essential visits by businesspeople, the foreign ministry said, as Tokyo was set to tighten entry restrictions to stem the spread of the new coronavirus. Kim Jung-han, director-general for Asian and Pacific affairs at the ministry, made the call during a videoconference with his Japanese counterpart, Shigeki Takizaki, as Tokyo was set to enforce an entry ban on foreigners from an additional 49 countries and territories, including South Korea and t

Foreign AffairsApril 1, 2020

Listed firms' net profits more than halve in 2019: data

The net profits of South Korean firms listed on the country's main stock exchange more than halved last year, the bourse operator said Wednesday. The combined net profit of 583 Kospi-listed companies, excluding financial firms, came to 52.42 trillion won ($42.5 billion) in 2019 on a consolidated basis, down 52.82 percent from a year ago, according to the Korea Exchange (KRX). The combined annual sales rose 0.47 percent on-year to stand at 2,006.45 trillion won in 2019, but operating profits p

MarketApril 1, 2020

Japan bans entry of travelers from S. Korea, other countries, over coronavirus

Japanese Prime Minister Shinzo Abe on Wednesday announced an entry ban on foreigners coming from 49 countries and territories, including South Korea, China and the United States, in its latest move to stem the novel coronavirus outbreak. Under the new measure, those who had been staying in the designated places for two weeks will not be allowed to enter Japan. Japan previously barred the entry of people from the southeastern city of Daegu and several nearby counties that have reported large

Foreign AffairsApril 1, 2020

S. Korean sees record-low air passenger number in March amid coronavirus pandemic

South Korea saw a record-low number of air passengers last month due to the novel coronavirus pandemic, data showed Wednesday, as countries around the globe impose lockdowns and restrict travel. The number of air passengers stood at 1.74 million in March, according to data from the Korea Civil Aviation Association (KCA). This is the first time that the figure has fallen below 2 million since the country started to record such statistics from 1997. "The figure is based on real-time sta

IndustryApril 1, 2020

[Graphic News] COVID-19 increases mobile app use in Feb.

　People in South Korea spent more time using applications on their mobile devices last month, data showed, amid the spread of the novel coronavirus. 　Koreans spent an average of 3.9 hours a day on mobile apps in February, up 7 percent from a year ago, according to global mobile data analytics firm App Annie. 　Korea was the No. 2 country in the world in terms of the average time that people spent on mobile apps. China topped the list with five hours, while Japan was No. 3 with 3.5 hours.

World NewsApril 1, 2020

‘Phantom of the Opera’ tour in Korea suspended after cast member infected with coronavirus

The international tour production of “The Phantom of the Opera” has decided to temporarily halt its Seoul run after one of its ensemble cast members tested positive for the new coronavirus. The cast member was confirmed with COVID-19 infection Tuesday and the show decided to cancel shows from Wednesday.   According to the organizers, the cast member was in self-quarantine with some symptoms of COVID-19 infection despite a normal body temperature. The production team, includin

PerformanceApril 1, 2020

WeMade wins IP suit against Chinese game company

South Korean game developer WeMade said Wednesday it has won a lawsuit against a Chinese game company for violating a license contract and dodging royalties. According to WeMade, the International Chamber of Commerce’s International Court of Arbitration on March 27 ordered Hangzhou Jiuling Network Technology to pay WeMade 85.2 billion won ($69.1 million) for violating the intellectual property license agreement it had signed with the Korean company. In September 2017, Jiuling -- a subs

IndustryApril 1, 2020

S. Korea cuts rental fees for virus-hit airport business operators

South Korea will further cut rental fees for businesses operating at airports and duty-free shops, as part of continued efforts to support industries amid the fallout of COVID-19. It also vowed to soon finalize detailed guidelines concerning the emergency disaster relief fund, aiming to pay out the cash to distressed households by May. “The rental fee reduction rate for small businesses and owner-operators at airports will be raised to 50 percent from 25 percent,” said Deputy P

EconomyApril 1, 2020

Posco Chemical inks EV battery material deal with Huayou Cobalt

Posco Chemical said Wednesday it has signed a long-term supply deal with China’s Huayou Cobalt for cathode materials, a key material for electric vehicle batteries. According to the company, Huayou Cobalt -- the world’s biggest cobalt supplier -- will supply 76,300 metric tons of precursors until December 2022. The exact size of the deal is unknown. Precursor is an immediate product used in producing cathode materials, and cathode is a one of the four key components of a lithium

IndustryApril 1, 2020

[Market Close-up] Doosan Heavy looks to sell affiliates

Debt-saddled Doosan Heavy Industries & Construction was once considered South Korea’s leading power equipment maker for coal fire, nuclear and gas energy. But over the past few years, it has been losing investors’ interest, as it won fewer bids amid the global attempt to shift reliance on fossil fuel and nuclear energy, leaving its businesses dependent on debt to continue its faltering operations. In the wake of the coronavirus pandemic, Doosan Heavy is facing a liquidity cris

MarketApril 1, 2020

High-end restaurants opt for drive-thru service

With social distancing becoming daily routine for people here in the wake of the COVID-19 outbreak, fancy restaurants are turning to drive-thru services, according to industry sources Tuesday. Samwon Garden, a decades-old local Korean food restaurant established in 1976, said it started a “driving pickup” service from Friday, in which customers can pick up meals ordered in advance from their cars. The restaurant offers discounts for all customers, selling short ribs menu items at

ConsumerApril 1, 2020

Relaxing games offer sanctuary in times of coronavirus

As COVID-19 continues to keep people apart, games that are less stressful are gaining attention and bringing people together. While most games usually have a final boss to beat, a mission to complete or a competition, driving the players to reach the end, games that have no specific goals or endings are helping people enjoy the time indoors and remain positive by simulating a virus-free virtual reality. Animal Crossing: New Horizons, for Nintendo Switch, released in Korea on March 20, is one

CultureApril 1, 2020

[Monitor] Korean EV batteries capture 40% global market share

According to market tracker SNE Research on Tuesday, the global market share of Korea’s three major EV battery manufacturers -- LG Chem, Samsung SDI and SK Innovation -- doubled to 42 percent in February up 20.9 percent on-year, surpassing the 40 percent mark for the first time. In the same period, the global market share of Chinese EV batteries shrank from 32.8 percent to 11.1 percent, while that of Japanese firms surged to 45.8 percent from 33.2 percent. Kim Byung-wook (kbw@heraldco

IndustryApril 1, 2020

[Noah Smith] Coronavirus exposes US as civilization in decline

Crises such as wars, depressions, natural disasters and pandemics can reveal differences in how effectively a society organizes itself. In the 1600s and 1700s, for example, Britain’s more advanced tax system allowed it to outspend Spain and France, while Prussia’s efficient army let it overcome larger opponents such as Austria. In the American Civil War, the Union’s industrial prowess allowed it to outlast and overwhelm the agrarian Confederacy. Pandemics aren’t quite th

ViewpointsApril 1, 2020

[Eli Lake] Protecting civil rights in virus fight

Since the outbreak of the coronavirus pandemic, some democracies around the world have used technology to avoid having to impose draconian mass quarantines that were common earlier this year in China. That’s reassuring -- and it’s also worrying, because the very strategies that can help fight a plague can also be abused once it’s over. Consider Taiwan, where an “electronic fence” allows local police to make regular phone calls to everyone who is home under quaranti

ViewpointsApril 1, 2020