South Korea’s consumer sentiment fell to the lowest level in more than a decade in March, affected by the continued spread of the COVID-19, data from the Bank of Korea showed last week. The composite consumer sentiment index reached 78.4 this month, a drop by 18.5 points and the lowest since March 2009. Consumer sentiment toward the current economic conditions plunged 28 points to 38, according to a subindex, also the lowest since March 2009.  (khnews@heraldcorp.com)

IndustryMarch 30, 2020

In an effort to tighten its grip on high-risk financial products in a volatile market, South Korea’s financial authorities will be placing a cap on peer-to-peer investments. The regulatory Financial Services Commission and watchdog Financial Supervisory Service on Monday unveiled the enforcement regulations for a forthcoming act on P2P lending, which will take effect starting Aug. 27. Under new rules, individual investors may invest up to 30 million won ($24,500) in P2P products and up

MarketMarch 30, 2020

In recent years, film directors have been making inroads into the small screen, creating serial productions, “Kingdom” -- the smash-hit Korean zombie thriller produced and distributed by Netflix -- being one of the successful examples. The first season of the Netflix series was helmed by director Kim Seong-hoon of films “A Hard Day” and “Tunnel,” who made the small screen debut with “Kingdom.” For the second season of “Kingdom,” Kim di

TelevisionMarch 30, 2020

Posco Chemical said Monday it will invest 217.7 billion won ($178 million) to produce key materials for electric vehicle batteries. According to the company, its board of directors has approved the investment to construct a production facility for synthetic graphite anode for EV batteries. “Demand for synthetic graphite anodes for EV batteries is expected to spike as the market size is expected to grow from 194 GWh in 2020 to 3,066 GWh in 2030. It’s essential to be equipped wit

IndustryMarch 30, 2020

South Korea’s regional economies have noticeably shrunk in the first quarter due to the coronavirus pandemic, with epicenters of the outbreak hit worst, a Bank of Korea report showed Monday. According to the nation’s central bank, “Regional economies of Daegu and both Gyeongsang provinces shrunk marginally in the first quarter of the year, while the Seoul metropolitan area and others also saw a contraction compared with the previous quarter.” All provinces and areas s

EconomyMarch 30, 2020

President Moon Jae-in and his Romanian counterpart, Klaus Werner Iohannis, exchanged congratulatory letters Monday to mark the 30th anniversary of the establishment of their countries' diplomatic ties, the foreign ministry said. In his letter, Moon welcomed the steady expansion of bilateral cooperation since the establishment of relations in 1990, while noting the recent strengthening of cooperation in the nuclear reactor, educational and cultural sectors. He also voiced expectation that the

Foreign AffairsMarch 30, 2020

South Korean stocks finished almost unchanged Monday paring earlier losses on new stimulus measures aimed at minimizing the fallout from the spread of the new coronavirus.  The local currency dropped sharply against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 0.61 point, or 0.04 percent, to close at 1,717.12. Trading volume was high at 753 million shares worth 8.97 trillion won ($7.32 billion), with gainers outnumbering losers 615 to 256.   The in

MarketMarch 30, 2020

South Korea’s financial regulator Monday cleared uncertainties, allowing the Korea Development Bank to take control of a local insurer unit for the time being and buy the time to sell it off. A private equity firm jointly created by KDB and Consus Asset Management -- which controls a combined 92.73 percent of KDB Life Insurance -- reached the end of a 10-year grace period before being regulated as an insurance holding company in February. Under the Capital Markets Act, the private equity

MarketMarch 30, 2020

South Korea will offer up to 1 million won ($820) in disaster relief subsidy to households as part of the efforts to soften the economic impact of the COVID-19 pandemic, President Moon Jae-in revealed Monday. The government plans to submit a bill for another supplementary budget to raise the required funds. Speaking at an emergency economy meeting, Moon said that the subsidies will be given to households in the bottom 70 percent income group. The amount will vary depending on the number of

PoliticsMarch 30, 2020

A South Korean government-chartered plane departed for coronavirus-hit Italy on Monday to bring home hundreds of citizens, amid growing concerns over their safety in the epicenter of the COVID-19 outbreak in Europe. The plane, bound for Milan, is one of the two flights that the Seoul government has arranged to bring about 530 citizens back to Korea. The other flight is expected to depart here for Rome on Tuesday. The first flight, with about 310 people, is set to arrive in Korea on Wednesday,

Foreign AffairsMarch 30, 2020

Colleges in North Korea are providing online programs for students amid an extended vacation, as the country is making all efforts to prevent the spread of the new coronavirus, state media showed Monday. North Korea has not officially confirmed any coronavirus infections, but it has reportedly extended the winter vacation for all schools as a precaution. "Classrooms nationwide have been suspended and vacation periods extended as part of efforts to stem the spread of the new coronavirus t

North KoreaMarch 30, 2020

Woowa Brothers, operator of the country’s leading food delivery app Baedal Minjok, said Monday it will file police complaints against businesses that posted fake food reviews on its app, after being paid. According to the company, the firms received about 5,000 won ($4) to 10,000 won for posting positive reviews registered on Baedal Minjok. For instance, they would be paid about 23,000 won to order one fried chicken that cost 18,000 won on the app, write a positive review, and gain 5,000

ConsumerMarch 30, 2020

British American Tobacco announced Monday a new corporate strategy for 2020 to present less risky products for customers, while setting a new environment goal, according to BAT Korea. Under the new corporate aim dubbed, “Building a better tomorrow,” the company said it will target establishing 50 million non-combustible product consumers by 2030, to achieve carbon neutrality by 2030 and bring forward its existing 2030 environment targets to 2025. BAT Chief Executive Jack Bowles p

IndustryMarch 30, 2020

Though social distancing has become the status quo amid the COVID-19 crisis, people are trying to stay connected with others via various online platforms. As people are ordered or advised to stay home, the sense of isolation has led to the coining of such expressions as “corona blues,” referring to constant anxiety stemming from the fear of the highly contagious virus and depression from prolonged isolation. Looking for a way to feel connected, people are increasingly turning to

CultureMarch 30, 2020

Leading e-commerce retailer eBay Korea said Monday the company was creating synergies by integrating its independent “Smile delivery” service with its fulfillment platform. The retail giant said Monday its Smile delivery service has been able to benefit both sellers and buyers through its optimized fulfillment platform, which uses the same system as Amazon’s fulfillment services. “Typical fulfillment platforms charge businesses by the size of space allocated for stoc

IndustryMarch 30, 2020

The southern province of Jeju Island said Monday it has filed a lawsuit against two travelers who tested positive for coronavirus after a five-day trip of the island. The lawsuit, filed by the provincial government and six local businesses, is seeking over 100 million won ($82,000) in damages and business losses.  The defendants are a 19-year-old who attends a university in the US and her mother. They traveled to Jeju five days after the daughter returned from the US, and tested positi

Social AffairsMarch 30, 2020

The foreign ministry reconfirmed Monday that three South Korean coronavirus test kits can be exported to the United States as they were given pre-emergency use authorization numbers from the US Food and Drug Administration (FDA). On Saturday, the foreign ministry issued a press release that the three unidentified companies have gained preapproval in the FDA's emergency use authorization (EUA) process and that their diagnostic devices can be sold in the US market. But the announcement created

Foreign AffairsMarch 30, 2020

Newly appointed CEO of South Korea’s leading telecom company KT Koo Hyun-mo on Monday relinquished his title as chairman, vowing independent and future-oriented management. Koo, who was formerly head of KT’s customer and media division, officially received the green light as the new CEO and president during a shareholders meeting in Seoul. The shareholders also approved the removal of the chairman position, as part of efforts to maximize roles of other decision-makers to improve i

TechnologyMarch 30, 2020