Citibank Korea’s WM strategy pays off amid market fluctuations

Citibank Korea has seen the pool of high-net-worth clients grow on the back of its unique wealth management program, which focuses on strict product screening for the sake of investor security. The number of wealth management clients at the local subsidiary of the New York-based bank soared 124 percent on-year in January, according to officials. Also, its Aggressive Model Portfolio yielded a 19.8 percent return last year, while its Moderate Model Portfolio returned 17.2 percent, despite the

MarketMarch 22, 2020

S. Korea likely to provide 2nd extra budget in May amid coronavirus crisis

Speculation is growing here that South Korea will compile an additional supplementary budget after the April general elections to deal with the extended economic fallout from the COVID-19 pandemic. Last Tuesday, the National Assembly approved an extra budget bill worth 11.7 trillion won ($9.4 billion), the country’s largest ever, in response to the coronavirus crisis. While the total amount of the budget remained unchanged from the government’s initial suggestion, some planned

EconomyMarch 22, 2020

[Economy in Pandemic 3] Overseas property investments to take hit from coronavirus

Highly volatile exchange rates and dampened investment sentiment around the world are now posing challenges to South Korea’s asset management firms, which have been accelerating their expansion into global real estate markets in recent years, according to market watchers. Seeking out new opportunities beyond the nation, Korean investment companies have inked a number of multibillion-dollar deals to acquire flagship buildings in cities around the world. The most prominent deal, among othe

MarketMarch 22, 2020

Performing arts scene staggers under virus pandemic

While Monday marks a month since the COVID-19 alert level was raised to “red,” the national health crisis is pushing the local performing arts scene to the edge. According to the Korea Performing Arts Box Office Information System, managed by the Korea Arts Management Service affiliated with the Ministry of Culture, Sports and Tourism, roughly 70 productions opened in March as of Sunday. In February, around 380 shows opened. Moreover, data shows that performing arts ticket sales

PerformanceMarch 22, 2020

S. Korean companies brace for liquidity crisis in April

South Korean companies are bracing for a possible liquidity crisis in the bond market next month, amid sagging investor sentiment and signs of capital flight due to the coronavirus pandemic, market data showed Sunday. The illiquidity -- triggered by continuously escalating novel coronavirus fears -- will pose a hurdle to companies when they attract new capital or carry out a refinancing scheme. A combined 6.5 trillion won ($5.2 billion) in corporate bonds is due to reach maturity in April, ac

MarketMarch 22, 2020

Feeling uneasy at home

Kim Yong-chul, a university graduate, has spent most of his time at home applying for jobs and studying for tests since late last year. But as the novel coronavirus has hit the country, in a crisis so far extending some two months, he has started to feel uneasy staying with his family at home for nearly 24 hours a day. “My father is working from home for over a month now, and it has become stressful for me to stay at home, even having three meals all together every day” Kim said. &

CultureMarch 22, 2020

ITC dismisses SK Innovation-LG Chem trade secrets case

The United States International Trade Commission revealed Sunday that it has dismissed the high profile case between SK Innovation and LG Chem regarding the theft of trade secrets. In its initial determination, the agency harshly criticized SK Innovation of intentionally tampering with evidence. “This type of investigation is particularly sensitive to and prejudiced by acts of spoliation. … Compliance with orders directing discovery into what information is possessed by a resp

TechnologyMarch 22, 2020

Eastar grounds flights for 1 month over coronavirus

Hit by a severe drop in passengers and suspension of international routes over the coronavirus pandemic, South Korean budget carrier Eastar Jet announced Sunday it will halt all services starting next week. The low-cost-carrier has decided to halt all flights to Jeju Island from Gimpo, Cheongju and Gunsan airports from Tuesday.  They were the only routes that the air carrier has been operating since March 9, after its Japanese flights were shut down following entry restrictions on Korean

MobilityMarch 22, 2020

Foreign brokerages suffer big hit amid price-cutting race

Foreign brokerages operating in South Korea have reported a drastic fall in their earnings in 2019, with their commission income falling sharply as domestic rivals chewed on their market share. The five securities arms of foreign investment banks -- Credit Agricole, BNP Paribas, Deutsche, Hong Kong and Shanghai Banking Corp. and UBS -- disclosed that they saw over a 30 percent drop in their annual earnings, according to the Korea Financial Investment Association. The latest was France-based C

MarketMarch 22, 2020

Hankuk Paper signs W55b deal to acquire local paper maker Seha

An investor group led by South Korean pulp product manufacturer Hankuk Paper agreed to buy a majority stake in Korea’s third-largest domestic industrial paper maker, Seha, for 55 billion won ($44.2 million) from Korean nonperforming loan manager United Asset Management Co., a filing showed Sunday. This marks the private bad bank’s first exit from a distressed buyout strategy that traces back to 2014. The consortium -- comprising Hankuk Paper and Daesung Industrial -- will acquire

MarketMarch 22, 2020

[Newsmaker] Public anger grows over Telegram underage sexual abuse ring

Public anger has exploded over a recently busted Telegram sexual abuse ring, prompting millions to sign petitions for the disclosure of the full identities of the operators as well as their tens of thousands of clients. A petition filed with Cheong Wa Dae calling for the disclosure of the main suspect, arrested last week, quickly garnered a record number of signatures: 1.85 million as of 4 p.m. Sunday. A separate petition calling for the disclosure of some 260,000 users of Telegram chat roo

Social AffairsMarch 22, 2020

Coronavirus testing at all nursing hospitals in Daegu almost completed

Testing for the novel coronavirus on patients and staff at all nursing hospitals in the southeastern city of Daegu, the nation's epicenter of the outbreak, has almost been completed, city government officials said Sunday. The Daegu city government has been testing for COVID-19 on all patients and staff at a total of 394 care hospitals located in the city, after a number of cluster infections occurred in such facilities. A total of 33,610 people, or 94.6 percent, underwent testing over the pas

Social AffairsMarch 22, 2020

Renewable energy loses ground in Korea due to faulty policies

A significant portion of South Korea’s renewable energy is generated by a controversial material that emits more greenhouse gas than coal, government data showed, raising concerns over the sustainability of the domestic green industry. According to the Korea Energy Agency, compressed organic matter or biomass generated 6,620,283 megawatt hours of electricity in 2018, up 80 times from 83,015 MWh in 2012. Biomass accounted for 12.5 percent of total electricity generated by renewable ener

IndustryMarch 22, 2020

S. Korea starts coronavirus tests on all European arrivals

South Korea began mandating novel coronavirus testing for all arrivals from Europe -- citizens and foreigners alike -- on Sunday amid concerns about the growing number of imported cases of COVID-19, now that the continent has become the new epicenter of the global pandemic.  　 Upon entering the country, those with COVID-19 symptoms such as fever, coughing or sore throat will get tested in separate quarantine facilities. Asymptomatic travelers will be taken to temporary accommodations near

Social AffairsMarch 22, 2020

Many churches press ahead with services despite pleas for social distancing

Hundreds of South Korean Protestant churches pressed ahead with their worship services Sunday, defying the government's repeated appeals to call off large gatherings and deepening fears of coronavirus cluster infections. Most churches tried to comply with infection prevention guidelines, such as wearing masks and keeping a certain distance between worshipers, but raised the ire of quarantine officials focusing on a stepped-up social distancing campaign. Amid the defiant religious services, Pr

Social AffairsMarch 22, 2020

Cleaning appliance sales increase as hygiene concerns rise

In the wake of the COVID-19 outbreak across South Korea, more people appear to be buying cleaning appliances as hygiene concerns rise, according to the retail industry Sunday. According to figures released by the country’s largest retail chain E-mart, dryers and garment care appliances saw sales go up by 26.6 percent and 38.5 percent, respectively, from Jan. 20 to Thursday, compared to the year earlier. Jan. 20 is the day the first COVID-19 patient was confirmed in Korea. Fabric care

ConsumerMarch 22, 2020

Kim Jong-un oversees ballistic missile tests

The two short-range projectiles North Korea fired into the East Sea on Saturday were ballistic missiles and the test was overseen by leader Kim Jong-un, the North’s Korean Central News Agency said Sunday, adding the “strategic and guided weapons” would soon be operational. The missiles flew approximately 410 kilometers and reached a peak altitude of 50 kilometers from Sonchon, along the North’s western coast. In its third weapons launch this month, the North was suspect

North KoreaMarch 22, 2020

[Feature] Good Samaritans inspire a sense of community

The novel coronavirus outbreak has heightened anxiety in South Korea and around the globe in a period unlike any the modern society has experienced before. Despite continued uncertainty and bad apples with xenophobic behavior, good Samaritans in Korea are going an extra mile to look out for those most vulnerable to contracting the disease with medical staff combating the virus on the front lines. Lee Jun-ah, 22, a senior at Seoul Women’s College of Nursing, is volunteering from home, ma

Social AffairsMarch 22, 2020

Hyundai Mobis develops radar-using passenger detecting technology

Hyundai Mobis said Sunday it has developed a radar-using rear occupant alert system that will be adopted by new models of global carmakers. According to the auto parts making unit of Hyundai Motor Group, ROA is a system that was developed based on radar that uses sensors for autonomous driving. It is built on a software algorithm that detects even the most minute movements of a passenger in the rear seat. The radar of ROA can analyze a variety of bio-signals by penetrating a person’s bl

MobilityMarch 22, 2020

NK newspaper mentions 'at least 1 meter distance' in anti-virus efforts

North Korea's main newspaper on Sunday called public attention to keeping "at least one meter distance" from others in what appears to be a social distancing effort to prevent the spread of the new coronavirus. Introducing foreign countries' measures to curb COVID-19 outbreaks, the Rodong Sinmun, the daily of the North's ruling Workers' Party, mentioned such social distancing measures as staying away from others and avoiding public transportation. Pyongyang has claimed to have no C

North KoreaMarch 22, 2020