Hyundai Motor unveils all-new Avante in US

Hyundai Motor on Wednesday unveiled its seventh-generation sedan Avante in Los Angeles at its world premiere event.  The event was livestreamed in major markets including South Korea, North America, China and Australia, without any audience, over the coronavirus concerns.  Avante has been the automaker’s steady-selling sedan over the past 30 years -- sold as Elantra in North America.  Hyundai Motor said the upgraded model has focused on showing an innovative, futuristic

MobilityMarch 18, 2020

S. Korea on edge over new coronavirus clusters in Daegu

  Korean authorities are on alert as additional clusters of the novel coronavirus infections emerged in Daegu, the epicenter of the local outbreak, despite a relative slowdown in new cases nationwide. 　 On Wednesday, Korea reported 93 new COVID-19 cases, bringing the nation’s total to 8,413, according to the Korea Centers for Disease Control and Prevention. It marks the fourth straight day that the number of new cases remained in double digits rather than triple. Three more people d

Social AffairsMarch 18, 2020

[From the scene] Attendance halves at Samsung’s shareholders meeting amid virus fears

SUWON -- Around 400 Samsung Electronics shareholders gathered at a convention center in Suwon, Gyeonggi Province, to attend the annual meeting with reinforced sanitation efforts amid the coronavirus fears. “I hesitated to participate today because of the coronavirus spread, but had to come to exercise my rights as a shareholder,” said one of the attendees. Amid persisting concerns about the novel coronavirus spread in Korea, the shareholders present at Suwon Convention Center w

TechnologyMarch 18, 2020

Hanwha’s K-9 howitzers get early delivery request from India

The delivery of Hanwha Defense’s K-9 self-propelled guns in India with technological support from the Korean company has been made several months ahead of schedule, according to industry sources. Hanwha Defense shipped the first batch of 10 guns to the Indian Army in November 2018 on schedule, upon which 41 guns of the K-9 Vajra -- a modified version of Hanwha Defense’s K-9 155-mm 52-caliber -- have been manufactured and supplied two to three months ahead of schedule, according to

IndustryMarch 18, 2020

Seoul stocks lose earlier gains late Wednesday morning

South Korean stocks returned to negative terrain late Wednesday morning, offsetting earlier gains from the opening bell as foreigners and institutions both became net sellers. The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 6.61 points, or 0.4 percent, to 1,665.83 as of 11:20 a.m. The market earlier rebounded as investors welcomed a set of additional stimulus packages being considered by the United States. Washington announced Tuesday (local time) it is considering a stimul

MarketMarch 18, 2020

Daegu reports another cluster infection from nursing hospital

Another cluster transmission of the new coronavirus has infected more than 70 people at a nursing hospital in the southeastern city of Daegu, the epicenter of the local outbreak, city government officials said Wednesday. The Daegu Metropolitan City Government said a total of 75 people from the nursing hospital, including 57 patients and 18 medical staff, tested positive for the COVID-19 virus. A nurse working at the hospital was the its first confirmed case on Monday. The hospital -- which ha

Social AffairsMarch 18, 2020

Some films set to hit local screens amid slowdown in virus spread

The virus-hit South Korean film community is gradually regaining vitality, with some movies poised to hit local screens in the coming weeks, as the country's coronavirus infections have been seemingly slowing down. South Korea reported an additional 93 cases of COVID-19 infection on Wednesday, bringing the total to 8,413 with 84 deaths. The Wednesday figure marked the fourth consecutive day of double-digit daily increases. "Judy," a biographical drama film about American singer and

FilmMarch 18, 2020

Korea sends military planes to secure more medical gowns amid anti-virus efforts

South Korea dispatched two military transport aircraft to Myanmar on Wednesday to bring back 80,000 sets of surgical gowns for use in dealing with the new coronavirus, the defense ministry said. The Air Force C-130J planes departed for the Southeast Asian nation from Gimhae airport, near the southeastern city of Busan, marking the first time that military planes have been mobilized to bring commercial goods into the country, the ministry said. The planes are scheduled to return to Seoul's Gi

Foreign AffairsMarch 18, 2020

S. Korea to bring home part of rotational troops from South Sudan

South Korea will bring back part of its troops from South Sudan without sending a replacement contingent for the time being due to coronavirus concerns, government sources said Wednesday. The decision to bring home about 210 troops of the 270-strong Hanbit Unit came after South Sudan officially asked Seoul and other foreign countries not to send fresh troops in the wake of the continued spread of the COVID-19 virus across the globe. About 150 service members will return home this month and th

Foreign AffairsMarch 18, 2020

Moon meets leaders of business, labor groups, says pandemic-led economic crisis to continue

President Moon Jae-in warned Wednesday that the global economic crisis could be drawn out and stressed South Korea should explore bold preemptive measures without being restricted to precedents. He was speaking at a rare group meeting with the heads of the country's major business-related associations and umbrella labor unions. COVID-19 is bringing about a "combined crisis" in the real economy and finance, Moon pointed out. "Now that it's a problem that the whole world is unde

PoliticsMarch 18, 2020

Samsung expects chip demand to grow this year

Samsung Electronics Co., the world's largest memory chip maker, said Wednesday it expects this year's chip demand to grow despite concerns over the novel coronavirus pandemic. During an annual shareholder meeting, Kim Ki-nam, who leads Samsung's device solutions division, said that "external uncertainties" will continue this year but global chip demand will increase. "We expect global chip demand to grow on the back of the growth of artificial intelligence and automotive semicon

IndustryMarch 18, 2020

Seoul capital area on edge as infections continue to soar

While the number of new coronavirus cases reported in South Korea remained below 100 for a fourth straight day Wednesday, cases in the capital area continued to increase, raising concerns over mass transmission in the region, home to 25 million people. Gyeonggi Province, which surrounds Seoul, reported 15 new cases, bringing the total number of cases in the province to 277, according to the latest data by the Korea Centers for Disease Control and Prevention (KCDC). This means that the provinc

Social AffairsMarch 18, 2020

Hyundai Mobis shareholders OK heir apparent as executive director

South Korea's biggest auto parts maker and a key affiliate of Hyundai Motor Group, on Wednesday approved the reappoinment of the group's heir apparent to the company's board to push forward his future mobility initiative. In a general meeting, Hyundai Mobis shareholders voted to accept the company's board's reappointment of Hyundai Motor Group Executive Vice Chairman Chung Euisun as executive director.   They also approved the board's decision to extend the term of former Opel Chief

MobilityMarch 18, 2020

Number of coronavirus cases in military remains unchanged for week

The military reported no additional cases of the new coronavirus among service personnel for the seventh straight day Wednesday, with the total number of infections remaining unchanged at 38, the defense ministry said. Of the total infections, 21 were reported in the Army, 13 in the Air Force, two in the Marine Corps, and one each in the Navy and a unit under the direct control of the ministry, it said. The numbers include 12 personnel -- eight in the Navy and four in the Air Force -- who hav

DefenseMarch 18, 2020

Virus-hit aviation sector to get more support

  South Korea said Wednesday it will delay reclaiming traffic rights and allocated slots from airlines, while cutting landing fees and other charges, amid the escalating coronavirus impact on the aviation sector. Airlines have suspended most of their flights on international routes this month as people opt not to travel and more than 150 countries and territories impose entry restrictions on passengers from South Korea out of concerns over the spread of COVID-19. The transportation minis

MobilityMarch 18, 2020

US shale firms' crisis may benefit Korean refiners: sources

  South Korean oil refiners will likely benefit from a crisis in the US shale industry sparked by plunging international crude prices, industry sources said Wednesday. A recent tumble in oil prices is projected to cut US shale oil firms' production sharply down the road, leading to a drop in supply from American producers and rising prices of petroleum products. According to the sources, Bloomberg New Energy Finance (BNEF) recently predicted US shale oil output to drop by 1 million barre

EconomyMarch 18, 2020

New virus cases below 100 for 4th day, but clusters continue to emerge

South Korea recorded daily new infections of the new coronavirus in double digits for the fourth straight day Wednesday, as health authorities stay alert for cluster infections across the nation. Authorities also called for people to delay or cancel nonessential overseas travel to help keep the virus outbreak under control. The 93 new cases, which were detected Tuesday and followed the 84 new cases detected on Monday and 74 on Sunday, brought the nation's total infections to 8,413, the Korea C

Social AffairsMarch 18, 2020

Tokyo Olympics plans 'insensitive, irresponsible': IOC member

MONTREAL (AFP) -- International Olympic Committee member Hayley Wickenheiser said Tuesday that vows to press ahead with plans for the Tokyo Games are "insensitive and irresponsible." Wickenheiser, a member of Canada's women's ice hockey team that won four straight Olympic golds between 2002 and 2016, made her comments on Twitter. The 41-year-old IOC Athletes Commission member was speaking as the IOC said there was no need for "drastic decisions" over the staging of th

WorldMarch 18, 2020

S. Korea raises cap on bank's currency forward positions

  South Korea said Wednesday it will raise the cap on bank's currency forward positions to inject more dollars into the currency market, the latest follow-up to the market stabilization measures. The cap for local banks will be revised up to 50 percent from the previous 40 percent, with that for foreign banks operating in the country to be set at 250 percent, up from the previous 200 percent, according to the Ministry of Economy and Finance. The measure will take effect Thursday, the min

MarketMarch 18, 2020

N. Korea's trade with Russia jumps 40% despite sanctions: data

North Korea's trade with Russia jumped about 40 percent on-year in 2019 despite global sanctions imposed on Pyongyang, data showed Wednesday. According to the data disclosed by the International Trade Centre, bilateral trade between North Korea and Russia came to $47.9 million last year, up 40.6 percent from a year earlier. North Korea imported $44.9 million worth of products from Russia last year, with its exports to the neighboring country reaching $3 million, the data showed. Petroleum

North KoreaMarch 18, 2020