[Monitor] Cancellation penalties invite complaints 　

More and more consumers are complaining about having to pay penalties after canceling plans due to the new coronavirus outbreak, data from the Fair Trade Commission showed. The majority of the complaints concerned travel plans and weddings. Between Jan. 20, when the first confirmed COVID-19 case was reported here, and March 8, the commission’s “1372 consumer consultation center” handled 14,988 cases from consumers requiring consultations. This was 7.8 times the figure from t

IndustryMarch 11, 2020

Ruling bloc wants larger supplementary budget

Cheong Wa Dae and the ruling party will look into increasing the supplementary budget that was recently drawn up in response to the COVID-19 outbreak. According to the ruling Democratic Party, plans to increase the supplementary budget and launch new support programs were discussed at Wednesday’s meeting among high-level officials from the presidential office, the ruling party and the government. The supplementary budget put to the National Assembly’s review is about 11.7 trilli

PoliticsMarch 11, 2020

Ruling party to vote on joining proportional representation coalition

The ruling Democratic Party will hold an online vote for all its members to decide whether to participate in a coalition proportional representative party. The coalition proportional representative party is a proposed political party that will field only proportional representatives in the April 15 general elections. If Democratic Party members approve the resolution, the new party would include the ruling party, the Justice Party and left-leaning parties that do not at present have represent

PoliticsMarch 11, 2020

[Noah Smith] Taxing bad things isn't always good

The idea of taxing things that are bad for society has a powerful allure. It offers the possibility of a double benefit -- discouraging harmful activities, while also providing the government with revenue. Take sin taxes. Taxes on alcohol make it more expensive to get drunk, which reduces binge drinking and impaired driving. At the same time, they provide state and local governments with billions of dollars of revenue. Tobacco taxes, which generate more than twice as much, have proven instrumen

ViewpointsMarch 11, 2020

[Kim Myong-sik] Park stirs up politics in epidemic-stricken nation

Three years after her impeachment and subsequent imprisonment, former president Park Geun-hye revealed her intent to play a part in Korean politics and she proved she still could. Her letter from prison publicized by her defense lawyer called for unity of her supporters and other anti-government forces, alarming both ruling and opposition camps ahead of the general election about a month away. In the handwritten letter of some 250 words, she expressed her deep concerns for the people of Daegu

ViewpointsMarch 11, 2020

S. Korea’s job figures improve in Feb. amid virus fears

South Korea saw its jobless rate decline and job creations extend the uptrend for several months straight in February, while some service industries have started reflecting the negative impact of the new coronavirus, government data showed Wednesday. However, with the infection rate taking a steep upturn, Asia’s fourth-largest economy is likely to face the full-scale fallout in its employment indexes starting this month. Korea added 492,000 new jobs in February from a month earlier,

EconomyMarch 11, 2020

Foreign countries begin granting businesspeople exceptions to entry restrictions on S. Koreans: ministry

A few countries have allowed in businesspeople from South Korea in exceptions to their coronavirus entry restrictions, a foreign ministry official said Wednesday, pledging greater efforts to make such exceptions a standard practice. The ministry said earlier that the government is in consultations with some 20 countries to explore ways to allow entry for at least businesspeople seeking to travel overseas for work, on the condition that they are cleared of symptoms. Such countries possibly i

Foreign AffairsMarch 11, 2020

More K-pop artists team up with US labels to expand careers

Adding to the phenomenal global ascent of K-pop, led by boy band BTS, another Korean band, SuperM, hit No. 1 on the Billboard 200 albums chart last October, furthering the global influence of Korean pop music. It was a major feat accomplished in SuperM's widely publicized collaboration with Capitol Music Group, a major American music label under Universal Music Group, and a culmination of an increasing number of similar collaboration deals between K-pop artists and American music labels and t

K-popMarch 11, 2020

Coronavirus disrupts air carriers’ lease plans

With South Korean air carriers slashing the number of routes they operate over the COVID-19 spread, their plan to lease new aircrafts to increase competitiveness has hit turbulence, according to industry sources Wednesday.  Asiana Airlines’ budget carrier Air Busan had signed up to lease two Airbus 321 Neo LR aircrafts and is scheduled to receive one this month. The model can fly up to 7,400 kilometers, covering midrange routes such as to Singapore, Jakarta and Bali.  Accordin

MobilityMarch 11, 2020

2,500 beds secured for patients with mild symptoms

In response to a spike in the coronavirus caseload, South Korea has turned private dormitories and state-run training facilities into hospital wards now housing over 2,500 patients with mild symptoms. As of Wednesday morning, 2,358 COVID-19 patients in Daegu and North Gyeongsang Province have been admitted to 13 such facilities across the country, according to the Central Disaster and Safety Countermeasure Headquarters. The virus treatment centers make use of existing facilities, such as tr

Social AffairsMarch 11, 2020

[Herald Interview] Oh Ji-ho, director discuss fantasy-thriller ‘The Nightmare’

Actor Oh Ji-ho said he accepted the offer to star in the fantasy-thriller “The Nightmare” because he wanted answers to the many questions that popped into his head as he read the script. “It’s difficult to put it into words, but I was grasped by a mysterious and incomprehensible feeling,” Oh said Wednesday in an email interview conducted ahead of the film’s release on Thursday. “The Nightmare” is a mystery-thriller packed with fantastical elemen

FilmMarch 11, 2020

Korea initiates free counseling amid coronavirus

“This is my third week of telecommuting, and I’m feeling down for lack of human communication. Is this enough reason to receive psychological counseling?” is a question one can ask for free in South Korea amid the coronavirus situation.　 The Korea Psychological Association, together with the nation’s disease control body, said Wednesday that it would provide free counseling for anyone needing emotional care through the COVID-19 scare. Some 48 counseling sessions are pr

IndustryMarch 11, 2020

Community spread on horizon in Seoul and surrounding areas

The South Korean government plans to enforce guidelines for densely populated workplaces, stung by mass coronavirus infections at a call center in Seoul. 　 At least 90 people, including 77 employees at a call center in Guro-gu and 13 people who came into contact with them, tested positive for COVID-19 as of Wednesday afternoon, making it the biggest cluster of infections in Seoul that is home to 9.7 million people. 　 The country’s coronavirus cases as of midnight Tuesday came in at 7,755

Social AffairsMarch 11, 2020

Citibank, JP Morgan and two others fined W1.3b for fixing prices of forex derivatives

South Korea’s antitrust watchdog said Wednesday that it had fined four foreign banks a total of 1.3 billion won ($1.1 million) for fixing the prices of foreign exchange derivatives and manipulating the bidding process when dealing with local firms. According to the Fair Trade Commission, Citibank’s Korean subsidiary and local units of JP Morgan Chase, HSBC and Credit Agricole have colluded in price bids to win three forex derivatives contracts from four public and private companies

MarketMarch 11, 2020

Banking groups to hold shareholders meetings despite coronavirus scare

Even though the novel coronavirus outbreak is increasing “social distancing,” local banking groups are set to hold shareholders meetings as scheduled, but are also considering complementary measures to prevent infection. KB, Hana, Woori and Shinhan have all asked participating shareholders to bring face masks and warned that they will prohibit attendees from entering the venues if thermal scanners detect high temperature. KB’s shareholders meeting is scheduled to take place

MarketMarch 11, 2020

Show must go on, even if it’s online

While coronavirus cases continue to climb around the world, the performing arts scene in Korea is turning to a different stage: online platforms. According to the Korea Performing Arts Box Office Information System, managed by the Korea Arts Management Service affiliated with the Culture Ministry, performing arts theaters’ ticket sales in February recorded 20.9 billion won ($18.6 million), nearly down to half of the previous month’s 40.3 billion won. Since mid-February -- when Ko

PerformanceMarch 11, 2020

Online sales for high-end retailers jump amid virus outbreak

As retail businesses are seeing a boost in their sales online amid the COVID-19 outbreak, high-end department stores and outlets have also hopped on the bandwagon, according to the industry on Wednesday. WeMakePrice, a South Korean e-commerce platform operator, said the combined sales of department stores and outlets it hosts spiked in the period from Feb. 1 to 28 by 316 percent from a year earlier. While department stores and premium outlets are widely seen to be more dependent on physical

ConsumerMarch 11, 2020

System errors blamed for investment losses

A series of system errors on online transaction platforms run by local brokerages and an internet bank were reported this week, disrupting services. SK Securities suffered a technical glitch at its home trading system and mobile trading system for nearly three hours from about 10 a.m. to 1 p.m., a source told The Korea Herald, saying it caused investment losses. “I wasn’t able to connect to the MTS, so I tried trading through the HTS. I was able to trade my securities in real time,

MarketMarch 11, 2020

‘Shincheonji’s donation made without prior notice’

The Community Chest of Korea, a local charity, refused donations of the Shincheonji Church of Jesus in light of the mounting controversies surrounding the religious sect, the charity said. In an answer to an inquiry from a lawmaker of the ruling Democratic Party of Korea, the charity said that Shincheonji wired a total of 12 billion won ($10.1 million) Thursday to the group’s two donation accounts, without any consultation with the group beforehand. Upon transfer, Shincheonji released

Social AffairsMarch 11, 2020