In an effort to secure the supply of face masks and curb excessive profiteering, the government on Monday announced it will suspend punishment for monopolizers who voluntarily report themselves within a grace period. The action came on the sidelines of a rationing system that allows people to buy two protective masks per week from pharmacies on designated days. “We judged that the top priority is to secure as many (protective) masks as possible that may be distributed through p

EconomyMarch 9, 2020

The COVID-19 outbreak in Korea appears to be slowing, with the number of new confirmed cases dropping for a third consecutive day. According to the government’s central response team, the number of confirmed patients came to 7,478 as of 4 p.m. Monday, with 96 new cases reported in the midday tally. The government’s central response team releases the figures at midnight, and updates them again at 4 p.m. That follows the addition of 248 new infections reported in the midnight Sunda

Social AffairsMarch 9, 2020

South Korea plans to use a chartered flight to bring home about 80 citizens from Iran this week as the Middle Eastern country has seen a sharp rise in new coronavirus cases amid a shortage of medicine and protective gear, a foreign ministry official said Monday. Among about 220 South Koreans in Iran, some 80 citizens have applied to take the flight, the official said, as the number of COVID-19 cases in the country reportedly exceeded 6,500, with nearly 200 deaths as of Sunday. "We are ma

Foreign AffairsMarch 9, 2020

North Korea fired multiple short-range projectiles into the East Sea on Monday morning, South Korea’s Joint Chiefs of Staff said. Three of them flew approximately 200 kilometers and reached a peak altitude of 50 kilometers, from Sondok in South Hamgyong Province along the North’s eastern coast. “The launches were part of the North’s annual joint strike drills on Feb. 28 and March 2,” the South’s JCS said, noting the three projectiles could be super-large rock

North KoreaMarch 9, 2020

Korean chemical materials manufacturers Kolon Industries and SKC have sold their stakes in SKC Kolon PI, a polyimide film maker, for some 300 billion won ($250 million) in a bid to acquire seed funding to nurture new businesses, according to the two companies on Monday. Kosdaq-listed SKC Kolon PI is a joint venture established by Kolon Industries and SKC in 2008. It is the world’s largest polyimide film company, with 30 percent market share in the sector. PI film is utilized in variou

MarketMarch 9, 2020

As the entire nation struggles with the ongoing spread of COVID-19, the tourism industry -- both inbound and outbound -- has been one of the hardest hit by the virus outbreak. More than 100 countries around the world are restricting the entry of all travelers from Korea, as of Monday, pushing outbound travel agencies to the brink. Hana Tour and Modu Tour, Korea’s top two outbound travel agencies, have reported major losses in sales due to the COVID-19 outbreak. Hana Tour sent 49,000

TravelMarch 9, 2020

South Korean construction company Daelim Industrial has completed the takeover of Carliflex, a chemical business unit of Kraton, a US firm that produces specialty polymers and chemical products derived from pine wood pulping byproducts. Through the acquisition, worth $530 million, Daelim has gained Carliflex’s operations and workforce overseas, in the US, Germany, Belgium, Japan and Singapore. “The production technology for high-performance butadiene-based rubber that the compa

MarketMarch 9, 2020

South Korea and Japan tightened border controls Monday over fears of the novel coronavirus, reigniting a long-standing spat.  Both countries suspended their 90-day visa waiver programs for each other, while deciding to invalidate visas already issued. Meanwhile, Japan mandates all visitors from Korea to go into quarantine for two weeks upon arrival. Seoul is also enforcing special entry procedures, including temperature checks and health examinations.  　 Flights between both countri

Foreign AffairsMarch 9, 2020

Women of ‘Parasite,’ Lee Mie-kyung make Variety’s International Women’s Impact Report 2020 The actresses who starred in the Academy Award-winning “Parasite” made Variety’s annual International Women’s Impact Report on Friday, along with CJ Group Vice Chairwoman Lee Mie-kyung. The list, which includes accomplished women in showbiz from around the globe, was released prior to International Women’s Day on March 8. The five “Parasite&rd

FilmMarch 9, 2020

President Moon Jae-in assessed Monday that the pace of additional infections of the new coronavirus has been slowing, but also advised caution over excessive optimism about the outbreak. "The slowing trend should continue," Moon said in his meeting with senior aides at the presidential office Cheong Wa Dae. South Korea reported an additional 248 cases of COVID-19 as of Monday morning, slowing from 367 cases on Sunday and 483 recorded the previous day. Daily infections peaked at 909

Social AffairsMarch 9, 2020

South Korean oil refiners are facing a double whammy of sluggish demand and tumbling international crude prices that will make a big dent in their first-quarter earnings, industry sources said Monday. Since the coronavirus outbreak, local refineries have been struggling to cope with falling refining margins and weaker demand for their products both at home and abroad. A refining margin, a key measure of refiners' profitability, is the difference between the total value of petroleum products an

IndustryMarch 9, 2020

Starbucks Korea said Monday it will temporarily close 39 stores among the 74 in Daegu and North Gyeongsang Province region, hit the hardest by the coronavirus outbreak. According to the coffee chain, 39 stores will be closed from Monday to March 22 to prevent the spread of COVID-19. Nine will extend the closures since-February. Only 35 drive-thru stores in the region will operate normally and the company will conduct disinfection regularly, it added. The company plans to introduce social di

ConsumerMarch 9, 2020

Renault Samsung Motors said it started delivering its new premium sport utility vehicle unit XM3 on Monday, with 8,542 preorders -- which opened on Feb. 21. The company is of the view that its TCe 260, a high-performance1.3-liter gasoline turbo engine co-developed by Renault Group and Daimler Automotive Group, has captivated customers, taking up 84 percent of the preorders so far. The carmaker has introduced two versions for the new SUV line -- TCe 260, and a 1.6-liter gasoline engine, GTe.

MobilityMarch 9, 2020

The COVID-19 spread continues to cast a pall over the Korean film scene, forcing upcoming film festivals to reschedule. The organizers of the Chunsa Film Art Awards on Monday announced that the festival, originally scheduled to take place in April, will now be held in June. The Ulju Mountain Film Fest, which had moved up the event’s date from September to April starting this year, was forced to reschedule the dates back to the fall season. The unique film event taking place in the southe

FilmMarch 9, 2020

Singer and actor Park Yoo-chun made a surprise appearance on his brother’s livestreamed broadcast, Sunday night. The former member of K-pop boy band JYJ talked about his music with Yoo-hwan, also an actor, and sang along to some of his songs during the livestream on Twitch. In July last year, a local court ordered Park to 10 months in prison, suspended for two years, for the illegal purchase and use of methamphetamine. Park has continued to communicate with supporters and held a fan m

PerformanceMarch 9, 2020

A special flight of North Korea's flag carrier Air Koryo arrived in Russia's far eastern city of Vladivostok on Monday, carrying about 100 foreigners from Pyongyang, sources said. The flight, which touched down at Vladivostok International Airport at around 10:50 a.m., is believed to have transported foreigners, including diplomats, stranded after Pyongyang cut off all international transportation links over coronavirus concerns. In late January, Pyongyang blocked all its airways and land tra

North KoreaMarch 9, 2020

  PUBG Corp. said Monday that CEO Kim Chang-han, developer of its eponymous game PlayerUnknown’s Battlegrounds, will take on the dual role as head of Krafton. 　The appointment is viewed by the game industry as Krafton Chairman Chang Byung-kyu’s strategy to raise the company’s market valuation for its rumored year-end initial public offering. 　Krafton is the parent company of game studios PUBG, Bluehole, Pnix, Red Sahara, Delusion and En Masse Entertainment. 　Chairman C

IndustryMarch 9, 2020

Korea Chamber of Commerce and Industry Chairman Park Yong-maan said Monday that the supplementary budget currently being discussed at the National Assembly should be expanded to 40 trillion won ($33 billion) as the coronavirus damage is likely to continue for a considerable period of time. “This is the time for bold policies,” Park pointed out in an unscheduled press briefing, adding that “the country should drastically expand the extra budget to change the direction of the s

IndustryMarch 9, 2020

South Korea on Monday launched a mask rationing system aimed at stabilizing supply amid the coronavirus outbreak, but confusion was reported in some areas as consumers adjusted to the new system. Under the measure that took effect earlier in the day, citizens can only buy up to two protective masks per week from pharmacies, on designated days of the week, depending on the final digit of their year of birth. Public frustration has built up due to a mask supply crunch, triggered by growing dema

Social AffairsMarch 9, 2020