Korea's household debt growth faster than peers in 2019

  The debt owed by households and small businesses in South Korea rose at one of the world's fastest rates in 2019 in terms of its ratio to the country's gross domestic product (GDP), data showed Wednesday. According to the data from the Bank for International Settlement, outstanding debt extended to households and small businesses here came to 1,790.5 trillion won ($1.5 trillion) as of the end of September, up 4.5 percent from a year earlier. The rate of increase was the 25th-highest am

EconomyMarch 4, 2020

Seoul FX reserves slightly drop in Feb.

South Korea's foreign exchange (FX) reserves dropped slightly from a month earlier in February, central bank data showed Wednesday, largely on the strengthening of the US dollar that reduced the dollar value of the country's reserves held in other currencies. The country's FX reserves came to $409.17 billion as of end-February, down $480 million from the record high of $409.65 billion tallied a month before, according to the data from the Bank of Korea (BOK). The BOK attributed the drop to the

MarketMarch 4, 2020

31 injured in Lotte Chemical plant fire

SEOUL/SEOSAN -- At least 31 people in the southern city of Seosan were injured Wednesday following an explosion at Lotte Chemical Corp.'s plant here. The fire broke out following an explosion at 2:59 a.m. at the Lotte affiliate's plant in South Chungcheong Province, according to fire officials. No death has been reported so far. The fire was mostly put out by 5:12 a.m., after 240 fire fighters and 38 vehicles were mobilized in a major fire response. Lotte Chemical said the explosion occurred

Social AffairsMarch 4, 2020

World Bank unveils $12b aid package to combat coronavirus

WASHINGTON (AFP) -- The World Bank unveiled a $12 billion aid package on Tuesday that will provide fast-track funds to help countries combat the coronavirus outbreak. "The goal is to provide fast, effective action that responds to country needs," World Bank President David Malpass told reporters. He said it is critical to "recognize the extra burden on poor countries" least equipped in the struggle to prevent the spread of the COVID-19 virus. The funds, some of whic

World NewsMarch 4, 2020

US leads global fight against coronavirus economic threat

WASHINGTON (AFP) -- The US Federal Reserve on Tuesday led the global charge in response to the growing economic risk posed by the new coronavirus, announcing an emergency interest rate cut after the UN health agency said the world has entered "uncharted territory." But the Fed's stimulus, which came hours after the Group of Seven finance ministers and central bankers pledged to take action using "all appropriate policy tools," wasn't enough to prevent Wall Street stocks fr

World NewsMarch 4, 2020

US puts new limits on journalists from China state-run media

WASHINGTON (AP) -- The Trump administration is limiting the number of journalists from five Chinese state-run media outlets who can work in the United States. A State Department announcement Monday cited China's increasingly harsh surveillance, harassment and intimidation of American and other foreign journalists in China for an action that comes amid efforts by foreign governments to influence US politics through state media. It said the US was not planning to place any restrictions on the

World NewsMarch 3, 2020

Virus alarms sound worldwide, but China sees crisis ebbing

BEIJING (AP) -- Iranians hoarded medical supplies, Italians urged doctors out of retirement and South Koreans prepared to pump billions into relief efforts Tuesday as the virus epidemic firmed its hold around the globe. Mushrooming outbreaks in the Mideast, Europe and South Korea contrasted with optimism in China, where thousands of recovered patients were going home. A growing outbreak in the United States led schools and subways to sanitize, quickened a search for a vaccine, and spread fea

World NewsMarch 3, 2020

Foxconn says China factories operating at 50% over virus outbreak

  TAIPEI (AFP) -- Taiwanese tech giant and iPhone assembler Foxconn said Tuesday its Chinese factories are operating at 50 percent of seasonal capacity and are expecting to take a hit for the current quarter due to the coronavirus outbreak. Also known by its official name Hon Hai Precision Industry, Foxconn is the world's biggest contract electronics manufacturer and makes Apple's iPhones as well as gadgets for other international brands. Foxconn employs more than one million workers acr

World NewsMarch 3, 2020

Tokyo could lose Olympics if not held in 2020, minister says

TOKYO (AFP) -- Tokyo risks losing the Olympics if they're postponed later than this year over the new coronavirus, a government minister said on Tuesday, adding that May looks like the deadline for the decision. The contract for the Games says the International Olympic Committee can withdraw hosting rights if they're not held in 2020, Olympics Minister Seiko Hashimoto told parliament. Japan's government, Tokyo organisers and the IOC have all pledged to hold the Games on schedule from July 2

World NewsMarch 3, 2020

G7 seeks to inoculate global economy against coronavirus

PARIS (AFP) -- Group of Seven finance ministers and central bank chiefs were set to hold coronavirus talks Tuesday as concerns grew that the epidemic could imperil the health of the global economy. US Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell "will lead a call with their G7 counterparts" on Tuesday, the Treasury department confirmed in a statement. In addition to scrambling to respond to the outbreak which has now killed more than 3,100 people and

World NewsMarch 3, 2020

Key spring blossom festivals canceled over coronavirus outbreak

A string of blossom festivals that symbolize the onset of spring in South Korea have been canceled this year amid the ongoing coronavirus outbreak here. The city of Changwon, South Gyeongsang Province, said last week that it will cancel this spring's Jinhae Gunhangje Festival, originally set to begin on March 27. It was the first cancellation of the festival, one of the biggest spring outdoor events in South Korea, in its 58-year history. Featuring blooming cherry trees in the city and a s

Social AffairsMarch 3, 2020

Seven sailors wounded in grenade explosion on Navy vessel

A grenade exploded on a Navy vessel during a maritime firing drill off the southern coast on Tuesday, wounding seven sailors, two of them seriously, the Navy said. The explosion occurred for unidentified reasons at around 12:20 p.m. on the 130-ton Chamsuri-class patrol killer boat affiliated with the Third Fleet in waters near Geoje Island, according to the Navy. Two were wounded seriously, though the injuries are not life-threatening, while five others sustained light wounds, the Navy said

DefenseMarch 3, 2020

89 countries, regions restricting entry of people from S. Korea over coronavirus fears

A total of 89 countries and regions are planning or imposing entry bans or quarantine procedures on visitors from South Korea on Tuesday, despite Seoul's push to curb what it calls excessively restrictive measures. As of 3 p.m., 37 countries and regions plan to ban or were barring the entry of travelers who have visited Korea in the past two weeks, while 52 countries and regions, including China, prepared or were carrying out quarantine programs or recommendations for them, according to the

Foreign AffairsMarch 3, 2020

S. Korea prepares over $8b extra budget bill against coronavirus: minister

South Korea is preparing an extra budget bill worth more than 10 trillion won (US$8.37 billion) to help fight against the new coronavirus, the finance minister told a parliamentary session Tuesday. Finance Minister Hong Nam-ki added that the outbreak of COVID-19 may undercut the country's economic growth by 0.2 percentage point this year. "(The outbreak) will probably have a negative impact on gross domestic product (GDP) in the first quarter and on this year's overall growth rate,&quo

PoliticsMarch 3, 2020

[Graphic News] Feb. movie admissions plummet to 16-year low

　The number of moviegoers in South Korea last month dropped to its lowest level for the month of February in 16 years, as people stayed home over growing fears of the novel coronavirus. 　According to the Korean Film Council, just over 7.34 million people went to the movies in February, the lowest for the month since 3.11 million watched films in February 2004. 　In February 2019, almost 22.3 million tickets were sold across the nation. (Yonhap)

Social AffairsMarch 3, 2020

[News Analysis] Breakdown of drugs currently used to treat coronavirus

With experts suggesting that it will take one to five years for a vaccine for the new coronavirus to be developed from scratch, researchers are redirecting existing drugs and pipelines in an effort to control the outbreak. On Tuesday, Gilead Sciences’ Ebola treatment remdesivir was approved for a phase 3 clinical trial in South Korea by the Ministry of Food and Drug Safety. According to the clinical trial designed by Gilead Sciences, the efficacy of remdesivir on COVID-19 patients will

IndustryMarch 3, 2020

Samsung heir visits smartphone plant in Gumi

Samsung Electronics Vice Chairman Lee Jae-yong on Tuesday visited the company’s smartphone plant in Gumi, North Gyeongsang Province, to encourage employees who are working despite the coronavirus risks in the region. The plant produces Samsung’s latest premium smartphones, including the Galaxy S20 and Galaxy Z Flip. But with a total of four confirmed cases of coronavirus infections among its employees, it had to shut down twice as of Monday.  Lee, with a face mask, checked

TechnologyMarch 3, 2020

[Eli Lake] Why Taliban is hailing US peace plan

On the eve of the ceremony to sign an agreement with the US to begin peace negotiations, the Taliban declared it had already won. “This is a day of victory,” said Sher Mohammad Abbas Stanekzai, a Taliban negotiator. “Victory has come with the help of God.” In one sense, this crowing seems premature. While it’s true that the US intends to reduce its troop presence from more than 12,000 to 8,600, further withdrawals are conditioned on the Taliban adhering to its co

ViewpointsMarch 3, 2020

[Kim Seong-kon] Between Seoul and Granada: Memories of Alhambra

Ostensibly, the Alhambra Palace does not seem to have anything to do with the “fourth industrial revolution.” The former is a famous 13th century Moorish palace located in Granada, Spain and the latter a recent phenomenon that deals with artificial intelligence, the internet of things, 3d printers, smart cars that drive themselves, drone technology, nanotechnology, 5g mobile communications and augmented reality. Recently, however, Korean TV show “Memories of the Alhambra&rdqu

ViewpointsMarch 3, 2020