Samsung, Hyundai, LG donate funds, goods for India under COVID-19 lockdown

Korean companies are making various donations to Indian organizations to help them fight the novel coronavirus as the country is under heavy lockdown, according to the industry on Wednesday. Although Korean businesses that have manufacturing facilities in India have suspended their operations upon state order since last month, the firms are coming up with measures to support local governments in the states where they are running the plants. Samsung Electronics said its India branch made a p

IndustryApril 15, 2020

Opportunities arise as Chinese telecommuting market doubles

China’s telecommuting market is anticipated to double in size this year due to the spread of COVID-19, opening new possibilities for Korean tech firms, the Korea International Trade Association’s Beijing office said Wednesday through a report. The Chinese telecommuting market is expected to reach 44.9 billion yuan ($6.3 billion) in 2020, about double that of 2019’s estimated 22.9 billion yuan and nearly four times 2018’s 11.7 billion yuan. This is due to the increased

IndustryApril 15, 2020

Sale process of KDB Life insurer gains traction

The state-owned Korea Development Bank will soon pick a preferred bidder for KDB Life Insurance, which it recently put up for sale after acquiring it a decade ago, according to news reports Wednesday. Private equity fund JC Partners is widely believed to have been shortlisted. “JC Partners is the only interested party that has completed due diligence so far,” an official from the policy bank was quoted as saying by Yonhap News Agency. The private equity firm reportedly plans to

MarketApril 15, 2020

Gold zooms to 6-year high on new monetary measures

Gold prices are hitting the roof in South Korea -- highest level in six years -- as investors are flocking to safe-haven assets amid escalating fears given market uncertainties, latest data showed Wednesday.  According to the Korea Exchange Gold Market, the price stood at 66,740 won ($54.90) per gram at Tuesday’s close, surging 2.4 percent from the previous session. The price had surged to 68,240 won the same day, the highest since March 2014 when the gold market first opened. 

MarketApril 15, 2020

Nearly 60% of voters cast ballots in general elections

Voter turnout for parliamentary elections Wednesday reached 59.7 percent as of 4 p.m., 9.5 percentage points higher than at the same time in the previous elections four years ago, the National Election Commission (NEC) said. According to the commission, some 26.3 million South Koreans had completed casting ballots with two hours left for the voting at 14,330 polling stations nationwide in crucial elections that are seen as a referendum on President Moon Jae-in amid the country's fight against

PoliticsApril 15, 2020

Notable Korean children’s book authors to be published in foreign languages this year

Last month, Baek Hee-na, a children‘s book author and renowned picture book artist, won the 2020 Astrid Lindgren Memorial Award, the world’s largest children’s literature prize, becoming the first Korean to do so. Many Korean children’s books, however, still have not received the global attention they deserve. “We do not concentrate much on assisting the children’s book genre yet,” a Literature Translation Institute of Korea official told The Korea H

PeopleApril 15, 2020

S. Korean voters cast ballots in world's first national coronavirus election

Voters headed to polling stations Wednesday for the general elections, with the turnout projected to hit a record high in nearly two decades. In this year’s general elections, 253 constituency and 47 proportional representative seats are being contested. As of 3 p.m., 56.5 percent of voters -- including those who took part in early voting -- had cast their ballots. By region, South Jeolla Province had the highest voter participation at 60.8 percent follow by North Jeolla Province at

PoliticsApril 15, 2020

Marking 6th anniversary of Sewol ferry disaster with films inspired by the tragedy

Six years after the Sewol ferry sank to the dark bottom of the sea on April 16, 2014, many questions still linger and the truth remains undisclosed. The incident, which took the lives of more than 300 people, most of them high school students, is remembered as a disaster caused by the many shortcomings of our society. Movies and documentaries inspired by the tragedy or that delve into it remind us that the case is still ongoing.　 The latest such film is “Ghost Ship” by director Ki

FilmApril 15, 2020

[From the Scene] Virus fails to dampen voter enthusiasm

The lingering impact of the coronavirus pandemic didn’t stop hundreds of thousands of South Koreans from heading to the polls on Wednesday to pick 300 lawmakers. From Seoul to distant islands off the southern coast, mask-clad voters began to form long lines in front of some 14,330 polling stations as soon as voting kicked off at 6 a.m. Despite the election taking place amid the COVID-19 outbreak, most voters interviewed by The Korea Herald said the virus shouldn’t stop a democr

Social AffairsApril 15, 2020

Hyundai, Kia, Mercedes-Benz, Toyota recalling some 45,000 vehicles: ministry

Hyundai Motor Co. and three other companies are recalling about 45,000 vehicles to fix faulty components, the transport ministry said Wednesday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems in components of vehicles they sell here. Hyundai Motor, Kia Motors Corp., the Korean units of Mercedes-Benz and Toyota Motor are recalling a total of 44,967 vehicles, the Ministry of Land, Infrastructure and Transport said in a statement. The potential

MobilityApril 15, 2020

Which firms will survive virus?

Although the continued spread of coronavirus has disrupted many industries in South Korea, those related to “untact” services -- referring to no-contact interaction, which have become an integral part of life -- have fared well and are expected to grow even further, according to industry sources Wednesday. E-commerce companies appear to be the biggest beneficiaries of the prolonged pandemic. Online shopping transactions in Korea amounted to 11.9 trillion won ($9.7 billion) in F

IndustryApril 15, 2020

N. Korea marks late founder's birthday quietly amid anti-coronavirus efforts

North Korea marked the 108th birthday of late national founder Kim Il-sung, grandfather of current leader Kim Jong-un, relatively quietly Wednesday without large-scale celebratory events drawing crowds of people amid efforts to ward off the coronavirus pandemic. The founder's birthday, referred to in the North as the Day of the Sun, is the country's biggest national holiday and has often been commemorated with massive military parades displaying new weapons and other cultural and sports events

North KoreaApril 15, 2020

Election outcome sets stage for presidential race

In a high-profile race watched as a preview of the presidential contest, Lee Nak-yeon of the ruling Democratic Party of Korea was seen heading for a victory against rival Hwang Kyo-ahn of the main opposition United Future Party, further cementing his position as a presidential candidate. Exit polls and early returns showed Lee comfortably ahead of Hwang in a constituency of Jongno, Seoul, in Wednesday’s parliamentary elections. His party was also projected to bag more than a majority o

PoliticsApril 15, 2020

S. Korea, China, Japan, ASEAN seek joint fund for medical supplies in summit deal

The leaders of South Korea, China, Japan and ASEAN member states have agreed to push for a joint fund for medical supplies against pandemics like COVID-19, according to their joint statement released Wednesday. The statement was adopted to summarize the results of a Special ASEAN Plus Three summit that the 13 countries held via videoconferencing the previous day to discuss joint efforts to tackle the novel coronavirus. The participating leaders were South Korean President Moon Jae-in, Japanes

Foreign AffairsApril 15, 2020

Dark clouds loom over credit ratings of Korean firms

South Korean companies are bracing for a massive credit rating downgrade as the novel coronavirus spillover threatens their business outlook, according to industry sources Wednesday. The weakening prospect of retailers, petrochemical firms and manufacturers in the wake of the coronavirus spread appears to be putting pressure on their liquidity. On Tuesday, the credit outlook of three companies for straight bonds was revised to “negative,” according to three credit rating agencies -

MarketApril 15, 2020

[News Focus] Renault Samsung, GM Korea conclude wage deals, but hurdles remain

Renault Samsung Motors and GM Korea have concluded wage deals with unionized workers -- a positive sign for the struggling automotive industry amid the COVID-19 outbreak -- but there are still hurdles, considering the ongoing global economic downturn and unstable management-labor union ties, industry sources said Wednesday.  According to Renault Samsung, 70.2 percent of the unionized workers voted to accept a wage freeze and cash bonuses of 8.88 million won ($7,320) per person for 2019. T

MobilityApril 15, 2020

[Newsmaker] Single-use plastic gloves at polls raise eyebrows

All voters must wear plastic gloves at the polling stations during Wednesday’s general election as a precaution against the coronavirus, but many people are voicing concerns about their impact on the environment. 　 Mask-clad voters, upon arriving at one of 14,330 polling stations across the nation, first have to disinfect their hands with the hand sanitizer that is provided by election officials and then put on disposable gloves before casting their ballots. After voting, the plastic glo

Social AffairsApril 15, 2020

Nearly half of voters cast ballots in general elections as of 1 p.m.

Voter turnout for parliamentary elections reached 49.7 percent by around the midpoint of the daylong voting Wednesday, 11.8 percentage points higher than at the same time in the previous elections four years ago, the National Election Commission (NEC) said. According to the commission, some 21.9 million South Koreans completed casting ballots as of 1 p.m., seven hours after voting began at 14,330 polling stations nationwide in crucial elections that are seen as a referendum on President Moon J

PoliticsApril 15, 2020

[Photo News] Korean voters brave virus fears to cast ballots

South Koreans cast ballots to elect a new parliament on Wednesday, braving the continued threat of the coronavirus across the nation.   Voters were advised to follow strict precautions to prevent the virus from spreading, such as wearing face masks and plastic gloves, and maintaining a safe distance from each other. The Seoul metropolitan area, Busan, the Chungcheong region, Gangwon and Jeju are expected to see some of the closest matches in the general elections. Many are paying atten

PoliticsApril 15, 2020

US flies spy planes following N. Korea's missile launches

A series of US surveillance aircraft have flown near and over the Korean Peninsula, an aviation tracker said Wednesday, following North Korea's launch of what appeared to be cruise missiles off its east coast. The US Air Force's RC-135U Combat Sent was spotted en route to waters between South Korea and Japan, Aircraft Spots tweeted, without giving details on the time of its operation. On Tuesday, the Air Force's E-8C and the Navy's EP-3E were also seen operating over South Korea after the Nor

North KoreaApril 15, 2020