[Ivo Daalder] Amid the pandemic, a sobering lesson

For the past 30 years, international politics have been shaped by two fundamental realities: America’s unrivaled power and the forces of globalization. While already waning for some time, both realities are threatened with death blows from the COVID-19 pandemic. America emerged from the Cold War in 1990 as the sole remaining superpower. Its military was larger than that of the next 10 countries combined, and it was the only one with true global reach. Its economy accounted for more than a

ViewpointsApril 15, 2020

[Kim Seong-kon] Will April be the cruelest month? Vote with hope

T.S. Eliot’s monumental poem “The Waste Land” begins with the famous line, “April is the cruelest month.” Eliot refers to April as the cruelest month because spring rain wakes us up from our warm, comfortable hibernation. The poem continues with a touch of sarcasm: “winter kept us warm, covering/ earth with forgetful snow.” Now, spring has come and we have to wake up and remember who we are and where we are. Today is Election Day in Korea for National

ViewpointsApril 15, 2020

S. Koreans vote amid coronavirus outbreak with higher turnout than before

South Koreans voted in parliamentary elections amid the coronavirus pandemic Wednesday, with turnout at nearly 60 percent just hours before the voting was to end in a sign of intense public interest in what is seen as a referendum on President Moon Jae-in. As of 4 p.m., 26.3 million people, or 59.7 percent of the total 44 million eligible voters, had completed casting their ballots, with two hours left until voting ends at 14,330 polling stations across the nation, according to the National El

PoliticsApril 15, 2020

Global economy to face biggest setback since Great Depression: IMF

The COVID-19 pandemic will lead to an extensive slump in the global economy, much more than that of the Great Depression in 1930, according to the International Monetary Fund on Tuesday. However, South Korea is likely to suffer fewer economic damages, due to its extensive quarantine measures and preemptive policy actions to counter the blow of the pandemic. In its revised World Economic Outlook report, the IMF forecast that the global economy this year will contract 3 percent on-year. The upda

EconomyApril 14, 2020

In coronavirus pandemic, ‘lipstick effect’ gives way to ‘eyeliner effect’

Ever heard of the lipstick effect? Some say lipstick acts as the barometer of an economy -- lipstick sales go up when consumer sentiment weakens during economic recessions as people tend to treat themselves with lower-cost indulgences. When the US economy slumped in 2001 after the Sept. 11 attacks, lipstick sales increased by about 11 percent in the second half of the year compared to the first half. This led Estee Lauder Chairman Leonard Lauder to coin the term “lipstick index.” &

ConsumerApril 14, 2020

Seoul court invalidates main opposition party's expulsion of candidate

A Seoul court on Tuesday accepted a request by a parliamentary candidate to nullify the main opposition party's decision to expel him for controversial remarks. At an emergency meeting Monday, the United Future Party (UFP) leadership council decided to revoke the party membership of Cha Myeong-jin and void his candidacy to run in Wednesday's parliamentary elections. Cha, running in Bucheon, west of Seoul, sought an injunction at the Seoul Southern District Court to invalidate the party's deci

PoliticsApril 14, 2020

2 more USFK-related individuals test positive for virus; total at 24

US Forces Korea (USFK) reported two additional cases of the new coronavirus Tuesday, bringing the total number of infections among its population to 24. The latest patients are an American contractor and the wife of another contractor, both working at Camp Humphreys in Pyeongtaek, 70 kilometers south of Seoul, according to USFK. The US contractor had stayed at the barracks designated for quarantine since April 1, and has now been transferred to barracks for infected patients' isolation, it s

Social AffairsApril 14, 2020

Renault Samsung union votes to accept 2019 wage deal

Unionized workers at Renault Samsung Motors Corp. voted Wednesday to accept an agreement with the company over wages for last year as the automobile industry is struggling to cope with the impact of the coronavirus outbreak. The company said 70 percent of the 1,700-member union voted to accept a wage freeze and cash bonuses of 8.88 million won ($7,320) per person for 2019.  The wage deal represents a consensus between the company and the union to make joint efforts to weather the impact

MobilityApril 14, 2020

Police arrest man for violating self-isolation rules

A Seoul court on Tuesday issued an arrest warrant for a South Korean man on charges of violating self-isolation rules, the first formal detention of an alleged quarantine offender. The Seoul Eastern District Court approved the police's request to arrest a 68-year-old man who went outside despite being under coronavirus-related self-isolation.   The court cited a high risk of him fleeing and the severity of allegations against him. The resident, who has tested negative for COVID-19 in the

Social AffairsApril 14, 2020

ASEAN, East Asia vow strengthened cooperation in COVID-19 pandemic

The leaders of the Associatation of Southeast Asian Nations Plus Three on Tuesday held a teleconference Tuesday to seek ways to cooperate against the COVID-19 pandemic, and adopted a joint declaration. 　 In the ASEAN Plus Three summit, President Moon Jae-in called for strengthened cooperation, saying the current situation requires “extraordinary cooperation.” “This is a crisis that cannot be overcome by the efforts of individual countries,” Moon said, going on to cite

Foreign AffairsApril 14, 2020

Corporate bond market shivers despite steps to calm down

Despite the government‘s bond-buying initiative aimed at shoring up liquidity, South Korea’s corporate bond market is rattled by changes in credit outlooks that reflect lingering uncertainties on falling oil prices and the COVID-19 pandemic. On Monday, Hanwha Solutions’ corporate bonds meant to raise 210 billion won were undersubscribed by institutional investors. Absent in the bidding was the vehicle dubbed the “bond market stabilization fund,” a state commitment

MarketApril 14, 2020

S. Korea on alert over COVID-19 patients testing positive again

A growing number of novel coronavirus patients who have tested positive after recovery are keeping South Korea on its toes, despite the country reporting fewer than 40 new cases for the sixth straight day on Tuesday. At least 124 patients who were thought to be cleared of COVID-19 had tested positive again as of Tuesday, with the number of recurring cases having more than doubled from 51 on April 6, according to the Korea Centers for Disease Control and Prevention. Korea had a total of 10,56

Social AffairsApril 14, 2020

Export prices sink to lowest level since 2016

South Korea’s export prices fell in March, as the fallout of the new coronavirus continued to rattle domestic and global markets, central bank data showed Tuesday. While global oil prices largely weighed upon the figure, the uptrend in the semiconductor business partly countered the downside effects. The export prices index in terms of local currency stood at 96.59 last month, down 1.1 percent from a month earlier and reaching the lowest since September 2016, according to preliminary

EconomyApril 14, 2020

Conglomerates’ R&D spending grows 7.8%

South Korean conglomerates increased spending on research and development despite falling sales last year, according to a report Tuesday. The combined R&D spending of 208 conglomerates last year came in at 53.5 trillion won ($44 billion), up 7.8 percent from a year earlier, according to a report on the nation’s large businesses released by corporate tracker CEOScore. The companies’ combined annual revenue, on the other hand, dropped 0.8 percent to 1,709.7 trillion won durin

MarketApril 14, 2020

Seoul City holds COVID-19 art contest on global scale

The Seoul Metropolitan Government is holding an online contest on a global scale to select images and video artwork illustrating the battle against the novel coronavirus, and is offering total prize money of 30 million won ($24,673), Seoul City said Tuesday. “The contest was prepared to deliver a message of hope and encourage Seoulites and people around the world to overcome COVID-19 together as the situation prolongs,” a city official said. Applicants are required to either submi

Social AffairsApril 14, 2020

PM directs setup of pan-govt group on COVID-19 vaccine development

South Korean Prime Minister Chung Sye-kyun on Tuesday instructed relevant government agencies to compose a pan-governmental group to assist the development of vaccines and treatments for the novel coronavirus. The directive comes as health authorities aim to develop vaccines in Korea by the second half of 2021 or 2022, and a plasma-based treatment within the next two to three months, depending on the availability of blood from virus survivors. “Development of vaccines and medicine for C

Social AffairsApril 14, 2020

NK fires cruise missiles in fifth weapons test

North Korea fired what appeared to be multiple cruise missiles into the East Sea on Tuesday morning, South Korea’s Joint Chiefs of Staff said, adding that it was maintaining readiness while monitoring developments in case of additional launches.　 The projectiles flew at least 150 kilometers from the eastern coastal town of Munchon during the 40-minute firings that began at around 7 a.m., according to the JCS. Along with the projectile launches, the North also flew multiple Sukhoi-varian

North KoreaApril 14, 2020

Hyundai Motor extends global plant shutdowns

The dampened economic situation is forcing South Korea’s top automaker Hyundai Motor Group to shut down facilities globally following weakened exports and restrictive regulations in major markets, according to industry sources Tuesday.  The business disruption in the auto industry is also hitting tire manufacturers, with major Korean companies suspending overseas plant operations. Hyundai said Tuesday that it has decided to extend the shutdown of its manufacturing plant in Turkey t

MobilityApril 14, 2020

Renault Samsung adds connected function to mobile app for ‘untact’ service

Renault Samsung said Tuesday that it has added a connected function to customer membership mobile applications My Renault Samsung and My Renault to expand its “untact” service -- without face-to-face contact.  The apps allow customers to check information on the car, review membership benefits, reserve maintenance or after service online and conduct one-on-one chat on customer service.  The new connected functions enable remote control of the vehicle and search of c

MobilityApril 14, 2020

Netflix sues SK Broadband, refuses to share internet network costs

Video streaming giant Netflix has sued local internet network operator SK Broadband, according to industry sources Tuesday. The Korean unit of the US-based firm has reportedly filed a civil suit at the Seoul Central District Court arguing that it is not liable to pay for using SK Broadband’s internet network or other maintenance or upgrade costs. The two companies have been clashing over the issue since last year, as the Korean provider asked the traffic-heavy streaming service to shar

TechnologyApril 14, 2020