[Newsmaker] COVID-19 makes case for universal health care

  Easy access to health services is helping South Korea better navigate through the novel coronavirus crisis, experts suggest.　 More hospital beds mean more patients will likely recover from COVID-19, says preventive medicine professor Shin Ae-sun of Seoul National University College of Medicine. In a recent analysis of Organization for Economic Cooperation and Development member states with over 3,000 confirmed virus cases, those with greater hospital bed capacity tended to have a higher

Social AffairsApril 8, 2020

KT is still after D’Live

KT on Wednesday said that it is still considering options to acquire local cable TV operator D’Live. According to a regulatory filing Wednesday, it is still discussing options of acquiring the cable TV operator, but no details have been confirmed yet. The company added it is current exploring various choices to strengthen its pay TV business. The latest official comment on the acquisition of D’Live came in six months since it showed its intention to purchase the local cable TV op

TechnologyApril 8, 2020

Brokerages on alert as overseas real estate investments suffer losses

South Korean brokerages are on high alert as funds related to foreign real estate -- and their direct investment in property ownership abroad -- are likely to suffer losses in the novel coronavirus pandemic situation, according to industry sources on Wednesday. As the current crisis sends property values tumbling with market chaos in major countries, the S&P Global REIT index plummeted 31.87 percent from the beginning of the year to Monday, while the S&P 500 plunged 17.55 percent in th

MarketApril 8, 2020

S. Korea unveils another massive stimulus package against coronavirus

South Korea has unveiled an additional economic relief package worth 53.7 trillion won ($44 billion) in its continued struggle to boost the domestic market and export industries amid the fallout of COVID-19. Of the newly added amount, 36 trillion won will be allocated to trade finance, expanding the insurance and guarantee caps, while 17.7 trillion won will be used to stimulate local consumption. “The global economy is sinking into a severe recession and our export-dependent economy

EconomyApril 8, 2020

LG Chem supplies most EV batteries globally by capacity in Feb.

South Korean battery manufacturer LG Chem took the lead in the global electric vehicle battery market in February, accounting for more than one third of global EV battery capacity. According to the latest report from Adamas Intelligence, LG Chem supplied 1,800 MWh of EV batteries for newly sold passenger EVs in February, commanding 34.6 percent of total battery capacity deployed to EVs globally in the same month.  The battery deployment for passenger xEVs (BEV, PHEV, HEV) in February 2

IndustryApril 8, 2020

[News Analysis] If not India’s Mahindra, what can save SsangYong Motor?

Despite SsangYong Motor’s decision to go ahead with a self-rescue plan after its largest shareholder Mahindra & Mahindra scrapped the cash-strapped Korean unit last week, some experts say the South Korean automaker’s weak exports may have led to the latest crisis. On Friday, Indian auto empire Mahindra & Mahindra said it won’t invest 500 million won ($410 million) for a turnaround, as requested, considering the global economic downturn due to COVID-19.  The pare

MobilityApril 8, 2020

Individual investors bet on oil price recovery

With oil prices sinking, individual investors in South Korea are increasingly opting for investments linked to oil prices, according to the Korea Exchange on Wednesday. The stock market operator noted that the combined value of 10 oil-linked exchange-traded funds and exchange-traded notes that individuals bought last month jumped more than ninefold from the previous month to reach 1.42 trillion won ($1.16 billion). Kodex WTI Crude Oil Futures ETFs, in particular, attracted 421.4 billion wo

MarketApril 8, 2020

S. Korea's 31st virus patient still undergoing treatment: KCDC

South Korea's 31st coronavirus patient, considered a probable "super spreader," has become the country's longest-infected COVID-19 patient, health authorities said Wednesday. The 61-year-old woman, who tested positive for the new coronavirus on Feb. 18, is still receiving treatment at Daegu Medical Center in Daegu, some 300 kilometers southeast of Seoul, according to the Korea Centers for Disease Control and Prevention (KCDC). She has been hospitalized for 51 days, the longest of any

Social AffairsApril 8, 2020

S. Korea to host online seminar to share anti-virus know-how with foreign countries

South Korea will host an online seminar this week to share its coronavirus containment measures and know-how with foreign countries, a foreign ministry official said Wednesday. The video presentation, slated for late Thursday, comes as an increasing number of foreign countries has been seeking to benchmark various quarantine steps South Korea has taken to stem the spread of the COVID-19 outbreak. Attending the seminar to be hosted by the Korea Health Industry Development Institute will be som

Foreign AffairsApril 8, 2020

Household, corporate debts see record growth in March

South Korea’s household and corporate debts saw unprecedented growth last month, data from financial authorities showed Wednesday, as risks stemming from the novel coronavirus continue to weigh on the economy. Bank loans extended to local households, including state-backed mortgage loans, increased by 9.6 trillion won ($7.88 billion) on-month to 901.9 trillion won, the Bank of Korea said. It is the highest figure since the BOK started keeping records on household debt in 2004. The corr

EconomyApril 8, 2020

Seoul stocks snap 4-day winning streak amid virus woes

South Korean stocks snapped a four-day rally to end slightly lower Wednesday as foreign and institutional investors offloaded large-cap stocks amid a lack of upside momentum. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.46 points, or 0.90 percent, to 1,807.14. Foreign and institutional investors sold a combined 422.2 billion won ($346 million) worth of stocks, weighing down the bourse. Foreigners continued to offload local stocks f

MarketApril 8, 2020

[Herald Interview] AleXa on becoming K-pop star, dancing in boots and cyborg aesthetic

Having debuted just last October, AleXa’s world has turned upside-down from being a fan of K-pop to becoming a star herself. The 23-year-old’s debut single “Bomb” was a great way to showcase her talent as a performer, as the video for the energetic Brazilian beat-inspired electro-pop tune had racked up over 12 million views on YouTube as of Wednesday. And last week, she released her first EP, “Do or Die,” encompassing all of her work so far. “There h

K-popApril 8, 2020

Mirae Asset strives for balanced growth in global push

Mirae Asset Financial Group said Tuesday it had topped the 1 trillion won ($820.48 million) mark in the group‘s combined operating profit, net profit and earnings before tax each, quoting its 2019 earnings statement. The South Korean group’s key affiliates, including brokerage Mirae Asset Daewoo, asset management firm Mirae Asset Global Investments, insurer Mirae Asset Life Insurance, nonbanking lender Mirae Asset Capital and Mirae Asset Consulting, recorded a combined 1.16 trillio

MarketApril 8, 2020

Govt. recommends temporary closure of private academies

The government on Wednesday recommended that all private educational institutes nationwide temporarily close to help curb the spread of the coronavirus. Issuing an administrative order, the Central Disaster and Safety Countermeasures Headquarters said private educational facilities, including foreign language schools, will be allowed to operate on the condition that they thoroughly follow government guidelines on preventing the spread of COVID-19. The guidelines require all lecturers and stud

Social AffairsApril 8, 2020

No noticeable drop in foreigner arrivals despite mandatory quarantine: authorities

South Korea did not see a noticeable change in the number of short-term visitors during the past week despite the introduction of a 14-day mandatory quarantine on arrivals, authorities said Wednesday. 　 Imported cases of the new coronavirus have become a major concern in the country despite the slowing infection rate, leading the government to make it mandatory for everyone arriving in Korea from abroad to self-quarantine for two weeks starting on April 1. 　 In the wake of calls for more dras

Social AffairsApril 8, 2020

Beyond podcasts: Audio content flourishes

In 1979, the British band Buggles lamented that “video killed the radio star,” predicting the end of the audio era. Over 40 years later, audio content is not just surviving, they are seeing a new possibility with changes in the media environment. Podcasts are now well-established, coming to prominence overseas in the 2000s. In Korea, podcasts caught on in the early 2010s and have since been enjoying a steady growth. Podbbang, the country’s biggest podcast application with a

CultureApril 8, 2020

AOMG to host charity live show online

Hip-hop label AOMG will host online streaming show “AOMG Quarantine Nonstop Live” on Sunday, with an aim to promote social distancing and help curb the spread of COVID-19. All profits collected during the show will be donated to support underprivileged families struggling from the outbreak. The label’s artists, as well as their friends, plan to perform on the donation-based show, which will air on AOMG’s official YouTube and Twitch channels. Previously, the label&rs

K-popApril 8, 2020

Seoul orders nightclubs, discos to close until April 19

The Seoul Metropolitan Government on Wednesday ordered the closure of entertainment establishments such as nightclubs and room salons until April 19, amid mounting concerns that mass infections may have occurred at a bar in the city.  　 Mayor Park Won-soon announced the measure, which bans people’s gatherings at such entertainment venues, not the business itself, to last until April 19, when the country’s social distancing measures are due to be lifted. 　 “With my autho

Social AffairsApril 8, 2020

North Korea claims to be virus-free: report

North Korea continues to insist it has no confirmed cases of coronavirus infection, despite mounting skepticism while the global pandemic is spreading. 　 The reclusive nation has tested 709 people -- 11 foreigners and 698 North Koreans -- for COVID-19, with no positive test results, according to Reuters on Tuesday, citing the North’s weekly updates submitted to the World Health Organization. 　 It said the country has the capacity to test for the virus at its national reference laborator

North KoreaApril 8, 2020

Election candidates run eye-catching campaigns amid coronavirus pandemic

Some candidates running in the April 15 parliamentary elections have been running eye-catching campaigns without having close contact with voters, in a bid to maintain social distancing and boost morale amid the coronavirus pandemic. The COVID-19 outbreak has changed conventional methods of campaigning due to concerns that reaching out to voters could increase the risk of infection. Instead of shaking hands with voters, politicians are using fist bumps at election rallies. But quarantine auth

PoliticsApril 8, 2020