S. Korea’s industrial output marks steepest drop in 9 years

South Korea’s industrial output, consumption and investment contracted in February, as the economic fallout of the new coronavirus spread has started unleashing its impact, government data showed Tuesday. The country’s industrial output shed 3.5 percent in February from a month earlier, according to the monthly industrial indexes compiled by Statistics Korea. This marked the sharpest drop since the 3.7 percent on-month fall observed in February 2011, when the foot-and-mouth dise

EconomyMarch 31, 2020

Kyobo Life charge against Deloitte Anjin over put option

Kyobo Life Insurance said Tuesday it has filed a complaint with the US Public Company Accounting Oversight Board against accounting firm Deloitte Anjin for faulty appraisal of corporate value. It has alleged that that Deloitte Anjin, the local subsidiary of global accounting and consulting group Deloitte, wrongly assessed the fair market value of financial investors’ put options -- which could affect the management rights of current Kyobo Chairman Shin Chang-jae. “Deloitte Anjin

MarketMarch 31, 2020

BOK minutes hint at additional rate cut

The Bank of Korea (BOK) may further cut its policy rate to help minimize the economic fallout from the new coronavirus pandemic, BOK minutes showed Tuesday. The central bank delivered a surprise rate cut in an emergency meeting of its monetary policy board held March 16, slashing the policy rate by a half percentage point to a new record low of 0.75 percent. "A rate cut itself may not be expected to promote consumption and investment by easing travel restrictions, but it is expected to he

EconomyMarch 31, 2020

Major banks’ total dividend payouts surge 20% in 2019

Six major banks in South Korea paid a combined 4.7 trillion won ($3.86 billion) in dividends to shareholders last year, which was nearly 20 percent up from the previous year, their annual reports showed Tuesday. The total dividend payouts by KB Kookmin, Shinhan, Woori, Hana, Standard Chartered Bank Korea and Citibank Korea in 2019 marked the largest amount since 2016. Comparable data was only available from 2016 as the current Hana Bank was a result of a 2015 merger between Hana Bank and Korea

MarketMarch 31, 2020

[Exclusive] Meritz Securities bond sale raises W1.2tr on path to become ‘mega IB’

Asset management firm Meritz Securities recently sold more than a trillion won of property bonds in a bid to meet government rules that require securities firms to lower debt guarantees, according to sources Tuesday. The Seoul-based firm last week sold bonds worth 1.2 trillion won ($983 million) to institutional investors and insurance firms, sources said. Some of the buyers are said to include KDB Life Insurance, IBK Pension Insurance, and Tongyang Life Insurance. The l

MarketMarch 31, 2020

COVID-19 crisis shakes up brand value ranking

Brand value rankings of companies in South Korea are facing an upheaval as the COVID-19 crisis is greatly influencing the consumption patterns, a local poll showed Tuesday. According to the BrandStock Top Index of Brandstock, e-commerce platform operators are seeing a boost in their value, reflecting the increased amount of time people are spending at home, due to social distancing and remote working. Leading e-commerce platform Coupang witnessed its rank jump from No. 54 at the end last ye

IndustryMarch 31, 2020

Mirae Asset chairman donates W25b in decade

South Korea’s Mirae Asset Financial Group said Tuesday that Chairman Park Hyeon-joo has donated his dividends for 10 years in a row -- amounting to 25 billion won ($20.5 million). In 2019, as a shareholder of Mirae Asset Global Investments and Mirae Asset Capital, Park earned a combined 1.7 billion won. The donations went to Mirae Asset Park Hyeon-joo Foundation, dedicated to scholarships for exchange programs for Korean college students. According to the firm, over 5,800 students have

MarketMarch 31, 2020

Gasoline prices dip to 1-year low

Amid plunging crude oil prices, the nation’s gasoline retail prices dipped below 1,400 won ($1.15) per liter, the lowest level in a year, industry data showed Tuesday.  As of March 30, nearly 12,000 gas stations here are selling gasoline at 1,398 won per liter on average, the lowest since April last year when the South Korean government cut the fuel tax, according to the Korea National Oil Corp.’s oil information provider Opinet.  The weekly gasoline prices also continu

EconomyMarch 31, 2020

Hyundai Motor to open mobility innovation center in Singapore by 2022

Hyundai Motor Group said Tuesday that it would open a mobility innovation center in Singapore to focus on developing and producing future mobility solutions by 2022.  The automaker’s new global lab called Hyundai Mobility Global Innovation Center in Singapore (HMGICs) will be located in Singapore’s Jurong Innovation District, an advanced technology manufacturing hub comprised of tech companies, factories and researchers. The establishment of the automaker’s lab over the

MobilityMarch 31, 2020

Demand for Isu Chemical’s ingredient spikes in Europe

Domestic chemical firm Isu Chemical said Tuesday it is ramping up production of a hand sanitizer ingredient as demand is soaring in Europe. The company manufactures isopropyl alcohol -- a vital ingredient for hand gels and alcohol wipes -- as the stocks of the IPA are running low amid the worsening COVID-19 outbreak. “Isu Chemical has already got marketing approval in the European Union, so there is no issue with sales in the region,” a company official said. “Though faci

IndustryMarch 31, 2020

Foreigners extend stock selling streak to 19th straight session

Foreign investors on Tuesday continued to sell local stocks for the 19th consecutive session amid the coronavirus scare, data showed, with offshore investors offloading a net 72.8 billion won ($59.7 million) worth of local stocks. Since March 5, foreigners have net sold a total of 11.6 trillion won in stocks. They sold a net 1.31 trillion won on March 9, marking the biggest sell-off on record. Despite foreigners' continued selling binge, South Korea's benchmark Korea Composite Stock Price Ind

MarketMarch 31, 2020

New AI thriller to be launched exclusively on YouTube

With more videos being launched through various over-the-top platforms, Korean content creator Newplus Original is releasing the new series on artificial intelligence “AI Her,” exclusively through YouTube, starting Tuesday. “AI Her” is a six-episode science fiction thriller about a future where human experiences can be shared through computers, eroding the boundaries between mankind and artificial intelligence. According to Newplus Original, the YouTube series is a spi

TelevisionMarch 31, 2020

Boryeong quarantines overseas arrivals at forest cottages

Travelers from abroad entering Boryeong, South Chungcheong Province, are being quarantined at a forest retreat site, the city government said Tuesday. “Considering that a high ratio of people from overseas have been confirmed (with COVID-19), we have directed 10 people to self-quarantine for two weeks at Seongjusan Recreation Forest since March 28,” said Boryeong Mayor Kim Dong-il in a press briefing. The directive is aimed at preventing the spread of the virus, Kim said. He add

Social AffairsMarch 31, 2020

Virus forces schools to go virtual, but many are still unprepared

South Korea said Tuesday it will begin a new semester for the country’s elementary, middle and high schools online starting April 9, as the government fights to stem the novel coronavirus spread. 　 Students could start going to schools as early as end-April, taking turns by their grades, classes and at different time tables to ensure safe distance among students. 　 “Taking into consideration infection cases and school situations, the government is reviewing an option of running on

Social AffairsMarch 31, 2020

Culture Ministry rolls out financial aid amid coronavirus spread

Since the coronavirus outbreak, Culture Minister Park Yang-woo has been busy visiting different facilities to hear rising concerns and difficulties that artists are facing. Following this, the Culture Ministry has announced several plans for financial assistance. On Feb. 20, it decided to inject 3 billion won ($2.5 million) to provide loans for artists who are experiencing financial difficulties following the outbreak. From March 1 to 10, the government received applications for the loan and

CultureMarch 31, 2020

S. Korea to step up TB screening of foreigners

South Korea is to implement stricter screening of foreigners with multidrug-resistant tuberculosis to prevent any inflow of the infectious disease, Korea Centers of Disease Control said Tuesday. Effective Wednesday, a total of 16 countries, including Kazakhstan, Ukraine and South Africa, have been added to the list of high-risk countries for tuberculosis, which brings the number of countries in the category to 35, according to the KCDC. Foreigners from high risk countries seeking a long-term

Social AffairsMarch 31, 2020

Seoul stocks spike over 2% on stimulus hopes

South Korean stocks closed sharply higher Tuesday, extending earlier gains on hope for massive economic stimulus measures in major economies, such as China and the United States, to minimize the fallout from the new coronavirus outbreak. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) surged 37.52 points, or 2.19 percent, to close at 1,754.64. Trading volume was high at slightly over 1 billion shares worth 13.6 trillion won ($11.2 billion),

MarketMarch 31, 2020

North Korea ‘photoshopped’ latest rocket test photo: report

North Korea could have manipulated images of its latest rocket launches, a German rocket expert told Voice of America. Markus Schiller, who specializes in mechanical and aerospace engineering, suspected the North edited some of the launch pictures made public. “If you measure the dimensions of the missile which just seems to have left the launch tube, the missile is too large, diameter is too big and the length is too long to fit into that launch tube,” he said. North Korea launc

North KoreaMarch 31, 2020

Moon seeks tougher measures against imported cases

President Moon Jae-in on Tuesday stressed the need to limit an influx of COVID-19 cases from overseas, calling for stern legal measures against those who violate related regulations.　 At the meeting, the government also postponed the Partnering for Green Growth and the Global Goals 2030, or P4G, summit scheduled to be held in Seoul in June to next year.　 Speaking at Tuesday’s Cabinet meeting, Moon said that while the outbreak is slowing in Korea, the country must remain vigilant as each

PoliticsMarch 31, 2020

Korea sticks to honor system in virus battle

South Korea’s virus fight plan will largely remain noncompulsory, Vice Health Minister Kim Gang-lip said Tuesday, with its surveillance system upheld by massive testing and contact tracing. Korea on Tuesday added 125 to its virus tally with the total now reaching 9,786. Over half -- 5,408 -- have recovered so far. Five more people died, bringing the death toll to 163. Of the two-week “intense” social distancing campaign that kicked off March 22, Kim said the ministry was &ld

Social AffairsMarch 31, 2020