Discount promotions to support farmers as virus delays school openings

The COVID-19 outbreak is dealing a blow to farms and fisheries, particularly straining their supply plans for school feeding. In efforts to support the agro-fishery industry, the country’s major retailers stepped up to embark on various promotions to clear out stock on Wednesday. According to the Ministry of Agriculture, Food and Rural Affairs on Monday, the recent government decision to postpone the opening of schools for two more weeks until April 6 would lead to damages to about 40

IndustryMarch 25, 2020

FCA Korea President Pablo Rosso tapped as KAIDA chairman

Pablo Rosso, president and managing director of Fiat Chrysler Automobiles Korea, has been appointed as the 13th chairman of the Korea Automobile Importers & Distributors Association, according to the association on Wednesday.  He will be the first foreign chairman and serve a two-year term from April.  The association said that Rosso’s wide understanding and experience in the imported car industry had been considered to solve the tasks the industry now faces. “The i

MobilityMarch 25, 2020

Woori Financial chief seals 2nd term despite opposition

Woori Financial Group Chairman Sohn Tae-seung was reappointed for three more years by shareholders Wednesday, despite disciplinary measures imposed by South Korean financial authorities. At the group’s annual shareholders meeting, Sohn’s appointment was approved by 50 percent stakeholders -- including private equity fund IMM Private Equity, Fubon Life Insurance, Kiwoom Securities and the Korea Deposit Insurance Corp. The KDIC is the largest shareholder, with a 17.25 percent stak

MarketMarch 25, 2020

[Monitor] Local e-remittance market grows rapidly

The average amount of money transferred through local e-remittance services within a day during 2019 has increased by 124.4 percent to reach 235 billion won from a year earlier, according to Bank of Korea data Wednesday. The average amount of money transferred through e-remittance services in 2019 was 104.6 billion won, up by 76.7 percent from 35.5 billion won in 2018. The average daily uses of e-remittance services in Korea has marked 76.7 percent increase from a year earlier to mark 25 mi

IndustryMarch 25, 2020

47 countries ask about coronavirus test kits, 39 call for humanitarian aid: official

A total of 47 countries have asked about importing South Korean-made coronavirus test kits while an additional 39 countries requested the kits as humanitarian aid, a foreign ministry official said Wednesday. Such calls have been rising as Seoul has recently been garnering global recognition for its diagnostic capabilities, quarantine efforts and medical infrastructure that have led to a relatively low fatality rate despite an increase in new COVID-19 cases. "As of today, 47 countries ask

Foreign AffairsMarch 25, 2020

Commercially successful directors ready to return to screen

  New films by star South Korean directors are poised to hit theaters this year, giving a boost to the movie industry hit hard by the novel coronavirus. Choi Dong-hoon, famous for smash-hit crime thrillers, including "Tazza: The High Rollers" (2006), "The Thieves" (2012) and "Assassination" (2015), will return with a new crime science-fiction film about aliens living in Korea. The film, which stars Kim Tae-ri, Kim Woo-bin and Ryu Jun-yeol, is now in pre-produ

FilmMarch 25, 2020

[Market Close-up] Battered brokerages to get breather after risky assets tank

South Korea’s brokerage houses suffering from recent losses on risky structured products that placed bets on foreign stock indexes are expected to get some relief after the government allocated a larger-than-expected slice of its stimulus package to the sector.  Reporting on the results of a meeting presided by Moon Jae-in on Tuesday, the Financial Services Commission said authorities would inject 5 trillion won ($4.1 billion) to help securities firms deal with the stress, as part o

MarketMarch 25, 2020

S. Korea to expand two-week quarantine to arrivals from US

  South Korea will impose a 14-day self-quarantine on citizens and foreigners with long-term stay visas arriving from the United States starting Friday, as part of its efforts to contain a rising number of imported infections. 　 The country reported 100 new novel coronavirus cases Wednesday, bringing the total infections to 9,137. The death toll rose by six to 126, according to the Korea Centers for Disease Control and Prevention. 　 Of the 51 new cases -- 43 Korean citizens and eight fore

Social AffairsMarch 25, 2020

[Herald Interview] Lauv says working on two songs with BTS was natural progression

Lauv, the US pop star who is popular among Korean fans for his songs “Paris In The Rain” and “I Like Me Better,” described his two collaborations with K-pop sensation BTS as a natural progression. “Basically, I met them at their show in London, and right after that they asked me to do the remix for ‘Make It Right’ and I was super-flattered and said, ‘of course,’” Lauv stold The Korea Herald by email. “Make it Right” is

PerformanceMarch 25, 2020

Seoul to evacuate 581 S. Koreans from Italy next week

Around 600 South Korean nationals in Italy are set to be evacuated on government charter flights home next week, as the grim tally of coronavirus cases and deaths continues to surge. 　 There are 151 people in Rome and 430 in Milan who will fly on the charter flights, according to Seoul’s Foreign Ministry on Wednesday. A majority of the passengers are Korean citizens and some are foreign family members. 　 The Korean government will send two flights to the country -- one will depart next

Foreign AffairsMarch 25, 2020

Net profit of Korean banks' overseas branches edges up in 2019

Overseas branches of South Korean banks saw their combined net profit edge up 0.4 percent on-year to $988 million in 2019, data showed Wednesday. The figure accounted for 7.9 percent of the combined net profit of banks operating in South Korea last year, according to the data by the Financial Supervisory Service (FSS). The combined interest income at 195 overseas branches gained 9.4 percent on-year to $2.06 billion, the data showed. Their average non-performing loan ratio stood at 0.63 percen

MarketMarch 25, 2020

No requalifying for S. Korean athletes for postponed Tokyo Games: Olympic committee

South Korean athletes who've already qualified for the Tokyo Summer Games won't have to do so again, even though the competition has been postponed, their national Olympic committee said Wednesday. The Korean Sport & Olympic Committee (KSOC) said International Olympic Committee (IOC) President Thomas Bach assured leaders of national Olympic bodies last week that athletes would not be required to requalify even if the Olympics were rescheduled. Faced with the global coronavirus pandemic, t

Olympic GamesMarch 25, 2020

Government to inject W14b to develop DMZ Peace Trail

The South Korean government announced Wednesday that it has decided to inject 14 billion won ($11.38 million) to develop a trail adjacent to the Demilitarized Zone called the DMZ Peace Trail. The 248-kilometer-long DMZ, established in 1953, divides the Korean Peninsula roughly in half. “We will make the DMZ Peace Trail more prosperous by turning it into a place where people can experience the precious values of peace and also making it a place where foreigners would like to visit,&rdq

CultureMarch 25, 2020

S. Korea set to launch quick tracking system for virus cases

South Korea will launch a new cutting-edge system to track the movements of people infected with the novel coronavirus and their contacts more quickly, the land ministry said Wednesday, another powerful tool in the country's virus fight to help detect potential cases and quarantine COVID-19 patients. The system, which is based on the so-called smart city data hub program and will be set in motion on Thursday, will enable health investigators to determine the routes of confirmed cases within 10

Social AffairsMarch 25, 2020

Han Sung Motor partners with esports firm Gen.G

Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Wednesday that it has partnered with global esports company Gen.G, to expand its customer base by promoting the brand. Gen.G is a global esports team that was launched in 2017. It was ranked sixth in the Forbes’ world’s most valuable esports companies last year, with top results at games such as League of Legends.  Han Sung Motor’s partnership with Gen.G is the first of its kind between a Korean imported ca

MobilityMarch 25, 2020

Tokyo 2020 postponement puts S. Korean football players' Olympic status in doubt

The postponement of the 2020 Tokyo Summer Olympics will mean different things to different athletes. For several South Korean male football players, it may mean the loss of a career-altering opportunity. The quadrennial competition has been pushed back to next year due to the coronavirus outbreak. The International Olympic Committee still has long ways to go before finalizing the details of the qualifying processes for different sports. No matter which direction the IOC takes, perhaps no spo

Olympic GamesMarch 25, 2020

Kakao’s co-CEOs to serve another 2-year term

South Korean internet giant Kakao announced Wednesday that its co-CEOs -- Yeo Min-soo and Joh Su-yong -- will serve another two-year term. The decision was approved at its annual shareholders meeting held in the southern resort island of Jeju. “Kakao’s mission for the next 10 years is to make continuous renovation and evolution to minimize inconvenience of people,” Yeo said in the statement. “The company will also take the lead in resolving various kinds of social iss

TechnologyMarch 25, 2020

[Newsmaker] USFK begins issuing furlough notices to Korean employees

US Forces Korea began notifying 5,000 South Korean employees Wednesday that they would be furloughed starting next month, officials said, as defense cost-sharing talks between the two countries remain stalled. The two sides have been negotiating a new Special Measures Agreement that stipulates how much Seoul should pay for the upkeep of the 28,500-strong USFK. Salaries of about 9,000 South Korean employees are also funded under the agreement. The latest round of negotiations took place last w

Foreign AffairsMarch 25, 2020

S. Korea's recovery rate for COVID-19 patients tops 40%

The recovery rate of patients infected with the new coronavirus topped 40 percent, data showed Wednesday. Since its first outbreak on Jan. 20, the country has reported a total of 9,137 confirmed cases of COVID-19 as of Wednesday, with 3,730 of them, or 40.8 percent, being fully recovered and released from quarantine, according to the Korea Centers for Disease Control and Prevention (KCDC). The recovery rate came to 3.71 percent on March 11 but increased to 10.21 percent on March 15, 20 perce

Social AffairsMarch 25, 2020

UN rights chief advises easing NK sanctions amid virus spread

Michelle Bachelet, UN high commissioner for human rights, said Tuesday that North Korea needs UN sanctions relief because its health care system lacks the resources to counter the coronavirus. “Obstacles to the import of vital medical supplies, including over-compliance with sanctions by banks, will create long-lasting harm to vulnerable communities,” she said. She was implying UN sanctions could hamper Pyongyang’s coronavirus response. Bachelet said the North Korean public

North KoreaMarch 25, 2020