Korean plants, shops around world close on coronavirus spread

Many industrial facilities and retail shops run by South Korean businesses across the globe are suspending operations as governments are ordering weekslong lockdowns amid the growing coronavirus spread, according to industry sources Wednesday. Korea’s biggest steel provider Posco has decided to close its processing centers in Italy, Malaysia and the Philippines following government directives. Posco-ITPC, a stainless steel processing center located near Verona, northeastern Italy -- w

IndustryMarch 25, 2020

Remote work culture finally takes off in Korea, but will it stick?

Various industries in South Korea have been forced into a mass experiment with the remote work system, intent to flatten the spread of COVID-19 since January. With more people working from home, demand for telecommuting solutions has also been rapidly rising. A number of Korean and multinational information technology companies provide top-notch remote work services, while many large firms already have internal remote systems intact. But it remains to be seen whether the emergency work-from

TechnologyMarch 25, 2020

Online gaming booms as virus lockdowns keep millions at home

HONG KONG (AFP) -- When two Spanish footballers took to the controls of "FIFA 20" after the coronavirus pandemic saw their La Liga match cancelled, a stadium-sized virtual audience watched online. The huge digital crowd last week is part of a spectacular boom for the digital gaming industry, as record numbers flock to online servers for distraction, entertainment and friendship with the "real world" seemingly falling apart. Real Betis striker Borja Iglesias kicked the winn

World NewsMarch 25, 2020

Yongsan Garrison apartment complex to open to public in April

An apartment complex located inside the Yongsan Garrison -- US Forces Korea headquarters before its relocation to Pyeongtaek -- will be temporarily open to public from April 28, the Land Ministry said Wednesday.  It is the first time the public will have access in 116 years. In 1904, the Japanese military established its headquarters in Yongsan, central Seoul, after the Russo-Japanese War. In 1957, USFK moved in after the end of the 1950-53 Korean War. Since 2017, the US military has be

IndustryMarch 25, 2020

100 new COVID-19 cases reported in Korea, half of them ‘imported’

South Korea reported 100 new novel coronavirus cases Wednesday, bringing total infections to 9,137, as the government plans to widen stricter quarantine measures on arrivals from the US starting Friday to contain a rising number of imported cases. Of the new cases, 51 cases -- 43 Korean citizens and 8 foreign nationals -- were imported from abroad. Of them, 34 cases -- 28 citizens and 6 foreign nationals -- were identified during airport quarantine screening measures, according to the Korea C

Social AffairsMarch 25, 2020

Korean oil refiners forced to keep plants rolling despite pandemic losses

South Korean oil refiners are facing heavy losses due to the coronavirus pandemic, but are unable to shut down their plants without causing further problems. According to a domestic oil refinery unit SK Innovation, the company is unable to close its facilities despite a mounting operating loss as oil must keep flowing through the pipes. “Car manufacturers can simply halt their assembly lines and resume operation again, but that’s not the case for refineries. When oil heated up in

IndustryMarch 25, 2020

Posco donates W5b, actively participates in virus relief efforts

South Korea’s largest steelmaker Posco is actively participating in relief efforts for regions affected by the COVID-19 outbreak, the company said Wednesday. Posco, which has its main headquarters and a number of factories in one of the hard-hit region of North Gyeongsang Province, has donated 5 billion won ($4.06 million) for support on Feb. 27, about a month after it delivered relief goods worth 1 billion won to China. According to the company, Posco group delivered 4 billion won, wh

IndustryMarch 25, 2020

[팟캐스트] (345) 경찰, 조주빈 신상 공개 결정 / 코로나19 자원봉사 손길 이어져

진행자: 김보경, Kevin Lee Selzer 1. Identity of accused revealed in Telegram sex crime case 아이튠즈(아이폰): https://itunes.apple.com/kr/podcast/koliaheleoldeu-paskaeseuteu/id686406253?mt=2 팟빵 (안드로이드): http://www.podbbang.com/ch/6638 The suspect who was arrested for selling videos of sex acts involving minors via Telegram chat rooms was a volunteer at an orphanage and managing editor of a college newspaper, who once wrote on how schools should respond to sex crimes, it was revealed Tuesday. *sex act:

PodcastMarch 25, 2020

Another US soldier stationed in Pyeongtaek dies, cause unknown

An American soldier stationed in South Korea was found dead in his barracks room earlier this week, the US military said Wednesday. Spc. Clay Welch was found unresponsive in his room at Camp Humphreys in Pyeongtaek, 70 kilometers south of Seoul, on Sunday and pronounced dead at the scene by emergency medical personnel, according to the 2nd Infantry Division. The cause of his death is being investigated, the military said, though officials said they do not believe his death has anything to do

Social AffairsMarch 25, 2020

Competition for Olympic spots on hold for S. Korean LPGA golfers

What promised to be a memorable duel for Olympic spots among South Korean LPGA stars has been put on hold with the announcement that the 2020 Tokyo Summer Games will be delayed to next year. The decision, jointly reached by the International Olympic Committee (IOC) and Tokyo's organizing committee late Tuesday, will resonate on different levels for a handful of South Korean Olympic hopefuls in women's golf. Those who were on a roll to start the season will likely feel frustrated to be stopped

GolfMarch 25, 2020

Posco signs with clients to use Innovilt brand

South Korea’s largest steelmaker Posco said Wednesday it has signed agreements with 17 local companies for certification of 23 products of its premium construction steel materials brand Innovilt. Construction steel materials are generally used in buildings, houses, roads and bridges, but are not exposed outside, making it difficult to identify which steel products were used. In November last year, Posco launched the integrated steel bran Innovilt which allows consumers to easily recogn

IndustryMarch 25, 2020

BOK to begin supplying dollars under US currency swap deal next week: official

South Korea is seeking to begin supplying US dollars under its bilateral currency swap arrangement with the United States next week, a Bank of Korea (BOK) official said Wednesday, a move that is widely expected to help ease dollar shortage caused by the new coronavirus pandemic. Negotiations are underway to finalize the currency swap deal, BOK Dep. Gov. Ryoo Sang-dai told reporters. "There are many issues that need to be discussed, but (the talks) are moving forward without any major diff

MarketMarch 25, 2020

Defense ministry official tests negative for coronavirus

A partial shutdown of the defense ministry's main building in Seoul has been lifted after one of its officials, who had close contact with a relative confirmed to have the coronavirus, tested negative. The ministry had temporarily shut down part of the building for disinfection work earlier in the day after the Army colonel assigned to the ministry was found to have dined with the relative, who had been diagnosed with COVID-19 following an overseas trip. So far, no confirmed cases have been r

DefenseMarch 25, 2020

S. Korea reports uptick in new virus cases, imported infections jump

South Korea reported an uptick in new cases of the novel coronavirus on Wednesday, driven by a steady rise in infections in the Seoul metropolitan area and a jump in imported cases. The 100 new cases, which were detected on Tuesday and up from 76 new cases a day earlier, marked the 14th consecutive day that there were 100 or fewer additional cases, according to the Korea Centers for Disease Control and Prevention (KCDC). Tuesday's number brought the nation's total infections to 9,137 and th

Social AffairsMarch 25, 2020

Major banks seen to shoulder bulk of bond fund

Five major banks in South Korea are expected to contribute to nearly two-thirds of an envisioned bond market stabilization fund, sources said Wednesday. Seoul unveiled an emergency financial aid package Tuesday, which calls for a 10 trillion-won bond market stabilization fund in early April to help coronavirus-wracked businesses raise money. Several dozens of local financial companies will contribute an additional 10 trillion won to the fund later. More than 20 major financial firms will also

MarketMarch 25, 2020

Samsung begins shipment of EUV-based DRAM modules

Samsung Electronics Co., the world's largest memory chip producer, said Wednesday it has started shipping the industry's first DRAM modules made using extreme ultraviolet (EUV) technology. Samsung said it has shipped one million units of 10nm-class (D1x) DDR4 (Double Date Rate 4) DRAM modules that were produced with the technology. "The new EUV-based DRAM modules have completed global customer evaluations," the company said in a release. "EUV technology reduces repetitive step

TechnologyMarch 25, 2020

S. Korea to loosen FX liquidity guidelines to boost dollar liquidity

South Korea will ease foreign exchange liquidity rules temporarily to prod local financial firms to provide more dollars in the currency market currently roiled by the market turbulence, the country's chief economic policymaker said Wednesday. Local financial institutions have been required to hold an adequate amount of foreign currency assets on hand to get over short-term liquidity disruptions. Currently, the foreign exchange liquidity coverage ratio (LCR) for banks is set at least 80 percent.

EconomyMarch 25, 2020

Telegram sex offender's case sent to prosecution

A man suspected of blackmailing dozens of victims, including minors, into performing violent sex acts and selling the videos in mobile chat rooms was handed over to the prosecution on Wednesday for further investigation. At least 74 people, including 16 underage girls, are known to have been exploited in the case, widely known as the "Nth room case," in which prime suspect Cho Ju-bin allegedly lured victims into taking photos and later coerced them into performing more gruesome sex a

Social AffairsMarch 25, 2020

BTS' 'Map of the Soul: 7' drops to 11th on Billboard 200

"Map of the Soul: 7," the latest album by BTS, dropped to 11th on the Billboard 200 albums chart for this week in its fourth week on the list, chart updates showed Wednesday. The latest standing for the week of March 28 marks three notches down from the eighth spot the previous week. It marks the album's fourth week on the chart after debuting atop the Billboard 200. Another BTS album, "Love Yourself: Answer," also entered the albums chart for this week at 180th. 

K-popMarch 25, 2020

Seoul stocks open sharply higher tracking Wall Street gains

South Korean stocks opened sharply higher Wednesday tracking a record rally on Wall Street as investors bet on stimulus measures around the globe amid the new coronavirus pandemic. The benchmark Korea Composite Stock Price Index had risen 64.16 points, or 3.99 percent, to 1,674.13 as of 9:15 a.m. The Dow Jones Industrial Average on Tuesday skyrocketed 11.4 percent to close at 20,704.91, its biggest one-day gain since 1933, after US lawmakers said they are close to passing a $2.5 trillion stim

MarketMarch 25, 2020