Forex pressure looms over Korea's outbound investments

Facing a weakening local currency amid the escalating novel coronavirus crisis, companies are hedging their cross-border investment plans, including mergers and acquisitions, filings showed Tuesday. The deals denominated in foreign currency are facing increasing exchange rate pressure. as some of the investment decisions were made before the coronavirus outbreak. Over the past three weeks, South Korea’s local currency has weakened 4.6 percent against the greenback and fell 2.4 percent a

MarketMarch 24, 2020

[Stephen L. Carter] Ethics of shopping in a pandemic

When my local supermarket opened for business at 6 a.m. the other day, I had my plan of action in place. The instant the door was unlocked, I hurried to the pharmacy aisle, where I found, to my surprise and delight, three bottles of rubbing alcohol. But now I faced a puzzle. Should I play homo economicus and buy them all? Should I follow the Lockean proviso and leave as much and as good in common for others? Torn by competing priorities, I bought two of the three bottles, leaving the third for

ViewpointsMarch 24, 2020

[Kim Seong-kon] Remembering Korea’s charms in these difficult times

Due to the recent coronavirus outbreak, we are now unable to travel to foreign countries freely. Some time ago, however, a South Korean could visit virtually any place on earth and feel at home wherever he went. For example, he could watch Korean movies and television shows on Netflix or Amazon anywhere, anytime. Korean cuisine and groceries were available everywhere. He could even drop by a karaoke room, easily available in many foreign cities, to sing his favorite Korean songs. As someone wh

ViewpointsMarch 24, 2020

Hanwha chief’s eldest son appointed Hanwha Solutions’ board director

Hanwha Solutions pledged a shift to an eco-friendly business and named Vice President Kim Dong-kwan as executive director of the company’s board. The decisions were made at the firm’s general shareholders meeting at a hotel in Jung-gu, central Seoul, Tuesday. Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-youn, entered the group in 2010. Having been promoted to vice president of Hanwha Solutions last year, Kim this year has taken the reins of Hanwha Group&rsquo

IndustryMarch 24, 2020

Dementia patients at most risk of falling prey to COVID-19: data

Nearly three in ten patients who have died of the new coronavirus in South Korea suffered from dementia, as the degenerative brain illnesses is more common among elderly people, local health authorities said Tuesday. The country's COVID-19 death toll has risen to 124 as of Tuesday, up 13 from a day earlier, the Korea Centers for Disease Control and Prevention (KCDC) said. Of the total fatalities, 34, or 27.4 percent, had dementia. "We are making utmost efforts to detect virus patients at

Social AffairsMarch 24, 2020

[Newsmaker] Spring flower festivals say ‘No’ to visitors

Though spring flowers are in full bloom, local authorities are requesting that people refrain from visiting flower sightseeing spots, due to fears about the spread of COVID-19. Amid the health crisis, most festivals across the nation have been called off. However, it has been difficult to turn away visitors at areas where spring flower festivals are usually held. Though the events have been canceled, some are still showing up to view the flowers. Earlier this month, the southeastern city

TravelMarch 24, 2020

S. Korea calls on G-20 to work on alleviating excessive travel, logistics bans

South Korea has urged advanced nations to refrain from excessive restrictions on human activities and material resources amid the global novel coronavirus spread, citing the economic repercussions, according to the Ministry of Economy and Finance on Tuesday. Finance ministers and central bank governors from the Group of 20 member nations on Monday met virtually to discuss the impact of the COVID-19 outbreak. The meeting was also attended by representatives from the International Monetary F

EconomyMarch 24, 2020

BTS cuts down world tour itinerary due to coronavirus

K-pop boy band BTS announced Tuesday it will cut down the itinerary of its upcoming world tour, "Map of the Soul Tour," due to the coronavirus pandemic. "With the global spread of COVID-19, in some countries and cities, the level of unpredictability is becoming higher to prepare for the shows," the band's management agency Big Hit Entertainment said in a notice posted on the Weverse mobile app. "As a result of the current global circumstances, we anticipate having to

K-popMarch 24, 2020

[Herald Interview] New head Kim pledges trustworthy, futuristic Korea Coast Guard

INCHEON -- President Moon Jae-in was pinning high hopes on Kim Hong-hee when appointing the vigorous maritime police officer to be commissioner general of the Korea Coast Guard as part of a powerful reform drive. Moon promoted Kim by two ranks as part of a noteworthy personnel policy early this month. Compared to his 16 predecessors, Kim, 52, is a relatively young chief of what is seen as the maritime police agency of South Korea. “My life has been the continuation of challenges from th

Social AffairsMarch 24, 2020

Parties draw up proportional candidate lineup

The ruling Democratic Party and the main opposition United Future Party are heading into a double clash in the April 15 general elections, with both fielding satellite parties for proportional representative seats. The Future Korea Party, a satellite party of the United Future Party, has shortlisted 40 candidates. The ruling Democratic Party’s satellite party, whose name roughly translates to “Citizen’s Party,” is entering the race with 30 candidates. In proportional

PoliticsMarch 24, 2020

[Herald Interview] Yeong-shin has own story to tell in ‘Kingdom’

Just more than a week after global streaming giant Netflix released the second season of its original series “Kingdom,” actor Kim Sung-kyu sat down to talk about the smash-hit zombie show, his character Yeong-shin and the possibility of another batch of episodes to come. Yeong-shin is a common-class fighter in the Joseon era who joins Crown Prince Lee Chang and his team of men to save the kingdom that has been invaded by a sudden outbreak of a zombie plague. “He seems like

TelevisionMarch 24, 2020

[Brief] Bestselling novelist Lee Oi-soo collapsed with brain hemorrhage

Bestselling novelist Lee Oi-soo, 73, is recovering in an intensive care unit after receiving surgery for a brain hemorrhage, local media reported Tuesday. Lee, who lives in the county of Hwacheon, Gangwon Province, collapsed with a brain hemorrhage in his village at around 6 p.m. Sunday. He was taken to Hallym University Chuncheon Sacred Heart Hospital and underwent surgery, according to news reports. Lee, whose bestselling books include “Haak Haak,” had been active on social me

Social AffairsMarch 24, 2020

Identity of accused revealed in Telegram sex crime case

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. The identity of 24-year-old Cho Ju-bin, the main suspect who ignited a public uproar here, was made public by police. On the encrypted messaging app Telegram, he went by the nickname “doctor.” The National Policy Agency, i

Social AffairsMarch 24, 2020

Seoul stocks rebound amid US Fed, Korean financial market easing plans

South Korean stocks rebounded sharply Tuesday, as investors were buoyed by the US Federal Reserve’s overnight announcement of unlimited bond-buying and the government’s bold emergency financial aid package to tackle the economic slowdown due to novel coronavirus spread. 　 The benchmark Kospi soared 127.51 points, or 8.6 percent, from the previous session, to close at 1,609.97. The market began strong at 1,523.69 and continued to move upward through the day, marking the biggest incr

MarketMarch 24, 2020

Moon vows W100tr rescue package to reinvigorate economy

President Moon Jae-in on Tuesday announced plans to double the size of an economic rescue package to 100 trillion won ($80 billion) to boost local businesses suffering due to the novel coronavirus outbreak. The announcement follows a second emergency economic council session this year. Officials handling the nation’s fiscal and monetary policies including Finance Minister Hong Nam-ki, Bank of Korea Gov. Lee Ju-yeol and Financial Services Commission Chairman Eun Sung-soo were present at

EconomyMarch 24, 2020

Ministry toughens up against hagwon defiant of social distancing measures

Schools are closed, but the vast majority of private educational institutions in Seoul continue to offer classes in defiance of the social distancing campaign, the Education Ministry said Tuesday. The ministry warned that the institutions could be forcibly shut down if they do not comply with the government’s guidelines to slow the spread of the novel coronavirus, which so far has killed over 120 people in South Korea. Starting Sunday, the government implemented stricter rules on so

Social AffairsMarch 24, 2020

FM Kang to explain S. Korea's anti-coronavirus efforts in WEF videoconference

Foreign Minister Kang Kyung-wha will explain South Korea's efforts to fight the new coronavirus and call for global solidarity in ending the pandemic in a videoconference of the World Economic Forum (WEF) this week, her office said Tuesday. On Wednesday (Korea time), Kang is set to join a video-linked session related to the COVID-19 Action Platform, a WEF initiative launched earlier this month to galvanize collective action in responding to the virus. "Minister Kang plans to explain the

Foreign AffairsMarch 24, 2020

Internet traffic in Korea increases 13% in March as people self-quarantine

Internet traffic in March has increased 13 percent over January this year as people spend more hours online under the strain of the COVID-19 outbreak, according to an ICT Ministry report released Tuesday. The ICT Ministry met with telecommunications industry officials to discuss the increased internet usage and measures to prevent potential network failures. Previously Netflix had said it would cut its traffic by 25 percent on networks across Europe to prevent interruptions of service, consid

TechnologyMarch 24, 2020

Female US soldier stationed in Pyeongtaek dead, cause unknown

An American soldier stationed in South Korea was found dead in her barracks room last week, the US military said Tuesday. Private First Class Marissa Jo Gloria was found unresponsive in her room at Camp Humphreys in Pyeongtaek, 70 kilometers south of Seoul, on Saturday and pronounced dead at the scene by emergency medical personnel, according to the 2nd Infantry Division. The cause of her death is under investigation, the military said, though officials said they do not believe her death has

Social AffairsMarch 24, 2020