[Monitor] Consumer sentiment plummets over coronavirus spread

Consumer sentiment in Seoul has plummeted in the first quarter this year over the prolonged COVID-19 spread, a survey by the Seoul Institute showed. The research center under the Seoul Metropolitan Government said that the consumer sentiment index dropped 10.5 points on-quarter to 82.8. It was a 11.3 percent drop from the fourth quarter last year. The index over 100 means consumers are optimistic, and below are pessimistic. It is the first time in three years for the index to reach 80. Th

IndustryMarch 23, 2020

S. Korea keeps keen watch on New York, London markets

South Korea on Monday said it was carefully monitoring the financial market situations in New York and London, lest the global spread of COVID-19 lead to system breakdown in major economies and spill over to the global financial market. It also vowed to immediately initiate an exclusive task force to keep round-the-clock tabs on the macroeconomic financial situation here, further tightening guard against the snowballing fallout.　 “The global real economy will contract more dramatically

EconomyMarch 23, 2020

BTS sends out message of encouragement as Korea struggles to fight coronavirus

K-pop boy band BTS sent out a message of encouragement for South Koreans Monday as the country struggles to stem the spread of COVID-19. The video message was uploaded on BTS' official YouTube account and its "Love Myself" campaign account on Twitter, in response to a request by a group of nurse officers at the Korea Armed Forces Nursing Academy. "Taking the stage of an empty auditorium, we are acutely feeling how meaningful it was to breathe with you in the same space," m

K-popMarch 23, 2020

[Newsmaker] Police chief vows thorough probe of Telegram sex abuse videos

Amid public fury over a sexual abuse ring operating on Telegram, South Korea’s police chief on Monday vowed a thorough investigation of the case, as well as any similar crimes connected with the encrypted messaging platform. “We will conduct a rigorous investigation by cooperating closely with law enforcement agencies overseas,” said Min Gap-ryong, commissioner general of the Korean National Police Agency, in a statement. “We are looking into the distribution of illeg

Social AffairsMarch 23, 2020

Korea reports lowest daily increase in coronavirus cases since Feb. 20

South Korea reported the lowest daily increase in coronavirus cases in a month on Monday as the government ramped up measures to contain the number of infections arriving from abroad. 　 Total cases in the country reached 8,961, up 64 from the previous day. Of the new cases, 14, or 21.9 percent, involved travelers arriving from abroad, according to the Korea Centers for Disease Control and Prevention. It was the lowest daily increase since 35 new cases were found on Feb. 20. 　 As the government

Social AffairsMarch 23, 2020

S. Koreans stranded in Peru to be evacuated this week

Around 200 South Korean nationals stranded in Peru after the country sealed its borders and halted all flights amid the global coronavirus pandemic will be able to return home on a charter flight this week. 　 The flight, operated by Mexican airline Aeromexico, is set to take off from Lima on Thursday afternoon and arrive at Incheon International Airport, according to the Korean Embassy in Peru on Monday. 　 The total number of passengers has yet to be confirmed but is estimated to be around 20

Foreign AffairsMarch 23, 2020

Uigwe transcriptions by French researcher discovered in French museum

The Overseas Korean Culture Heritage Foundation has found transcriptions of Uigwe -- the royal protocol of the Joseon era -- at the National Museum of Asian Arts-Guimet in France. The books were created by French researcher Henri Chevalier and cover two Uigwe -- Heonjong Daewang Gukjang Dogam Uigwe and Hyohyeon Wanghu Gukjang Dogam Uigwe, which consist of 10 and six books, respectively. Heonjong Daewang Gukjang Dogam Uigwe records the state funeral ceremony held after King Heongjong died in

CultureMarch 23, 2020

Nam Hwa-yeon showcases artworks inspired by legendary, controversial dancer

A lack of information about legendary Korean dancer Choi Seung-hee (1911-1968) allowed Nam Hwa-yeon to come up with her own interpretations of Choi’s historic achievements for the solo exhibition “Mind Stream.” The interdisciplinary artist created artworks that range from media art to sculptures based on her research about the dancer. Nam represented Korea at the 2019 Venice Biennale 2019, along with Siren Eun Young Jung and Jane Jin Kaisen. Not many materials remain in Sou

Arts & DesignMarch 23, 2020

10cm holds first #TogetherAtHome concert in Korea

Indie singer 10cm hosted a YouTube live concert on Thursday night, joining the #TogetherAtHome challenge. After watching Coldplay singer Chris Martin perform a live concert online for people stuck indoors due to the spread of coronavirus, 10cm was inspired to join the challenge, becoming the first major Korean singer to do so. 10cm performed his best-known songs, including “Stalker” and “Phonecert.” He also played Coldplay’s “Fix You” in tribute to M

PerformanceMarch 23, 2020

Standard Chartered Bank Korea donates face masks to virus-hit Daegu hospital

Standard Chartered Bank Korea, wholly owned by London-based Standard Chartered Bank, donated 5,000 face masks to a hospital in Daegu, which has become the epicenter of the novel coronavirus here since early last month, the bank said Monday. The masks were provided by Standard Chartered PLC via its Greater China and Northeast Asia headquarters in Hong Kong in a bid to help its Korean employees and clients, the firm said. SC Bank Korea donated the masks to Keimyung University Dongsan Medical Cen

MarketMarch 23, 2020

Foreign IBs face flak for short selling stocks in Korea

Despite a six-month ban on short selling, foreign investment banking houses remain dominant players betting on falling prices of South Korean shares, raising hackles due to stock market volatility. According to data compiled by bourse operator Korea Exchange (KRX) on Monday, 6,662 cases of short sales worth more than 1 billion won ($790,330) occurred on the main bourse Kospi and tech-heavy Kosdaq from the beginning of this year to Wednesday. Morgan Stanley & Co. International’s dis

MarketMarch 23, 2020

Shinhan Financial asks unit CEOs to take digital leadership

Shinhan Financial Group said Monday that it has decided to adopt a new digital leadership system, assigning tasks of fostering different innovative technologies to the executive officers of its subsidiaries. The decision is based on Shinhan Financial Group Chairman Cho Yong-byoung’s remarks during a management meeting held Wednesday, where he said “in order to achieve a successful digital transformation, harmony of strategy and culture and the digital leadership of CEOs are crucia

MarketMarch 23, 2020

Coronavirus wipes off IPO plans in March

The coronavirus pandemic and ensuing market volatility are disrupting listing plans of South Korean firms that could otherwise have raised at least 289.5 billion won ($227.8 million), filings showed Monday. Seven companies have withdrawn or put off their initial public offerings in March. They include stem cell therapy developer SCM Life Science, telemarketing service provider Metanet Mplatform, electric vehicle parts maker LS EV Korea, diabetes treatment developer NovMetaPharma and construct

MarketMarch 23, 2020

Ruling party, President Moon earn high grade in polls

The ruling Democratic Party of Korea saw a slight uptick in the polls with some 42 percent support, while President Moon Jae-in flagged his highest approval rating this year, a poll showed Monday. Support for the liberal party inched up 0.6 percentage point from last week and stood at 42.1 percent, followed by the main opposition United Future Party 33.6 percent, up 1.5 percentage points, and the People’s Party on 4 percent, according to local pollster Realmeter. The survey was conducte

PoliticsMarch 23, 2020

SsangYong Motor aims to leap ahead with self-rescue plan

Cash-strapped SsangYong Motor said Monday it is seeking to reengineer its business with a strengthened self-rescue plan to race back on the road to profitability. The South Korean unit of Indian carmaker Mahindra and Mahindra -- which held two rounds of negotiations with the labor union last year -- has been focusing on normalizing its business. To improve its fiscal health, the automaker’s employees have agreed to reduce or stop 22 welfare benefits -- such as support for medical cost a

MobilityMarch 23, 2020

Korean companies shut plants in India upon order over virus

As the Indian government has decided to close all nonessential services across the country until the end of March amid the coronavirus scare, South Korea’s largest companies will temporarily shut their plants operating in India, according to the firms on Monday. Samsung Electronics will halt the production of its smartphone production facility in Noida, about 25 kilometers southeast of New Delhi, from Monday through Wednesday in line with the Indian government’s order. The Samsu

TechnologyMarch 23, 2020

McDonald’s Korea donates burgers, pies to support Guro

McDonald’s Korea said Monday it will provide free burgers and pies to volunteers and those vulnerable in Seoul’s Guro-gu, where a cluster infection of COVID-19 recently emerged from a call center. According to the burger chain, it will deliver 2,000 McChicken sandwiches and 2,000 pie products, including corn and apple pies, via the Community Chest of Korea to Guro. The food will be offered to the district disinfection volunteers and 44 community centers, including dwelling faciliti

ConsumerMarch 23, 2020

93-year-old virus patient recovers, returns home

A COVID-19 patient in her 90s returned home over the weekend after making a full recovery and became the oldest person in South Korea to have recovered from the deadly virus, a government official said Monday. The woman, 93, is the oldest among approximately 3,100 people here who had been declared clear of the virus as of Monday at 12:01 a.m. The patient returned home Saturday, after 13 days of treatment at a medical facility in Seoul. “She is the eldest patient to have recovered from

Social AffairsMarch 23, 2020

One month with Galaxy Z Flip

With the Galaxy Z Flip, my past month was full of curiosity: how will the next-generation flip phone change my mobile life? In short, using Z Flip was exciting, although I am still unconvinced it is because it provided more practical convenience. First with trivial things, flipping the device back and forth with the right thumb, which made a “thud” sound, was truly satisfying, in a nostalgic sense. It reminded me of the plastic flip phones that I had used until the early 2000s.

TechnologyMarch 23, 2020

Moon urges thorough probe into Telegram sex slave video case

President Moon Jae-in called Monday for a thorough investigation into shocking sex crimes against women, including underage girls, in which group chat rooms of the Telegram messenger service were used. He described the acts of the offenders in the so-called Nth room case as "cruel" behavior that destroyed the lives of victims and said he "feels sympathetic" to the "justifiable" public fury over it. At least 74 women, including 16 minors, were sexually abused and

Social AffairsMarch 23, 2020