Coronavirus could trigger ‘unprecedented’ economic crisis: vice minister

In an emergency response to the latest stock market plummeting in the United States, the South Korean government on Tuesday warned that the ongoing coronavirus pandemic could possibly expand into an “unprecedented” economic crisis. “We should take into account that the spread of COVID-19 may lead to an unprecedented complex crisis situation for both the real economy and the financial market,” said Kim Yong-beom, first vice minister of finance, in an urgent meeting wit

EconomyMarch 17, 2020

Exports to China recover in March

South Korea’s exports to China have been showing signs of recovery in March, as the two nations reel from the impact of the coronavirus outbreak, data from the government and the industry showed Tuesday. Korea’s daily exports to China for the period of March 1-10 reached $436 million, a 20.8 percent increase compared to the same period in February this year. Korea’s daily exports to China, however, was still 8.2 percent lower than that of the same period in last year at $47

IndustryMarch 17, 2020

Interest rates of savings products, mortgages to drop on BOK’s rate cut

South Korean banks are expected to start lowering interest rates tied to fixed deposit products and mortgages on Tuesday amid the Bank of Korea’s decision to slash its benchmark interest rate to a record low of 0.75 percent. The rate affects what banks pay to borrow money overnight, affecting the level of interest rates of products that they offer to customers. At the moment, the most popular and main fixed deposit products are those with a tenure of one year. Such products designed a

MarketMarch 17, 2020

[Economy in Pandemic] Coronavirus puts Korean economy into uncharted territory

The Korea Herald is publishing a series of interviews and analysis over looming threats of COVID-19 on the Korean economy and beyond. This is the first installment. -- Ed. Despite a series of emergency actions being taken by governments around the world, the novel coronavirus -- and its resulting disease COVID-19 -- is wielding sweeping power over the global financial market and the real economy, indicating rising global recession risks. The Bank of Korea cut its policy rate Monday to a recor

EconomyMarch 17, 2020

Special screening procedures for all travelers to Korea

With the domestic spread of the novel coronavirus slowing down, the South Korean government will begin screening all international arrivals this week to prevent it from coming in from abroad. Special quarantine procedures will be applied to all travelers arriving here, not just foreign nationals but Koreans too, starting Thursday, according to the Korea Centers for Disease Control and Prevention on Tuesday. Vice Health Minister Kim Gang-lip stressed that no one country can stop the virus si

Social AffairsMarch 17, 2020

[Chew on I.T.] Secrets to foldable devices: Samsung vs. Huawei vs. Motorola

It is the third month of 2020, and there are already three new foldable devices available in the market worldwide: the Samsung Galaxy Z Flip, Huawei Mate Xs and Motorola Razr. Compared to September, when the world’s first foldable smartphone Galaxy Fold was unveiled and later joined by Huawei’s first product Mate X, the foldable category has taken a leap forward, with the latest products boasting improved durability and performances. In a bid to help potential users get familiar

TechnologyMarch 17, 2020

Start of school put back again

The Korean government announced Tuesday that day care centers, kindergartens and elementary, middle and high schools in the country will remain closed until early April, amid an all-out fight against the spread of the novel coronavirus. 　 The start of the spring semester at kindergartens and schools nationwide will be pushed back from the current March 23 to April 6 on concerns that crowded classrooms might turn into new clusters of infections and further spread the virus in local communities.

Social AffairsMarch 17, 2020

USFK commander praises S. Korea's handling of coronavirus outbreak

US Forces Korea (USFK) Commander Gen. Robert Abrams has praised South Korea's response to the coronavirus outbreak, commending local health authorities as "extraordinary partners" for their professionalism, transparency and coordination efforts. "Cannot underscore enough how great KCDC has been for us to work with. Open, transparent, collaborative and extremely helpful. They have been tireless, around the clock for over a month and going strong," Abrams tweeted Monday. KCD

DefenseMarch 17, 2020

Kakao Bank to be led by sole CEO

South Korea’s leading online-only bank Kakao Bank announced Tuesday that Yoon Ho-young, who headed the bank as co-CEO, will now serve as the company’s sole chief. The online bank has been managed by Yoon and former co-CEO Lee Yong-woo -- who were respectively from mobile messenger firm Kakao and investment company Korea Investment & Securities. The two companies are major shareholders of the bank. Since Lee left the company in January to run for parliamentary election sched

MarketMarch 17, 2020

USITC starts probe on Samsung, LG, Apple over touchscreen patent

The United States International Trade Commission said Tuesday that it will open an investigation into global tech giants including Samsung Electronics, LG Electronics and Apple over claims of touch-screen patent violations. The complaint was filed in February by purported Irish “patent troll” Neodron, in which the company claimed that the companies infringed on its patents related to touch-screen devices. It is not the first time Neodron has targeted such global tech firms. Last

TechnologyMarch 17, 2020

Protestant churches under fire for holding Sunday services despite coronavirus epidemic

South Korea reported fewer than 100 new coronavirus cases for a third straight day on Tuesday, but concerns lingered in the metropolitan area as group transmission and imported cases emerged as new risks in the anti-virus fight. Gyeonggi Province, which surrounds Seoul, reported a sharp increase of 31 cases, which brought the total in the province to 262, according to the Korea Centers for Disease Control and Prevention. In Seoul, cases increased by 12 to 265, while Incheon, west of Seoul, ad

Social AffairsMarch 17, 2020

Coronavirus spurs exodus of South Koreans from Europe

With the novel coronavirus spreading fast around the world, a growing number of South Koreans living in hard-hit countries such as Italy and France are seeking to flee home. 　 There are some 5,000 Korean nationals residing in Italy, where COVID-19 has killed more than 2,000 people and sickened nearly 28,000, making it the worst-affected country outside of China, where the virus emerged late last year. 　 Korean residents there are arranging a charter flight to Korea, according to news reports.

Foreign AffairsMarch 17, 2020

S. Korea, China, Japan hold conference call on coronavirus response

The foreign ministries of South Korea, China and Japan held a working-level conference call on Tuesday to discuss cooperation in stemming the regional and global spread of the new coronavirus, officials said. Kim Jung-han, director-general for Asian and Pacific affairs at Seoul's foreign ministry, joined the call with his Chinese and Japanese counterparts, Wu Jianghao and Shigeki Takizaki. In the call, they agreed to explore ways to hold trilateral talks among the foreign ministers of their

Foreign AffairsMarch 17, 2020

No letup in social distancing drive amid slowing new cases

South Korea's drive to stem further spread of the new coronavirus may lose steam, but the country's health authorities are again tightening the screw on the nationwide campaign amid slowing new infections as the next few weeks are a critical juncture to bring the COVID-19 outbreak under control. The country recorded daily new infections of COVID-19 in the double digits for the third straight day on Tuesday, bringing the nation's total infections to 8,320, the Korea Centers for Disease Control

Social AffairsMarch 17, 2020

Cultural Heritage Administration plans to jointly seek UNESCO listing of DMZ with North Korea

The Cultural Heritage Administration seeks to register the demilitarized zone between the two Koreas as a UNESCO World Heritage Site, together with North Korea, according to its plan for 2020 announced last week. CHA’s DMZ plan came after President Moon Jae-in raised the issue during his 2020 New Year’s Address. “The DMZ’s value is enormous and relates to ecology, history, peace and reconciliation between the South and the North. Jointly registering the DMZ on the lis

CultureMarch 17, 2020

Family feud at Hanjin escalates with complaint to FSS

Hanjin KAL, holding company of South Korea’s flagship carrier Korean Air, complained to the Financial Supervisory Service on Tuesday, calling for a probe into “violations” of the Capital Market Act, amid the succession battle between siblings at the conglomerate. The company said that the alliance involving Hanjin Group heiress Cho Hyun-ah, Korea Corporate Government Improvement and Bando Engineering and Construction, have falsely posted equity statements that breach the Fina

MobilityMarch 17, 2020

Samsung Biologics to develop Aprinoia's Alzheimer’s treatment

Samsung Biologics said Tuesday it has signed a deal to develop Taiwanese bio firm Aprinoia’s Alzheimer’s disease treatment. Aprinoia Therapeutics is a bioventure with specialized technology in diagnostic devices and treatments for neurodegenerative diseases. It is a leader and pioneer in the development of monoclonal antibodies against the tau protein, known to be the key trigger of Alzheimer’s. The tau protein is what binds and stabilizes the internal structures within br

IndustryMarch 17, 2020

[Newsmaker] Korean National Ballet fires dancer for breaking quarantine

The Korean National Ballet has fired a dancer for inappropriate behavior, the first such action since the troupe was founded in 1962. Na Dae-han, 28, corps de ballet dancer at the Korean National Ballet, was fired for traveling to Japan during home quarantine period. The national ballet company held a disciplinary committee meeting on Monday where the decision was made to fire Na. Other members of the state ballet company were suspended for conducting private lessons during the home quarant

PerformanceMarch 17, 2020

Celltrion launches Herceptin biosimilar in US

Celltrion Healthcare launched breast cancer and stomach cancer treatment Herzuma in the US market through local partner Teva Pharmaceutical. The company said Tuesday that Herzuma (trastuzumab) will be 10 percent cheaper than the original Roche drug, Herceptin. The cost of the drug to US patients will vary depending on their individual insurance plans, Celltrion Healthcare said. The trastuzumab market in North America was worth 3.8 trillion won ($3 billion won) as of the third quarter of 2019

IndustryMarch 17, 2020

Kia Motors’ new Sorento comes back in 6 years

Kia Motors on Tuesday launched its fourth-generation midsized sport utility vehicle Sorento, with a new design, larger size and improved driving assistance functions.  The automaker said the new Sorento has kept its design identity of strong image under the concept of “refined boldness,” but gave a new look by connecting the front radiator grille and LED head lamp to offer wide, stronger design.  The new model has a vertical-type LED rear combination lamp and horizontal-

MobilityMarch 17, 2020