US rejects side deal on labor costs for USFK workers

The US State Department on Monday reiterated its earlier stance opposing a South Korean proposal to separately discuss labor costs for United States Forces Korea. Korean workers at the US military here were notified that they would be put on unpaid leave amid stalled talks on sharing costs for 28,500 US troops. “A separate negotiation based solely on labor cost sharing would greatly detract from expeditiously concluding a mutually acceptable and comprehensive Special Measures Agreement,&r

DefenseMarch 17, 2020

Korean-made virus test kits being sold overseas

South Korean biotech firms are exporting their novel coronavirus test kits as countries scramble to stem the rapid spread by isolating infected people, industry sources said Tuesday. Seegene, Kogene Biotech, Solgent, SD Biosensor and other companies have all received permission from the Ministry of Food and Drug Safety (MFDS) to sell their products in South Korea, as well as in overseas markets. The products that have received permission mostly use real-time polymerase chain reaction (RT-PCR

TechnologyMarch 17, 2020

S. Korea again pushes back new school year on virus fears

South Korea said Tuesday it will be postponing the new school year for another two weeks as it fights COVID-19 group infections that have occurred at churches, hospitals and even Zumba classes. Under the measure, the new school year at kindergartens and elementary, middle and high schools nationwide will begin on April 6, five weeks later than in normal years, according to the education ministry. Child care centers, which provide care for toddlers and children up to 7 years old, will also clo

Social AffairsMarch 17, 2020

S. Korea increasingly turns eyes on imported cases amid slowing virus infections

South Korea on Tuesday decided to expand its special quarantine procedures to people coming from all countries of the world as concerns about imported cases are rising after COVID-19 was declared a pandemic. Starting Thursday, all people arriving in South Korea will be subject to the special quarantine measures, according to the Korea Centers for Disease Control and Prevention (KCDC). All arrivals should have their temperature checked and fill out health documents at airports. They should n

Social AffairsMarch 17, 2020

‘Shincheonji didn’t lie about membership figures’

Despite suspicions to the contrary, the Shincheonji Church of Jesus membership list that authorities obtained through a probe was not much different from the list the Christian sect had provided earlier. Some politicians, heads of local governments and Justice Ministry officials had called for a prosecutorial investigation into the Shincheonji Church of Jesus, accusing the sect of hampering disease control efforts by intentionally omitting names from the list it submitted. After the Central D

Social AffairsMarch 17, 2020

Oceans Minister in self-quarantine following contact with virus patient

Minster of Oceans and Fisheries Moon Seong-hyeok is working remotely in self-quarantine after coming into contact with a COVID-19 patient, the ministry said Tuesday. Moon started working from home Monday and will do so for 14 days. He is the first Cabinet member to go into self-quarantine. “Minister Moon was notified of the self-isolation from health authorities. He plans to work remotely from his residence until March 24,” said a ministry official. Though Moon tested negative f

Social AffairsMarch 17, 2020

North Korea needs $840,000 for virus response: UNICEF

UNICEF said a fund of $840,000 is required to help North Korea respond to the coronavirus pandemic, the UN agency said in a report. North Korea has not yet reported a confirmed case of the virus nor a death associated with the disease, which many watchers outside have cast doubt on. The reclusive communist state has banned entry of travelers, tightened borders against imported goods and ramped up disinfection measure. According to the report out of $840,312 North Korea needs to navigate the

North KoreaMarch 17, 2020

Korea's money supply grows in Jan.

South Korea's money supply continued to grow in January, partly on an increase in funds held by local households, central bank data showed Tuesday. The country's M2 came to 2,927.5 trillion won ($2.36 trillion) as of end-January, up 0.7 percent from a month earlier, according to preliminary data from the Bank of Korea (BOK). From a year earlier, the reading marks a 7.8 percent rise. M2 is a measure of the money supply that counts the currency in circulation, including bank debentures and dep

EconomyMarch 17, 2020

Eximbank donates W250m to virus-hit Daegu

The state-run Export-Import Bank of Korea has donated 250 million won ($201,000) to nonprofit groups to support small business owners and senior residents living in Daegu, the southeastern city hit hardest by the novel coronavirus outbreak. Korea Eximbank has donated 100 million won to the comprehensive welfare center for the elderly staying at home alone, outsourced by the Ministry of Health and Welfare. The center will purchase food from traditional markets in Daegu and deliver them to the

MarketMarch 17, 2020

[Advertorial] LG Chem vows to enter top 5 global chemical company list

LG Chem has rolled out its plan to crack the top 5 global chemical company list by 2024 through change and innovation in its four key business areas. LG Chem ranked 10th best chemical firm in C&EN’s Global Top 50 chemical companies of 2018, published by American Chemical Society. Also, the company’s brand value surpassed 4 trillion won ($3.22 billion) for the first time, maintaining fourth place for two consecutive years, according to Brand Finance Chemicals 25 2020 report.

IndustryMarch 17, 2020

Conductor Teodor Currentzis’ Korean engagement canceled due to COVID-19

Conductor Teodor Currentzis and his MusicAeterna’s much-awaited performances in Seoul have been canceled due to the COVID-19 pandemic. Currentzis, a rising star conductor in the classical music scene, and MusicAeterna were to hold concerts at the Lotte Concert Hall on April 7 and 8.  “Teodor Currentzis and MusicAeterna have been strongly looking forward to their first ever concerts in South Korea, and to meeting with an audience that is well known for its appreciation of mu

PerformanceMarch 17, 2020

[Market Close-up] Have tech shares hit rock-bottom?

With stock prices of major tech firms plummeting, retail investors think it is a big opportunity to profit, given the ultralow interest rates. Past experience of the local stock market’s dramatic rebound -- led by the memory chip market boom -- and pervasive advisory reports by local analysts, led many individual investors to jump on the bandwagon. The stock prices are really appealing now, but is it worth it? According to the stock market operator Korea Exchange (KRX), the share pric

MarketMarch 17, 2020

Carmakers set to post poor Q1 earnings on virus fallout

South Korean carmakers are likely to post poor earnings results for the first quarter due to the escalating fallout from the coronavirus pandemic, analysts said Tuesday. The country's five carmakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- have already suffered several weeks of output disruptions after suppliers in China halted production amid the spread of COVID-19. The coronavirus pandemic prompted many countries to impose

MobilityMarch 17, 2020

Cluster infections, incoming travelers threaten capital area

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

[News Focus] COVID-19 makes Korean currency cheaper

SEJONG -- A country’s interest rate generally determines the value of its currency, although this formula may not be applicable to safe havens such as the US dollar, the euro, the British pound and the Japanese yen. For an emerging country whose currency depends on reserve currencies like the dollar, a low interest rate incurs an outflow of foreign capital as the currency becomes less attractive to investors. Capital flight results in a cheap local currency. Over the past few

EconomyMarch 17, 2020

S. Korea to spend W30b won to support fishery industry

South Korea said Tuesday it will allocate 30 billion won ($24.2 million) to fishing businesses hit hard by the economic fallout from the global spread of the new coronavirus. The decision came amid a sharp decrease in the consumption of seafood from home and abroad due to the COVID-19 epidemic. South Korea said it will provide 20 billion won in loans with a low interest rate of 1.3 percent to local aquaculture households whose sales have tumbled by 15 percent or more in February from a month

EconomyMarch 17, 2020

S. Korea to launch 'emergency economic council' over coronavirus impact

President Moon Jae-in announced plans Tuesday to establish an "emergency economic council" that will be headed by himself and push for additional bold steps to shore up South Korea's economy in response to the coronavirus pandemic. The move reflects a growing sense of alarm over what he called "unprecedented emergency economic conditions," which are more serious than the 2008 global financial crisis. Speaking at a weekly Cabinet meeting, he raised the possibility that the i

PoliticsMarch 17, 2020

Senior diplomats of S. Korea, US hold phone talks over fight against new coronavirus

Senior diplomats of South Korea and the United States held phone talks Tuesday to discuss joint efforts to fight the new coronavirus, the foreign ministry said, as Seoul's anti-virus efforts have led to a drop in new infections and a low fatality rate. First Vice Foreign Minister Cho Sei-young and US Deputy Secretary of State Stephen Biegun discussed the global containment efforts and their countries' responses to the COVID-19 pandemic that has sickened thousands of citizens and disrupted dail

Foreign AffairsMarch 17, 2020

Defense minister: No excuse possible for security breaches at military bases

Defense Minister Jeong Kyeong-doo strongly reprimanded top commanders on Tuesday over a series of embarrassing civilian intrusions into military bases, saying that there is no excuse for such lapses. Jeong also called for "extraordinary" measures to prevent any recurrence during an emergency meeting convened with Joint Chiefs of Staff Chairman Gen. Park Han-ki and other top generals to discuss the security breaches at Army and Navy bases in recent months. In the latest such incident

NationalMarch 17, 2020

Military reports no additional cases of new coronavirus for 6th day

The military has reported no additional cases of the new coronavirus among service personnel for six days in a row, the defense ministry said Tuesday, amid signs the outbreak is slowing down in South Korea. The total number of COVID-19 infections in barracks remained unchanged at 38, including 12 personnel -- eight in the Army and four in the Air Force -- who have fully recovered from the new virus, according to the ministry. Of the total infections, 21 were reported in the Army, 13 in the A

DefenseMarch 17, 2020