Institutions go long on stocks amid market havoc

South Korean institutional investors have been loading up on stocks this month despite a virus-induced market crash, data showed Friday. The country's state pension fund and other institutions remained in net buying mode between March 2 and Thursday, purchasing stocks worth nearly 1.1 trillion won ($910 million), according to the data from the Korea Exchange. The figure represents a drastic increase from their February net buying tallied at 348 billion won. Institutions' net buying stood at

EconomyMarch 13, 2020

Man City player self-isolating over coronavirus fear

LONDON (AFP) -- Manchester City have revealed one of their players is self-isolating after a family member had tests for the coronavirus. The unnamed City star was reported to be France defender Benjamin Mendy by the British media, but the Premier League club have yet to confirm that. The player is taking the self-isolating precaution after the relative fell ill with symptoms of a respiratory illness at his Cheshire home. The family member is being treated in hospital and has undergone tests

World NewsMarch 13, 2020

Arsenal manager Arteta tests positive for coronavirus

LONDON (AFP) -- Arsenal manager Mikel Arteta has tested positive for the coronavirus, prompting the Premier League to announce they will hold an emergency meeting on Friday to discuss future fixtures. Arsenal have closed their training ground as a result of Arteta's positive test, with Gunners players and club staff who had recent contact with the Spaniard now forced to self-isolate. "This is really disappointing but I took the test after feeling poorly," Arteta said in a statement

World NewsMarch 13, 2020

N. Korean leader attends artillery fire competition

North Korean leader Kim Jong-un guided an artillery fire competition, stressing that modern warfare is the "warfare of artillery pieces," state media reported Friday. His attendance in the fire competition held Thursday came after the North test-fired three projectiles off its east coast Monday, the second weapons test that the communist state had carried out this month. "The competition was aimed to suddenly make selective inspection and evaluation of how the artillery forces

North KoreaMarch 13, 2020

Poland confirms first coronavirus death

WARSAW -- Poland has recorded its first death from the novel coronavirus outbreak in the western city of Poznan, its deputy mayor said Thursday. The 57-year-old female teacher, who had recently been hospitalised in critical condition with pneumonia, was put into an artificial coma and on a ventilator but "unfortunately she died not long ago," Poznan deputy mayor Jedrzej Solarski told reporters. Poland currently has 46 other confirmed cases of coronavirus, according to the health min

World NewsMarch 12, 2020

S. Korea, China to hold talks on cooperation against new coronavirus

South Korea and China will hold a video conference this week on possible cooperation to fight the new coronavirus, Seoul's foreign ministry said Thursday. During the talks on Friday, the two sides will share their experience combating COVID-19 and discuss ways to jointly stem the further spread of the new virus, according to the ministry. The planned meeting comes after President Moon Jae-in and his Chinese counterpart, Xi Jinping, agreed to strengthen cooperation in their fight against the n

Foreign AffairsMarch 12, 2020

Virus infections linked to Seoul call center reach at least 105

The number of new coronavirus infections linked to a call center in southwestern Seoul has reached at least 105, the city government said Thursday, amid rising concerns over possible mass transmission in the metropolitan area. Seoul accounted for most of them, with 74 patients as of 5 p.m., according to the Seoul Metropolitan Government. Earlier, 17 cases linked to the call center were reported in Incheon, west of Seoul, and 14 in Gyeonggi Province, which surrounds the capital, according to M

Social AffairsMarch 12, 2020

Chinese embassy provides 25,000 masks to Seoul city amid virus concerns

The Chinese Embassy in South Korea said Thursday it has provided 25,000 masks to the Seoul city government amid concerns over possible mass transmission of the new coronavirus in the metropolitan area. In a letter to Seoul Mayor Park Won-soon, China's top envoy to Seoul, Xing Haiming, said the masks are in return for the help Seoul provided when the COVID-19 situation was at its worst in China, according to the embassy. Earlier, the Seoul city government provided 600 million won ($497,100) w

Foreign AffairsMarch 12, 2020

Govt. orders scheduled remote working for public servants

In its latest efforts to fight the new coronavirus, South Korea on Thursday introduced a flexible working scheme, including flexible working hours and remote working, for public servants. Under the guidelines, public servants across the country are expected to take turns working remotely, either at home or at so-called smart work centers run by the government, according to the document distributed to 50 government organizations by the Ministry of Personnel Management. The heads of each organi

PoliticsMarch 12, 2020

[COVID-19 Market Impact] IPOs, business meetings delayed, commercial banks on high alert

Local brokerages and banks in Yeouido, the country’s main investment and financial district, have allowed employees to work from home as part of efforts to contain the new coronavirus. Over 73 percent of the nation’s financial companies are reviewing telecommuting plans, according to a poll conducted by job portal Saramin. “Except IT and other core departments, many employees are working from home through the company’s intranet,” said a 35-year-old office worker a

MarketMarch 12, 2020

[COVID-19 Market Impact] South Korea's economic rebound loses heat

After struggling with a record-low growth pace last year, South Korea’s economy was aspiring to make a rebound in 2020, hopefully on the back of global trade improvements and a chip industry recovery -- until suffering the harsh blow of the novel coronavirus. As of December, major global organizations and policy institutes here forecast that Korea’s economic growth pace for 2020 will be in the 2.2-2.4 percent range. While the International Monetary Fund suggested a conservative 2.

EconomyMarch 12, 2020

[COVID-19 Market Impact] Stocks in steep decline, fear spreads to real estate, M&As

The coronavirus outbreak, now declared to be a pandemic by the World Health Organization this week, has started to send shockwaves across the global economy and markets that have prospered for years on the back of ultra-low interest rates, relatively stable energy prices and the increased productivity of the corporate sector. The economic shock of COVID-19 could be a lot like the 2008 financial meltdown, economists have warned, reminding investors of South Korea’s painful past 12 years ag

MarketMarch 12, 2020

[Graphic News] Huge locust outbreak in East Africa

　The worst locust outbreak that parts of East Africa have seen in 70 years has reached South Sudan, a country where roughly half the population already faces hunger after years of civil war, officials announced. Around 2,000 locusts were spotted inside the country. 　According to the UN Food and Agriculture Organization, the locusts have been seen in Eastern Equatoria state near the borders with Ethiopia, Kenya and Uganda. All have been affected by the changing climate in the region. 　Swarms

World NewsMarch 12, 2020

‘Seoul hospitals unprepared for virus’

The new coronavirus outbreak in Seoul, a city of 9 million, is feared to grow after an infection cluster was identified Monday at a call center in a heavily trafficked district in Guro. Health officials said one of the workers who tested positive for the virus started having symptoms as early as Feb. 22 before being diagnosed this week. The confirmed cases linked to the call center numbered 102 as of Thursday morning, according to the mayor’s office. At 174, Seoul has the highest numbe

Social AffairsMarch 12, 2020

[Weekender] Handmade masks comfort marginalized people amid serious shortage

When Park Jin-ryoung, a Daegu resident, saw people waiting in line for hours to buy a face mask -- a must-have survival item in the city, which accounts for nearly 70 percent of COVID-19 cases in South Korea -- her thoughts went to people in need. So she took out her sewing machine. She visited offline and online stores to buy the materials she needed to make 120 fabric face masks: elastic braids, wire cords, filters and fabric. Park and her two daughters -- whose elementary school graduatio

CultureMarch 12, 2020

Celltrion pledges clinical trial of coronavirus treatment in 6 months

Celltrion Chairman Seo Jung-jin on Thursday took to YouTube live to share the group’s ongoing efforts on coronavirus cure development, which he foresees will reach human clinical trial stage in six months’ time. “Under normal circumstances, the process takes around 18 months, but given the emergency in South Korea, we will closely communicate with the Ministry of Food and Drug Safety to initiate our antibody’s use on confirmed patients after six months,” Seo said.

IndustryMarch 12, 2020

Foreign diplomats to visit Incheon airport for first-hand look at S. Korea's quarantine efforts

About 20 foreign diplomats will visit Incheon International Airport, west of Seoul, this week to take a first-hand look at South Korea's all-out efforts to contain the spread of the new coronavirus, officials said Thursday. Friday's visit comes against a backdrop of more than 120 countries imposing entry bans or stricter quarantine measures for visitors travelling from South Korea, which has so far reported 7,869 confirmed cases with 66 deaths. Foreign Minister Kang Kyung-wha proposed the vis

Foreign AffairsMarch 12, 2020

[Serendipity] Love, kindness will see us through

The novel coronavirus has landed at my doorsteps. Literally. Almost 60 days into the COVID-19 outbreak, my mobile phone screeched an alert with a message that two people in my neighborhood were confirmed with the respiratory illness. My mind raced, trying to retrace my steps over the past several days hoping that our paths did not cross. Following the patients’ movements posted on my district’s website, I let out a sigh of relief. It was a close call. This has become the new norm

ViewpointsMarch 12, 2020

NSC decides to actively join global efforts to contain new coronavirus

South Korea's National Security Council (NSC) decided Thursday to actively join global efforts to contain the spread of the new coronavirus as the UN health agency has declared the virus outbreak a pandemic. Chung Eui-yong, the top national security advisor at the presidential office, presided over a weekly standing committee meeting earlier in the day to discuss responses to the coronavirus. "Taking into consideration the World Health Organization's (WHO) pandemic declaration, standing

PoliticsMarch 12, 2020

Film companies to jointly release new pictures

Korean theaters are seeing the lowest number of cinemagoers in 14 years, and film companies, finding it difficult to postpone new releases any further, are seeking alternative ways to keep the industry going. Moviegoers nationwide were less than 60,000 from Monday to Wednesday, marking the lowest figure seen in the last 14 years, according to data compiled by the Korea Film Committee. With the virus pandemic set to continue for days to come, film producers and distributors are putting their he

FilmMarch 12, 2020