Fiscal chief seeks to boost spending amid COVID-19 fallout

Responding to public anxiety over prolonged fallout of the novel coronavirus, the government distinctly turned to all-out countermeasures, marking a turn from its early optimism. But its policy direction that people should resume consumption has raised controversy, as the country continued to see additional cases of infection this week. “(The government) is mobilizing all available policy actions under the grave awareness that (the given circumstances) correspond to an economic emer

MarketFeb. 19, 2020

Daegu panics with group of COVID-19 infections

Public panic has deepened in Daegu and North Gyeongsang Province, with at least 15 people from the areas confirmed to be infected with COVID-19 on Wednesday. 　 The Daegu Metropolitan Government said it will track down some 1,000 people who attended the same church service as the country’s 31st patient, who may have been a “superspreader,” and test them for the coronavirus. 　 Daegu Mayor Kwon Young-jin said at a briefing that the city will mobilize all resources available --

Social AffairsFeb. 19, 2020

[Monitor] Involuntary retirees in 40s, 50s reach 500,000

The number of Koreans in their 40s and 50s forced to retire from their jobs last year has reached close to 500,000, the largest figure in five years, data from Statistics Korea released by Rep. Choo Kyung-ho of the former Liberty Korea Party showed. The involuntary retirees include those whose workplaces have shut down, those who lost jobs in restructuring and those with seasonal or temporary jobs whose projects have ended. The report noted that the figure for involuntary retirement increase

IndustryFeb. 19, 2020

COVID-19, Lime scandal pump brakes on stock rally

The COVID-19 virus entering a new phase here has put the brakes on local stock markets and the attempt for improved performance this year, along with the snowballing Lime Asset Management fiasco that has been sending shockwaves through the local brokerage industry, according to industry sources Wednesday. The local stock market opened high this year amid heighten sentiment for an improved economic outlook. However, intensifying fears on the deadly virus have begun weighing down on investor sen

MarketFeb. 19, 2020

Seoul to bar entry of foreigners aboard infected cruise ship in Japan

South Korea will deny entry to foreign nationals who were aboard the Diamond Princess cruise ship, which has seen over 540 COVID-19 cases so far, officials here said Wednesday as passengers began to disembark in Japan. 　 “There are possibilities that the passengers could enter Korea (en route to their home countries). In such cases, foreign nationals will be denied entry here. Korean nationals will be required to observe self-quarantine,” said Noh Hong-in, an official at the govern

Foreign AffairsFeb. 19, 2020

Cultural Heritage Administration unveils 2 returned cultural artifacts

The Cultural Heritage Administration on Wednesday unveiled two pieces of Korean cultural heritage previously held in the US -- Daegunjubo and the Royal Seal of King Hyojong -- at the National Palace Museum of Korea. “Three years ago, the official seal of Queen Munjeong, as well as a seal of King Hyeonjong, which were illegally taken to the US, were repatriated to Korea. We had to forcefully bring them back at the time. But this time it is different because these seals were donated,&rdqu

CultureFeb. 19, 2020

[Newsmaker] Actor Ha Jung-woo denies illegal drug use

Actor Ha Jung-woo on Tuesday denied all accusations that he had illegally taken the anesthetic propofol at a plastic surgery clinic in Gangnam, Seoul. Propofol is a short-acting anesthetic that is highly addictive. Plastic surgery clinics normally administer it to patients undergoing surgery. The news first broke last Thursday when a local news outlet reported that prosecutors were looking into about 10 people suspected of abusing drugs, including a famous actor. Although Ha’s name was

FilmFeb. 19, 2020

Korea reported more heat waves, typhoons in 2010s: study

South Korea saw clear signs of climate change in the past decade, with more heat waves and typhoons, a government report showed Wednesday. The average temperature for the years 2010-2019 was 13 degrees Celsius, 0.5 degree higher than the average over the previous 30 years, according to the Korea Extreme Climate Annual Report 2019 released by the Korea Meteorological Administration. Hot days were hotter and more frequent, and extreme heat -- when daytime temperatures got as high as 33 degree

Social AffairsFeb. 19, 2020

Prosecutors raid Lime, Shinhan Investment in misselling probe

Prosecutors on Wednesday raided the headquarters of Lime Asset Management and Shinhan Investment, as part of a probe into alleged misselling of hedge funds that could cause losses of more than 1 trillion won ($845 billion). According to the Seoul Southern District Prosecutors’ Office, it dispatched separate teams of investigators to the headquarters located in Seoul’s financial district of Yeouido around 9 a.m. to secure computer drives and documents linked to the case. The searc

MarketFeb. 19, 2020

Drones reshape public services in tech-savvy Seongnam

Seongnam, which is a satellite city of Seoul and the second-largest city in Korea’s most populous Gyeonggi Province, is home to leading technology startups that have played a major role in introducing technological innovation. Pangyo Techno Valley in Seongnam houses companies that heavily invest in information technology and technology fusion. Seongnam Mayor Eun Soo-mi has made several changes that demonstrate how such technologies could be put to use to improve the lives of residents.

Social AffairsFeb. 19, 2020

South Korea’s environment monitoring satellite successfully launched

The world’s first geostationary environment-monitoring satellite Chollian 2B made by South Korea has been successfully launched and reached outer space, the country’s aerospace research institute said Wednesday.  Chollian 2B was launched on the Ariane 5 ECA rocket from the space center in Kourou, French Guiana, at 7:18 a.m. as scheduled, according to the Korea Aerospace Research Institute. The satellite was detached from the Ariane rocket at 7:49 a.m. and made its first comm

TechnologyFeb. 19, 2020

Seoul court rules van-hailing service Tada not illegal

The Seoul Central District Court on Wednesday found Socar CEO Lee Jae-woong and VCNC CEO Park Jae-wook not guilty of violating transportation laws with their ride service that is strongly opposed by the taxi industry. Socar is the parent of VCNC, which runs Tada, an 11-seat van-hailing mobile app service. The court said in a ruling that Tada is seen as an “innovative mobility business” that cannot be categorized based on the existing transportation business frame.  &ldqu

MobilityFeb. 19, 2020

Hahn & Co. to cash out W27.4b in sale of Ssangyong I&C

Seoul-based private equity house Hahn & Co. on Wednesday agreed to sell its 40 percent stake in IT system integrator Ssangyong Information & Communications for 27.4 billion won ($23 million) by April, in a move to offload noncore businesses of its portfolio firm Ssangyong Cement Industrial. According to regulatory filings Wednesday, the new shareholder group, composed of information technology system integrator Itcen and its affiliate Comtec Systems, will buy the stake for 1,695 won per

MarketFeb. 19, 2020

Appeals court raises prison term for ex-President Lee Myung-bak, bail canceled

An appellate court on Wednesday delivered a heavier prison term of 17 years to former President Lee Myung-bak on bribery and embezzlement charges, and ordered the cancellation of bail permitted to him. The prison term is higher than the 15 years of imprisonment that a lower court handed down in October 2018 to Lee who ruled the country from 2008-2013. The Seoul High Court also decided to lift the bail on Lee, bringing him back into custody. In March 2019, Lee was released on bail on health co

Social AffairsFeb. 19, 2020

New virus has infected more than 75,000 people globally

BEIJING (AP) -- New virus cases in China continued to fall Wednesday, with 1,749 more infections and 136 additional deaths announced as the top official in the outbreak's epicenter vowed to find and isolate every infected patient in the city by day's end. Wednesday marks the final day of a door-to-door campaign in Wuhan, the central Chinese city where the virus emerged, to root out anyone with symptoms whom authorities may have missed so far. "This must be taken seriously," said Wa

Social AffairsFeb. 19, 2020

BTS to unveil teaser for its new song 'ON' ahead of official release

A sample of "ON," the lead track of K-pop super band BTS' upcoming album "Map of the Soul: 7," will hit the popular video-sharing service TikTok half a day ahead of the song's official release this week, TikTok said Wednesday. A 30-second video will be released on the social networking service at 6 a.m. Friday, 12 hours ahead of the official release set for 6 p.m. the same day, according to the service. It is the first time in its seven-year career that BTS will unveil a

K-popFeb. 19, 2020

Not enough dorms to isolate Chinese students: universities

Korean universities are struggling to find ways to keep Chinese students in isolation to prevent the spread of the COVID-19 virus, facing a lack of appropriate dormitory rooms to accommodate them. The Education Ministry has advised universities to allot a dorm room for each Chinese student to stay in isolation for 14 days upon arrival in Korea. At least 20,000 Chinese students in Seoul will have to stay off the campus, however, as there are not enough dorm rooms, according to university offic

Social AffairsFeb. 19, 2020

Coronavirus cuts into Eastar Jet executive pay by 30%

Korean low-cost carrier Eastar Jet has decided to tighten its belt by reducing executive wages and workweek, amid the continued spread of the novel coronavirus that apparently originated in China, according to the company on Wednesday.  The firm said the executives agreed to reduce 30 percent of their salaries from March for four months. It also will accept applications from all employees -- barring flight and cabin crew -- for three-day and four-day workweeks. Employees can choose one o

IndustryFeb. 19, 2020

S. Korea's IPOs up 22% in 2019

The value of South Korea's initial public offerings rose 22.8 percent in 2019 from a year earlier, data showed Wednesday. IPO proceeds came to 3.21 trillion won ($2.69 billion) last year, compared with 2.61 trillion won in 2018, according to the data by the Financial Supervisory Service. Still, the number of companies that made market debuts last year fell to 73 from 77 in 2018, the data showed. Main IPOs included Hanwha Systems Co., the defense industry unit of Hanwha Group, and SNK Corp.,

EconomyFeb. 19, 2020

Hyundai still lacking parts, full operation likely next week

Hyundai Motor Group said Wednesday its passenger car plants will fully recover next week following two weeks of partial operation as the spreading coronavirus disrupts the parts supply from China. Hyundai Motor Co. and its affiliate Kia Motors Corp. said they plan to partially operate their passenger car plants by the end of this week as auto components from their suppliers in China are on their way to South Korea. "For now, (Hyundai and Kia) expect all passenger vehicle assembly lines

IndustryFeb. 19, 2020