Under Armour may put NYC flagship store on ice, restructure

Under Armour is plunging in premarket trading after the company said it anticipates a big financial hit from the viral outbreak in China and saying separately that it may need to restructure this year at a cost of hundreds of millions of dollars.    The athletic gear company anticipates the virus outbreak in China will drag first-quarter sales down by $50 million to $60 million. It's also looking at pre-tax charges this year of between $325 million to $425 related to restructuring. Th

World BusinessFeb. 11, 2020

Ferocious storm in Europe kills 8, causes travel disruptions

Ferocious winds, with gusts over 200 kph (125 mph), lashed Corsica and whipped up a forest fire that flared overnight on the French Mediterranean island on Tuesday, after a storm with hurricane-force winds and heavy rains battered northern Europe for days, killing at least eight  people and causing severe travel disruptions.    More than 300 fire officers were involved in fighting the blazes and two ports were closed and flights suspended on Corsica. Power was cut to 2000 homes.

World NewsFeb. 11, 2020

Korea's 3rd evacuation flight departs for virus-hit Wuhan

A third government-chartered plane departed for the new coronavirus-hit Chinese city of Wuhan late Tuesday to evacuate about 170 South Korean citizens and their Chinese spouses and immediate family members. The flight took off from Incheon International Airport, west of Seoul, with a government rapid response team of 12 staffers, including medical and quarantine officials on board. It is expected to arrive in Wuhan around midnight and return to Gimpo International Airport in western Seoul on

Social AffairsFeb. 11, 2020

[Graphic News] Online dating goes mainstream despite doubts: US survey

　Americans’ use of apps and dating websites to meet potential partners is growing despite concerns about such platforms, a survey showed. 　A report by the Pew Research Center showed 31 percent of US adults have used a dating app or service. The figure is close to half among adults under 30 years old and people who identify as gay, lesbian or bisexual. 　Twelve percent of those surveyed said they had married or been in a committed relationship with someone they met through a dating sit

World NewsFeb. 11, 2020

Online credit card use up 44.5% over coronavirus fears

  Online credit card spending by South Korean consumers rose 44.5 percent in the fourth week of January, amid fears of the novel coronavirus outbreak, industry data showed Tuesday. According to data compiled by eight credit card issuers -- Shinhan, Samsung, KB Kookmin, Hyundai, BC, Lotte, Woori and Hana -- the combined online spending reached some 2.5 trillion won ($2.1 billion) following the Lunar New Year holiday. The total online spending in the same week last year amounted to 1.73

EconomyFeb. 11, 2020

Genexine CEO gives stocks worth W8.2b to family

Biotech company Genexine’s CEO Sung Young-chul on Tuesday gifted his stocks worth 8.2 billion won ($6.9 million) to his two daughters, sons-in-law and wife. Genexine, which is listed on the secondary bourse Kosdaq, filed a disclosure on Friday about the transfer of stocks, but it was belatedly reported that his daughters were the beneficiaries. Sung has in the past gifted his stocks to academic associations, hospital and universities on several occasions, but this is the first time he h

IndustryFeb. 11, 2020

[From the scene] Inside 1339 hotline office in time of virus crisis

Anyone suspected of being infected with the new coronavirus is first and foremost directed to call the disease control centers hotline at 1339. It is the primary point of contact for all virus queries, guiding the public on how to stay safe amid the health crisis. The 24/7 call service has been operating under emergency procedures since the onset of the outbreak in end-January. Prior to the virus, the Korea Centers for Disease Control and Prevention hotline center took about 300 to 400

Social AffairsFeb. 11, 2020

Samsung SDI announces joint venture with local battery material maker

South Korea’s second-largest battery maker Samsung SDI said Tuesday it will launch a joint venture with local battery material maker EcoPro BM, as part of its efforts to develop next-generation batteries and better respond to the growing demand from global electric vehicle makers. EcoPro BM will invest 72 billion won ($60.8 million) for a 60 percent share in the joint venture, while Samsung SDI will invest 48 billion won for a 40 percent share in the new company. They plan to complete

IndustryFeb. 11, 2020

‘Parasite’ Oscars have Twitter abuzz

Filmmaker Bong Joon-ho’s dark comedy “Parasite” not only ruled the Oscars with its four wins, but also dominated social media, being the subject of more tweets than any other film from the event. “Parasite” won four awards at the Oscars: best picture, best director, best international feature film and best original screenplay. It was the first foreign language movie to win best picture in the 92-year history of the annual film event.  Since Jan. 13, when th

FilmFeb. 11, 2020

Woori Financial names new CEO to flagship bank

Woori Financial Group on Tuesday announced the appointment of the new head of its flagship commercial banking unit, in a move that is projected to further escalate its tension with the financial authorities here. The financial giant’s chairman and executive recommendation committee tapped Kwon Kwang-seok, head of the Korea Federation of Community Credit Cooperative’s credit business, to replace current Woori Bank CEO Sohn Tae-seung. Sohn, who has been reappointed as the financia

MarketFeb. 11, 2020

GC Pharma, SK Plasma going global to offset blood shortage

GC Pharma and SK Plasma, the two South Korean companies that produce plasma-derived medical products, or PDMPs, are actively seeking overseas expansion to offset the limited blood supply in Korea. For companies that use human blood, or more specifically plasma, procuring sufficient amounts is the toughest obstacle to business. Blood can quite literally be turned into medicine once it is separated into its component parts. The red fluid running through our blood vessels is actually 55 percent

IndustryFeb. 11, 2020

Ikea Korea opens 4th store in Busan

Ikea Korea said Tuesday it will open its fourth store in South Korea in Busan on Thursday, marking the first store outside Seoul and the surrounding region. According to the company, Ikea DongBusan, located at Gijang-gun, will feature showrooms, the Ikea Restaurant and Bistro, and Smaland, a play area for kids, across 42,316 square meters, with one basement floor and four floors above ground. Under the vision of creating a “better everyday life,” Ikea DongBusan aims to reach peopl

ConsumerFeb. 11, 2020

[Kim Seong-kon] 'Parasite' and 2020 Academy Awards

The news that the Korean film “Parasite” won Oscars in four categories, marking the first such wins in Korean film history, came as a pleasant surprise. Initially, people expected the celebrated Korean film would easily win for best international film and possibly best original screenplay. However, it looked difficult for “Parasite” to win for best picture, because it had to compete with such distinguished films as “The Irishman,” “Joker” and &ld

ViewpointsFeb. 11, 2020

[Robert J. Fouser] The Trump show and North Korea

On the eve of his impeachment acquittal, President Donald Trump gave his annual State of the Union address. Instead of outlining proposals for the coming year, Trump turned the address into a rally for his reelection campaign. He stoked his base while pivoting to groups that he wants to reach to bolster his chances of reelection. Absent from the speech was any reference to North Korea. In his 2019 State of the Union address, shortly before the summit with Kim Jong-un in Vietnam, President Trump

ViewpointsFeb. 11, 2020

[Newsmaker] Nongshim ups promotion of ‘ram-don’ from ‘Parasite’

In light of Korean filmmaker Bong joon-ho’s historical victory at the Oscars with his film “Parasite,” the Korean manufacturer of instant noodles featured in the film is riding high on the bandwagon. Jjapaguri -- translated as “ram-don” in the English subtitles -- is a mixture of Chapaghetti black bean instant noodles and soup-based Neoguri ramen. Having aroused the curiosity of cinemagoers around the world, the recipe quickly spread via social media, with Bong&rs

ConsumerFeb. 11, 2020

Korea’s 28th patient casts doubt on 14-day quarantine

South Korea’s latest confirmed case of the coronavirus has raised alarm over the virus’s incubation period and the country’s quarantine measures. The latest case, the 28th patient, is a 30-year old Chinese national who was confirmed Tuesday. Authorities believe she is likely to have contracted the virus from the third patient. The third patient is a 54-year old Korean male who arrived in Korea from Wuhan on Jan. 20, and was confirmed and isolated Jan. 26. With the last con

Social AffairsFeb. 11, 2020

Ex-N. Korean envoy pledges to bring peninsula closer to unification

Thae Yong-ho, who was North Korea’s deputy ambassador to the United Kingdom before defecting to South Korea in 2016, is aiming for a parliamentary seat.  　Announcing his run in the April general elections under the conservative Liberty Korea Party, the high-profile defector said Tuesday that his mission is to contribute to the reunification of the two Koreas. 　“I know North Korea better and deeper than anyone else in South Korea. With my knowledge and experience, I hope to

PoliticsFeb. 11, 2020

[News Focus] South Korea to face critical shortage of soldiers

SEJONG -- It has been 70 years since the Korean War broke out on the peninsula, which is still divided despite continuous inter-Korean dialogue efforts since the Kim Dae-jung administration (1998-2003). As a result, over the past few decades, the obligatory military service for South Korean men has been a highly sensitive issue, as they were deprived of opportunities in education and work for a certain period of time. Further, ordinary men are frustrated by many allegations of dodging conscri

DefenseFeb. 11, 2020

Korea to employ Silicon Valley-inspired SAFE venture investment method

South Korea is poised to employ a Silicon Valley-style venture capital instrument starting from July, to let startups raise funds with fewer strings attached. The Ministry of SMEs and Startups promulgated on Tuesday a separate set of laws that center on venture investment schemes here, which have been recognized under two different laws: the Act on Special Measures for the Promotion of Venture Business and the Support for Small and Medium Enterprise Establishment Act. The new rule gives legal

MarketFeb. 11, 2020