Financial sector rolls out support measures for SMEs hit by coronavirus

South Korea’s financial institutions are announcing measures to assist local businesses -- mostly small and medium-sized enterprises, which are likely to bear the brunt of the recent coronavirus outbreak. Commercial banks here are at the forefront of efforts to support small businesses, with many expanding their loan programs and offering discounted interest rates for SMEs. Announcing its support package on Sunday, KB Kookmin said it would offer loans of up to 500 million won ($417,000)

MarketFeb. 3, 2020

Government intervention helps quell exchange rate volatility in short term: BOK

The South Korean government’s intervention in the foreign exchange market, including the buying and selling of US dollars, has so far helped stabilize volatile exchange rates, a report released by the nation’s central bank showed Monday. According to the Bank of Korea’s recent report on the local foreign exchange industry, the government’s decision to purchase around $100 million from 2005 to 2018 helped rein in currency volatility by 0.003 percentage point in terms of

EconomyFeb. 3, 2020

NK stops taking back defectors, monitors virus risks

North Korea has temporary halted the repatriation of defectors from China, days after it suspended all train and air travel from and to the neighboring country, whose central city of Wuhan is the epicenter of a new coronavirus outbreak that has claimed more than 360 lives so far, Voice of America said Monday. “From what I hear, Pyongyang isn’t accepting defectors. It asked Beijing not to (send them back) because of the recent coronavirus outbreak,” South Korean pastor Kim Sung

North KoreaFeb. 3, 2020

[Diplomatic circuit] Awards recognize companies contributing to Korea-Australia trade

The Australian Chamber of Commerce in Korea named Pepper Savings Bank business of the year during the Australia-Korea Business Awards 2020, held Friday in Seoul. PSB, a unit of Australia’s Pepper Group and the only Australian savings bank operating here, was recognized for its efforts to provide loans to small and medium-sized enterprises and create jobs in the North and South Jeolla provinces and Gyeonggi Province, the organizer said. The annual awards presentation also honored other

Diplomatic CircuitFeb. 3, 2020

[Diplomatic circuit] German, Israeli embassies remember Holocaust together

For the fifth year in a row, the German and Israeli embassies in South Korea joined hands to commemorate victims of the Holocaust on Jan. 29, the embassies said Monday. A commemorative event was held at the Seoul Museum of History in central Seoul two days after International Holocaust Remembrance Day. It was also opening day for the exhibition “The Auschwitz Album” at the museum. This year marks the 75th anniversary of the liberation of Auschwitz, a Nazi death camp in Poland. Si

Diplomatic CircuitFeb. 3, 2020

[Diplomatic circuit] ‘Hydrogen key to Korea-Australia energy partnership’: Australian top diplomat

Global efforts to transition to a green society are creating new opportunities for stronger collaboration between South Korea and Australia in the field of hydrogen energy, according to Australian Ambassador to Korea James Choi. “Australia’s got abundant gas and renewable energy. … I see hydrogen as the next phase of Australia’s very important energy partnership with the Republic of Korea,” the envoy said in an interview with The Korea Herald last month at the Aus

Diplomatic CircuitFeb. 3, 2020

Extra parliamentary session set for Feb. to handle quarantine bill, other proposals

Political parties agreed Monday to hold an extra parliamentary session for February to handle key bills, including a proposal to revise the quarantine act to better tackle the outbreak of a new coronavirus. Rival parties agreed to open a 30-day extraordinary session this month to pass hundreds of bills linked to people's lives. Details will be later decided through consultations. One of the most notable of the 244 pending bills is a proposal to revise the quarantine act to beef up the countr

PoliticsFeb. 3, 2020

Daewoo E&C, financial firms to invest in new town project in Hanoi

Daewoo Engineering & Construction said Monday it has agreed with South Korean financial institutions to jointly invest in the construction of a new town project in the center of Hanoi, Vietnam. According to Daewoo E&C, it signed an investment development contract worth $388 million with the Korea Development Bank and other Korean financial institutions on Jan. 20, to construct buildings, including a hotel, and residential and commercial buildings, inside Starlake City in Hanoi. This i

IndustryFeb. 3, 2020

Wuhan virus: Contacts failing to observe self-quarantine to be fined

The government said on Monday all contacts of Wuhan coronavirus cases will be required to undergo 14 days of self-quarantine starting Tuesday. Those failing to observe the quarantine order will be subject to a fine of up to 3 million won ($2,500), as per the laws on infectious disease control and prevention. Announcing the expanded response, the Health Minister Park Neung-hoo said during a meeting convened by the Prime Minister’s Office on Sunday that preemptive measures were necessary a

Social AffairsFeb. 3, 2020

S. Korea has no plan to pull consular staff out of Wuhan: official

South Korea has no plan to withdraw the last-remaining staff members from its consulate in the coronavirus-hit Chinese city of Wuhan, an official said Monday. Eight people are still working at the South Korean consulate general in Wuhan, the epicenter of the deadly virus outbreak under lockdown, including Vice Consul General Lee Kwang-ho serving as interim head of the mission, according to the foreign ministry. That is more than half of the entire workforce at the 14-member office, the minis

Foreign AffairsFeb. 3, 2020

Amorepacific partners with top Indonesian retailer, expands presence in region

Korea’s top cosmetics maker Amorepacific Group said Monday it confirmed a business partnership with PT Mitra Adiperkasa (MAP), a leading retailer in Indonesia, strengthening its position as global beauty brand in the region. According to the company, Amorepacific President Bae Dong-hyun and MAP Group CEO Virendra Sharma inked the agreement at the MAP headquarters in Jakarta, Indonesia, on Wednesday. Under the partnership, Amorepacific will present its cosmetics brands, Sulwhasoo, Lanei

ConsumerFeb. 3, 2020

[Herald Interview] Homeplus eyes market expansion with private brand, global sourcing

Private brands -- exclusively manufactured for a retailer -- have for long been making strides, although they are still concentrated in the developed markets of Europe, North America and Australia. While still in a nascent stage in South Korea, the private brand market has shown exponential growth in recent years, with brand loyalty for large retailers reigning the landscape. How well a retailer builds trust with its consumers is the key to success, and a lot of that comes from the quality of

ConsumerFeb. 3, 2020

Korea Game Society fundraises for people of Wuhan

The Korea Game Society on Monday initiated a fundraiser among gamers to support the people of the recent novel coronavirus-hit Wuhan in China’s Hubei province. “We support the people of Wuhan and the greater China fighting against the new coronavirus,” said KGS head Wi Jong-hyun. “Games is an industry where Korea and China hold a special relationship like none other. Korean games have received much love from Chinese fans, and it is only a matter of course that we rise t

IndustryFeb. 3, 2020

Air Force decides not to take part in Singapore airshow due to coronavirus outbreak

The Air Force said Monday that it has decided not to participate in an upcoming international airshow in Singapore as part of precautions against the new coronavirus. The Air Force's Black Eagles had planned to take part in the biennial Singapore Airshow 2020 from Feb. 11-16, but decided not to do so and notified Singapore of the decision, according to the military. "It is part of efforts to prevent the spread of the novel coronavirus and to guarantee the safety of service personnel,&qu

Foreign AffairsFeb. 3, 2020

S. Korea to allocate W400b for exporters amid new coronavirus

South Korea said Monday it will chip in 400 billion won ($334 million) to support exporters potentially facing troubles due to the outbreak of the new coronavirus in China. "Concerns over South Korea's exports have been rising due mainly to the geopolitical tension in the Middle East and the latest spread of the novel virus," Industry Minister Sung Yun-mo said during a meeting with trade-related organizations in Seoul. "Although the new coronavirus has not yet had any impact on

EconomyFeb. 3, 2020

Electronics comparison startup receives W300m from Kakao Ventures

Consumer Bridge, which runs electronics comparison website Honey Review, said Wednesday it has attracted seed investment of 300 million won ($251,022) from Kakao Ventures, an investment unit of the nation’s largest mobile messenger firm Kakao. The startup was established in October last year by Shin Jae-hyun, a former developer at cryptocurrency exchange platform UPbit and travel information startup MyRealTrip, and Park Seong-hwan, who previously worked for Kakao and fashion startup S

MarketFeb. 3, 2020

Kang Sue-jin reappointed Korean National Ballet artistic director

Kang Sue-jin has been reappointed as artistic director of the Korean National Ballet for the next three years, her third term after first taking the post in 2014. “We expect Kang to continue to interact with well-known national ballet groups and choreographers abroad to improve the level of our national ballet company. We also hope she will create original pieces based on Korean traditions for the development of Korean ballet,” Culture Minister Park Yang-woo said in a statement.

PerformanceFeb. 3, 2020

Boryung Holdings establishes first overseas entity in San Francisco

Boryung Holdings, the holding company of Boryung Pharmaceutical, established its first overseas entity, Hayan Health Networks in San Francisco, the firm said Monday. “Hayan Health Networks will monitor the local clinical trials of Boryung Pharmaceutical, as well as build rapport with global pharmas, investors and early-stage research and development biotechs there,” said a Boryung Pharmaceutical official. Boryung Pharmaceutical’s lymphoma treatment pipeline BR2002 is curren

IndustryFeb. 3, 2020

Supply shortage of face masks in S. Korea due to Chinese buying binge

The supply of facial masks has not met demand in South Korea, with some industry watchers blaming Chinese tourists and merchants for going on a buying binge here to protect themselves from a new coronavirus. South Korea is not an exception to the global phenomenon of people buying face masks to prevent infection from a new strain of coronavirus. It is increasingly difficult to purchase masks with good filtering features either online or at brick-and-mortar stores and pharmacies. Concerns abo

Social AffairsFeb. 3, 2020

IZ*ONE set to return with new album this month

Resuming its high-profile music career, girl band IZ*ONE will release a new album, "Bloom*Iz," this month, its management agency said Monday. The new album, set for release on Feb. 17, is the 12-member girl group's first full-length album, marking the resumption of the band's activities after a three-month hiatus. The band temporarily suspended its activities in November as producers of cable music channel Mnet's "Produce" audition show came under a police investigation o

K-popFeb. 3, 2020