Headlines, March 5, 2020

Thursday, March 5, 2020

Round-up of important news from major Korean dailies and from international media today

The Korea Post (http://www.koreapost.com/)

S. Korea's virus cases top 5,600, $9.8 bln stimulus package unveiled to stem fallout
South Korea's coronavirus caseload rose above 5,600 on Wednesday, with the outbreak in the southeastern city of Daegu, the hotspot here, showing little sign of a slowdown. The country unveiled an extra budget of 11.7 trillion won (US$9.8 billion) to help fight the virus and mitigate the economic fallout.

Hyundai U.S. sales up 18 pct in Feb. on strong SUV demand
Hyundai Motor Co. and its affiliate Kia Motors Corp. said Wednesday their combined sales in the United States rose 17.9 percent in February from a year earlier, helped by robust sales of SUVs. Hyundai and Kia sold a combined 106,777 vehicles in the world's most important automobile market last month, compared with 90,546 units the previous year, the companies' sales data showed.

56 injured in Lotte Chemical plant fire
At least 56 people in the southern city of Seosan were injured Wednesday following an explosion at Lotte Chemical Corp.'s plant.
Four company employees and residents were among those injured, Lotte said, adding that two of them have been hospitalized with serious burns. No deaths have been reported.
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KBS (http://world.kbs.co.kr/english/news/)

COVID-19 Claims 35th Victim
South Korea's COVID-19 outbreak has claimed its 35th victim.
Daegu's city government announced Wednesday afternoon that a 72-year-old man died while undergoing treatment at Keimyung University Dongsan Medical Center. He was admitted there after testing positive for the virus on February 24.

U.S. Ambassador 'Impresssed' by S. Korea's Response to COVID-19 Outbreak
U.S. Ambassador to South Korea Harry Harris has praised South Korea's ongoing response to the COVID-19 outbreak.
Meeting with First Vice Foreign Minister Cho Se-young on Wednesday in Seoul, Harris said he was "very impressed" with the active and comprehensive measures South Korea has taken.

Gov't Seeking to Send Officials to Assist S. Koreans Isolated in Vietnam
The South Korean government is seeking to send teams of officials to assist around 270 South Koreans under isolation in Vietnam amid rising concerns over the coronavirus outbreak.
An official from the Foreign Ministry said on Wednesday that Seoul plans to dispatch response teams as soon as possible.
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Yonhap (http://english.yonhapnews.co.kr)

Korea's current account surplus narrows sharply in Jan.
South Korea's current account surplus narrowed sharply in January on shrinking exports, central bank data showed Thursday.
The country's current account surplus came to US$1.01 billion in the month, compared with a surplus of $4.33 billion the previous month and a $3.3 billion surplus the same month last year, according to the data from the Bank of Korea (BOK).

66 pct of coronavirus cases linked to mass infections: KCDC
Nearly 66 percent of South Korea's novel coronavirus cases are linked to mass infections, with most of them traced back to a religious sect in the country's southeastern city of Daegu.
So far, the country has reported a total of 5,328 COVID-19 infections as of Wednesday morning since its first confirmed case on Jan. 20, with 65.6 percent of them being classified as cluster infection cases, according to the Korea Centers for Disease Control and Prevention (KCDC).

95 countries, territories restricting entry from S. Korea over coronavirus concerns
A total of 95 countries and territories were imposing entry restrictions or stricter quarantine procedures on people from South Korea over coronavirus concerns, Seoul's foreign ministry said Wednesday. As of 10 p.m., 36 countries and territories imposed an outright entry ban for travelers who have visited Korea in the past two weeks, according to the ministry website.
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The Korea Herald (http://www.koreaherald.com)

Seoul strains to stop virus deaths
South Korea continued to mobilize all possible resources to treat coronavirus patients on Wednesday, stung by a series of deaths outside hospitals, as it reported over 500 new cases.
As of midnight Tuesday, the total number of reported coronavirus cases in Korea stood at 5,328, up 516 from the previous day, with the southeastern city of Daegu continuing to account for the lion’s share. The death toll rose to 33.

S. Korea drafts W11.7tr extra budget plan to fight coronavirus
South Korea’s government on Wednesday unveiled a supplementary budget bill amounting to 11.7 trillion won ($9.9 billion) to counter the prolonged economic fallout from the rapid spread of COVID-19.
The bill, approved by the Cabinet on Wednesday, is set to be handed over to the National Assembly on Thursday for immediate effectuation.

Korean panel makers’ transformation from LCD to OLED meets virus hurdle
Market figures on Wednesday showed Korean display makers are accelerating their plans to shift their focus from the money-losing liquid crystal display business to the growing organic light-emitting diode industry.
But there are worries about those plans being carried out at a slower pace than initially expected due to the global outbreak of the novel coronavirus.
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The Korea Times (http://www.koreatimes.co.kr)

Foreigners accuse Daegu of scapegoating them for virus spread
Foreigners are up in arms for the Daegu city government's "racist" Facebook post.
The controversy emerged after the Daegu Metropolitan Government's official English-language Facebook page said Monday that organizers of the 2020 Daegu Lantern Festival will "restrict foreigners' admission due to prevention for COVID-19 spreading."

Coronavirus, public pressure force churches to shut down Sundays
Culture Minister Park Yang-woo met the leaders of United Christian Churches of Korea (UCCK), an association of Protestant church denominations, Tuesday, amid fears of the continuing spread of the new coronavirus here.

Asian financial hubs shut doors on Korea
Businesses here are practically unable to physically access all of Asia's financial hubs after Singapore became the latest country to restrict the entry of foreigners traveling from Korea, which has the second-largest number of confirmed COVID-19 cases worldwide.
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HanKyoReh Shinmun (http://english.hani.co.kr)

One-stop screening clinic introduced for swift novel coronavirus testing
As local South Korean governments have begun introducing “drive-thru” screening clinics for swift novel coronavirus testing, a new form of “one-stop screening clinic” has emerged where visitors need only wait in their cars in the hospital parking lot while medical staff come to perform testing.

N. Korea responds to Blue House’s criticism of short-range projectile launches
After the South Korean government expressed its “strong regret” on Mar. 2 for North Korea’s launch of two short-range projectiles and urged the North to “suspend” such activities, Kim Yo-jong responded on the evening of Mar. 3 with a statement in which she described Seoul’s comments as “the height of folly.”

91 countries now banning or restricting entry for travelers arriving from S. Korea
According to figures released by South Korea’s Ministry of Foreign Affairs (MOFA) at 8 pm on Mar. 3, 37 countries are banning entry from Korea either completely or for a certain period of time. The latest addition since the previous evening is the Pacific island country of Nauru, which is banning entry to foreigners who have been to South Korea, China, Hong Kong, Macao or Italy within the past 21 days.
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Chosun Ilbo (http://english.chosun.com)

Coronavirus Spurs Online Business, Isolation
The coronavirus epidemic is changing consumption patterns here with the emphasis on minimizing human contact and offering an alarming glimpse into a future of increasing personal isolation.
Major trade shows and new product launches have been canceled, and consumers are buying groceries, daily necessities, clothes and even cars on the Internet. Exercise, education and even cultural activities are being done online.

Most Subway Upskirt Photographers Are Repeat Offenders
Six out of 10 people who have been caught secretly taking pictures of women on subways and trains commit repeat offenses in the same location, according to the Justice Ministry.
The widespread use of smartphones and digital cameras has led to an almost sixfold increase of upskirt peeping over the last five years, while the rate of repeat offenses reached 75 percent.

Shincheonji Sect Linked to over Half of Coronavirus Infections
The coronavirus infections in Korea jumped to 5,328 as of Wednesday morning, a rapid surge from about 1,000 about a week ago. Most of them were reported from Daegu and North Gyeosang Province, but the virus is rapidly affecting other regions as well.
In Seoul and surrounding areas, the confirmed cases now surpassed 200 -- Seoul (99), Incheon (9), and Gyeonggi Province (101).
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The Dong-A Ilbo (http://english.donga.com/)

Japanese official suggests a delay in the Olympics
While concerns are growing over the 2020 Tokyo Olympics with the spread of COVID-19, a Japanese government official has fueled controversy by raising the possibility of postponing the event for the first time, which has been heavily covered by the media.

Pres. Moon cancels planned trip to UAE, Egypt, and Turkey
President Moon was planning the details of his trip to the three nations in mid-March but decided not to go ahead with the trip in response to the widespread of COVID-19 nationwide, according to Cheong Wa Dae spokesperson Kang Min-seok on Wednesday. As Moon called off his planned trip, planned attendance at the completion ceremony of the nuclear power plant in Barakah, the United Arab Emirates has been also canceled.

Will Fed’s interest rate cut set off domino effect?
The U.S. Federal Reserve has cut interest rates by 0.50 percentage point without prior notice. This is the first emergency interest rate cut and the biggest single cut since the 2008 global financial crisis. The novel coronavirus outbreak appears to have taken a toll on the U.S., a prop of the global economy, as well.
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The KyungHyang Shinmun (http://english.khan.co.kr/)

Earning 200,000 Won a Month Since the COVID-19 Outbreak. “All I Can Do Is Look up at the Sky”
For A (58), who works as a child carer in Gunsan, Jeollabuk-do, the sky is dark. COVID-19 has cast heavy clouds in her sky. A used to earn nearly two million won a month, but last month, she earned less than 200,000 won. After the nation’s eighth case of COVID-19 was confirmed in Gunsan on January 31, the local economy halted in early February, faster than any other region. This meant an immediate emergency for A, who has been the primary breadwinner since her husband retired.

“We Will Help Fight COVID-19 in Return for South Korea’s Warm Welcome”
Sisay Arega (26), an Ethiopian refugee called South Korea “my second country.” His grandfather fought in the Korean War. He said South Korea and Ethiopia had a close relationship, one that was tied by blood. He came to South Korea in hopes of political freedom and a warm welcome. “In Ethiopia, there’s nothing you can do other than play football, because of political problems. I am grateful to South Korea for allowing me to live in freedom.” Arega and other Ethiopians residing in South Korea have stepped forward to help the people suffering from COVID-19. On March 1, they began gathering online volunteers and blood donors among the foreigners residing in South Korea.
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Maeil Business News Korea (http://www.pulsenews.co.kr/)

Woori, Hana slapped with fine, 6-mo ban on fund sale for DLF mis-selling
South Korea’s major commercial banks Woori Bank and Hana Bank are slapped with hefty fines and a six-month ban from selling private equity funds for mis-selling high-risk derivative-linked funds (DLFs) that have caused massive losses to investors.

Korean bond prices hit record high, stocks surge on rate cut bet
The three-year government bond yield fell 8.1 basis points Wednesday to an all-time low of 1.029 percent. The five-year and 10-year bonds yielded 8.2 basis points and 7.2 basis points lower to 1.116 percent and 1.299 percent, respectively, amid bets that the Korean central bank also may not wait until the next April meeting to lower its rate from the current 1.25 percent, which is on a par with the U.S. rate after the latest cut.

Korean airlines cut services to US, Europe, passengers with fever cannot fly to US
South Korean full-service carriers have decided to roll back flights to the United States and European countries as more than 90 countries deny entries of passengers flying in from South Korea in fear of virus spread.
The scale-down in long-haul flights in addition to loss of services to Asia virtually has devastated their business in the first quarter.
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Lee Kyung-sik edt@koreapost.com

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