Friday May 29, 2020
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
EcoBizNet operates a microbial business platform CellAct; recruits franchisees from around the world
EcoBiznet, situated in the Bio Complex in Chuncheon Bioindustry Foundation, is a small but promising venture firm that started out as a corporation which became independent from Doosan Group in 2000. In the beginning, the company mainly focused on consulting, but with the establishment of a R&D institute in 2006, it has remained committed to developing business models.
Business Association launched to promote economic cooperation between Korea and Uzbekistan
On May 22, 2020, the board of directors of the Korea Uzbekistan Business Association was held on the 29th floor of the POSCO Tower in Songdo, Incheon. It was the official launching ceremony since the establishment of the corporation.
The newly launched Korea Uzbekistan Business Association (Chairman Kim Yong-Ku) will play a pivotal role in the development of economic cooperation between Korea and Uzbekistan and will start supporting official business to successfully advance the Uzbekistan business.
Special notice : The Korea Post is organizing a tour for the Ambassadors and Madams to the Pyeongkang Oriental Medicine Hospital on Tuesday June 9, 2010. Ambassadors and Madams are cordially invited to the Tour where an Oriental medicine pack against COVID-19 is presented to each Excellency. In the event of absence of Invitation, please advise the Editor at The Korea Post at 010-5201-1740.
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KBS (http://world.kbs.co.kr/english/news/)
Public Facilities in Seoul Metropolitan Area to Temporarily Close Until June 14
The government is stepping up quarantine measures in the Seoul metropolitan area, including temporary suspension of public facilities such as museums and parks, through mid-June.
This comes as coronavirus cluster infections surge among employees of a logistics center operated by e-commerce giant Coupang in Bucheon, Gyeonggi Province.
But the government said it will maintain the current "everyday life distancing" system as the latest cases are still limited to a certain area.
Moon Calls for Bipartisan Cooperation to Overcome COVID-19 Crisis
President Moon Jae-in has called for bipartisan cooperation to swiftly approve a third supplementary budget to overcome COVID-19.
Presidential Spokesman Kang Min-seok said Moon made the request during a luncheon meeting with the floor leaders of the ruling and main opposition parties at the top office on Thursday.
Calling the pandemic the biggest crisis the world has faced since the Great Depression of the last century, the president urged for parliament to act quickly to pass the extra budget plan the government is working on to tackle the economic fallout brought on by the new virus.
S. Korean Central Bank Slashes Rate to Record Low amid Gloomy Outlook
The Bank of Korea slashed its benchmark interest rate by a quarter of a percentage point to a record low of point-five percent on Thursday. The same day, the central bank also downgraded its GDP growth forecast for 2020 from two-point-one percent to minus point-two percent.
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The Korea Herald (http://www.koreaherald.com)
Reopening reversal in Seoul as virus rebounds
Seoul and the adjacent areas are heading for another phase of stringent physical distancing, set to last for the next two weeks, as fresh flare-ups of novel coronavirus cases emerged across the metropolitan region.
In less than a month since relaxing physical distancing on May 6, South Korea is restoring the guidance in the greater Seoul area -- which includes Incheon and Gyeonggi Province -- until June 14.
S. Korea’s economy to contract this year amid COVID-19 impact: BOK
South Korea’s central bank on Thursday slashed the country’s economic growth outlook for this year, forecasting a 0.2 percent on-year contraction amid the persisting COVID-19 pandemic.
It also cut the policy rate to an unprecedented 0.5 percent, further down from the previous record low of 0.75 percent, keeping pace with the government’s expansionary fiscal actions to shore up the virus-hit economy.
Record traffic jams expected in 2020 summer vacation
SEJONG -- This summer, during the vacation season in particular, extraordinary traffic jams are expected on major expressways nationwide in the wake of the novel coronavirus.
This is because there is a high possibility that most vacationers will give up overseas travel this year. Instead, they are likely to choose to stay at local beaches and mountains.
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Korea Times (http://www.koreatimes.co.kr)
'COVID-19 accelerating arrival of Asian Century'
The COVID-19 pandemic has brought a sense of chaos to the whole world, but it will be an opportunity for Asian countries to lead the transformation toward a new business environment, according to Choi Won-sik, the managing partner at McKinsey & Company's Seoul office.
The head of the world's leading consulting firm's local subsidiary indicated that "the next normal" will emerge from Asia with the beginning of the "Asian Century" after the pandemic.
Korea, China set example for global cooperation on COVID-19
Cooperation is the only key to overcoming a global challenge like the COVID-19 pandemic, and Korea and China demonstrated how it can work successfully, Chinese Ambassador to Korea Xing Haiming said, Thursday.
Speaking at the 2020 Korea Times Forum in Seoul, he said the pandemic showed the lives and health of people all around the world are closely connected to each other.
Gov't seeks to turn pandemic crisis into opportunity
The government will spearhead a comprehensive plan to turn the COVID-19 pandemic into an opportunity, amid what it calls a "critical milestone" to help the country emerge from the crisis and move toward becoming a more advanced economy, the country's top policy maker said Thursday.
The competitive edge of a country in the post-corona virus world will hinge on its ability to maximize pandemic resilience, a reason why the government will mobilize its utmost efforts to strengthen its crisis management structure for public health and safety.
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Chosun Ilbo (http://english.chosun.com)
Coronavirus Surges at Online Sellers' Warehouses
Coronavirus infections are spreading in warehouses run by online commerce companies Coupang and Market Kurly. The surge at Coupang's warehouse in Bucheon has also spread to a nearby call center that has some 1,600 workers.
Health authorities said Wednesday that a call center worker contracted the virus while working at the Coupang warehouse in Bucheon last weekend. He developed a sore throat and cough and told the company before isolating himself. He tested positive on Tuesday.
Seoul to Give $4.9 Million to UN's N.Korea Aid Project
The Unification Ministry will give US$4.9 million to a project by the UN Economic and Social Commission for Asia and the Pacific to help sustainable development in North Korea.
A ministry spokesman on Wednesday said the money will come from the Inter-Korean Cooperation Fund.
The money will be doled out over the next six years, with $720,000 earmarked for this year, and will be chiefly spent to teach North Korean officials accounting.
Korea Falls in Global GDP Ranking
Korea's GDP fell from eighth to 10th place in the OECD last year.
According to the OECD on Wednesday, Korea's GDP was tallied at US$1.64 trillion in 2019, placing it 10th place among 38 member nations.
India and Brazil, whose economies are much bigger than Korea's, are not in the OECD.
In 2008, Korea fell from 12th to 14th, but it recovered to 13th from 2009 to 2012, and rose steadily to eighth in 2018.
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The Dong-A Ilbo (http://english.donga.com/)
China forcefully passes new Hong Kong national security law
The Chinese government forcefully passed Hong Kong national security law, which allows punishment for anti-china and pro-democracy figures in Hong Kong, despite the warning of the U.S. Full-scale conflicts between the U.S. and China have become reality as the U.S. forewarned sanctions on China, saying that Hong Kong does not have a high degree of autonomy.
Downsizing USFK could help denuclearization talks, presidential advisor says
Moon Chung-in, the special foreign affairs advisor to President Moon Jae-in, said a gradual disarmament of the U.S. military forces stationed in South Korea could serve as a negotiation card in the denuclearization talks with North Korea.
“Amid the emergence of China and the continued military threats from North Korea, most South Koreans support ROK-U.S. alliance, a significant share of people want the U.S. forces to stay on the peninsula,” said the special advisor in a virtual seminar conducted by Quincy Institute for Responsible Statecraft on Wednesday (local time).
GE sells its light-bulb division to Savant Systems
General Electric, a company whose growth base lied in light bulbs, the brainchild of its legendary founder Thomas Edison, is move away from light bulb business. While the light bulb has been the symbol of GE, the American company has made the decision owing to the worsening conditions of business of late.
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Maeil Business News Korea (http://www.pulsenews.co.kr/)
UPDATE: BOK cuts rate to new low of 0.50%, warns first GDP contraction in 22 yrs
South Korea’s central bank pushed the base rate to a new low of 0.50 percent and signaled the possibility of nonconventional policy tools after warning the country is headed for the first economic contraction in 22 years.
“The base rate is now nearer the effective bottom,” Bank of Korea (BOK) Governor Lee Ju-yeol said in an online press conference after the monetary board on Thursday delivered its second rate cut in two months.
COVID-19 cases spike in Korea in cluster business sites including warehouses
South Korea reported 79 additional cases of new coronavirus on Thursday, the biggest jump in nearly two months due to infections linked to a logistics center operated by ecommerce firm Coupang.
According to regular briefing by the Korea Centers for Disease Control and Prevention (KCDC), the number of daily new coronavirus cases reached 79 as of midnight on Wednesday, bringing the country’s total number of infections to 11,344. It is the first time for the number of new cases to reach above 70 since 81 on April 5.
Korea’s travel agency Hanatour to dissolve most operations to become app-based platform
South Korea’s top travel agency Hanatour Service Inc. may dissolve most of its local operations after streamlining nearly all of its overseas businesses as it grapples with lengthy hiatus in international travel under pandemic.
According to industry sources on Wednesday, Hanatour Service may do away with most of businesses related to mainstay travel operation among its total 15 subsidiaries based in Korea.
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What’s ticking around the world at this second?
See what the world media around the world have to report:
USA Today www.usatoday.com aallman@gannett.com
The New York Times www.nytimes.com inytletters@nytimes.com
Wall Street Journal www.wsj.com support@wsj.com, service@wsj-asia.com
Financial Times www.ft.com ean@ft.com
The Times www.thetimes.co.uk help@timesplus.co.uk
The Sun www.thesun.co.uk talkback@the-sun.co.uk
Chinese People's Daily www.people.com.cn kf@people.cn
China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn
GwangmyeongDaily www.gmw.cn webmaster@gmw.cn
Japan's Yomiuri www.yomiuri.co.jp japannews@yomiuri.com
Asahi www.asahi.com customer-support@asahi.com
Mainichi www.mainichi.jp
Le Monde www.ilemonde.com
Italy LaRepubblica www.quotidiano.repubblica.it vittorio.zucconi@gmail.com
Germany Frankfurter AllgemeineZeitung www.faz.net anzeigen.ausland@faz.de
SüddeutscheZeitung www.sueddeutsche.de forum@sueddeutsche.de
AustraliaBrisbaneTime
www.brisbanetimes.com.au syndication@fairfaxmedia.com.au
Sydney Morning Heraldwww.smh.com.au
Colombia Reports http://www.colombiareports.com
BogotaFree Planet http://www.bogotafreeplanet.com,bfp@bogotafreeplanet.com
El Universal https://www.eluniversal.com.mx/english
Andes https://www.redaktionstest.net/andes-info-ec/
Ecuador Times https://www.ecuadortimes.net/
The Jordan Times https://www.jordantimes.com/
LSM.lv https://www.lsm.lv//
The Baltic Times http://www.baltictimes.com lithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com
El Pais https://english.elpais.com/
Philippine Daily Inquirer https://www.inquirer.net/
Daily News Hungary https://dailynewshungary.com/
Budapest Times https://www.budapesttimes.hu/
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Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM
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Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE
And many other countries.
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