yna--2020-03-19--S. Korean chartered flight heads home carrying 80 people evacuated from coronavirus-hit Iran

Seoul had been in talks with Tehran to arrange an evacuation flight to bring back its citizens via a nearby @ @ @ @ @ Wednesday , Iran was the third-most infected country after China and Italy , with its @ @ @ @ @ than 980 deaths .

By Kim Seung-yeon
SEOUL, March 19 (Yonhap) -- A South Korean government-arranged chartered flight departed for Seoul from Dubai on Thursday, carrying 80 people, including citizens and their Iranian family members, evacuated from Tehran due to the worsening outbreak of the new coronavirus.
The Asiana Airlines plane, which took off from Al Maktoum International Airport near Dubai at 8:05 a.m. (Korean time), is scheduled to arrive at Incheon International Airport on Thursday afternoon. The evacuees had earlier been airlifted from Tehran to Dubai on a separate chartered flight.
Upon arrival at Incheon, they will be transported to a government-run accommodation facility to spend about two days for coronavirus tests. If they test negative, they will be asked to self-isolate at their homes, officials said.
Seoul had been in talks with Tehran to arrange an evacuation flight to bring back its citizens via a nearby third country. As of Wednesday, Iran was the third-most infected country after China and Italy, with its caseload topping 16,000 and more than 980 deaths.
Concerns have also grown over limited access to medicine and proper treatment there as Iran has been suffering a shortage of such goods and other commodities due to biting international sanctions.
The two sides had initially agreed to operate the emergency flight around late last week, but the schedule was pushed back as the consultations took longer than expected.
To help ease humanitarian concerns in Iran and maintain economic ties with it, Seoul has been exploring ways to export humanitarian goods to the country.
Early this week, the Iranian Embassy in Seoul said its country welcomes international medical assistance to help fight the novel virus, calling on the need for a globally coordinated response to containing the pandemic.
On Wednesday, South Korea's infection tally stood at 8,413, with 84 deaths.
This Reuters photo shows quarantine work being carried out at the Imam Reza shrine in Mashhad, the second most populous city in Iran, on Feb. 27, 2020 (Iran time). (Yonhap)
elly@yna.co.kr
(END)


yna--2020-03-19--S. Korean planes arrive back from Myanmar with medical gowns in anti-virus efforts

The decision to mobilize the military aircraft came as the national air carrier Korean Air 's route connecting the two @ @ @ @ @ spread of the novel virus .
The government also took advantage of the relatively shorter @ @ @ @ @ military aircraft given the urgency around the virus situation , according to the officials .

SEOUL, March 19 (Yonhap) -- Two South Korean military transport aircraft arrived back from Myanmar on Thursday, completing their mission to bring 80,000 sets of surgical gowns for use in the battle against the new coronavirus, officials said.
The Air Force C-130J planes arrived at Gimpo International Airport in western Seoul at around 4 a.m., some 20 hours after departing for the Southeast Asian country. It was the first time that military planes have been mobilized to take commercial goods into the nation.
The gowns are part of what the Seoul government has purchased from a South Korean company that runs a production line there and will be transferred to medical facilities across the country to be used at COVID-19 screening centers, according to the defense ministry.
The decision to mobilize the military aircraft came as the national air carrier Korean Air's route connecting the two countries was suspended over the spread of the novel virus. The government also took advantage of the relatively shorter and simpler screening process for military aircraft given the urgency around the virus situation, according to the officials.
South Korea has made all-out efforts to contain the coronavirus. As of Wednesday, South Korea had 8,413 confirmed cases, including 84 deaths, according to the Korea Centers for Disease Control and Prevention (KCDC).
Boxes carrying tangerines are loaded on South Korean Air Force's C-130 transport aircraft at Jeju International Airport on Nov. 11, 2018, to be sent to North Korea in return for its gift of mushrooms following the summit between the two leaders in the North's capital city of Pyongyang, in this photo provided by the South's defense ministry. (PHOTO NOT FOR SALE) (Yonhap)
graceoh@yna.co.kr
(END)


yna--2020-03-19--(EDITORIAL from Korea JoongAng Daily on March 19)

Equally baffling is the opposition UFP and its satellite Future Korea Party ( FKP ) .
The two parties are @ @ @ @ @ over who gets more of the proportional seats .
Instead of offering fresh hopes for @ @ @ @ @ help voters become confused over the order of nominations for candidates .
After the satellite @ @ @ @ @ seats to its own candidates than to its mother party , the UFP is now @ @ @ @ @ satellite party of its own .
A black comedy is being played on the stage @ @ @ @

Fix all the mess
The ruling Democratic Party (DP) has joined hands with four unknown parties to create a weird coalition to control more proportional seats in the 300-seat National Assembly. The DP chose the four parties over a group of other splinter parties with which it had planned to establish a coalition to get more of the 47 proportional seats in the April 15 parliamentary elections. No one knows about the political activities or ideology of the parties, which were hastily established earlier this year.
The DP is preparing a list of candidates for proportional seats to send to the coalition next week to feign a united front against the main opposition United Future Party (UFP) in the upcoming election. In the process, the ruling party dumped a group of splinter parties -- including the Justice Party (JP) -- because of sharp disagreements over nominations for proportional seats. Later, the JP declared it will not join in the coalition led by the ruling party. What a farce it is -- given the original goal of electoral reforms last year was to help minor parties enter the legislature.
After the opposition UFP created a satellite party early this year to snatch back its majority status from the ruling party, the DP denounced it for becoming a "trash party" and even filed a criminal complaint with the prosecution. The DP claims the coalition it formed is totally different from the satellite party of the UFP. That's sheer sophistry.
Equally baffling is the opposition UFP and its satellite Future Korea Party (FKP). The two parties are now in a mud fight over who gets more of the proportional seats. Instead of offering fresh hopes for Korean politics, they only help voters become confused over the order of nominations for candidates. After the satellite party decided to allot more seats to its own candidates than to its mother party, the UFP is now threatening to set up another satellite party of its own. A black comedy is being played on the stage of Korean politics.
Such confusion was already predicted when the ruling party pressed ahead with a revision of the election law despite vehement opposition from the UFP. Under the new proportional system, voters cast their ballots for a certain political party instead of a candidate for a constituency. The revision was designed to lessen side effects of the two major rivaling parties. But if they insist on their ways, they will become even bigger. Why should we maintain such a ridiculous system?
The DP pledged to make a sacrifice to achieve the original goal of the electoral revision. If so, it must change the twisted election law. The DP must take responsibility for all the mess and fix it before it is too late.
(END)


yna--2020-03-19--(EDITORIAL from Korea Times on March 19)

Another negative factor is the continuing decline in exports , the country 's main engine for economic growth .
Overseas @ @ @ @ @ a far stiffer fall due to the disruption of global supply chains amid the rapid @ @ @ @ @ A predicted sharp drop in China 's industrial production and economic growth will deal a @ @ @ @ @ economy , which was already in the doldrums well before the coronavirus outbreak that originated @ @ @ @ @

Foreign exchange volatility
Korea needs currency swap deal with U.S., Japan
Keeping the foreign exchange market stable is crucial in weathering potential financial and economic woes. This is all the more important now because the coronavirus-triggered health crisis is wreaking havoc on the global economy. That's why South Korea, an export-oriented economy vulnerable to external shocks, should make concerted efforts to ensure stability in the currency market.
The won-dollar exchange rate has become extremely volatile amid global stock market crashes and tumbling crude oil prices. The local currency plunged to a 10-year low of 1,245.7 won against the U.S. dollar Wednesday. It lost 52.7 won, or 4.4 percent, against the greenback over five trading days from March 12.
The Korean currency faces mounting uncertainties following a stunning U.S. interest rate cut and other market stabilization and economic stimulus measures. Concerns are growing that if foreign investors continue their selling spree on the Seoul stock exchange, the won could come under greater downward pressure. Foreigners posted a net selling of 8 trillion won (US$7.1 billion) worth of Korean shares over the past 10 days.
Another negative factor is the continuing decline in exports, the country's main engine for economic growth. Overseas shipments are expected to suffer a far stiffer fall due to the disruption of global supply chains amid the rapid spread of the coronavirus. A predicted sharp drop in China's industrial production and economic growth will deal a further blow to the Korean economy, which was already in the doldrums well before the coronavirus outbreak that originated in China last December.
Against this backdrop, the country's current account surplus shrank sharply by 70 percent to US$1 billion in January from a year earlier. Making matters more complicated, falling corporate profitability may lead to lower credit ratings for domestic businesses and banks. This could also make it difficult for companies and financial institutions to borrow money and raise capital overseas, possibly causing a shortage of the dollar and other reserve currencies.
Worse, Korea may witness a massive outflow of capital as seen in the 1997-98 Asian financial turmoil and the 2008 global financial crisis. No one knows what will happen if the coronavirus crisis turns into an unprecedented global financial and economic crisis.
The Ministry of Economy and Finance has decided to raise the cap on banks' currency forward positions to supply more dollars to the Seoul currency market starting Thursday. But it is doubtful if the measure will help stabilize the market.
Now, the Moon Jae-in administration should pull out all the stops to work out contingency plans to better cope with any unpredictable consequences. It needs to replenish the country's foreign reserves that stand at $401.8 billion. It also needs to strike a currency swap deal with the U.S., Japan and other countries as a safeguard against potential foreign currency shortages.
Of course, it is most imperative to concentrate on containing the spread of the epidemic. Yet it is also equally important to map out more drastic fiscal and monetary measures to overcome deepening economic difficulties and ensure financial stability.
(END)


yna--2020-03-19--(EDITORIAL from Korea Herald on March 19)

But given sluggish and lax responses by the U.S. , Europe and Japan to the fast and persistent spread of @ @ @ @ @ questionable if they can control their situation early .
The pandemic in Europe , particularly @ @ @ @ @ is spiraling out of control .

Unprecedented crisis
Limits on fiscal, monetary steps; budget review needed; policies must be zero-based
The coronavirus pandemic is causing panic in the global economy.
Restriction on human movement and activities has frozen production and consumption, and unsettled financial markets. In a vicious circle, unease in the markets is depressing the real economy further.
The problem is that traditional polices to goose the economy, such as interest rate cuts and fiscal spending increases, bring little effect.
On Monday, in local time, the Dow Jones Industrial Average crashed nearly 13 percent to close at 20,188. On Feb. 18, just about a month ago, the market was bullish with the Dow Jones closing at 29,232. Markets in Asia, Europe and the US have been falling back-to-back. The local KOSPI closed 4.86 percent lower at 1,591.2 on Wednesday.
Taking a cue from the U.S. Federal Reserve, which cut its benchmark interest rate to near zero, central banks in Japan and major European countries slashed rates drastically and unveiled quantitative easing steps. The Bank of Korea followed suit, too, reducing its benchmark rate to 0.75 percent.
But investors are little moved. Market jitters rather appear to be intensifying. Fright in stock markets means that investors are pessimistic about the prospects of the economy.
How fast the global economy will get out of this complex crisis of financial markets and the real economy depends on how fast the global community will get out of the coronavirus crisis.
But given sluggish and lax responses by the U.S., Europe and Japan to the fast and persistent spread of the virus, it is questionable if they can control their situation early. The pandemic in Europe, particularly in Italy and Spain, is spiraling out of control.
China's industrial production in January and February combined fell 13.5 percent on-year, the worst decline in 30 years. Retail sales fell 20.5 percent and exports went down 17.2 percent. The Korean economy, which depends heavily on China, cannot but suffer a tremendous negative impact.
"Coronavirus crisis" is quite different by nature from past financial crises caused by short-term shortages of liquidity. The global economy faces a crisis that every country must endure on its own. Weak countries will fall earlier than stronger ones.
If it is difficult to end the pandemic early, and the crisis is likely to deepen until vaccines or effective treatment are developed, an array of available measures needs to be adjusted to the dire circumstances.
Low-income groups, small business owners and employees and the self-employed are worried about the looming likelihood of earning less, losing jobs or going out of business. The tourism industry is on the brink of death, while airlines are in financial straits.
With production, consumption and exports crumbling, companies will certainly face greater and greater difficulties as time goes by.
Probably out of concerns over this grave situation, President Moon Jae-in called for unprecedented measures in a Cabinet meeting Tuesday. He said that an extra budget is not the end but the beginning.
But the 512 trillion won (US$414 billion) government budget for this year is already super large, and an 11.7 trillion-won extra budget has been drawn up to cope with the coronavirus crisis.
The main budget alone represents a heavy burden on the people. Add to this the secondary and tertiary extra budgets, and debt owed by the people will only snowball.
Late last year, rival parties passed this year's government budget without screening it as carefully as usual, as they were preoccupied with controversial bills to revise election rules and create an agency under the president to investigate senior public officials.
When they passed the largest-ever 2020 budget last year, neither the government nor the National Assembly could anticipate the outbreak of the novel coronavirus. Considering the unexampled economic shock caused by the virus, they would do well to review the budget drawn up before the virus crisis and readjust items.
Fiscal support is necessary to help individuals and companies survive the worst situation. But first-aid cash assistance must not be all about the government's emergency measures. Fiscal and monetary policies will turn out useless without revamping policies from square one.
Tax systems must be changed and the labor market reformed in the direction of reviving corporate investment. Government intervention in the private sector must also be reduced. Without these accompanying changes, helicopter money will likely just go down the drain.
(END)


yna--2020-03-19--White House task force sees S. Korea at end of epidemic curve

`` We look at data all the time ... And when you look at China and South Korea data , @ @ @ @ @ and South Korea did , you can see that their curves are not only blunted @ @ @ @ @ the Chinese areas outside of Wuhan , blunted curve ; and South Korea , blunted @ @ @ @ @ .
`` If you look at their curve today , they 're already on the @ @ @ @ @ curve . ''

By Lee Haye-ah
WASHINGTON, March 18 (Yonhap) -- The White House coronavirus task force said Wednesday it is seeing South Korea and China at the far end of their epidemic curves and studying the two countries to predict patterns in the United States.
Dr. Deborah Birx, the coordinator of the task force, offered the assessment during a press briefing at the White House. Moments earlier, President Donald Trump said he was invoking the Defense Production Act, which would give him authority to get industries to increase output of medical supplies to fight the coronavirus pandemic.
The law was established in 1950 to meet production demands during the 1950-53 Korean War.
Asked to explain the administration's stronger response to the outbreak in recent days, Birx suggested that tough measures adopted in China and South Korea helped to slow the spread of the virus.
This AFP photo shows White House Coronavirus Task Force Coordinator Dr. Deborah Birx answering a question during the daily briefing on the novel coronavirus at the White House in Washington on March 18, 2020, as U.S. President Donald Trump looks on. (Yonhap)
"We look at data all the time ... And when you look at China and South Korea data, and you look what China and South Korea did, you can see that their curves are not only blunted outside of Wuhan. So the Chinese areas outside of Wuhan, blunted curve; and South Korea, blunted curve," she said. "If you look at their curve today, they're already on the far end of their epidemic curve."
South Korea's Centers for Disease Control and Prevention on Wednesday reported 93 new cases, marking the fourth straight day that daily new infections were in double digits. The nation's total caseload increased to 8,413, with 84 deaths.
Latest figures from the U.S. CDC put the number of cases across the country at 7,038, with 97 deaths.
Birx said the virus hit the U.S. later than China and South Korea, making it difficult to say with certainty that the outbreak is seasonal.
"All we can do is look at the past to inform the future," she said. "Look at the curve in China and look at the curve in South Korea. Those curves were accomplished in still the winter season. And so we're trying to understand what those relationships are.
"But that is a November to April. We all started later," she added. "And so you're asking me to predict based on a later start and that's what we're trying to really look at China and South Korea to really inform that."
Birx was appointed to the role by Vice President Mike Pence last month. A medical doctor, she has served as the State Department's global AIDS coordinator since 2014. During her three-decade-long career, she has focused on HIV/AIDS immunology, vaccine research and global health, according to the department.
hague@yna.co.kr
(END)


yna--2020-03-19--Top headlines in major S. Korean newspapers

Korean-language dailies -- Seoul city to pay up to 500,000 won to 1.17 million households ( Kyunghyang Shinmun ) -- Government 's virus-related financial support measures 'pie in the sky ' for some ( Kookmin Daily ) -- 75 affected in cluster infection at Daegu nursing home ( Donga llbo ) -- 17-year-old with pneumonia symptoms dies in Daegu , 74 infected at nursing home ( Seoul Shinmun ) -- Disaster-related basic income 'double-edged sword , ' meticulous planning is key for success ( Segye Times ) -- Countries around the world pledge massive stimulus to save virus-hit economy ( @ @ @ @ @ @ @ senior son got fever after waiting in rain for 1 hour to buy masks , his last words were mom I 'm sick ' ( JoongAng Ilbo ) -- U.S. , Japan pushes for virus-related cash assistance , virus-related income in full swing ( Hankyoreh ) -- World doles out 'blank check ' to help virus-hit households ( Hankook Ilbo ) -- Seoul city to pay 300,000 to 500,000 won to 1.17 million households ( Maeil Business Newspaper ) -- World unleashes more economic stimulus compared to 2008 financial crisis ( Korea Economic @ @

SEOUL, March 19 (Yonhap) -- The following are the top headlines in major South Korean newspapers on March 19.
Korean-language dailies
-- Seoul city to pay up to 500,000 won to 1.17 million households (Kyunghyang Shinmun)
-- Government's virus-related financial support measures 'pie in the sky' for some (Kookmin Daily)
-- 75 affected in cluster infection at Daegu nursing home (Donga llbo)
-- 17-year-old with pneumonia symptoms dies in Daegu, 74 infected at nursing home (Seoul Shinmun)
-- Disaster-related basic income 'double-edged sword,' meticulous planning is key for success (Segye Times)
-- Countries around the world pledge massive stimulus to save virus-hit economy (Chosun Ilbo)
-- 'My high school senior son got fever after waiting in rain for 1 hour to buy masks, his last words were mom I'm sick' (JoongAng Ilbo)
-- U.S., Japan pushes for virus-related cash assistance, virus-related income in full swing (Hankyoreh)
-- World doles out 'blank check' to help virus-hit households (Hankook Ilbo)
-- Seoul city to pay 300,000 to 500,000 won to 1.17 million households (Maeil Business Newspaper)
-- World unleashes more economic stimulus compared to 2008 financial crisis (Korea Economic Daily)
English-language dailies
-- Despite best measures, KOSPI drops to 10-year low (Korea JoongAng Daily)
-- S. Korea on edge over new coronavirus clusters in Daegu (Korea Herald)
-- WHO to join Korea in COVID-19 research (Korea Times)
(END)


yna--2020-03-19--U.S. says talks ongoing, committed to mutually acceptable defense deal with S. Korea

WASHINGTON , March 18 ( Yonhap ) -- The United States remains committed to finding a mutually acceptable agreement with @ @ @ @ @ cost of stationing American troops on the peninsula , a State Department spokesperson said Wednesday @ @ @ @ @ a new round of negotiations .

By Lee Haye-ah
WASHINGTON, March 18 (Yonhap) -- The United States remains committed to finding a mutually acceptable agreement with South Korea on sharing the cost of stationing American troops on the peninsula, a State Department spokesperson said Wednesday on the second day of a new round of negotiations.
The two sides opened their seventh round of talks on renewing the Special Measures Agreement in Los Angeles on Tuesday, after a two-month hiatus. The two-day talks are expected to wrap up later Wednesday.
"Negotiations are still ongoing and we remain committed to finding a mutually acceptable agreement for both sides," the spokesperson told Yonhap News Agency on background.
Without an agreement, the U.S. has warned of furloughs for some 9,000 Koreans working on its military bases on the peninsula beginning April 1.
Seoul has sought to first reach an agreement on the issue of wages before concluding a comprehensive deal, but Washington has objected to the idea.
The U.S. initially demanded a more than five-fold increase in Seoul's contributions to US$5 billion, but is now reportedly asking for $4 billion.
South Korea has balked at the demands and reportedly offered a 10 percent increase on the $870 million it was required to pay under last year's SMA, which expired at the end of December.
Some 28,500 American troops are currently stationed in South Korea.
The negotiations are being led by Jeong Eun-bo on the South Korean side and James DeHart on the U.S. side.
Seoul's top negotiator Jeong Eun-bo (L) and his U.S. counterpart, James DeHart, pose for a photo prior to the start of their two-day negotiations in Los Angeles on March 17, 2020, in this photo provided by South Korea's foreign ministry. (PHOTO NOT FOR SALE) (Yonhap)
hague@yna.co.kr
(END)


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(END)


yna--2020-03-20--Seoul shares open sharply higher tracking Wall Street gains, currency swap

South Korea saw an uptick in daily new infections of the novel coronavirus as new clusters of infection continued to @ @ @ @ @ southeastern city of Daegu , as well as Seoul and neighboring areas .

SEOUL, March 20 (Yonhap) -- South Korean stocks opened sharply higher Friday tracking overnight gains on Wall Street as investors were buoyed by Washington's currency swap lines with nine economies around the globe, including Seoul. The Korean won surged against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rebounded 40.76 points, or 2.80 percent, to 1,498.40 as of 9:15 a.m. Both the KOSPI and the Korean won had closed at 11-year lows in the previous session.
Overnight, Wall Street rebounded after the U.S. Federal Reserve announced it has signed currency swap agreements with nine central banks around the globe to stabilize the virus-hit market.
A worker from Yonhap Infomax, a financial arm of Yonhap News Agency, looks at a monitor in the company's office in central Seoul on March 19, 2020. (Yonhap)
The Dow Jones Industrial Average again edged up 0.95 percent, and the tech-heavy NASDAQ also climbed 2.3 percent.
Seoul and Washington have signed a US$60 billion bilateral currency swap agreement in a move expected to relieve a liquidity crunch caused by the global spread of the new coronavirus.
South Korea saw an uptick in daily new infections of the novel coronavirus as new clusters of infection continued to pop up in the virus-hit southeastern city of Daegu, as well as Seoul and neighboring areas.
The 152 new cases, which were detected Wednesday and reversed four days of double-digit daily new infections, brought the nation's total number of infections to 8,565.
Most large-cap stocks gathered ground across the board.
Market kingpin Samsung Electronics increased 2.79 percent, and No. 2 chipmaker SK hynix advanced 3.19 percent. Home appliance maker LG Electronics climbed 2.29 percent.
Top player Korean Air rose 1.47 percent, and Asiana Airlines added 3.96 percent.
Leading chemical firm LG Chem increased 3.28 percent, and cosmetics giant AmorePacific gained 3.45 percent. No. 1 oil refiner S-Oil moved up 2.81 percent.
The local currency was trading at 1,263.10 against the U.S. dollar, up 22.60 won from the previous session's close.
colin@yna.co.kr
(END)


yna--2020-03-20--U.S. currency swap deal to stabilize market: vice minister

Early this week , Seoul also took a series of steps to inject more liquidity into the financial system and @ @ @ @ @ 11.7 trillion won .
The central bank also cut its policy rate by half a @ @ @ @ @ low of 0.75 percent .
( END )

SEOUL, March 20 (Yonhap) -- South Korea's currency swap agreement with the United States will help stabilize the domestic foreign exchange market hit by the global financial turmoil, a ranking finance ministry official said Friday.
Seoul struck a US$60 billion currency swap deal with Washington on Thursday, which will be in place for at least six months. It marks the second of its kind since 2008.
"The arrangement will serve as a reliable cushion to protect the domestic currency market that was impacted by global financial instability," Vice Finance Minister Kim Yong-beom said at a meeting of officials on pending policies and innovative growth.
Kim stressed that the amount is twice as much as the South Korea-U.S. swap line agreed in October 2008 in the heat of the global financial crisis.
The vice minister also called on investors and other economic actors to remain calm amid growing market uncertainty sparked by the coronavirus pandemic.
Vice Finance Minister Kim Yong-beom chairs a meeting of officials on pending government policies and innovative growth at the government complex in Seoul on March 20, 2020, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)
"It is inevitable for economic players' sentiment to weaken due to the coronavirus outbreak, but it is excessive to assume that the current situation will last forever.
"It is necessary to look at the market with a cool head instead of being swept by market instability and short-term fluctuations out of panic," Kim said.
Kim further said the government will take drastic measures to stabilize the market and make all-out efforts to cushion people's lives from the fallout of the outbreak.
The swap deal came after escalating worries over a coronavirus-induced global economic recession sent the South Korean currency tumbling against the U.S. dollar.
The Korean unit plunged by 40 won to close at 1,285.70 won against the greenback Thursday, the lowest in over a decade, as investors rushed to the safe-haven currency.
The meeting focused on follow-up steps on a government package to support South Korean businesses and people hit by the outbreak of COVID-19, which has claimed 91 lives and infected more than 8,500.
President Moon Jae-in unveiled a 50 trillion-won (US$39.7 billion) package Thursday to prevent small businesses from going bankrupt and ease their financial anxiety amid growing fears of a global recession and credit crunch.
Early this week, Seoul also took a series of steps to inject more liquidity into the financial system and announced an extra budget worth 11.7 trillion won. The central bank also cut its policy rate by half a percentage point to a record low of 0.75 percent.
(END)


yna--2020-03-20--Hyundai Rotem wins 345 bln won train order in S. Korea

The subway trains will be built at Hyundai Rotem 's plant in Changwon , 400 kilometers south of Seoul , @ @ @ @ @ , an affiliate of Shinhan Bank , a company spokesman said .

SEOUL, March 20 (Yonhap) -- Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Friday it has received an order worth 345 billion won (US$274 million) in its home country.
Hyundai Rotem will supply 120 subway train cars for a new local subway line named the Great Train Express-A (GTX-A) by 2024, the company said in a statement.
The GTX-A line will stretch 83.1 kilometers from Unjeong Station in Paju to Dongtan Station in Hwaseong in Gyeonggi Province, it said.
The subway trains will be built at Hyundai Rotem's plant in Changwon, 400 kilometers south of Seoul, and delivered to SGRail Co., an affiliate of Shinhan Bank, a company spokesman said.
Hyundai Rotem aims to win subway train orders in the upcoming GTX-B and GTX-C line projects.
This map provided by Hyundai Rotem shows the GTX-A line which will be built by 2024. (PHOTO NOT FOR SALE)(Yonhap)
kyongae.choi@yna.co.kr
(END)


Friday's weather forecast

SEOUL , March 20 ( Yonhap ) -- The following is the weather forecast for South Korea 's 12 major @ @ @ @ @ .

(URGENT) N. Korea says Travis King decided to come over to N. Korea because he harbored ill feeling within the U.S. Army: KCNA


Dollar opens at 1,253.70 won DN from 1,285.7 won


KOSPI 1,498.49 UP 40.85 points (open)


KOSDAQ 443.88 UP 15.53 points (open)


yna--2020-03-20--S. Korea, U.S. still have gaps in defense cost-sharing talks: foreign ministry

`` Still , the two sides have differences in their positions , but they agreed to have close consultations to @ @ @ @ @ agreement and contribute to the South Korea-U.S. alliance and the combined defense posture through an @ @ @ @ @ acceptable agreement , '' the ministry said in a press release .

By Song Sang-ho
SEOUL, March 20 (Yonhap) -- South Korea and the United States still have gaps over the sharing of the cost for stationing the U.S. Forces Korea (USFK), the foreign ministry said Friday, after they wrapped up three days of hard bargaining in Los Angeles.
The failure to reconcile their differences added to concerns that Korean workers in the USFK could be forced to go on unpaid leave starting next month, as the U.S. military has repeatedly warned of their furloughs absent a deal to fund their wages.
Seoul's top negotiator Jeong Eun-bo and his U.S. counterpart, James DeHart, held the talks from Tuesday through Thursday to reach the cost-sharing deal, called the Special Measures Agreement (SMA). They were initially to meet for two days but extended their negotiation for another day.
"Still, the two sides have differences in their positions, but they agreed to have close consultations to minimize the absence of an agreement and contribute to the South Korea-U.S. alliance and the combined defense posture through an early conclusion of a mutually acceptable agreement," the ministry said in a press release.
Heading into the new round of talks over how much Seoul should shoulder for the 28,500-strong USFK, the negotiation teams faced growing pressure to seek an early deal as some 9,000 Korean employees of the U.S. military faced furloughs that could disrupt day-to-day USFK operations.
Seoul's team had hoped to engage in separate negotiations for an arrangement to first address the Korean employees' wage issue in case of a failure to reach a comprehensive cost-sharing deal.
But the U.S. State Department balked, telling media that it could distract from "expeditiously concluding a mutually acceptable and comprehensive SMA that addresses all facets of the agreement."
Since last September, the two countries have held seventh rounds of SMA talks, including this week's session. But they failed to bridge differences over how much Seoul should shoulder this year and beyond, and what should be covered by the SMA.
The U.S. has revised downward its initial demand for a fivefold increase of Seoul's financial contribution to the USFK to some $5 billion. But it is known to currently call for about $4 billion, with Seoul insisting on an increase of about 10 percent.
Jeong Eun-bo (L), South Korea's chief negotiator in defense cost-sharing talks with the United States, poses for a photo with his U.S. counterpart, James DeHart, at their latest negotiation in Los Angeles on March 17, 2020, in this photo provided by the foreign ministry. (PHOTO NOT FOR SALE) (Yonhap)
sshluck@yna.co.kr
(END)


yna--2020-03-20--(EDITORIAL from Korea JoongAng Daily on March 20)

Foreign media has highlighted Korea 's medical ability to diagnose 15,000 cases a day and its stunning test innovations such @ @ @ @ @ the government 's role .
The New York Times highlighted Taiwan , Singapore and Hong @ @ @ @ @ actions .
But it pointed out that Korea faces a political backlash for stumbling in @ @ @ @ @ infections .
The New Yorker specified where authorities have erred in an article on the @ @ @ @ @ New York Times also criticized President Moon for making a blunder by declaring that the @ @ @ @ @ be over soon .

Stealing the show
It is embarrassing to see the Blue House bending facts for publicity during the coronavirus crisis. On Monday, the Blue House announced that the country shipped 51,000 coronavirus (Covid-10) diagnosis kits to the United Arab Emirates (UAE). It claimed the deal was made after a telephone conversation between President Moon Jae-in and his UAE counterpart. Later the supplier of the kits corrected the announcement by saying it was actually sample collection kits, not testing kits. As a sample collection kit is used to swab and store patients' samples, it does not have the ability to identify Covid-19.
Last week, the Blue House uploaded a video on Q. and A. with foreign correspondents on Twitter. The questions mostly focused on how well the government coped with the epidemic. A reporter even wondered how many journalists had been "cropped out" of the edit to make the government look good.
The president goes on boasting about the government being an "exemplary" case, and the health minister claims that the way that Korea has dealt with the coronavirus has become the "global standard." Rhyu Si-min, a pro-government commentator, argues that only the Korean press is criticizing the government's actions on Covid-19.
It is true that Korea is closely watched by others for its handling of the virus amid a pandemic scare across the world. But credit should go to the private and civilian sectors, not the government. Doctors and nurses have rushed to virus-plagued regions for volunteer work and civilians kept to social distancing, helping contain the spread of the virus. The government has only worsened the spread by failures in early-stage quarantines and excessive intervention in mask supplies.
Foreign media has highlighted Korea's medical ability to diagnose 15,000 cases a day and its stunning test innovations such as drive-through testing, not the government's role. The New York Times highlighted Taiwan, Singapore and Hong Kong for their excellent quarantine actions. But it pointed out that Korea faces a political backlash for stumbling in the early stage of the infections. The New Yorker specified where authorities have erred in an article on the case of Korea. The New York Times also criticized President Moon for making a blunder by declaring that the crisis from the virus would be over soon.
The government has never apologized or sounded remorseful for its floundering in the early stages. Yet it is touting what it did ahead of the April 15 parliamentary elections. The government and ruling party will face a strong backlash if it underestimates the people.
(END)


yna--2020-03-20--(EDITORIAL from Korea Times on March 20)

On Tuesday , the National Assembly approved the government 's 11.7-trillion-won ( $ 9.42 billion ) extra budget plan , @ @ @ @ @ on covering expenditures for anti-disaster efforts being made by central and local governments as well @ @ @ @ @ small and mid-sized enterprises .
It is widely anticipated that the administration will have to @ @ @ @ @ budget plan in the near future as the rapid spread of COVID-19 worldwide has sparked @ @ @ @ @ .
Whether or not the government should include a basic anti-disaster income in the future @ @ @ @ @ a major topic of debate among politicians and economists .

'Helicopter money'
'Basic anti-disaster income' can be viable option in COVID-19 era
The South Korean government and political parties are apparently becoming more positive about providing a certain amount of money to all citizens ― or households ― in the form of "basic anti-disaster income" as part of emergency economic measures.
This is no longer an unrealistic idea here as the United States and Japan, among other nations, are reportedly taking steps to introduce similar measures to boost spending and support marginalized households amid fears of economic meltdown caused by the spread of the novel coronavirus. In particular, the Donald Trump administration is seeking to send a $1,000 check to every American to spur spending.
These payments have can have important benefits. First, it is the simplest and quickest way to provide an economic boost in times of crisis. Further, the basic income could be the most viable option to protect low-income families and mom-and-pop stores from the fallout of COVID-19 ― at least for some time.
On Tuesday, the National Assembly approved the government's 11.7-trillion-won ($9.42 billion) extra budget plan, but this is mainly centered on covering expenditures for anti-disaster efforts being made by central and local governments as well as providing financial support for small and mid-sized enterprises. It is widely anticipated that the administration will have to draw up a second supplementary budget plan in the near future as the rapid spread of COVID-19 worldwide has sparked fears of an L-shaped recession. Whether or not the government should include a basic anti-disaster income in the future additional budget plan is already a major topic of debate among politicians and economists.
In fact, some municipal governments led by liberal mayors and governors have already introduced their own basic income plans in the face of the COVID-19 crisis to protect people from going bankrupt. The government of the southwestern city of Jeonju plans to pay some 520,000 won ($430) per person to some 50,000 citizens in the form of a debit card next month. The money should be spent only within the city in three months. Seoul and Gyeonggi Province are also moving to follow suit to implement similar programs.
On Wednesday, former Prime Minister Lee Nak-yon, now heading the ruling Democratic Party of Korea's special committee on COVID-19 response, welcomed the introduction of anti-disaster basic income by municipal governments, saying he expects the central government to include supportive measures and its own programs in the future additional budget plan. Hwang Kyo-ahn, chairman of the main opposition United Future Party, also said Tuesday he is not opposed to introducing such a measure for marginalized households.
So far, some conservative politicians have brushed off the idea as being "political" or "populist" apparently out of concerns about possibly impacting the upcoming April 15 general election. However, the situation will change once the election is over, and adverse economic effects of COVID-19 become more apparent. Basic income payments can be effective in increasing domestic demand and production, boosting tax revenue and thus creating a virtuous economic cycle.
(END)


yna--2020-03-20--(EDITORIAL from Korea Herald on March 20)

The absurd incident occurred less than two weeks after the military failed to detect two civic activists intruding into a @ @ @ @ @ island of Jeju and wandering around for about two hours .
They have protested the @ @ @ @ @ the scenic island .

Lax discipline
Recent incidents show South Korean military's alertness becoming alarmingly frayed
A recent series of civilian intrusions into military bases has deepened concerns over lax discipline in South Korea's armed forces.
In the latest such incident, a drunken man in his 50s dug under the fence surrounding an air defense outpost in Siheung, south of Seoul, on Monday and went inside to pick wild greens.
The absurd incident occurred less than two weeks after the military failed to detect two civic activists intruding into a naval compound on the southern island of Jeju and wandering around for about two hours. They have protested the construction of military facilities on the scenic island.
Military guards also belatedly disclosed another security breach that happened Jan. 3, in which a mentally ill man in his 70s got into the Jinhae Naval Command in the southeastern city of Changwon without being checked.
Defense Minister Jeong Kyeong-doo convened an emergency meeting of top military commanders Tuesday and reprimanded them over the trespassing cases.
As he noted, there can be no excuse for lax sentry work at military bases. It horrifies us to imagine what would have happened if the intruders had been enemy agents.
The breaches are all the more lamentable as the military pledged a watertight posture last year following the undetected arrival of a wooden boat carrying four North Koreans at a South Korean port on the east coast.
The case sparked public criticism for lax discipline in the military and prompted opposition parties to demand the defense minister's resignation.
During the emergency meeting, Jeong stressed the need to take "extraordinary" measures to prevent the recurrence of civilian trespassing on military facilities.
In a letter he later sent all service personnel, he called for the thorough checking of surveillance installations, the modification of their initial response system and stricter discipline.
But service members have ignored similar instructions from Jeong.
As critics indicate, behind the alarmingly loose discipline of the South Korean armed forces seems to be President Moon Jae-in's preoccupation with reconciliation with North Korea.
A military agreement signed by the two Koreas in September 2018, which bans hostile acts against each other, has weakened South Korea's military posture while North Korea has continued to make provocations.
The Moon administration's decision to shorten the period of mandatory service to 18 months from 21 months amid a decline in the number of draftees is stretching the military's personnel deployment too thin.
In this regard, Jeong has been criticized for pandering to Moon's ardent efforts to court Pyongyang rather than trying to establish military preparedness despite changes in inter-Korean relations.
During a parliamentary session last year, he refused to define the nuclear-armed North Korea as an archenemy of the South Korean military.
He did not take issue with the North's test-firing of a submarine-launched ballistic missile in October, saying such launches were not addressed by the inter-Korean military accord.
He has also shunned describing the North's torpedo attack on a South Korean warship and shelling of an island south of the inter-Korean maritime border in 2010 as provocative acts. Instead, he has called them "unsavory conflicts."
His stance appears to have helped an easygoing mood permeate military headquarters and barracks.
Now some critics say derisively that the South Korean military is trying to defend the country with dialogue, not force.
Jeong is in no position to exonerate himself after the recent incursions into military bases. He should have taken the blame, rather than demanding that other top commanders recognize the seriousness of the incidents and repent.
The recent intrusions into military bases have renewed calls for President Moon to dismiss Jeong.
Moon needs to do so to tighten military discipline.
But the president may not be ready to let go of his defense minister, who shares his conciliatory approach to the North.
If Jeong is sincere about preventing the recurrence of the embarrassing incidents, he should at least pledge to step down voluntarily if a similar lapse takes place again.
(END)


yna--2020-03-20--Top headlines in major S. Korean newspapers

Korean-language dailies -- S. Korea , U.S. sign $ 60 bln currency swap deal ( Kyunghyang Shinmun ) -- President @ @ @ @ @ aid package ( Kookmin Daily ) -- Korea , U.S. clinch $ 60 bln currency @ @ @ @ @ ) -- Seoul , Washington sign US $ 60 bln currency swap deal ( Seoul @ @ @ @ @ won or more financial rescue plan set to help virus-hit small businesses ( Segye Times @ @ @ @ @ $ 60 bln currency swap deal with U.S. ( Chosun Ilbo ) -- Seoul-Washington 's @ @ @ @ @ deal to help ease liquidity crunch ( JoongAng Ilbo ) -- KOSPI dives to below @ @ @ @ @ -- S. Korea , U.S. ink $ 60 bln currency deal ( Hankook Ilbo ) @ @ @ @ @ sign $ 60 bln currency swap agreement ( Maeil Business Newspaper ) -- Seoul signs @ @ @ @ @ ( Korea Economic Daily )

SEOUL, March 20 (Yonhap) -- The following are the top headlines in major South Korean newspapers on March 20.
Korean-language dailies
-- S. Korea, U.S. sign $60 bln currency swap deal (Kyunghyang Shinmun)
-- President Moon creates 50 tln-won financial aid package (Kookmin Daily)
-- Korea, U.S. clinch $60 bln currency swap agreement (Donga llbo)
-- Seoul, Washington sign US$60 bln currency swap deal (Seoul Shinmun)
-- 50 tln won or more financial rescue plan set to help virus-hit small businesses (Segye Times)
-- S. Korea signs $60 bln currency swap deal with U.S. (Chosun Ilbo)
-- Seoul-Washington's US$60 bln currency deal to help ease liquidity crunch (JoongAng Ilbo)
-- KOSPI dives to below 1,500-point line (Hankyoreh)
-- S. Korea, U.S. ink $60 bln currency deal (Hankook Ilbo)
-- S. Korea, U.S. sign $60 bln currency swap agreement (Maeil Business Newspaper)
-- Seoul signs currency swap deal with Washington (Korea Economic Daily)
English-language dailies
-- KOSPI collapses and won slides to its 2009 level (Korea JoongAng Daily)
-- Korea unveils W50 tln plan to revive virus-hit economy (Korea Herald)
-- Stocks, won plunge amid recession fears (Korea Times)
(END)


yna--2020-03-20--Korea's producer prices inch down in Feb.

The producer price index for all commodities and services came to 103.74 last month , down 0.3 percent from the @ @ @ @ @ turnaround from two consecutive months of gain , according to preliminary data from the Bank @ @ @ @ @ .

SEOUL, March 20 (Yonhap) -- South Korea's producer prices edged down from a month earlier in February due to a sharp decline in the prices of farmed goods and energy products, central bank data showed Friday.
The producer price index for all commodities and services came to 103.74 last month, down 0.3 percent from the month before and marking a turnaround from two consecutive months of gain, according to preliminary data from the Bank of Korea (BOK).
From the same month last year, the reading marked a 0.7 percent increase. Producer prices serve as a key barometer of future inflation.
South Korea's consumer prices have been on a steady increase, adding 1.1 percent from a year earlier in February and 1.5 percent the month before.
In February, the producer price index of agricultural goods and fishery products plunged 3.1 percent from a month earlier while the index of industrial products slipped 0.5 percent, led by a 7.2 percent plunge in the index for coal and petroleum products, the BOK data showed.
The price index of utilities and service industry was nearly unchanged from the previous month.
bdk@yna.co.kr
(END)


yna--2020-03-20--U.S. State Department urges Americans not to travel overseas

`` In countries where commercial departure options remain available , U.S. citizens who live in the United States should arrange @ @ @ @ @ United States , unless they are prepared to remain abroad for an indefinite period .
@ @ @ @ @ should avoid all international travel , '' it added .

By Lee Haye-ah
WASHINGTON, March 19 (Yonhap) -- The U.S. State Department on Thursday raised its global travel advisory to the highest level, urging Americans to avoid international travel due to the spread of the coronavirus.
The department issued the Level 4 warning of "do not travel" as the number of infections in the United States climbed to more than 10,000, including 150 deaths.
"The Department of State advises U.S. citizens to avoid all international travel due to the global impact of COVID-19," a notice on its website said.
"In countries where commercial departure options remain available, U.S. citizens who live in the United States should arrange for immediate return to the United States, unless they are prepared to remain abroad for an indefinite period. U.S. citizens who live abroad should avoid all international travel," it added.
The department warned that travel restrictions and mandatory quarantines enforced by many countries could severely disrupt travel plans.
"You may be forced to remain outside of the United States for an indefinite timeframe," it said.
According to the Associated Press, the department's previous global travel advisory was a Level 3, urging Americans to "reconsider" international travel.
South Korea had until Thursday been placed under Level 3, with the exception of Daegu, which was under Level 4 due to the large number of infections in and near the city.
The upgrade comes a day after the State Department announced the suspension of routine visa services in most countries, including South Korea.
The suspension applies to nonemergency immigrant and nonimmigrant visa appointments, but does not affect visa waiver programs or services to U.S. citizens.
This AFP file photo shows the U.S. Department of State in Washington. (Yonhap)
hague@yna.co.kr
(END)


yna--2020-03-20--Pompeo: U.S. has offered to help N. Korea with virus outbreak

`` As for Iran , the same true for North Korea , these are countries that we have deep differences @ @ @ @ @ working diligently to create better conditions for their people , '' Pompeo said .
`` @ @ @ @ @ to make sure that we 're available to provide humanitarian assistance when we can .
@ @ @ @ @ to both the North Koreans , as well as to the Iranian people , humanitarian @ @ @ @ @ offered to facilitate humanitarian assistance coming into those countries from U.N. organizations , from other @ @ @ @

By Lee Haye-ah
WASHINGTON, March 19 (Yonhap) -- The United States has offered humanitarian assistance to North Korea in the wake of the coronavirus pandemic and will continue to seek to provide relief, U.S. Secretary of State Mike Pompeo has said.
Pompeo made the remark in an interview with Fox News Wednesday after Sean Hannity, the host of the show, suggested it would be helpful if the U.S. could assist countries such as Iran, Russia and China.
This Reuters photo shows U.S. Secretary of State Mike Pompeo speaking at a news conference at the State Department in Washington on March 17, 2020. (Yonhap)
"As for Iran, the same true for North Korea, these are countries that we have deep differences with, and we are working diligently to create better conditions for their people," Pompeo said. "And part of that is to make sure that we're available to provide humanitarian assistance when we can. And so we have offered to both the North Koreans, as well as to the Iranian people, humanitarian assistance, and we've offered to facilitate humanitarian assistance coming into those countries from U.N. organizations, from other countries as well.
"We'll keep doing that," he added. "It's the right thing to do in a time of crisis."
Pompeo's remarks confirm comments made last week by Robert Destro, assistant secretary of state for democracy, human rights, and labor.
Destro told reporters that the U.S. has "reached out to North Korea, to Iran and to China, to everybody and said, 'Look, to the extent that we can be useful, we will try to be useful and provide assistance.'"
North Korea has yet to report a single case of COVID-19, but many suspect the regime could be covering up an outbreak.
Major outbreaks have occurred across its borders -- in China, where the disease first emerged in December, and in South Korea, which has confirmed 8,565 infections to date.
In an effort to keep the virus at bay, the regime has tightened its borders and toughened quarantine measures for people and imported goods.
Last month, the State Department expressed the United States' deep concern about the vulnerability of the North Korean people to a coronavirus outbreak and offered to facilitate the approval of assistance from U.S. and international aid organizations.
hague@yna.co.kr
(END)


(Copyright)


yna--2020-03-19--FM Kang holds conference call with counterparts from 5 countries, EU over coronavirus response

During the talks , the foreign ministers shared each country 's efforts to contain the COVID-19 outbreak , such as @ @ @ @ @ as economic and social measures to minimize the impact from the global pandemic , the @ @ @ @ @ release .

SEOUL, March 19 (Yonhap) -- Foreign Minister Kang Kyung-wha held a conference call on Thursday with her counterparts from five countries and the European Union (EU) to discuss cooperation in fighting the novel coronavirus, the foreign ministry said.
Kang and her Canadian, Australian, Brazilian, Italian, and Turkish counterparts -- Francois-Philippe Champagne, Maris Payne, Ernesto Henrique Fraga Araujo, Luigi Di Maio, and Mevlut Cavusoglu -- and Josep Borrell, a high representative of the EU for Foreign Affairs and Security Policy, took part in the 70-minute talks, it said.
This photo, taken March 6, 2020, shows Foreign Minister Kang Kyung-wha speaking during a briefing session with foreign diplomats on COVID-19 at the foreign ministry in Seoul. (Yonhap)
During the talks, the foreign ministers shared each country's efforts to contain the COVID-19 outbreak, such as entry restrictions, as well as economic and social measures to minimize the impact from the global pandemic, the ministry said in a press release.
Kang renewed calls for the countries to closely cooperate to contain the outbreak in a nondiscriminatory, open and transparent way.
Kang also stressed the need for the countries to give each other prior notification when adopting entry restrictions to minimize damage for travelers.
The 152 new cases, which were detected Wednesday and reversed four days of double-digit daily new infections, South Korea's total number of infections to 8,565, the Korea Centers for Disease Control and Prevention said.
khj@yna.co.kr
(END)


yna--2020-03-19--(LEAD) S. Korea, U.S. sign $60 bln currency swap deal

`` The Bank of Korea ( BOK ) plans to immediately supply U.S. banknotes it secures via the currency swap @ @ @ @ @ to help stabilize the local foreign exchange market that is showing a rapid change in @ @ @ @ @ a recent shortage of dollars , '' the BOK said in a press release .

(ATTN: UPDATES with more details, additional information)
SEOUL, March 19 (Yonhap) -- South Korea and the United States have signed a US$60 billion bilateral currency swap agreement, Seoul's central bank said Thursday, a move expected to relieve liquidity crunch caused by the global spread of the new coronavirus.
The currency swap line will be in place for at least six months, according to the Bank of Korea.
"The Bank of Korea (BOK) plans to immediately supply U.S. banknotes it secures via the currency swap arrangement and this is expected to help stabilize the local foreign exchange market that is showing a rapid change in the exchange rate due to a recent shortage of dollars," the BOK said in a press release.
The Korean won fell by 40 won to close at 1,285.70 won against the U.S. greenback Thursday, the lowest in over a decade as investors rush to the hard currency, deemed a safer asset.
The latest currency swap line marked the second of its kind to be signed with the United States, according to the BOK.
The first South Korea-U.S. arrangement, signed in October 2008, was originally set to expire after six months, but was twice extended until February 2010.
The arrangement helped bring the won-dollar exchange rate to 1,170 won per dollar in February 2010 from 1,468 won per dollar at its start in October 2008, the BOK said.
South Korea currently has bilateral currency swap arrangements with eight countries, including Australia, Canada and China.
They, together with a multilateral arrangement involving the 10 member states of the Association of Southeast Asian Nations, are worth more than $193 billion, according to the BOK.
A currency dealer walks past an electronic signboard in the dealing room of KB Kookmin Bank in Seoul on March 19, 2020. The Korean won closed at 1,285.7 won to the U.S. dollar, the lowest in over a decade. (Yonhap)
"The Bank of Korea will continue to work for the stabilization of the financial market through cooperation with the central banks of major countries," it said.
Early this week, South Korea took a series of steps to funnel more liquidity into the financial system and its economy amid the deepening global market rout and economic impact.
In particular, the country's financial authorities raised a cap on foreign currency forward positions for local banks to 50 percent of their equity capital, from the current 40 percent, in an effort to ease dollar shortage in the capital market.
South Korea, hit by the growing outbreak of COVID-19, has announced an extra budget worth 11.7 trillion won to help the economy chug along. The central bank also cut its policy rate by half a percentage point to a record low of 0.75 percent.
bdk@yna.co.kr
(END)


yna--2020-03-19--S. Korea, U.S. sign $60 bln currency swap deal

SEOUL, March 19 (Yonhap) -- South Korea and the United States have signed a US$60 billion bilateral currency swap agreement, Seoul's central bank said Thursday, a move expected to relieve liquidity crunch caused by the global spread of the new coronavirus.
The US$60 billion arrangement will be in place for at least six months.
"The Bank of Korea (BOK) plans to immediately supply U.S. banknotes it secures via the currency swap arrangement and this is expected to help stabilize the local foreign exchange market that is showing a rapid change in the exchange rate due to a recent shortage of dollars," the BOK said in a press release.
The Korean won fell by 40 won to close at 1,285.70 won against the U.S. greenback Thursday, the lowest in over a decade as investors rush to the hard currency, deemed a safer asset.
bdk@yna.co.kr
(END)


yna--2020-03-19--(3rd LD) Nation hit by strong winds, suffers property damages, forest fires

A blaze broke out at around 1:47 p.m. at a mountain valley in Ulju County in the southeastern city of @ @ @ @ @ hectares of forest , according to fire fighters and city government officials .
The fire @ @ @ @ @ , they said .

(ATTN: COMBINES with a story slugged chopper-crash; UPDATES with more details in paras 11-18, 21; ADDS photo)
SEOUL, March 19 (Yonhap) -- South Korea was hit by typhoon-class strong winds on Thursday, which caused a number of injuries and forest fires, as well as massive damage to outdoor facilities, across the nation.
The Korea Meteorological Administration (KMA) said the instantaneous maximum wind speed exceeded 100 kilometers per hour in many regions, destroying building roofs and windows, spreading mountain fires and forcing the cancellations of domestic flights and ferry services.
The weather agency issued its first-ever strong wind warning for Seoul, where an instantaneous maximum wind speed reached 16.3 meters per second, the most powerful wind since 28.3 mps was recorded during the onset of Typhoon Lingling last September.
Rooftop structures of a building in Namyangju, east of Seoul, stand destroyed by strong winds on March 19, 2020. (Yonhap)
KMA officials explained that the unseasonably strong winds were caused by the difference in air pressure between cold low pressure over North Korea and warm high pressure southeast of the peninsula.
It is the first time since the KMA began relevant record-keeping in 1999 that Seoul has been put under a strong wind warning.
The agency noted a maximum wind speed of 32.1 mps was recorded in Yangju, north of Seoul, as of 3 p.m., while Mount Seorak near the east coast and Incheon, west of the capital, logged per-second wind speeds of 32.5 mps and 24.3 mps, respectively.
In particular, KMA officials urged hospitals and clinics nationwide to ensure that their makeshift tents and other outdoor medical facilities set up to handle suspected and confirmed patients of the coronavirus are not damaged by the strong winds.
"Winds will grow gradually stronger, reaching the maximum speeds towards the evening. As the atmosphere is very unstable, whirlpool gusts are also expected," a KMA official said.
He called for extraordinary countermeasures to secure the safety of makeshift hospital tents related to COVID-19, church spires, storefront signs, walls, greenhouses and other outdoor facilities, while asking people to stay indoors throughout the day.
The KMA also cautioned against forest fires, saying small embers could lead to big fires, particularly in eastern coastal and inland areas, due to the dry atmosphere.
According to the Korea Forest Service, a total of 15 forest fires occurred nationwide as of 6:00 p.m. in the aftermath of the unusually strong winds.
This photo provided by the Seoul Metropolitan Fire & Disaster Headquarters shows a forest fire on Mount Surak in northern Seoul on March 19, 2020. (PHOTO NOT FOR SALE) (Yonhap)
A blaze broke out at around 1:47 p.m. at a mountain valley in Ulju County in the southeastern city of Ulsan, burning about 100 hectares of forest, according to fire fighters and city government officials. The fire is likely to continue overnight, they said.
About 2,200 fire fighters, police officers, and city government officials, as well as 30 fire trucks, were sent to the scene, they said
The city government said some 4,000 residents living near the mountain have been evacuated, with no casualties reported so far.
A chartered helicopter carrying two crew crashed during a mission to contain the fire at around 3:30 p.m, according to the fire service.
Of the two aboard, one was rescued and one remains missing, it said. The exact cause of the accident is not immediately known.
The city government and county office chartered a civilian chopper and dispatched it to the wildfire scene.
The captain reportedly issued a distress call before the crash. A rescue operation to find the other crew member is underway.
Around 3:30 a.m., a fire broke out on Mount Surak in Seoul's northern ward of Nowon, burning about 660 square meters of forest. About 1,500 firefighters and civil servants were mobilized to the scene and put out the fire five hours later. No casualties were reported, and firefighters began their investigation into its cause.
Another forest fire, apparently related to the ongoing strong winds, was reported in Wonju, about 130 km east of Seoul in Gangwon Province, around 7 a.m., though it was extinguished in two hours and caused no casualties.
Another small-sized fire broke out at a valley near Goheung, 485 kilometers south of Seoul, around 3:30 p.m., though it was extinguished in about two hours and caused no casualties.
A forest fire spreads on a mountain in the southeastern city of Ulsan on March 19, 2020.(Yonhap)
ycm@yna.co.kr
(END)


yna--2020-03-20--Missing helicopter crew member found dead at crash site

The assistant 's body was discovered near the wrecked chopper , at the bottom of the reservoir , at around @ @ @ @ @ the agency said .

SEOUL, March 20 (Yonhap) -- A man who went missing after a helicopter crash in the southeastern city of Ulsan was found dead Friday, the local fire service said.
The civilian helicopter carrying two crew members on a mission to deliver water to contain a wildfire hit a mountain valley and fell into a reservoir at around 3:30 p.m. on Thursday.
The captain survived by holding on to a tree but his assistant went missing.
The assistant's body was discovered near the wrecked chopper, at the bottom of the reservoir, at around 6 p.m. on Friday, the agency said.
Rescue workers search for a crew member of a crashed helicopter at a reservoir in the southeastern city of Ulsan on March 20, 2020. (Yonhap)
(END)


yna--2020-03-20--S. Korea, U.S. to continue combined exercises in adjusted manner: defense minister

It was the first time that joint exercises between the two countries have been postponed for health-related issues , though @ @ @ @ @ over the past couple of years to support diplomatic efforts to convince North Korea to @ @ @ @ @ .

By Oh Seok-min
SEOUL, March 20 (Yonhap) -- South Korea will continue to stage planned combined exercises with the United States in an adjusted manner, though an annual springtime drill was postponed in the wake of the coronavirus outbreak, Seoul's defense minister said Friday.
The springtime exercise, named the Combined Command Post Training (CCPT) 20-1, had initially been planned for early March, but the allies decided late last month to postpone it due to concerns over the COVID-19 situation.
It was the first time that joint exercises between the two countries have been postponed for health-related issues, though they have made such decisions over the past couple of years to support diplomatic efforts to convince North Korea to give up its nuclear program.
"However, other planned combined exercises and training will continue to be implemented through flexible modification of their scale and methodology," Minister Jeong Kyeong-doo wrote in an op-ed piece contributed to the Defense News, a U.S.-based online news site.
Jeong pointed to growing military threats caused by "increased military activities from neighboring countries and the continued development of weapons in North Korea."
After months of hiatus, the North resumed major weapons tests earlier this month and has fired short-range projectiles twice so far, which are believed to have come from its super-large multiple rocket launcher system, according to Seoul's Joint Chiefs of Staff (JCS).
South Korean Defense Minister Jeong Kyeong-doo (R) and his U.S. counterpart Mark Esper pose for a photo prior to their talks at the Pentagon in Washington on Feb. 24, 2020, in this photo provided by the defense ministry. (PHOTO NOT FOR SALE) (Yonhap)
Speaking of negotiations between Seoul and Washington for the Special Measures Agreement (SMA) that regulates their cost-sharing for the upkeep of the 28,500-strong U.S. forces on Korean soil, the minister reiterated their stance of reaching a "fair and mutually agreeable level."
He also pointed to South Korea's additional spending of around US$7 billion per year to guarantee stable conditions for the U.S. Forces Korea and to further boost combined defense posture, and vowed to continue such support.
Since September 2019, South Korea and the U.S. have held seven rounds of SMA talks, including this week's session. But they have failed to narrow differences, with the U.S. demanding a hefty increase in Seoul's financial contribution.
As the latest sphere of collaboration between the two sides, the minister cited the novel coronavirus.
"The ROK and the U.S. are overcoming the nonmilitary threat of COVID-19 together by conducting combined quarantine operations and sharing information and medical support for the disease."
Pointing to the soured relations between South Korea and Japan, Jeong called on the U.S. to take "an active role" toward improvement for the sake of trilateral security cooperation.
He also noted the importance of continued cooperation between South Korea and China for North Korean issues and economic interests, but pledged that security issues related to Beijing will be handled on the basis of the alliance with the U.S.
graceoh@yna.co.kr
(END)


yna--2020-03-20--Daegu reports another cluster infection at nursing hospital

On Wednesday , two nurses at the hospital were confirmed to have been infected .
Eight additional cases were reported @ @ @ @ @ cases on Friday .

DAEGU, March 20 (Yonhap) -- Another cluster transmission of the novel coronavirus has been reported at a nursing hospital in Daegu, the epicenter of the outbreak in South Korea, city officials said Friday.
A total of 57 people at the hospital, including medical staff and patients, have tested positive for the COVID-19 over the past three days, according to the officials.
On Wednesday, two nurses at the hospital were confirmed to have been infected. Eight additional cases were reported on Thursday and 47 more cases on Friday.
It is not yet known about how they were infected with the virus.
The Daegu city government is now working to test all medical staff, patients and employees at nursing hospitals and relevant facilities in the area.
Of 8,653 coronavirus infections that have been confirmed since mid-January, more than 70 percent have been reported in Daegu, the fourth-largest city with a population of 2.5 million.
This photo taken on March 20, 2020, shows Daesil Nursing Hospital in the southeastern city of Daegu. A total of 57 people at the hospital have tested positive for the COVID-19 over the past three days. (Yonhap)
(END)


yna--2020-03-20--ADB meeting in S. Korea postponed due to coronavirus

The ministry made a request to postpone the event on March 13 as the illness spread across the world .
@ @ @ @ @ accepted the request on Friday .

SEOUL, March 20 (Yonhap) -- South Korea and the Asian Development Bank (ADB) on Friday postponed the bank's annual meeting to September due to the coronavirus pandemic, the finance ministry said.
The country was scheduled to host the 53rd meeting of ADB's board of governors from May 2-5 in Incheon, west of Seoul.
The ministry made a request to postpone the event on March 13 as the illness spread across the world. The ADB board of directors accepted the request on Friday.
The meeting will take place Sept. 18-21, the ministry said.
About 5,000 officials and industry figures from 68 member countries and international organizations are expected to attend the four-day meeting to be chaired by Finance Minister Hong Nam-ki.
Its opening ceremony is expected to gather together more than 1,700 people, according to the ministry.
The logo of Asian Development Bank
(END)


yna--2020-03-20--Court accepts injunction request by Woori Financial head against reprimand

The FSS claimed it is possible to hold a CEO responsible for mishandling with regard to selling such financial products @ @ @ @ @ claimed that the disciplinary action is inappropriate since he was not directly involved in their @ @

SEOUL, March 20 (Yonhap) -- A Seoul court on Friday accepted an injunction request by the head of Woori Financial Group against the financial watchdog's reprimand over improper selling of derivatives-linked products that caused investors to incur massive losses.
The Seoul Administrative Court's decision removed hurdles for Woori Chairman Sohn Tae-sung's bid to win approval for his second term during its general shareholders' meeting scheduled for next Wednesday.
Sohn filed the request early this month seeking to suspend the Financial Supervisory Service (FSS)'s disciplinary action against him over the sale of the so-called derivatives-linked fund (DLF) products.
The DLF products were designed to earn large amounts of money when the interest rates of major economies stayed above a certain level.
Those products, however, turned into losers as bond yields in the U.S., Britain and Germany unexpectedly sunk amid speculation that central banks in major economies might aggressively cut their interest rates.
Woori Financial Group Chairman Sohn Tae-sung (Yonhap)
The FSS claimed it is possible to hold a CEO responsible for mishandling with regard to selling such financial products. Sohn's side has claimed that the disciplinary action is inappropriate since he was not directly involved in their selling.
In December, Woori Financial Group named Sohn to lead the group for another three-year term.
Reprimand or heavier disciplinary action could restrict him from serving a second term and seeking employment in the financial sector for three years.
It is not clear whether the FSS will appeal the court decision.
Earlier this month, the Financial Services Commission imposed a penalty of 19.71 billion won (US$15.8 million) on Woori Bank and 16.78 billion won on Hana Bank over improper selling of DLF products.
It also banned the two commercial banks from selling private equity funds for six months.
(END)


yna--2020-03-20--Moon to Swedish PM: S. Korea to share experience on coronavirus response

`` The COVID-19 incident is a challenge facing the whole world , not limited to a single nation .
Thus @ @ @ @ @ are more important than at any other time , '' Moon was quoted as saying @

SEOUL, March 20 (Yonhap) -- South Korean President Moon Jae-in told Swedish Prime Minister Stefan Lofven on Friday that his government is willing to share its experience and clinical data related to the COVID-19 pandemic with the Scandinavian country.
During a 20-minute telephone conversation, which took place at Lofven's request, Moon stressed the importance of concerted efforts by the international community to combat the crisis, according to Cheong Wa Dae spokesman Kang Min-seok.
"The COVID-19 incident is a challenge facing the whole world, not limited to a single nation. Thus, international cooperation and solidarity are more important than at any other time," Moon was quoted as saying.
South Korean President Moon Jae-in speaks by telephone with Swedish Prime Minister Stefan Lofven on March 20, 2020 in this photo provided by Cheong Wa Dae. (PHOTO NOT FOR SALE) (Yonhap)
He added that his administration has the intention of "actively" providing the international community with information on its relevant experience and clinical information being accumulated in the process of quarantine and recovery works.
The prime minister expressed his gratitude to Moon for the plan and said it would be of much help to his country's response to the virus.
Lofven said what South Korea has done so far is "very impressive," citing plenty of testing to find patients as an example.
Moon said the fast spread of the virus through Europe is worrisome and extended his condolences to Sweden over the increase in the number of infections.
The leaders agreed on the need for joint efforts to maintain inevitable exchanges between their businesspeople at a "reasonable" level despite the fallout from the pandemic.
They also agreed to strengthen partnerships on a global campaign to develop an anti-coronavirus vaccine and revive the economy.
lcd@yna.co.kr
(END)


yna--2020-03-20--(LEAD) Virus death toll hits 100, seniors with underlying diseases most at risk: KCDC

South Korea has been implementing a `` two-track '' system for the treatment of virus patients .
It advises those @ @ @ @ @ designated virus treatment centers , while only people with severe symptoms go to hospitals , @ @ @ @ @ secure more beds for patients that need intensive care .

(ATTN: CHANGES headline, lead; UPDATES with the latest tally in 4-5 paras)
SEOUL, March 20 (Yonhap) -- South Korea's death toll from the new coronavirus has reached 100, and most virus victims are elderly patients with underlying diseases, health authorities here said Friday.
The 87 new cases of the novel coronavirus were detected Thursday, bringing the nation's total number of infections to 8,652, according to the Korea Centers for Disease Control and Prevention (KCDC).
So far, 94 people, mostly elderly patients with underlying illnesses, such as cancer and pneumonia, have died in South Korea from the deadly respiratory virus that emerged in China late last year.
Six more deaths were later reported across the country, but were not counted in an official tally.
The country reported its first death from the novel coronavirus on Feb. 20.
This image provided by the Korea Centers for Disease Control and Prevention (KCDC) shows virus cases and related data on March 20, 2010. (PHOTO NOT FOR SALE) (Yonhap)
KCDC data showed the mortality rate of COVID-19 patients aged 80 or older stood at 10.03 percent as of Friday, compared with an average mortality rate of 1.09 percent.
For those between the ages of 70 and 79, the rate came to 6.16 percent. For those between the ages of 60 and 69, the rate shrank to 1.55 percent, the KCDC said.
The fatality rate of male coronavirus patients came to 1.53 percent compared with 0.81 percent for female patients, the KCDC said.
The average COVID-19 mortality rate in South Korea remained around 0.6 percent in early March and gradually increased to 0.8 percent in mid-March before breaching 0.9 percent Sunday, the KCDC said.
The country's average COVID-19 death rate is lower than the 4.9 percent mortality rate by the World Health Organization and 7.9 percent by Italy.
The KCDC said the underlying diseases in 94 death cases vary. Among them are cancer, pneumonia, dementia, diabetes and high blood pressure, and most of the deceased suffered from at least one preexisting ailment, sometimes two.
Quarantine officials carry out a disinfection operation against the new coronavirus at a subway station in Daegu, 302 kilometers south of Seoul, on March 20, 2020. (Yonhap)
To reduce virus fatalities, the country's health authorities have been struggling to solve hospital bed shortage problems in Daegu and surrounding North Gyeongsang Province, where more than 90 percent of the country's COVID-19 cases have been identified.
South Korea has been implementing a "two-track" system for the treatment of virus patients. It advises those with mild symptoms to visit designated virus treatment centers, while only people with severe symptoms go to hospitals, so that medical staff can secure more beds for patients that need intensive care.
Since its first virus outbreak on Jan. 20, the country has also had a steady rise in the number of fully recovered virus patients.
A daily number of recovered COVID-19 patients has spiked from 31 on March 1 and 108 on March 6 to over 1,000 in mid-March, the KCDC said. The number nearly doubled this week.
khj@yna.co.kr
(END)


Yonhap News Summary

Seoul 's top negotiator , Jeong Eun-bo , and his U.S. counterpart , James DeHart , held a seventh round @ @ @ @ @ from Tuesday through Thursday to renew the Special Measures Agreement ( SMA ) on splitting @ @ @ @ @ American troops on the peninsula .
They were initially to meet for two days but @ @ @ @ @ day .

The following is the second summary of major stories moved by Yonhap News Agency on Friday.
----------------
(3rd LD) U.S. warns nearly half of Korean workers on bases to be furloughed
WASHINGTON/SEOUL -- Nearly half of South Korean employees with U.S. Forces Korea will be furloughed next month unless the two sides reach a cost-sharing deal, the U.S. State Department said Friday, after the latest round of negotiations ended without an agreement.
Seoul's top negotiator, Jeong Eun-bo, and his U.S. counterpart, James DeHart, held a seventh round of talks in Los Angeles from Tuesday through Thursday to renew the Special Measures Agreement (SMA) on splitting the cost of stationing 28,500 American troops on the peninsula. They were initially to meet for two days but extended their negotiation for another day.
----------------
(LEAD) Arrivals from Europe to face virus test, 2-week self-isolation
SEOUL -- South Korea will conduct new coronavirus tests on all arrivals from Europe and require them to self-isolate for two weeks as part of ongoing efforts to guard against imported cases of the novel coronavirus, the country's health authorities said Friday.
The measures, to be effective starting Sunday, are the latest in a series of stepped-up quarantine moves by the country amid growing concerns over a rise in imported virus cases.
----------------
Seoul stocks rebound 7 pct on currency swap deal with U.S.
SEOUL -- South Korean stocks rebounded sharply on Friday as investors were buoyed by the currency swap deal between Seoul and Washington, snapping a freefall of seven consecutive sessions. The Korean won was also sharply up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) soared 108.51 points, or 7.44 percent, to close at 1,566.17. Trading volume was high at 807 million shares worth 10.4 trillion won (US$8.41 billion), with gainers far outpacing losers 824 to 68.
----------------
(LEAD) Vice FM holds conference call with six countries over coronavirus response
SEOUL -- First Vice Foreign Minister Cho Sei-young held a conference call with his counterparts from six countries Friday, including the United States and Japan, to discuss ways to cope with the new coronavirus outbreak.
The talks, arranged at the U.S.' request, were joined by U.S. Deputy Secretary of State Stephen Biegun, Japanese Vice Foreign Minister Takeo Akiba and Secretary Frances Adamson of Australia and the vice foreign ministers of New Zealand, India and Vietnam -- Mark Sinclair, Harsh Shringla and Bui Thanh Son, respectively.
----------------
(4th LD) S. Korea to quarantine passengers from Europe, new virus cases dip below 100 again
SEOUL -- South Korea recorded fewer than 100 new daily virus cases again on Friday, but health authorities remained on high alert over new cluster infections and imported cases. From Sunday, all passengers from Europe for long-term stay will face a 14-day quarantine regardless of symptoms.
The 87 new cases, which were detected Thursday, brought the nation's total number of infections to 8,652, according to the Korea Centers for Disease Control and Prevention (KCDC). The daily infection rate has been in double digits this week, except for the 152 new cases reported Wednesday.
----------------
2.7 magnitude quake hits southeastern region
SEOUL -- A 2.7 magnitude earthquake hit the southeastern county of Sancheong, about 360 kilometers southeast of Seoul, Friday afternoon, the Korea Meteorological Administration (KMA) said.
The quake occurred at 4:02 p.m., 13 kilometers east-southeast of Sancheong in South Gyeongsang Province, at a depth of 9 km, according to the KMA.
----------------
S. Korea renews calls for inter-Korean cooperation on coronavirus
SEOUL -- South and North Korea should work together to tackle infectious diseases as the issue is directly linked to health and survival of people on both sides, the unification ministry said Friday amid the global outbreak of the new coronavirus.
South Korea has repeatedly expressed its willingness to cooperate with the North in dealing with the coronavirus, but Pyongyang has given no response. The North has claimed through state media that the virus has not spread into the country.
(END)


yna--2020-03-20--(LEAD) S. Korea's economy may contract, more measures eyed to ease credit crunch: finance minister

`` The won-dollar rate will remain volatile , but the degree of volatility will be moderate down the road , @ @ @ @ @ minister said the financial authorities are also reviewing other options to help stabilize the currency @ @ @ @ @ currency swap deal with the U.S .

(ATTN: ADDS more details from 3rd para)
SEOUL, March 20 (Yonhap) -- South Korea's economy may contract in the first quarter of the year in the face of growing economic fallout from the new coronavirus outbreak, the country's chief economic policymaker said Friday.
The country's financial authorities may roll out an additional measure to ease a credit crunch and boost U.S. dollar funding, according to Finance Minister Hong Nam-ki.
"We cannot rule out the possibility of negative growth (during the first quarter), given the impact of the virus on private spending, investment and exports," the minister said in a meeting with foreign correspondents here.
South Korea's economy, Asia's fourth-largest, is bracing for the spread of the novel coronavirus with industries ranging from retail to airlines hit hard, as citizens avoid going out and exports are widely expected to face a slump amid the fast spread of COVID-19 around the globe.
South Korea's economy grew 2 percent last year, the lowest in a decade, and had been expected to rebound to 2.3 percent growth this year on an improvement in chip prices and overall exports.
But the Bank of Korea trimmed its outlook for the economy in 2020 to 2.1 percent from the previous 2.3 percent prediction and is ready to further cut its growth estimate.
Finance Minister Hong Nam-ki is shown in this photo provided by the finance ministry. (NOT FOR SALE) (Yonhap)
Global investment bank JP Morgan cut its 2020 growth outlook for South Korea to 0.8 percent from the previous 1.9 percent, citing the global economic fallout of the coronavirus pandemic.
This is JP Morgan's second growth downgrade for Asia's fourth-largest economy in less than two months.
Other investment banks have been in a rush to cut their own growth outlooks for the economy, expecting less than 2 percent on-year expansion due to the impact of COVID-19.
Feeling the pinch of the virus's economic impact, the South Korean financial market has been reeling from panic selling on the stock and currency markets.
The country's key stock index, the KOSPI, plunged by more than 11 percent this week as foreign investors continued to sell local stocks worth a combined 9.1 trillion won (US$7.34 billion) in the past 12 sessions. On Friday, the KOSPI rebounded by more than 7 percent on a currency swap agreement between South Korea and the United States.
The Korean won also sank to the lowest point against the U.S. dollar in almost 11 years on Thursday. The local currency closed at 1,246.50 won against the U.S. dollar on Friday, up 39.20 won from the previous session's close.
On Thursday, South Korea and the United States signed a US$60 billion bilateral currency swap agreement, a move expected to relieve the liquidity crunch caused by the global spread of the new coronavirus.
The currency swap line will be in place for at least six months, according to the Bank of Korea.
The latest currency swap deal was the second of its kind to be signed with the United States, according to the BOK.
"The won-dollar rate will remain volatile, but the degree of volatility will be moderate down the road," Hong said. The minister said the financial authorities are also reviewing other options to help stabilize the currency market in addition to the currency swap deal with the U.S.
Early this week, South Korea took a series of steps to funnel more liquidity into the financial system and its economy amid the deepening global market rout and economic impact.
In particular, the country's financial authorities raised the cap on foreign currency forward positions for local banks to 50 percent of their equity capital from the current 40 percent in an effort to ease the dollar shortage in the capital market.
South Korea, hit by the growing COVID-19 outbreak, has announced an extra budget worth 11.7 trillion won to help the economy chug along. The central bank also cut its policy rate by half a percentage point to a record low of 0.75 percent.
sam@yna.co.kr
(END)


yna--2020-03-20--(3rd LD) U.S. warns nearly half of Korean workers on bases to be furloughed

`` Unfortunately , a gap remains in the understanding between the U.S. and ROK on the value of the contribution @ @ @ @ @ the national defense of the ROK .
A mutually acceptable agreement will require greater focus @ @ @ @ @ side to reach a fair and equitable burden sharing that accurately reflects that value , @ @ @ @ @ `` The gap remains large . ''

(ATTN: ADDS more info in paras 11-16: TRIMS)
By Song Sang-ho and Lee Haye-ah
WASHINGTON/SEOUL, March 19 (Yonhap) -- Nearly half of South Korean employees with U.S. Forces Korea will be furloughed next month unless the two sides reach a cost-sharing deal, the U.S. State Department said Friday, after the latest round of negotiations ended without an agreement.
Seoul's top negotiator, Jeong Eun-bo, and his U.S. counterpart, James DeHart, held a seventh round of talks in Los Angeles from Tuesday through Thursday to renew the Special Measures Agreement (SMA) on splitting the cost of stationing 28,500 American troops on the peninsula. They were initially to meet for two days but extended their negotiation for another day.
The U.S. State Department said the gap remains "large" and put the blame on South Korea.
"Given the importance of the U.S.-Republic of Korea Alliance and the urgency of a new Special Measures Agreement prior to furloughs of nearly half the Korean national employees of U.S. Forces Korea on April 1, a U.S. negotiating team traveled to Los Angeles under extraordinary circumstances this week to meet over four days," a State Department spokesperson told Yonhap News Agency.
"Unfortunately, a gap remains in the understanding between the U.S. and ROK on the value of the contribution of the American taxpayer towards the national defense of the ROK. A mutually acceptable agreement will require greater focus and flexibility from the ROK side to reach a fair and equitable burden sharing that accurately reflects that value," the spokesperson added. "The gap remains large."
Seoul's foreign ministry acknowledged the gap.
"Still, the two sides have differences in their positions, but they agreed to have close consultations to minimize the absence of an agreement and contribute to the South Korea-U.S. alliance and the combined defense posture through an early conclusion of a mutually acceptable agreement," it said in a press release.
Heading into the new round of talks over how much Seoul should shoulder for the 28,500-strong U.S. Forces Korea, the negotiation teams faced growing pressure to seek an early deal as some 9,000 Korean employees of the U.S. military faced furloughs that could disrupt day-to-day USFK operations.
Seoul's team had hoped to engage in separate negotiations for an arrangement to first address the Korean employees' wage issue in case of a failure to reach a comprehensive cost-sharing deal.
But the efforts for the funding arrangement did not appear to pan out well as the State Department argued that separate discussions on the wage issue could distract from expeditiously concluding a broader SMA.
Before heading home, Seoul's top negotiator Jeong reiterated the need for an early settlement of the furlough issue to ensure "stable" working conditions for the workers.
"The two countries share the same view that the Korean workers' unpaid leave is not desirable under any circumstances, given their role for the stable stationing of the USFK, the South Korea-U.S. alliance and combined defense posture," he told Yonhap News Agency at Los Angeles International Airport.
"We are in talks with relevant government agencies over the issue of the possible furloughs and plan to have close consultations with the USFK if need be," he added.
Commenting on the outcome of the latest talks, Jeong said that the two sides have been in the process of reducing their gaps "little by little."
Asked if another round of face-to-face SMA talks can take place before April 1, when the planned furloughs are set to go into effect, he said it would be "realistically difficult" due to the spread of the new coronavirus.
"But we agreed to continue our consultations as we have various communication tools such as phones, email and the embassies," he said.
Since last September, the two countries have held seven rounds of SMA talks, including this week's session. But they failed to bridge differences over how much Seoul should shoulder this year and beyond, and what should be covered by the SMA.
The U.S. has revised downward its initial demand for a fivefold increase of Seoul's financial contribution to the USFK to some $5 billion. But it is known to currently call for about $4 billion, with Seoul insisting on an increase of about 10 percent.
Jeong Eun-bo (L), South Korea's chief negotiator in defense cost-sharing talks with the United States, poses for a photo with his U.S. counterpart, James DeHart, at their latest negotiation in Los Angeles on March 17, 2020, in this photo provided by the foreign ministry. (PHOTO NOT FOR SALE) (Yonhap)
sshluck@yna.co.kr
(END)


yna--2020-03-20--(LEAD) Vice FM holds conference call with six countries over coronavirus response

During the talks , Cho called for other countries to allow the entry of businesspeople as exceptions to the current @ @ @ @ @ importance of cooperation between countries to minimize adverse economic fallout and to effectively contain the @ @ @ @ @

(ATTN: ADDS more details in para 4-5; RESTRUCTURES)
SEOUL, March 20 (Yonhap) -- First Vice Foreign Minister Cho Sei-young held a conference call with his counterparts from six countries Friday, including the United States and Japan, to discuss ways to cope with the new coronavirus outbreak.
The talks, arranged at the U.S.' request, were joined by U.S. Deputy Secretary of State Stephen Biegun, Japanese Vice Foreign Minister Takeo Akiba and Secretary Frances Adamson of Australia and the vice foreign ministers of New Zealand, India and Vietnam -- Mark Sinclair, Harsh Shringla and Bui Thanh Son, respectively.
During the talks, Cho called for other countries to allow the entry of businesspeople as exceptions to the current travel curbs, stressing the importance of cooperation between countries to minimize adverse economic fallout and to effectively contain the disease in the end.
The foreign ministry has so far received 30 cases of appeal from local companies seeking entry exceptions for 3,919 of their employees involved in overseas projects in 15 countries, a ministry official told reporters.
Of them, 184 people were granted visas and 245 people have been allowed exceptions to the entry restrictions after diplomatic consultations.
Cho also explained Seoul's continued aggressive efforts to contain the virus although the country has seen a marked decrease in daily new infection cases and a relatively low mortality rate. South Korea's infection tally reached 8,652, with 94 deaths, Friday.
Separately, Cho also spoke by phone with his Peruvian counterpart, Jaime Antonio Pomareda Montenegro, and asked for Peru's support to ensure a safe return of South Korean tourists stranded there due to its border closure.
A total of 177 South Korean tourists, including 92 people in Cusco and 61 in Lima, are stuck in Peru after the government declared a state of emergency and took steps to restrict movements and suspended flight operations.
In response, Pomareda promised efforts to provide the help Seoul needs for the return of the Koreans. Seoul officials are apparently in talks with Peru to arrange special commercial flights to airlift the Koreans via Mexico.
elly@yna.co.kr
(END)