yna--2020-04-01--(2nd LD) S. Korea begins overseas voting for April 15 general elections amid coronavirus outbreak

The government does not rule out the possibility of overseas diplomatic missions counting the votes cast there , instead of @ @ @ @ @ to Korea for counting , if they can not find a way to send them @ @ @ @ @ in time due to the suspension of flight operations .

(ATTN: RECASTS paras 2-4 with updated info; CORRECTS figure in 10th para)
SEOUL, April 1 (Yonhap) -- South Korea kicked off six days of overseas elections for the April parliamentary polls Wednesday, with only about half the eligible voters being allowed to cast ballots due to the new coronavirus.
About 86,000 eligible voters in 66 countries and territories were to cast their absentee ballots for the April 15 elections until Monday, according to the National Election Commission (NEC) and Seoul's foreign ministry.
The number of voters marks a significant drop from the original count of 172,000 people as 86 South Korean diplomatic missions in 51 countries, including the United States and Italy, suspended the overseas voting process amid border closures and lockdowns in the host countries over virus fears.
The government does not rule out the possibility of overseas diplomatic missions counting the votes cast there, instead of sending the ballot boxes back to Korea for counting, if they cannot find a way to send them to Korea by air mail in time due to the suspension of flight operations.
Overseas voting has started in diplomatic missions in Asia and Australia.
Officials at the overseas diplomatic missions have prepared hand sanitizers and plastic gloves, and set up thermal imaging cameras at polling stations to prevent the risk of infection.
"It was regrettable that I could not vote in the presidential elections (in May 2017), as I missed the registration period for overseas voting. I am so happy that I exercised my voting right," Kim Yi-jong, the first voter to cast his ballots in Sydney, said.
In Japan, polling stations have been set up in 10 cities and areas, including Tokyo and Osaka.
As Japan has not imposed mobility restrictions, the voting has gone smoothly so far.
Voting stations also opened at the embassy in Beijing and diplomatic missions in seven Chinese cities and Hong Kong.
The election watchdog did not establish a polling station in the consulate in the central Chinese city of Wuhan, where the virus emerged in late December.
"Amid strict quarantine measures, including mobility restrictions, it is very difficult for voters outside Beijing to travel for voting," said an election official at the embassy in Beijing.
Some overseas Koreans have expressed regret over the watchdog's decision, saying the government has not made enough effort to protect voting rights. They said they should be allowed to vote via mail.
Some Koreans living in Germany have kicked off an online campaign calling for the right to vote, saying that except for Bavaria, 15 other federal states have not restricted people's movement.
Around 50 Korean residents in Germany and a group of progressive lawyers said they plan to file a complaint with South Korea's constitutional court over the NEC's decision. They will also seek a court injunction against it.
Kim Yi-jong (C) casts a ballot in Sydney for the April 15 parliamentary elections on April 1, 2020, becoming the first South Korean to do so, as South Korea began six days of overseas voting. (Yonhap)
sooyeon@yna.co.kr
(END)


yna--2020-04-02--Loans to firms, households accelerates in March

Large conglomerates increased their borrowing by nearly 8.1 trillion won in March .
The official noted the amount used to @ @ @ @ @ won in any given month .

SEOUL, April 2 (Yonhap) -- Loans extended by five major banks in South Korea to businesses and households increased at a fast clip last month, data showed Thursday, amid growing economic fallout from the new coronavirus outbreak.
Outstanding loans extended by the five banks rose over 19.8 trillion won (US$16.2 billion) in March, marking the sharpest on-month gain since September 2015.
The five banks are Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank and NH.
The file photo, taken Jan. 16, 2020, shows a local consumer entering a bank in Seoul. (Yonhap)
Loans extended to companies jumped by more than 13.4 trillion won, compared with a 3.6 trillion-won increase in February.
Such a rise was largely attributed to a rare increase in loans extended to large conglomerates amid an apparent liquidity crunch sparked by the new coronavirus outbreak.
"Large conglomerates' use of credit line increased as they sought to prepare for maturing debts amid worsening conditions for corporate bonds," a bank official said.
Large conglomerates increased their borrowing by nearly 8.1 trillion won in March. The official noted the amount used to move at around 2 trillion won in any given month.
Household loans also increased at a fast pace.
Fresh loans extended to local households by the five banks came to 6.68 trillion won last month, marking the sharpest on-month gain since November 2015.
Home-backed loans went up 4.6 trillion won, also marking the largest on-month rise in more than four years since December 2015.
bdk@yna.co.kr
(END)


yna--2020-04-02--KOSPI tumbles 20 pct in Q1 on coronavirus

Indeed , the key index soared to a yearly high of 2,267.25 at the end of January , but the @ @ @ @ @ South Korean stocks into freefall .

SEOUL, April 2 (Yonhap) -- South Korea's main stock price index plunged nearly 20 percent in the first quarter of the year due to the outbreak of the novel coronavirus, data showed Thursday.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 20.2 percent during the January-March period to close at 1,750, according to the data from the Korea Exchange.
It was the largest quarterly decline since the 22.4 percent nosedive recorded in the fourth quarter of 2008 amid a global financial crisis.
The market capitalization of the main bourse shrank by 296.2 trillion won (US$241 billion) to 1,179.7 trillion won during the three-month period.
Seventy-eight industrial subindexes out of the total 82 went south in the first quarter.
Dealers work in the trading room of Hana Bank in Seoul on April 1, 2020. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 69.18, or 3.94 percent, to close at 1,685.46. (Yonhap)
The KOSPI's first-quarter drop missed expectations among local brokerages and foreign investment banks that the index would make a strong rebound this year following the previous year's poor performance.
Indeed, the key index soared to a yearly high of 2,267.25 at the end of January, but the global spread of COVID-19 sent South Korean stocks into freefall.
In particular, the KOSPI rode unprecedented roller-coaster rides in March, with its daily volatility index averaging 4.27 percent, the highest since November 2008.
Despite seesaw sessions, retail investors rushed to snap up stocks in anticipation of price rises, pushing the daily turnover of the main and minor markets to an all-time record of 18.5 trillion won.
Meanwhile, the price index of the tech-laden, secondary KOSDAQ market also sank 15.04 percent in the first quarter, the largest since the fourth quarter of 2008.
(END)


yna--2020-04-02--Rangers' Choo Shin-soo helping cash-strapped minor leaguers out of own pocket

`` I know right now , the minor league system is better than 15-20 years ago , but still tough @ @ @ @ @ , especially money wise , '' Choo added .
`` Think about 20 years ago @ @ @ @ @ came from Korea , I ( had ) nothing .
Now a lot of things @ @ @ @ @ baseball .
So I want to pay back to other people . ''

SEOUL, April 2 (Yonhap) -- Texas Rangers' South Korean veteran Choo Shin-soo understands the hardships of minor league life as well as anyone, having toiled there for many years himself. And now, he's using his platform as an established big leaguer to help out minor leaguers in the Rangers organization.
Multiple reports out of Texas said Wednesday (local time) that Choo has paid US$1,000 each to 191 minor league players. The 37-year-old is entering the final year of his seven-year, $130 million contract, and will be the highest-paid Ranger this season at $21 million.
In this Getty Images file photo from Feb. 19, 2020, Choo Shin-soo of the Texas Rangers poses for a portrait during his team's media day at Surprise Stadium in Surprise, Arizona. (Yonhap)
After the coronavirus outbreak forced Major League Baseball (MLB) to delay the start of the season in mid-March, minor leaguers, already financially strapped and without a union, were left vulnerable. Minor league players don't get paid for spring training, and regular season salaries still leave most of them below the U.S. federal poverty line of $12,760.
In came Choo, who reached out to Rangers' officials about ways in which he could help the minor leaguers. He has gone from saving $20 in stipends to buy diapers for his infant son to shelling out $191,000 for minor leaguers, most of whom he hasn't even met.
"I've done it before, minor leagues, seven years," Choo told the Associated Press. He signed with the Seattle Mariners out of high school at age 18 in 2000 and made his big league debut in 2005. It wasn't until 2008, following a trade to the Cleveland Indians, that Choo became a full-time major leaguer.
"I know right now, the minor league system is better than 15-20 years ago, but still tough. Everything's very difficult, especially money wise," Choo added. "Think about 20 years ago, the first time I came from Korea, I (had) nothing. Now a lot of things I have is because of baseball. So I want to pay back to other people."
One minor leaguer, Eli White, sent Choo a text thanking him for the support. And Choo responded: "Eli, don't worry about money. Just keep playing baseball. Let me know if you need something more."
In 2019, Choo belted a career-high 24 home runs and swiped 15 bags in 151 games, the most he's played in a season in a Rangers uniform. He batted .265/.371/.455, right along his average numbers during his Texas tenure.
While the season is on hold, MLB is giving players on minor league deals $400 each in weekly allowances through the end of May.
In this Associated Press file photo from Feb. 14, 2020, Choo Shin-soo of the Texas Rangers plays catch during his club's spring training at Surprise Stadium in Surprise, Arizona. (Yonhap)
jeeho@yna.co.kr
(END)


yna--2020-04-02--(LEAD) S. Korea's consumer prices rise 1 pct on-year in March

`` Locally , a change in consumption and economic stimulus measures had an impact on prices , while internationally , @ @ @ @ @ due to slow demand had a impact on prices here , '' it said .

(ATTN: UPDATES with more details, additional information)
SEOUL, April 2 (Yonhap) -- South Korea's consumer prices gained 1 percent from a year earlier in March, the statistics agency said Thursday, despite the spread of the new coronavirus that has hurt consumer spending.
March marks the third consecutive month the country's inflation has increased more than 1 percent on-year, according to Statistics Korea.
The steady increase comes amid a continued spread of COVID-19 that has infected more than 9,800 people in South Korea as of Wednesday.
The statistics office said the virus outbreak had both downward and upward pressure on prices.
"Locally, a change in consumption and economic stimulus measures had an impact on prices, while internationally, a drop in oil prices due to slow demand had a impact on prices here," it said.
In March, prices of livestock products jumped 6.7 percent from a year earlier, with the price of processed foodstuff rising 1.7 percent.
Automobile prices, on the other hand, slipped 2.6 percent on a government tax break aimed at promoting consumption.
(END)


yna--2020-04-02--Top U.S. lawmaker urges Trump to quickly reach defense deal with S. Korea

`` While it is important for our partners to shoulder more of the burden over time , it is important @ @ @ @ @ our close partnership with the Republic of Korea and advances our shared goal of preserving @ @ @ @ @ Asia-Pacific , '' he said March 4 .

By Lee Haye-ah
WASHINGTON, April 1 (Yonhap) -- The chairman of the U.S. House Foreign Affairs Committee accused President Donald Trump on Wednesday of "extorting" allies and urged the administration to quickly reach a defense cost-sharing deal with South Korea.
Rep. Eliot Engel (D-NY) issued the statement via the committee's Twitter, after U.S. Forces Korea placed thousands of South Korean workers on unpaid leave citing the absence of an agreement covering the sharing of costs for the stationing of 28,500 American troops.
"Trump should work w/allies to counter #COVID19 & prevent advances in North Korea's illegal weapons programs, NOT extort friends," Engel said. "The Admin should reach an agreement with South Korea ASAP & stop jeopardizing the security of both nations."
This AFP file photo shows Rep. Eliot Engel (D-NY). (Yonhap)
Seoul and Washington have held seven rounds of negotiations since September to try to renew their Special Measures Agreement for this year and beyond.
The previous SMA required Seoul to pay US$870 million for 2019 and expired at the end of December.
The Trump administration has demanded a significant increase in Seoul's financial contributions, although it has reportedly backed down from its initial demands for a near fivefold increase to $5 billion.
South Korea has agreed to raise its contributions but resisted U.S. pressure to meet its demands.
Last month, the House Foreign Affairs committee adopted a resolution calling for concluding a "mutually agreeable, multi-year" defense cost-sharing deal with South Korea.
Engel at the time emphasized the importance of staying in lockstep with partners in the region in the face of challenges posed by China, North Korea and the coronavirus.
"While it is important for our partners to shoulder more of the burden over time, it is important that the final agreement reflects our close partnership with the Republic of Korea and advances our shared goal of preserving security and prosperity in the Asia-Pacific," he said March 4.
hague@yna.co.kr
(END)


yna--2020-04-02--S. Korea's consumer prices rise 1 pct on-year in March

SEOUL , April 2 ( Yonhap ) -- South Korea 's consumer prices gained 1 percent from a year earlier @ @ @ @ @ agency said Thursday , despite the spread of the new coronavirus that has hurt consumer @ @

SEOUL, April 2 (Yonhap) -- South Korea's consumer prices gained 1 percent from a year earlier in March, the statistics agency said Thursday, despite the spread of the new coronavirus that has hurt consumer spending.
March marks the third consecutive month the country's inflation has increased more than 1 percent on-year, according to Statistics Korea.
(END)


yna--2020-04-02--(URGENT) Korea's consumer prices rise 1 pct on-year in March

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


yna--2020-04-02--(EDITORIAL from Korea JoongAng Daily on April 2)

A bigger problem is fairness .
If the money is given based on the combined income of a household , @ @ @ @ @ it , while rich individuals with assets can get it as long as they 're @ @ @ @ @ problem comes with emergency relief offered by local governments .
Some people might get money @ @ @ @ @ , while others will not .
The benefits vary based on whether family members live @ @ @ @ @ Such a lack of equity is a problem .
If dissatisfaction grows among those not @ @ @ @ @ it could lead to disgruntlement .

Rational standards needed
Three days have passed since the Moon Jae-in administration announced a plan to offer emergency relief to people struggling because of the coronavirus outbreak. But the public is still confused over whether they are eligible for benefits. District offices cannot work due to an avalanche of phone calls asking about standards for the handouts, and the website of the Ministry of Health and Welfare is freezing because of the traffic going to it. The government plans to unveil guidelines next week after setting the standards. That constitutes a dereliction of duty.
"Emergency" means the government must provide the money quickly after setting guidelines. A responsible government would not take such an unprofessional approach particularly when it calls for a whopping 9.1 trillion won ($7.39 billion) budget. That budget also needs to be approved by the National Assembly after careful deliberations between the ruling and opposition parties. And yet, the ruling Democratic Party rushed to make public the plan after pressuring the Ministry of Strategy and Finance. It deserves the criticism it is receiving for drawing up makeshift policies to curry favor with voters ahead of the April 15 parliamentary elections.
The government said it will dole out 1 million won to each family of four in the bottom 70 percent income group. But the specific amount of combined income per household was not specified. Whether real estate holdings by families will be considered is also ambiguous. The Finance Ministry said it will only consider recipients' aggregate monthly incomes, but the Welfare Ministry wants to take into account the value of their properties as well.
A bigger problem is fairness. If the money is given based on the combined income of a household, working couples can hardly receive it, while rich individuals with assets can get it as long as they're not working now. Another problem comes with emergency relief offered by local governments. Some people might get money from central and local governments, while others will not. The benefits vary based on whether family members live in the same house. Such a lack of equity is a problem. If dissatisfaction grows among those not eligible for the handouts, it could lead to disgruntlement.
Emergency relief is a tool for the government to mitigate massive shocks. As the government has to consider urgency and fairness at the same time, it is not an easy job. Perhaps discontent is inevitable. But confusion is not. The government must set rational standards for payments as soon as possible to meet the original goal of its relief package — helping the people who need it most.
(END)


yna--2020-04-02--(EDITORIAL from Korea Times on April 2)

(EDITORIAL from Korea Times on April 2)

As things stand now , the country faces a much gloomier growth outlook .
According to the Bank of Korea @ @ @ @ @ ( BSI ) for manufacturing nosedived to 54 for April from 69 for last month @ @ @ @ @ barometer of future business prospects , reading is the lowest since March 2009 .
The @ @ @ @ @ points to 66 and that for domestic sales was also 15 points lower at 60 @

Prelude to economic woes
It is urgent to push for structural reform
Major economic data shows that the Korean economy is feeling the impact of the coronavirus pandemic. Industrial output, investment and consumption have just begun a downward spiral with business sentiment falling to an 11-year low. Yet this comes as no surprise considering the scope and severity of the economic fallout from the public health crisis.
According to Statistics Korea, industrial output shrank by 3.5 percent in February from a month earlier, marking the steepest fall since February 2011. Facility investment also plunged by 4.8 percent, while consumption tumbled 6 percent. All these point to a deteriorating economic situation.
More seriously, the country may face economic woes unparalleled by any previous calamities such as the 1997-98 Asian financial turmoil and the 2008 global financial crisis. No country is more painfully affected by the virus-triggered catastrophe than South Korea -- a small-scale, open economy which has heavily relied on foreign trade for economic growth.
If there is any consolation, the country's exports decreased a mere 0.2 percent last month from a year before. The Ministry of Trade, Industry and Energy said that outbound shipments totaled $46.9 billion in March, compared with the $47 billion posted in the same month of 2019.
However, industry watchers predict exports will fall considerably this month when the country bears the brunt of the disruption of global supply chains caused by lockdowns and isolations. It will be inevitable for Korea to see a sharp decline in its overseas shipments as major trading partners, including China, the U.S. and Europe, are undergoing the ripple effects of economic contagion.
As things stand now, the country faces a much gloomier growth outlook. According to the Bank of Korea, the business sentiment index (BSI) for manufacturing nosedived to 54 for April from 69 for last month. The index, a barometer of future business prospects, reading is the lowest since March 2009. The BSI for exports fell 16 points to 66 and that for domestic sales was also 15 points lower at 60.
There is no need to mention such dismal figures. Airlines, travel agencies, hotels, restaurants and retail stores have already been experiencing difficulties due to the spared of COVID-19. The manufacturing sector is no exception. The production of automobiles plummeted by 27.8 percent in February. Other key industries such as steel, shipbuilding and petrochemicals also suffered setbacks.
Against this backdrop, the Moon Jae-in administration came up with a 100-trillion-won ($80-billion) economic rescue package last week to help hard-hit businesses, particularly small and medium firms, stabilize people's livelihoods and boost consumption. The central bank also announced a plan to supply "unlimited" liquidity to the market to prevent a credit crunch arising from the epidemic.
The massive fiscal and momentary support programs are crucial in keeping businesses afloat and preventing the economy from collapsing. But this "helicopter money" will not automatically guarantee economic resuscitation. The economy cannot survive the coronavirus tsunami if it fails to regain its competitiveness and growth momentum.
Even before the viral outbreak, the country was going through a prolonged economic slump. So the Moon administration should take the pandemic as an opportunity to push for structural reform. It also must promote deregulation and innovation.
(END)


yna--2020-04-02--(EDITORIAL from Korea Herald on April 2)

Members of the public are putting up with the inconvenience of practicing government-reinforced `` social distancing , '' while health @ @ @ @ @ epidemic desperately .
Deviation from self-isolation not only makes these people 's efforts come to @ @ @ @ @ their lives .
If the government fails to control an influx of overseas cases effectively @ @ @ @ @ again .
The government says there will be no problem because self-quarantined people are required @ @ @ @ @ that can monitor them .
The app uses GPS to track the location of a @ @ @ @ @ quarantine venture outside their designated area , an alert will be sent to the case @ @ @ @ @ .

Thorough compliance
Self-quarantine extended to entire world; Tighter monitoring can avert surge of cases
Starting Wednesday, the government placed all new arrivals here in a mandatory self-quarantine for two weeks in a bid to contain the spread of the novel coronavirus.
Regardless of the country of departure, nationality or length of visit, they must quarantine themselves in their private dwellings in Korea or at government-designated facilities.
Though the government has not barred the entry of foreigners, nonessential visits including foreign tourist arrivals are expected to decrease.
The government started the quarantine system for all arrivals from Europe on March 22, then from the US on March 27, and extended the measure to the rest of the world. It may have expanded the quarantine gradually considering its disinfection capabilities and national interests, but the step is belated and can hardly be viewed as proactive.
The mandatory quarantine came amid an influx of patients who were confirmed for COVID-19. Those from Europe and the US take up an overwhelming proportion of confirmed cases, but recent weeks saw confirmed cases increasing in arrivals from Southeast Asian countries as well.
From now on, we need to supervise the self-quarantine of all arrivals effectively. Monitoring them to make sure they are not breaking their quarantine will further stress public administration and health systems.
About 7,000 people enter Korea from abroad each day. So the number of people to be self-isolated is expected to hit around 100,000 in just two weeks. Currently, more than 14,000 people are self-quarantined under the supervision of municipal and district governments. It is questionable if the government can supervise the self-quarantine of that many people thoroughly.
Case officers of municipal and district governments are required to get in touch with self-quarantined people one-on-one daily to check if they are staying in isolation or developing COVID-19 symptoms. Local governments say supervision will be impossible if the number of people to be monitored approaches 100,000. Of about 100,000 entrants expected to arrive in Korea over two weeks, 10,000 to 15,000 are projected to be foreigners. The government must reconsider its policy of allowing foreigners as well as Korean nationals to enter, be tested and get treated with Korean taxpayers' money, as health care workers complain of accumulating fatigue.
Violation of self-quarantine is incessant. A British man living in Suwon, Gyeonggi Province, traveled to four cities without wearing a facial mask and came into contact with 23 people in five days before he tested positive for the virus. He was tested after returning from a trip to Thailand, and was required to self-isolate until results were out. A German student is said to have visited several spots in Busan during what should have been his self-isolation in his dorm. He also confirmed positive.
Members of the public are putting up with the inconvenience of practicing government-reinforced "social distancing," while health care workers are fighting the epidemic desperately. Deviation from self-isolation not only makes these people's efforts come to naught, but also threatens their lives. If the government fails to control an influx of overseas cases effectively, coronavirus outbreaks may surge again. The government says there will be no problem because self-quarantined people are required to use a smartphone app that can monitor them. The app uses GPS to track the location of a smartphone. If those in quarantine venture outside their designated area, an alert will be sent to the case officers of related local governments.
Reportedly three or four deviations have been detected a day through the app. But if a person goes out and leaves his or her smartphone at home, the absence may not be discovered. Tighter measures are needed. Tracking bracelets used in Hong Kong are worth considering. The government also needs to consider demanding reimbursement for damages from violators in addition to punishment.
Self-quarantine is hard to control. If the number of people to be monitored and treated increases explosively, disinfection will certainly encounter limits. All entrants into Korea must try to comply with guidelines for self-quarantine by themselves -- for the safety of all the other citizens rather than for fear of penalty. To cope effectively with an expected surge of self-quarantined people, their active cooperation and sense of citizenship are needed more than ever.
(END)


yna--2020-04-02--Top headlines in major S. Korean newspapers

Korean-language dailies -- Voting opens new era ( Kyunghyang Shinmun ) -- Small business owners stand in line to get @ @ @ @ @ ) -- Official election campaign starts ( Donga llbo ) -- Half of voting districts @ @ @ @ @ candidates ( Seoul Shinmun ) -- Ruling Democratic Party eying 145 seats vs. main opposition @ @ @ @ @ ( Segye Times ) -- 7.3 million undecided voters may determine upcoming elections ( Chosun @ @ @ @ @ people go to polling station to cast ballots ?
( JoongAng Ilbo ) -- Coronavirus @ @ @ @ @ ) -- Minorities face layoffs in time of plague ( Hankook Ilbo ) -- Overseas @ @ @ @ @ 21 pct in March ( Maeil Business Newspaper ) -- Virus-hit business owners face red @ @ @ @ @ ( Korea Economic Daily )

SEOUL, April 2 (Yonhap) -- The following are the top headlines in major South Korean newspapers on April 2.
Korean-language dailies
-- Voting opens new era (Kyunghyang Shinmun)
-- Small business owners stand in line to get government-backed loans (Kookmin Daily)
-- Official election campaign starts (Donga llbo)
-- Half of voting districts remain unpredictable without clear winning candidates (Seoul Shinmun)
-- Ruling Democratic Party eying 145 seats vs. main opposition Future Korea Party seeking 140 (Segye Times)
-- 7.3 million undecided voters may determine upcoming elections (Chosun Ilbo)
-- Can self-isolated people go to polling station to cast ballots? (JoongAng Ilbo)
-- Coronavirus engulfs general elections (Hankyoreh)
-- Minorities face layoffs in time of plague (Hankook Ilbo)
-- Overseas sales of Korean vehicles plunge 21 pct in March (Maeil Business Newspaper)
-- Virus-hit business owners face red tape to get government-financed loans (Korea Economic Daily)
English-language dailies
-- Defense cost-sharing deal is very near (Korea JoongAng Daily)
-- USFK workers go on unpaid leave as final deal pending (Korea Herald)
-- Calls mounting for more chartered flights (Korea Times)
(END)


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(END)


yna--2020-04-01--(2nd LD)  Prosecutors detain key suspect in fraud probe into Lime Asset

Seoul Southern District Prosecutors Office said it apprehended a company executive , identified by the surname Kim , on bribery @ @ @ @ @ other charges .
He is suspected of having played a key role in the fraud @ @ @ @ @ 's former chief investment officer , who went into hiding .

(ATTN: ADDS info on stock manipulation in para 8)
SEOUL, April 1 (Yonhap) -- Prosecutors on Wednesday detained an executive of Lime Asset Management Co. as part of an investigation into a series of irregularities involving the country's biggest hedge fund.
The company has been under probe over its alleged cover-up of massive losses and subsequent suspension of fund redemption worth an estimated 1.6 trillion won (US$1.3 billion).
Seoul Southern District Prosecutors Office said it apprehended a company executive, identified by the surname Kim, on bribery, breach of trust and other charges. He is suspected of having played a key role in the fraud, along with the company's former chief investment officer, who went into hiding.
Prosecutors also raided the head office of Star Mobility, owned by Kim Bong-hyun, who is believed to be the main financial resource of Lime Asset.
The prosecution suspects Lime's investment, worth tens of billions of won in Star Mobility, was embezzled.
They also raided a golf course in Yongin, a city near Seoul, on suspicion that Kim may have used Star Mobility's membership in the club for illegal lobbying.
Later in the day, police in Suwon, south of Seoul, arrested Kim's key aide at Star Mobility on charges of colluding in the embezzlement of about 16.1 billion won from a local bus company from late 2018 to early 2019.
In a related development, a Seoul court issued arrest warrants for four people on charges of manipulating stock prices of a company Lime Asset had invested in. They are believed to have earned billions of won from the crime.
The Financial Supervisory Service (FSS) began probing Lime's suspected irregularities in July last year. The watchdog accused Lime of having concealed investment losses and inflating investment returns in a bid to keep its customer base.
In addition, the hedge fund was allegedly involved in a Ponzi scheme to cover losses, and engaged in misselling, or selling products to customers without providing adequate information or explaining the high risks involved.
The investigation has prompted spooked investors to scramble to withdraw their money. In October, the company froze withdrawals, citing an inability to liquidate enough assets to meet the redemption requests.
julesyi@yna.co.kr
(END)


yna--2020-04-01--N.K. media says furlough of S. Korean USFK workers result of submissive pro-U.S. policy

Sources here said that South Korea and the U.S. could announce a defense cost-sharing agreement soon as the two sides @ @ @ @ @ putting the finishing touches on the negotiations .

SEOUL, April 1 (Yonhap) -- A North Korean propaganda media outlet said Wednesday that the furlough of South Koreans employees of U.S. Forces Korea (USFK) is a result of Seoul's "submissive" pro-U.S. policy.
The propaganda website Ryomyong slammed the situation of thousands of South Koreans put on unpaid leave due to a deadlock in defense cost-sharing negotiations between the United States and South Korea.
Ryomyong claimed that South Korea acted submissively in negotiations, saying that it gave up its heart to the U.S.
It also pointed that the U.S. is exerting "domineering pressure," adding that Washington's goal is not the protection of allies, but securing military funds to conquer the world.
Sources here said that South Korea and the U.S. could announce a defense cost-sharing agreement soon as the two sides have reached the stage of putting the finishing touches on the negotiations.
The USFK Korean Employees Union said that about 4,000 of its 8,600 members have gone on unpaid leave.
This photo taken on March 31, 2020, shows an entrance gate of a U.S. military base in Seoul. (Yonhap)
kdon@yna.co.kr
(END)


yna--2020-04-01--(LEAD) Prosecutors detain key suspect in fraud probe into Lime Asset

(ATTN: ADDS info on arrest of Kim's aide in para 7)
SEOUL, April 1 (Yonhap) -- Prosecutors on Wednesday detained an executive of Lime Asset Management Co. as part of an investigation into a series of irregularities involving the country's biggest hedge fund.
The company has been under probe over its alleged cover-up of massive losses and subsequent suspension of fund redemption worth an estimated 1.6 trillion won (US$1.3 billion).
Seoul Southern District Prosecutors Office said it apprehended a company executive, identified by the surname Kim, on bribery, breach of trust and other charges. He is suspected of having played a key role in the fraud, along with the company's former chief investment officer, who went into hiding.
Prosecutors also raided the head office of Star Mobility, owned by Kim Bong-hyun, who is believed to be the main financial resource of Lime Asset.
The prosecution suspects Lime's investment, worth tens of billions of won in Star Mobility, was embezzled.
They also raided a golf course in Yongin, a city near Seoul, on suspicion that Kim may have used Star Mobility's membership in the club for illegal lobbying.
Later in the day, police in Suwon, south of Seoul, arrested Kim's key aide at Star Mobility on charges of colluding in the embezzlement of about 16.1 billion won from a local bus company from late 2018 to early 2019.
The Financial Supervisory Service (FSS) began probing Lime's suspected irregularities in July last year. The watchdog accused Lime of having concealed investment losses and inflating investment returns in a bid to keep its customer base.
In addition, the hedge fund was allegedly involved in a Ponzi scheme to cover losses, and engaged in misselling, or selling products to customers without providing adequate information or explaining the high risks involved.
The investigation has prompted spooked investors to scramble to withdraw their money. In October, the company froze withdrawals, citing an inability to liquidate enough assets to meet the redemption requests.
julesyi@yna.co.kr
(END)


yna--2020-04-01--Prosecutors detain key suspect in fraud probe into Lime Asset

SEOUL, April 1 (Yonhap) -- Prosecutors on Wednesday detained an executive of Lime Asset Management Co. as part of an investigation into a series of irregularities involving the country's biggest hedge fund.
The company has been under probe over its alleged cover-up of massive losses and subsequent suspension of fund redemption worth an estimated 1.6 trillion won (US$1.3 billion).
Seoul Southern District Prosecutors Office said it apprehended a company executive, identified by the surname Kim, on bribery, breach of trust and other charges. He is suspected of having played a key role in the fraud, along with the company's former chief investment officer, who went into hiding.
Prosecutors also raided the head office of Star Mobility, owned by Kim Bong-hyun, who is believed to be the main financial resource of Lime Asset.
The prosecution suspects Lime's investment, worth tens of billions of won in Star Mobility, was embezzled.
They also raided a golf course in Yongin, a city near Seoul, on suspicion that Kim may have used Star Mobility's membership in the club for illegal lobbying.
The Financial Supervisory Service (FSS) began probing Lime's suspected irregularities in July last year. The watchdog accused Lime of having concealed investment losses and inflating investment returns in a bid to keep its customer base.
In addition, the hedge fund was allegedly involved in a Ponzi scheme to cover losses, and engaged in misselling, or selling products to customers without providing adequate information or explaining the high risks involved.
The investigation has prompted spooked investors to scramble to withdraw their money. In October, the company froze withdrawals, citing an inability to liquidate enough assets to meet the redemption requests.
julesyi@yna.co.kr
(END)


yna--2020-04-02--S&P puts Hyundai on negative watchlist amid virus pandemic

`` There is a chance that the impact of the pandemic could be worse than our revised assumptions .
The @ @ @ @ @ Europe and the U.S. have not yet been able to contain the COVID-19 pandemic , @ @ @ @

SEOUL, April 2 (Yonhap) -- S&P Global Ratings on Thursday placed Hyundai Motor Group on its watchlist of firms with a negative outlook, citing the impact of the new coronavirus pandemic on the global automobile industry.
"The COVID-19 pandemic is causing production suspensions and weakening demand in the global auto industry, which was already facing slowing demand in 2019," S&P said in a report as it placed the South Korean auto giant on "CreditWatch with negative implications," hinting its rating may be lowered.
The conglomerate has Hyundai Motor Co. and Kia Motors Corp. under its wing.
"The pandemic has amplified the challenging demand conditions in the automotive industry," it added.
The agency, however, maintained its rating on the two carmakers, along with their auto parts affiliate, Hyundai Mobis Co., at BBB+ level.
Sales of the two carmakers are expected to fall 15 percent on-year in the United States, with shipments to Europe set to plunge 20 percent over the cited period, it added.
"There is a chance that the impact of the pandemic could be worse than our revised assumptions. The group's key markets of Europe and the U.S. have not yet been able to contain the COVID-19 pandemic," it added.
S&P Global Ratings is a division of New York-based Standard & Poor's Financial Services LLC.
Shares of Hyundai Motor moved up 1.41 percent on the main bourse on Thursday to 86,600 won (US$70.49). Kia Motors advanced 0.98 percent to 25,800 won.
colin@yna.co.kr
(END)


yna--2020-04-02--S. Korean, Danish leaders vow cooperation on coronavirus: Cheong Wa Dae

Frederiksen said her government is looking forward to working together with South Korea , especially at time when the supply @ @ @ @ @ She paid `` big attention '' to imports of South Korea 's test kits and @ @ @

SEOUL, April 2 (Yonhap) -- The leaders of South Korea and Denmark had phone talks Thursday on the coronavirus pandemic and a postponed international summit on climate change, Cheong Wa Dae said.
In the conversation with Danish Prime Minister Mette Frederiksen, President Moon Jae-in emphasized the importance of international coordination to terminate the COVID-19 outbreak at an early date, according to Cheong Wa Dae spokesman Kang Min-seok.
Moon reaffirmed Seoul's willingness to share its relevant experience and clinical data with Denmark and other countries.
Frederiksen said her government is looking forward to working together with South Korea, especially at time when the supply of medical products matters. She paid "big attention" to imports of South Korea's test kits and medical devices.
Moon asked her to list what Denmark needs, saying South Korea would "actively consider" support as long as conditions are allowed.
South Korean President Moon Jae-in holds phone talks with Danish Prime Minister Mette Frederiksen at Cheong Wa Dae in Seoul on April 2, 2020 in this photo provided by Moon's office. (PHOTO NOT FOR SALE) (Yonhap)
Moon, meanwhile, explained his government's unavoidable decision to put off the second P4G summit, which was scheduled to take place in Seoul in June, till next year amid the spread of the virus.
On a new schedule, he said, South Korea would seek "the most desirable time" through consultations with Denmark and other major partners.
Frederiksen expressed her "full support" for Seoul's decision on the P4G session, according to Kang.
Denmark is a leader in the public-private initiative to tackle climate change and other sustainable development challenges. It hosted the inaugural P4G summit in its capital, Copenhagen, in October 2018. P4G stands for Partnering for Green Growth and the Global Goals 2030.
She took note of South Korea's plan to play host to the second session next year, instead of cancelling it, and described the move as reflecting Moon's "green leadership," Kang said.
lcd@yna.co.kr
(END)


yna--2020-04-02--S. Korea, U.S. have not reached defense cost-sharing deal yet: foreign ministry

Seoul and Washington have been under pressure to quickly reach a new defense cost deal , known as Special Measures @ @ @ @ @ as about 4,000 Korean workers employed by the USFK were forced to go on unpaid @ @ @ @ @ in the absence of a deal to fund their wages .

By Song Sang-ho
SEOUL, April 2 (Yonhap) -- South Korea and the United States have yet to reach a defense cost-sharing agreement despite continued "high-level" consultations, the foreign ministry said Thursday.
The ministry issued the statement amid a flurry of reports that Seoul and Washington had tentatively reached a deal on Seoul's share of the cost for stationing the 28,500-strong U.S. Forces Korea (USFK).
"Although there have also been continued consultations at the high level regarding the defense cost-sharing negotiations, an agreement has yet to be reached," the ministry said in a text message sent to reporters.
Foreign Minister Kang Kyung-wha and U.S. Secretary of State Mike Pompeo recently held phone talks to help spur progress in the defense cost talks, a source said.
"We will continue consultations so that the negotiations can be concluded at an early date," the ministry added.
Some observers said that the negotiators from the two countries might be waiting for U.S. President Donald Trump's final approval after they reached a tentative deal.
Seoul and Washington have been under pressure to quickly reach a new defense cost deal, known as Special Measures Agreement (SMA), as about 4,000 Korean workers employed by the USFK were forced to go on unpaid leave, starting Wednesday, in the absence of a deal to fund their wages.
A day before the furloughs, Seoul's top negotiator, Jeong Eun-bo, said that the two sides have "considerably" narrowed their differences in the SMA talks, and voiced expectation for the conclusion of the negotiations in the near future.
Last year's SMA, which called for Seoul to pay about US$870 million, expired at the end of December, leaving the USFK with little wherewithal to bankroll wages for the Korean employees.
Since September last year, Jeong and his U.S. counterpart, James DeHart, have held seven rounds of official negotiations, including the latest in Los Angeles last month.
The U.S. initially called for a fivefold increase to around $5 billion but later revised downward its demand amid criticism that it was focusing more on financial benefits of the alliance than on strategic interests for regional stability.
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 round of negotiations 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--2020-04-02--(LEAD) USFK dependent at Camp Humphreys tests positive for coronavirus, total at 15

Warning its community against any complacency in the fight against the new virus , USFK Commander Gen. Robert Abrams has @ @ @ @ @ everything possible '' in his authority to prevent the spread of the virus in barracks @

(ATTN: RECASTS headline, lead with latest info; ADDS more details in paras 2-4)
SEOUL, April 2 (Yonhap) -- A family member of an American citizen working for U.S. Forces Korea (USFK) tested positive for the coronavirus Thursday, bringing the total number of USFK-related infections to 15.
The latest patient is the spouse of the USFK contractor working at Camp Humphreys in Pyeongtaek, 70 kilometers south of Seoul. The contractor also tested positive for COVID-19 recently.
The spouse is currently in isolation at her off-base residence as directed by USFK medical personnel, the military said in a release, adding that she last visited the garrison on Tuesday.
South Korean and U.S. authorities have conducted contact tracing to determine whether anyone else may have been exposed, and USFK is conducting "thorough cleaning now of known locations visited on Camp Humphreys," it added.
The latest case marked the second straight day the virus was reported from the garrison, raising concerns over additional infections at the base where the USFK headquarters is located.
Of the total USFK-related coronavirus infections, seven have been reported from Camp Humphreys so far.
USFK has put the Pyeongtaek garrison under a partial lockdown, shutting down several facilities and restricting all movement except for mission essentials and basic needs.
Warning its community against any complacency in the fight against the new virus, USFK Commander Gen. Robert Abrams has said he will do "everything possible" in his authority to prevent the spread of the virus in barracks.
Seen here is a gate of the U.S. base Camp Humphreys in Pyeongtaek, south of Seoul. (Yonhap)
scaaet@yna.co.kr
(END)


yna--2020-04-02--Air Force officers caught drinking on emergency standby

In the first incident , eight officers shared two 500-milliliter cans of beer .
In the second and third incidents @ @ @ @ @ 1.5-liter bottle of beer and two shared a 500-ml can of beer , respectively .
@ @ @ @ @ .

SEOUL, April 2 (Yonhap) -- More than a dozen Air Force officers were caught drinking on emergency standby, the military said Thursday, sparking criticism about lax discipline.
A total of 16 officers affiliated with the 10th Fighter Wing in Suwon, south of Seoul, drank beer on three separate occasions between August and September last year at the base's alert area where airmen stay for emergency operations. They were in charge of either F-4E or F-5 fighters.
An informant reported this to the defense ministry in February, prompting the base to launch a probe last month and reprimand a major-level officer.
"Taking this issue seriously, the Air Force headquarters revisited the case and is now reviewing appropriate disciplinary actions against them," Air Force spokesperson Lt. Col. Cho Se-young told reporters.
In the first incident, eight officers shared two 500-milliliter cans of beer. In the second and third incidents, eight officers drank a 1.5-liter bottle of beer and two shared a 500-ml can of beer, respectively. None of them were intoxicated.
"Regardless of how much they drank, we see this as a serious lack of discipline. To prevent any recurrence, we've implemented special guidelines that call for heightened vigilance and tighter discipline," Cho added.
The military has come under fire for lax security after a series of civilian infiltrations into military bases. Last month, two civic activists cut barbed-wire fences and trespassed on a naval compound on the southern island of Jeju.
In this photo, provided by the Air Force, an F-4E fighter takes off from the 10th Fighter Wing base in Suwon on April 2, 2019. (Yonhap)
graceoh@yna.co.kr
(END)


yna--2020-04-02--N. Korea eases coronavirus restriction on foreigners

The embassy said it regards the recent easing of restrictions as evidence of the effective measures taken by the North @ @ @ @ @ the coronavirus .
It also said that it was pleased to see the restrictions ease @ @ @ @ @

SEOUL, April 2 (Yonhap) -- North Korea has eased coronavirus restrictions on foreigners, allowing them to go to shops and restaurants, according to the Russian mission in Pyongyang on Thursday.
The North Korean foreign ministry's protocol department issued the notice to all embassies and international organization offices, saying that foreigners are allowed to visit all shops, restaurants and customer services, including the central market in Tongin Street, the Russian Embassy said in a Facebook post.
The department urged all foreigners to continue to follow anti-virus regulations of each institution and wear medical masks until the state emergency system against the COVID-19 virus has been lifted.
The embassy said it regards the recent easing of restrictions as evidence of the effective measures taken by the North to prevent an outbreak of the coronavirus. It also said that it was pleased to see the restrictions ease after nearly two months.
Since early February, North Korea has quarantined about 380 foreigners in the country as part of efforts to prevent an outbreak of the new coronavirus.
A recent media report showed that most of those who were quarantined have been released, though the activities of the diplomats and foreigners have appeared to be restricted.
The North has not reported any confirmed COVID-19 virus infections, but speculation persists that it might be concealing an outbreak that is possibly spiraling out of control.
North Korea could be vulnerable, as it shares a long and porous border with China and lacks key medical supplies and infrastructure to test and treat infected people.
North Korean quarantine officials disinfect vehicles in northern Jagang Province in this photo captured from the homepage of the Rodong Sinmun on March 8, 2020. (PHOTO NOT FOR SALE) (Yonhap)
julesyi@yna.co.kr
(END)


yna--2020-04-02--Doosan Group execs to forgo 30 pct of their wages

Doosan Group said the pay cuts will affect executives of all of its affiliates , including Doosan Heavy , beginning @ @ @ @ @ no specific time frame was given for when the pay cuts will remain in effect @

SEOUL, April 2 (Yonhap) -- Doosan Group said Thursday that its chairman Park Jeong-won and other executives will forgo their salaries by 30 percent as part of efforts to help normalize troubled affiliate Doosan Heavy Industries & Construction Co.
Doosan Group said the pay cuts will affect executives of all of its affiliates, including Doosan Heavy, beginning this month. Still, no specific time frame was given for when the pay cuts will remain in effect.
Doosan Heavy, South Korea's largest power equipment maker, said about 600 out of its total of 6,700 employees have opted to leave the company in its first retirement program in five years.
The move is part of Doosan Heavy's efforts to cut costs amid dwindling orders.
Last month, Doosan Heavy opened a 1 trillion-won (US$812 million) credit line from South Korea's state lenders -- Korea Development Bank and Korea Export-Import Bank -- to prevent a possible liquidity crunch.
Doosan Heavy's net losses deepened in recent years as South Korea has pusehd to boost the supply of power from clean and renewable energy sources while weaning the country off nuclear and coal-fired plants.
Doosan Heavy posted accumulated net losses worth 2.68 trillion won from 2014 through 2019. Doosan Heavy said orders worth about 10 trillion won have dried up due to the cancellation of nuclear and coal-fired plant projects in South Korea.
South Korea, which decommissioned two nuclear power plants in 2017 and 2019, is set to retire 10 out of its total 24 reactors on its soil by the end of 2030.
entropy@yna.co.kr
(END)


yna--2020-04-02--Air pollutant emission-cap system to be expanded nationwide

The ministry said the emission-cap management system will be expanded to include the central regions comprising North and South Chungcheong @ @ @ @ @ North and South Jeolla and Gwangju and the southeastern regions comprising North and South Gyeongsang @ @ @ @ @ the revision of the Special Act on the Improvement of Air Quality takes effect .

SEOUL, April 2 (Yonhap) -- South Korea's air pollutant emission-cap management system, which has been enforced in Seoul since 2008 to manage the capital's air quality, will be expanded to cover almost all parts of the country this week, the Ministry of Environment said Thursday.
The emission-cap system allocates yearly emission allowances to workplaces, every five years, that emit large amounts of air pollutants.
The ministry said the emission-cap management system will be expanded to include the central regions comprising North and South Chungcheong, the southwestern regions comprising North and South Jeolla and Gwangju and the southeastern regions comprising North and South Gyeongsang, beginning Friday, when the revision of the Special Act on the Improvement of Air Quality takes effect.
As a result, major industrial emitters in almost all regions of the country, excluding Gangwon and Jeju provinces, will be regulated by the emission-cap management system, the ministry explained.
In addition, industrial emitters regulated by the new emission-cap system are obliged to install a smokestack tele-monitoring device designed to constantly monitor the amount of their air pollutants, it added.
The affected regions will also have to reinforce measures to suppress emissions from automobiles and construction machinery.
Starting April 2023, diesel vehicles will be banned from being used as children's school buses or small courier trucks in those regions.
ycm@yna.co.kr
(END)


yna--2020-04-02--(2nd LD) Campaigning for April 15 parliamentary elections begins amid virus outbreak

The 13-day campaign period will last until the eve of the polls , according to the National Election Commission ( @ @ @ @ @ , political parties have campaigned in a limited manner .

(ATTN: UPDATES with more details in paras 7-9)
SEOUL, April 2 (Yonhap) -- Official campaigning for the April 15 parliamentary elections kicked off Thursday amid expectations that the assessment of the government's response to the coronavirus pandemic will be a major issue.
The 13-day campaign period will last until the eve of the polls, according to the National Election Commission (NEC). So far, political parties have campaigned in a limited manner.
Up for grabs will be 253 directly elected seats and 47 proportional representation slots as voters will be allowed to cast two ballots -- for a candidate and a political party.
The upcoming polls will be seen as a barometer of voter sentiment ahead of the presidential election in 2022. President Moon Jae-in took office in May 2017.
Kites are flown as part of a campaign calling on voters to cast ballots in the April 15 parliamentary elections on April 1, 2020. (Yonhap)
Political parties plan to campaign in a calm manner amid the COVID-19 outbreak that has resulted in nearly 10,000 infections in South Korea.
The virus outbreak has not only halted conventional electioneering but also taken away voters' attention from political parties' election pledges and candidates.
It was hard to find the familiar scene of election songs blaring out at campaign rallies.
Sticking to the social distancing drive, many candidates refrained from having close contact with voters.
Instead, they focused on social media, including YouTube, to reach out to voters.
Two major rival parties are expected to compete with a focus on the government's handling of the pandemic and its economic fallout, political analysts said.
The ruling Democratic Party (DP) has appealed for voters to support the government's drive to contain the coronavirus and minimize the economic impact of the outbreak.
The main opposition United Future Party (UFP) has stressed the need to "judge" the government, citing its failure to stem the pandemic at an early stage and handle the economic downturn.
The most contested battlefields for the two parties will be Seoul and the adjacent metropolitan areas, where half of a total of 253 districts are up for grabs.
The leaderships of the two parties have begun stumping in the Jongno district in central Seoul, a symbolic constituency in South Korean politics.
A high-profile race is expected in Jongno, where former Prime Minister Lee Nak-yon of the DP and UFP Chairman Hwang Kyo-ahn will compete.
"We will prepare for the election, focusing on how to overcome the coronavirus crisis and ease people's pain," Lee told reporters after visiting a mart in the district.
UFP chief Hwang criticized the liberal government's policy, saying it endangered people's livelihoods.
"We will stop the government from repeating policy failure and make a better world for ordinary people," Hwang told reporters at a traditional market.
The ruling party has anticipated that it will win in 132 constituencies across the nation. The conservative UFP is eyeing 124-130 directly elected seats.
Political parties' race to earn more proportional representation (PR) seats will heat up more than ever.
Under the new election law, the method of distributing PR slots will be changed in a way that better reflects votes cast for parties.
Despite public criticism, the two major parties have set up affiliated satellite parties that only target PR seats, with plans to merge with them after the elections.
Meanwhile, the election watchdog is preparing for voting, prioritizing safety at polling stations amid the COVID-19 crisis.
According to the NEC, in a survey of 1,500 voters, 72.7 percent of the respondents said they would cast ballots in the upcoming elections.
This represented an 8.8 percentage-point rise compared with the 2016 parliamentary elections.
These undated file photos show Prime Minister Lee Nak-yon (L) of the ruling Democratic Party and Hwang Kyo-ahn, chief of the main opposition United Future Party, who are both running in the Jongno district in central Seoul in the April 15 parliamentary elections. (Yonhap)
sooyeon@yna.co.kr
(END)


yna--2020-04-02--Temples, Catholic churches further postpone public services due to coronavirus

`` We take it seriously that the COVID-19 pandemic originated from our own lifestyle in which we threatened other living @ @ @ @ @ the interest of mankind , isolated ourselves from neighbors due to personal greed and impaired @ @ @ @ @ , '' the Jogye Order said in a press release .

SEOUL, April 2 (Yonhap) -- Roman Catholic churches in Seoul and temples of the country's biggest Buddhist sect will further suspend their public services, at least till mid-April, as part of national efforts to contain the spread of COVID-19.
The Catholic Church's Seoul archdiocese said in a press release on Thursday that all weekly public Masses will remain on hold until future notice.
"On Tuesday, the government announced that it will put school openings on indefinite hold while starting the new school year through online classes," the Seoul archdiocese said.
"In accordance with this, the diocese made the latest decision (to further suspend public Masses) in its ad hoc presbyteral council meeting held Wednesday," according to the Seoul archdiocese.
The Seoul archdiocese initially put its public Masses on hold on Feb. 25 as the country's confirmed cases surged especially among religious groups.
The government has since repeatedly called on religious groups to stop public services as part of its strict social distancing campaign.
The church had planned to resume the Masses, starting on April 6, but the latest decision will further put them on suspension.
The Jogye Order of Korean Buddhism also announced that all its public services will be further postponed till April 19.
"We take it seriously that the COVID-19 pandemic originated from our own lifestyle in which we threatened other living things for the sake of the interest of mankind, isolated ourselves from neighbors due to personal greed and impaired the immaculacy of the community," the Jogye Order said in a press release.
South Korea is on a continuing social distancing campaign as the country's confirmed COVID-19 cases grew to 9,976 as of Thursday, up 89 from a day earlier.
An image of a Catholic church (Yonhap)
pbr@yna.co.kr
(END)


yna--2020-04-02--NSC to strive for defense cost-sharing deal with U.S.

The NSC officials also had discussions on ways for South Korea to make `` specific contributions '' to the global @ @ @ @ @ many countries are calling for the sharing of the country 's quarantine knowhow and supply @ @ @ @ @

SEOUL, April 2 (Yonhap) -- South Korea's top security officials agreed Thursday to continue efforts for an agreement with the United States on defense cost-sharing, Cheong Wa Dae said.
In a weekly standing committee session of the National Security Council (NSC), the officials reviewed progress in the negotiations on the Special Measures Agreement (SMA) between the allies.
They "agreed to continue efforts to strike a deal at an early date," Cheong Wa Dae said in spite of multiple news reports that Seoul and Washington have tentatively reached an accord.
On Wednesday, Cheong Wa Dae said the two sides have narrowed differences but the bargaining is still going on.
The NSC officials also had discussions on ways for South Korea to make "specific contributions" to the global fight against COVID-19, as many countries are calling for the sharing of the country's quarantine knowhow and supply of its medical products.
In particular, they decided to strengthen international coordination to follow up on a joint statement issued at the Group of 20 teleconference last week. The NSC session was presided over by Chung Eui-yong, director of Cheong Wa Dae's national security office.
A file photo of Chung Eui-yong, director of Cheong Wa Dae's national security office (Yonhap)
lcd@yna.co.kr
(END)


yna--2020-04-02--Military officers sentenced to prison terms for illicit surveillance of civilians

The defense ministry 's general military court handed down 18-month and 12-month prison terms to the two officers of the @ @ @ @ @ ordering monitoring of the victims ' families to minimize the political impact of the incident @ @ @ @ @ passengers dead or missing .

SEOUL, April 2 (Yonhap) -- A military court on Thursday sentenced two officers of a now-disbanded military intelligence agency to prison terms for abusing their power by illicitly inspecting families of victims in a 2014 ferry sinking, it said.
The defense ministry's general military court handed down 18-month and 12-month prison terms to the two officers of the now-defunct Defense Security Command for ordering monitoring of the victims' families to minimize the political impact of the incident that left more than 300 passengers dead or missing.
The defendants have denied the allegations.
Following a series of accusations over political interference and other misdeeds, such as the surveillance of civilians, South Korea disbanded the security intelligence unit and launched a new organization, the Defense Security Support Command, in 2018.
scaaet@yna.co.kr
(END)


yna--2020-04-02--Ruling party, gov't draw up measures to support hospitals hit by coronavirus

Of the budget , some 106.1 billion won will be spent to support and set up facilities , such as @ @ @ @ @ 134 billion won will be used for medical supplies and to support staff , according @ @ @ @

SEOUL, April 2 (Yonhap) -- The ruling Democratic Party (DP) and the government have drawn up measures to support hospitals that have suffered financial difficulties while treating patients infected with the new coronavirus, officials said Thursday.
The ruling party and government officials agreed to come up with a set of support measures totaling 2.2 trillion won (US$1.8 billion) for medical institutions in a bid to ease financial and administrative difficulties over the new coronavirus.
Under the measures, hospitals handling COVID-19 patients will be paid health insurance benefits faster than usual. The government plans to help cover some of their financial losses.
As designated hospitals have to focus on the treatment of coronavirus patients, some have suffered financially due to their inability to treat outpatients and other people.
In the event that COVID-19 infections occur at medical institutions, they are required to follow quarantine measures, including temporary closure, thereby incurring financial losses.
The government has allocated 274.5 billion won to assist medical institutions through an extra budget and reserve funds.
Of the budget, some 106.1 billion won will be spent to support and set up facilities, such as virus test centers, and 134 billion won will be used for medical supplies and to support staff, according to party officials.
South Korea has reported 9,976 cases of the new coronavirus since the first case on Jan. 20.
This photo, taken on April 2, 2020, shows Uijeongbu St. Mary's Hospital, north of Seoul, where operations were suspended due to infections of the new coronavirus. (Yonhap)
sooyeon@yna.co.kr
(END)


yna--2020-04-02--2nd S. Korean chartered flight brings home 205 nationals from virus-hit Italy

The passengers from Italy will be quarantined at designated facilities if any one of them tests positive for the virus @ @ @ @ @ negative , they will be required to self-isolate at home for two weeks .

SEOUL, April 2 (Yonhap) -- About 200 South Koreans returned home from Italy on Thursday aboard a second chartered flight that the government arranged to bring its nationals from the European nation hit hard by the coronavirus pandemic.
The Korean Air plane took off from Rome then made a stopover in Milan to pick up 92 people. It landed at Incheon International Airport, west of Seoul, at about 4:30 p.m.
The government arranged the two special flights to airlift citizens stranded in Italy, a country under nationwide lockdown due to the virus spread. As of Thursday, Italy was the country with the second most coronavirus infections, tallying over 110,500 infection cases and more than 13,150 deaths.
The passengers from Italy will be quarantined at designated facilities if any one of them tests positive for the virus. If they all test negative, they will be required to self-isolate at home for two weeks.
Those from the first flight were sent to a quarantine facility in the northeastern city of PyeongChang as one of them has tested positive for COVID-19.
Seoul has so far run government-arranged flights to evacuate citizens from China's Wuhan city, the epicenter of the outbreak, a cruise ship off Japan and from Tehran.
As of Wednesday, the government has helped a total of 4,228 South Korean nationals return home from 31 countries via government-chartered flights or special flights arranged by commercial airlines, according to the foreign ministry.
The government is also in talks with India, New Zealand and a few other countries to help Korean citizens there return home, a ministry official said.
On Thursday, South Korea's infection caseload reached 9,976, with the death toll at 169. Of the confirmed cases, 601, or 6 percent came from abroad, the Korea Centers for Disease Control and Prevention (KCDC) said.
Since Wednesday, all new arrivals have been required to undergo two weeks of self-isolation under the toughened quarantine measures aimed at stemming the rise in imported cases.
South Korean nationals come out of an arrival gate in Incheon International Airport, west of Seoul, on April 1, 2020. They were brought home aboard a government chartered flight from coronavirus-hit Italy. (Yonhap)
elly@yna.co.kr
(END)


yna--2020-04-02--(LEAD) BOK offers 5.2 tln won in its 1st QE operation

`` The Bank of Korea basically supports market stabilization through open market operations or banks , but it may consider @ @ @ @ @ non-bank financial institutions for market stabilization in case conditions further worsen , '' Lee was @ @ @ @ @ meeting with senior BOK officials .

(ATTN: UPDATES with remarks from BOK chief in paras 6-8)
SEOUL, April 2 (Yonhap) -- The Bank of Korea (BOK) on Thursday provided 5.2 trillion won (US$4.2 billion) in the capital market in its first repo operation after vowing to supply an "unlimited" amount of liquidity against the new coronavirus pandemic.
The yield on the 91-day repurchase agreements was set at 0.78 percent, up 3 basis points from the base rate of 0.75 percent.
The BOK earlier said it will purchase entire amounts requested by financial companies for the next three months to help ease a liquidity crunch.
The de facto quantitative easing (QE) marks the first of its kind where the central bank will inject an "unlimited" amount of liquidity.
"It is hard to estimate how much liquidity will actually be supplied. But the plan is to supply the entire amount requested and without a limit," BOK Deputy Gov. Yoon Myun-shik said earlier.
BOK Gov. Lee Ju-yeol said the central bank may consider providing liquidity to non-bank financial institutions if necessary.
"The Bank of Korea basically supports market stabilization through open market operations or banks, but it may consider ways to provide loans to non-bank financial institutions for market stabilization in case conditions further worsen," Lee was quoted as saying in a meeting with senior BOK officials.
"Only, it may not go off the boundary set by the law or be a special treatment for any specific company," Lee added, according to the BOK.
The BOK plans to conduct repo operations every Tuesday from next week.
bdk@yna.co.kr
(END)


yna--2020-04-02--Foreigners extend stock selling streak to 21st straight session

Investor sentiment worsened as the number of the COVID-19 infections neared 1 million globally on Thursday , with New York @ @ @ @ @ 1,900 in 72 hours .

SEOUL, April 2 (Yonhap) -- Foreign investors on Thursday extended their selling binge to a 21st consecutive session amid deepening woes over the new coronavirus, data showed.
Offshore investors offloaded a net 576.5 billion won (US$467.7 million) worth of local stocks on Thursday.
Since March 5, foreigners have net sold a total of 12.7 trillion won in stocks. They sold a net 1.31 trillion won on March 9, marking the biggest sell-off on record.
An electronic signboard at Hana Bank in Seoul shows the benchmark Korea Composite Stock Price Index (KOSPI) up 2.34 percent to close at 1,724,86 points on April 2, 2020. (Yonhap)
Investor sentiment worsened as the number of the COVID-19 infections neared 1 million globally on Thursday, with New York's death toll doubling to 1,900 in 72 hours.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.34 percent to 1,724.86 points, as foreign sell-off was offset by institutions' 312.8 billion won net buying and individuals' 275.1 billion won net purchase.
jwc@yna.co.kr
(END)


Yonhap News Summary

Speaking on the telephone with President Moon Jae-in , Duque said he is `` deeply respectful '' of South Korea @ @ @ @ @ that Colombia desires to learn from it in `` the most challenging moment in its @ @ @ @ @ has sickened more than 900 people in the South American country , with at least @ @ @

The following is the second summary of major stories moved by Yonhap News Agency on Thursday.
-----------------
(LEAD) Steady stream of imported cases continues: health authorities
SEOUL -- South Korea has continued to see a steady stream of new arrivals infected with the novel coronavirus as the country stepped up quarantine measures against entrants this week, public health authorities said Thursday.
Since Wednesday, all new arrivals have been required to undergo two weeks of self-isolation, as the country struggled to deal with a rise in imported cases.
-----------------
S. Korea seeks ASEAN+3 summit on coronavirus: Cheong Wa Dae
SEOUL -- South Korea said Thursday it is pushing for a special video conference of the leaders of the ASEAN Plus Three (APT) member states over the coronavirus.
South Korea is in "close consultations" with relevant nations to arrange the event, deputy presidential spokesman Yoon Jae-kwan said at a press briefing.
-----------------
(2nd LD) Seoul city to test all int'l arrivals for virus
SEOUL -- Seoul city plans to test all international arrivals to the capital for the new coronavirus, Seoul's mayor said Thursday, as the city fights to contain the outbreak that is worsening due to imported cases.
To screen the large inflow of arrivals, the city will set up a walk-through screening center at a sports complex in eastern Seoul where the country hosted the Summer Olympics in 1988 and the 1986 Asian Games, according to Mayor Park Won-soon.
-----------------
(LEAD) S. Korea OKs aid group's plan to provide hand sanitizers to N. Korea amid coronavirus fears
SEOUL -- South Korea has approved a local nonprofit organization's plan to provide hand sanitizers to North Korea to support Pyongyang's anti-coronavirus efforts, a unification ministry official has said, in the first such move this year amid chilly inter-Korean relations.
The approval was granted Tuesday, allowing the organization to supply hand sanitizers worth around 100 million won (US$81,000), the official told reporters on condition of anonymity.
-----------------
Eastar Jet, union in talks over job cuts on virus impact
SEOUL -- Eastar Jet Co., a South Korean low-cost carrier, said Thursday it is in talks with its union over job cuts, raising worries over the possibility of industry-wide restructuring sparked by the spreading coronavirus outbreak.
Eastar Jet is in consultations with the 1,700-member strong union to return 10 out of 23 B737-800 aircraft to leasing companies and cut workforce by 40 percent through a voluntary retirement program, a company spokeswoman said over the phone.
-----------------
S. Korea applies for local mask dance's UNESCO listing
SEOUL -- South Korea has applied for the inscription of the country's traditional mask dance drama "talchum" on UNESCO's intangible cultural heritage list, the heritage agency here has said.
The Cultural Heritage Administration said the application for the inscription on the Representative List of Intangible Cultural Heritage of Humanity, filed by the United Nations Educational, Scientific and Cultural Organization (UNESCO), was submitted to the U.N. body's headquarters Wednesday.
-----------------
Two accomplices detained in Telegram sex exploitation case
SEOUL -- Two of three suspected co-conspirators of a high-profile digital sexual exploitation ring have been detained following the recent arrest of prime suspect Cho Ju-bin, police said Thursday.
Cho, a 25-year-old, has been put under arrest for allegedly blackmailing girls into sharing sexual videos, which were then posted in his pay-to-view chat room, dubbed "Baksabang," on the Telegram messenger service.
-----------------
In phone summit, Colombia asks for supply of S. Korean medical devices
SEOUL -- Colombian President Ivan Duque expressed hope Thursday for the importation of South Korean-made medical products, including respirators, in response to the coronavirus outbreak, Cheong Wa Dae said.
Speaking on the telephone with President Moon Jae-in, Duque said he is "deeply respectful" of South Korea's handling of COVID-19 and that Colombia desires to learn from it in "the most challenging moment in its history." The virus has sickened more than 900 people in the South American country, with at least 16 deaths.
-----------------
(LEAD) Korean stocks up over 2 pct, won edges up
SEOUL -- South Korean stocks spiked by more than 2 percent Thursday, helped by stimulus measures and a rise in oil prices. The local currency slightly rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) increased 39.40 points, or 2.34 percent, to close at 1,724.86. Trading volume was moderate at 752 million shares worth some 9.5 trillion won (US$7.7 billion), with gainers outnumbering losers 708 to 154.
The sharp increase came one day after the index plunged over 4 percent, dipping below the 1,700-point line again in four sessions.
(END)


yna--2020-04-02--(URGENT) BOK may consider providing funds to non-bank financial institutions if necessary: BOK chief

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


yna--2020-04-02--(LEAD) Korean stocks up over 2 pct, won edges up

`` The rate of global stock market recovery is showing signs of slowing , partly because of the accelerating spread @ @ @ @ @ additional monetary and fiscal policies , '' NH Investment & Securities analyst Noh Dong-kil said @

(ATTN: ADDS photo, bond yields at bottom)
SEOUL, April 2 (Yonhap) -- South Korean stocks spiked by more than 2 percent Thursday, helped by stimulus measures and a rise in oil prices. The local currency slightly rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) increased 39.40 points, or 2.34 percent, to close at 1,724.86. Trading volume was moderate at 752 million shares worth some 9.5 trillion won (US$7.7 billion), with gainers outnumbering losers 708 to 154.
The photo taken April 2, 2020 shows the trading room of Kookmin Bank in Seoul. The benchmark Korea Composite Stock Price Index surged 39.40 points, or 2.34 percent, to close at 1,724.86. (Yonhap)
The sharp increase came one day after the index plunged over 4 percent, dipping below the 1,700-point line again in four sessions.
The index again opened lower Thursday, tracking overnight losses on Wall Street where the Dow Jones Industrial Average crashed over 4 percent.
"The rate of global stock market recovery is showing signs of slowing, partly because of the accelerating spread of COVID-19 and lack of additional monetary and fiscal policies," NH Investment & Securities analyst Noh Dong-kil said.
"A prolonged economic slump in the U.S. is the single most important factor that could undermine South Korea's stock market recovery," Noh added.
As of Wednesday (New York time), the number of COVID-19 infection cases in the U.S. has reached over 215,000, with 5,110 deaths.
South Korea's total stood shy of 10,000 on Thursday, more than two months after its first confirmed case reported Jan. 20.
Foreign investors extended their selling streak to 21 sessions, offloading a net 576 billion won, while institutions purchased a net 315.5 billion won. Individuals bought a net 272 billion won.
Most large caps closed in positive terrain.
Market kingpin Samsung Electronics surged 2.18 percent to 46,800 won, while No. 2 chipmaker SK hynix advanced 2.04 percent to 80,000 won.
Top pharmaceutical company Samsung BioLogics climbed 2.65 percent to 464,500 won, with top automaker Hyundai Motor gaining 1.41 percent to 86,600 won.
The local currency closed at 1,228.30 won per dollar, up 2.20 won from the previous session's close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys lost 3.3 basis points to 1.059 percent, and the return on the benchmark five-year government bond shed 2.3 basis points to 1.303 percent.
bdk@yna.co.kr
(END)


yna--2020-04-02--S. Korean Bond Yields on Apr. 2, 2020

S. Korean Bond Yields on Apr. 2, 2020


yna--2020-04-03--(LEAD) Korea's FX reserves dip US$8.9 bln in March, sharpest drop in over decade

`` The drop in FX reserves is the result of market stabilization steps and the cut in the dollar value @ @ @ @ @ other currencies due to the advance of the U.S. dollar , '' it said .

(ATTN: RECASTS headline, lead paras to highlight drop in March marks the fastest decline since 2009)
SEOUL, April 3 (Yonhap) -- South Korea's foreign exchange (FX) reserves dropped by the most in over a decade in March, due mainly to the strengthening of the U.S. greenback and its intervention in the currency market, central bank data showed Friday.
The country's FX reserves came to US$400.21 billion at the end of last month, down $8.96 billion from a month earlier, according to the Bank of Korea (BOK).
It marks the fastest on-month drop in South Korea's foreign reserves since November 2008.
Still, the drop was largely attributed to the advance of the U.S. dollar that led to a cut in the U.S. dollar value of other foreign currency-denominated assets.
The BOK also said part of its foreign currency holdings may have been used to help stabilize the local market.
"The drop in FX reserves is the result of market stabilization steps and the cut in the dollar value of foreign assets held in other currencies due to the advance of the U.S. dollar," it said.
The South Korean won also greatly fluctuated against the dollar, apparently forcing the BOK to conduct market stabilization operations using its own FX holdings.
The BOK has signed a $60 billion bilateral currency swap arrangement with the U.S. Federal Reserve. It delivered $8.7 billion to local lenders this week, using its currency swap line with the United States.
In March, South Korea's FX reserves in foreign securities came to $357.6 billion, down $13.62 billion from a month before.
Its foreign savings gained $4.62 billion to $31.72 billion over the cited period, while its special drawing rights gained $40 million to $3.32 billion.
Foreign exchange reserves include the International Monetary Fund reserve position and gold bullion, which remained nearly unchanged from the previous month at $2.78 billion and $4.79 billion, respectively, as of end-March.
South Korea's FX reserves are the world's ninth largest.
bdk@yna.co.kr
(END)


yna--2020-04-03--500 North Koreans remain under coronavirus quarantine: state media

Last week , the official Korean Central News Agency said those subject to `` medical monitoring '' have been released @ @ @ @ @ as they have no symptoms following the isolation period and about 2,280 people across the @ @ @ @ @ quarantine .

By Koh Byung-joon
SEOUL, April 3 (Yonhap) -- Around 500 people remain under coronavirus quarantine across North Korea, state media reported Friday, a sharp drop from some 2,280 people a week earlier as the communist nation keeps lifting the quarantine for people with no symptoms during the isolation period.
North Korea has insisted it has no confirmed COVID-19 infections but has taken various anti-virus measures, including shutting down its border and putting thousands of people in isolation. The regime has said that preventing the virus is a "political task" that determines the country's fate.
Last week, the official Korean Central News Agency said those subject to "medical monitoring" have been released from quarantine one after another as they have no symptoms following the isolation period and about 2,280 people across the country remain under the monitoring quarantine.
But on Friday, the KCNA said the number fell to some 500.
"Quarantine measures have been lifted strictly under the leadership of the state emergency disease control committee," the KCNA said. "Currently, around 500 remain under quarantine nationwide."
The KCNA added that the North has recently convened a meeting to review nationwide anti-virus efforts and vowed to keep its current state emergency system in place until the viral disease is globally eradicated.
"During the meeting, it was emphasized that the state emergency disease control system should be maintained until the viral disease completely goes away globally and that preventive work should be intensified with conformity of action from all society and all citizens," the KCNA said.
Despite the repeated claims of no confirmed cases, speculation persists that the North might be hushing up an outbreak and be in dire need for outside help to stem its spread.
North Korea has called for "complete obedience" of anti-virus state guidance amid apparent concerns that its citizens may let their guard down as the coronavirus situation prolongs.
This is one of several photos that the Korean Central News Agency released on March 4, 2020, to show North Korea's ongoing efforts to prevent the spread of the new coronavirus. (For Use Only in the Republic of Korea. No Redistribution) (Yonhap)
kokobj@yna.co.kr
(END)


yna--2020-04-03--(LEAD) S. Korea-U.S. defense cost talks continue, never ended: senior official

`` What we need to remember is that where we 're at is while there was focus on early April @ @ @ @ @ , '' he continued .
`` The intent is to ensure that the alliance is @ @ @ @ @ in a mutual beneficial space for each other , and that the agreement , when @ @ @ @ @ one that is equitable . ''

(ATTN: UPDATES with other State Department official's comment in last 2 paras)
By Lee Haye-ah
WASHINGTON, April 2 (Yonhap) -- Defense-cost sharing negotiations between South Korea and the United States are ongoing to ensure an equitable and mutually beneficial deal for both sides, a senior U.S. official said Thursday.
South Korean news reports suggested earlier that the two countries have tentatively reached an agreement on the sharing of costs for the stationing of 28,500 American troops in the Asian ally and could announce it as early as April 1.
R. Clarke Cooper, assistant secretary of state for political-military affairs, said the negotiations never stopped and are being conducted virtually.
"We would prefer face to face. I know our colleagues in Seoul would prefer face to face. But I can affirm that the talks have continued. They've never ended," he said during a virtual press briefing.
"What we need to remember is that where we're at is while there was focus on early April, the talks are conditions-based," he continued. "The intent is to ensure that the alliance is solidified, that we are in a mutual beneficial space for each other, and that the agreement, when it's done, is one that is equitable."
Seoul and Washington have conducted seven rounds of face-to-face negotiations since September in an effort to renew the Special Measures Agreement, which expired at the end of last year.
On Wednesday, U.S. Forces Korea placed thousands of South Korean workers on unpaid leave, citing the absence of a new agreement to cover their salaries.
Washington has reportedly backed down from its initial demands for a near fivefold increase in Seoul's financial contributions to US$5 billion from last year's $870 million. But the two sides have remained at odds over the details.
"What I can tell you right now is that we are still in communication with each other -- my colleagues in my bureau and then of course at the ministerial level and higher," Cooper said. "But the important thing is the talks are continuing, looking for mutual benefit and for an equitable agreement for both parties."
In an email, another State Department official reaffirmed President Donald Trump's position.
"The President has been clear in the expectation that our allies around the world, including South Korea, can and should contribute more," he said on condition of anonymity.
"We will continue to discuss with our Korean partners a mutually beneficial and equitable agreement that will strengthen the alliance and our combined defense far into the future."
hague@yna.co.kr
(END)


yna--2020-04-03--(EDITORIAL from Korea JoongAng Daily on April 3)

Given the enormous demand for such loans , some level of inconvenience is unavoidable .
However , the problem is @ @ @ @ @ of procedures for getting the loans based on credit histories .
The government advised applicants @ @ @ @ @ of seven as in the past to streamline the application process .
But the remaining @ @ @ @ @ through Semas ' administrative network .
That backfired because it ended up decreasing the number @ @ @

Tied up in red tape
Did we learn nothing from face masks? Applicants for 10 million won ($8,000) loans offered by the government are waiting in long lines to get money they need urgently. Small merchants and mom-and-pop store owners across the country are complaining about the long, confused queues in front of the Small Enterprise and Market Service (Semas) and commercial banks each day. "It is more difficult than winning the lottery," fumed a self-employed person who could not get the loan from Semas on Thursday morning.
The Moon Jae-in administration began offering emergency loans at the annual interest rate of 1.5 percent after hurriedly appropriating a 2.7 trillion won budget last month to prevent people from going bankrupt amid the Covid-19 crisis. Alarmed by the long lines of applicants every morning, the government asked applicants to visit Semas on alternate days based on their resident registration numbers and extended the emergency loan services to commercial banks from Wednesday. That only deepened confusion. Due to an avalanche of applications for the loans, including online, staffers at Semas and banks were overwhelmed.
Given the enormous demand for such loans, some level of inconvenience is unavoidable. However, the problem is exacerbated by a complex set of procedures for getting the loans based on credit histories. The government advised applicants to prepare three documents instead of seven as in the past to streamline the application process. But the remaining information had to be checked through Semas' administrative network. That backfired because it ended up decreasing the number of applicants.
A majority of small merchants and the self-employed have to go to Semas to get the loan because they have poor credit ratings. However, based on the belief that half of them have better credit ratings, the government recommended they go to commercial banks. As a result, some sort of a ping-pong game took place between Semas and the banks over who should deal with them.
Those applicants need loans to stay afloat. The Korea Economic Research Institute said that 63.4 percent of merchants are worrying about their survival if the current situation continues for six months. Their average sales plunged 42.8 percent in February and March compared to the same period in 2019.
To help them survive, the government must provide the loan fast. When the country is in a crisis, red tape must be eliminated.
(END)


yna--2020-04-03--(EDITORIAL from Korea Times on April 3)

(EDITORIAL from Korea Times on April 3)

The Donald Trump administration 's `` extortionate '' demand for a near fivefold increase to $ 5 billion per year @ @ @ @ @ the negotiations was shocking enough to draw a huge backlash from the South Korean people @ @ @ @ @ the USFK went ahead with a plan to place thousands of Korean workers on unpaid @ @ @ @ @ of time , citing the lapse of the previous Special Measures Agreement , which governs @ @ @ @ @ the employees have worked for the USFK for many years and South Korea had demanded @ @ @ @ @ protect the workers facing furloughs , the U.S. measure was unilateral , irresponsible ― and @ @ @ @ @ natural to feel the U.S. had taken the Korean workers hostage to pressure Seoul to @ @ @

End of bizarre deal
Defense cost talks leave deep scars in alliance
South Korea and the United States have finally reached an agreement on how much Seoul should pay this year for the upkeep of the 28,500-strong U.S. Forces Korea (USFK).
In the first place, it is nice to see an end to the bizarre negotiations. Although there has not been an announcement yet on the details of the agreement, it is undeniable that the deal, whatever the outcome, has left deep scars in the decades-old alliance. The talks are over, but doubts will remain among many South Koreans about the true meaning of the alliance.
The Donald Trump administration's "extortionate" demand for a near fivefold increase to $5 billion per year in the initial stages of the negotiations was shocking enough to draw a huge backlash from the South Korean people. And on Wednesday, the USFK went ahead with a plan to place thousands of Korean workers on unpaid leave for an indefinite period of time, citing the lapse of the previous Special Measures Agreement, which governs the cost-sharing issue. Given the employees have worked for the USFK for many years and South Korea had demanded separate negotiations on how to protect the workers facing furloughs, the U.S. measure was unilateral, irresponsible ― and cruel. It is quite natural to feel the U.S. had taken the Korean workers hostage to pressure Seoul to pay more.
For its part, it is important for the South Korean government to prevent the U.S. from using the Korean workers at U.S. bases as a "bargaining tool" in future negotiations. In a notice to the furloughed workers, USFK Commander Gen. Robert Abrams called them "vital to our mission and the Korea-U.S. alliance," saying he will do his best to address the "heartbreaking" situation. But in fact, during the latest and seventh round of talks last month, South Korea proposed concluding a separate agreement to first address the wage issue, but the U.S. rejected the idea over concerns about any further delay of a comprehensive cost-sharing deal.
It was right for the South Korean defense ministry to voice regret over the forced furloughs, vowing to come up with support measures for the affected workers, such as extending emergency loans, and pushing for a special law aimed at improving their job security.
Given the manner the Trump administration has handled the defense cost issue involving South Korea, we cannot help but partly sympathize with North Korean propaganda website Ryomyong's claim, Wednesday, that the furloughs of Korean USFK employees was a result of Seoul's "submissive" posture toward Washington. There is no denying that many South Koreans feel this way. Even U.S. House Foreign Affairs Committee, Eliot Engel, accused President Trump in an online statement over the furloughs, saying he is "extorting" allies at a time when closer collaboration is needed in combating the spread of the new coronavirus.
(END)