yna--2020-03-18--N. Korea's trade with Russia jumps 40 pct despite sanctions: data

According to the data disclosed by the International Trade Centre , bilateral trade between North Korea and Russia came to @ @ @ @ @ year , up 40.6 percent from a year earlier .

SEOUL, March 18 (Yonhap) -- North Korea's trade with Russia jumped about 40 percent on-year in 2019 despite global sanctions imposed on Pyongyang, data showed Wednesday.
According to the data disclosed by the International Trade Centre, bilateral trade between North Korea and Russia came to US$47.9 million last year, up 40.6 percent from a year earlier.
North Korea imported $44.9 million worth of products from Russia last year, with its exports to the neighboring country reaching $3 million, the data showed.
Petroleum products accounted for the largest portion of North Korea's imports with $27.2 million. Musical instruments were North Korea's largest export to Russia, reaching $1.6 million.
The increase came despite global sanctions restricting Pyongyang from seeking major economic cooperation and importing materials that could be used for military purposes.
kokobj@yna.co.kr
(END)


yna--2020-03-18--Ruling party urges gov't to take more bold action to fight coronavirus

`` The current economic situation appears to be more serious than the combined damage from the 1997-98 Asian financial crisis @ @ @ @ @ crisis and the MERS outbreak in 2015 , '' DP floor leader Lee In-young said @ @ @ @ @ party , government and presidential officials .

SEOUL, March 18 (Yonhap) -- The ruling Democratic Party (DP) called on the government Wednesday to consider drawing up another extra budget and come up with bold market-stabilizing and economic measures to fight the new coronavirus.
The National Assembly passed an 11.7 trillion won (US$9.44 billion) supplementary budget bill Tuesday to help contain the spread of COVID-19 and minimize the economic fallout of the outbreak.
But the ruling party urged additional and unprecedented steps to tackle the potentially devastating impact on the economy.
"The current economic situation appears to be more serious than the combined damage from the 1997-98 Asian financial crisis, the 2008 global financial crisis and the MERS outbreak in 2015," DP floor leader Lee In-young said during a trilateral meeting between party, government and presidential officials.
"We need to explore new and bold measures as the situation is an unprecedented crisis," Lee said, urging financial authorities to mull further market-stabilizing steps including currency swap deals with global central banks.
Lee Nak-yon, chief of the DP's committee on COVID-19 response, also publicly called on the government to consider a second supplementary budget related to the outbreak.
"We need to brace for the possibility that the outbreak will weigh on economic activity and social life for a long time and people's agony will deepen," he said.
Eun Sung-soo, chief of the Financial Services Commission, said the government will swiftly respond to any market volatility if needed, as it is drawing up contingency plans to stabilize the financial markets.
At the meeting, the participants gave a positive evaluation of some local governments' provision of cash to residents to help ease their economic hardships.
Officials from the ruling Democratic Party, the government and the presidential office hold a consultative meeting on the new coronavirus at the National Assembly on March 18, 2020. (Yonhap)
sooyeon@yna.co.kr
(END)


Wednesday's weather forecast

SEOUL , March 18 ( Yonhap ) -- The following is the weather forecast for South Korea 's 12 major @ @ @ @ @ .

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


yna--2020-03-18--Virus threatens to hit state airport, rail, highway operators

The spread of the respiratory disease , whose first confirmed case in South Korea was reported on Jan. 20 , @ @ @ @ @ to and from South Korea , cut the number of train passengers in half and @ @ @ @ @ vehicle traffic on highways .

SEOUL, March 18 (Yonhap) -- The coronavirus outbreak threatens to batter South Korea's state airport, railway and highway operators due to tumbling demand for travel, data showed Wednesday.
The spread of the respiratory disease, whose first confirmed case in South Korea was reported on Jan. 20, has halted almost all flights to and from South Korea, cut the number of train passengers in half and made a big dent in vehicle traffic on highways.
According to the data that Rep. An Ho-young of the ruling Democratic Party received from five state firms, Incheon International Airport Corp. (IIAC) is expected to see its annual revenue drop by nearly 566 billion won (US$456 million) in the wake of the coronavirus outbreak.
This undated file photo shows planes parked at Incheon International Airport, west of Seoul. (Yonhap)
The corporation had originally estimated the number of international passengers using the airport at 72.54 million for this year, but the COVID-19 outbreak has forced it to slash the figure by 58 percent to 30.82 million.
IIAC, the operator of South Korea's main gateway Incheon International Airport, is forecast to switch to a loss starting in March should the coronavirus crisis continue.
The corporation estimated its full-year bottom line to decline by some 118 billion won even if the virus outbreak comes to an end in April.
Seven airports in South Korea, excluding Incheon International Airport, provided more than 2,400 weekly flights on 106 routes to and from 13 countries before the outbreak, but the number has plunged to 74.
The situation is also bad for Korea Railroad Corp. (KORAIL), which operates South Korea's railway and bullet trains, called KTX, across the country.
This undated file photo shows a quarantine worker spraying disinfectant at a highway rest stop. (Yonhap)
The number of train passengers is projected to sink 55.6 percent on-year to 57.14 million in March should the country maintain its virus alert at the highest level.
SR Co., which operates the Super Rapid Train (SRT), forecast passenger demand to drop by up to 5.7 million depending on the duration of the coronavirus outbreak, with its revenue falling by up to 155 billion won.
The Korea Expressway Corp. (KEC), which manages South Korea's highways across the nation, has also been hit hard by the outbreak of the novel coronavirus.
The corporation's toll revenue amounted to 423 billion won between Jan. 20 and March 6, down 10.6 percent from the same period a year earlier.
Over the cited period, sales at rest stops nationwide tumbled approximately 27 percent to 148.3 billion won, according to the data.
So far, the new coronavirus has claimed 81 lives and infected more than 8,300 South Koreans, with some 1,400 patients recovering fully.
(END)


yna--2020-03-18--S. Korea, U.S. resume defense cost-sharing negotiations

Since last September , the two countries have held six rounds of SMA talks , including the last in Washington @ @ @ @ @ failed to bridge differences over how much Seoul should shoulder this year and beyond and @ @ @ @ @ the SMA .

By Song Sang-ho
SEOUL, March 18 (Yonhap) -- South Korea and the United States have opened a new round of defense cost-sharing talks in Los Angeles, the foreign ministry said Wednesday, as Korean workers in the U.S. Forces Korea (USFK) face unpaid leave absent a deal to bankroll their wages.
Seoul's top negotiator Jeong Eun-bo and his U.S. counterpart, James DeHart, began the two-day negotiation session on Tuesday, following a two-month hiatus that underscored the deadlock over how much Seoul should pay for stationing the 28,500-strong USFK.
The seventh round of the talks for the cost-sharing deal, called the Special Measures Agreement (SMA), came as some 9,000 Korean employees in the USFK have faced furloughs that would begin on April 1 unless a new deal is struck.
Last year's SMA, which called for Seoul to pay around US$870 million to cover part of the Korean workers' wages and offer other forms of support for American troops here, expired in December.
The Korean workers at U.S. military installations across Korea have been carrying out administrative, health, transportation, communication and cleaning services -- integral parts of the USFK's day-to-day operations.
Apparently mindful of the repercussions of their furloughs, USFK Commander Gen. Robert Abrams has said that the U.S. will continue to explore funding alternatives up to and even during the required furlough.
In this week's talks, the two sides were expected to thrash out Seoul's proposal to first address the Korean staff's wage issues under a separate arrangement using the budget that Seoul has already earmarked for its financial contributions to the USFK this year.
If that arrangement is struck, Seoul hopes to incorporate it into this year's new SMA upon the negotiations' conclusion. Both the wage arrangement and the SMA are subject to parliamentary ratification.
Since last September, the two countries have held six rounds of SMA talks, including the last in Washington in January. But they failed to bridge differences over how much Seoul should shoulder this year and beyond and what should be covered by the SMA.
The U.S. has revised downward its initial demand for a fivefold increase of Seoul's financial contribution to the USFK to some $5 billion. But it is known to currently call for about $4 billion, with Seoul insisting on an increase of about 10 percent.
Jeong Eun-bo (R), South Korea's chief negotiator in defense cost-sharing talks with the United States, shakes hands with his U.S. counterpart, James DeHart, at their talks in Washington on Jan. 14, 2020, in this photo provided by the foreign ministry. (PHOTO NOT FOR SALE) (Yonhap)
sshluck@yna.co.kr
(END)


KOSDAQ 520.79 UP 6.06 points (open)


KOSPI 1,686.12 UP 13.68 points (open)


yna--2020-03-18--Dollar opens at 1,243.0 won DN from 1,243.5 won


yna--2020-03-18--N.K. leader attends ground-breaking ceremony for Pyongyang hospital amid coronavirus fears

`` Our party set it as a political matter of maintaining and glorifying the image of the Korean-style socialism and @ @ @ @ @ which top-priority state efforts should be directed under whatever conditions and environments to prop up @ @ @ @ @ , '' he was quoted as saying during the event .

By Koh Byung-joon
SEOUL, March 18 (Yonhap) -- North Korean leader Kim Jong-un has attended a ceremony to break ground on a general hospital in Pyongyang, calling it a "crucial task" to prop up the country's public health, state media reported Wednesday.
The ceremony to begin the construction of Pyongyang General Hospital marked Kim's first reported public activity in the capital city in about three weeks. Recent state media reports suggested that Kim had been away from Pyongyang to observe military drills along the east coast, including the latest one March 9.
Speculation swirled that his unusually long absence from Pyongyang might have to do with coronavirus fears.
"Our party set it as a political matter of maintaining and glorifying the image of the Korean-style socialism and as a crucial task to which top-priority state efforts should be directed under whatever conditions and environments to prop up the field of public health," he was quoted as saying during the event.
Kim ordered the hospital construction to be completed by the 75th founding anniversary of the Workers' Party of Korea (WPK) on Oct. 10 and "pressed the button of the blasting machine" to start its construction, the KCNA said.
North Korean leader Kim Jong-un speaks during a groundbreaking ceremony in Pyongyang on March 17, 2020, for the construction of a modern general hospital, in this photo released by the North's official Korean Central News Agency the next day. The planned construction of Pyongyang General Hospital is in time for the 75th founding anniversary this year of the ruling Workers' Party. (For Use Only in the Republic of Korea. No Redistribution) (Yonhap)
It is rare for the North Korean leader to make an address at such events. It is unclear whether the construction could be completed as scheduled given that just seven months are left before the target date.
Kim did not mention the new coronavirus, nor did the KCNA. But his emphasis on public health came as Pyongyang is making all-out efforts to prevent the COVID-19 outbreaks on its soil by blocking its border and toughening quarantine criteria.
Pyongyang has yet reported any confirmed coronavirus infection, though its media has reported that there are thousands of people under medical supervision for potential infection.
The ground-breaking event was also attended by top government and party officials, including Premier Kim Jae-ryong, Pak Pong-ju, vice chairman of the State Affairs Commission, and Pak Tae-song, vice chairman of the WPK Central Committee.
Photos released by the KCNA showed a group of workers joined the ground-breaking event with most of them wearing masks. Kim and other senior officials were seen not wearing masks.
North Korean leader Kim Jong-un (C) attends a groundbreaking ceremony in Pyongyang on March 17, 2020, for the construction of a modern general hospital, in this photo released by the North's official Korean Central News Agency the next day. The planned construction of Pyongyang General Hospital is in time for the 75th founding anniversary this year of the ruling Workers' Party. (For Use Only in the Republic of Korea. No Redistribution) (Yonhap)
kokobj@yna.co.kr
(END)


yna--2020-03-18--S. Korea raises cap on bank's currency forward positions

The cap for local banks will be revised up to 50 percent from the previous 40 percent , with that @ @ @ @ @ the country to be set at 250 percent , up from the previous 200 percent @ @ @ @ @ of Economy and Finance .

SEOUL, March 18 (Yonhap) -- South Korea said Wednesday it will raise the cap on bank's currency forward positions to inject more dollars into the currency market, the latest follow-up to the market stabilization measures.
The cap for local banks will be revised up to 50 percent from the previous 40 percent, with that for foreign banks operating in the country to be set at 250 percent, up from the previous 200 percent, according to the Ministry of Economy and Finance.
The measure will take effect Thursday, the ministry said.
In 2010, the financial authorities introduced the cap, requiring banks to maintain their currency forward positions.
In the previous session, the South Korean won closed at 1,243.5 won, the lowest in a decade, amid a growing market rout sparked by the spread of the new coronavirus.
"The measures will help stabilize the currency swap market by inducing more foreign funds," Finance Minister Hong Nam-ki said in a meeting with other economy-related ministers.
colin@yna.co.kr
(END)


yna--2020-03-18--N. Korea remains world's least economically free nation: U.S. think tank

`` The economy of North Korea is severely repressed and has been the lowest-ranked in the world since the inception @ @ @ @ @ , '' the think tank wrote in a report , adding that gross domestic product @ @ @ @ @ been negative in 2018 and `` very weak '' in the preceding four years .

By Lee Haye-ah
WASHINGTON, March 17 (Yonhap) -- North Korea remains the world's least economically free nation, with 4.2 points on a scale of 100, according to an index published by a U.S. think tank Tuesday.
North Korea's overall score dropped by 1.7 points due to decreases in its scores for property rights and government integrity, according to the Heritage Foundation's annual Index of Economic Freedom.
The communist regime ranked lowest among the 180 nations surveyed in the second half of 2018 through the first half of 2019.
Singapore ranked the highest, with 89.4 points, while South Korea came 25th, with 74 points.
This photo, released by the Korean Central News Agency on March 17, 2020, shows Pak Pong-ju (C), vice chairman of North Korea's State Affairs Commission, inspecting the Nampho Medical Appliances Factory in Pyongyang. (For Use Only in the Republic of Korea. No Redistribution) (Yonhap)
"The economy of North Korea is severely repressed and has been the lowest-ranked in the world since the inception of the Index in 1995," the think tank wrote in a report, adding that gross domestic product growth was estimated to have been negative in 2018 and "very weak" in the preceding four years.
"Beset by chronic structural problems in one of the world's most centrally commanded and least open economies, North Korea's despotic military regime has tolerated modest development of markets and limited private entrepreneurship in order to boost government revenue," it continued.
"In a country that lacks even the most basic policy infrastructure of a free-market economy, economic freedom is nearly impossible," said the report.
North Korea scored zero on all but five of the 12 criteria for economic freedom. Those five are property rights (20.1), judicial effectiveness (5.0), government integrity (15.1), business freedom (5.0) and labor freedom (5.0). There was "zero" trade freedom, investment freedom or financial freedom, among other things.
South Korea's overall score increased by 1.7 points due to higher scores on property rights, judicial effectiveness, government integrity and monetary freedom.
Among 42 countries in the Asia-Pacific region, the country ranked seventh, after Singapore, Hong Kong, New Zealand, Australia, Taiwan and Malaysia. It was followed by Japan in eighth place.
"The potential benefits of South Korea's relatively high degree of market openness are undercut by less impressive performance in judicial effectiveness, government integrity, and the management of public spending," the report said. "South Korea's economy, rated moderately free through most of the history of the Index, has advanced to mostly free in the past eight years."
It added: "A dynamic private sector with a well-educated labor force and high capacity for innovation has capitalized on openness to global trade and investment. A sound legal framework is in place, but lingering corruption continues to undermine equity and trust in government."
hague@yna.co.kr
(END)


yna--2020-03-18--(EDITORIAL from Korea JoongAng Daily on March 18)

How much the rate cut will aid sentiment remains unclear , as domestic demand has not been able to pick @ @ @ @ @ interest rates .
Pessimism has spread as borders are sealed for quarantine and global supply @ @ @ @ @ epidemic .
Skeptics expect an impact worse than the aftermath of the financial crisis of @ @ @ @ @ Sell Korea '' underscores our economy 's vulnerability to global downturns as it relies heavily @ @ @

Emergency actions must follow
On Monday, the Bank of Korea (BOK) pushed the base rate to the untested level of zero territory -- 0.75 percent -- through a 50 basis-point cut in its first extraordinary move since the Wall Street meltdown in October 2008.
The cut was hastened by the U.S. Federal Reserve's surprise cut of 1 percentage point in its target range on Sunday. Despite the stunning rate cut accompanied by quantitative easing from the U.S. central bank, panicky sell-offs persisted in the Korean market to push shares and currency lower on Monday. The BOK inevitably had to step in.
How much the rate cut will aid sentiment remains unclear, as domestic demand has not been able to pick up despite years of low interest rates. Pessimism has spread as borders are sealed for quarantine and global supply chains have broken from the epidemic. Skeptics expect an impact worse than the aftermath of the financial crisis of 2008-2009. The persistent "Sell Korea" underscores our economy's vulnerability to global downturns as it relies heavily on exports.
The sense of urgency, however, cannot be felt in the Blue House or the government. In an interview, Kim Sang-jo, the president's policy chief, claimed that quarantines can be the best economic policy. Kim Yong-beom, vice minister for strategy and finance, claimed that our economic fundamentals and financial system remain solid.
Such upbeat tones cannot hide the looming perfect storm. Moreover, unlike in the aftermath of the 2008-2009 financial crisis, there is little policy ammunition left. The interest rates were relatively high then, allowing the central bank to shave the base rate by 75 basis points, followed up by five more cuts. Currency swaps with developed economies like the United States and Japan also provided protection.
But the defense front is no longer that strong. Foreign exchange reserves are sufficient now, but cannot be guaranteed. Foreigners have sold off nearly $10 billion in Korean shares since the virus broke out late January in Korea. The crisis could go out of control if foreign exchange turns wobbly while the government relies on deficit-financed fiscal stimuli amid low interest rates and waning export competitiveness.
Deputy Prime Minister for the Economy, Hong Nam-ki, failed to demonstrate a strong command of economic affairs, wrangling with the ruling party head over a supplementary budget and dropping into a mask factory for a photo opportunity. The economic leadership must extend currency swaps as well as other emergency actions.
(END)


yna--2020-03-18--(EDITORIAL from Korea Times on March 18)

The BOK may have to keep its key rate low for a considerable period of time to revive spending and @ @ @ @ @ an inevitable choice to stimulate the economy in times of crisis .
However , the @ @ @ @ @ an asset bubble here considerably ; it is like planting the seed of a new @ @ @ @ @ a lot more damaging to ordinary people , if it materializes .
The administration should @ @ @ @ @ and carry out measures from a long-term perspective .

Stay calm, but be bold
: Rate cut heralds unprecedented economic trouble
South Korea, like other countries, faces an uphill economic battle as the rapid spread of the novel coronavirus is dampening trade and consumer spending worldwide. The COVID-19 panic is jolting financial markets around the world.
For its part, it is time for Korea Inc. to consider all possibilities as the world economy may have entered a long, dark tunnel. There should be timely and effective measures to ride out this economic turmoil as the country has done well in dealing with the COVID-19 outbreak.
The Bank of Korea's (BOK) surprise rate cut, Monday, signified that growing downside risks are weighing on the country's economy and financial markets. The central bank slashed its key rate by half a percentage point to an all-time low of 0.75 percent, joining its global peers in their efforts to help minimize the fallout from the spread of COVID-19 and stabilize the financial market. This came hours after the Fed cut its own rate by a whopping 100 basis points to a target range of 0 to 0.25 percent.
We understand the BOK's rate cut reflected the perceptions that the rapid spread of the virus worldwide, especially in Europe and the United States, may pose an unprecedented challenge to the export-oriented Korean economy. Fortunately, the rest of the world also shares this sense of urgency. Korea should strengthen policy consultation with global institutions and other countries to overcome the crisis early.
The BOK may have to keep its key rate low for a considerable period of time to revive spending and support enterprises. This is an inevitable choice to stimulate the economy in times of crisis. However, the low rates will unavoidably inflate an asset bubble here considerably; it is like planting the seed of a new potential crisis which would be a lot more damaging to ordinary people, if it materializes. The administration should be fully prepared for this and carry out measures from a long-term perspective.
The rate reduction was a kind of shock therapy, but its effects will be limited as we see how U.S. stock markets have responded to the Fed's massive rate cut. It has rather worsened financial market jitters. A rash and radical move can give the wrong signal to market participants, so a cool-headed approach is needed more than ever for Korean policymakers in riding out this chaos.
President Moon Jae-in was right when he emphasized that timing is everything in carrying out economic measures in times of crisis during a Cabinet meeting, Tuesday. He said he will establish an Emergency Economic Council to make decisions and implement measures as swiftly as possible, describing the present state as an "unprecedented economic situation."
As always, a crisis provides a window of opportunity. The government should work with a sense of crisis, but it doesn't need to be pessimistic. Move boldly, but stay calm.
(END)


yna--2020-03-18--(EDITORIAL from Korea Herald on March 18)

In a meeting with economic policymakers Friday , he urged them to work out `` unprecedented measures '' to cope @ @ @ @ @ minimize its negative impact on the economy .
While presiding over a meeting with local @ @ @ @ @ suggested the possibility of drawing up another extra budget and taking additional steps to overcome @ @ @ @

Basic income
: Support tailored for vulnerable people more effective in overcoming virus-caused hardship
A debate is heating up here over whether to provide basic income to people struggling to go through difficulties stemming from the spread of the novel coronavirus.
Basic income refers to money evenly distributed to individuals to support their livelihoods, regardless of their wealth level or job status.
The debate was ignited last month by Lee Jae-woong, an innovative entrepreneur, who proposed providing 500,000 won (US$403) in universal income to people suffering hardships due to the coronavirus outbreak, via an online petition site run by the presidential office.
On the heels of his proposal, some local government heads affiliated with the liberal ruling Democratic Party of Korea have called for the introduction of what they describe as an anti-disaster basic income.
South Gyeongsang Province Gov. Kim Kyoung-soo proposed providing 1 million won of cash to each of 51 million Koreans in a drastic measure to help bolster household livelihoods and domestic demand.
Lee Jae-myung, governor of Gyeonggi Province, suggested the same amount of basic income be offered in the form of regional currency that should be spent within a certain period of time.
Seoul Mayor Park Won-soon proposed doling out gift certificates worth 600,000 won to households in the low- and middle-income brackets.
The government initially showed a negative response to the idea.
During a parliamentary session last week, Finance Minister Hong Nam-ki said it was difficult to easily agree to the basic income proposal, as there would be many problems with implementing it despite some merits.
Hong and other government officials earlier said the 11.7 trillion-won extra budget bill submitted to the National Assembly contained expenditure items that might fit the concept of basic income, though in a limited way. The additional spending plan calls for providing 2.6 trillion won in cash and consumption certificates to some 5.8 million people in the low-income bracket.
But such a negative stance is likely to be withdrawn, as President Moon Jae-in recently made remarks that could be interpreted as leaving open the possibility of introducing an anti-virus basic income.
In a meeting with economic policymakers Friday, he urged them to work out "unprecedented measures" to cope with the spreading coronavirus and minimize its negative impact on the economy. While presiding over a meeting with local government heads Monday, he suggested the possibility of drawing up another extra budget and taking additional steps to overcome the coronavirus crisis.
The indiscriminate cash payout can be a quick way of providing support for people left in vulnerable situations.
But it can be a less effective means to bolster a faltering economy hit by the virus spread amid simultaneous slumps in domestic consumption and exports. Moreover, there is no credible way to raise funds for distributing the proposed versions of basic income.
A recent study by a local research institute showed cash transfers to households would be less effective in helping increase gross domestic product than direct spending by government agencies or financial support for corporations.
People with low propensity to consume are likely to save most of the cash given to them. They might even reduce consumption spending in preparation for a possible tax increase in the future.
Despite the need to expand spending to cope with the emergency situation, caution should be taken against the rapid deterioration of fiscal soundness.
The Finance Ministry plans to issue 10 trillion won in state bonds to help finance the proposed supplementary budget, the fourth of its kind since Moon took office in 2017. As a result, the national debt is estimated to rise to a record 815.5 trillion won this year, accounting for 41.2 percent of GDP.
The national debt-to-GDP ratio is projected to exceed 45 percent if a per capita basic income of 1 million won is distributed as proposed by South Gyeongsang Province Gov. Kim.
He has suggested covering the cost of basic income payments by collecting more in taxes from high-income people and forcing large companies to chip in from their cash reserves. But these measures could be too oppressive, prompting resistance from taxpayers and further damping down corporate investments.
A survey of 1,005 adult Koreans, conducted last week, showed nearly 60 percent of respondents objecting to the idea of providing all people with 1 million won in disaster-related basic income.
It would be more realistic and efficient to focus on offering a range of specific support measures tailored for more vulnerable people, including small business owners, nonregular and daily workers.
The government also needs to push for an across-the-board cut in taxes at least on a temporary basis, which would bring the same effect of putting more cash into consumers' pockets and help ease mounting difficulties faced by companies.
(END)


yna--2020-03-18--Top headlines in major S. Korean newspapers

Korean-language dailies -- Parliament passes 11.7 tln-won extra budget bill to fight coronavirus ( Kyunghyang Shinmun ) -- Moon to @ @ @ @ @ anti-virus efforts ( Kookmin Daily ) -- New school year pushed back by another two @ @ @ @ @ Donga llbo ) -- S. Korea again pushes back new school year on virus fears @ @ @ @ @ New school year to begin April 6 ( Segye Times ) -- Coronavirus batters real @ @ @ @ @ Chosun Ilbo ) -- Nat ' l Assembly passes 11.7 tln-won extra budget bill for @ @ @ @ @ ) -- Moon revives 'emergency economy meeting ' to step up fight against coronavirus ( @ @ @ @ @ until April due to virus fears ( Hankook Ilbo ) -- School openings pushed back @ @ @ @ @ 6 ( Maeil Business Newspaper ) -- 'Virus fear ' roller-coaster global markets wipe out @ @ @ @ @ stocks ( Korea Economic Daily )

SEOUL, March 18 (Yonhap) -- The following are the top headlines in major South Korean newspapers on March 18.
Korean-language dailies
-- Parliament passes 11.7 tln-won extra budget bill to fight coronavirus (Kyunghyang Shinmun)
-- Moon to spearhead emergency economic meeting on anti-virus efforts (Kookmin Daily)
-- New school year pushed back by another two weeks over virus fears (Donga llbo)
-- S. Korea again pushes back new school year on virus fears (Seoul Shinmun)
-- New school year to begin April 6 (Segye Times)
-- Coronavirus batters real economy around the world (Chosun Ilbo)
-- Nat'l Assembly passes 11.7 tln-won extra budget bill for anti-virus response (JoongAng Ilbo)
-- Moon revives 'emergency economy meeting' to step up fight against coronavirus (Hankyoreh)
-- Schools delayed until April due to virus fears (Hankook Ilbo)
-- School openings pushed back again, to start April 6 (Maeil Business Newspaper)
-- 'Virus fear' roller-coaster global markets wipe out US$20 tln in stocks (Korea Economic Daily)
English-language dailies
-- School openings put off again to April 6 (Korea JoongAng Daily)
-- Start of school put back again (Korea Herald)
-- Virus sends individuals, firms into bankruptcy (Korea Times)
(END)


yna--2020-03-18--U.S. commander sees no unusual activity inside N. Korea's missile forces

`` That is something that we look at every single day for every single potential threat to this nation , @ @ @ @ @ To date , we have not seen anything beyond what I would describe as normal @ @ @ @ @ . ''

By Lee Haye-ah
WASHINGTON, March 17 (Yonhap) -- The United States has detected no unusual activity inside North Korea's missile forces since the outbreak of the new coronavirus, the commander of the U.S. Strategic Command said Tuesday.
In a telephone briefing with reporters, Adm. Charles Richard was asked about the missile forces of Iran and North Korea and what impact the virus has had on them.
"That is something that we look at every single day for every single potential threat to this nation," he replied. "To date, we have not seen anything beyond what I would describe as normal or day-to-day operations by anyone."
North Korea has yet to report a single case of COVID-19, but it is sandwiched between China, where the disease emerged in December, and South Korea, which has seen more than 8,000 infections.
Gen. Robert Abrams, the commander of U.S. Forces Korea, told reporters Friday that "we're fairly certain" North Korea has cases.
He also said the North's armed forces was on lockdown for about 30 days and only recently resumed routine training.
At one point, the regime had not flown a plane for 24 days but is now back to flying training sorties, he said.
This AP file photo shows the Pentagon in Washington. (Yonhap)
hague@yna.co.kr
(END)


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(END)


yna--2020-03-18--(2nd LD) S. Korea, WHO cooperate on coronavirus research work

In addition , South Korea and WHO are looking into the formation of antibodies in patients who have recovered from @ @ @ @ @ they provide future immunity , as is the case with measles , or offer only @ @ @ @ @ infections .

(ATTN: RECASTS lead, headline; ADDS para 5-7, photo)
SEOUL, March 18 (Yonhap) -- South Korea is working with the World Health Organization (WHO) on clinical research on the novel coronavirus that has hit most countries around the world, health authorities said Wednesday.
The pandemic, first reported in Wuhan, China, late last year, is spreading quickly in places like Europe, with the death toll in many countries ranging in the thousands.
According to the health ministry here, WHO officials will join the working-level COVID-19 clinical research project headed by the state-run National Institute of Health (NIH) and local medical experts.
"Cooperation is expected to take place in areas of data collection and analysis as well as information use," the health ministry said.
The two sides held a working-level meeting in Seoul to discuss research methods and plans for data utilization.
Two consultants from WHO, Thomas Fletcher and William Fischer, attended the meeting at the state-run National Medical Center.
They said they want to learn from South Korea's experience in containing the virus including self-quarantine and emergency networking and will actively cooperate in the research project.
The WHO is interested in patients' response to various exploratory treatments, characteristics of critical cases that have resulted in death and features of the virus that have been identified by medical personnel here while treating people.
In addition, South Korea and WHO are looking into the formation of antibodies in patients who have recovered from the illness to see if they provide future immunity, as is the case with measles, or offer only limited protection from future viral infections.
This knowledge is important in managing or preventing future outbreaks, and many countries are now thinking long term in their fight against the novel virus.
The WHO has been in talks for research efforts with many countries as it tries to help health authorities better handle the pandemic.
William Fischer (L, back row) and Thomas Fletcher (C, back row), consultants at the World Health Organization (WHO) on COVID-19, participate in a meeting for an international clinical research project on the novel coronavirus led by South Korea's state-run National Institute of Health at the National Medical Center in Seoul on March 18, 2020. (Yonhap)
yonngong@yna.co.kr
(END)


yna--2020-03-18--(2nd LD) Vice health minister goes into self-quarantine after contacting virus patient

Initially , the health ministry said more than 20 hospital chiefs were to attend the meeting in downtown Seoul .
@ @ @ @ @ official has shown signs of illness so far , they will all be quarantined for @ @ @ @ @ carefully .
If they show signs of illness , they will be tested for viral @ @

(ATTN: RECASTS headline, lead; UPDATES with more details throughout)
SEOUL, March 18 (Yonhap) -- South Korea's vice health minister has gone into self-quarantine for two weeks after having made contact with a virus patient, the country's health authorities said Wednesday.
Vice Health Minister Kim Ganglip held a meeting with the head of a general hospital and other health-related officials on Friday.
A total of 29 virus patients, including two doctors, have been traced to the general hospital, Bundang Jesaeng Hospital, south of Seoul, since its first virus outbreak on March 5.
The hospital chief was diagnosed with COVID-19 earlier in the day, with health officials saying he started to show symptoms last Wednesday and Thursday, just before the gathering with Kim.
Vice Health Minister Kim Ganglip speaks during a press conference at the government complex in Sejong, central South Korea, on March 17, 2020, about the spread of the new coronavirus in the country. (Yonhap)
"Epidemiological reviews showed that Kim and seven other health ministry officials have come into close contact with the hospital chief," the Centers for Disease Control and Prevention said in a statement.
Initially, the health ministry said more than 20 hospital chiefs were to attend the meeting in downtown Seoul. It said that while no official has shown signs of illness so far, they will all be quarantined for two weeks and be monitored carefully. If they show signs of illness, they will be tested for viral infection.
South Korea reported less than 100 new COVID-19 cases in each of the last four days. As of midnight, the country has identified 8,413 confirmed cases since its first outbreak in the country on Jan. 20.
yonngong@yna.co.kr
(END)


yna--2020-03-18--(2nd LD) U.S. Embassy to suspend visa interviews as precaution against coronavirus

`` The U.S. embassy had explained in advance that the move is part of social distancing that requires U.S. missions @ @ @ @ @ a level 2 travel advisory or higher to temporarily suspend their visa service from March @ @ @ @ @ official said .

(ATTN: UPDATES with remarks from a foreign ministry official, additional information in paras 5-6)
SEOUL, March 18 (Yonhap) -- The U.S. Embassy in Seoul said Wednesday that it will suspend all routine visa interviews this week in line with a State Department measure to respond to the new coronavirus outbreaks.
The measure, set to take effect on Thursday, will not affect the visa waiver program for Korean citizens or services for U.S. citizens, the embassy said.
"The U.S. Embassy to the Republic of Korea will cancel all routine immigrant and nonimmigrant visa appointments as of March 19, 2020," the embassy said in a press release.
The State Department is suspending routine visa services in all countries with a level 2, 3 or 4 travel advisory, the embassy said.
An official from Seoul's foreign ministry said South Korean citizens will still be able to visit the U.S. under the visa waiver program, while those who require a visa can still request an emergency interview.
"The U.S. embassy had explained in advance that the move is part of social distancing that requires U.S. missions in all countries affected by a level 2 travel advisory or higher to temporarily suspend their visa service from March 19," the ministry official said.
Last month, the state department raised its travel advisory for Daegu, South Korea's southeastern city hardest hit by the COVID-19 pandemic, to Level 4 on a four-tier scale, urging Americans not to travel there. The rest of the country remains under Level 3, which means "reconsider travel."
The embassy said that it will resume routine visa services "as soon as possible," although it is unable to provide a specific date of the resumption.
On Wednesday, South Korea reported 93 new infections in its daily tally, bringing the total to 8,413 with the death toll at 84.
This file photo shows the U.S. Embassy in Seoul. (Yonhap)
sshluck@yna.co.kr
(END)


yna--2020-03-18--(LEAD) Seoul expands travel advisory to all countries

`` All those planning an overseas trip are advised to carefully consider the need and possible rescheduling of their trip @ @ @ @ @ by each country and region due to the spread of COVID-19 , '' it said @

(ATTN: ADDS photo)
SEOUL, March 18 (Yonhap) -- South Korea's foreign ministry said Wednesday it has issued a travel advisory for all countries previously not affected by its travel warnings prompted by the global spread of the new coronavirus.
Under the unprecedented move, all South Koreans are advised to take caution when visiting any foreign country, the ministry said, adding that the level-1 travel advisory will be effective as of Thursday.
"All those planning an overseas trip are advised to carefully consider the need and possible rescheduling of their trip by checking travel restrictions taken by each country and region due to the spread of COVID-19," it said.
"Those staying overseas are asked to pay special attention to their safety by making sure they are not exposed to COVID-19," it added.
The ministry had issued level-2 travel warnings on 36 countries, mostly in Europe, that have been hit hard by the novel coronavirus.
This photo, taken on March 18, 2020, shows Incheon international Airport, west of Seoul, nearly deserted amid a global spread of the new coronavirus. (Yonhap)
(END)


yna--2020-03-18--Seoul expands travel advisory to all countries

SEOUL, March 18 (Yonhap) -- South Korea's foreign ministry said Wednesday it has issued a travel advisory for all countries previously not affected by its travel warnings prompted by the global spread of the new coronavirus.
Under the unprecedented move, all South Koreans are advised to take caution when visiting any foreign country, the ministry said, adding that the level-1 travel advisory will be effective as of Thursday.
"All those planning an overseas trip are advised to carefully consider the need and possible rescheduling of their trip by checking travel restrictions taken by each country and region due to the spread of COVID-19," it said.
"Those staying overseas are asked to pay special attention to their safety by making sure they are not exposed to COVID-19," it added.
The ministry had issued level-2 travel warnings on 36 countries, mostly in Europe, that have been hit hard by the novel coronavirus.
(END)


yna--2020-03-18--(LEAD) U.S. Embassy to suspend visa interviews as precaution against coronavirus

Last month , the department raised its travel advisory for Daegu , South Korea 's southeastern city hardest hit by @ @ @ @ @ Level 4 on a four-tier scale , urging Americans not to travel there .
The @ @ @ @ @ under Level 3 , which means `` reconsider travel . ''

(ATTN: ADDS photo, more info in paras 5, 7)
SEOUL, March 18 (Yonhap) -- The U.S. Embassy in Seoul said Wednesday that it will suspend all routine visa interviews this week in line with a State Department measure to respond to the new coronavirus outbreaks.
The measure, set to take effect on Thursday, will not affect the visa waiver program for Korean citizens or services for U.S. citizens, the embassy said.
"The U.S. Embassy to the Republic of Korea will cancel all routine immigrant and nonimmigrant visa appointments as of March 19, 2020," the embassy said in a press release.
The State Department is suspending routine visa services in all countries with a level 2, 3 or 4 travel advisory, the embassy said.
Last month, the department raised its travel advisory for Daegu, South Korea's southeastern city hardest hit by the COVID-19 pandemic, to Level 4 on a four-tier scale, urging Americans not to travel there. The rest of the country remains under Level 3, which means "reconsider travel."
The embassy said that it will resume routine visa services "as soon as possible," although it is unable to provide a specific date of the resumption.
On Wednesday, South Korea reported 93 new infections in its daily tally, bringing the total to 8,413 with the death toll at 84.
This file photo shows the U.S. Embassy in Seoul. (Yonhap)
sshluck@yna.co.kr
(END)


yna--2020-03-18--Fintech firm Viva Republica wins preliminary approval for brokerage business

Toss Preliminary is set to change its name to Toss Securities Co. before launching its brokerage business later this year @ @ @ @ @ , a spokesperson for Viva Republica .

By Kim Kwang-tae
SEOUL, March 18 (Yonhap) -- Viva Republica, the operator of popular South Korean financial service app Toss, said Wednesday its affiliate won preliminary approval for a brokerage business, a move that could further fuel competition in the securities industry.
Toss Preliminary Co., which is wholly owned by Viva Republica, needs to win formal approval for its online brokerage business from the Financial Services Commission.
Toss Preliminary is set to change its name to Toss Securities Co. before launching its brokerage business later this year, according to Kylie Yoon, a spokesperson for Viva Republica.
The latest move came three months after Viva Republica and its consortium won preliminary approval for a new internet-only bank.
Toss Bank is expected to begin operation soon after gaining final approval for the license in the first half of 2021, according to Viva Republica.
In 2017, two internet-only banks -- K-Bank and Kakao Bank -- began to offer their services around the clock without face-to-face contact with customers and without brick-and-mortar branches.
Internet-only banks have gained popularity among mobile-savvy customers in recent years, as they offer great convenience to many bank customers who don't have the time to visit lenders during work hours.
Toss provides over 40 financial services including money transfers, financial dashboard, credit score management and payments. Toss has more than 16 million registered users in a country with a population of 51 million.
entropy@yna.co.kr
(END)


yna--2020-03-18--National fencing player tests positive for coronavirus

She returned to South Korea on Sunday after participating in a contest in Hungary .
The fencer , who complained @ @ @ @ @ her stay in Hungary , was tested at a medical center in Ulsan , southeast @ @ @ @ @ .

SEOUL, March 18 (Yonhap) -- A national fencing player has tested positive for the novel coronavirus after participating in a competition in Europe, the sport's governing body said Wednesday.
The Korean Fencing Federation said it received the COVID-19 test result of the 25-year-old female fencer of the national squad, whose identity is being withheld, early in the day.
She returned to South Korea on Sunday after participating in a contest in Hungary. The fencer, who complained of a sore throat during her stay in Hungary, was tested at a medical center in Ulsan, southeast of Seoul, on Tuesday.
All of the national team members who went to Europe with the patient were sent home to isolate themselves, according to the federation.
It also said it has notified the Korean Sport & Olympic Committee of the test result.
South Korea has reported nearly 8,500 confirmed cases of the coronavirus as of Wednesday.
The logo of the Korean Fencing Federation (PHOTO NOT FOR SALE) (Yonhap)
brk@yna.co.kr
(END)


yna--2020-03-18--U.S. Embassy to suspend visa interviews as precaution against coronavirus

SEOUL , March 18 ( Yonhap ) -- The U.S. Embassy in Seoul said Wednesday that it will suspend all @ @ @ @ @ in line with a State Department measure to respond to the new coronavirus outbreaks .

SEOUL, March 18 (Yonhap) -- The U.S. Embassy in Seoul said Wednesday that it will suspend all routine visa interviews this week in line with a State Department measure to respond to the new coronavirus outbreaks.
The measure, set to take effect on Thursday, will not affect the visa waiver program for Korean citizens or services for U.S. citizens, the embassy said.
"The U.S. Embassy to the Republic of Korea will cancel all routine immigrant and nonimmigrant visa appointments as of March 19, 2020," the embassy said in a press release.
The State Department is currently suspending routine visa services in all countries with a level 2, 3, or 4 travel advisory, the embassy said.
Last month, the department raised its travel advisory for South Korea by one notch to Level 3 on a four-tier scale, urging Americans to reconsider travel over concerns about COVID-19 outbreaks. Level 4 advises Americans not to travel to the designated country.
The embassy said that it will resume routine visa services "as soon as possible," although it is unable to provide a specific date of the resumption.
sshluck@yna.co.kr
(END)


yna--2020-03-18--(URGENT) U.S. Embassy to suspend visa interviews as precaution against coronavirus

(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--2020-03-18--Gyeonggi issues quarantine order for internet cafes, karaoke rooms, clubs

The Gyeonggi government issued a similar administrative order for about 140 churches on Tuesday , imposing strict conditions on their @ @ @ @ @ combat the coronavirus outbreak , which has so far infected more than 8,400 people in @ @ @ @ @ 's coronavirus patients now number 277 , compared with 270 in Seoul .

SEOUL, March 18 (Yonhap) -- Public-use businesses in Gyeonggi Province, which surrounds Seoul, were ordered on Wednesday to thoroughly observe a set of guidelines for preventing the coronavirus outbreak.
Issuing a rare administrative order, the provincial government instructed internet cafes, karaoke rooms, clubs and other places of business frequented by the public to abide by seven quarantine requirements, including regular disinfection and ventilation, until April 6 to help curb the spread of COVID-19.
The government said the administrative order will be applied to about 15,000 public-use establishments in the province whose confined spaces may increase the risk of virus transmissions through droplets.
Such establishments are ordered to designate quarantine managers, have all employees and customers wear a face mask, ban the entry of people with fever or respiratory symptoms, list all visitors and their contact numbers, conduct hand disinfection for all visitors and maintain the maximum distance between customers.
Violators will face a fine of up to 3 million won (US$2,400) and a suspension of business. If coronavirus infections occur at violators' premises, the government will also demand an indemnity over the relevant quarantine and treatment expenses.
The Gyeonggi government issued a similar administrative order for about 140 churches on Tuesday, imposing strict conditions on their offline worship services to help combat the coronavirus outbreak, which has so far infected more than 8,400 people in South Korea. Gyeonggi Province's coronavirus patients now number 277, compared with 270 in Seoul.
The successive administrative orders came after a string of cluster infections occurred at churches, internet cafes and other places of business in the capital area.
"The provincial government tried its best to avoid restraining economic activities amid difficult economic circumstances. The administrative order is inevitable to prevent cluster infections at clubs, internet cafes, karaoke rooms and other public-use facilities due to the danger of droplet-based transmissions," Gov. Lee Jae-myung said in a news conference.
ycm@yna.co.kr
(END)


Yonhap News Summary

Such calls have been rising as Seoul 's containment efforts have led to a slowdown in new COVID-19 cases and @ @ @ @ @ which have created breathing space for South Korea to look beyond its shores to embrace @ @ @ @ @ global fight against the virus .

The following is the second summary of major stories moved by Yonhap News Agency on Wednesday.
----------------
(LEAD) Vice health minister in self-quarantine after contacting virus patient
SEOUL -- South Korea's vice health minister has gone into self-quarantine after having contact with a virus patient, the country's health authorities said Wednesday.
Vice Health Minister Kim Ganglip held a meeting with the head of a general hospital south of Seoul and other health-related officials on Friday.
----------------
(LEAD) Daegu reports another cluster infection from nursing hospital
DAEGU -- Another cluster transmission of the new coronavirus has infected more than 70 people at a nursing hospital in the southeastern city of Daegu, the epicenter of the local outbreak, city government officials said Wednesday.
The Daegu Metropolitan City Government said a total of 75 people from the nursing hospital, including 57 patients and 18 medical staff, tested positive for the COVID-19 virus. A nurse working at the hospital was the its first confirmed case on Monday.
----------------
Seoul stocks extend loss to decade low as virus panic spreads
SEOUL -- South Korean stocks extended their losing streak to a sixth consecutive session on Wednesday, hitting their lowest point in a decade, as a panicky selling spree eclipsed stimulus packages released around the globe. The Korean won again fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) crashed 81.24 points, or 4.86 percent, to close at 1,591.20, sinking below the significant 1,600-point level and marking the lowest point since May 26, 2010.
----------------
(LEAD) S. Korea, WHO to cooperate on COVID-19 research work
SEOUL -- South Korea's health authorities said Wednesday that they will work together with the World Health Organization (WHO) on clinical research on the novel coronavirus that has hit most countries around the world.
The pandemic, first reported in Wuhan, China, late last year, is spreading quickly in places like Europe, with the death toll in many countries ranging in the thousands.
----------------
Foreign demands rapidly increasing for S. Korean-made coronavirus test kits, knowhow: official
SEOUL -- A growing number of foreign countries have been asking about importing South Korean-made coronavirus diagnostic kits and other forms of aid to help curb the pandemic, a foreign ministry official said Wednesday.
Such calls have been rising as Seoul's containment efforts have led to a slowdown in new COVID-19 cases and a low fatality rate, which have created breathing space for South Korea to look beyond its shores to embrace a broader role in the global fight against the virus.
----------------
(2nd LD) Seoul to spend 327.1 bln won to support virus-hit households
SEOUL -- The Seoul metropolitan government said Wednesday it plans to spend 327.1 billion won (US$264.7 million) to provide financial support to its residents as part of emergency anti-virus measures.
"The city's residents' everyday lives have come to a stop, and the economy has also come to a stop. Some residents say (the situation) is tougher than the Asian financial crisis," Mayor Park Won-soon told a press briefing.
----------------
Over 2,500 shows, exhibitions canceled this year over coronavirus
SEOUL -- More than 2,500 performing art shows and exhibitions have been canceled for the first four months of this year, resulting in heavy financial damage to the arts industry, a report showed Wednesday.
According to the report by the private Federation of Artistic & Cultural Organization of Korea, a total of 2,511 concerts, performing art shows and art exhibitions have been called off in the January-April period due to coronavirus outbreaks.
(END)


yna--2020-03-18--(LEAD) Seoul stocks extend loss to decade low as virus panic spreads

SEOUL , March 18 ( Yonhap ) -- South Korean stocks extended their losing streak to a sixth consecutive session @ @ @ @ @ lowest point in a decade , as a panicky selling spree eclipsed stimulus packages released @ @ @ @ @ Korean won again fell against the U.S. dollar .

(ATTN: ADDS bond yields at bottom; CHANGES photo)
SEOUL, March 18 (Yonhap) -- South Korean stocks extended their losing streak to a sixth consecutive session on Wednesday, hitting their lowest point in a decade, as a panicky selling spree eclipsed stimulus packages released around the globe. The Korean won again fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) crashed 81.24 points, or 4.86 percent, to close at 1,591.20, sinking below the significant 1,600-point level and marking the lowest point since May 26, 2010.
Trading volume was high at 714 million shares worth 9.36 trillion won (US$7.51 billion), with losers far outnumbering gainers 790 to 92.
After climbing more than 1 percent at the opening bell tracking overnight gains on Wall Street, the market swiftly swung to the red under growing foreign sell-offs.
Shown in the photo taken on March 18, 2020 is the dealing room of KB Kookmin Bank in western Seoul. The benchmark Korea Composite Stock Price Index (KOSPI) crashed 81.24 points, or 4.86 percent, to close at 1,591.20, sinking below the significant 1,600-point level and marking the lowest point since May 26, 2010. (Yonhap)
Washington announced Tuesday (local time) it is considering a stimulus package of a whopping US$1 trillion to cope with the economic fallout from the COVID-19 pandemic, including providing cash payments to its citizens.
The rescue measure follows the Federal Reserve's sharp rate cut and a quantitative easing program worth $700 billion announced earlier this week.
"The new coronavirus pandemic needs to be put under control in order for the market to regain stability," said Lee Kyung-min, a researcher at Daishin Securities Co.
Foreigners were net sellers for a 10th consecutive session, dumping 585 billion won on Wednesday, while individuals were net buyers by purchasing 910 billion won on the day. Institutions offloaded 431 billion won.
Most stocks plunged.
Market kingpin Samsung Electronics shed 3.59 percent to reach 45,600 won, and No. 2 chipmaker SK hynix plummeted 9.08 percent to 73,100 won. Battery maker Samsung SDI nosedived 9.96 percent to 221,500 won.
Top carmaker Hyundai Motor sank 8.24 percent to 73,500 won, and its auto parts arm Hyundai Mobis decreased 7.54 percent to 141,000 won. Kia Motors shed 0.2 percent to reach 25,300 won.
Shipbuilders also finished in negative terrain, with Samsung Heavy Industries falling 7.3 percent to 3,810 won and Korea Shipbuilding & Offshore Engineering plunging 8.52 percent to 71,900 won.
Leading online portal operator Naver shed 3.31 percent to hit 146,000 won, and its smaller rival Kakao lost 4.41 percent to close at 141,000 won.
The local currency closed at 1,245.70 won against the U.S. dollar, down 2.20 won from the previous session's close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 2 basis points to 1.050 percent, and the return on the benchmark five-year government bond gained 6 basis points to 1.256 percent.
colin@yna.co.kr
(END)


yna--2020-03-18--S. Korean Bond Yields on Mar. 18, 2020

S. Korean Bond Yields on Mar. 18, 2020


yna--2020-03-18--Foreign sell-offs extend to 10th day amid market turmoil

On Tuesday ( local time ) , U.S. Treasury Secretary Steven Mnuchin revealed that emergency plans are being drafted that @ @ @ @ @ trillion stimulus package , $ 300 billion worth of deferred tax payments and even cash @ @ @ @ @

SEOUL, March 18 (Yonhap) -- Foreign investors extended their selling binge of local stocks to a 10th straight session, aggravating already dampened investor sentiment hit hard by the new coronavirus, data showed Wednesday.
Offshore investors offloaded a net 585 billion won (US$469.7 million) worth of local stocks on Wednesday. The country's benchmark index, the KOSPI, extended its headlong fall to a sixth consecutive session by shedding 4.86 percent to close at 1,591.20 points.
Foreigners have been net sellers since March 5, having net sold a total of 8.01 trillion won. They sold a net 1.31 trillion won on March 9, the largest daily total on record.
An electronic signboard at Hana Bank in Seoul shows the benchmark Korea Composite Stock Price Index (KOSPI) plunging 4.86 percent to close at 1,591.20 points on March 18, 2020. (Yonhap)
The foreign investors' sell-off mode continued as the spreading coronavirus spooked investor sentiment, fanned by border closures, travel restrictions and lockdowns around the world.
The magnitude of the selling binge of South Korean stocks narrowed, however, on hopes of strong stimulus plans in the pipeline.
On Tuesday (local time), U.S. Treasury Secretary Steven Mnuchin revealed that emergency plans are being drafted that include a some $1 trillion stimulus package, $300 billion worth of deferred tax payments and even cash payments to struggling families.
Mnuchin's announcement led to a long-waited market rebound, with a 5.20 percent jump in the Dow Jones Industrial Average, a 6.23 percent hike in the Nasdaq composite index and a 6 percent gain in the S&P 500.
jwc@yna.co.kr
(END)


yna--2020-03-18--Over 2,500 shows, exhibitions canceled this year over coronavirus

As the arts industry is reeling from the pandemic , nearly nine out of every 10 South Korean artists have @ @ @ @ @ for the four-month period , the report indicated .

SEOUL, March 18 (Yonhap) -- More than 2,500 performing art shows and exhibitions have been canceled for the first four months of this year, resulting in heavy financial damage to the arts industry, a report showed Wednesday.
According to the report by the private Federation of Artistic & Cultural Organization of Korea, a total of 2,511 concerts, performing art shows and art exhibitions have been called off in the January-April period due to coronavirus outbreaks.
The direct financial damage from the show cancellations is estimated at 52.3 billion won (US$42 million), the report said.
As of Wednesday, the country has reported 8,413 confirmed cases since its first outbreak in the country on Jan. 20.
As the arts industry is reeling from the pandemic, nearly nine out of every 10 South Korean artists have also seen their income tumble for the four-month period, the report indicated.
Nearly 89 percent of the artists the federation polled said their income during the January-April period shrank from the same period the previous year.
The report is based on the federation's survey of 163 regional associations of artists, conducted from March 9-12.
As the federation released the latest survey result, it also called on the government to provide emergency support funds for artists and their associations to ride out the crisis.
Officials disinfect a concert hall at Sejong Center for the Performing Arts in this photo taken on Jan. 30, 2020, and provided by the center. (PHOTO NOT FOR SALE) (Yonhap)
pbr@yna.co.kr
(END)


yna--2020-03-18--Foreign demands rapidly increasing for S. Korean-made coronavirus test kits, knowhow: official

`` Depending on the situation , we will look into the need to send a flight there .
We are @ @ @ @ @ can get support from countries near Peru that could send their flights to the country @ @ @ @ @

By Song Sang-ho
SEOUL, March 18 (Yonhap) -- A growing number of foreign countries have been asking about importing South Korean-made coronavirus diagnostic kits and other forms of aid to help curb the pandemic, a foreign ministry official said Wednesday.
Such calls have been rising as Seoul's containment efforts have led to a slowdown in new COVID-19 cases and a low fatality rate, which have created breathing space for South Korea to look beyond its shores to embrace a broader role in the global fight against the virus.
"We have been swamped with requests for our diagnostic products or kits and knowhow from ministerial officials of foreign countries, and even a request from a top-level official, like a prime minister," the official told reporters on condition of anonymity.
Some countries have requested emergency exports of medical products while others have called for the provision of those items in humanitarian aid and of Korean medical professionals, the official said.
A day earlier, the presidential office Cheong Wa Dae announced that South Korea had sent 51,000 sampling kits used in coronavirus tests to the United Arab Emirates -- in a development that Seoul officials said marked a subtle shift from its earlier approach focusing mostly on curbing domestic outbreaks.
Foreign requests came mostly through phone conversations or video conferences among senior diplomats or health officials, the ministry official said, noting the coronavirus-induced restrictions on face-to-face meetings have given rise to a new form of diplomacy.
"A different, new form of diplomacy has been taking hold," the official said. "Even when the virus outbreaks calm, this type of non-face-to-face diplomacy may continue to remain active."
Meanwhile, a growing number of South Koreans are being stranded overseas as many countries have taken drastic quarantine measures, such as closing their borders and enforcing restrictions on movement.
As of Tuesday, some 150 South Korean tourists were stranded in Peru, including 84 citizens in Cuzco, about 1,000 kilometers away from the Peruvian capital of Lima. Of them, 140 Koreans have expressed their intention to return home.
"We are exploring ways to transport the citizens to South Korea, as well as the method to bring those in Cuzco all the way to Lima," the ministry official said.
"Depending on the situation, we will look into the need to send a flight there. We are also looking at whether we can get support from countries near Peru that could send their flights to the country," he added.
As the Philippines' government has put the entire island of Luzon under an "enhanced community quarantine," similar to a lockdown, concerns have also risen over the safety of more than 50,000 South Koreans on the island. Of the citizens, 1,200 have expressed their wish to depart for Korea.
"We believe that now is not yet a stage where we have to consider sending a chartered flight there," the official said.
"But we are mulling ways to support their return home, including changing an existing commercial flight to a larger one to carry them," he added.
In Italy, the local community of Korean residents has been seeking to arrange a flight on their own, as a commercial air carrier can send a flight there as long as a minimum quota of passengers is secured for its flight operation.
sshluck@yna.co.kr
(END)


yna--2020-03-18--(2nd LD) Seoul to spend 327.1 bln won to support virus-hit households

`` We need to consider whether giving it to all citizens is effective , and we can not also leave @ @ @ @ @ the revenue , '' Finance Minister Hong Nam-ki said Tuesday , `` There is a @ @ @ @ @ and a consensus among citizens is also important . ''

(ATTN: ADDS details from 11th para, photo, minor edits throughout)
By Lee Minji
SEOUL, March 18 (Yonhap) -- The Seoul metropolitan government said Wednesday it plans to spend 327.1 billion won (US$264.7 million) to provide financial support to its residents as part of emergency anti-virus measures.
"The city's residents' everyday lives have come to a stop, and the economy has also come to a stop. Some residents say (the situation) is tougher than the Asian financial crisis," Mayor Park Won-soon told a press briefing.
"(The city) considers this an unprecedented emergency and has decided to utilize every possible resource."
Seoul, at a population of 10 million, has so far reported 270 cases of the new coronavirus.
Seoul Mayor Park Won-soon talks at a press briefing on the city's anti-virus measures at Seoul City Hall on March 13, 2020. (Yonhap)
Under the plan, the city will pay up to 500,000 won to households whose income is below the median income but are not eligible for separate funds that will be provided from the extra budget bill passed late Tuesday.
The National Assembly approved an 11.7 trillion-won extra budget to help contain the novel coronavirus and minimize the economic fallout from the outbreak.
In 2020, the median income for a single household stood at 1.8 million won and around 3 million won and 4.7 million won for two-person and four-person households.
The exact amount, which will be distributed via mobile gift certificates or debit cards, will vary according to the number of family members.
Households with one of two family members will be paid 300,000 won, while those with five family members will be paid 500,000 won, according to the city government.
The city government estimated up to 1.2 million households to benefit from the scheme if every eligible household applies, anticipating the plan to help small business owners. as well as temporary and part-time workers and freelancers.
This photo, taken on March 8, 2020, shows South Gyeongsang Gov. Kim Kyoung-soo raising his disaster-related domestic income agenda at the province office in Changwon. (Yonhap)
The city's move is the latest by local governments to selectively provide financial support to people most affected by the COVID-19 pandemic.
On Friday, the southwestern city of Jeonju kickstarted the drive, announcing that it will pay 525,158 won in cash to around 50,000 residents as an "anti-disaster basic income."
While Seoul and Jeonju will rely on their own budgets to fund the program, some have also called for the central government to dole out disaster-related basic income.
South Gyeongsang Gov. Kim Kyoung-soo first raised the idea, asking the government to pay 1 million won in basic income to all citizens to prop up domestic demand.
Gyeonggi Gov. Lee Jae-myung also voiced support, suggesting paying out regional currency as basic income.
Some critics, however, have called it a populist approach to appeal to voters ahead of the April 15 parliamentary elections, especially considering the massive budget it would require.
Kim's proposal would cost roughly 51 trillion won, if 1 million won is paid out to each of the country's 50 million inhabitants.
The government is cautious on the idea.
"We need to consider whether giving it to all citizens is effective, and we cannot also leave out the issue of sourcing the revenue," Finance Minister Hong Nam-ki said Tuesday, "There is a limit in revenue sourcing, and a consensus among citizens is also important."
A recent survey of 505 people showed that 48.6 percent of the respondents supported the cash provision.
The proposal was mostly backed by supporters of the ruling Democratic Party and residents in the southwestern region, according to the poll.
The poll was commissioned by cable news channel YTN and conducted by Realmeter. It had a margin of error of 4.4 percentage points and a 95 percent confidence level.
mlee@yna.co.kr
(END)


yna--2020-03-18--S. Korean religious groups postpone Buddha's birthday, Easter celebrations over virus spread

The ceremony to light traditional Korean lanterns will be held in downtown Seoul on April 30 , while the famous @ @ @ @ @ the Lotus Lantern Festival , or Yeon Deung Hoe in Korean , will take place @ @ @ @ @ , according to the association .

SEOUL, March 18 (Yonhap) -- The South Korean Buddhist community and an umbrella group of Protestant churches said Wednesday they will postpone upcoming Buddha's birthday and Easter celebrations to join the nationwide fight against the novel coronavirus.
"The ritual to celebrate Buddha's birthday, scheduled to be held on April 30, will be put off to May 30," the Association of Korea Buddhist Orders, whose members include the country's biggest Jogye Order, said in a press conference in Seoul.
"The Lotus Lantern Festival slated for April 25 will be also moved to May 23," it added.
Colorful lanterns are hung at Jogye Temple in Seoul on March 8, 2020. (Yonhap)
Buddha's birthday is celebrated on April 8 on the lunar calendar. The Korean Buddhist community usually holds a number of festivals and events across the nation one month before the day.
The association said from April 30, instead, Buddhist followers will start to offer up a special prayer for overcoming and recovering from COVID-19 virus infection at about 15,000 temples for one month.
"We've made the decision to postpone the scheduled celebrations for Buddha's birthday this year in a way to share the sufferings of South Korean people and strive to overcome the difficulties," Ven. Wonhaeng, the head of the Jogye Order, said.
The ceremony to light traditional Korean lanterns will be held in downtown Seoul on April 30, while the famous lantern parade, part of the Lotus Lantern Festival, or Yeon Deung Hoe in Korean, will take place on May 23 in Seoul, according to the association.
As of Wednesday, South Korea had reported a cumulative 8,413 cases of the coronavirus infection, with 84 deaths. The upward pace of new daily infections has been slowing down in recent days, but cluster transmissions of the coronavirus have been reported at churches and hospitals.
The Buddhist circle has suspended public gatherings and events for weeks as the country has been struggling to combat the highly infectious virus.
Earlier in the day, Culture Minister Park Yang-woo asked the religious groups to cooperate with the government in joining the government-led social distancing campaign.
The Protestant community, which has been criticized for continuing with Sunday gatherings at certain churches, also joined the move, rescheduling its Easter celebrations for next month.
The United Christian Churches of Korea (UCCK), which has major Protestant orders, including the Presbyterian Church of Korea, as its members, said an Easter parade set to take place in downtown Seoul on April 12 will be delayed for two months.
About 300,000 Christian followers and visitors were expected to attend the parade and other festive events.
The UCCK also said its Easter service to be held at a church in Seoul on the same day will be replaced with online chapel.
Also, the Korea National Prayer Breakfast, a group of South Korean Christian leaders, said it has decided to postpone its annual early morning prayer meeting, which was originally set for March 25, for six months.
brk@yna.co.kr
(END)


yna--2020-03-18--(LEAD) S. Korea, WHO to cooperate on COVID-19 research work

(ATTN: ADDS more info on cooperation in para 6)
SEOUL, March 18 (Yonhap) -- South Korea's health authorities said Wednesday that they will work together with the World Health Organization (WHO) on clinical research on the novel coronavirus that has hit most countries around the world.
The pandemic, first reported in Wuhan, China, late last year, is spreading quickly in places like Europe, with the death toll in many countries ranging in the thousands.
According to the health ministry here, WHO officials will join the working-level COVID-19 clinical research project headed by the state-run National Institute of Health (NIH) and local medical experts.
"Cooperation is expected to take place in areas of data collection and analysis as well as information use," the ministry said.
The WHO is interested in patients' response to various exploratory treatments, characteristics of critical cases that have resulted in death and features of the virus that have been identified by medical personnel here while treating people.
In addition, South Korea and WHO are looking into the formation of antibodies in patients who have recovered from the illness to see if they provide future immunity, as is the case with measles, or offer only limited protection from future viral infections.
This knowledge is important in managing or preventing future outbreaks, and many countries are now thinking long term in their fight against the novel virus.
The WHO has been in talks for research efforts with many countries as it tries to help health authorities better handle the pandemic.
yonngong@yna.co.kr
(END)


yna--2020-03-19--Gold funds lose luster on coronavirus scare

Market watchers said the yellow metal , one of the safest assets , has also been hit by the fallout @ @ @ @ @ triggered by the coronavirus pandemic .

SEOUL, March 19 (Yonhap) -- Gold funds in South Korea have posted dismal returns over the past month amid falling gold prices due to the coronavirus scare, data showed Thursday.
Local gold funds with assets of 1 billion won (US$796,000) or more registered an average return of minus 12.45 percent over the last one-month period, according to the data from FnGuide.
They outperformed stock investment funds over the cited period, but the performance failed to live up to expectations, given the metal's nature as a traditional safe haven, the financial information provider said.
Comparable yields were minus 25.53 percent for domestic stock funds and minus 20.27 percent for overseas equities.
Market watchers said the yellow metal, one of the safest assets, has also been hit by the fallout of the global financial turmoil triggered by the coronavirus pandemic.
Gold funds have been faring ill in recent months. Their average return came to minus 6.73 percent for the past three months and minus 8.61 percent for the last six months.
Burnt by the metal's sinking prices, investors have been pulling money from gold funds. Twelve gold funds had 380.3 billion won under their management as of Thursday, down 120 billion won from a month earlier.
Gold prices swung to a downturn last week after continuing to renew yearly highs early this month amid investors' flight to safety.
According to the Korea Exchange, international gold prices amounted to $1,484.70 per ounce Tuesday, off 11.2 percent from a year high of $1,672.74 on March 6.
(END)


yna--2020-03-19--S. Korea imposes special quarantine measures on all arrivals from abroad

People also have to download a self-check app that will allow them to regularly report their state of health online @ @ @ @ @ for two consecutive days will be contacted by a community health service center that will @ @ @ @ @ to be tested for viral infection .

SEOUL, March 19 (Yonhap) -- South Korea started imposing special quarantine measures for all new arrivals from abroad on Thursday as it guards against imported cases of the novel coronavirus, the country's health authorities said.
South Koreans and foreign nationals alike are subject to the strict measure, and all entrants to the country must undergo fever checks at air terminals and sea ports, according to the health authorities.
Those who have a cough, a sore throat and other symptoms believed to be related to COVID-19 must write down their condition on a health questionnaire. All arrivals are required to provide the address they will be staying at and contact information such as a phone number to authorities.
People also have to download a self-check app that will allow them to regularly report their state of health online. Those who feel unwell for two consecutive days will be contacted by a community health service center that will determine if the person needs to be tested for viral infection.
People arriving on a plane from Paris, France, wait in line to go through a special quarantine screening process at Incheon International Airport, west of Seoul, on March 16, 2020. (Yonhap)
There have been a steady number of people testing positive for the virus who recently came from foreign countries, while new infection cases in the country has been on the decline.
Since the first case was confirmed on Jan. 20, South Korea had reported a total of 8,413 novel coronavirus cases as of Wednesday.
Seoul earlier imposed tighter quarantine checks on people arriving from countries most affected by the pandemic, including China, Japan, Iran, Hong Kong and Macau and all European nations.
The World Health Organization announced that as of Wednesday that there were over 185,000 confirmed cases of COVID-19 in 141 countries, with the combined death toll surpassing 7,700.
yonngong@yna.co.kr
(END)


yna--2020-03-19--N.K. paper urges efforts to complete just-started hospital construction by October

The North has yet reported any confirmed coronavirus infections , though its media has reported that there are thousands of @ @ @ @ @ potential infection .
Pyongyang has called blocking the virus a `` political matter '' that @ @ @ @ @ the country .

SEOUL, March 19 (Yonhap) -- North Korea's main newspaper called Thursday for completing the just-started construction of a general hospital in Pyongyang by October's founding anniversary of the ruling Workers' Party after leader Kim Jong-un attended its groundbreaking ceremony earlier this week.
During the ceremony held Tuesday, Kim ordered that the construction of Pyongyang General Hospital should be completed by the ruling party's 75th founding anniversary on Oct. 10, according to state media reports.
Some raised skepticism over whether the North could make it in such a short time amid its nationwide efforts to block the outbreak of the new coronavirus and challenges in obtaining necessary materials and medical devices due to global sanctions.
"All should stand up like a single person in the struggle to complete Pyongyang General Hospital by the party's 75th founding anniversary," the Rodong Sinmun, the official newspaper of the ruling Workers' Party, said in an editorial.
The government and all relevant agencies were urged to make efforts to "ensure the supply of necessary materials and facilities" needed for the hospital construction by intensifying overall production.
The paper also emphasized that "every construction procedure and method should be strictly followed and that active efforts should be made" to maintain the "highest-level quality."
The construction was launched as North Korea is making all-out efforts to prevent COVID-19 outbreaks on its soil by blocking its border and toughening quarantine criteria.
The North has yet reported any confirmed coronavirus infections, though its media has reported that there are thousands of people under medical supervision for potential infection. Pyongyang has called blocking the virus a "political matter" that will determine the fate of the country.
This photo, captured from North Korea's Central TV on March 18, 2020, shows a rendering of a general hospital whose groundbreaking ceremony was held in Pyongyang the previous day, with North Korean leader Kim Jong-un on hand. (For Use Only in the Republic of Korea. No Redistribution) (Yonhap)
kokobj@yna.co.kr
(END)


yna--2020-03-19--Seoul stocks open lower as virus angst persists

The sentiment was further damaged as the rising number of countries closing their borders was poised to weigh on global @ @ @ @ @ Leaders of the European Union agreed to ban the entry of visitors from outside the @ @

SEOUL, March 19 (Yonhap) -- South Korean stocks opened lower Thursday tracking an overnight plunge on Wall Street as investors placed greater weight on the economic fallout sparked by the new coronavirus pandemic over stimulus measures proposed by major economies.
The Korean won also continued to slide against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 5.84 points, or 0.37 percent, to 1,585.36 as of 9:15 a.m. Both the KOSPI and the Korean won closed at 10-year lows in the previous session.
Washington announced Tuesday (local time) it is considering a stimulus package of a whopping US$1 trillion to cope with the economic fallout from the COVID-19 pandemic, including providing cash payments to its citizens.
But the U.S. stock market has been on a sharp slide. The Dow Jones Industrial Average again crashed 6.3 percent, and the tech-heavy NASDAQ also plummeted 4.7 percent.
Investors are increasingly worried that intervention may run out and is not enough to put the virus-stricken economy back on track.
The sentiment was further damaged as the rising number of countries closing their borders was poised to weigh on global business activities as well. Leaders of the European Union agreed to ban the entry of visitors from outside the bloc.
South Korea has been posting signs of a slowdown in its outbreak of the novel virus, but cluster infections are still emerging.
The country detected 93 new cases Tuesday, bringing up the nation's total infections to 8,413, rising in the double digits for the fourth straight day.
Most large-cap stocks plunged across the board.
Market kingpin Samsung Electronics lost 0.44 percent, and No. 2 chipmaker SK hynix fell 0.96 percent.
Carmakers also started lower, with No. 1 Hyundai Motor decreasing 0.14 percent and its smaller sister Kia Motors moving down 0.2 percent. Auto parts producer Hyundai Mobis shed 0.35 percent.
Top chemical firm LG Chem slipped 3.57 percent, while leading cosmetics maker AmorePacific climbed 5.62 percent.
The local currency was trading at 1,255.60 against the U.S. dollar, down 9.90 won from the previous session's close.
colin@yna.co.kr
(END)


Thursday's weather forecast

SEOUL , March 19 ( Yonhap ) -- The following is the weather forecast for South Korea 's 12 major @ @ @ @ @ .


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

Seoul had been in talks with Tehran to arrange an evacuation flight to bring back its citizens via a nearby @ @ @ @ @ Wednesday , Iran was the third-most infected country after China and Italy , with its @ @ @ @ @ than 1,130 deaths .

(ATTN: RECASTS headline; ADDS updates in paras 2, 5-6)
By Kim Seung-yeon
SEOUL, March 19 (Yonhap) -- A South Korean government-arranged chartered flight departed for Seoul on Thursday, carrying 80 people evacuated from Iran due to the worsening outbreak of the new coronavirus.
The Asiana Airlines plane, with 74 Koreans and six Iranian family members aboard, took off from Al Maktoum International Airport near Dubai at 8:05 a.m. (Korean time), the foreign ministry in Seoul said. It is scheduled to arrive at Incheon International Airport on Thursday afternoon.
The evacuees had earlier been airlifted from Tehran to Dubai on a separate chartered flight.
Upon arrival at Incheon, they will be transported to a government-run accommodation facility to spend about two days for coronavirus tests. If they test negative, they will be asked to self-isolate at their homes, officials said.
Seoul had been in talks with Tehran to arrange an evacuation flight to bring back its citizens via a nearby third country. As of Wednesday, Iran was the third-most infected country after China and Italy, with its caseload topping 17,300 and more than 1,130 deaths.
Outbound flights from Iran have virtually been halted as many foreign countries are banning entry from Tehran over virus fears.
Concerns have also grown over limited access to medicine and proper treatment there as Iran has been suffering a shortage of such goods and other commodities due to biting international sanctions.
The two sides had initially agreed to operate the emergency flight around late last week, but the schedule was pushed back as the consultations took longer than expected.
To help ease humanitarian concerns in Iran and maintain economic ties with it, Seoul has been exploring ways to export humanitarian goods to the country.
Early this week, the Iranian Embassy in Seoul said its country welcomes international medical assistance to help fight the novel virus, calling on the need for a globally coordinated response to containing the pandemic.
On Wednesday, South Korea's infection tally stood at 8,413, with 84 deaths.
This Reuters photo shows quarantine work being carried out at the Imam Reza shrine in Mashhad, the second-most populous city in Iran, on Feb. 27, 2020 (Iran time). (Yonhap)
elly@yna.co.kr
(END)


KOSPI 1,626.09 UP 34.89 points (open)


KOSDAQ 501.59 UP 16.45 points (open)


yna--2020-03-19--Dollar opens at 1,257.0 won UP from 1,245.7 won


yna--2020-03-19--(Yonhap Feature) N. Korean defectors eye politics as weapon to make voice heard

Thae , who defected to the South in 2016 , has garnered special attention as he is to run in @ @ @ @ @ southern Seoul .
If elected , he would become the first North Korean defector to @ @ @ @ @ direct voting , not through proportional representation .

By Koh Byung-joon
SEOUL, March 19 (Yonhap) -- Back in North Korea, Ji Seong-ho saw elections as nothing more than a formality, because even a vote against the ruling Workers' Party-picked candidates, let alone criticism of the government, could land voters in prison.
Running for office was an unthinkable privilege reserved for elites and well-connected people.
That's why, after coming to South Korea, Ji, known for his surprise appearance at U.S. President Donald Trump's State of the Union address in 2018, was stunned to see candidates feverishly campaigning and people passionately debating policy and freely criticizing their president.
After more than 10 years of living in South Korea, Ji is now planning to run in the April 15 general elections for a National Assembly seat, with the goal of helping North Korean defectors and people still suffering in the country he escaped from.
"If elected, I hope to contribute to enacting laws that help improve human rights situations in North Korea and to draw up policies to support North Korean defectors, like me," he said in a recent interview with Yonhap News Agency.
Ji Seong-ho, a North Korean defector-turned-human rights activist, in his office in southwest Seoul (Yonhap)
Ji, 37, lost his left arm and leg in a train accident in North Korea while stealing coal. During the State of the Union address, he triumphantly raised his clutches as he was introduced, drawing a standing ovation from the audience.
Earlier this year, South Korea's main opposition Liberty Korea Party, which was later renamed the United Future Party, scouted him as a new face, as the conservative party sought to regain public support ahead of next month's elections.
Ji's entry into politics came as more North Korean defectors are eyeing politics as a channel to voice their opinions and complaints over government policy as the number of defectors in South Korea has been growing.
Thae Yong-ho, a former No. 2 North Korean diplomat at North Korea's embassy in London, is another defector who joined the main opposition party and tossed his hat into the ring.
Thae, who defected to the South in 2016, has garnered special attention as he is to run in the affluent Gangnam region in southern Seoul. If elected, he would become the first North Korean defector to enter the National Assembly through direct voting, not through proportional representation.
He said that his victory could give hope to North Koreans aspiring for freedom and help the two Koreas move toward unification.
"I solemnly promise to devote myself in building a unified Korea through parliamentary activity," Thae said at a press conference at the National Assembly in February.
Hwang Kyo-ahn (R), chairman of the main opposition Liberty Korea Party (LKP), shakes hands with Thae Yong-ho, a former ranking North Korean diplomat who defected to South Korea in 2016, after Thae declared that he will run for the April 15 general elections on the LKP ticket, at the National Assembly in Seoul on Feb. 11, 2020. (Yonhap)
More than 33,000 North Korean defectors live in South Korea. As their number has been on the rise, so has demand for increased benefits and support for their resettlement here.
Pent-up complaints came to the fore when a North Korean defector and her young son were found dead in their apartment, presumably due to starvation.
The tragedy was followed months later by the government's controversial decision to deport two North Korean fishermen suspected of killing 16 other crew members back to the home country without a trial and against their will.
The government vowed to intensify efforts to provide better support for North Korean defectors placed under the "blind spot" of resettlement benefit. It also defended the repatriation decision, calling the fishermen "criminals" who had to be sent back to protect the safety of the South Korean public.
Thae cited the deportation, among other matters, as a major reason why he eyed politics.
"I felt huge frustration at their repatriation, separately from talks over whether they were criminals or not," he said. "To prevent reoccurrence of the incident, I've come to think that I have to do parliamentary activity.
Earlier this month, a group of North Korean defectors declared the launch of a political party for the first time, vowing to work toward "liberating" people in their homeland from autocratic rule and promoting the rights of defectors.
"Political parties have paid attention to what we have said during election seasons, only to have our demands have on deaf ears after elections," Ahn Chan-il, a co-chair of the newly-launched party, said.
"We decided to launch our own party to better represent the benefits of North Korean defectors inside the mainstream political realm," the North Korean defector-turned-scholar added.
A group of North Korean defectors and relevant officials pledge allegiance to the nation on Feb. 18, 2020, in Seoul at a gathering to launch a preparatory committee for the establishment of the first-ever political party consisting of escapees from the North. (Yonhap)
No matter what their chances of getting elected might be, supporters see such active political participation as positive, hoping that it can help draw attention to human rights situations in the North and living conditions for defectors here in the South.
Skepticism still lingers.
Critics question whether a few vocal politicians could represent more than 33,000 North Korean defectors, most of whom stay silent. Some worry that North Korea's issues could be extremely "politicized," thereby causing unnecessary noise in the process of handling matters related to the North.
"North Korean defectors are a minority and mostly underprivileged people in South Korea. Given that they need to have a platform to voice their opinions, their increased interest in politics could be meaningful in itself," a professor at a university in Seoul told Yonhap on condition of anonymity.
"Doubt still persists over the possibility of over-representation by a few vocal people who appear to me to have strong personal political aspirations," he added. "There are also concerns that they, if elected, could turn North Korea issues into a matter of unproductive political strife."
There are also doubts whether any of them can win a parliamentary seat this time around.
Of the two best-known candidates, Ji recently placed low on the list of candidates presumed to be safe to be elected through proportional representation, raising the possibility that he could drop his bid.
Thae might have a higher chance as he is to run in a district regarded as a stronghold for the conservative opposition, but some say that he could face an uphill battle in overcoming unspoken biases against North Korean defectors.
Despite uncertainty over his electability, Ji earlier said recent active political participation by North Korean defectors might point to growing demand for a "channel" by which to make their voice better heard.
"After looking at how our voices have been ignored over and over again, people seem to have realized that, as individuals, they aren't a match against the government," he said. "A consensus has been created that they should voice their opinions on a level playing field and politics must be a way to do so."
"They have chosen politics as a channel. The absence of such a channel in the North might have prompted them to defect in the first place," he noted.
kokobj@yna.co.kr
(END)


yna--2020-03-19--S. Korea's margin loans plunge amid market crash

With concerns escalating over the fast spread of COVID-19 in Europe and the United States , the benchmark Korea Composite @ @ @ @ @ ) tumbled 4.86 percent to 1,591.20 on Wednesday , its first close below the 1,600-point @ @ @ @ @ .

SEOUL, March 19 (Yonhap) -- Margin lending in South Korea plunged over the past week amid a coronavirus-induced stock market crash, data showed Thursday.
Outstanding margin loans to retail investors came to 8.54 trillion won (US$6.8 billion) as of Tuesday, down 1.5 trillion won from three sessions earlier, according to the Korea Financial Investment Association.
The amount represents the lowest level in nearly six months. Margin loans refer to those that retail investors take out from brokerage houses to invest in stocks.
Margin loans taken to buy stocks traded on the main KOSPI market stood at slightly over 4 trillion won, with those for shares registered with the tech-heavy, secondary KOSDAQ market taking up the remainder.
Outstanding margin loans had been on a steady rise since mid-January before surpassing 10.5 trillion won on Feb. 20. But the amount started to nose-dive Monday amid a historic jolt to global markets triggered by the coronavirus pandemic.
A decline in outstanding margin loans usually points to waning investor expectations for rising stock prices.
With concerns escalating over the fast spread of COVID-19 in Europe and the United States, the benchmark Korea Composite Stock Price Index (KOSPI) tumbled 4.86 percent to 1,591.20 on Wednesday, its first close below the 1,600-point level in nearly 10 years.
The number of coronavirus infections has been rising rapidly in Western nations, though South Korea has reported fewer than 100 cases for four consecutive days since Saturday.
(END)