Asian markets down as investors look to uncertain 2022

HONG KONG - Asian stocks were mostly down in Wednesday trade as a "Santa Claus rally" showed signs of fatigue and continued fears over the Omicron variant -- as well as uncertainty about economic prospects for 2022 -- weighed on markets.

Covid-19 cases have surged across the world, prompting governments to impose new measures to limit contagion while the travel industry faced thousands of flight cancellations.

Warnings from the World Health Organization that the risk from the variant remains "very high" have compounded the sense that the pandemic is far from over, though data showing a reduced risk of hospitalization has lifted spirits.

Reflecting the uncertainty, Tokyo closed down in thin holiday trade on Wednesday, with the market weighed down by US futures losses.

Seoul was also down, while Sydney and Wellington rose. Europe opened mixed, with London's FTSE slightly up while Paris and Frankfurt fell. 

In China, markets fell, in a slide analysts partly attributed to losses in shares of major liquor brands -- including Kweichow Moutai, one of the world's biggest drinks companies.

"The drop is mostly contributed by some blue chips, in particular the baijiu names," Zhang Gang, a strategist at Central China Securities, told Bloomberg.

"It's likely that some funds want to cash out before the year-end after the recent rebound."

Hong Kong's Hang Seng Index was down as investors eyed uncertain prospects for 2022 as well as a continued debt crisis in the mainland's property market.

A continued regulatory clampdown by Beijing on overseas listings by Chinese firms has also weighed down markets -- though expectations that the country's central bank will add further stimulus in 2022 offered some hope.

FITS AND STARTS 

But trading volumes remain thin going into the new year, when prospects for global growth and the long-term impact of the Omicron variant are expected to become clearer.

Moody's economist Mark Zandi said in a note the Omicron wave would dent growth in the first quarter, but "not have a material impact" on 2022 overall because of a rebound later in the year.

"Even after the Omicron wave abates, there will almost surely be others. But we expect each new wave to be less disruptive to the healthcare system and economy than the wave before it," he said.

Katie Nixon, chief investment officer for Northern Trust Wealth Management, was also upbeat, saying her firm was "pretty constructive going into 2022".

"We're having fits and starts related to this Omicron variant of course. This will create maybe demand delayed but not destroyed," she told Bloomberg TV.

There was also optimism on oil markets, with crude holding a roughly one-month high on hopes that the Omicron variant will not dent global travel in the ways many had feared.

Agence France-Presse

South Korea considers reimposing restrictions as COVID-19 cases surge

SEOUL - South Korea reported its second highest number of daily new COVID-19 cases on Wednesday, just days after it began easing social distancing restrictions in some parts of the country, buoyed by an accelerated vaccine rollout.

With the majority of the 1,212 new cases as of midnight Tuesday coming from densely populated Seoul, officials extended movement curbs in the capital and surrounding regions for at least another week and are considering pushing restrictions back up to the highest level.

According to Yonhap news agency, Wednesday's cases were also expected to top 1,000, with 1,010 already tallied by 6 p.m. (0900 GMT)

Prime Minister Kim Boo-kyum said a fourth wave of the virus was spreading rapidly, especially among unvaccinated people in their 20s and 30s, while a growing number of highly contagious Delta variant cases raised new worries.

Kim urged people in that demographic to get tested preemptively "to protect not just yourself, but everyone in your family, friends, school and the country."

"If the situation is not under control after monitoring for two to three days, it might leave us with no choice but to impose the strictest of all social distancing levels," Kim said.

President Moon Jae-in ordered the military be mobilized to aid wider contact tracing and urged authorities to open additional testing centers in densely populated areas, presidential spokeswoman Park Kyung-mee told reporters on Wednesday.

The daily caseload was the highest since Dec. 25, when South Korea was battling a third wave of the pandemic.

Officials had been moving in recent weeks toward a full reopening of the country. Movement restrictions in much of the country were eased on July 1, although officials in greater Seoul held off as they watched case numbers beginning to creep up again.

Health experts said the relaxation of measures that restricted business operating hours and social gatherings outside of Seoul, along with the knowledge that further easings would be coming, led to public complacency, particularly in socially mobile younger people in the capital.

Seoul Mayor Oh Se-hoon called on the prime minister to consider expanding vaccinations to younger people, which he said would alleviate the situation.

Around 85% of the new locally transmitted cases were in the Seoul metropolitan area, which is home to more than half of the country's population.

"While the infection rate has dropped relatively in the people aged over 60 on the back of inoculation drive, the transmission continues in the unvaccinated group," said Kim Tark, associate professor of infectious disease at Soonchunhyang University Bucheon Hospital.

"It’s a reminder to speed up vaccination for people under 60."

VACCINES ARRIVE

Just 10% of the country's population of 52 million people have been fully vaccinated, while 30% have received at least one shot, the majority of them aged over 60.

The Korean Medical Association urged the government to refrain from any hasty decisions to ease social distancing policies with vaccinations at low levels.

The country received 700,000 doses of the Pfizer/BioNTech vaccine from Israel on Wednesday under a swap arrangement, along with a separate shipment of 627,000 directly purchased doses.

Some of the new supply will be sent to greater Seoul for inoculation programs due to start on July 13, authorities said.

Improved vaccination levels have helped lower South Korea's mortality rate to 1.25% and the number of severe cases to 155 as of Wednesday, down significantly from 1.41% and 311 cases reported during the previous peak in late December.

The country has reported a total of 162,753 infections and 2,033 deaths during the pandemic.

The number of Delta variant cases jumped from around 30 cases three weeks ago to over 150 cases last week, according to the health ministry. South Korea has so far reported a total of 2,817 cases of COVID-19 variants, 80% of which were the Alpha variant, first detected in Britain.

-reuters-

South Korea considers use of COVID-19 self-test kits amid fourth wave fears

SEOUL - South Korea's health authorities said on Tuesday they would consider the use of coronavirus self-test kits despite their relatively low accuracy, after the new mayor of Seoul called for their approval.

The government had been reluctant to allow self-test kits, citing their lower accuracy than industry-standard PCR tests and specialist-administered rapid tests which are already in place. The possibility of false negatives is higher, authorities say, as a high viral load in the nasal passageways is often essential to secure a reliable result.

But some local government chiefs and experts have highlighted the need for the use of self-test kits as a supplementary tool in recent weeks amid fears of a potential fourth wave of outbreaks of COVID-19.

Oh Se-hoon, who became mayor of the capital Seoul following last week's special election, called on the drug safety ministry to approve those kits to be used at homes, restaurants, shops and religious facilities as a quick and easy device to detect possible infections.

Oh had blamed the government for failing to contain a third wave of COVID-19 and reduce the hardships of small business owners by sticking to ineffective distancing curbs.

"It is burdensome to maintain the anti-virus system as it is. We need to try new ideas and change our way of thinking," Oh said at a cabinet meeting, the first he has attended since taking office.

"I urge the drug safety ministry to grant approval for the use of self-test kits in the near future."

Drug Safety Minister Kim Gang-lip said the kits might be helpful if used on a limited basis, but the current rules allow products with 90% accuracy - compared with 98% accuracy proven by PCR tests.

"I expect to make good use of the kits which have a positive aspect as a supplementary tool ... if you bear their side effect in mind sufficiently," Kim said in response at the cabinet meeting, promising to speed up the evaluation process.

The discussions came as South Korea struggles with a surge in cluster infections, mostly in the Seoul metropolitan area, prompting authorities to reimpose a ban on nightclubs, karaoke bars and other nightly entertainment facilities, which came into effect on Monday.

The Korea Disease Control and Prevention Agency reported 542 new cases of COVID-19 as of Monday, marking a slight fall due to fewer tests during the weekend after the daily tally soared above 600 for six straight days.

Total infections in South Korea stand at 110,688 since the pandemic began, with 1,775 deaths.

-reuters-

A furry Christmas in Seoul

An employee dressed in a Santa Claus costume plays with cats at the Catgarden, which opened in 2016 to take in rescued cats due to failed adoption, in Seoul, South Korea on Monday. South Korea’s Ministry of Agriculture, Food and Rural Affairs recorded a 3.7 percent increase in abandoned pets in the first half of 2020 compared to the same period in 2019. 

-reuters-

South Korea eases virus curbs in Seoul region

SEOUL, South Korea - South Korea will temporarily ease coronavirus curbs in the greater Seoul area after a decline in cases, officials said Sunday.

The country largely overcame an early Covid-19 surge with extensive tracing and testing, but has battled several spikes in recent weeks raising concerns of a second wave of infections.

The new cases -- mainly in the greater Seoul region, home to half the country's 52 million population -- prompted authorities to tighten social distancing measures last month.

But the measures on the metropolitan area will be eased starting Monday for two weeks, South Korean Prime Minister Chung Sye-kyun told a government meeting, as new local cases declined.

"We're not in a situation to relax yet but the effect of tightened quarantine measures has been showing little by little," he said.

From Monday franchise coffee-shops will resume normal operations, after restricting service to takeouts.

Restaurants and bakeries will return to normal hours, while indoor gyms and hagwons -- private cram schools -- will reopen.

South Korea has seen triple-digit increases since August 14 with more than 120 new cases reported Sunday, after several weeks with numbers generally in the 30s and 40s.

But Chung warned of tougher social distancing rules during the Chuseok holiday -- the Korean harvest festival -- from September 30 to October 2 and urged people to stay home.

Chuseok is one of the country's biggest holidays with millions traveling across the country to visit family in the nation's largest annual migration.

Although officials had earlier asked the public to skip the annual tradition, local reports said hotels at popular vacation spots were fully booked for the holiday.

"The long weekend is forecast to be the biggest crisis for quarantine efforts against Covid-19 in the second half of the year," Chung said.

Restrictions on large gatherings will remain, with nightclubs and karaoke bars still closed, authorities said.

Agence France-Presse

2 South Koreans recover from coronavirus after plasma therapy

SEOUL - Two elderly South Korean coronavirus patients recovered from severe pneumonia after being treated with plasma from survivors, researchers said Tuesday, offering hope in the face of the global pandemic.

Scientists have pointed to the potential benefits of plasma -- a blood fluid -- from recovered individuals who have developed antibodies to the virus enabling the body's defenses to attack it.

Since emerging in China in December, the coronavirus has killed almost 75,000 people as drugmakers worldwide race to develop a vaccine and treatments for the disease.

Plasma therapy could become "an alternative treatment for patients in critical condition who do not respond to antiviral drugs," said Choi Jun-yong, a doctor and researcher at Severance Hospital in Seoul, where both patients were treated.

But large-scale clinical trials were needed to prove its effectiveness, he added.

One of the 2 patients was a 71-year-old man with no underlying conditions who only improved when treated with plasma from a recovered patient in his 20s, along with steroids.

He was initially given malaria drugs and a respirator for severe pneumonia.

The other patient, a 67-year-old female, also did not respond to initial treatments including malaria, HIV drugs, and oxygen therapy. She began to recover after receiving plasma therapy and steroids at the same time, researchers said.

Their findings were published in the peer-reviewed Journal of Korean Medicine.

Kwon Jun-wook, an official at Seoul's Central Disease Control Headquarters, said plasma therapy was "important" when there was "currently no vaccine or treatment available" for the virus. 

He called on experts to examine the 2 cases urgently.

Research on plasma and other therapies "will proceed quickly," Kwon added.

Small studies on plasma have demonstrated its effectiveness in treating infectious diseases, including Ebola and SARS.

Trials started in France on Tuesday involving 60 patients in Paris hospitals, half of whom will receive plasma from recovered patients.

The US Food and Drug Administration authorized physicians to experiment with the strategy to fight the coronavirus, and tests are also being carried out in China.

South Korea endured one of the worst early outbreaks of the virus, but appears to have brought it under control thanks to its extensive "trace, test and treat" program.

Agence France-Presse

South Korean woman tests positive for coronavirus after Thailand visit

SEOUL - A South Korean woman has tested positive for coronavirus after visiting Thailand, South Korean officials said Tuesday, the first foreign tourist reported to have been infected after a visit to the southeast Asian nation.

The 42-year-old, identified only as Patient 16, flew back to South Korea on Jan. 19 after traveling in Thailand, the Korea Centers for Disease Control and Prevention (KCDC) said in a statement.

Treated since developing chills and other symptoms from Jan. 25, she did not improve until Sunday, the KCDC added, and was confirmed positive on Tuesday, following checks at Chonnam National University Hospital.

The statement did not explicitly rule out a visit to China, however.

source: news.abs-cbn.com

Dreaming with lights in Seoul

A visitor walks near lanterns during the Seoul Lantern Festival along Cheonggyecheon stream in Seoul, South Korea, Thursday. Now on its 11th anniversary, the 2019 Seoul Lantern Festival will be held on November 1-17 with the theme “Your Seoul, Dream with Lights.”

source: news.abs-cbn.com

South Korea's Moon offers olive branch to Japan

SEOUL - South Korean President Moon Jae-in struck a conciliatory tone towards Japan on Thursday, offering to "join hands" if Tokyo chooses dialogue as relations between the two countries dip to fresh lows.

Seoul and Tokyo -- both of them democracies and market economies -- are mired in long-running disputes over Japan's use of forced labor in the first half of the 20th century.

The two neighbors have been embroiled in a tit-for-tat trade war that saw them remove each other from their lists of trusted trading partners this month, raising concerns over global supply chains.

That came after Tokyo imposed restrictions on exports crucial to tech giants such as Samsung last month, following a series of South Korean court rulings ordering Japanese firms to pay for wartime labor.

But Moon sought to dial down the temperature on Thursday, saying Seoul was willing to work with Tokyo to secure "fair trade and cooperation" in the region.

"If Japan chooses the path of dialogue and cooperation, we will gladly join hands," Moon said in a speech to mark the anniversary of Korea's liberation from Japan's 1910-45 rule.

Dressed in a light blue hanbok, Moon -- who earlier this month vowed South Korea will "never be defeated again by Japan" -- insisted that Seoul has "not dwelt on the past".

"Reflecting on the past does not mean clinging to the past but overcoming what happened and moving toward the future," said Moon.

"We hope that Japan will play a leading role together in facilitating peace and prosperity in East Asia while it contemplates a past that brought misfortune to its neighboring countries."

Tokyo maintains that all issues of wartime compensation were settled under the 1965 treaty that re-established diplomatic ties which included a package of about $800 million in grants and cheap loans for the former colony.

'Unification by 2045'

The dispute has raised concerns over the potential implications on the security cooperation between the two US allies in the face of a series of North Korean missile tests in recent weeks.

Pyongyang and Washington are engaged in a long-running diplomatic process over the North's nuclear and missile programs that has seen three unprecedented encounters between their leaders in the space of a year although little progress has been made on denuclearize.

Moon sought to play down North Korea's recent tests -- following the example of US President Donald Trump -- as he assured Seoul had "even stronger" defense capabilities and was working to prevent escalation of tensions.

But, he added: "The ultimate goal that these actions serve is dialogue, not confrontation."

The dovish South Korean president has long favored dialogue with Pyongyang, dangling cross-border business projects as incentives.

Moon said economic cooperation with the North will provide a one-stop solution to "problems we currently face, such as low growth, low birth rate and an aging society".

But proposed projects are currently blocked because of international sanctions imposed on the North over its nuclear and ballistic missile programs.

Moon pledged Thursday that he will "solidify the foundation" with the goal of "achieving peace and unification by 2045", although his single five-year term presidency ends in 2022.

Pyongyang has recently given Seoul the cold shoulder, saying nuclear talks will be "strictly" between the North and the US and refusing to hold a separate dialogue with the South.

source: news.abs-cbn.com

K-pop star held on drug charges in latest scandal

SEOUL, South Korea - K-pop and drama star Park Yoo-chun was arrested on Friday on charges of buying and using illegal drugs, a court said, the latest in a series of scandals to hit the South Korean entertainment business.

Suwon District Court approved the arrest warrant for Park, 32, due to concerns over possible destruction of evidence and flight risk, a court spokesman told Reuters.

Park is suspected of having bought about 1.5 grams of methamphetamine with his former girlfriend earlier this year and using the drug around 5 times, an official at the Gyeonggi Nambu Provincial Police Agency said.

Park has denied wrongdoing, saying he had never taken drugs, and he again denied the charges in court, Yonhap news agency said.

Park's contract with his management agency had been cancelled and he would leave the entertainment industry, Park's management agency, C-JeS Entertainment, said on Wednesday.

Park was a member of boyband TVXQ between 2003 and 2009 before leaving the group with two other members, forming the group JYJ.

A scandal involving sex tapes, prostitutes, and secret chat about rape led at least 4 other K-pop stars to quit the industry earlier this year.

The cases sparked a nationwide drugs bust and investigations into tax evasion and police collusion at night clubs and other nightlife spots.

source: news.abs-cbn.com

South Korea to launch world's first national 5G networks

SEOUL, South Korea - South Korea launches the world’s first fully-fledged 5G mobile networks Friday, a transformational leap that already has superpowers sparring for control of an innovation that could potentially change the day-to-day lives of billions of people.

The superfast communications heralded by fifth-generation wireless technology will ultimately underpin everything from toasters to telephones; from electric cars to power grids.

But while the South has won the race to be first to provide the user experience, that is only one part of a wider battle that has pit the United States against China and ensnared giants including Huawei.

Hyper-wired South Korea has long had a reputation for technical prowess, and Seoul has made the 5G rollout a priority as it seeks to stimulate stuttering economic growth.

The system will bring smartphones near-instantaneous connectivity -- 20 times faster than the existing 4G -- allowing users to download entire movies in less than a second.

In the same way that 3G enabled widespread mobile web access and 4G made new applications work ranging from social media to Uber, 5G will herald a new level of connectivity, empowered by speed.

It is crucial for the future development of devices ranging from self-driving vehicles that send data traffic to one another in real time, industrial robots, drones and other elements of the Internet of Things.

That makes it a vital part of the infrastructure of tomorrow, and the 5G standard is expected to bring about $565 billion in global economic benefits by 2034, according to the London-based Global System for Mobile Communications, an industry alliance.

ONE MILLION DEVICES

But the implications have pitted Washington against Beijing in an increasingly bitter standoff.

The US has pressed its allies and major economies to avoid 5G solutions from Chinese-owned telecom giant Huawei, citing security risks that technological backdoors could give Beijing access to 5G-connected utilities and other components.

But Chinese firms dominate 5G technology.

Huawei, the global leader, has registered 1,529 5G patents, according to data analysis firm IPlytics.

Combined with manufacturers ZTE and Oppo, plus the China Academy of Telecommunications Technology, Chinese entities own a total of 3,400 patents, it says -- more than a third of the total. 

South Korea comes next, with its companies holding 2,051 patents.

In contrast, US firms have 1,368 altogether, IPlytics said -- 29 fewer than Finland's Nokia alone.

All three of South Korea's mobile networks -- KT, SK Telecom and LG UPlus go live with their 5G services.

"5G's hyper speed can connect one million devices within a one square kilometer zone simultaneously," KT said in a report. 

On the same day, Samsung Electronics will release the Galaxy S10 5G, the world's first available smartphone using the tech, with rival LG following with the V50s two weeks later.

COST BARRIER

More than 3 million South Koreans will switch to 5G by the end of this year, predicted KT vice-president Lee Pil-jae.

Until now, no mobile networks have offered nationwide 5G access. In the US, hotspots in a few selected cities have offered 5G speeds but over WiFi only, while Qatari firm Ooredoo says it offers 5G services in and around Doha, but does not have devices available to use them.

US network carrier Verizon will launch fifth-generation services for mobile users in Chicago and Minneapolis next week, with more than 30 cities due to follow this year. 

Japan is also expected to roll out a limited deployment in 2019 before full services start in time for next year's Tokyo Olympics. 

But cost is likely to be a barrier for user uptake initially, analysts say: the cheapest version of the new Galaxy handset will be 1.39 million won ($1,200).

"While there are many cheap 4G smartphones under $300, Samsung's 5G phones are well over $1,000, which could be a major minus point for cost-savvy consumers," a KT representative told AFP. 

None of South Korea's three network operators would say how much they have invested in 5G -- but Seoul's economy minister Hong Nam-ki put it at at least $2.6 billion this year alone.

"If 5G is fully implemented," he said, "it will greatly improve people's lives". 

source: news.abs-cbn.com

Fans mourn death of SHINee's Jonghyun

SEOUL - Hundreds of fans of top South Korean boy band SHINee member Jonghyun visited his altar on Tuesday at Asan Medical Centre in Seoul to mourn the death of the singer.

Tearful fans and his fellow singers offered condolences and expressed their sadness at the loss of the K-pop star.

  
"I feel really sorry that I didn't consider his pain at all, I only thought of him giving me strength," said Jeong Yujin, a 22-year-old South Korean fan.

"I hope Jonghyun is happy wherever he is," said Walatip Kitkan, a 24-year-old Thai fan.

Kim Jong-hyun, 27, was found unconscious next to burning briquettes on a frying pan inside a serviced residence in the South Korean capital Seoul, a police official told Reuters.

"We're always going to miss you. And I'm so sorry this is what you thought and you needed to do, though I'll always love you. And for everyone that couldn't be here, I'm so sorry. But he knows you guys are here with him too," said 26-year-old American fan Natasha Burgard.

Kim spent nearly a decade in his leading role as one of five members of SHINee, one of the most popular boy bands in the country. He also sang as a solo artist.

His death is a blow to the massive worldwide fan base that Korea's K-pop music has attracted in recent years.

Editor's note:

A group in the Philippines is dedicated to addressing those who have suicidal tendencies.

The crisis hotlines of the Natasha Goulbourn Foundation aim to make these individuals feel that someone is ready to listen to them.

These are their hotline numbers:

Information and Crisis Intervention Center

(02) 804-HOPE (4673)
0917-558-HOPE (4673) or (632) 211-4550
0917-852-HOPE (4673) or (632) 964-6876
0917-842-HOPE (4673) or (632) 964-4084

In Touch Crisis Lines:

0917-572-HOPE or (632) 211-1305
(02) 893-7606 (24/7)
(02) 893-7603 (Mon-Fri, 9 am-5 pm)
Globe (63917) 800.1123 or (632) 506.7314
Sun (63922) 893.8944 or (632) 346.8776

source: news.abs-cbn.com

Tokyo and Seoul lead Asia rally after Wall Street gains

HONG KONG - Tokyo and Seoul led a rally in Asian shares Wednesday, on the back of strong earnings reports across the region including from tech giants Sony and Samsung.

The buying, after a muted start to the week in Asia, tracked overnight gains in the Nasdaq on Wall Street that saw it close at a fresh record.

Along with solid US economic data and growing expectations that a centrist continuity candidate will take over at the US Federal Reserve, the outlook for global growth remained broadly positive.

Asia has witnessed an impressive profit reporting season so far, with Sony the latest electronics blue-chip to announce it was expecting record annual profits.

Sony stocks surged 11.4 percent, with strong results attributed to its PlayStation games division and a booming smartphone parts business, as well as a hit with the newest Spider-Man movie.

Honda also revved up its annual profit outlook on motorcycle purchases, while a fall in Nissan passenger car sales after an inspection scandal appeared to have already been priced in by investors.

Tokyo finished at a fresh 21-year high, trading up 1.9 percent, as firms benefited from a weak yen -- making their products more competitive in foreign markets and inflating repatriated profits.

The announcement from Japan's central bank Tuesday that it would keep its ultra-loose monetary policy unchanged, even though overseas counterparts have started turning off the stimulus taps, also contributed.

Seoul shrugged off data showing October exports rising by less than expected, with shares up 1.3 percent, led by Samsung. The flagship tech firm logged a record profit of $10.0 billion for the third quarter.

Hong Kong closed up 1.2 percent, reversing two days of losses, with the latest evidence of the city's equity rally coming from internet giant Tencent's e-book arm. The country's answer to Amazon's Kindle Store, China Literature has reportedly raised US$1.1 billion for a Hong Kong listing next week.

Shanghai edged up 0.1 percent, as new numbers showed Chinese factory activity stabilized in October, going some way to dispel the gloom of Tuesday's official reading which suggested output growth had slowed.

Sydney also finished up, gaining 0.5 percent after a strong showing from miners and healthcare stocks.

At the start of trading in Europe, London and Paris both rose 0.4 percent, while Frankfurt jumped 0.9 percent after a public holiday Tuesday.

- US Federal Reserve meets -

Wall Street rose as data releases showed US consumer confidence hit a 17-year high in October, as congressional Republicans prepared to unveil President Donald Trump's long-anticipated tax cut plan.

The result of the ongoing US Federal Reserve meeting is due after Asian markets close Wednesday.

Investors will scrutinize the announcement for indications of a widely anticipated December rate rise.

Overshadowing the whole process is Trump's imminent decision on whether to replace Fed chief Janet Yellen, with the announcement likely to come Thursday before his departure on an 11-day Asia tour.

Centrist Jerome Powell is tipped as the front-runner, with investors pricing in his potential appointment over the more hawkish John Taylor.

Traders are also keeping a close eye on key payroll data out on Friday.

The New York attack by a truck driver that killed eight people, and Trump's vow to ensure more robust "extreme vetting" of travelers to the US, did not appear to have affected investor sentiment.

Oil prices rose to a two-year high as OPEC members honored pledges to curb supply and exports from northern Iraq fell.

source: news.abs-cbn.com

Slogans, placards and food: South Korean protests a boon for restaurants

SEOUL - As protesters march through Gwanghwamun Square in downtown Seoul, the center stage of huge weekly demonstrations calling for South Korean President Park Geun-hye to step down, nearby restaurants hustle to prepare for a busy night.

Many bars and restaurants in the area, home to government offices and near the presidential Blue House, have been doing roaring business well into the night when the protests are held every Saturday. The boom is a relief for neighborhood restaurants after a new anti-graft law in September limited the value of meals that could be accepted by civil servants.

Saturday's protest calling for Park to resign over an influence-peddling scandal was the largest yet, with organizers putting the total number of participants at 1.7 million, while police say the crowd at its peak totaled 320,000.

The demonstrations taking place for six straight weekends have been festive and peaceful, with parents bringing children and protesters putting flower stickers on police-bus barricades. It's a contrast to violent anti-government protests South Korea has seen in the past, when activists hurled rocks at police lines and were sprayed with pepper gas.

"We've prepared three to four times more than usual and set up seven more tables outside," said Cho Joung-suk, owner of Gwanghwamun Yeontanjib, a restaurant specializing in grilled eel. Nearby, protesters chanted "Park Geun-hye step down now!" and "We are the owners of the country!"

Activists marched to within 100 meters (yards) of the Blue House, one holding up a red sign reading "Arrest Park Geun-hye".

Cho, who usually shuts the restaurant on weekends and closes by midnight on weekdays, said that last week she had customers until around 4 a.m. on Sunday morning.

Kim Min-sung, a student who sat for South Korea's high-stakes university entrance test two weeks ago, was at his third protest.

"I had been studying for the past couple of months but I felt that I had to come out and protest after the exam as the situation had become serious," he said, taking a break at a restaurant specializing in South Korea's famous chicken and beer, or "chimaek", combination.

LED CANDLES, SELFIE STICKS
The anti-Park demonstrations have featured rappers and musical actors taking the stage in Gwanghwamun Square, while protesters carrying LED candles cheer with synchronized waves. In small alleyways, vendors were selling street food, selfie-sticks and the candles.

While many business owners are profiting from the protests, the political crisis helped push consumer sentiment to a nearly 7-1/2 year-low in November. Some merchants say the demonstrations have been disruptive to their business.

Park, whose approval rating stands at just 4 percent, according to a poll released on Friday, has refused calls to step down immediately. Last week, she asked parliament to find a way and a timeline for her to leave office, but the opposition plans to bring an impeachment motion to a vote on Dec. 9.

Park is accused of colluding with her long-time friend Choi Soon-sil to enable her to meddle in government affairs.

Seo Young-pyo, a resident of Jeju Island, 450 km (280 miles) south of Seoul, came to Saturday's protest with his 18-year-old daughter.

"It's not that there is less passion outside of Seoul or on Jeju Island. But Gwanghwamun Square in Seoul is the center of Korean society and there is a lot to see and learn," he said.

As Saturday night wore on, protesters took breaks for hearty meals and talked politics over drinks. Many joined long queues to use public toilets.

Kim Song-ryul, owner of Geosung Hof, a chimaek restaurant, said the carnival-like mood was a key driver of stepped-up business.

"There are families with young children in strollers who come to the protests and drop by our restaurant. The festive atmosphere really is a change from the past where there was violence," he said.

The recent rise in weekend sales has been a boost for many business owners in Gwanghwamun whose core trade of serving office workers was squeezed by the anti-graft law that limits the value of a meal that can be accepted by a civil servant to 30,000 won ($25.72).

Still, Kim, owner of the chicken and beer restaurant, has mixed feelings about the unexpected bonanza.

"If our sales rose due to good business every day, I would feel better. But to be honest, I don't feel that great about the entire situation," he said.

(Editing by Tony Munroe and Raju Gopalakrishnan)

source: news.abs-cbn.com

S. Korea fears MERS may have spread to new hospital

SEOUL, South Korea - South Korea on Saturday said it was closely monitoring a hospital in eastern Seoul over fears that hundreds of people there may have been exposed to the deadly MERS virus.

A 70-year-old woman who caught Middle East Respiratory Syndrome while visiting an infected relative in a different hospital was feared to have spread the virus to the new site.

"We are focusing our efforts in tracing contacts and isolating people who came close to this patient", a senior health ministry official told journalists on Saturday.

The woman died on June 25, two days after she was diagnosed, but due to the virus's 14-day incubation period, anyone she infected may only start showing symptoms in the coming days.

The official said it was too early to say whether the outbreak may be on the wane, given that new cases are expected at the new site.

"We would be able to talk about any trend of the outbreak only after watching the development at the hospital", he said.

The comments came as the country reported one additional MERS case, bringing the total number of confirmed cases to 182 in the largest outbreak of the deadly virus outside Saudi Arabia.

However, no additional fatalities were reported over the past 24 hours, with the death toll standing at 31, the health ministry said.

The latest case involved a 27-year-old nurse at a hospital in eastern Seoul who was believed to have been infected while treating a patient.Seou

She is the fifth confirmed case at the hospital, where more than 100 patients who were exposed to the virus while undergoing dialysis have been isolated at the hospital since June 18.

Of the 182 confirmed cases, 90 people have recovered, 31 have died and 61 others are still being treated -- 13 of whom are listed in a critical condition.

Most of the deceased had pre-existing medical conditions, according to the health ministry.

Some 2,467 people were meanwhile in isolation, down from 2,931 on Friday.

source: www.abs-cbnnews.com

Google's first Asian 'campus' opens in Seoul

SEOUL - Google formally opened its first Asian start-up "campus" in Seoul on Friday -- a marquee-name nod to South Korea's aspirations as a regional hub for a new generation of tech entrepreneurs.

Opened by President Park Geun-Hye who has touted establishing a "creative economy" as a key policy for her administration, Campus Seoul is housed in the capital's upscale Gangnam district which has become a focal point for the Korean start-up community.

As well as providing a space for people to work and network, it offers mentoring and training by Google teams and experienced entrepreneurs, as well as access to other start-up communities in Asia and beyond.

"We feel we're at a tipping point where Korean start-ups will begin going global," said Jeffrey Lim, who heads the Seoul Campus operations.

It's a point that has been touted as tipping for some time, nudged by a highly educated, hard-working community in a country with some of the world's fastest broadband speeds and highest smartphone penetration rates.

But despite the domestic success of some start-ups, Korean firms have struggled to take their products to the global market.

There are a variety of reasons, including a lack of funding and know-how, well-intentioned but overly regulated government involvement, and the absence of any real role models.

Fear of risk and failure

There are also challenges that are particular to South Korea because of its recent history.

The Asian financial crisis that rocked the country in the late 1990s and the bursting of an initial dotcom boom in 2001 served to reinforce the widely held view that taking risks and running your own business was to invite volatility, insecurity and potential bankruptcy.

"When bright, young Korean graduates want to create their own start-ups, the biggest challenge they face is often their parents," said Lim.

"They still push them towards the security of jobs with the big conglomerates like Samsung and LG. They still feel that's the gold standard for how they raised their kids," he added.

But for those with the courage to take the plunge, there are encouraging signs that things are changing.

"And the good thing about Korea, is that when we change, we have shown we can change very fast," said April Kim, co-founder and CEO of ChattingCat - a start-up providing an instant English-language correction service for non-native speakers.

The 33-year-old, who has already moved her tiny team into Campus Seoul, believes a major corner has already been turned, with overseas venture capital firms setting up shop in South Korea and Korean entrepreneurs starting to create start-up incubators and accelerators.

State support

The government has also stepped up, with Park's administration in 2013 unveiling a 3.3 trillion won ($3.0 billion) fund to nurture start-ups over the next three years.

In the past two years, Kim has received more than $60,000 in government funding, a sum she was extremely grateful for when she was struggling to get her company up and running.

But the money came with a substantial cost in time and effort.

"There was so much paperwork! For my first 20K I had to write an 80-page report. And every quarter, they want an accounting of how the money is being spent," Kim said.

"There's a lot of frustration and wasted energy," she said.

It's a point echoed by another early Campus Seoul member, Park Sangwon, whose software development start-up is promoting a real-time camera filter application that already boasts 160 million downloads.

"The problem is that the side providing the funding is not really looking at making the business more successful," the 34-year-old said.

"There's a lot of distrust and wanting to make sure the money is being spent in the 'proper way'," he added.

Seeking role models

The Google campuses are not-for-profit projects that the US tech giant says carry the over-arching benefit of widening the Internet eco-sphere. The Seoul outpost is modelled after similar facilities in London and Tel Aviv, and soon to be Warsaw and Sao Paulo.

Basic membership is free and space is provided at very low rates. Google has no financial stake in the start-ups that use the Seoul campus, although it clearly doesn't hurt to have a close eye on what might become the next Twitter or Uber.

For both Kim and Park, it's a welcome resource where they can meet other small teams like their own, share experiences, pursue possible collaborations and, hopefully, identify and open doors to venture capital funding.

But in terms of growing, they still lack the models for how to move beyond the Korean market.

"I'm at a stage where I need mentors and connections, but they are hard to find," Kim said.

"I hope there will be at least one Korean start-up that makes it on a global scale in the next few years. It would give a lot of people hope and help others to learn and follow."

source: www.abs-cbnnews.com

Adultery no longer a crime in South Korea

SEOUL - South Korea's Constitutional Court on Thursday struck down a controversial adultery law which for more than 60 years had criminalized extra-marital sex and jailed violators for up to two years.

The nine-member bench ruled by seven to two that the 1953 statute aimed at protecting traditional family values was unconstitutional.

"Even if adultery should be condemned as immoral, state power should not intervene in individuals' private lives," said presiding justice Park Han-Chul.

The decision saw shares in the South Korean firm Unidus Corp., one of the world's largest condom manufacturers, soar by the daily limit of 15 percent on the local stock exchange.

It was the fifth time the apex court had considered the constitutional legality of the legislation which had made South Korea one of the few non-Muslim countries to regard marital infidelity as a criminal act.

In the past six years, close to 5,500 people have been formerly arraigned on adultery charges -- including nearly 900 in 2014.

But the numbers had been falling, with cases that ended in prison terms increasingly rare.

Whereas 216 people were jailed under the law in 2004, that figure had dropped to 42 by 2008, and since then only 22 have found themselves behind bars, according to figures from the state prosecution office.

The downward trend was partly a reflection of changing societal trends in a country where rapid modernisation has frequently clashed with traditionally conservative norms.

Public views 'have changed'

"Public conceptions of individuals' rights in their sexual lives have undergone changes," Park said, as he delivered the court's decision.

Reading the dissenting opinion, Justice Ahn Chang-Ho insisted the 1953 statute was a key protector of family morals, and warned that its abolition would "spark a surge in debauchery."

Under the law, adultery could only be prosecuted on complaint from an injured party, and any case was closed immediately if the plaintiff dropped the charge -- a common occurrence that often involved a financial settlement.

The debate over its future had simmered away for years, bubbling over from time to time especially if a public figure fell foul of the statute.

Such was the case in 2008 when one of the country's best-known actresses, Ok So-Ri, was given an eight-month suspended sentence for having an adulterous affair.

At that time, Ok unsuccessfully petitioned the Constitutional Court, arguing that the law amounted to a violation of her human rights in the name of revenge.

The court had previously deliberated the issue in 1990, 1993 and 2001, but those moves to strike down the law had failed to gain the support of the six judges required.

Ok's 2008 petition had come close with five judges deeming the statute unconstitutional.

Improving gender equality

The law was originally designed to protect the rights of women at a time when marriage afforded them few legal rights, with most having no independent income and divorce carrying enormous social stigma.

But even socially conservative civic groups who had supported the legislation in the past acknowledged that times had changed.

"Adultery must be censured morally and socially, but such a law is inappropriate in a modern society," said Ko Seon-Ju, an activist with the Seoul-based civic group Healthy Families.

"It used to be an effective legal tool to protect female rights, but equal rights legislation has improved," Ko said.

"Adultery is an issue that should be dealt with through dialogue between the partners, not by law," she added.

While the adultery law may have been ruled out of existence, social disapproval of marital infidelity remains potent.

In April last year, South Korea blocked the newly launched Korean version of the global adultery hook-up site Ashley Madison, saying it threatened family values.

source: www.abs-cbnnews.com

UberX ride-sharing service is now free in Seoul

SEOUL - U.S. taxi service provider Uber Technologies Inc on Wednesday said it will make its low-cost uberX ride-sharing service available free of charge in Seoul, in its second bid this month to operate legally in South Korea.

Uber started charging a fee last year for the taxi-like service, which matches passengers via a smartphone app with private drivers who do not hold commercial transport licenses.

Prosecutors subsequently indicted Uber's chief executive, Travis Kalanick, as well as its South Korean unit for violating a law prohibiting individuals or firms without proper commercial licenses from providing or facilitating transportation services.

"We want to actively work towards a consensus, and the first step to that process is switching off the fare," Uber's head of north Asia Allen Penn said in a statement.

Uber proposed a new registration system for its drivers in South Korea earlier this month in a bid to operate legally. But the transport ministry rejected the proposal and said it would stop the company offering its services.

Uber has been the subject of similar regulatory ire in countries around the world, even as it expanded into more than 290 cities.

In January, the city of Seoul declared Uber's services illegal and started offering rewards of up to 1 million won ($911) for people who reported private drivers providing transport through the company.

Yang Wan-soon, director of the Seoul city government's taxi and logistics division, told Reuters it is up to the courts to decide whether Uber can operate legally.

"The city also needs to consider whether the free taxi service would disrupt existing market order," Yang said.

source: www.abs-cbnnews.com

Korean 'comfort women' invited to Pope Francis' mass in Seoul

SEOUL - Korean women forced into sex slavery for Japanese troops during World War II have been invited to a mass to be celebrated by Pope Francis in Seoul in August, a spokeswoman said Tuesday.

The invitation comes at a time when relations between Japan and South Korea are a low ebb over Tokyo's recent allegations that there was no evidence to corroborate the testimony of so-called "comfort women" who were forced to work in Japanese military brothels.

"We've invited the victims to the mass for peace and reconciliation," a spokeswoman for the committee organising the visit, who did not wish to be named, told AFP.

The pope will celebrate mass on August 18 at Myeongdong Cathedral in Seoul.

It was not known how many of the women, all of an advanced age, would attend, she said.

The invitation was made soon after the August 14-18 papal visit to South Korea was announced in March.

"We will inform the pope of their participation in the mass," she said.

Pope Francis is expected to deliver a message to the comfort women during the mass but it had not yet been decided whether he would have a chance to talk to them, she added.

South Korea expressed "deep regret" and summoned Japan's ambassador last week to protest at Tokyo's recent review of a landmark 1993 apology for wartime sex slavery.

The review upheld the apology, but angered Seoul by asserting there was no evidence to corroborate the testimony of Korean comfort women that they were forced to serve as sex slaves.

Seoul also rejected the review's finding that Japan's 1993 apology was partly drafted by South Korea.

Around 200,000 women, mainly from Korea but also from China, Taiwan and Indonesia among others, were forced into sexual slavery for imperial troops as Japan stormed across Asia before and during World War II.

While mainstream Japanese opinion holds that the wartime government was culpable, a small but vocal tranche of the political right -- including Prime Minister Shinzo Abe -- continues to cast doubt, claiming the brothels were staffed by professional prostitutes.

The equivocation is a huge irritation in Tokyo's relations with East Asia, and with South Korea in particular.

source: www.abs-cbnnews.com

Diary reveals harrowing search for Korea ferry bodies

SEOUL - "Started search and touched a wall. Groped along the wall... moved along further. Felt a body."

It's a grim diary entry for a harrowing job -- the recovery of hundreds of bodies, most of them schoolchildren, from the cold, dark interior of a submerged South Korean ferry that sank more than three weeks ago.

One of the divers who worked on the rescue and recovery operation for nearly all that time kept a daily journal that outlines, in stark detail, the physical and psychological demands placed on the rescue teams.

It follows the progression of the operation, from the early optimism that some passengers might be found in air pockets, to the tragic realisation that there were no survivors beyond the 172 who escaped the vessel before it fully capsized.

"My mind is totally occupied by one thought -- find anyone still alive," the journal begins on April 19, three days after the 6,825-tonne Sewol went down.

Of the 476 on board the ferry, 325 were children from the same high school, on an organised trip to the southern resort island of Jeju.

The diver was hired for the operation by a salvage company, Undine Marine Industry, on a temporary contract that forbade him to speak to the media.

His journal entries were published this week under the pseudonym "Mr. B" by Kookje Shinmun, a local newspaper in the southern city of Busan.

-- 'Sorry, sorry, sorry' --
By April 22, the reality had sunk in that the search for survivors had become a search for bodies, even as relatives of the hundreds of missing -- waiting on shore -- clung to the thinnest of hopes that some may still be brought out alive.

"What have we done to these children?" the entry reads. "Sorry, Sorry, Sorry."

A thank you from a parent for retrieving the body of his child does little to lift the sense of helplessness.

"I don't think I deserve this gratitude," he writes.

The most searing entries are the most recent, recorded as the recovery operation picked up pace and dive teams moved deeper into the sunken ferry's interior.

The divers were under immense pressure from the authorities and the victims' families to retrieve all the trapped bodies as quickly as possible, but the journal shows the sort of challenges they faced working in near zero visibility.

"The torch is almost useless," notes a May 4 entry, as Mr. B and his diving partner tried to set up guide ropes inside the ferry at a depth of 40 meters (130 feet).

"The visibility is so bad, it's better to just close your eyes and grope with your hands."

Two days later, the journal describes the moment of discovering a body, bumping into something which touch reveals to be an arm belonging to a corpse floating in one of the passenger cabins.

After securing the body, the diver pulls on his life line as a signal to the surface team to pull them up.

"We get stuck in a doorway and I signal them to stop pulling. I get through the doorway and gently guide the body through after me, and then we start rising again."

-- 'I feel the arms first' --

He then returns to search the same cabin, knowing that many passengers had complied with crew instructions to stay where they were when the ship began to list sharply to one side.

At first he finds nothing but suddenly comes across a body stuck in a crouched position under one of the sleeping berths.

"I feel the arms first, then the head and the torso.

"The space is too narrow. It's hard to pull it free and the dive time is running out."

The entry then describes clearing bags and debris from the confined space and trying in vain to get both his arms inside and under the body's armpits.

"It's still too narrow, but then I grab some clothing at the back of the neck and pull, and the body comes out."

So far there has been one fatality on the rescue team, when a diver was pulled unconscious from the water on Tuesday and later pronounced dead in hospital.

According to the federal disaster force, 24 others have been treated for injuries and decompression sickness.

source: www.abs-cbnnews.com