Moody's has downgraded South Africa's credit rating to junk status, piling more anguish on an economy already in recession and battered by Africa's worst coronavirus outbreak. Two other major international rating agencies Fitch and S&P had cut the credit rating of Africa's most developed economy to subinvestment level in 2017. Losing its last investment grade rating will see the country being excluded from the FTSE World Government Bond Index. The downgrade late Friday came as South Afric

More than half of people who have been infected with novel coronavirus in South Korea have recovered, figures released by the Korea Centers for Disease Control and Prevention showed Saturday. As of midnight Saturday, the country’s accumulated number of cases stood at 9,478 -- 4,811 of whom had fully recovered, with 4,523 still sick and 144 dead. The recovery rate was 50.8 percent and fatality rate 1.52 percent. “Now, there are more people who have recovered than are sick,”

The Chinese city of 11 million people that was Ground Zero for what became the global coronavirus pandemic partly reopened on Saturday after more than two months of almost total isolation. Wuhan was placed under lockdown in January with residents forbidden to leave, roadblocks ring-fencing the city's outskirts and drastic restrictions on daily life. But the major transport and industrial hub has now signalled the end of its long isolation, with state media showing the first officially sanction

President Donald Trump issued a federal order Friday to force auto giant General Motors to manufacture ventilators, as supplies of the crucial hospital equipment grow short and coronavirus infections mount across the country. Trump invoked the rarely-used Defense Production Act (DPA) to order GM to speed up its commitment to make ventilators in one of its auto plants after delays in negotiations. The act, designed for use in wartime to commandeer private business to manufacture for defense nee

South Korea’s short-term funding market is showing no signs of stabilizing, despite the central bank’s relief package to help ease the credit crunch amid the global coronavirus pandemic. The interest rate of commercial papers with 85-91 days of maturity -- a frequent short-term debt instrument by nonfinancial companies -- soared to 2.09 percent Friday, up 5 basis points from the previous day’s close, according to data from the Korea Financial Investment Association. The figur

Provincial governors and mayors urged the central government Saturday to shoulder the cost of basic income subsidies to help citizens. “It is imperative for the (central) government to take more aggressive and proactive measures to bring the society‘s safety net back to normal,” the Governors Association of Korea, composed of the heads of 17 local governments, said in a proposal to Korea‘s central government. “Facing a national emergency, the (central) governmen

About 200 South Korean peacekeeping troops returned home Saturday from South Sudan after completing their nine-month rotational mission. They arrived at Incheon International Airport, west of Seoul, shortly before noon on an Ethiopian Airlines plane chartered by the South Korean government. The soldiers are scheduled to be tested for the coronavirus and be self-quarantined for two weeks if they all test negative. All the troops, however, will be quarantined at the Army Cadet Military School i

Prime Minister Chung Sye-kyun urged young people to join the country’s fight the coronavirus outbreak by avoiding social gatherings, saying individual efforts are as essential as government measures. “For the youth, especially, it is essential that people stay away from places like clubs,” Chung said during the daily virus response meeting. He also directed related agencies to keep a close tab on how clubs and other entertainment businesses were enforcing virus prevention

South Korea reported 147 new cases of the novel coronavirus on Saturday, bringing the total to 9,478. Daegu, the southern city hardest by the virus, accounted for nearly half of the new cases with 71, while 24 were identified during the infection screening process of international arrivals. Gyeonggi Province counted 18 new cases, followed by capital Seoul with 18 and Incheon 5. The number of people discharged from hospital after full recoveries exceeded those receiving treatment Saturday

South Korea's finance minister has called on the International Monetary Fund to consider allocating the Special Drawing Rights, an international reserve asset, to provide global liquidity amid the rapidly spreading coronavirus pandemic. Hong Nam-ki made his case in a video conference of the International Monetary and Financial Committee, the governing body of the IMF, which was held Friday to discuss the unprecedented challenge posed by COVID-19. The SDR is an international reserve asset that

South Korea’s government and key state-run banks on Friday sealed a plan to provide a credit line of 1 trillion won ($826 million) to Doosan Heavy Industries & Construction, in an effort to prevent a possible liquidity crunch amid the novel coronavirus spread. As the key creditor, the Korea Development Bank said it will provide financial support to the struggling power equipment maker jointly with the Export-Import Bank of Korea. “Together, we shall provide some 1 trillion w

Seoul, the South Korean capital, will join the global lights-out campaign Earth Hour in turning off its lights for an hour Saturday, the municipal government said. Seoul landmarks including Lotte World Tower, N Seoul Tower, the 63 Building and bridges over the Han River will go dark from 8:30 p.m., according to the Seoul Metropolitan Government. But the lights in Seoul City Hall, where the city's situation room is dealing with the coronavirus outbreak, will remain on, it added. Launched by th

A park in southeastern Seoul, famous for its picturesque cherry blossom trees, will close until mid-April as part of precautionary measures to contain the new coronavirus. Seokchon Lake Park in Songpa Ward will close from Saturday to April 12, according to a Facebook post written by ward chief Park Sung-soo. The ward will open four gates to the park from 5 a.m. to 9 a.m. every day for residents who pass through the park for their commute, according to the post. The closure comes in line

PARIS (AFP) -- French Prime Minister Edouard Philippe raised the alarm Friday over an "extremely high" surge in coronavirus cases in the country and warned things will be "difficult" in the coming days. After 365 people died and more than 2,300 people were hospitalised in France in a single day, the military sent a plane Friday to evacuate six patients from the hard-hit east of the country where hospitals are overstretched. "We find ourselves in a crisis that will l

South Korea’s activist private equity fund Korea Corporate Governance Improvement on Friday vowed to restore Hanjin Group “back on track,” signaling its push for activism despite the Friday defeat. “We could feel the shareholders' desire to change Hanjin KAL’s management by the owner family,” the coalition led by KCGI wrote in a letter to shareholders. “The most crucial is for Hanjin Group to make a breakthrough, and we believe that the only solut