The Ministry of Strategy & Finance announced on October 17 that South Korea ranked 15th out of 140 countries in this year’s Global Competitiveness Report of the World Economic Forum (WEF). Last year, South Korea ranked 17th.The country joined the top 30 in 10 out of the 12 categories of the report.
South Korea’s financial authority is planning to expand individual investors’ participation in the short selling market, which has been a “playing field” for foreign and institutional investors.According to the financial industry sources on Oct. 16, Financial Services Commission (FSC) Chairman Choi
Cryptocurrency LINK, which was issued by Naver's Japanese subsidiary LINE, will be listed on cryptocurrency exchange BITBOX on October 16. BITBOX was established by LINE in Singapore in July this yearAfter being listed, LINK can be purchased with other cryptocurrencies including Bitcoins. The li
Bithumb, a major Korean virtual currency exchange, has been sold to BK Global Consortium based in Singapore for about 400 billion won ($352.5 million).According to financial industry sources on Oct. 12, BK Global Consortium signed a contract with BTC Korea Holdings on Oct. 1 to purchase 50 percent p
South Korean lawmakers are moving to legalize initial coin offerings (ICOs) that have been left neglected for more than a year after the government banned all forms of ICOs in September last year.Min Byung-doo, a lawmaker from the ruling Democratic Party who chairs the National Policy Committee of t
Credit Suisse, a foreign financial institution, is drawing keen attention from Korean analysts by steadily purchasing shares of Hanjin KAL, the holding company of Hanjin Group. Some speculate that Credit Suisse may seek to exercise influence on the group's efforts to revamp its governance struct
Whether Daewoo Shipbuilding & Marine Engineering (DSME) attains new order receipt goal for this year or not is likely to hinge on the Rosebank Project, a US$2 billion offshore plant construction project.The floating production storage and offloading (FPSO) construction project has been launched by C
Dunamu Inc., a Korean company that operates the Upbit crypto-asset exchange, announced on Sept 19 the launch of a new exchange in Singapore.Upbit Singapore Pte. Ltd., headed by CEO Alex Kim, will operate the exchange, which will offer the same user benefits that made Upbit a globally renowned crypto
Foreign investors net purchased South Korean listed stocks for two months in a row last month. With a continuous net inflow from January, foreign investors’ Korean bond holdings hit a record high.According to a report on foreigners’ stock investment trend in August released by the Financial Supervis
Oxley Tower to be located in KLCC, MalaysiaSsangyong Engineering & Construction has won new contracts worth a total of 420 billion won in Malaysia and Dubai. The project in Malaysia is to build the Oxley Tower and that in Dubai is to build a new Andaz hotel.The Oxley Tower, 339 meters in height, is
Financial Supervisory Service (FSS) Governor Yoon Suk-heun warned that new financial services, such as cryptocurrencies and fintech, can cause risks in terms of consumer protection. In particular, he stressed the need to create a global regulatory system for cryptocurrencies.During an opening ceremo
LS Cable & System, a major South Korean wire and cable maker, announced on Sept. 4 that it has won a contract worth 40 billion won (US$35.79 million) to install high-voltage submarine cables in Malaysia.Under the deal with Malaysia's state-run electricity company Tenaga Nasional Berhad (TNB), th
Hana Financial Group chairman Kim Jung-tae is seeking to boost the company's stock price by purchasing its treasury stocks and holding investor relations (IR) meetings in the United States. Hana Financial recorded the best-ever performance in the first half of this year after it turned itself in
South Korean construction companies Daewoo Engineering & Construction and Ssangyong Engineering & Construction announced on Sept. 3 that they have signed a formal contract to build Woodlands Health Campus (WHC) hospital in Singapore for US$700 million (782.2 billion won).The WHC project consigned by
SK Innovation Co., the nation’s leading oil refiner, is taking the stricter environmental regulations of the International Maritime Organization (IMO) as an opportunity to expand its low sulfur oil business.According to SK Innovation on Sept. 3, the IMO passed a regulation in 2016 to limit the amoun
China is planning to accelerate the conclusion of the Regional Comprehensive Economic Partnership (RCEP) amid its ongoing trade war with the United States. Under the circumstances, China, South Korea, Japan and the 10 ASEAN member countries are predicted to reach an agreement on major issues in Nove
The Jeju Special Self-Governing Province is planning to launch a series of blockchain-related projects as part of its efforts to turn the island a hub for blockchain technology and initial coin offerings (ICOs). According to industry sources, the province is going to apply the technology to land man
Hyundai Merchant Marine (HMM) is expected to handle more than two million TEUs (One TEU is one six-meter long container) at Busan Port for the first time this year.HMM said on August 28 that its cargo volume at Busan Port from January to July of this year grew 14.3% to 1,150,798 TEUs from 1,006,933
Korean biotechnology venture companies with technological power are gaining a lot of investment.The Korea Biotechnology Industry Organization (Korea BIO) announced on August 27 that ABL Bio attracted a total of 70 billion won (US$58 million) from 10 domestic venture capital companies in June, the bi
U.S. President Donald Trump said on August 7, during his dinner with the CEOs of 13 companies such as Boeing, that Chinese students in the United States, who constitute the largest group of foreign students in the U.S., are like spies with few exceptions. Earlier, in March this year, he blocked Sing