South Korea’s financial government bodies have modified the anti-money laundering regulations that affect cryptocurrency exchanges in the nation, demanding local banks to tighten up the supervision of associated bank accounts. The new rules will come into force on July 10 for one year. The related i
Due to the recent series of cyber attacks, cryptocurrency exchanges are having a hard time taking out an insurnace policy. The prospects of “group negotiations” with insurers pursued by the association of exchanges for its members are still remote.According to the Korea Blockchain Association and in
The Korea Power Exchange (KPX) hosted a seminar on the 4th Industrial Revolution and electricity demand in COEX on June 5. Experts in energy forecast were invited from home and abroad.Participants in the seminar, which was jointly held with Bloomberg, included scholars from the Seoul National Univer
Naver has revamped its comment sections for political articles in the lead-up to the local elections slated for next month.The South Korean web portal giant’s plan to not show comments on the same page as the article is the latest in a series of efforts to tackle fake news and public opinion rigging
Top South Korean cryptocurrency exchange Bithumb has withdrawn its plan to list a new cryptocurrency following a backlash from investors over suspicious business ties.Bithumb announced plans to list a new blockchain platform Popchain (PCH) on its official website on May 15, but it postponed the sche
Whirlpool which filed a complaint with the US International Trade Commission (ITC) to call for initiating a safeguard on Korean washing machines was being shunned by consumers in the US market.This means that Whirlpool decided to use a strategy to keep its US washer market share by resorting to US a
German consumers voted Samsung Electronics “the most reliable company in the world.” The result is deemed to be attributable to Samsung quickly solving the issue of the Galaxy Note 7 catching fire to deepen consumers’ trust in the company, which is now considered to be a blessing in disguise.Samsung
South Korean researchers proposed the security standard items for blockchain, which is considered a technical infrastructure that can safely records and utilizes important contracts online using distributed network and encryption technologies, and they were selected as international standardization
Hyosung announced on September 21 that the company will sign an MOU on supporting the overseas expansion of small and medium-sized enterprises (SMEs) in the water industry with K-water and 39 SMEs.The MOU says that Hyosung will support SMEs’ overseas market entries such as participating in bids join
LS Industrial Systems (LSIS) landed a 46 billion won (US$41 million) solar power plant order from Japan, proving its competitiveness in Japan.LSIS announced on September 14 that the company was selected as a construction and operation company for an 18 MW (megawatt) Hanamizuki solar power plant to b
China Ocean Resources was forced to be virtually delisted from the Seoul bourse as the company received a disclaimer of opinion even in a re-audit report.As the delisting of Chinese companies was repeated, the Korea Exchange suddenly switched to a prudent mode about listing Chinese companies. The Ko
Kumho Tires strongly opposed the Korea Development of Bank (KDB)'s evaluation of its management and decided to take a legal action.Earlier on July 7, the KDB fixed the rating of the management evaluation of Kumho Tire in 2016 as “D” and notified of it through the latter’s shareholders council.Kumho
Despite the acceleration of policies for nuclear and coal phase-outs, electric power generated from new and renewable energy source was, in fact, only marginal. Although the production volume of electric power based on new and renewable energy sources reached a record high last year, its half came f
Mirae Asset Financial Group Chairman Park Hyun-joo seeks to acquire SK Securities. During a New Year's meeting with financial industry leaders, Park said he is considering plans to increase its capital to 8 trillion won (US$7.13 billion). So, some say that the acquisition of SK securities will signa
As Daewoo Shipbuilding and Marine Engineering Co. (DSME) successfully completed the bondholder's meeting on April 18, the cash-strapped company has dramatically dodged a court receivership. With bondholders accepting a debt-to-equity swap, Korea Development Bank (KDB) and Export-Import Bank of Korea
Café Sapoon Sapoon can accommodate up to 120 people at the same time as it has seats in a spacious indoor space and outdoor terrace on the first floor of KT&G Tower in Gangnam-gu. Customers who can not only take a rest but also work and have meetings at the café so the number of customers has contin
The Samsung Group, which took its first step as Samsung Store in 1938 and has become Korea's representative globalized company, is facing a situation where Lee Jae-yong, a vice chairman and de-facto head of the Samsung Group got arrested and put behind bars for the first time in its history. This me
Hankook Tire Co. announced on Feb. 1 that it has acquired a 100 percent stake in Australia’s largest tire retailer JAX Tyres. With the latest acquisition, JAX Tyres will be incorporated as a subsidiary of Hankook Tire Group.An official from Hankook Tire said, “With the takeover, we will strengthen o
On January 17, Jung Sung-lip, CEO of Daewoo Shipbuilding & Marine Engineering (DSME) was summoned as a suspect by the prosecution on the charge of fraudulent accounting, casting clouds over the prospects of the company’s normalization.After his inauguration in 2015, Jung has been taking the lead in