Bitcoin moves with extreme volatility amid warnings

　Bitcoin prices continued to fluctuate on Feb. 24 as authorities in and out of the country expressed concerns over the digital coin’s volatility. 　After plunging 22 percent from Feb. 21’s record high of 65.84 million won ($59,294) to 50.9 million won on Feb. 23, 2021, bitcoin prices stabilized at about 57 million won in the morning on Feb. 24, Upbit data showed. 　The recent surge was driven by endorsements from Silicon Valley and Wall Street. Tesla, a US electric vehicle maker, s

Watchdog orders banks to compensate investors for damages from Lime misselling

　South Korea’s financial watchdog on Feb. 24 ordered two Korean commercial banks -- Woori Bank and the Industrial Bank of Korea -- to compensate end-investors for at least half of the damages they incurred in a 1.7 trillion won ($1.5 billion) misselling scandal involving now-defunct hedge fund Lime Asset Management. 　The authorities held the banks accountable for “poor efforts in the exercise of their duties to protect investors” when they sold nearly 300 billion won worth of

National Pension Service gains W72tr for 2020

South Korea’s public pension fund, the National Pension Service, has logged a 9.7 percent return last year to gain 72.1 trillion won ($65 billion) in its preliminary estimate, the government said Feb. 24. Health Minister Kwon Deok-chul, who chairs NPS’ Fund Management Committee, added that the world’s third-largest pension fund was managing 833.7 trillion won worth of assets as of end-2020, in a committee meeting held in Seoul. The estimate will be finalized in June, according

Provisioning, relief measures to support S. Korean banks’ performance: Fitch

　US credit rating agency Fitch Ratings said on Wednesday that the near-term performance of South Korea‘s four major banks will be supported by loan-loss provisioning already made in 2020 and sustained relief measures introduced by the regulator. 　The pressure on their financial profiles, however, may persist as the ramification of last year’s pandemic-induced recession is likely to linger and affect the banks‘ asset quality and profitability, according to the company. 　&ldqu

NYSE hopes to see more Korean firms listing in US

‘Innovative’ S. Korean companies are ready to scale up to become global, NYSE executive says

S. Korea to ramp up rights protection of digital technology: IP office chief

The chief of the nation’s intellectual property office vowed Wednesday to reinforce intellectual property rights protection of digital inventions to contribute to South Korea‘s efforts to become a pacesetting nation in the digital era.  “In the era of digital economy, business realms driven by digital intellectual property are forecast to expand rapidly. A transition to digital economy depends on active creation of patents for innovative digital technologies across indus

How a Korean pizza parlor aims to become a global fast food franchise

Starting in 2016 as food truck in Seoul, Gopizza runs 100 stores across Asia

Software dons role of therapeutics

‘In budding world of software as medical device, more players are needed for the market to grow’

Koo hopes to open new chapter for Korean trade body

Top businessman marks first ‘non-bureaucrat’ chief for trade organization in 15 years

Watchdog orders banks to compensate investors for damages from Lime misselling

South Korea’s financial watchdog on Wednesday ordered two Korean commercial banks -- Woori Bank and the Industrial Bank of Korea -- to compensate end-investors for at least half of the damages they incurred in a 1.7 trillion won ($1.5 billion) misselling scandal involving now-defunct hedge fund Lime Asset Management. The authorities held the banks accountable for “poor efforts in the exercise of their duties to protect investors” when they sold nearly 300 billion won worth of

Hyundai Motor hires US aerospace expert for UAM business drive

Hyundai Motor Group said Wednesday that it has hired a high-profile aerospace professional from the United States in line with its continued effort to promote urban air mobility, or UAM, as a future growth engine. The South Korean auto group has appointed Ben Diachun, former CEO of the California-based aerospace startup Opener, as the chief technology officer for the UAM division. “His years of experience in developing innovative aerospace vehicles will greatly contribute to our business

Politicians bicker over COVID-19 vaccines

Politics are creeping into vaccine discussions in Korea with the country’s first jabs to be rolled out in just a few days, and scientists say they are wary of the non-experts in high offices playing politics with public health. In a Facebook statement posted Friday, Yoo Seung-min, a onetime presidential contender of a minor conservative party, suggested that President Moon Jae-in take the AstraZeneca vaccine to boost public confidence. “The dearth of data on the AstraZeneca vacc