Articles by Son Ji-hyoung
Son Ji-hyoung
consnow@heraldcorp.com-
Cryptocurrency ban could destroy economies for decades: Tapscott
Best-selling author and blockchain advocate Don Tapscott on Wednesday called for South Korea’s “sensible regulation” on cryptocurrency tokens and initial coin offerings, warning the government could otherwise “destroy economies for decades,” during a press conference in Seoul.Tapscott called bans on cryptocurrencies and initial coin offerings “heavy-handed approaches used by dictators and undemocratic countries,” and contrasted them with “sensible
Market Jan. 18, 2018
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[Newsmaker] Policy drive, biotech boom bring Kosdaq to 16-year high
South Korea’s second-tier Kosdaq hit a 16-year high, crossing 900 points at Tuesday’s close for the first time since the decline of the US-led information technology boom of the early 2000s, this time on lofty expectations for state policy support and an ongoing biotech boom. The Kosdaq closed at 901.23 Tuesday, up 1.1 percent from Monday’s close. The index has jumped 36.7 percent in three months. The closing mark topped 900 for the first time since March 2002. On Wednesday, th
Market Jan. 17, 2018
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[Herald Interview] Moin out to cut cost of remittance
The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the eighth installment. — Ed.Despite the constant wave of technological advances, the remittance method has evolved little in South Korea over the past few decades, with only banks legally allowed to provide remittance services.Now with the growth of the fintech industry, a startup can address problems in interbank remittance and bring more benefits to customers, according to Ian Su
Market Jan. 16, 2018
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Watchdog, Hana Financial panel at odds over chairman nomination process
Tension has escalated over the chairman nomination process at Hana Financial Group, following the nomination committee’s refusal to delay the shortlisting of candidates as demanded by the regulator that had cited ongoing probes.Worsening the standoff was Choi Jong-ku, chairman of the Financial Services Commission, who warned the financial institute during a press briefing Monday.“If you in the financial sector have an elitist idea and say, ‘No one can interrupt what I do,&rsquo
Market Jan. 15, 2018
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Korea struggles to come up with cryptocurrency measures
Confusion persisted in South Korea over the weekend regarding the government’s measures against criminal use of cryptocurrencies, with the financial authorities urging banks to join their efforts and Cheong Wa Dae stressing that the relevant organizations were “in tune.” On Sunday, a high-ranking Cheong Wa Dae official said the presidential office’s stance toward cryptocurrency transactions is consistent with that of the government’s announcement made on Dec. 28. Th
Market Jan. 14, 2018
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[Herald interview] 'Tax code revision portends stock market disruption'
Through a revision of the tax enforcement decree, South Korea expects to levy capital gains tax on a wider range of foreign investors, as the revision defines those holding 5 percent or more of a firm as a “large shareholder” -- the target of taxation -- from the previous threshold of 25 percent. The revision was announced on Jan. 7 by the Ministry of Strategy and Finance and is set to take effect in July.Under the new rule, however, it would cause a cumbersome process of all parties
Market Jan. 14, 2018
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Cryptocurrencies plunge upon Seoul’s ‘all-out ban’ warning
Cryptocurrency markets at home and abroad responded quickly and radically Thursday on signals by South Korea’s Ministry of Justice that it would seek to shut down all exchanges for digital assets.In a press conference Thursday, Justice Minister Park Sang-ki said the government was drawing up a bill against overheating in the virtual currency market, perhaps even intending to ban cryptocurrency trades in Korea completely. “Cryptocurrency trade in Korea is similar to speculation
Market Jan. 11, 2018
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Korea unveils plans to prop up second-tier stock bourse
South Korea unveiled Wednesday plans to prop up the tech-heavy Kosdaq bourse by giving tax relief to investors, creating new composite stock market indexes and lowering the entry barrier for firms to go public on the market. The measures, released by the Financial Services Commission, aim to stimulate venture firms’ growth in line with the Moon Jae-in administration’s policy direction and the market itself suffering from the flight of powerhouses, such as Kakao and Celltrion, seeking
Market Jan. 11, 2018
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[Herald Interview] ‘Crypto crackdown to adapt to changing tides’
South Korea has for weeks ramped up pressure on the local cryptocurrency industry through a pangovernmental body that includes the Prime Minister’s Office, Justice Ministry, financial authorities and police, among others. Following the move, Korea has imposed a ban on non-real-name transactions and trading by foreigners and minors. Last year, initial coin offerings were also forbidden. Moreover, financial watchdogs are inspecting commercial banks -- within their control -- for failing to p
Market Jan. 10, 2018
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KT, Lotte Department Store, Samsung C&T top sectors for NCSI 2017
Customer satisfaction for firms and universities in South Korea improved overall in 2017 compared to the previous year, a recent survey by the Korea Productivity Center showed.KT, Lotte Department Store, Samsung C&T and Chungbuk National University topped the list for their respective industries. The National Customer Satisfaction Index in the fourth quarter of 2017 came to 75.6 points, up 0.9 point from that of the previous year, according to the KPC’s survey on 86,494 respondents with experien
Industry Jan. 9, 2018
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Top financial regulator calls on banks to ‘gate-keep’ cryptocurrency craze
South Korea’s top financial regulator on Monday called on banks to act as “gatekeepers” in monitoring cryptocurrency-related transactions, elaborating on the need to set off a nationwide survey Monday on banks that have provided virtual accounts for the transactions. “Concerns are rising as banks have kept mum about money flows for illegal use, instead of taking the role of gatekeepers,” said head of the Financial Services Commission Choi Jong-ku in a press conferen
Market Jan. 8, 2018
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Kakao Bank denies opening business to corporations
Kakao Bank, South Korea‘s leading direct bank by transaction volume, denied news reports Monday that it is looking to turn to corporations to diversify its customer group, currently solely composed of retail customers. Earlier Monday, the online-only bank was reported to have revised its terms and conditions in December to allow for business entities to open checking accounts through its mobile platform, with interest rates settled quarterly. Kakao Bank said Monday the revision was meant t
Market Jan. 8, 2018
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[Kosdaq Star] Ubiquoss makes V-shaped recovery on 5G impetus
This is the 48th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.South Korea announced in October last year the upcoming PyeongChang Olympic Winter Games will become the test bed for the nation‘s first fifth-generation network. The news triggered anticipation for the hyper-connectivity -- or connectivity between humans and things -- powered by what would roughly be 10 times faster than 4G long-term evolution standard in the country that boast
Market Jan. 7, 2018
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Hanwha buys 1,400 tickets to Winter Games to use as gifts
Hanwha Group has purchased 1,400 tickets for the forthcoming PyeongChang Olympic Winter Games and souvenirs to gift them to customers, the underprivileged and foreign military personnel temporarily living in South Korea, according to the company Thursday. (Yonhap)The conglomerate held a ceremony on Thursday in Seoul to hand out 300 tickets to over 80 military officers that came to Korea from 27 countries. Those holding the tickets have access to events such as Skeleton and Bobsleigh, according
Industry Jan. 4, 2018
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Hyosung to spin off, relist subsidiaries
Hyosung on Wednesday embarked on a preliminary screening process to list a new holding company and four subsidiaries that will be spun off on the first-tier stock market Kospi, according to the Korea Exchange. By no later than June 1 this year, Hyosung will spin off the units, each dedicated to the polyester fiber industry, heavy industries, industrial materials and chemical products, according to a regulatory filing with the Financial Supervisory Service. (Hyosung)The four subsidiaries will ho
Industry Jan. 3, 2018
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