South Korea’s financial regulator is likely to decide the fate of Samsung BioLogics on May 23 at the earliest over allegations that the company had doctored its accounting books. The nation’s top financial regulator, the Financial Services Commission, said it would review the case by holding an in-house oversight panel next Thursday. If a breach of accounting regulations is found, the Securities and Futures Commission, a legal entity within the FSC, will decide the level of penalty i

Market May 7, 2018

The Mongolian Stock Exchange chief hailed South Korean financial companies’ engagement with its fledging stock market as a “positive catalyst” in its search for increased attention from foreign investors. Speaking in an interview with The Korea Herald, Altai Khangai, chief executive officer of the MSE, cited the initial public offering of LendMN, Mongolia’s first financial technology company that began trading in March, as well as another upcoming IPO involving Korean inv

Market May 7, 2018

The local currency strengthened against the greenback for two consecutive trading days until Monday on heightening expectations of a thaw in inter-Korean relations after a summit between North and South Korea. As of the trading session’s close Monday, the US dollar was trading at 1,068 won, according to the Seoul Money Brokerage. The market closed Tuesday due to the Labor Day holiday. The won-dollar exchange rate dropped 12.9 won from Thursday’s close and 8.6 won from Friday’s

Market May 1, 2018

Overly-hyped sentiments have begun to give way to skepticism toward a flurry of promises made by founders of distributed ledger systems like blockchain and the digital currencies encrypted and traded on them.Fanning such cynicism was the global race to place cryptocurrency transactions into regulatory frameworks to deter speculation and prevent crimes like money laundering. Such moves have resulted in noticeable declines in prices of cryptocurrencies.The volatility in the cryptocurrency market o

Market April 30, 2018

Mirae Asset Global Investments, South Korea’s asset management firm, had its target date fund product rank No. 1 in terms of yearly return on the Korean market. A TDF refers to a collective investment scheme in the form of a mutual fund or collective trust fund, whose asset allocation mix of the portfolio becomes conservative -- largely from equities to bonds -- in the coming of an individual investor‘s target date, typically for retirement. The scheme was introduced in the early 199

Market April 29, 2018

Korea Credit Data, a South Korean startup providing accounting software to small and mid-sized companies, will embark on a project to develop a blockchain-powered solution for SMEs, the company said Friday. Dunamu, operator of Korea‘s largest cryptocurrency exchange Upbit, will coordinate with KCD to develop the blockchain solution to lower procurement cost and help SME operators get easier access to structured securities.The project will be on the back of investment from Dunamu &

Market April 27, 2018

South Korea’s stock markets ended higher Friday in the wake of a historic inter-Korean summit that signaled the path to denuclearization of the Korean Peninsula. The top-tier Kospi closed at 2,492.40, up 0.7 percent from Thursday’s close, while the second-tier Kosdaq came to 886.49, up 0.8 percent. Earlier Friday morning, the Kospi had breached the 2,500 mark, hitting an intraday high of 2,508.13 for the first time in over a month.The Kospi and the Kosdaq saw net purchases by foreign

Market April 27, 2018

With drummed up expectations for a more stable Korean Peninsula upon the inter-Korean summit on Friday, stocks of South Korean firms related to cross-border businesses have seen sharp gains.The firms are associated with the inter-Korean business initiative pledged by South Korean President Moon Jae-in.  Named “New Economic Map of the Korean Peninsula,” it contains plans to jointly develop areas across the peninsula, including Kumgangsan, Kaesong industrial park and the Korean De

Market April 26, 2018

South Korea’s Energy minister Paik Un-gyu has ditched a plan to install a household solar power system at his home apartment, in the face of opposition from neighbors in the same building.  Energy minister Paik Un-gyu (Yonhap)Paik, a resident of the affluent Gangnam district in southeastern Seoul, attempted to have the power-generating device attached to the apartment building several weeks ago, according to the ministry. The 54-year-old minister of trade, industry and energy asked a local admin

Industry April 25, 2018

South Korea’s customs authorities have taken to instant messengers KakaoTalk and Telegram to help whistleblowers anonymously share evidence of the embattled Hanjin owner family’s breach of the law. (Yonhap)Incheon Main Customs, a local unit of the Korea Customs Service in charge of major international airports in Incheon and Gimpo, started an “open chat room” on the nation’s popular messenger app KakaoTalk on Tuesday, through which users can share evidence with all participants in the chat room.

Industry April 25, 2018

Standard Chartered Bank Korea’s newly-released airline miles credit card with efficient options that can reward a user free flight tickets to destinations like Southeast Asian nations, in return for spending at least 2 million won ($1,900) each month for a year.Launched in March, the new credit card dubbed “Plus Mile” offers at most bonus 3.5 miles to fly Asiana Airlines or bonus 3 miles with Korean Air, both per 1,000 won spending.  This means those spending 2 million won

Market April 24, 2018

South Korea will bring together the world’s 46 manufacturers of coins, medals and banknotes this week to discuss the future of the minting industry amid the emergence of new technologies across the globe. The state-run coin and bank note manufacturer, Korea Minting and Security Printing & ID Card Operating Corp. (Komsco), will host the biannual Mint Directors Conference from Monday to Thursday, the organizers said Sunday. The upcoming event will mark the 30th of its kind and the second

Market April 22, 2018

Many Asian countries have long been home to cold noodle dishes, and in contemporary times, they have become a popular way to fight the heat during summer. And in Korea, naengmyeon is the cold noodle dish of choice to fight the humid summer. Long lines of people brave the heat outside for at least 30 minutes to get into Seoul’s top restaurants for cold noodles -- their decades of history keeping them popular despite their unfashionable locations in run-down inner-city areas.  A typical bowl of na

Culture April 20, 2018

Raonsecure, a biometric technology solution provider to financial firms in South Korea, offered a theater presentation at RSA Conference 2018 in San Francisco, California, highlighting the “momentum for overseas business in America,” the company said Thursday. Raonsecure‘s presentation was made on Wednesday along with some 30 companies at the conference. Raonsecure was the only Korean company to be invited by US company Intel to give presentation.  (Raonsecure)The 30-minute session involved an o

Technology April 19, 2018

Recent political rows surrounding the chiefs of the Financial Supervisory Service are expected to put the brakes on the Moon Jae-in administration’s ambitious financial reform drive, while leaving the financial regulator struggling in a leadership void. Speculations, meanwhile, quickly spread Tuesday after the resignation of former lawmaker and civic activist Kim Ki-sik, on who would be the next candidate, and whether Cheong Wa Dae would still take a chance with a non-bureaucrat. Kim offer

Market April 17, 2018