Articles by Son Ji-hyoung
Son Ji-hyoung
consnow@heraldcorp.com-
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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KTB on track of leadership shift
South Korean brokerage KTB Investment & Securities is on track for a transition in leadership to incumbent Vice Chairman Lee Byung-chul, in the wake of a series of scandals involving Chairman Kwon Sung-moon. Lee, 48, announced Tuesday in a regulatory filing that he would exercise his right of first refusal on 18.76 percent of shares worth 66.2 billion won ($62.2 million) in the securities firm, which the 55-year-old Kwon waived in December 2017. By exercising the right, Lee can purchase or p
Market Jan. 3, 2018
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Don Tapscott to speak at blockchain conference in Seoul
Don Tapscott, a Canadian best-selling author and founder of Blockchain Research Institute, will speak at a blockchain conference slated for Jan. 17 in Seoul, according to an industry source Wednesday. The event, titled “Blockchain Revolution: Convergence with Traditional Economy,” will take place at Seoul Dragon City in Yongsan, central Seoul. Tapscott, co-author of “Blockchain Revolution,” last visited Korea in late October last year. Swiss blockchain tech sta
Market Jan. 3, 2018
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[Herald Interview] Robo adviser quenches thirst of retail investors: Newsystock
The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the seventh installment. — Ed.Securities firms in South Korea have for the past few years joined the race to lower commission fees -- to nearly zero -- to draw in more retail investors. But to Ryan Moon, co-founder of Korea’s first robo adviser-powered investment service provider Newsystock, such an approach is off the point, as increasingly sophisticated retail investors here
Market Jan. 2, 2018
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