Crypto exchanges step up compliance as investor protection law takes effect

Local cryptocurrency exchange operators are ramping up their regulatory measures as the introduction of the virtual asset user protection law nears in South Korea. On Tuesday, the Digital Asset Exchange Alliance, a body of five top local crypto exchange operators, introduced a guideline that advises exchanges to monitor abnormal transactions. It further released a revision of the guideline on the internal control standards of the exchange operators. The movement comes as the Act on the Protectio

MarketJuly 16, 2024

Hanjin expands LA logistics center to boost global operations

South Korean airline-to-logistics conglomerate Hanjin Group's logistics arm Hanjin Logistics Corp. said Tuesday that it has expanded operations by expanding the size of the Los Angeles fulfillment center by 50 percent. Upon the expansion, Hanjin Logistics President and CEO Noh Sam-sug and President and Chief Marketing Officer Emily Cho conducted an on-site inspection during a five-day visit to the US earlier this month. The aim is to provide a one-stop logistics solution so Korean companies

IndustryJuly 16, 2024

SKT invests $200m in data center specialist Smart Global in AI push

SK Telecom, South Korea's largest wireless carrier by membership, said Tuesday that it has signed a contract to invest $200 million in Smart Global Holdings, a US company specializing in data center integration solutions. Under the terms of the agreement, SKT will acquire 200,000 preferred shares and secure about 10 percent ownership through conversion to common stock. This marks the telecom giant’s largest investment in the artificial intelligence sector. With this investment, the am

TechnologyJuly 16, 2024

NTS chief nominee apologizes for controversy over thesis

The nominee to head the National Tax Service on Tuesday apologized for controversies surrounding his master’s degree thesis, which included allegations of plagiarism and using “inappropriate terms” to describe the May 18 Gwangju Democratic Uprising. Kang Min-soo, the former chief of the Seoul Regional Tax Office, who was tapped by President Yoon Suk Yeol as the next commissioner of the NTS, was recently accused of using terms that describe the previous military Chun Doo-hwan

PoliticsJuly 16, 2024

Controversial foreign nanny project sets sail in Seoul

The Seoul Metropolitan Government and Labor Ministry announced on Tuesday that applications from families interested in hiring caregivers from the Philippines are to open Wednesday, marking a step forward in implementing a government-facilitated foreign nanny program for the first time. Families eligible for the pilot program are those with children under 12 years old, single-parent households, households with multiple children and dual-income families. Applications are to be accepted via design

Social AffairsJuly 16, 2024

Police to probe YouTube video of abortion at 36 weeks

The police said they are to investigate a YouTuber who posted a controversial video of her going through an abortion at 36 weeks of pregnancy last month. In an unprecedented move on Monday, police vowed a "thorough crackdown" on the YouTuber, noting that it plans to take stern measures against the issue compared to other cases involving abortion. Officials made the remarks after the Health Ministry said it requested a thorough investigation by the police into the woman and the doctor l

Social AffairsJuly 16, 2024

Filipino child born with heart disease cured in Korea with aid from JYP Entertainment

A Filipino child with congenital heart disease successfully underwent surgery in Korea with support from JYP Entertainment. The 7-year-old child named Kim Abibg Rosello recovered from surgery and treatment at Severance Hospital in Seoul, the hospital announced Tuesday. He was born with Tetralogy of Fallot, a congenital heart condition characterized by severe heart defects that can cause cyanoderma and brain damage in the most serious cases. The child had not been treated properly because of fina

Social AffairsJuly 16, 2024

Kara unveils new song ‘Hello’ featuring all six members

Legendary K-pop girl group Kara dropped a new song, “Hello,” on Tuesday. The song is a Side-B track from its upcoming digital single album, “I Do I Do,” set for release on July 24. “Hello” is a ballad number that sings about the happiness people experience when meeting new someone new and the sadness of bidding farewell. “This song was supposed to be included in the group’s fourth LP, ‘Full Bloom,’ released in September 2013. But we are

K-popJuly 16, 2024

Trot singer Hyun Cheol of ‘Garden Balsam Love’ dies at 82

Legendary trot singer Hyun Cheol who enjoyed remarkable popularity in the 1980s and 1990s with hit songs such as “Garden Balsam Love” and “Not Anymore,” passed away at the age of 82 on Monday. According to industry sources, Hyun Cheol died of a chronic illness at a hospital in Seoul. Born in Busan, Hyun Cheol was enrolled in Dong-a University when he debuted in 1969 with “My Heartless Love." In 1970, he joined a band -- Hyun Chul & Bees -- but failed to mak

PeopleJuly 16, 2024

Yoon hails S. Korea-US 'nuclear-based' alliance in face of NK missiles

President Yoon Suk Yeol on Tuesday hailed the signing of guidelines for extended deterrence cooperation by Seoul and Washington as enhancing the bilateral alliance to one that he said is "nuclear-based," meant to counter North Korea's nuclear missile threats. The "US-ROK Guidelines for Nuclear Deterrence and Nuclear Operations on the Korean Peninsula" document, signed between Yoon and his US counterpart Joe Biden on Thursday during Yoon's visit to Washington, "sets the s

PoliticsJuly 16, 2024

Posco International supports SMEs for global expansion

Posco International said Tuesday that it is supporting the nation’s small- and medium-sized enterprises to expand their business abroad by offering its own networks and infrastructure around the world. As part of the shared growth initiative, a group of 11 business people visited Canada last week to meet with potential buyers and nurture new business opportunities. Posco International, the trading and energy arm of Posco Group, plans to operate a field trip program in eight countries, in

IndustryJuly 16, 2024

Kolmar Korea revamps leadership for North American expansion

South Korea's leading cosmetics original design manufacturer Kolmar Korea appointed Hur Yong-chul, the former China business chief, as the CEO of Kolmar Laboratories and Kolmar USA, marking its full-scale entry into the North American market. With the appointment announced Tuesday, the company aims to maximize the use of its North American production facilities, including the first plant in the US and the second plant currently under construction. Hur previously served as the head of Kolmar

IndustryJuly 16, 2024

'K-story & Comics in America' to hold interactive events for general public

"K-story & Comics in America" will hold its first public interactive event in the US this month. "K-story & Comics in America" is an annual business-to-business event organized by the Korea Creative Content Agency and the Ministry of Culture, Sports and Tourism to help Korean content companies export their works to the overseas market. This year's "K-story & Comics in America" will feature the first-ever business-to-consumer event, inviting the publ

CultureJuly 16, 2024

[Herald Review] Infinite hints at new album at fan meeting

Veteran boy band Infinite held emotionally charged fan meetings Saturday and Sunday, the first in seven years. "Infinite Rally 4," two standalone fan meetings, took place over the weekend at the Jamsil Indoor Stadium in Seoul. Fan meetings are similar to regular concerts but include more interaction between the artists and the audience. The meetings were the first in which all six members of the group took part in seven years. Across two days, about 20,000 seats were sold out. The perf

PerformanceJuly 16, 2024

Taeyang to hold first concert in 7 years

Singer Taeyang will be holding his first solo concerts in seven years in August. The singer's agency, The Black Label, revealed the poster for Taeyang's solo concert, "Taeyang 2024 Tour The Light Year in Seoul," through its official social media channels. The upcoming concert will be held Aug. 31 and Sept. 1 at the Olympic Hall in Olympic Park. The solo concert marks Taeyang's first concert in about seven years since his second world tour, "White Night," in 201

K-popJuly 16, 2024

Man sets apartment building on fire, injuring 8

The South Korean police said Tuesday a man in his 50s is under investigation on suspicion of starting a fire at an apartment complex, leading to its evacuation and the injuries of eight residents. According to the Gyeongju Police Station, the suspect was allegedly arguing with his wife at home on the third floor of their 13-story apartment building in Gyeongju, North Gyeongsang Province at 6:45 p.m. on Monday. In the heat of the argument, he set a blanket on fire, which spread to the entire ho

Social AffairsJuly 16, 2024

Renault Korea begins mass production of new Grand Koleos

Renault Korea has begun the mass production of its new Grand Koleos at its Busan plant, the company said Tuesday. The company held a ceremony to roll out its new Grand Koleos at the Busan plant on the previous day. The automaker plans to begin delivery of the new sports utility vehicle to customers in autumn. Renault Korea debuted the new Grand Koleos at the 2024 Busan International Mobility Show at Bexco on June 27, marking the first new car from the Renault subsidiary in four years. According

MobilityJuly 16, 2024

Shinhan Bank CEO stresses tighter internal control for global expansion

Shinhan Bank CEO Jung Sang-hyuk called on the international subsidiaries to enhance customer trust and strengthen internal controls to boost global expansion, the bank announced Tuesday. "For Shinhan Bank to maintain steady growth and achieve lasting global recognition, we must earn unwavering trust from our customers. Please focus on rigorous compliance with local regulations and meticulous internal controls to further enhance customer confidence," Jung said Monday during an event gat

IndustryJuly 16, 2024

N. Korean senior diplomat in Cuba defected to S. Korea last year: Seoul

Ri Il-kyu, who was serving as a counselor at the North Korean Embassy in Cuba, defected to South Korea in November of last year, South Korea's spy agency confirmed Tuesday. This confirmation followed a report by the Chosun Ilbo daily, which interviewed the 52-year-old former diplomat who had fled to South Korea with his wife and children. This is the first confirmed defection of a North Korean diplomat since 2019, when Jo Song-gil, then the acting ambassador to Italy, defected in July, foll

North KoreaJuly 16, 2024

Tzuyang's blackmailers apologize amid legal actions, profit ban

The three YouTubers accused of exploiting popular YouTuber Tzuyang issued an apology regarding the incident, as the victim plans to file criminal charges against them and the video-sharing platform disabled monetization for their channels. Gu Je Yeok, Caracula and Jeon Gukjin all issued some forms of apology Monday, while still denying that they had blackmailed Tzuyang. It was revealed last week in a recording of their discussion that the three were potentially involved in a blackmail of Tzuya

Social AffairsJuly 16, 2024