NK breached Singapore cryptocurrency exchange: report

A cybercriminal syndicate believed to be linked to the North Korean government breached the Singapore-based DragonEx exchange and stole $7 million worth of cryptocurrencies in March 2019, Radio Free Asia said Wednesday. Hackers of the Lazarus Group withdrew cryptocurrencies, including Bitcoin, Ripple and Litecoin, RFA said, citing findings released by US-based blockchain firm Chainalysis. The group created a fake company offering an automated trading bot with a fabricated website and employees,

North KoreaFeb. 5, 2020

NPS short on time for March proxy season

South Korea’s public pension fund, the National Pension Service, is now gearing up for new committees to ramp up the shareholder engagement push for its portfolio firms here at an unprecedented level. But time appears to be running short ahead of the March proxy season in Korea. The NPS’ Fund Management Committee has to start from scratch to forge a fully fledged decision-making system to shortlist companies under what is equivalent to a “focus list” by the California P

MarketFeb. 5, 2020

Over 600 quarantine officials fighting coronavirus at Incheon airport

INCHEON -- South Korea on Wednesday deployed over 600 quarantine officials at Incheon International Airport, the nation's top airport west of Seoul, struggling to maintain effective defense against the spiraling coronavirus outbreak on the second day of the enforcement of an entry ban for non-Korean travelers from China's Hubei Province. According to the authorities, a total of 612 quarantine inspectors, including those dispatched from the military and police, were mobilized to the Incheon air

Social AffairsFeb. 5, 2020

[Anjani Trivedi] Virus forces the China car shutdown Beijing couldn’t

Fears that the coronavirus will ravage global supply chains rooted in China are spreading fast. For automakers, a hiatus from production in the world’s largest car market may force them to take some needed rebalancing. Provinces that extended the Lunar New Year holiday period include Guangdong, which accounts for 12.8 percent of light vehicle production, and Hubei, where the outbreak’s epicenter Wuhan is located. Hubei, in central China, chalks up 9 percent of Chinese auto producti

ViewpointsFeb. 5, 2020

[Lionel Laurent] The more Macron accomplishes, the more unpopular he becomes

“Remember when we all believed in Emmanuel Macron?” The question comes not from an angry trade unionist but a stand-up comedian in central Paris, facing a crowd of 30-something urbanites cut from the same cloth as France’s 42-year-old president. A collective groan of “yes” rises from the audience, many of whom spent the winter struggling through transport strikes triggered by a flagship pension reform that crippled the city. Only one dismissive “no!” rin

ViewpointsFeb. 5, 2020

Korea confirms three more coronavirus cases

South Korea on Wednesday confirmed three more cases of coronavirus infection, pushing up the total to 19, while the second confirmed patient was released from hospital later in the day. According to the Korea Centers for Disease Control and Prevention three more people have been confirmed to have the virus, including another individual who appears to have contracted the virus in a third country. The patient discharged is a 55-year-old man who was the second Korean to be infected with the vi

Social AffairsFeb. 5, 2020

Key takeaways from Big Hit’s corporate briefing

K-pop label behemoth Big Hit Entertainment made a number of major announcements during its latest corporate briefing on Tuesday. CEO and producer Bang Si-hyuk took to the stage to kick off the company’s “Corporate Briefing with the Community” and said, “For those who are watching this video, please stay safe.” Tuesday’s event was meant for both the media and select fans but it ended up taking place in private amid concerns over the new coronavirus outbreak

K-popFeb. 5, 2020

Kakao Pay gets green light to acquire local brokerage

The Financial Services Commission, South Korea’s financial regulator, said Wednesday that it has approved fintech firm Kakao Pay’s request to become the largest shareholder of brokerage house Baro Investment & Securities. With that final authorization, the fintech firm will be able to operate stock trading businesses on its own mobile platforms as well as those run by its parent firm, mobile messenger giant Kakao. Last year the Kakao fintech spinoff submitted an application

MarketFeb. 5, 2020

Seoul to offer tax benefits to SMEs with virus losses

The South Korean government said Wednesday that it will offer special tax benefits to owner-operators and small businesses, in an effort to minimize the economic impact of the new coronavirus outbreak. It also vowed to prevent mass outbound shipments of face masks and hand sanitizers, of which supplies are running low amid the increasing number of confirmed cases here. “(The government) will prescreen the mass outbound shipments by changing export procedures for masks and hand sanitiz

EconomyFeb. 5, 2020

[Diplomatic circuit] Australian envoy shares expertise with aspiring diplomats

The 2020 Korea Herald Young Diplomats Academy, a three-day youth camp, has inspired students who wish to become diplomats by providing an opportunity to benefit from the advice of a senior career diplomat. Ian Mcconville, minister and deputy head of mission at the Australian Embassy in Seoul, shared his experience with some 100 young people, the organizer said Tuesday. “Diplomacy is very important. Currently there are conflicts between many countries. Persuading other countries through

Diplomatic CircuitFeb. 5, 2020

Overseas Koreans report discrimination on coronavirus panic

As fears of the new coronavirus spread around the world, so do racist attacks and stereotypes targeting people of Asian descent, with many Koreans overseas reporting having experienced discrimination. 　  “I am becoming hyperaware of my ethnicity even more these days,” Kim Jung-in, a 35-year-old Korean who lives in the US, told The Korea Herald.  　 “I feel like even a little cough or sneeze is eliciting attention at some places I go.” 　 Another Korean man, w

Foreign AffairsFeb. 5, 2020

Virus fear sparks China phobia in S. Korea

Public fears over the novel coronavirus that originated in Wuhan, China, are prompting many South Koreans to avoid Chinese people altogether in the belief they can minimize their risk of catching the virus. As Koreans lock themselves up at home and shun places where they could run into Chinese people, shopping districts and sightseeing spots popular among Chinese tourists as well as neighborhoods with large populations of Korean-Chinese (ethnic Koreans from China) are unusually quiet and empty

Social AffairsFeb. 5, 2020

[Newsmaker] Government tries damage control following face mask shortage

With face masks running out fast as the new China-borne virus spreads, the government is cracking down on hoarding and illicit trading of hygiene goods in high demand. Vice Health Minister Kim Gang-lip announced Wednesday a joint clampdown on market cornering and price gouging of face masks and hand sanitizers. A response team comprising 180 officials of the Ministry of Food and Drug Safety, Fair Trade Commission, National Tax Service and National Police Agency will monitor unfair trading pr

Social AffairsFeb. 5, 2020

Duty-free shops to reopen this week after virus disinfection

Several South Korean duty-free shops that temporarily shut down after people infected with Wuhan coronavirus visited them will reopen later this week, their operators said Wednesday. Shilla Duty Free, one of the country's leading duty-free stores, on Sunday closed its two outlets in central Seoul and on the southern resort island of Jeju after they were each visited by a victim of the pneumonia-like virus. The shops will open their doors again on Friday after disinfection operations to preven

IndustryFeb. 5, 2020

[Monitor] Administrative cost constrains to start business in Korea

To start one’s business, it takes an average of eight days to go through the administrative process, costing an average of 4.9 million won ($4,125) in South Korea, a report by the Korea Economic Research Institute under the Federation of Korean Industries showed. The administrative process was relatively expedient in three steps, lower than the average 5.1 steps among the member countries of the Organization for Economic Cooperation and Development. Expense on the administrative process

IndustryFeb. 5, 2020

S. Korea unveils aid package worth W820b for new ships

South Korea on Wednesday unveiled a financial package worth 820 billion won ($690 million) to help modernize aging passenger boats and cargo vessels. The package is meant to help smaller shipping companies build 59 new ships -- 21 passenger boats and 38 cargo vessels, the Financial Services Commission said. Under a plan, a shipping company can receive financial help, up to 60 percent of costs needed for building a ship, from banks, and South Korea's state-run Korea Ocean Business Corp. guaran

EconomyFeb. 5, 2020

US flies two surveillance aircraft on apparent mission to monitor N. Korea

Two US surveillance aircraft flew over South Korea on Wednesday, an aviation tracker said, spurring speculation that the US may be strengthening its watch over North Korea after detecting unusual activity. The US Navy's EP-3E was spotted in the skies over South Korea at 25,000 feet, Aircraft Spots tweeted. An E-8C aircraft, or JSTARS, of the US Air Force also flew over the Korean Peninsula at 31,000 feet, it added. The US surveillance aircraft have often been detected here in recent months,

North KoreaFeb. 5, 2020

Rights campaigner warns against spread of hate

The head of South Korea’s national human rights watchdog on Wednesday voiced concern over hate speech against Chinese people and called for humanity and solidarity in the global fight against the new coronavirus outbreak. 　 National Human Rights Commission of Korea chief Choi Young-ae also said that Koreans too, in some Western countries, are being treated as potential virus holders, just because of the skin color.  　  “Unfortunately, there have constantly been social m

Social AffairsFeb. 5, 2020

K-bio firms all out to contain novel coronavirus spread

Korean biologics firms are putting their heads together to contain the spread of novel coronavirus, with experts opining that a potential vaccine development would require governmental investment. The natural market development of a coronavirus vaccine is unlikely given the characteristics of the epidemic, said Lee Jong-koo, professor of family medicine at Seoul National University, speaking at an open debate on Wednesday. A new vaccine would take more than a year to develop, by which time th

IndustryFeb. 5, 2020