The court’s suspended sentence Monday at last released Samsung Group’s heir apparent Lee Jae-yong from imprisonment over his connection to the extensive scandal involving former President Park Geun-hye.During the 353 days of its de facto chief’s imprisonment, the nation’s top conglomerate has had a bumpy ride, despite record-breaking earnings.The first of the changes was the dismantlement of the group’s 58-year-old Corporate Strategy Office in March last year in response to accusations that the

Tension is expected to escalate this week in the financial circles as the regulators tightened grip over the persisting recruitment scandals which allegedly involve some of the banking groups’ chiefs while the corresponding banks remained in denial, gesturing at taking the case to court if necessary.Adding further to the conflict is their discord over stock dividends. In the wake of improved operating profits last year, banks are seeking to increase shareholders’ dividends but regula

The fierce commercial battles over the past years -- especially the smartphone patent war between Samsung and Apple -- prove that the world is standing at the very last stage of the third industrial revolution and on the verge of a new era, according to a senior lawyer specializing in intellectual property.“It is during major transition periods that industrial players tend to be the most active in enforcing their rights in the form of litigations,” Kim Won-il, senior attorney at local law firm Y

South Korea on Tuesday began a real-name trading system for cryptocurrencies, after weeks of a transitional ban on all new accounts as part of the government’s move to curb covert speculative investment in virtual coins.Despite anticipation that aspiring investors would flock to open trading accounts on the first day, the number of bank customers remained in the average range. Some of the operators saw a connection delay in their online system as a number of conventional investors sought t

A nonpracticing entity filed a series of patent infringement lawsuits last year against South Korea’s information technology giants, including Samsung Electronics and LG Electronics, in an apparent move to ride their recently improved sales in the US market, a local intellectual property service provider said Monday.Most recently, Uniloc filed a suit to the federal court of Texas in October last year, claiming LG Electronics infringed upon one of its patents through products equipped with smart

Lee Joong-keun, the 77-year-old chairman of housing business giant Booyoung Group, is suspected of pulling a classic example of power monopoly and corruption in conglomerate circles, making for a priority target for the Fair Trade Commission led by “chaebol sniper” Kim Sang-jo.Prosecutors on Monday carried out a search warrant on Booyoung’s key affiliates as part of its ongoing investigation into allegations the elder corporate chief dodged taxes and embezzled funds totaling at billions of won.L

While accelerating its moves to tighten control over the overheated cryptocurrency market, the South Korean government now faces another dilemma: Can the disputed virtual currency be incorporated into the nation’s tax system?The greatest challenge is that, in order to impose tax, the government has to first recognize the disputed cryptocurrency as a legitimate financial product -- a view which a number of key policymakers have so far refused to adopt.The pressure weighs upon Deputy Prime M

The World Bank Group has launched a special recruitment drive on selected global and regional functions, offering priority to Korean nationals, according to the Ministry of Strategy and Finance on Sunday.“A total of 11 jobs are available as of today, and other positions may be added to the list later,” the ministry said in a press release, encouraging Korean nationals to bid for the jobs.The range of functions vary from energy, investment and the public sector to legal consulting, wi

The government plans to require banks and exchanges to keep records of cryptocurrency transactions, in a potential move to impose taxes on the largely covert deals, financial authorities said Sunday.Coming in the wake of the government’s earlier order to convert all cryptocurrency accounts into real-name accounts, the idea reflected Seoul‘s efforts to assume control of the overheated market.The Korea Financial Intelligence Unit is currently working on a set of anti-money laundering g

For many years, extensive renewal or expansion may have seemed unnecessary for Incheon Airport, as it has indisputably positioned itself as one of the world’s top-tier aviation hubs.Incheon International Airport (Yonhap)But South Korea’s largest airport did not rest on its laurels. As part of its long-term vision to become the world’s third-biggest airport by year 2023, the airport has opened its second passenger terminal, marking the culmination of a nine-year construction project that cost som

Uncertainty in South Korea concerning cryptocurrency regulations continues, with the finance minister reiterating his vow to curb speculations, while a petition by disgruntled investors awaits an official reply from the presidential office. Deputy Prime Minister and Finance Minister Kim Dong-yeon on Tuesday said that the suggestion to close down cryptocurrency exchanges is still an option under consideration, despite anticipated side effects.“(The government) shall come up (with cryptocurr

Rattled by the government’s series of measures seeking to curb cryptocurrency speculation, South Korea now finds itself sharply divided over the legitimacy of the high-stakes transactions.In a hurried move to pacify the bewildered market, the government vowed Monday to fully review feedback before making a final policy decision, suggesting that the recently mentioned shutdown of operators is unlikely under current circumstances.“The shutting down of exchanges as proposed by the justi

South Korea’s government came under fire Friday for sending out confusing policy signals on bubble-prone cryptocurrency transactions, vexing investors and paralyzing market functions.While the Ministry of Justice reiterated its latest pledge to seek for the shutdown of cryptocurrency operators, the presidential office Cheong Wa Dae and the Ministry of Strategy and Finance put the brakes on drastic actions in an attempt to steady the market.“The shutdown of (cryptocurrency) exchanges,

The South Korean government’s recently accelerated moves to put the brakes on the heated cryptocurrency market has been triggering fierce reactions from investors here, with some even calling for the dismissal of top financial policymakers.Authorities here have been intensifying their warnings, the latest coming from the Justice Ministry, which said Thursday the government was mulling a bill to ban cryptocurrency trading.On Wednesday, the National Tax Service conducted on-site investigatio

President Moon Jae-in on Wednesday reiterated his pledge for conglomerate reform and vowed to protect socially vulnerable clusters from the possible aftermath of the increased minimum wage, underlining his economic slogan for a fair economic order.“Conglomerate reform matters not only for the sake of economic transparency but also in the sense that it may return economic achievements to small and medium-sized firms and to the people,” the president said in his New Year’s addres

The interactive and spontaneous manner of President Moon Jae-in’s New Year’s press conference on Wednesday differentiated him from most of his predecessors.Following Moon’s 20-minute address on key policy goals, the presidential office Cheong Wa Dae opened the floor to the press for an hourlong Q&A session. “Questioners are to be picked by the president’s hand gestures and eye contact,” said Yoon Young-chan, the chief presidential secretary for public affairs, underlining that there was no pre-a

After reeling under a series of corruption scandals last year, South Korea’s major financial institutions are to carry out a leadership reshuffle and corporate governance restructuring this year.While some quickly rounded off their leadership shakeout before the start of the new year and moved on to practical goals such as measures for digitalization and the incoming key interest rate hike, others have yet to complete leadership changes or reappointments.One of them is Hana Financial Group

A special investigation will be implemented on virtual accounts used for cryptocurrency deals, as part of the government’s recent pledge to crack down on excessive speculations, officials said Sunday.The Financial Services Commission-affiliated Korean Financial Intelligence Unit and Financial Supervisory Service will jointly lead the inspection of six major banks, starting from Monday. The corresponding banks are KB Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Industrial Bank of

South Korea’s top two economic policymakers on Thursday vowed to manage risk factors under the common goal of maintaining the nation’s economic recovery momentum this year.Concerning the recent appreciation of the Korean won, they said that they will take necessary measures against excessive fluctuations in the foreign exchange market.“Despite some downside risks here and abroad, the Korean economy achieved considerable growth last year on the back of strong fiscal policies,&rd

Deputy Prime Minister and Finance Minister Kim Dong-yeon on Wednesday urged the financial circles to grow out of their loan-focused business practices and to play innovative roles so as to contribute to the nation’s growth target this year.He also tendered a private meeting with the Bank of Korea Gov. Lee Ju-yeol, seeking to harmonize the government’s fiscal and monetary policies amid persisting challenges.“The financial circles should play their due rule for the sake of our ec