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South Korea to ban cryptocurrency traders from using anonymous bank accounts

South Korea will ban the use of anonymous bank accounts in cryptocurrency trading from Jan. 30......»»

Category: newsSource: interaksyon interaksyonJan 23rd, 2018

South Korea says it has uncovered $600 M in cryptocurrency crimes

South Korea has uncovered cryptocurrency crimes worth 637.5 billion won ($594.35 million), which includes illegal foreign exchange trading, a statement released by the country’s customs service said on Wednesday......»»

Category: newsSource:  interaksyonRelated NewsJan 31st, 2018

Asian markets decline as new year surge fades

HONG KONG: Asian markets saw further losses on Thursday, with Tokyo hit by a weaker dollar, as the rally that greeted 2018 gives way to profit-taking though Hong Kong extended a record winning streak to 13 days. Bitcoin tumbled after South Korea said it was planning to close down cryptocurrency exchanges in the country citing [...] The post Asian markets decline as new year surge fades appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsJan 12th, 2018

DIGITAL MONEY | Moves in South Korea to make cryptocurrency trading more transparent

A South Korean blockchain association announced measures to boost transparency in trading of cryptocurrencies, agreed by 14 exchanges in the country including the world’s busiest virtual currency exchange, Bitthumb......»»

Category: newsSource:  interaksyonRelated NewsDec 15th, 2017

Biggest Korean bank set to enter Philippines market

MANILA, Philippines — Seoul-based KB Kookmin Bank, the largest bank in South Korea, is the latest foreign bank setting its sight on the Philippines......»»

Category: financeSource:  philstarRelated NewsNov 27th, 2017

Bitcoin emerges as crisis currency in world’s hot spots

ABOUT A THIRD of the customers queuing at La Maison du Bitcoin’s teller windows in Paris aren’t speculating on the value of the cryptocurrency. They’re sending digital money home to Africa. “In many countries in Africa, there are far more cellphones than bank accounts,” said Manuel Valente, co-founder of La Maison. “For bitcoin, all you… link: Bitcoin emerges as crisis currency in world’s hot spots.....»»

Category: newsSource:  manilainformerRelated NewsNov 20th, 2017

Bitcoin emerges as crisis currency in world’s hot spots

ABOUT A THIRD of the customers queuing at La Maison du Bitcoin’s teller windows in Paris aren’t speculating on the value of the cryptocurrency. They’re sending digital money home to Africa. “In many countries in Africa, there are far more cellphones than bank accounts,” said Manuel Valente, co-founder of La Maison. “For bitcoin, all you […] The post Bitcoin emerges as crisis currency in world’s hot spots appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsNov 19th, 2017

SKorea offers funding for priority PH projects

A $1.7-billion credit facility plus non-lending programs worth another $7 million have been offered by South Korea for priority projects in the Philippines, the Finance department said. In a statement on Wednesday, the department said the assistance would be made available through the Export-Import Bank of Korea (Kexim), which manages South Korea’s Economic Development Cooperation [...] The post SKorea offers funding for priority PH projects appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsNov 8th, 2017

Tale of 2 cities: Olympics sponsors in Pyeongchang and Tokyo

em>By Youkyung Lee and Mari Yamaguchi, Associated Press /em> SEOUL, South Korea (AP) — The Winter Olympics coming to South Korea in February offer an example of the Olympian efforts often required to meet corporate sponsorship goals. Tokyo tells a different story: The coffers are already overflowing for the 2020 Summer Games. It's a tale of two cities and two Olympics — winter and summer. Pyeongchang is a little-known destination in one of South Korea's poorest provinces. It is the 'little town that could,' bidding twice unsuccessfully for the Winter Olympics before winning on its third try. A final push enabled it to reach its sponsorship target of 940 billion won ($830 million) in September, with just five months to go. Tokyo is an established global capital, and the Summer Games usually generate more excitement — and more money. Organizers have raised 300 billion yen ($2.7 billion) in sponsorship, twice any previous Olympics. International Olympic Committee Vice President John Coates describes it as a remarkable achievement. The divergent experiences of two Asian host cities illustrate the challenges that smaller bidders face, as well as South Korea's dependence on the big family-owned companies that dominate its economy. Not that Tokyo is home-free. The cost of the 2020 Games has nearly doubled from initial projections. As with most Olympics, taxpayers will have to foot a good part of the bill. ___ strong>WHERE 'CHAEBOLS' RULE /strong> Starting with the 1988 Seoul Olympics, South Korea has used mega-events such as the soccer World Cup to raise the profile of the country and its manufacturing exporters. Pyeongchang is different. The project was initiated by local politicians in an area long alienated politically and economically in South Korea's rise to prosperity. Some feared people would confuse the city's name with Pyongyang, the North Korean capital. They couldn't count on the automatic support of the huge family-run conglomerates, known as 'chaebol,' such as Samsung, Hyundai and LG. 'When such mega-events were the nation-state's key project, the chaebol were called on and were expected to become the leading participants,' said Joo Yu-min, a professor at the National University of Singapore who co-authored a book on South Korea's use of mega-events. In the end, the national government brought the conglomerates in, first in the bid process, and then for sponsorship. That underscores both the outsized role they play in the economy and their close ties with government. They owe a debt to special treatment from the government, which in turn used them to industrialize the country after the devastating 1950-53 Korean War. After Pyeongchang's bid was rejected a second time, the government called on Samsung and others to help. The president even pardoned Lee Kun-hee, the patriarch of the Samsung founding family who had been an IOC member but voluntarily suspended his membership after being indicted for tax evasion. The IOC reinstated Lee in 2010 with a reprimand and some restrictions, allowing him to lobby heavily for what became Pyeongchang's winning bid in 2011. It took three years for the organizing committee to sign its first domestic sponsor, KT Corp., the country's second-largest mobile carrier. Again, the national government asked the conglomerates for help. All the major ones signed on, after the office of then-President Park Geun-hye made a special request and multichannel pressures for financial assistance, Joo said. Elsewhere, companies may weigh sponsorship decisions based more on the marketing benefits. 'In South Korea, companies make donations out of a sense of duty that they are being part of the national event,' said Park Dong Min, the executive director overseeing membership at the Korea Chamber of Commerce and Industry. Sponsors who signed up late weren't willing to give as much, because there was less time to enjoy the marketing benefits. A bank that signed on less than a year before the Games significantly reduced its sponsorship. To top it off, a massive sports-related political corruption scandal rocked South Korea in 2016, just when Pyeongchang was making last-ditch efforts to raise sponsorship. 'Companies showed some reluctance' to sponsor the Olympics, said Eom Chanwang, director of the Pyeongchang organizing committee marketing team. 'Nevertheless, they still joined.' The scandal brought down Park, the president. Lee Jae-yong, the heir to the Samsung group, received a five-year sentence for bribery. Lee, who has appealed, had become de facto chief of the Samsung group after his father Lee Kun-hee, the IOC member pardoned in late 2009, fell ill. It was the younger Lee who signed an agreement with IOC President Thomas Bach to extend Samsung Electronics' sponsorship of the Olympics globally through 2020. Samsung declined interviews for this story. With the scandal still fresh in people's minds, major companies have held back from launching full-fledged marketing to promote the Games. 'Samsung traditionally has done consumer marketing through the Olympics, but because its chief is in jail, it cannot do as much these days,' said Kim Do-kyun, a sports professor at Kyung Hee University Graduate School of Physical Education. The Pyeongchang Games were the biggest victim of the scandal, he said. ___ strong>SUMMER OF '64 /strong> The president of Japan's biggest toilet manufacturer was seven years old when the Olympics first came to Japan. TOTO Ltd. made news in 1964 for its prefabricated toilet-and-bath units that helped speed the construction of a luxury hotel, the New Otani, in time for the Games. The company, now known for high-tech toilets that baffle some foreign visitors, is back as a sponsor of Tokyo 2020. 'I feel our company and the Olympics have been bonded by fate,' TOTO president Madoka Kitamura said at a sponsorship signing ceremony at the same hotel last year. The $2.7 billion in sponsorship for Tokyo 2020 is more than three times the original estimate. By comparison, sponsorship revenue was $848 million in Rio de Janeiro last year, and about $1.2 billion for both London 2012 and Beijing 2008. The Winter Olympics typically attract less, though Sochi, Russia, raised $1.2 billion in 2014. Analysts attribute Tokyo's success to both patriotism and a sense of nostalgia for the 1964 Summer Games. They were much more than a sports contest for Japan. They were a moment of pride, marking the country's return as an industrial power after the devastation of World War II and a seven-year U.S. occupation. 'All of Japan still recognizes the unique role that the 1964 Olympics played in Japan's stepping out onto the world stage,' said Michael Payne, a former IOC marketing director who now works as a consultant. 'Many of the CEOs of top Japanese companies would have been young kids back in '64 and are very aware of the role those Games played for the psychological recovery from the Second World War.' They grew up with the high-speed 'Shinkansen' bullet train, inaugurated in 1964; modern expressways and western-style toilets, all symbols of Japan's postwar economic growth. 'Now they have become business leaders, they want to contribute and leave something behind that can be remembered for the next 50 years,' said Masahiko Sakamaki, executive director of marketing for the Tokyo organizing committee. He said that memories of the recovery may have boosted interest in sponsorship, as Japan was still reeling from a deadly 2011 earthquake and tsunami when Tokyo won the bid in 2013. Sakamaki said the organizing committee started receiving sponsorship inquiries as soon as it was established in 2014, before the official start of sponsorship contracts in 2015. There is so much interest that the IOC is allowing Tokyo to have multiple sponsors in some categories, instead of the usual one, including in aviation, newspaper publishing, electronics and banking. TOTO officials won't say how much they are contributing, but media reports say companies in its sponsorship category give between 6 billion and 15 billion yen ($53 million to $133.5 million). Tokyo 2020 wouldn't comment on those reports. 'We believe our presence as part of an all-Japan effort toward a successful Olympics will enhance our favorable brand image,' said Mariko Shibasaki, the company's senior planner for sports communication. Thanks in part to robust sponsorship revenue, the organizing committee has increased its contribution to the cost of the games from 500 billion to 600 billion yen ($5.3 billion). The sponsorship revenue makes up half of the income in the privately-run organizing committee's operating budget. Other revenue comes from the International Olympic Committee, marketing and ticket sales. The overall cost of the Tokyo Olympics is estimated at 1.4 trillion yen (12.4 billion) with the Tokyo government shouldering 600 billion yen ($5.3 billion) and the remaining 200 billion yen (1.8 billion) paid by the national government and local governments hosting events. ___ em>Yamaguchi reported from Tokyo. Associated Press writer Stephen Wade in Rio de Janeiro contributed to this story. /em> .....»»

Category: sportsSource:  abscbnRelated NewsOct 12th, 2017

ADB inks agreement with Green Climate Fund

MANILA, Philippines - The Asian Development Bank (ADB) has signed an agreement with South Korea-based Green Climate Fund (GCF) to scale up its climate financ.....»»

Category: financeSource:  philstarRelated NewsAug 20th, 2017

Economy: DoF to sound out AIIB on greater project funding

FINANCE Secretary Carlos G. Dominguez III said that he will raise the matter of greater participation by the China-led Asian Infrastructure Investment Bank (AIIB) during its annual meeting in South Korea this week, noting that the bank has chosen to only engage in partial financing for its projects......»»

Category: financeSource:  bworldonlineRelated NewsJun 11th, 2017

Bank that lent $300m to Trump linked to Russian money laundering scam – The Guardian

The German bank that loaned $300m (£260m) to Donald Trump played a prominent role in a money laundering scandal run by Russian criminals with ties to the Kremlin, the Guardian can reveal. Deutsche Bank is one of dozens of western financial institutions that processed at least $20bn – and possibly more – in money of “criminal origin” from Russia. The scheme, dubbed “the Global Laundromat”, ran from 2010 to 2014. Law enforcement agencies are investigating how a group of politically well-connected Russians were able to use UK-registered companies to launder billions of dollars in cash. The companies made fictitious loans to each other, underwritten by Russian businesses. The companies would default on these “debts”. Judges in Moldova then made court rulings enforcing judgments against the firms. This allowed Russian bank accounts to transfer huge sums to Moldova legally. From there, the money went to accounts in Latvia with Trasta Komercbanka. Deutsche, Germany’s biggest lender, acted as a “correspondent bank” for Trasta until 2015. This meant Deutsche provided dollar-denominated services to Trasta’s non-resident Russian clients. This service was used to move money from Latvia to banks across the world. During this period many Wall Street banks got out of Latvia, citing concerns that the small Baltic country had become a centre for international money laundering, especially from neighbouring Russia. In 2013, and under US regulatory pressure, JP Morgan Chase ceased providing dollar clearing services to the country. From 2014, only two western lenders were willing to accept international dollar transfers from Latvian banks. They were Deutsche and Germany’s Commerzbank. Deutsche eventually withdrew correspondent services to Trasta Bank in September 2015. Six months later, Latvian regulators shut down the bank. They cited repeated violations, and said the bank had failed to deal with its money laundering risk. Latvia’s deputy finance minister, Maija Treija, said the money sent via Trasta was “either stolen or with criminal origin”. The defunct bank was being used as vehicle to get money out of the ex-Soviet Union and “into the EU financial system”, she added. Deutsche said it had significantly strengthened its systems and controls. It said that by the end of this year it will have hired more than 1,000 new staff in its compliance and anti-financial crime unit since 2015. It added: “The bank has comprehensively reviewed its client onboarding and know-your-client processes and where necessary is exiting higher risk client relationships and markets.” Commerzbank said it could not comment on its relationships with other banks. It said it put a high value on compliance. It said that suspicious transactions picked up during routine monitoring were reported to the authorities. Deutche Bank ended its relationship with Trasta soon after Latvia’s regulator issued a warning, it is understood. In August 2015, the Financial and Capital Markets Commission stopped all transactions above €100,000. Deutsche severed its relationship with the other key Laundromat bank &'' Moldova’s Moldindconbank – in 2012. Ties with Russia are a matter of acute sensitivity for Deutsche. In February, it emerged that Deutsche had secretly reviewed multiple loans made to President Trump by its private wealth division to see if there was a connection to Russia. Trump owes Deutsche about $300m. Deutsche refused to comment on its internal review. Sources say the bank discovered no evidence of any Moscow link. That covers other members of the US president’s family who are also Deutsche clients. They include Trump’s daughter, Ivanka, her husband, Jared Kushner, and Kushner’s mother, Seryl Stadtmauer. In January, the UK and US imposed record $630m fines on Deutsche for its role in another money laundering scam run out of its Moscow office. The bank failed to prevent $10bn of Russian money being laundered in a complex “mirror trades” operation. The wealthy Russians that used the scheme have not been identified. Deutsche’s Private Bank – the division that lends to Trump – appears in the Global Laundromat scheme. Sources suggest that many of its clients are rich Russians, typically with personal assets of $50m-plus. According to Germany’s Süddeutsche Zeitung, Deutsche processed more than $24m of Laundromat cash in 209 transactions. Records obtained by the Organized Crime and Corruption Project (OCCRP) and Novaya Gazeta from anonymous sources show how the money was spent. Much of it vanished into opaque offshore companies. Some of it went on luxury items including diamonds, leather jackets, and home-cinema equipment. One of Deutsche’s high net worth customers blew €500,000 at Mahlberg, a German jewellery firm. The payment in January 2013 was made by Seabon Limited, a Laundromat company registered in Tooley Street, London. More than $9bn was funnelled via Seabon, records show. Almost €1m went to a Munich electronics firm, Rohde &'38; Schwarz, which produces surveillance technology for security services and police. Often, the explanation for high-volume payments was fake. The money spent on watches was marked down on the bank wire transfer as a payment for “computer equipment”. Another $500,000 payment was made to a London fur broker, Gideon Bartfeld. Bartfeld said the money had arrived from Deutsche Bank New York, before being sent on to the Bank of New York Mellon, which paid the invoice. Trasta – the bank that first sent the money to Deutsche – did not appear in any paperwork, he added. Bartfeld said the payment came via two “highly reputable and respected” global banks. He said: “Consequently, we received this payment in full confidence [as they] were satisfied that the payment met their [&'].....»»

Category: newsSource:  mindanaoexaminerRelated NewsMar 22nd, 2017

Asian stocks gain before China data, Europe rate meeting

SEOUL, South Korea — Asian stock markets rose Tuesday ahead of China's release of quarterly growth data and a policy meeting of the European Central Bank later in the week......»»

Category: newsSource:  mb.com.phRelated NewsOct 18th, 2016

S. Korea’s Hanjin Shipping on verge of entering court receivership

South Korea’s debt-ridden Hanjin Shipping Co. is teetering on the brink of becoming insolvent and falling under court receivership as its main creditor Korea Development Bank (KDB) rejected the final self-rescue plan that the troubled shipper submi.....»»

Category: newsSource:  mb.com.phRelated NewsAug 28th, 2016

N. Korea hacked into emails of Seoul officials: report

Seoul prosecutors believe North Korea hacked into the email accounts of dozens of South Korean government officials this year -- the latest in a series of suspected cyber-attacks by Pyongyang -- the South's Yonhap news agency reported Monday......»»

Category: newsSource:  mb.com.phRelated NewsAug 1st, 2016

SKorea economy gains pace in Q2

SEOUL: South Koreas economy posted improved growth in the second quarter as exports and domestic consumption picked up, the central Bank of Korea (BoK) said on Tuesday. Asias fourth largest economy grew 0.7 percent in the April-June period from the .....»»

Category: newsSource:  manilatimes_netRelated NewsJul 26th, 2016

Ski federation lauds first-time Olympian Asa Miller

CONSIDERING he was up against more seasoned athletes in the 2018 Olympic Winter Games in PyeongChang, South Korea, the Philippine Ski Federation lauded the performance of first-time Olympian Asa Miller. While the 17-year-old Miller did not finish on the podium, still to see him handle the pressure of the competition and complete both runs in […] The post Ski federation lauds first-time Olympian Asa Miller appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated News11 hr. 14 min. ago

As athletes struggle, Kim Jong Un dreams of Olympic glory

PYEONGCHANG, South Korea — Kim Jong Un wants to turn his country into an international sports power — think East Germany in the 1970s and 80s......»»

Category: sportsSource:  philstarRelated News14 hr. 14 min. ago

South Korea s Moon urges stern response to new U.S. tariffs

SEOUL, South Korea – South Korean President Moon Jae-in called Monday, February 19, for a "stern" response to new US tariffs on the South's exports as concern grew over looming trade restrictions by Washington. US President Donald Trump last week threatened retaliatory action against China and South Korea and vowed ........»»

Category: newsSource:  rapplerRelated News16 hr. 14 min. ago

2018 Winter Olympics: Philippines’ Asa Miller lands 70th in giant slalom

By Delfin Dioquino/rappler.com – Asa Miller finished 70th among the 110 competitors in the men’s giant slalom of the alpine skiing event of the 2018 Winter Olympics in Pyeongchang, South Korea. The 17-year-old Filipino-American, participating in his first Olympiad, clocked in a combined finish time of 2:49.95 in two runs. Read more ».....»»

Category: newsSource:  thepinoyRelated NewsFeb 19th, 2018

Probe Aquino execs, not Go

MALACAÑANG on Sunday maintained that President Rodrigo Duterte’s special assistant Christopher “Bong” Go had no involvement in the approval of the P16-billion frigate contract between the Philippine Navy and South Korea’s Hyundai Heavy Industries. Palace spokesman Harry Roque said it would have been impossible for Go to intervene in the approval of the contract because [...] The post Probe Aquino execs, not Go appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsFeb 18th, 2018