Citibank Korea vows to stay committed to local market

Citibank Korea, the South Korean unit of Citigroup, has pledged to continue its role in supporting the country’s financial system, regardless of its parent company’s plan to withdraw retail banking operations in the nation, the lender said May 6. Last month, the US banking giant announced that it would exit its consumer banking units in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan and Thailand, as part of its global busi

Ex-PM suggests anti-takeover measures for VCs, startups

Former Prime Minister Chung Sye-kyun on May 6 suggested implementing measures to protect management rights at local venture capital firms and startups, before expanding it to bigger companies. “Korea still lacks institutionalization of anti-takeover measures. I believe the country’s relatively short corporate history is the key reason behind the absence of a poison pill system and dual-class share system,” Chung said at a meeting with chief executive officers of listed firms

Dunamu steps up efforts to protect crypto investors

Dunamu, an operator of cryptocurrency exchange Upbit, said on May 6 that it will spend 10 billion won ($8.9 million) to set up a unit to protect crypto coin investors. The planned launch of the in-house unit, tentatively named Upbit Protection Center for Digital Asset Investors, is part of the company’s efforts to join the environment, social and governance trend, which has been gaining traction worldwide recently. In addition to the establishment of the investor protection center this ye

Altcoins back in rally mode after pull-back

　 Cryptocurrencies have been rallying again with some digital coins, like Dogecoin and Ethereum, hitting record highs recently. The prices of coins tumbled last month as governments around the world hinted that they would strengthen regulations on cryptocurrencies, which have no intrinsic value. Ethereum, the world’s second-largest cryptocurrency, spiked to an all-time high of 4,527,000 won ($4,038) on May 4, up 7.12 percent, according to local crypto exchange Upbit The European Inves

How banking giants can survive the disruption of digitalization

Banking leaders need to ditch top-down approach, be ready for speedy decision to solve multifaceted conflicts　

American Manganese on lookout for opportunities in Korea

Vancouver-based firm says its tech retrieves almost 100 percent key metals from defective EV batteries, creates value from scraps

Open, inclusive Indo-Pacific is common goal: Australian envoy

South Korea has a role to play in bringing about an open and inclusive Indo-Pacific region anchored by international rules, as the Quad alliance -- a group of Pacific democracies including the US, India, Japan and Australia -- seeks a partnership between like-minded countries, the Australian ambassador to Korea says. The US-led coalition is seen as trying to counter China’s growing influence in the region, and that represents a challenge for Korea. Seoul is looking to balance its alliance

AI inevitable force to shape education: Riiid

Korean education startup sees huge potential in ’AI tutor‘ as education struggles to overcome pandemic shock

Firms target young people with senior models

From Oscar winner Youn Yuh-jung to veteran actress Na Moon-hee, senior celebs charm younger customers

15 Korean pianists compete at Queen Elisabeth Competition

A total of 15 Korean pianists are competing in the first round of the Queen Elisabeth Competition, a prestigious international musical competition held in Brussels, according to the Korean Cultural Center in Brussels. Known as one of the most challenging competitions for instrumentalists, the Queen Elisabeth Competition’s piano section will see 58 pianists -- nine women and 49 men -- from 16 countries vying for the top spot. At 15, Koreans account for 26 percent of the contestants. The

Hyundai Motor slips to 2nd place in global fuel cell EV market after Toyota in Q1

As competition is escalating among hydrogen automakers, Toyota Motor topped global fuel cell electric vehicle sales in the first quarter this year, beating Hyundai Motor, which had led the global FCEV market in 2020, research revealed Wednesday. According to SNE Research, global sales of FCEVs jumped 89.2 percent on-year, hitting nearly 4,000 units in the first quarter this year. Toyota, which took 15.1 percent of the FCEV market share in 2020, witnessed a surge in its FCEV sales by nearly

Seoul’s population share in Korea falls sharply

Seoulites’ portion slides to 18%, from 24% in 1992