K-News Bulletin

Local exchanges are slashing the number of cryptocurrencies they offer. 
 
The country’s largest exchange by trading volume, Upbit, announced Friday that 25 coins were put on its investment warning list, a first step before delisting the coins from the exchange. Smaller exchanges such as Probit announced the delisting of hundreds of coins recently.
 
The moves come as the exchanges hope to partner with banks that agree to offer bank accounts in the name of the actual trader for trading on the exchanges. After an amendment to the Act on Reporting and Using Specified Financial Transaction Information took effect in March, exchanges were given until Sept. 24 to find such banks to keep operating.


Full Article: https://koreajoongangdaily.joins.com/2021/06/13/business/finance/coin-upbit-cryptocurrency/20210613183100430.html

The heads of four Korean business groups met Thursday to form a committee dedicated to investment and business opportunities in hydrogen.
 
Hyundai Motor Group Chairman Euisun Chung, SK Group Chairman Chey Tae-won, Posco Group Chairman Choi Jeong-woo and Hyosung Group Chairman Cho Hyun-joon met Thursday at Hyundai Motor’s R&D center in Namyang, Gyeonggi.


Full Article: https://koreajoongangdaily.joins.com/2021/06/10/business/industry/hydrogen-committee-hyundai-motor/20210610174000575.html

North Korea will not be part of the Tokyo Olympics, the International Olympic Committee (IOC) confirmed Tuesday, the first time it will skip the Summer Games in 33 years. 
 
North Korea's berths for the Tokyo Olympics from July 23 to Aug. 8 were reallocated to other athletes, said the IOC.
 
The announcement dashed any hope of the upcoming games being used for sports diplomacy with the North. International sporting events in the past, particularly the PyeongChang Winter Olympics in 2018, were occasions for diplomatic breakthroughs. 


Full Article: https://koreajoongangdaily.joins.com/2021/06/09/national/northKorea/Tokyo-Olympics-North-Korea-IOC/20210609163100317.html

U.S. Secretary of State Antony Blinken pledged Monday to work with both Seoul and Pyongyang to help arrange reunions of Korean-Americans who were separated from family members during the 1950-53 Korean War. 
 
"This is just heart wrenching, knowing that people have been not only separated, but don't even know the fate of their loved ones," Blinken said in a hearing before a House Appropriations subcommittee on the reunion issue.
 
"What I can pledge to you is that we will absolutely work on this, including with our South Korean partners to make sure that the interests of Korean-Americans who have been separated from families are reflected in the efforts that we make and that are made." 


Full Article: https://koreajoongangdaily.joins.com/2021/06/08/national/diplomacy/US-Secretary-of-State-Antony-Blinken-wartorn-family/20210608175200269.html

President Moon Jae-in vowed to rid the military of its “backward culture” in an address at the Memorial Day ceremony at Seoul National Cemetery on Sunday, in light of the recent death of an Air Force officer who reportedly took her own life following a sexual harassment claim against a fellow service member. 
 
“Today we remember veterans, independence fighters and unknown soldiers who fought valiantly, as well as the heroic defenders of the nation during the battles and bombardment of Yeonpyeong and the Cheonan sinking,” Moon said. The ceremony was attended by veterans and their relatives, heads of political parties, the minister of patriots and veterans affairs and the chiefs of staffs of the Army and Navy, some attending virtually. 


Full Article: https://koreajoongangdaily.joins.com/2021/06/06/national/defense/memorial-day-president-moon-orders-thorough-investigation/20210606155300306.html

Korean companies shrunk an average of 3.2 percent last year, according to a report released by the Bank of Korea Thursday, because of the coronavirus epidemic.
 
The proportion of companies unable to cover interest payments on debt hit a record high.
 
The central bank analyzed audits filed by the country’s 25,871 non-financial companies and released a gloomy overview of the previous year. 


Full Article: https://koreajoongangdaily.joins.com/2021/06/03/business/finance/bank-of-korea-operating-margin/20210603185600197.html

President Moon Jae-in on Wednesday showed his most receptive attitude so far to business leaders’ pleas to pardon jailed Samsung head Lee Jae-yong. 
 
Moon invited the leaders of the country’s top four business groups to a luncheon at the Blue House to thanks them for announcements of massive investments in the United States just before his summit with U.S. President Joe Biden last month.


Full Article: https://koreajoongangdaily.joins.com/2021/06/02/national/politics/Lee-Jaeyong-pardon/20210602182800274.html

Korea's exports soared 45.6 percent in May, the sharpest growth since 1988 thanks to a rebound in mainstay export items including semiconductors, cars and petrochemical products. 
 
Outbound shipments from the country totaled $50.7 billion last month, a record for the month of May, according to the Ministry of Trade, Industry and Energy on Tuesday. 
 
This follows 41.2 percent growth in April compared to a year earlier, and the seventh consecutive month of expansion. 


Full Article: https://koreajoongangdaily.joins.com/2021/06/01/business/economy/exports-vaccine-chip/20210601175700296.html

Hyundai Motor sold its first factory in China, which once symbolized its aggressive expansion into the market, after years of sales held hostage by geopolitics. 
 
The automaker agreed to sell its Plant 1 in Beijing to the government of Shunyi District, a satellite city of Beijing, according to industry sources and multiple media reports both in Korea and China. 
 
“It is true that Hyundai Motor is pushing to sell the Beijing factory to the Shunyi District government,” said an industry source with knowledge of the sale. 


Full Article: https://koreajoongangdaily.joins.com/2021/05/30/business/industry/Hyundai-Motor-China-Li-Xiang/20210530180500734.html

The government will invest 3.8 percent of its GDP on Green New Deal projects by 2025 to bring about carbon neutrality for Korea. 
 
It's also increasing its support for environmental efforts by developing countries Official Development Assistance (ODA) and contributions to the Green Climate Fund (GCF). 


Full Article: https://koreajoongangdaily.joins.com/2021/05/26/business/economy/green-Korean-government-carbon-neutrality-ODA/20210526164300380.html