Sections SEARCH Skip to content Skip to site index Business Subscribe Log In Log In Today’s Paper Business | Cryptocurrency Was Their Way Out of South Korea’s Lowest Rungs. They’re Still Trying. Supported by A generation of the young with dead-end social and economic prospects, calling themselves ‘dirt spoons,’ aimed to strike it rich. They’ve ended up with big losses. ByAlexandra Stevenson and Su-Hyun Lee Feb. 10, 2019 SEOUL, South Korea — Kim Ki-won is keeping a secret from his parents. It isn’t just that he has bought and sold an immense number of digital coins. Mr. Kim, who is 27 and lives with his parents, once made so much money trading cryptocurrencies that he was spending $1,000 a month on whatever he wanted. He quit his job. He borrowed to buy more. He planned to buy a house. Today he sits slumped over, at times hiding his eyes behind his hair. Which brings … [Read more...] about Cryptocurrency Was Their Way Out of South Korea’s Lowest Rungs. They’re Still Trying.
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Banking sector to weather Hanjin default – GuinigundoStock market, bank shares drop on news of Subic shipbuilder’s bankruptcy The Philippine financial system is strong enough to weather the bankruptcy of a Korean-owned shipbuilder, a senior Bangko Sentral ng Pilipinas (BSP) official said on Friday as bank shares and the stock market plunged on news of a looming multimillion-dollar default — prospectively the biggest in country’s corporate history. Subic-based Hanjin Heavy Industries and Construction Philippines, which on Tuesday filed for corporate rehabilitation, reportedly owes five local banks — BDO Unibank Inc., state-owned Land Bank of the Philippines (Landbank), Rizal Commercial Banking Corp. (RCBC), Metropolitan Bank & Trust Co. (Metrobank) and Bank of the Philippine Islands (BPI) — around $412 million in addition to another $900 million to South Korean creditors. “Based on our initial assessment, some banks are exposed to Hanjin but … [Read more...] about Banking sector to weather Hanjin default – Guinigundo
HANOI -- The State Bank of Vietnam is targeting a 14 percent increase in banks’ total lending this year, in line with the credit growth seen last year, state media reported on Monday. New loans will be funnelled to prioritised sectors, online newspaper BizLIVE cited the deputy central bank governor Nguyen Thi Hong as saying, referring to areas such as manufacturing, agriculture and small and medium enterprises. Vietnam’s economic growth traditionally relies heavily on increased credit, though the authorities have been trying to reduce this reliance. Total money supply, or M2, rose 12.5 percent last year, the report said. The ratio of bad debt on total loans stood at 1.89 percent at the end of last year, down from 1.99 percent at end-2017, it added. … [Read more...] about Business Vietnam targets 14-percent credit growth this year: report U.S. and North Korean officials met in Hanoi to discuss second Trump-Kim summit: South Korean newspaper
Matthew Pennington Associated Press Published 8:19 AM EDT Oct 3, 2018 Washington – North Korea’s nuclear and missile tests have stopped, but its hacking operations to gather intelligence and raise funds for the sanction-strapped government in Pyongyang may be gathering steam. U.S. security firm FireEye raised the alarm Wednesday over a North Korean group that it says has stolen hundreds of millions of dollars by infiltrating the computer systems of banks around the world since 2014 through highly sophisticated and destructive attacks that have spanned at least 11 countries. It says the group is still operating and poses “an active global threat.” It is part of a wider pattern of malicious state-backed cyber activity that has led the Trump administration to identify North Korea – along with Russia, Iran and China – as one of the main online threats facing the United States. Last month, the Justice Department charged a North Korean hacker said … [Read more...] about N. Korea accused of online bank heists
The HCMC Tax Department has invited some 14,000 social network account holders, especially those developing applications on Google and Facebook, to work with their tax offices on their tax obligations, reported Lao Dong newspaper. The move follows recent revelations of significant tax evasion among holders of these accounts. A female user is seen surfing internet. The HCMC taxman aims to collect taxes from online account holders Many individuals have so far earned large sums of money from their game applications on online platforms. However, they have yet to properly declare their income with local authorities. Nguyen Nam Binh, deputy head of the HCMC Tax Department, told Lao Dong newspaper that the agency had recently requested a local developer to pay a whopping VND4.1 billion, as the individual had reportedly received a total of VND41 billion from Google, YouTube and Facebook over the past two years, without making declarations. The 20-year-old app developer, whose name was not … [Read more...] about HCMC taxman aims to collect taxes from online account holders