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Telecommunications & Media

Facial recognition to apply to new mobile sign-ups and number porting to block illegal phones

From next month, South Korea will apply strengthened identity verification, including facial recognition, when consumers open a new mobile phone line or switch carriers through mobile operators and MVNOs. The Ministry of Science and ICT announced a comprehensive plan to prevent fraudulent phone use, including measures targeting identity theft, misuse of corporate names and tougher sanctions on carriers and retailers caught enabling illegal activations. It will also expand subscription-blocking services and tighten controls on foreign and corporate phone lines.

Finance

SpaceX confirms IPO to raise more than 100 trillion won, contrasting with Korea\'s big-deal drought

SpaceX is proceeding with a Nasdaq listing and confirmed an offering of 555,555,555 common shares at $135 each, implying about $75 billion in proceeds, with potential upside if an overallotment option is exercised. In South Korea, the IPO market remains subdued despite a strong stock market. New listings and fundraising are limited, with a shortage of large deals and weak post-listing share performance weighing on sentiment.

Finance

Middle East-led oil and currency shock raises uncertainty in financial markets

South Korea\'s financial markets are seeing sharp volatility as a Middle East-driven oil shock sends the KOSPI plunging and lifts uncertainty. Concerns over prolonged high oil prices have pushed the won-dollar exchange rate up to 1,500 won, widening stock-market swings and prompting warnings about overheated leverage as some credit trading is halted. Regulators, banks and brokerages are stepping up risk management, while authorities also move to crack down on unfair trading and strengthen preventive supervision.