Most Popular
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Korea enters full election mode
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Immigrant woman stabbed to death by Korean husband
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Korea's tax burden remains one of the lowest in OECD: data
South Korea's tax burden, which has steadily risen over the years, still remains among the lowest among the group of developed market economies with high income, data showed Sunday.Data by the Paris-based Organization for Economic Cooperation and Development (OECD) showed that the tax burden ratio of Asia's fourth-largest economy stood at 18.5 percent in 2015, which is on par with Slovakia. The ratio takes into account both taxes paid to local and central governments. Corresponding numbers for J
April 16, 2017
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Seoul stocks end lower on rising geopolitical tension
South Korean stocks closed lower on Friday as investors sought safer assets amid the tension surrounding the Korean Peninsula, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index dropped 13.73 points, or 0.64 percent, to close at 2,134.88. Trade volume was slim at 343 million shares worth 3.31 trillion won ($2.9 billion), with losers outnumbering gainers 592 to 207.Despite the eased concerns, the South Korean market has been dogged by speculat
April 14, 2017
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Banks' foreign currency deposits hit record high in March
Foreign currency deposits held by banks operating in South Korea hit a record high in March as exporters deposited their dollar-denominated earnings, central bank data showed Wednesday.Outstanding foreign currency deposits held by local banks, domestic and foreign, reached $70.54 billion in March, up 3.8 percent from $67.94 billion a month earlier, the Bank of Korea said in a statement.Broken down, foreign currency deposits held by domestic lenders came to $60.33 billion in March, up from $56.45
April 14, 2017
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Govt. to release fisheries stock during fishing prohibition period
The government said Friday it will release 6,700 tons of its fisheries stock starting next week to keep prices under control during the fishing prohibition period.The prohibition period began April 1 and will continue to Aug. 11, depending on different types of net fishing. Violators are subject to legal punishment.The Ministry of Oceans and Fisheries said the government will put its fish stock on the market from April 17 to May 26, including4,500 tons of Alaska pollacks, 1,314 tons of mackerels
April 14, 2017
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Seoul shares trade lower in late morning trade
South Korean shares traded lower Friday morning as key blue chips continued to lose ground amid geopolitical concerns.The benchmark Korea Composite Stock Price Index dropped 11.35 points, or 0.53 percent, to 2,137.26 as of 11:20 a.m.Top market cap Samsung Electronics decreased 0.94 percent, and LG Electronics plunged 1.44 percent. LG Display shed 0.97 percent.Chemical firms were also among the losers, with industry leader LG Chem decreasing 0.18 and No. 1 cosmetics maker AmorePacific falling 0.3
April 14, 2017
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Korean overseas bank branches report 15% rise in profits
Overseas branches of South Korean banks saw their combined net profit rise 15 percent on year to $650 million in 2016, thanks to a jump in incomes related to stocks and foreign exchange derivatives, government data showed Friday. The combined interest income at 178 overseas branches gained 6.4 percent on year to $1.35 billion, while non-interest income jumped 54.8 percent on year to $724 million, according to the data by the Financial Supervisory Service.Their average non-performing loan ratio s
April 14, 2017
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Korean shares open lower on Pyongyang concerns
South Korean stocks opened lower Friday as investors continued to seek after safer assets amid the rising concern over North Korean provocations including a potential nuke test.The benchmark Korea Composite Stock Price Index fell 9.55 points, or 0.44 percent, to 2,139.06 in the first 15 minutes of trading.Tech shares traded bearish, with market behemoth Samsung Electronics losing 0.8 percent and No. 2 chipmaker SK hynix falling 0.3 percent. LG Electronics shed 1.15 percent. Financial shares also
April 14, 2017
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Citibank Korea to close 80% of its branches
Citibank Korea, the South Korean unit of Citigroup Inc., said Thursday it will offer financial services via online channels while closing about 80 percent of its physical branches in South Korea. Citibank, which recently announced a plan to reduce the number of physical branches to 32 from 133 in the country, has said it won't slash staff, despite ongoing restructuring measures. Instead, about 800 workers at the branches facing closures will be relocated to what the bank calls "non-fa
April 13, 2017
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Seoul stocks end higher on eased political uncertainties
South Korean stocks closed higher on Thursday as geopolitical uncertainties both at home and abroad eased to some degree, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index advanced 19.70 points, or 0.93 percent, to close at 2,148.61 Trade volume was slim at 331 million shares worth 4.23 trillion won ($3.74 billion), with gainers outnumbering losers 541 to 246.Analysts said market sentiment improved on expectations that the political situatio
April 13, 2017
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FSC to strengthen private equity funds' role in bailouts
The Financial Services Commission of Korea rolled out plans Thursday to strengthen the role of private equity firms in carrying out corporate bailout measures, a move aimed to discourage the practice of credit banks being reluctant to declaring insolvencies of financially distressed firms.The projected 8 trillion won ($7.09 billion) fund, where state-owned lenders would first contribute half of the funds, to be matched by private equity firms, will be used to refinance mid-sized enterprises.This
April 13, 2017
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Recovering global economy may help Korea turn around: finance minister
South Korea's finance minister said Thursday that the recent signs of a recovery in world trade will help Asia's fourth-largest economy make a rebound despite lingering uncertainties at home and abroad."As the South Korean economy highly depends on exports and global demand, the upside trend in the world economy will be a boon for the country," Finance Minister Yoo Il-ho said in a ministerial meeting in Seoul.Hopes are high that the South Korean economy has entered a positive cycle on
April 13, 2017
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Seoul shares slightly up in late morning trade
South Korean shares traded slightly higher late Thursday morning as investors still remained cautious in making bets on risky assets.The benchmark Korea Composite Stock Price Index added 3.14 points, or 0.15 percent, to 2,132.05 as of 11:20 a.m.Market kingpin Samsung Electronics lost 1.09 percent after starting out on a strong note. The company announced earlier in the day that preorders for its new flagship smartphone, the Galaxy S8, have surpassed a whopping 720,000 units in just seven days.SK
April 13, 2017
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BOK raises growth outlook of Korea's economy to 2.6%
South Korea's central bank on Thursday revised up its growth outlook for Asia's fourth-largest economy to 2.6 percent from 2.5 percent for 2017.BOK Gov. Lee Ju-yeol announced the estimate in a news conference after the BOK Monetary Policy Board kept its policy rate at an all-time low of 1.25 percent in April.The BOK's gross domestic product growth estimate for 2017 is 0.1 percentage point higher than the central bank's estimate released in January. (Yonhap)
April 13, 2017
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BOK holds key rate steady at 1.25% in April
South Korea's central bank on Thursday held its key rate steady for April to support the country's growth, despite a recent US rate hike.The Bank of Korea kept its policy rate at an all-time low of 1.25 percent for the 10th consecutive month in April after dropping the rate to its lowest level to bolster Asia's fourth-biggest economy.Last month, the US Federal Reserve raised its key rate by a quarter of a percentage point to a target range of 0.75 to 1 percent. It also signaled that additional h
April 13, 2017
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Funds investment increases but skews away from stocks
South Korea's funds market grew big in size, gaining some 100 trillion won ($8.73 billion) in just two years, but the gain has not been all healthy with bigger lumps of money going to non-stock investments, industry data indicated Thursday.The Korea Financial Investment Association put the country's net fund assets at a record amount of 500.63 trillion won as of Friday. The value had just surpassed 400 trillion won in March 2015.A detailed look, however, showed that the largest sum of 28.84 tril
April 13, 2017
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Korean shares open higher on tech gains
South Korean stocks opened higher Thursday on the back of robust gains in tech firms.The benchmark Korea Composite Stock Price Index climbed 4.95 points, or 0.2 percent to 2,133.86 in the first 15 minutes of trading.Most large-cap stocks were mixed across the board, with tech shares leading the gain.Market behemoth Samsung Electronics added 0.24 percent, and major chipmaker SK hynix moved up 0.61 percent. LG Electronics advanced 1.45 percent.Naver, the top Internet portal operator, was up 1.56 p
April 13, 2017
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Kookmin Bank to compile feedback on expat banking
Kookmin Bank launched a group to help the company gather feedback from its expat customers Wednesday.The group is made up of 12 expats, non-Korean online community users and bloggers. It is expected to compile feedback from the foreign customers of Kookmin Bank for a year. An event to celebrate its launch took place at the main branch of Kookmin Bank in Myeong-dong, Seoul, Wednesday. The move comes in line with the launch of an in-house department for international customers by teaming up
April 12, 2017
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Seoul stocks rebound ending 6-day losing streak
South Korean stocks closed slightly higher Wednesday ending a six-day losing streak, although the rise was limited due to heightened geopolitical tension surrounding the Korean Peninsula, analysts said.The benchmark Korea Composite Stock Price Index inched up 5.06 points, or 0.24 percent, to close at 2,128.91. Trade volume was moderate at 405.1 million shares worth 3.8 trillion won ($3.32 billion), with losers outnumbering gainers 399 to 395.Analysts said the increase came as investors became le
April 12, 2017
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Korean shares edge up in late morning trade
South Korean stocks traded a tad higher late Wednesday morning, but the gain was limited by geopolitical tension surrounding the Korean Peninsula.The benchmark Korea Composite Stock Price Index inched up 2.2 points, or 0.1 percent, to 2,126.05 as of 11:20 a.m.Top tech giant Samsung Electronics continued to gain ground, rising 0.43 percent.Mobile carriers lost ground, with No. 1 SK Telecom falling 0.61 percent and KT losing 1.27 percent. LG Uplus, the smallest player, shed 2.46 percent. &nbs
April 12, 2017
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Financial holding firms see profits gain 19.6% in 2016
South Korea's seven financial holding companies saw their combined net profit gain 19.6 percent on year in 2016, helped by solid interest income and lower debt provisions, government data showed Wednesday. The combined net profit of financial holding firms stood at 7.5 trillion won ($6.5 billion) in 2016, compared to a profit of 6.2 trillion won in 2015, according to the data by the Financial Supervisory Service. Banking units of the financial holding firms have expanded assets, led by mor
April 12, 2017