Foreign investors remained net buyers of South Korean stocks in the first seven months of this year on the back of a modest rise in the country's benchmark index, data showed Monday.  Foreigners purchased a net $5.8 billion in the benchmark KOSPI and secondary KOSDAQ markets in the January-July period, maintaining their net-buy position for a fourth year, according to the data compiled by the Korea Exchange, the country's bourse operator.  They have snapped up a net $32.6 billion since 2012, shi

The number of self-employed workers in South Korea fell to its lowest level in 20 years in the first half of the year, in the wake of a protracted economic slowdown.The outbreak of the Middle East respiratory syndrome between May and June, which seriously damaged consumer sentiment, is estimated to have fueled the shutdown of more self-employed individuals.According to Statistics Korea, the number of self-employed people who have no employees stood at 3.975 million as of June 2015, down 107,000

Low wages and poor working conditions are pushing a growing number of Air Force pilots out the door, studies showed Sunday.According to the Air Force, 127 pilots left the military last year, up from 124 in 2013 and 113 in 2012.It said the majority of those were lieutenants and majors, costing the Air Force much-needed experience and veteran leadership.Their departures have also hurt financially. The Air Force estimates that it can cost anywhere between 12 billion won and 15 billion won ($10.3 mi

South Korea's home transactions surged to a new monthly high in July, the government said Sunday, pointing to a strong recovery in the real estate market.The number of home transactions came to 110,675 last month, up 43.2 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.The July figure is the largest number since the government began compiling such data in 2006."The number of home transactions has breached the 100,000 mark every month since M

South Korean stocks closed lower Friday as investor sentiment was dented by prolonged uncertainty over a U.S. interest rate hike and China's economic slowdown, analysts said. The local currency fell against the U.S. dollar.  The benchmark Korea Composite Stock Price Index  fell 0.15 percent, or 3.06 points, to 2,010.23. Trading volume was moderate at 329.75 million shares worth 4.65 trillion won ($3.98 billion), with losers outpacing gainers 422 to 380.  Analysts said the stock market was weighe

Samsung C&T Corp., the construction unit of the top conglomerate, Samsung Group, said Friday that it has received requests from shareholders to buy back their shares worth 670 billion won ($578 million) in a move against a merger with its sister firm, which has fallen short of the amount required to thwart the deal.   Thursday was the deadline for shareholders of Samsung C&T and its de facto holding firm, Cheil Industries Inc., to lodge their claims with the two if they want to exercise their ap

Foreign currency deposits at South Korean banks fell by the steepest pace in 10 months in July, due mostly to a decline in Chinese yuan-denominated deposits, central bank data showed Friday.  Outstanding foreign currency deposits held by local residents reached $60.87 billion as of end-July, down $3.8 billion from the previous month, according to the Bank of Korea. The monthly decline marks the biggest fall since a $4.9 billion decline in September last year.  Residents include individual citize

South Korea's national pension fund has suffered heavy losses from a recent plunge in shares of Lotte Group affiliates that was sparked by an ugly succession battle at the country's fifth-largest conglomerate, data showed Friday.  The National Pension Service racked up 77 billion won ($66.2 million) in valuation losses from its investment in Lotte affiliates between July 27 and Thursday, according to the data compiled by market tracker FnGuide.   Currently, the NPS holds more than 5 percent of s

Deputy Prime Minister and Finance Minister Choi Kyung-hwan on Thursday said he would look into the cash flow and governance structure of the family feud-stricken Lotte Group.“The government is keeping a close watch on the issue. If necessary, state institutions will dig into the shady governance and the cash flow of the company,” Choi told the media. “I am very disappointed that (the management of) the country’s fifth-largest business conglomerate is stuck in an irrational and unfathomable fight

Tax code revision also promotes outbound investments

Deputy Prime Minister and Finance Minister Choi Kyung-hwan urged public companies Wednesday to introduce the wage peak system as soon as possible, reiterating it would help widen employment opportunities for young job seekers.In his meeting with 40 chiefs from the state-run agencies and firms, Choi said that “large (public) firms such as LH and the Korea Railroad Corp. should take the initiative in inducing the labor-management agreement on the wage peak system in August.”Under this system pushe

South Korea's financial authorities are considering pumping money into two state banks with heavy exposure to loss-making local shipbuilders to help them maintain financial health, financial officials said Wednesday.The country's big three shipyards -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- racked up a record 4.78 trillion won ($4.26 billion) in losses in the second quarter and their combined operating loss is estimated at 4

The number of unused credit cards in South Korea continued its downturn last month on financial authorities' stepped-up efforts to reduce inactive cards in the market, data showed Wednesday.The number of dormant credit cards fell 15.4 percent on-year to 8.34 million at the end of June, according to data compiled by the Credit Finance Association. A dormant credit card refers to one that has not been used for at least one year.The association expected the figure to go down to around 7 million at

South Korea's public corporations should adopt a wage peak system by the end of August in order to help more young people find jobs, the country's top economic policymaker said Wednesday.Chairing a meeting of some 40 government ministers and heads of state-run corporations, Finance Minister Choi Kyung-hwan said the implementation of the wage system is critical for the future of the country."Ministers and heads of public corporations must take a resolute stance on this matter and push forward wag

South Korean smartphone users change their devices every 14 months, with teens changing their handsets in less than a year, a poll showed Wednesday.According to the survey conducted by the Korea Information Society Development Institute, South Koreans on average used their handsets for 19 months, but those using smartphones changed their devices sooner.The poll was conducted on 10,172 respondents, where 92.4 percent said they had a mobile phone.Among the age groups, South Korean teenagers used t