South Korean conglomerates, wary of economic uncertainties and weak domestic demand, are sitting on large amounts of cash despite government pressure for them to spend more on wages, dividends and facilities, data showed Monday.The combined retained earnings of 96 listed firms affiliated with the country's 10 largest business groups came to 503.9 trillion won ($453 billion) at the end of last year, up 37.63 trillion won, or 8.1 percent, from a year ago, according to the data compiled by conglome

Shareholders of Amore Pacific Co., South Korea's leading cosmetics firm whose share price is the most expensive in the country at more than 3 million won ($2,678), approved a 10-for-1 stock split in a unanimous vote during their annual meeting on Friday, raising questions about who could be next.  Investors welcomed the news when Amore Pacific said on March 3 it would split its stocks to increase the number of shares in circulation, its stocks soaring to maximum daily gain of 15 percent in mid-d

The government plans to spend 3 trillion won ($2.67 billion) more in the first half to stimulate the slow pace of economic recovery and increase public investment by around 7 trillion won within the year, South Korea's finance minister said Friday.  Choi Kyung-hwan said at the meeting of economy-related ministers held in Seoul that the new measures are needed due to weak consumption and an unsteady rise in corporate investment, brought on by weak demand.  Facility investment by companies contrac

The Korea Exchange’s trade market to support and create financing for small and medium-sized start-up companies is showing rapid and steady growth, KRX and industry officials said.The Korea New Exchange market, or KONEX, was set up in July 2013 to provide a direct financing route for start-up SMEs that could not fulfill listing requirements for other exchange markets. It began with a total market value of about 468.9 billion won ($422 million), and since then has quadrupled to roughly 1.82 trill

South Korea's chief financial regulator pledged Thursday to ease regulations on the third stock exchange for start-ups to vitalize the tepid market and strengthen the nation's three-pronged bourse system through competition.Currently, the benchmark KOSPI market serves as the top-tier platform for large-cap players while the secondary KOSDAQ market is mostly for mid-sized tech-savvy ventures. The third KONEX market was opened in June 2013 for start-ups so that they can raise capital more easily."

The South Korean won leaped against the U.S. dollar Thursday afternoon as the U.S. Federal Reserve hinted at raising borrowing costs at a slower pace than forecast.The local currency was quoted at 1,114.90 per dollar as of 1:20 p.m., up 15 won from the previous session's end.On Wednesday, the Fed left room for a rate increase this year by dropping the word "patient" from its formal statement released after its two-day policy review meeting.But Fed Chair Janet Yellen said the growth in the world'

Tax earnings for January rose by around 400 billion won (US$354.2 million) compared to the year before mainly due to a rise in property transactions and more import duties, the finance ministry said Thursday.The total amount collected in the one-month period reached 25.7 trillion won, equal to 11.6 percent of the 221.1 trillion won the government is set to collect this year, the latest Monthly Public Finance report said.Taxes on income, including transfer taxes on housing transactions, import du

South Korea will seek a "second Middle East boom" by strengthening economic cooperation with countries that are preparing for the post-oil era, the government said Thursday.In a national trade and investment promotion meeting, chaired by the President Park Geun-hye, policymakers stressed the considerable potential for local companies to tap large scale development projects in resource-rich countries that are scrambling to build up their economic and social infrastructure before their energy rese

South Korea will aim to nearly double its exports over the next decade through a second manufacturing boom that infuses production with advanced technology, the trade ministry said Thursday.The measures approved at the trade-investment promotion committee meeting in Seoul include a 1 trillion won ($885 million) state-private joint fund to research and develop new advanced manufacturing technologies and equipment, the Ministry of Trade, Industry and Energy said.The government plan envisions "smar

South Korea's producer prices fell for the seventh straight month in February as global oil prices continued to weaken, central bank data showed Thursday.The producer price index, a barometer of future consumer inflation, reached 101.97 in February, tumbling 3.6 percent from the previous year, according to the preliminary data from the Bank of Korea (BOK). The February result was largely attributed to a sharp drop in oil prices.Prices of coal and petroleum products fell 35.4 percent on-year in F

The U.S. Federal Reserve opened the way for a possible rate hike by removing a key indicator of its intention to keep the near-zero rates from a forward guidance statement Wednesday, but cautioned against expecting an early hike.The Fed said in a statement after a Federal Open Market Committee (FOMC) meeting that the committee reaffirmed its view that the current 0 to 0.25 percent target range for the federal funds rate remains appropriate in order to support continued progress toward maximum em

South Korea's trade with Japan declined for the third straight year in 2014, affected by the falling Japanese yen, which hurt Korean products' price competitiveness there and led to less demand, a report showed Wednesday.  According to the report by the Korea International Trade Association, the bilateral trade between South Korea and Japan came to $85.95 billion last year, down 9.2 percent from a year earlier.   Last year, South Korea's exports to Japan fell 7.2 percent on-year to $32.18 billio