The tax burden for ordinary households in South Korea outpaced income gains in the first three quarters of 2014 by nearly double, official data showed Monday.According to figures provided by Statistics Korea, average income for a two-person household stood at 4,314,334 won ($3,928.9) in the January-September period, up 3.6 percent from the year before. The monthly tax burden stood at 154,276 won, a 5.9 percent, or 8,606 won, increase from the year before. Taxes include both ordinary or fixed due

South Korea will work to nearly double its exports via electronic trading this year, a move that will include support for some 20,000 products, the government said Monday.The plan was unveiled at the first meeting of online exporters hosted by the Ministry of Trade, Industry and Energy."Exports through e-trade will likely provide a greater opportunity for small and medium-sized firms and one-man startup businesses rather than large companies," the ministry said in a press release.The country's o

South Korean builders' earnings from overseas projects were down last year, central bank data showed Monday, the first time in four years that the companies have seen the figure drop amid adverse industry conditions worldwide. Last year's current account surplus in the country's construction sector stood at $17.1 billion, down 16.1 percent from the previous year, according to data compiled by the Bank of Korea. The tally marks the first fall in four years since the 17.7-percent drop in 2010. The

South Korea's tax earnings from the country's 30 largest conglomerates are expected to shrink 15 percent this year, economic sources said Monday, as the business community claims rates are already high for a trade-dependent nation.Official data by Financial Supervisory Service and corporate tracker Chaebul.com said the business groups are due to pay a little under 15.26 trillion won ($13.89 billion) in taxes for their earnings last year. This would be 2.78 trillion won, or 15.4 percent, less tha

The amount of money deposited with South Korean brokerage houses hit the highest level in 17 months last week as investors wait on the sidelines for the right investment tool, data showed Monday.The deposits waiting for investment in stocks and other derivative products rose to 18.3 trillion won ($16.8 billion) as of Tuesday, surpassing 18 trillion for the first time since September 2013, according to the Korea Financial Investment Association. The daily deposit amount was 15.1 trillion won on a

Foreign ownership of shares traded on South Korea's secondary KODSAQ bourse has edged down over the past month as offshore investors seek profits following a recent rally, data showed Sunday.As of Friday, foreign investors held 10.96 percent of the tech-laden market, down 0.22 percentage point from the end of last December, according to the data compiled by the Korea Exchange.The KOSDAQ closed up 0.43 percent at 600.81 on Thursday, breaching the 600 mark for the first time in more than six years

South Korea will take proactive measures to prepare for any market volatility that can disrupt efforts to revive economic growth, including revamping the levy on foreign debts, a senior policymaker said Friday.  Speaking at the macroeconomic financial meeting in Seoul, Vice Finance Minister Joo Hyung-hwan cited various external developments that were raising financial market risks -- the likelihood of the U.S. hiking up interest rates in the second half of 2015, concerns about the economic funda

South Korea's economy remains bogged down despite some signs of improvement in industrial output and private consumption, a state-run think tank said Thursday.   The Korea Development Institute said the latest indicators gave off mixed signals with exports, factory operational rates and the construction sector backtracking.  Such developments occurred as industrial production and shipments increased along with private consumption in durable goods, and recent data also showed modest gains in faci

Direct overseas stock investment by Koreans surged sharply last year as investors sought higher returns from abroad with the local stock market in a protracted lull, data showed Thursday.  The amount of direct investments in foreign stocks stood at 8.84 trillion won ($8.14 billion) in 2014, up 49 percent from a year ago and more than double that of 2012, according to data compiled by the Korea Securities Depositary Corp.  Koreans bought $5.1 billion worth of U.S. stocks last year, a 43.6 percent

A fresh round of negotiations for a regional free trade agreement, known as the Regional Comprehensive Economic Partnership, will be held in Thailand next week, the Seoul government said Thursday.  South Korea will take part in the seventh round of RCEP negotiations in Bangkok from Monday through Friday, according to the Ministry of Trade, Industry and Energy.  The negotiations currently involve 15 other countries, including China, Japan and all 10 member countries of the Association of Southeas

The head of a private investor watchdog has been arrested on charges of taking bribes from Lone Star Funds in return for keeping quiet about its controversial sale of a local bank in 2012, prosecutors said Wednesday.  Jang Hwa-sik, chief of Spec Watch Korea, which monitors what it calls speculative foreign investors, was arrested a day earlier on charges of professional negligence, the Seoul Central District Prosecutors' Office said.  Jang is suspected of having taken hundreds of millions of won

If broader welfare without a tax hike sounds too good to be true in a country where people live longer and give birth to fewer babies in an era of slow economic growth, it probably is.  Taking office two years ago with the promise of more social welfare, President Park Geun-hye said she will dig up the underground economy for tax revenue and eliminate unnecessary spending to finance welfare programs, such as child care, college tuition support and a pension plan for seniors.   So far, the govern

A Seoul court on Wednesday ordered a suspension of merger moves between two local banks, siding in part with one of the bank's unions which accused the other of violating a promise not to seek the merger until 2017.  The Seoul Central District Court issued an injunction stopping Hana Financial Group from pushing ahead with the merger of its flagship Hana Bank with the Korea Exchange Bank. The injunction is effective for the first half of this year. The court decision effectively bans Hana Financ

Standard Chartered Korea has no plans to exit or scale back its operations in the country, its first Korean chief said Wednesday, dismissing persistent rumors it may downsize the local unit due to the British banking giant's sagging profit.  "There have been many talks on exiting or downsizing. I hope the appointment of a Korean head will wipe out those talks. My biggest interest is the job security of some 6,000 employees," said Park Jong-bok, who was promoted to bank president and group chief