As people carry less cash, wallets shrinking and becoming more card-centric

Only two out of 10 payments now made with physical money

Korea’s youth unemployment hit its highest level on record for March while the economy added 300,000 new jobs in the same month, government data showed Friday.The jobless rate for people aged between 15 and 29 stood at 11.8 percent in March, a slight decrease from a record high of 12.5 percent in February, according to the Statistics Korea. The figure is the highest youth unemployment rate on record for March.(123RF)The additional 300,000 jobs in March, which brought the employment number to 25.

Fitch Ratings, one of the three major global credit appraisers, said Friday that the outlook for Korea’s economic reforms, essential for its long-term growth, has gotten murkier after President Park Geun-hye’s ruling party lost its parliamentary majority in elections. “The South Korean government will find it more difficult to implement key structural reforms to boost long-term productivity,” said Fitch analyst Thomas Rookmaaker. In April 13 general elections, Korea’s governing Saenuri Party suf

Foreign currency deposits at banks jumped 13 percent in March from a month earlier due mainly to increased deposits by local companies, central bank data showed Friday. Outstanding foreign currency deposits held by local residents came to $60.6 billion last month, up $7.1 billion from the previous month, according to the data compiled by the Bank of Korea. Local residents include firms and foreign nationals who have stayed in the country for more than six months. The deposit figure excludes inte

Investors have pumped in more cash in bond funds than stock funds so far this year as they seek more stable returns, a fund rating and consulting company said Friday. Domestic bond-focused funds have seen a cash inflow of 1.37 trillion won ($1.2 billion) this year through April 12, KG Zeroin said in a statement. In contrast, investors withdrew a total of 465 billion won from their stock funds. Cash outflows from the exchange traded funds were not included in the tally, it said. Investors are inc

Yields on Korea’s government bonds went up in Seoul on Thursday, as the ruling camp’s election defeat sapped market expectations for the Bank of Korea’s bond purchase program. The yield for the three-year government bond rose 3.7 basis points to 1.52 percent, the highest this month, while the five-year note’s yield closed 4.2 basis points higher at 1.607 percent. The yield on 10-year debt rose 4.5 basis points to 1.844 percent. President Park Geun-hye’s Saenuri Party lost its majority status in

Korean shares rallied 1.74 percent Thursday amid growing expectations of a recovery in the Chinese economy. The local currency sharply fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 34.53 points to 2,015.85. Trade volume stood at 456 million shares worth 6.3 trillion won ($5.4 billion), with gainers outnumbering losers 472 to 337.The KOSPI's upswing came a day after China released strong trade data. Its exports soared 11.5 percent on-year in March.The

The changed political landscape in the wake of Wednesday’s general election will have a limited impact on the Korean stock market, analysts here said Thursday.The benchmark Korea Composite Stock Price Index rose 1.34 percent to trade at 2007.77 as of 2 p.m. Thursday on China’s better-than-expected March trade data and gains on global stocks the previous day. The tech-heavy KOSDAQ inched down 0.24 percent to mark 691.78 at the time. KOSPI jumps 1.75 percent to close at 2015.93 Thursday. Yonhap Ne

Shares in Webzen, a local online game developer, were trading higher on Thursday morning on the victory of its former CEO and current board chairman in Wednesday’s parliamentary election. Kim Byung-kwan, a veteran game entrepreneur who ran Webzen as CEO until June 2012, won a parliamentary seat on the ticket of the main opposition party, becoming the first game-industry figure ever to enter the 300-member National Assembly. During his campaign, Kim said, if elected, he would push to ease regulat

Shares in AhnLab, a security software provider, rallied on the Seoul bourse on Thursday morning, buoyed by a boost in political fortunes of its founder Ahn Cheol-soo in Wednesday’s elections. As of 10:35 a.m., the shares were trading at 74,100 won, 5.41 percent higher than the previous close.  Ahn Cheol-soo (Yonhap)Ahn, a doctor, venture entrepreneur-turned politician, is the largest shareholder in the firm, with an 18.57 percent stake. His People’s Party has emerged as the third-largest negotia

Korea’s top tofu maker Pulmuone on Thursday denied a local report that it was preparing to unload its treasury stocks in order to secure cash. “We’re not preparing any sale of treasury stocks. The report is groundless,” the Seoul-based firm said in a filing. Pulmuone holds 2.23 percent of its total outstanding shares on Korea’s main stock exchange KOSPI. They were worth about 15 billion won as of the previous trading day’s close. In 2015, the company reported a 40.6 percent drop in its consolida

South Korean share prices started higher Thursday on the back of China’s strong trade data and gains on Wall Street.The benchmark Korea Composite Stock Price Index rose 23.76 points, or 1.20 percent, to 2,005.08 in the first 15 minutes of trading.  Traders monitor Seoul share prices at a local bank. (Yonhap)Market heavyweights such as Samsung Electronics, Hyundai Motor and POSCO were all higher in early morning trading. Analysts said investor sentiment rose after China said on Wednesday that its

When the price tag of a controlling stake in Hyundai Securities was unveiled late Tuesday, it surprised many in local financial circles. The 1.25 trillion won ($1.09 billion) KB Financial Group has agreed to pay is nearly four times the current market value of the stake -- 22.56 percent of the country’s fourth-largest brokerage house -- and almost twice what it initially expected to fetch.  KB Financial Group chairman Yoon Jong-kyoo“That sounds pretty expensive for less than a quarter of the com

Korea’s corporate tax revenue is projected to surpass the government-set target of 46 trillion won ($40.2 billion) this year, breaking a previous record of 45.9 trillion won reached in 2012, according to tax authorities here. Taxes collected from companies decreased to 43.9 trillion won in 2013 and 42.7 trillion won in 2014 before rising back to 45 trillion won last year.This projected increase in corporate tax revenue comes as local companies have seen their operating profits improving due to s