Korean shares started flat, up just 0.42 percent Monday.Telecommunication shares rose slightly after the government failed to approve a new mobile carrier last week, giving the benchmark index a boost. An investor watches an electronic board displaying South Korean share prices at the Korea Exchange in Yeouido, Seoul. (Yonhap)The benchmark Korea Composite Stock Price Index added 7.95 points to 1,920.01 in the first 15 minutes of trading.The index was trading 0.63 percent higher at 1924.03 points

South Korea will introduce an omnibus account system for foreign investors in the local stock market starting May to improve convenience and access, officials said Sunday.　The Financial Services Commission said the new system would simplify the current registration system that exclusively applies to foreign stock investors, institutional or retail. 　Under the new system, a global asset management firm or a brokerage house can open a single account to process orders from their clients. 　Currently

South Korea plans to introduce an omnibus account system for foreign traders to help boost their convenience in trading stocks on the Korean bourse, the financial regulator said Sunday.The envisioned program is also expected to help get its stock market included on the Morgan Stanley Capital International advanced market index.According to the Financial Services Commission, a global asset management firm or brokerage house can open a single account to receive trading orders from their clients an

Stricter credit control guidelines by local banks that officially go into effect in February caused a sharp drop in home-backed mortgaged loan growth coming into this year, financial sector sources said Sunday.Data provided by KB Kookmin, Shinhan, Woori, KEB Hana, Nonghyup and the Industrial Bank of Korea showed the amount of outstanding mortgaged loans provided to customers as of last Thursday standing at 349.49 trillion won ($290.15 billion), up around 446 billion won from late December when i

South Korea's national debt is expected to surpass the 600 trillion won ($498.1 billion) mark for the first time ever this week after growing steadily over the years, official data showed Sunday.The total will mark a 4.9 trillion won increase from the estimated 595.1 trillion won in debt accumulated by Asia's fourth-largest economy as of late 2015, the National Assembly Budget Office said.(Yonhap)Based on this year's budget spending plan, the national debt could reach 644.9 trillion won by the e

South Korean shares opened slightly down on Friday as foreign investors sold tech shares on downbeat earnings prospects.  An investor watches share prices on an electronic board at the Korea Exchange. (Yonhap)The benchmark Korea Composite Stock Price Index lost 13 points to 1,893.94 in the first 15 minutes of trading.The index was trading 0.62 percent lower at 1895.08 points as of 9:37 a.m. Most blue chip stocks were in negative terrain. Market bellwether Samsung Electronics fell 1.48 percent fo

The growth of financial technology is a credit negative for Korean banks, global credit rating agency Moody said Thursday, claiming that it will undermine the already-dwindling profitability of brick-and-mortar lenders. The New York-based crediting agency said Korea's push for fintech, envisioned partly by soon-to-launch internet-only banks and recently-launched crowdfunding operations, will trigger fiercer market competition in the Korean financial industry scene.“These initiatives, which are p

Korean stocks swung between gains and losses Thursday, after the U.S. Federal Reserve flagged risks to the U.S. economy from turmoil in global markets and indicated it would raise interest rates gradually. The benchmark KOSPI index settled at 1,906.94 points, 0.48 percent higher than the previous day, after dropping to 1,877.78 in early trading. The Korean won lost ground to 1,208.5 won per dollar, after the Fed kept its key interest rate untouched in a two-day meeting in Washington. “That the F

Samsung Life Insurance will take over a 37.45 percent stake in Samsung Card from Samsung Electronics in a deal worth 1.54 trillion won ($1.27 billion), the companies said Thursday. “Samsung Life’s board of directors approved the purchase of the entire 37.45 percent stake in Samsung Card, or 43.39 million shares, held by Samsung Electronics,” the insurance firm said in a regulatory filing in Seoul. In a separate filing, Samsung Electronics also notified the approval of the same deal by its own di

The United Asset Management Co., a specialized firm in taking over bad loans held by financial companies, Thursday said it capped the first batch of its investment targets, with the sort-out process for the second batch also in the pipeline. UAMCO said it had sealed an agreement with first two main creditor banks -- the state-run Korea Development Bank and KEB-Hana Bank, for the takeover of bad debts extended by two firms in workout deals. The names and details on investments and mergers will be

Korea’s tax authorities said Wednesday they have launched a full-fledged investigation into 30 corporations and individuals on suspicions of offshore tax evasion.The National Tax Service said the probe would target companies and individuals who are suspected of having concealed their wealth using offshore paper companies in the British Virgin Islands and other tax havens. “We will conduct unprecedented intense tax investigations into companies and members of conglomerate families,” said Han Sung

Korea Federation of Banks chairman Ha Yung-ku said Wednesday that dwindling margins are forcing local banks to raise service and transaction fees for account holders. “The profit outlook for Korean commercial banks is grim. It is almost inevitable that they take steps to improve margins,” said Ha, a former longtime CEO of Citibank Korea, in a press conference in Seoul.“Fees need to rise to realistic levels,” he said, adding that the current levels are too low. Ha Yung-ku (Yonhap)Local banks have

The Export-Import Bank of Korea said Wednesday it has allocated loans and guarantees worth 75 trillion won ($62.5 billion) in 2016 amid the sluggish global economy, vowing strong support for the nation’s future growth engines.　The official export credit agency increased its allocation for corporate loans and investment by 1 trillion won from the previous year to boost liquidity among promising exporters, bank officials said. 　Of the total, the agency plans to inject 3.5 trillion won for promisin

Seoul to introduce omnibus account for foreign investors

South Korean stocks rallied 1.4 percent Wednesday as investors hunted for bargains on a recovery in oil prices and hopes for a relief message from the U.S. central bank. The local currency closed higher against the U.S. dollar.The benchmark Korea Composite Stock Price Index  added 26.18 points to end at 1,897.87. Trade volume was moderate at 345.5 million shares worth 4.99 trillion won ($4.15 billion), with winners beating losers 478 to 346.The local market joined the wave of the global bull run