Two thirds of Samsung Group's affiliates posted weaker than expected earnings in the first quarter amid weak economic conditions with the group's engineering and chemical units suffering the largest drop in their bottom lines, data showed Monday. Ten out of 15 listed firms affiliated with Samsung Group, the nation's biggest conglomerate, posted earnings short of market estimates projected by more than three brokerage houses in the January-March period, according to the data compiled by market re

Illegal foreign exchange transactions jumped 54.3 percent in 2014 from two years earlier mainly due to more stringent screening by authorities, the customs service said Monday.The Korea Customs Service said it detected 6.73 trillion won ($6.17 billion) in illegal cross-border movements of money last year, compared with 4.36 trillion won tallied in 2012.Despite the jump in the amount involved, the number of cases stood at 1,640, a modest gain of 1.3 percent from 1,618 reported two years earlier."

South Korea emerged as the second-largest foreign investor in China in the first quarter of this year, a report showed Monday, on expectations that local companies could bask in a bilateral free trade deal.Capping years of negotiations, South Korea and China initialed a free trade agreement in February, with both sides seeking to implement it as early as later this year.South Korean companies invested US$1.62 billion in China in the January-March period, the second-largest amount after Hong Kong

In an attempt to limit the financial regulator’s excessive use of power, lawmakers are set to submit a revision bill that bans the Financial Supervisory Service from interfering in corporate restructuring unless it obtains the creditors’ consent.The corresponding clause, however, could have a double-sided effect as it also offers a legal basis for the FSS to step in as long as it meets the stated requirement.Rep. Chung Woo-taik, lawmaker of the ruling Saenuri Party and chairman of the parliament

South Korea's home transactions soared nearly 30 percent in April from a year earlier, the government said Sunday, pointing to a possible recovery of the housing market.The number of home transactions came to 120,488 in April, up 29.3 percent from a year earlier and 7.7 percent from the previous month, according to the Ministry of Land, Infrastructure and Transport.It marks the highest growth rate ever for April since the country began compiling related data in 2006, the ministry said.April's su

South Korea's savings banks posted net profit for three straight quarters in fiscal 2014 on the back of decreased loan-loss reserves, the financial watchdog said Sunday.The combined net income of 79 savings banks operating in the country came in at 344.3 billion won ($316 million) in the period from July last year to March this year, a turnaround from a deficit of 476.8 billion won a year ago, according to the Financial Supervisory Service (FSS).Since they turned to black in the July-September p

A chief regulatory official on Friday hinted at a drastic easing of regulations on financial firms’ advancements overseas in an effort to help businesses overcome low profitability in the saturated domestic market.During his meeting with executives from major financial firms in Seoul, Financial Services Commission chairman Yim Jong-yong said that the authority “would review all regulations (on their overseas business) from square one to help them tap into foreign countries.”Yim said it was diffi

Cash management accounts have drawn a large amount of funds as investors prefer parking their money in short-term investment vehicles rather than bank deposits amid record-low interest rates, data showed Friday. A cash management account refers to a type of account offered by brokerage houses and other financial institutions that allows an account holder to trade equities while earning interest on cash balances. The net asset value of CMAs reached 49.98 billion won ($45.69 million) as of the end

Finance Minister Choi Kyung-hwan called for swift parliamentary passage of the controversial year-end tax bill so that millions of taxpayers would be able to receive redemption on time. The bill, having failed once to pass the April plenary session, addresses reduction of tax imposed on the taxpayers whose annual income is 55 million won or under. “If the bill misses the May 11 deadline (to pass the National Assembly) 6,880,000 taxpayers will be unable to get their year-end tax work processed,”

South Korea is closely monitoring the foreign exchange market and carefully assessing the impact of a weak Japanese yen, the country's top economic policymaker said Thursday.In a meeting of economy-related ministers, Choi Kyung-hwan said the weak yen is putting local carmakers, steel mills and other products that compete directly with goods made in Japan, at a disadvantage in overseas markets."One way to turn the weak yen to the country's advantage is to get companies to buy more capital goods f