South Korean lenders plan to test bio authentication technology for banking services as early as the second half of this year, a central bank official said Wednesday, reflecting a growing demand for tougher security measures following a series of data leaks and phishing cases in the local financial sector.  "Some of the country's 17 banks are expected to take part in a pilot run for bio authentication technology in the second half. If successful, consumers may be able to use such services as ear

The South Korean won touched a new seven-year high against the Japanese yen Tuesday, prompting local currency authorities to vow to take appropriate measures if needed.  The won-yen arbitrated exchange rate stood at 898.52 per 100 yen as of 3:02 p.m., the highest since Feb. 28, 2008, when the comparable figure was 889.23. The local currency closed at 1,070.00 per dollar, up 3 won from the previous session's close, hitting a six-month high.  "We are closely watching the currency market," said an

Korea’s secondary stock market, the technology-laden KOSDAQ, has recently been on a volatile ride of record highs and sharp falls.Though some investors maintained hope for another bullish rally, market observers warned late movers against taking rash actions, as bubbles may burst in the market.Backed by the influx of liquidity and the government’s support for biotechnology and information technology sectors, the KOSDAQ had recently been on a bullish run, surpassing 700 points for the first time

The Korean currency has continued to gain against the dollar as more traders bet on the U.S. Federal Open Market Committee delaying the timing of interest rate increases.About a month after the possibility emerged, the dollar slid 6.4 won, or 0.57 percent, on Monday from the previous trading session to close at 1,073.0 won. It is the lowest won-dollar exchange rate so far this year.The greenback, which traded between 1,120 won and 1,130 won in March, fell to its lowest level in nearly six months

The government should take active measures to prop up the recovery of the economy that has been slow to gain momentum amid slumping exports and still weak domestic demand, the top economic policymaker said Monday.  Speaking to a meeting of senior ministry officials, Finance Minister Choi Kyung-hwan said in light of a recovery in the property market and improved economic indicators, the economy continues to be picking up, though its pace is not so strong. "The most important policy task is to kee

A credit recovery organization will operate a special loan program to alleviate the high interest rate burden for young people in their 20s and to support their living expenses through low interest loans.Financial authorities will also reinforce their administrative guidance, warning young loan borrowers against excessive loans and notifying them of the loan transfer system.The Credit Counseling and Recovery Service will launch the Sunshine Loan program for college students and young people unde

Kia Motors Corp., South Korea's second-largest automaker, said Friday its first-quarter net profit rose slightly thanks to earnings from equity investment and other extra profit. Net income came to 903.2 billion won ($835.9 million) during the January-March period, up 3.1 percent from the 876.3 billion won reported a year earlier, the company said in a regulatory filing.Operating profit, however, plunged 30.5 percent on-year to 511.6 billion won and sales also shrank 6.3 percent to 11.18 trillio

Shares of Ssangyong Motor Co. nosedived nearly 10 percent Friday after the company denied a media report that its parent firm Mahindra & Mahindra of India is planning to jack up its stake in the carmaker. Earlier this week, an Indian news outlet reported that Mahindra would be increasing its stake in Ssangyong from the current 72.85 percent to 85 percent, with plans to expand it to nearly 100 percent by the end of the year."We've checked with the Mahindra headquarters in India, and it's been con

Kia Motors Corp., South Korea's second-largest automaker, said Friday its frist-quarter net profit rose slightly thanks to earnings from equity investment and other extra profit. Net income came to 903.2 billion won ($835.9 million) during the January-March period, up 3.1 percent from the 876.3 billion won reported a year earlier, the company said in a regulatory filing.Operating profit, however, plunged 30.5 percent on-year to 511.6 billion won and sales also shrank 6.3 percent to 11.18 trillio