Insurance companies and customers are doomed to everlasting strife ― as the former are bound to shun payments as much as possible and the latter are determined to get them at all costs.Although financial consumers have increasingly been voicing their rights over the past years, it seems that the insurers still have an upper hand.According to recent data compiled by the Korea Finance Consumer Federation, a leading civic group, 24 out of 37 life or indemnity insurance companies offered limited acc

After a choppy session, South Korean stocks finished lower on Thursday due to massive blue-chip selling by foreign and institutional investors despite the central bank's unexpected rate cut, analysts said. The South Korean won rose slightly against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.24 points, or 0.52 percent, to 1,970.59. Trading volume was moderate at 379.5 million shares worth 6.27 trillion won ($5.57 billion), with gainers beating decliners 480 t

The South Korean won closed nearly flat against the U.S. dollar Thursday after a choppy session and state bonds erased much of their earlier gains after the country's central bank unexpectedly slashed its policy rate to an all-time low.The local currency closed at 1,126.40 per dollar, down 0.1 won from the previous session, snapping a three-day losing streak. The won dipped to as low as 1,136.40 won at one point immediately after the rate cut, but pared earlier losses as recent declines were exc

The move by the central bank to slash the key rate to a record-low level could buoy economic growth by getting people and companies to spend more or trigger a liquidity trap if money flows to the property market, observers said Thursday.The conflicting predictions come after the Bank of Korea (BOK) unexpectedly lowered its base rate to 1.75 percent after recent economic indicators showed Asia's fourth-largest economy struggling with sluggish domestic consumption and weak exports.Industrial outpu

Following is a translation of the full text of the Bank of Korea's statement Thursday on its monetary policy decision for March. The central bank's monetary policy committee voted to slash the base rate to a record low of 1.75 percent. The Monetary Policy Committee of the Bank of Korea decided today to lower the Base Rate by 25 basis points, from 2.00% to 1.75%.Based on currently available information the Committee considers that, although the trend of a solid economic recovery in the US has bee

Commission income and asset sales boosted net profit for South Korean credit card companies in 2014, the financial watchdog said Thursday.The combined net earnings of eight credit card firms stood at 1.8 trillion won ($1.6 billion) last year, up 5 percent from the previous year, according to the Financial Supervisory Service (FSS).The net increase comes to 2.2 trillion won, up 27.6 percent on-year, when including gains from asset sales.Samsung Card Co., for instance, earned 488.5 billion won fro

South Korea’s Ministry of Strategy and Finance said Wednesday that it would provide further financial support for small and medium enterprises to win overseas infrastructure deals.In a meeting with industry officials in Seoul on Wednesday, Vice Finance Minister Joo Hyung-hwan said the government would establish a system allowing public financial institutions to extend financing and guarantees for SMEs to carry out infrastructure projects abroad.“It will seek to expand policy financing by encoura

South Korean stocks ended 0.2 percent lower Wednesday as institutions offloaded shares ahead of the so-called quadruple witching, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.94 points to 1,980.83. Trading volume was moderate at 376.7 million shares worth 5.71 trillion won ($5.07 billion), with decliners beating gainers 478 to 333."Quadruple witching" refers to the simultaneous expiration of contracts for stock index futures, stock index options, stock options and

The South Korean won sank to the lowest level in 19 months against the U.S. dollar Wednesday, falling for a third consecutive day as it tracked a decline in the Japanese yen to the greenback, dealers said.The local currency closed at 1,126.50 per dollar, down 3.9 won from the previous session's end. The won hit an intraday low of 1,129.60 won at one point, the lowest level since July 10, 2013 when it finished at 1,135.80 won.The Japanese currency continued to fall against the dollar as traders b

South Korean stocks got off to a weak start Wednesday on losses in auto and retailers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 11.45 points, or 0.58 percent, to 1,973.32 in the first 15 minutes of trading. Auto industry leader Hyundai Motor shed 0.29 percent and its smaller affiliate Kia Motors fell 1.79 percent. Car-parts manufacturer Hyundai Mobis shed 1.75 percent. Retailers also slipped, with No. 1 Lotte Shopping moving down 1.81 percent and Shinsegae dipp

The Bank of Korea is expected to freeze its key base rate at the monetary policy committee meeting this week.However, it will likely face pressure to lower the key interest rate next month as deflation concerns further deepen, analysts said.BOK Gov. Lee Ju-yeol had indicated that the central bank would have to keep household debt in check following an increase in bank borrowing fueled by low interest rates, hinting that it may keep its rate steady this month.The central bank recently formed a co

The state-run Industrial Bank of Korea has issued a hybrid bond worth 400 billion won ($357 million), officials said Tuesday.The hybrid bond, a kind of contingent convertible that combines debt and equity, has a maturity of 30 years. It also allows the holder a call option, or the right to redeem the bond at par after either five or 10 years from issuance.The respective interest rate for each of the two options is 3.84 percent (at 180 basis points over 5-year Treasury) and 4.33 percent (at 200 b