The National Tax Service’s renewed website is causing inconvenience to users due to its complicated security measures and lack of compatibility.In order to use Hometax, on which the NTS spent over 200 billion won ($182 million), users have to install at least eight security programs. Also, the new website is incompatible with the former system and requires conventional users to resubscribe.Earlier this week, the tax agency launched a renewed tax reference system in which it integrated various se

Bank of Korea Gov. Lee Ju-yeol said Wednesday that uncertainty remains for the Korean economy as it is difficult to predict when the U.S. Federal Reserve would start to raise interest rates.In a meeting with economists and researchers, the country’s top monetary policymaker said the Fed calmed the global market by saying that it remained patient in raising rates.At the same time, the U.S. central bank’s statement increased uncertainty, making it much more difficult to predict its monetary policy

South Korean stocks rallied for a sixth straight session to reach nearly a five-month high on Wednesday as optimism over monetary easing in the U.S. and the eurozone economies sparked massive foreign buying, analysts said. The local currency gained sharply against the U.S. dollar.  The benchmark Korea Composite Stock Price Index rose 14.35 points, or 0.73 percent, to close at 1,990.47, marking the highest level since Oct. 1, when it finished at 1,991.54. Trading volume was moderate at 359.4 mill

In an effort to secure management stability, KB Financial Group plans to offer priority to the incumbent chair and executives in deciding whether they wish to serve for an additional term.Despite concerns that this may lead to a monopolistic governance system, the banking group, which had suffered from months of leadership feuds and a turbulent power succession last year, decided that management stability is more important.KB Financial recently drafted its governance revision plan, aiming to est

South Korean stocks extended their winning streak to five consecutive sessions on Tuesday as investor sentiment remained upbeat from an extended Greek bailout program and eased U.S. rate hike concerns, analysts said. The local currency lost ground against the U.S. greenback.  The benchmark Korea Composite Stock Price Index rose 7.73 points, or 0.39 percent, to 1,976.12. Trading volume was moderate at 302.7 million shares worth 4.1 trillion won ($3.7 billion), with gainers far outnumbering declin

The financial condition of South Korean banks has worsened slightly last year from a year earlier due to a sharp rise in risky assets, the financial watchdog said Tuesday.   The average capital adequacy ratio at 18 commercial and state-run banks stood at 13.89 percent at the end of 2014, down 0.54 percentage point from the previous year, according to the Financial Supervisory Service.  The ratio, a key barometer of financial soundness, measures the percentage of a bank's capital to its risk-weig

The South Korean government has recouped 65.2 percent of the public funds it spent to bail out troubled financial firms during the 1997-98 Asian financial crisis, the financial regulator said Tuesday.  The government has retrieved 109.9 trillion won ($99 billion) of the 168.7 trillion won used from the public funds as of the end of 2014, according to the Financial Services Commission.The recovery rate was up slightly from 63.4 percent at the end of 2013, it added.  Massive amounts of public fund

The Bank of Korea said Monday it would reset its mid-term inflation target range sometime in the second half of this year, while reiterating that it would maintain its monetary easing for the time being.In a policy briefing to the National Assembly’s Strategy and Finance Committee on Monday, BOK Gov. Lee Ju-yeol said that a new target for 2016-2018 would be established after reviewing economic conditions.“We will seek an inflation target for 2016 (to 2018) that reflects the changing economic con

Korean companies paid a record-high $10 billion in dividends to foreign shareholders last year, the central bank said Monday. The Bank of Korea said a total of $10.28 billion was paid to nonresident investors in 2014, exceeding the previous record of $7 billion in 2006. This is the highest figure since 1980, when the nation’s financial authorities began keeping track of foreign dividend payouts, a move to monitor the outflow of national wealth. “The Korean companies’ (earnings to) foreign divide

South Korean stocks ended 0.35 percent higher Monday on relief from an agreement to extend Greece's financial rescue program, analysts said. The South Korean won lost ground against the U.S. dollar.   The benchmark Korea Composite Stock Price Index rose 6.94 points to 1,968.39. Trading volume was moderate at 330.8 million shares worth 4.04 trillion won ($3.64 billion), with gainers beating decliners 487 to 314.   The tech-laden KOSDAQ climbed to its highest since June 2008, extending its rally a

Daily foreign exchange turnover by South Korean banks reached a four-year low in 2014, as an increase in overseas investment offset a rise in the current account surplus, the central bank said Monday.  The daily FX turnover averaged $44.40 billion last year, down 3.4 percent, or $1.58 billion, from $45.98 billion the previous year, according to the Bank of Korea.  The 2014 foreign exchange trading volume marks the lowest since 2010 when the comparable figure was $41.89 billion, it said.  The dai

South Korean companies paid out a record high of more than $10 billion in dividends to their foreign shareholders last year, according to central bank and financial data Monday.  A total of $10.28 billion in dividend payments was sent to overseas investors in 2014, breaking the previous high of $8.18 billion in 2007, according to the data.   It marks the highest figure since related record keeping began in 1980.  Previous numbers include $490 million in 1998 and $7 billion in 2006.  "Dividends p