The number of counterfeit South Korean banknotes declined 58.4 percent in 2013 from a year earlier due to increased public awareness and crackdown efforts by authorities, the central bank said Monday.The number of counterfeit bills reported to the central bank reached 3,585 last year, compared with 8,627 the previous year, according to the Bank of Korea (BOK).Currently, the 50,000 won ($45) note, first issued in June 2009, is the country‘s highest denomination, followed by 10,000 won, 5,000 won

Foreign investors have bought a large amount of shares traded on the country's tech-laden KOSDAQ market this year, sending the market's index 5.14 percent higher, data showed Monday.Offshore investors have scooped up a net 540 billion won ($539 million) on the secondary market so far this year, extending their buying spree to a third consecutive month, according to the data compiled by the Korea Exchange.In contrast, retail investors have offloaded a net 458 billion so far this year, the data sh

Finance chiefs from the 20 largest economies agreed Sunday to implement policies that will boost world GDP by more than $2 trillion over the coming five years.Australian Treasurer Joe Hockey, who hosted the Group of 20 meeting in Sydney, said the commitment from the G20 finance ministers and central bankers was "unprecedented.''The world economy has sputtered since the 2008 financial crisis and global recession that followed. Progress in returning economic growth to pre-crisis levels has been ha

Hong Kong’s first bitcoin counter will open on Feb. 28 in a money exchange shop, allowing people to buy the virtual currency without going online. ANX, the operator of an online bitcoin-trading platform, is setting up the counter at a Connaught Road West shop, about 2 kilometers from the city’s central business district. It would only take minutes to exchange Hong Kong dollars there for the virtual currency, said ANX Chief Executive Ken Lo. “People came up to our office asking to deposit cash fo

Earnings by credit card companies in South Korea shrank 21 percent last year from a year earlier, as households tightened their purse strings amid an economic downturn and lowered merchant fees, industry data showed Sunday.The combined net income of seven stand-alone card firms came to1.73 trillion won ($1.61 billion) last year, compared with 2.2 trillion won a year earlier, according to the data.The weak bottom line came as households cut spending last year amid economic uncertainties. Also, a

South Korea said Sunday it signed a currency swap agreement with Australia, a deal that it expects will boost bilateral trade and eventually help growth of their economies.The deal, signed by the central banks of the two countries in Sydney, will allow for the exchange of their local currencies up to 5 trillion won ($4.5 billion) or A$5 billion, according to a joint statement.This will be effective for three years and could be extended by "mutual consent of both sides," it said. The central bank

South Korea’s main stock market surrendered ground for the second straight day Thursday as the market was jolted by disappointing manufacturing data from China and concerns that the U.S. Federal Reserve may move to hike up interest rates. The South Korean won declined against the U.S. dollar.The benchmark Korea Composite Stock Price Index started on shaky ground and ended the day at 1,930.57, a 0.64 percent, or 12.36 points, loss from Wednesday’s close.Trading volume was relatively light at 228.

The three credit card firms hit by recent massive data leaks may lose some 100 billion won ($93.6 million) in revenues due to a three-month business suspension ordered by the country’s financial regulator, data showed on Thursday.Last month, the Financial Services Commission revealed that some 20 million clients’ personal data had been leaked from the three credit card firms ― KB Kookmin, NH NongHyup and Lotte ― as well as Kookmin Bank, which shared customer data with its affiliated card firm.As

Korea’s customs agency said Thursday it aims to secure 5.65 trillion won ($5.29 billion) more in revenue than previously planned over the next four years.The move is intended to help the government secure enough revenue to match the growing fiscal demand from expanded welfare programs and other projects promised by President Park Geun-hye.In its 2014 policy plan submitted to the president, the Korea Customs Service said it aims to collect an additional 1.34 trillion won ($1.2 billion) in taxes i

The number of corporate bankruptcies increased in January from a month earlier due to the rise in business failures in the service and construction sectors, the central bank said Thursday.Eighty-eight companies went bankrupt in January, up from the 68 tallied in December, which was the lowest level in six months, according to the Bank of Korea.The number of bankruptcies in the service sector rose by 22 on-month to 40 in January, and that of construction companies increased by five to reach 16.Th

South Korea’s main stock market ended its lukewarm three-day winning streak Wednesday as disappointing economic indicators from the U.S. sapped investor sentiment. The South Korean won gained marginally against the U.S. dollar.The benchmark Korea Composite Stock Price Index, which started the day in negative territory, failed to gain any buoyancy and ended at 1,942.93, a 0.20 percent, or 3.98 points, loss from Tuesday’s close.Trading volume on the main bourse was light at 205.87 million shares,

South Korea’s brokerage houses continued to slash their first-quarter earnings outlook for listed firms this month as weaker-than-expected growth momentum in the U.S. is feared to undercut their performance, the latest data showed Wednesday.The operating profit outlook for 156 listed companies was cut by 9.9 percent for the January-March period as of Thursday from an estimate made at the end of November, according to the data compiled by market researcher FnGuide.The outlook covers listed compan