FSS, police investigating claims of sexual abuse, tax evasion cases

South Korean stocks started off with a gain Monday on the back of tech companies like Samsung Electronics, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.6 points, or 0.13 percent, to 1,948.74 in the first 15 minutes of trading.Market leader Samsung Electronics rose 0.62 percent, and its smaller rival SK hynix climbed up 1.65 percent.  The local currency was trading at 1,055.45 against the U.S. dollar as of 9:21 a.m., down 0.25 won from Friday's close. (Yonhap News

Kumho Tire, South Korea’s second-largest tiremaker, said Friday it will market the first indigenous self-sealing tires that can reduce overall maintenance cost for drivers.The so-called self-sealing tires took more than two years to develop and use special jell technology that immediately fills up any holes, helping to maintain consistent air pressure despite punctures to the tread.This mechanism allows for normal operation with a punctured tire whereas other tires would go flat. If properly mai

South Korea will be attractive to global investors over at least the next five years, a U.S. magazine said, citing its size, recent performance and economic potential.In its latest edition, Foreign Affairs magazine picked South Korea and five other countries ― Mexico, Poland, Turkey, Indonesia and the Philippines ― as well as the Mekong region.They are “well positioned to thrive” as China’s economic growth slows and many of other once-hot emerging markets have cooled, it said.“The BRICs are crum

South Korea’s level of national debt is lower than other major economies, but its pace of increase over the past 10 years is a source of concern, finance and budget officials said Sunday.An estimate based on the 2014 budget puts the year’s government debt at 514.8 trillion won ($487.96 billion), up 50.1 trillion won from 2013. The projected ratio of debt to gross domestic product is 36.4 percent, well below the 108.8 percent average of member states of the Organization for Economic Cooperation a

South Korea’s central bank will stay vigilant to closely monitor the cross-border movement of foreign capital and take steps to stabilize the financial markets if needed, its chief said Friday. Bank of Korea Gov. Kim Choong-soo said that changes in the U.S. monetary policy direction and market reactions could increase volatility in cross-border capital flows and price movements.“We should wisely cope with changes in global economic conditions related to the Federal Reserve’s reduction of the mon

Tech giant suffers equity losses on slow smartphone growth, won’s rise

South Korean stocks declined to a four-month low Friday, extending the fall for a second day since the new year started as uncertainties about local equity market prompted foreigners to unload their holdings, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index retreated 21.05 points, or 1.07 percent, to close at 1,946.14, the lowest level since Sept. 3, 2013. Trading volume was light at 186.1 million shares worth 3.94 trillion won

South Korea has slashed the budget for an ambitious plan to build a peace park inside the heavily fortified border with North Korea, the unification ministry said Thursday.The National Assembly has earmarked 30.2 billion won ($28.7 million) for the pet project of President Park Geun-hye, 10 billion won less than requested by the ministry in charge of inter-Korean affairs. The Assembly cited a lack of feasibility as the reason for the reduction. Last year, Park proposed that the two Koreas build

The government remains reserved about hiking tax rates, the finance minister said Thursday, adding that he prefers expanding the overall revenue base by reducing existing tax breaks and exemptions.The remarks by Hyun Oh-seok came a day after the National Assembly passed laws that will lower the taxable annual income threshold subject to the highest tax rate.This change would eventually result in more people paying more taxes, which critics say would run counter to the President Park Geun-hye gov

The trading volume of financial derivatives on the local bourse fell last year as demand for such tools declined amid a bearish run on the local stock market, data showed Thursday.The daily average trading volume of the derivatives, including futures and options, dropped 12.3 percent on-year in 2013 to 47.9 trillion won ($45.6 billion), compared with 54.6 trillion won tallied a year earlier, according to the data compiled by the Korea Exchange.The daily amount of contracts also sank to 3.32 mill

South Korea's antitrust watchdog on Thursday fined 21 construction companies a combined 132.2 billion won ($125.9 million) for collusion in the bidding process for a large-scale subway construction project.Those subject to the fine include big name builders such as Hyundai E&C, Hyundai Development Company, POSCO E&C, GS E&C, SK E&C and Daewoo E&C, according to the Fair Trade Commission.The FTC said it will refer 15 of the companies to the prosecution for further investigation.The builders allege