The average annual income of bankers in South Korea reached 120 million won (US$107,768) last year, with a few banks raising their salaries by a double-digit figure over a few-year period, data showed Monday.The 2012 annual income of full-time employees at 11 banks rose at an average rate of 11.5 percent last year, from 83 million won in 2010, according to the data by the Financial Consumer Agency, a local advocate group.Hana Bank raised the pay of its workers by a whopping 57.46 percent between

South Korean stocks got off to a strong start Monday, led by bullish large-cap shares, as investors opt for risky bets on the main bourse after steep falls last week, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 8.87 points, or 0.47 percent, to 1,879.03 in the first 15 minutes of trading. Auto and telecom stocks gathered ground, with Hyundai Motor soaring 2.19 percent and top mobile carrier SK Telecom rising 1.4 percent. Market watchers expect the KOSPI to move

Paradigm shift to monthly rent imminent but painful for middle class

The quarterly net profits of local brokerages declined sharply in the first fiscal quarter this year, the nation’s financial regulator said on Sunday. The Financial Supervisory Service said that the 62 securities companies operating here posted a combined quarterly net profit of about 120 billion won ($108 million) in the January-March period, down 73.3 percent from the 446 billion won in the previous quarter. Twenty-one of the 62 securities companies operating here ― 13 local firms and eight fo

Nine out of South Korea's top 10 family-controlled conglomerates saw their stock market capitalizations plunge this year due to weak earnings stemming from a prolonged economic slump, data showed Sunday.The combined market value of the 90 listed companies belonging to the 10 biggest conglomerates, known as chaebol, came to 630.9 trillion won (US$567 billion) as of Friday, down 9.4 percent from the beginning of this year, according to the data by financial information provider FnGuide.During the

Korea has too many brokerages compared to GDP: industry officials

South Korea is expected to lower a taxation rate on home purchases regardless of multiple home ownership in a bid to boost the sagging property market, sources said Friday.The government is considering cutting the acquisition tax on houses valued at less than 600 million won ($537,100) by 1 percentage point to 1 percent, according to government sources.The tax levied on buying homes valued at more than 900 million won will also be lowered to 3 percent from the current 4 percent, while the acquis

Annual growth of South Korean households‘ monthly income picked up in the second quarter from three months earlier, but their spending still remained weak, a government report showed Friday.Households’ monthly income averaged 4.04 million won ($3,608) in the April-June period, up 2.5 percent from a year earlier, according to the report by Statistics Korea. In the first quarter, household income grew 1.7 percent on-year.Inflation-adjusted household income rose 1.3 percent last quarter, quickening

South Korean stocks added 1.14 percent Friday, as investor sentiment buoyed on signs of improvement in advanced economies, analysts said. The local currency sharply gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 21.04 points to 1,870.16. Trading volume was moderate at 368 million shares worth 3.82 trillion won (US$3.42 billion) with gainers outpacing losers 609 to 188.Market watchers said Seoul shares recouped losses made in the previous trading

South Korean stocks traded 1.21 percent higher late Friday morning, as an improved outlook over the global economy boosted investors' sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 22.33 points to 1,871.45 as of 11:20 a.m.Blue-chip shares continued to gather ground, with market behemoth Samsung Electronics rising 2.87 percent and Hyundai Motor adding 0.22 percent. Top steelmaker POSCO added 0.47 percent.Brokerage houses also traded higher, with KDB Daewoo

South Korean stocks opened higher Friday on the back of signs of an economic recovery in China, the United States and the eurozone, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 6.11 points, or 0.33 percent, to 1,855.23 in the first 15 minutes of trading.Tech shares led the market gain, with No. 1 player Samsung Electronics adding 1.35 percent and its rival LG Electronics climbing 0.57 percent. Top chipmaker SK Hynix gained 1.07 percent.Carmakers also traded hig

U.S. FOMC’s confirmation to cut boosting-policy fans Seoul stocks’ fall

South Korea’s household credit rose to a fresh record high in the second quarter as housing lending increased ahead of the end to a tax benefit over home purchasing, the central bank said Thursday.Household credit totaled 980 trillion won ($870.1 billion) as of the end of June, up 16.9 trillion won from three months earlier, according to the Bank of Korea.Household credit refers to credit purchases and loans for households extended by financial institutions, including commercial lenders and mutu