Credit card companies have decided to cease offering insurance payments for death as a result of an aviation accident, according to the Financial Supervisory Service on Tuesday.Regulatory officials at the FSS said major issuers would scrap the insurance, which has been sold in coordination with insurance firms, from September. Among the firms are Shinhan Card, Hyundai Card, Samsung Card, KB Kookmin Card, Lotte Card and Hana SK Card. About 10 million consumers currently signed up for credit cards

Samsung Electronics Co. and 13 other South Korean companies landed on the 2013 Fortune 500 list based on sales for fiscal 2012, up one local business from a year earlier, the online edition of the U.S. business magazine Fortune showed Monday.Samsung Electronics, the world’s leading maker of mobile phones and computer memory chips, ranked 14th on the list, up six notches from the previous year. SK Holdings, the holding company of SK Group that has the country’s top mobile carrier SK Telecom Co. u

Higher budget demand comes as government plans to increase spending on welfare, social security and R&D

South Korean stocks closed 0.74 percent higher Tuesday as worries about a worsening Chinese economy eased, analysts said. The local currency rose sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 13.50 points to finish at 1,830.35. Trading volume was light at 254.4 million shares worth 3.11 trillion won (US$2.71 billion) with gainers outpacing losers 499 to 286. "Some predicted a 6-percent level on-year growth for China. But investors seem to have d

South Korean stocks traded 0.31 percent higher late Tuesday morning, as large-cap firms narrowed gains from earlier sessions amid a foreign net selloff, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 5.61 points to 1,822.46 as of 11:20 a.m.Samsung Electronics narrowed its gains to advance 0.6 percent, with auto parts maker Hyundai Mobis staying almost flat. No. 1 mobile carrier SK Telecom lost 0.7 percent, with state-run electricity provider Korea Electric Power

South Korean stocks got off to a strong start Tuesday, buoyed by Wall Street gains overnight on signs that the world's No. 1 economy is improving as it starts earnings season, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.65 points, or 0.37 percent, to 1,823.50 in the first 15 minutes of trading. Top-listed companies were bullish, led by market heavyweight Samsung Electronics going up nearly 2 percent. Major banking group Shinhan Financial also gained 1 percent. T

The nation’s financial regulator plans to widen its investigation into the incomes of bank executives to heads of insurance and securities companies.The Financial Supervisory Service said Monday that it would launch an investigation into the annual paychecks of every single executive of insurance firm and brokerage. The investigation will take place before the turn of the year, the regulator said. The move came about two weeks after the FSS officially confirmed its decision to screen the annual

State companies called on to manage debt, create jobs and improve services

The government will reevaluate its initial plan of establishing regional national institutions and redraw it from scratch after thorough feasibility studies and reviews, the Ministry of Strategy and Finance said Monday.President Park Geun-hye pledged in her election campaign that her government would establish or relocate some national institutions to provinces to spur regional growth.Its initial proposal included building a national rehabilitation hospital in Ulsan, and a national aerospace tec

The government said Monday it will provide liquidity worth 6.4 trillion won ($5.6 billion) to help local companies raise funds through selling corporate bonds, as the prolonged slump in corporate financing has stifled firms with a cash squeeze amid the slowing economy. The government will have state-run financial institutions buy bonds issued by local companies with lower credit ratings and provide them with a government guarantee so they can be sold with less borrowing costs, according to the F

South Korean stocks closed nearly 1 percent lower Monday, driven by a steep decline in Samsung Electronics Co., following the company's disappointing earnings estimates for the second quarter release last week, analysts said.The local currency sharply fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) finished down 16.46 points to 1,816.85. Trading volume was light at 299.5 million shares worth 3.48 trillion won (US$3.05 billion) with decliners far outstripping

South Korean stocks traded 1.25 percent lower late Monday morning, led by a sharp fall in shares of Samsung Electronics, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) declined 22.88 points to 1,810.43 as of 11:20 a.m.Top-listed tech heavyweight Samsung Electronics plunged more than 4 percent, with SK hynix dipping 2.6 percent. In contrast, Hyundai Heavy Industries, the world's No. 1 shipyard, climbed 3.6 percent. The local currency was changing hands at 1,151.75 won agai

South Korea ranked 34th in gold holdings last month, marking its highest ranking ever, as its central bank has purchased the precious metal to diversify its foreign exchange reserves, data showed Monday.South Korea's gold holdings reached 104.4 tons valued at $4.79 billion as of end-June, accounting for 1.5 percent of the country's total FX reserves of $326.44 billion, according to the Bank of Korea (BOK).The BOK bought 20 tons of gold in February, following its previous four rounds of purchases

South Korean stocks turned higher after a weak start Monday, as widening auto gains offset losses of top-cap Samsung Electronics Co., analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 3.07 points, or 0.17 percent, to 1,836.38 in the first 15 minutes of trading. Leading carmaker Hyundai Motor soared 1.2 percent, with its smaller affiliate Kia Motors climbing 1.5 percent. But Samsung Electronics lost nearly 1.4 percent. The local currency was trading at 1,149.75 won