The government is expected to make a sweeping overhaul of regional spending and subsidies as it seeks to balance the budget through expenditure cuts.It is looking to cut annual spending worth about 55 trillion won ($49 billion) for nearly 1,000 regional projects, including infrastructure development.Economic-related ministries, including the Ministry of Strategy and Finance and the Ministry of Land, Infrastructure and Transport, reportedly proposed cuts in infrastructure spending of about 10-12

NHN, Korea’s largest search engine operator, has completed its liquidation of its overseas assets based in the tax haven of Cayman Islands, according to a public disclosure filing.The portal giant’s NHN Global, established in 2004 on the islands, is said to have shut down after converting its assets worth some 19 billion won into cash up until early this year. As of last Wednesday, NHN Global is now off the books.The operator of Naver set up its Cayman Islands-based entity after investing in a j

The Financial Supervisory Service said Thursday that it issued a caution against Hanwha General Insurance for allegedly seeking to conceal the leakage of customers’ information in the aftermath of hacker attacks.Though the nonlife insurance unit of Hanwha Group saw personal information totaling about 157,000 cases leaked due to an hacking incident between March and May 2011, it hid the fact at least for one year until September 2012, said FSS officials.Further, it has been found that Hanwha Gene

Consumer groups allowed to request regulator to open investigation into lender

Financial markets were subdued Thursday despite encouraging growth figures out of Japan, as investors paused for breath a day after the main U.S. stock indexes struck record highs.Stocks have been buoyant for most of this year amid hopes over the U.S. economy, an easing of concerns over Europe's debt crisis and an expectation that central banks will continue with their super-easy monetary policies for a while longer.``This rally is not dead, it's just resting,'' said Alastair McCaig, market anal

Foreigners have continued to expand investment in the South Korean bond market this year despite heightened geopolitical risks from North Korea's nuclear programs, the finance ministry said Thursday.Foreigners have made a net investment of 6.2 trillion won ($5.6 billion) in the bond market here so far this year, bringing their total bond holdings to 97.4 trillion won as of end-April, according to a report by the ministry.Foreign investment made up 7.2 percent of the total outstanding Korean bond

South Korean stocks closed 0.79 percent higher Thursday, as a stabilizing yen offset concerns over the negative impact the currency may bring to the local economy, analysts said. The Korean won inched down against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 15.55 points to finish at 1,986.81. Trading volume was moderate at 309.5 million shares worth 4.43 trillion won (US$3.96 billion) with gainers outstripping losers 445 to 369. "The yen has been stabilizing a

South Korean stocks traded 0.63 percent higher late Thursday morning, led by gains in IT companies and logistics firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 12.42 points to 1,983.68 as of 11:20 a.m.NHN, the No. 1 Internet portal service provider, spiked more than 7 percent on foreign buying in spite of an unfair trading probe launched by the anti-trust watchdog. Hyundai Merchant Marine, a leading logistics firm, rose more than 8 percent. In contrast, Daew

South Korean stocks got off to a strong start Thursday, as a sharp fall of Greek bond yields lifted worries over the protracted slump in Europe, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 14.92 points, or 0.76 percent, to 1,986.18 in the first 15 minutes of trading. Top listed firms drove up shares, with tech heavyweight Samsung Electronics gaining 0.8 percent and chipmaker SK hynix rising 0.7 percent. Greece's bond yields declined to a three-year low, spurrin

The U.S. government called Wednesday for North Korea to release an American citizen jailed there, saying Washington's top priority is to secure the safety of its nationals."We urge the DPRK (North Korea) authorities to grant Mr. Bae amnesty and immediate release," Patrick Ventrell, deputy spokesman for the State Department, told reporters. "There is no greater priority for us than the welfare and safety of our U.S. citizens abroad."The 44-year-old Korean-American man, Kenneth Bae, was arrested i

Tax incentives, state funds in pipeline to push for creative economy

The credit rating for South Korean firms is anticipated to remain stagnant this year due to challenging external factors that weigh down exporters, Moody’s Investors Service Inc. said Wednesday. The global credit appraiser said 38 percent of the country’s private companies received a negative credit outlook at end-April this year, compared to 32 percent tallied at end-2012.“As for the outlook on South Korean corporate ratings for over the next 12-month period, the most important key word is that

Korea Exchange Bank said Wednesday that it opened a branch in Istanbul, Turkey, becoming the first in the nation’s banking industry to enter the country.The commercial bank said it planned to offer funding to Korea’s big firms operating in the city such as Hyundai Motor, Samsung Electronics and POSCO.It is also pinning hopes on the free trade agreement between South Korea and Turkey, which took effect on May 1, 2013.KEB chief executive Yun Yong-ro stressed that the lender had advanced into its f