Local major insurance firms have decided to freeze premiums under regulatory instruction from the Financial Supervisory Service.Industry sources said Tuesday that life insurance firms, including Samsung Life, Kyobo Life and Hanwha Life, have dropped their stance to raise premiums on products sold to policyholders. These firms had abortively planned to raise the rates on insurance products in April, when the standard rate of interest is expected drop about 5 percent. Major nonlife insurance firms

Korean stocks ended 0.5 percent lower on Tuesday as foreigners extended their selling mode amid a weakening Japanese yen and North Korea’s multiple nuclear threats, analysts said. The local currency slipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 10.01 points to 1,993.34. Trading volume was moderate at 385.8 million shares worth 3.29 trillion won ($3 billion), with gainers outnumbering decliners 433 to 364.“Bad market sentiment, along with high volatility, is

South Korean stocks traded 0.15 percent lower late Tuesday morning as foreigners extended their selling mode, analysts said.Reversing earlier gains, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 2.99 points to 2,000.36. Large caps were mixed. Market bellwether Samsung Electronics fell 0.4 percent and steel giant POSCO lost 0.88 percent, but Hyundai Motor rose 0.96 percent. Hyundai Elevator surged 14.81 percent on talks over a potential management feud.The local currency was cha

South Korean stocks got off to a strong start on Tuesday fueled by gains in automakers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added2.09 points, or 0.1 percent, to 2,005.44 in the first 15 minutes of trading.Hyundai Motor, the country's top automaker, gained 0.96 percent, and its smaller affiliate Kia Motors rose 1.15 percent.In contrast, market bellwether Samsung Electronics slipped 0.27 percent.The local currency was trading at 1,095.7 won to the U.S.dollar as o

Foreign currency deposits at South Korean banks rose in February from the previous month as the country’s trade surplus remained in the black and corporate sales of overseas bonds gained, the central bank said Monday. Outstanding foreign currency-denominated deposits held by local residents reached $34.65 billion as of the end of February, up $2.14 billion from a month earlier, according to the Bank of Korea. Residents include individual citizens and firms but does not cover foreign nationals wi

More than six out of 10 South Koreans believe that President Park Geun-hye cannot implement the welfare programs she promised during her election campaign without raising taxes, a survey showed Monday.The telephone survey released by the Economic Reform Research, an independent economic institute, found that 65.6 percent of 800 respondents said that President Park Geun-hye could not implement her welfare programs without raising taxes. The survey taken on March 2 has a margin of error of 3.5 per

Key proposals include ending exemptions for foreign banks, workers

Major financial indices recorded limited volatility Monday, despite growing worries over negative effects on the stock and foreign exchange markets from geopolitical tensions on the Korean Peninsula.The movements of stock prices and foreign exchange rates Monday drew wide interest as South Korean and U.S. troops launched their annual joint drills earlier in the day.Though stocks fell below the 1,990 mark and the U.S. dollar was traded above 1,100 won during the morning trading session, the two m

South Korean stocks closed 0.13 percent lower on Monday as North Korean risks dented investor sentiment despite positive U.S. jobs data, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell2.66 points to 2,003.35. Trading volume was moderate at 387.5 million shares worth 3.63 trillion won (US$3.32 billion), with decliners outnumbering gainers 540 to 280."Heightening geopolitical tension is weighing on the local stock market d

South Korean stocks traded 0.08 percent lower late Monday morning as foreigners and retail investors opted to scale back holdings, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell1.66 points to 2,004.35 as of 11:20 a.m.Large caps were mixed. The country's top automaker Hyundai Motor slumped 1.64 percent and its smaller affiliate Kia Motors lost 1.5 percent.In contrast, market bellwether Samsung Electronics gained 0.33 percent.The local currency was changing hands at 1,0

South Korean stocks got off to a weak start on Monday due mainly to falls in shares of key exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell11.45 points, or 0.57 percent, to 1,994.56 in the first 15 minutes of trading.Major blue chips lost ground, with market bellwether Samsung Electronics slipping 0.6 percent and top automaker Hyundai Motor falling 2.11 percent.The local currency was trading at 1,097.3 won to the U.S. dollar as of 9:15 a.m., down 7 won from F

The Export-Import Bank of Korea could assist Incheon International Airport Corp to finance Myanmar’s new airport project as the state-run airport operator is currently looking into ways to fund the potential deal worth up to $600 million, said sources familiar with the situation.IIAC could seek Korea Eximbank, which has a non-binding agreement with IIAC to support the export of its airport operation know-how, to back its consortium through the policy bank’s Economic Development Cooperation Fund

South Korean stocks are expected to be affected this week by how the North Korea risks heightened by the U.N.’s toughened sanctions on its nuclear test will be playing out among investors’ sentiment, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed down 20.48 points or 1.01 percent to 2,006.01 on Friday from the previous week.Earlier this week, the market tided over the increased uncertainty after the automatic across-the-board budget cuts in the U.S. went in

South Korea will take necessary steps to stabilize its markets in case any additional provocations by North Korea result in heightening geopolitical risks, a senior finance ministry official said Saturday.The steps will be part of what is specified in contingency plans the government came up with to prepare for all stages of situations, Vice Finance Minister Shin Je-yoon told a meeting with other policymakers."The government is seeing that the U.N. Security Council's decision to impose sanctions

SEJONG (Yonhap News) ― South Korea’s jobless rate for 2012 could rise to 5.8 percent if “underemployed” people and other at-risk populations were counted, a report showed Friday, showing a large gap with the government’s official figures.According to the report compiled by the Woori Finance Research Institute, the country’s effective jobless rate could rise sharply if counting such people deemed to face almost the same tough working conditions as those technically remaining out of work.The rate