Global funds reduced ownership of South Korean stocks by the most since August last month while boosting holdings of local-currency bonds as Europe’s debt crisis spurred demand for the safest assets.International investors, led by funds in the U.K., Luxembourg and France, reduced ownership of equities by 3.4 trillion won ($2.9 billion), the Financial Supervisory Service said in an e-mailed statement on Monday.Their holdings were 367.8 trillion won at the end of May, accounting for 31.4 percent o

Among a total 7.54 million tax payers in South Korea, 8.3 percent earned over 80 million won (about $73,000) per year and most of them work at local conglomerates or foreign companies, according to Payopen (www.payopen.co.kr), an annual salary website. According to the website’s analysis of a report on the 2011 national tax statistics released by the National Tax Service, the average annual income of high-paid workers was 119 million won. Among foreign companies, those in the finance, electrics,

South Korea’s foreign exchange reserves shrank in May from a record high reached in the previous month as a weaker euro and a softer British pound reduced the conversion value of non-dollar assets, the central bank said Monday.The country’s foreign reserves reached $310.87 billion at the end of last month, down $5.97 billion from April, according to the Bank of Korea. In April, the country’s foreign reserves reached an all-time-high of $316.84 billion.Asia’s fourth-largest economy first saw its

Among a total 7.54 million tax payers in South Korea, 8.3 percent earned over 80 million won (about $73,000) per year and most of them work at local conglomerates or foreign companies, according to Payopen (www.payopen.co.kr), an annual salary website. According to the website’s analysis of a report on the 2011 national tax statistics released by the National Tax Service, the average annual income of high-paid workers was 119 million won. Among foreign companies, those in the finance, electrics,

South Korean stocks fell sharply Monday, following last week's disappointing economic data from the United States and China, analysts said.The benchmark KOSPI dropped 2.60 percent, or 47.63 points, to 1,786.88 in the first 15 minutes of trading.Market bellwether Samsung Electronics dived 2.84 percent, with top automaker Hyundai Motor also plunging 2.52 percent.The local currency was trading at 1,1

The government will move to increase the country’s reserves for farm and fishery products in an effort to help stabilize consumer prices, the Finance Ministry said.After a meeting of economic policymakers on Friday, the government said it plans to actively buy up farm products in advance and hold them in reserve to deal with a spike in prices. It added emergency imports of products that are in short supply can also be utilized to help increase the stockpile and alleviate inflationary pressure.“S

South Korean stocks will likely be exposed to greater volatility this week caused by disappointing U.S. and Chinese economic data and persevering eurozone woes, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,835.51 points on Friday, up 10.34 percent from a week earlier helped by a technical rebound and bargain hunting for big caps that had fallen in May.Analysts said despite the gains this week, lingering external uncertainties remain that could weigh down the

South Korea will focus policy efforts more on boosting economic growth and allocate additional state funds to support small companies and exporters, Finance Minister Bahk Jae-wan said.“We need to make more effort to support economic growth as some progress has been made in terms of stabilization of prices,” Bahk told reporters in Seoul on Saturday. “We are not in a situation where we need an extra budget but we will try to use more state funds to support small firms and exporters.”Bahk reaffirme

Maintains above-consensus 3.5 percent GDP growth forecast for 2012Goldman Sachs said that it will up its won-dollar exchange rate outlook while maintaining South Korea’s above-consensus GDP growth forecast of 3.5 percent for 2012. It raised its won-dollar rate forecasts from 1,110, 1,080 and 1,040 on three-, six- and 12-month horizons, respectively, to 1,140, 1,100 and 1,050, said the leading investment bank through the Korean Economics Flash report released on Friday. “We recognize that our abo

Woori Financial Group said Friday it would take stern legal action against illegal money lenders that use the name “Woori.”The nation’s largest financial group by assets last month filed criminal charges against an illegal lender that used Woori’s name and logo for violation of trademark laws to the Seoul Central Prosecutors’ Office.The unregistered lender which had been running its business through a website set up under the name “Woori Financial” shut down the website after the financial group

South Korean stocks fell 0.49 percent Friday as investor sentiment was dampened by persistent European Union’s fiscal uncertainties, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gave up 8.96 points, to 1,834.51. Trading volume was light at 322 million shares worth 3.48 trillion won ($2.95 billion), with losers outpacing gainers 478 to 351.The local currency finished at 1,177.7 won to the U.S. greenback, up 2.6 won from Thursday’s

National debt is estimated to surpass 774 trillion won when it includes liabilities on pensions provided to former and incumbent civil servants and soldiers, according to a government report.Among the debt, pension liability turned out to be 342 trillion won. It takes into account a calculated amount of pension that should be given to civil servants, soldiers and current workers in their retirement. The figure grew 36 percent from last year and took up 27.6 percent of the GDP. The Finance Minist