The average monthly income of South Korean wage earners rose 4.1 percent in 2019 from a year earlier amid a hike in the minimum wage, data showed Wednesday. Salaried workers earned 3.09 million won ($2,800) per month on average in 2019, compared with 2.97 million won in 2018, according to the data compiled by Statistics Korea. Median income of wage earners amounted to 2.34 million won in 2019, up 6.3 percent from the previous year. Median income is a measure of a mid-point income that divides

Bank of Korea Gov. Lee Ju-yeol on Tuesday reiterated his opposition to a revision bill that would enable the Financial Services Commission to collect online payment data, lamenting that the regulator lacks understanding of the separate but complementary roles of the two institutions. Lee was striking back at FSC chief Eun Sung-soo, who refuted the central bank’s open criticism of the bill it likened to “Big Brother” of George Orwell’s landmark dystopian novel “1984

South Korea’s financial watchdog on Wednesday ordered two Korean commercial banks -- Woori Bank and the Industrial Bank of Korea -- to compensate end-investors for at least half of the damages they incurred in a 1.7 trillion won ($1.5 billion) misselling scandal involving now-defunct hedge fund Lime Asset Management. The authorities held the banks accountable for “poor efforts in the exercise of their duties to protect investors” when they sold nearly 300 billion won worth of

South Korea's terms of trade gained for the 10th consecutive month in January, as export prices rose at a faster pace, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- increased 7 percent last month from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the 10th straight month of an on-year rise since April last year, when the trade terms logged the first on-year hike in over two years on low oi

South Korea's business sentiment improved for March on decreased economic uncertainty, with more companies expecting a recovery down the road, a poll showed Wednesday. The business survey index (BSI) of the country's top 600 companies by sales reached 109.2 for next month, up 19.1 points from February, the Korea Economic Research Institute (KERI) said in a statement. "The business index got a boost from expectations that the rollout of new coronavirus vaccines and recovery in global deman

The land ministry said Wednesday it has selected new sites for its housing development project aimed at increasing supplies in urban areas and curbing housing prices. The Ministry of Land, Infrastructure and Transport said it has selected a vast area spanning 1,271 square meters in Gwangmyeong and Siheung in Gyeonggi Province as the site for approximately 70,000 new homes. The two satellite cities are located about 12 kilometers southeast of Yeouido, a major business district in eastern Seoul.

South Korean stocks opened lower Wednesday, tracking overnight tech losses on Wall Street that stemmed from US inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.46 points, or 0.37 percent, to 3,058.63 points in the first 15 minutes of trading. Samsung Electronics retreated 0.49 percent, and No. 2 chipmaker SK hynix shed 0.36 percent. Top automaker Hyundai Motor moved down 0.2 percent, with internet portal operator Naver declining 1.02 percent. Leading chemica

South Korea's exports are expected to rise 8.9 percent on-year in February to extend gains for a fourth month on robust shipments of chips and automobiles, a poll showed Wednesday. The country's outbound shipments are expected to reach $44.5 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on six local brokerage houses. Imports were estimated at $42.7 billion this month, resulting in a trade surplus of $8.1 bill

South Korean manufacturers' business sentiment rose for the second straight month in March, but worries about sluggish consumption remained amid the coronavirus pandemic, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 85 for March, up from 81 for February, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumb

Tera Funding lawsuit, withdrawal of partnership signals industrywide challenges

South Korea’s top financial authorities sounded warning bells about the absence of underlying value that digital coins hold, as speculative fever has been sweeping cryptocurrency markets in recent months. Market liquidity backed by stimulus packages and accommodative monetary policy may have attracted investors‘ attention to cryptocurrency, but they should stay cautious as the digital asset shows sharp price fluctuations, authorities said. Attending a briefing of the National Asse

Financial Services Commission Chairman Eun Sung-soo said Tuesday that the emerging environmental, social and governance trend could provide local insurance firms with new business opportunities. “The insurance segment, which often handles long-term services and investment, is closely related to ESG management, which is aimed at achieving long-term sustainability,” Eun said at an event for the CEOs of local insurance companies in Seoul. “ESG-driven management could become a

South Korean stocks slumped Tuesday for a second day amid lingering inflation concerns, with major tech and bio stocks coming under heavy selling pressure. The Korean won fell against the US dollar. After veering in and out negative terrain, the benchmark Korea Composite Stock Price Index (KOSPI) fell 9.66 points, or 0.31 percent, to close at 3,070.09 points. Trading volume was moderate at about 2.2 billion shares worth some 17.3 trillion won ($15.6 billion), with losers outnumbering gainers

The Export-Import Bank of Korea said Monday it plans to set up a global environmental, social and governance-related fund worth at least $200 billion won ($180 million) to support local firms seeking to expand businesses overseas. The size of the fund could be expanded and the state-run bank will invest a combined 50 billion won in the fund. Once the manager of the fund is determined, it would focus on supporting the global forays of businesses under seven areas tied to the Green New Deal an

SK Bioscience, the vaccines unit of South Korea’s No. 3 conglomerate SK Group, said Tuesday it looks to raise up to some 1.49 trillion won ($1.34 billion) in fresh funds via an initial public offering on the nation’s benchmark Kospi bourse. While its market debut is scheduled for next month, the vaccine producer seeks to issue 22.95 million shares in a price band of 49,000-65,000 won. The exact share price will be determined after the book building process before retail investors ca