South Korean shares opened flat Monday, as investors went for profit-taking after the market surged by more than 2 percent last week on the back of hopes for stimulus measures in major economies amid the new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.08 point, or near zero percent, to 2,201.11 in the first 15 minutes of trading. Investors took to the sidelines to keep a watchful eye on additional stimulus measures under review. European leaders cam

SEJONG -- The employment rate for people in their 40s in South Korea hit a 21-year low in June as the coronavirus pandemic hammered job markets, data showed Monday. According to the data from the nation's statistics agency, the employment rate for 40-somethings stood at 76.9 percent last month, marking the lowest rate since June 1999. An official at Statistics Korea attributed the decline to lackluster performances in the wholesale and retail sectors, which were hit hard by the coronavirus

South Korean households' debt is one of the world's highest when compared to the country's economic size while its debt grew at one of the highest rates in the first three months of the year, a report showed Monday. As of end-March, South Korea's household debt came to 97.9 percent of its gross domestic product (GDP), the highest among 39 countries reviewed by the US-based Institute of International Finance (IIF). South Korea was followed by Britain with 84.4 percent, Hong Kong at 82.5 percen

Series of hedge fund scandals suggest failure of policy drive to create Korean rival to Elliott Management, regulatory loopholes, and immaturity of market itself

Financial Services Commission Eun Sung-soo will attend a closed-door meeting of the heads of South Korea’s five biggest banking groups Friday to discuss whether to further ease loan repayment schedules for coronavirus-battered companies, industry sources said Sunday. It is unusual for the FSC chief to attend the meeting convened by the five chiefs, according to insiders. Through the meeting, the authorities are slated to seek a consensus on the details of a further extension of loan re

Major global investment banks (IBs) maintained their revised-up growth outlook for South Korea's economy, a report showed Sunday, despite a gloomier outlook recently portrayed by the country's central bank. In June, nine global investment banks forecast the South Korean economy to contract 0.4 percent from a year earlier in 2020, unchanged from their estimate tallied in May, according to the report from the Korea Center for International Finance (KCIF).  In May, the nine investment ban

South Korean stocks are expected to come under selling pressure and hover below the 2,200-point level this week on mixed economic signals and a surge in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,201.19 points on Friday, up 2.4 percent from a week ago. The index on Wednesday surpassed the psychologically important 2,200-point threshold for the first time since Feb. 19 on hopes of COVID-19 vaccine development and additional economic stimulus

The South Korean unit of Macquarie Infrastructure and Real Assets hosted a virtual seminar on industrial safety awareness Thursday for companies receiving investments from its funds, it said Friday. The seminar was part of Safety Day, which the company holds annually in an effort to prevent industrial disasters and help companies understand related risks. It was carried out virtually this year due to the coronavirus pandemic, with the participation of officials from Macquarie Group and project

The amount of lineally donated assets marked over 30 trillion won ($25 billion), while the number of cases amounting to more than 100 million won also rose in 2019, the country’s tax agency said Friday. The National Tax Service made an early publication on 95 selected articles of data on national taxes -- which includes value added taxes, corporate taxes, inheritance and gift taxes. The early publication is being released biannually and its statistical yearbook is slated to be released i

KB Financial Group said Friday that it has relocated its startup accelerator program to a WeWork branch here and plans to recruit its first tenants. The venue for the KB Starters program, dubbed the KB Innovation Hub, was relocated earlier this month to an approximately 1,000-square-meter space within WeWork Korea’s Sinnonhyeon branch in southern Seoul. Its previous venue was a 600-square-meter coworking space nearby. Cooperation with WeWork Korea will also allow program participants

South Korean stocks closed higher Friday on growing expectations for large-scale stimulus measures in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 17.43 points, or 0.80 percent, to close at 2,201.19. Trading volume was moderate at about 561 million shares worth some 10.1 trillion won ($8.4 billion), with gainers outnumbering losers 483 to 362. The stock index advanced on hopes for stimulus efforts in Europe and the

SEJONG -- South Korea's finance minister on Friday asked his Canadian counterpart to support a Seoul minister's bid to become the next director-general of the World Trade Organization (WTO). Finance Minister Hong Nam-ki held telephone talks with Canadian Finance Minister Bill Morneau earlier in the day during which Hong emphasized South Korea's role as an arbitrator among WTO members. Morneau said Canada will "seriously review" Hong's request, the ministry said in a statement. L

The Bank of Korea (BOK) and state-run Korea Development Bank (KDB) will soon start purchasing corporate bonds, including low-rated debts, amid the pandemic-caused slump, the central bank said Friday. The scheme was proposed in late May when KDB began purchasing such bonds from non-financial firms "in advance." The BOK on Friday approved an 8 trillion won ($6.64 billion) loan to a special purpose vehicle (SPV), to be set up by KDB. "The SPV is set to start purchasing subprime c

South Korea's finance ministry said Friday that local consumption showed signs of a rebound, but the coronavirus pandemic continued to stagnate exports. In a monthly report, called the Green Book, the Ministry of Economy and Finance painted a somewhat positive picture of the economy, compared with its June report.    "Domestic consumption showed signs of improvement and job losses have narrowed, but declines in exports and industrial output continued as COVID-19 weakened

South Korean stocks opened higher Friday, as estimate-beating US retail sales data boosted economic rebound hopes in the world's largest economy. The benchmark Korea Composite Stock Price Index rose 11.32 points, or 0.52 percent, to 2,195.08 in the first 15 minutes of trading. The gains came after US retail sales in June jumped 7.5 percent from a month ago, after an 18.2 percent hike in May. The data fueled expectations of a recovery in the United States, one of South Korea's largest trade p