South Korea collected 31.9 trillion won ($26.6 billion) in taxes in May, down 13.2 trillion won from a year earlier, the finance ministry said Tuesday. Income tax revenue amounted to 7.8 trillion won in May, down 3.5 trillion won from a year earlier, according to the Ministry of Economy and Finance. Dues collected from companies reached 4.4 trillion won in the month, down 10.8 trillion won from a year earlier. Value-added tax revenue reached 2 trillion won in May, up 1 trillion won from a

South Korea’s state-run policy lender Export-Import Bank of Korea plans to offer a $76 million-plus loan to Pakistan for IT-related projects including electronic intelligence, a top official told The Korea Herald on Monday. Eximbank established the Economic Development Cooperation Fund in 1987 to support industrialization and economic growth in developing countries as well as promote bilateral economic exchanges. “The size of the loan and project is expected to be larger than the

South Korean stocks opened higher Tuesday, tracking an overnight stock rally in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.41 points, or 0.75 percent, to 2,204.34 in the first 15 minutes of trading. Investor sentiment was boosted by hopes of the global economic recovery, buoyed by bullish stock gains in the United States and China. On Monday, the Shanghai Composite Index spiked 5.71 percent, the steepest hike since 2015, after Chinese state media empha

South Korea posted a current account surplus in May, central bank data showed Tuesday, although its surplus more than halved from a year earlier on a sharp decline in exports caused by the new coronavirus pandemic. The country's current account surplus came to $2.29 billion in the month, according to preliminary data from the Bank of Korea (BOK). The reading marks a turnaround from a $3.33 billion deficit posted the previous month, the largest deficit since January 2011. However, it also mar

Amid growing concerns over the security of online payment services, Viva Republica, operator of online bank Toss, said Monday that it would fully compensate its customers who fall victim to any type of financial fraud. The move came after unauthorized payments worth 9.4 million won ($7,860) were made on the financial technology platform in early June, raising questions over the safety of the mobile payment system. “Transactions via Toss should be considered safer than face-to-face bank

SEJONG -- Finance Minister Hong Nam-ki said Monday he expects South Korea's second-quarter economic contraction to be worse than the first quarter due to the coronavirus pandemic, but the government aims to achieve economic growth in the third quarter. The nation's economy shrank 1.3 percent in the first quarter as the pandemic hit exports and consumption. The Bank of Korea predicted that the economy would contract 0.2 percent this year. "I think that the second-quarter growth rate will

South Korean shares rallied Monday on hopes of economic recovery led by the government's extra budget and possible robust earnings from tech companies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 35.52 points, or 1.65 percent, to close at 2,187.93. Trading volume was high at about 659 million shares worth some 12 trillion won ($9.6 billion), with gainers outnumbering losers 573 to 267. Foreigners sold a net 258 billion won and indivi

Authorities vow to expand open banking system to second-tier financial institutions in December

The Nature Holdings, a lifestyle outdoor firm known for its National Geographic licensed fashion brand, said Monday it is looking to raise as much as 60 billion won ($50.2 million) from its initial public offering on the tech-heavy Kosdaq this month. The firm is offering around 1.2 million shares in the price band of 45,000-50,000 won, CEO Park Young-jun said in a press briefing. The exact share price will be determined Thursday through the book building process before investors can apply on J

South Korea’s NH NongHyup Bank said Monday it has received final approval from Myanmar’s financial authorities to launch and operate a subsidiary in the Southeast Asian country. The announcement comes 10 months after the lender submitted an application to the Central Bank of Myanmar, which handles financial supervisory of state-owned, private and foreign banks in the country. NH NongHyup has been operating a microfinancing institution in Myanmar since 2016 and has worked as a st

Samil PricewaterhouseCoopers, South Korea’s top accounting firm, said Monday it has appointed a new co-representative to take charge of marketing. Partner and deals leader Bae Hwa-joo will serve as chief executive officer for marketing, while Yoon Hoon-soo will head the organization’s overall management. Assurance leader Yoon was named as CEO in April, as competitor Bae offered his resignation in the eleventh hour amid a neck-and-neck rivalry over the top post. The company may app

South Korea's economy will likely rebound to grow 3 percent in 2021 after contracting 2.1 percent this year in the face of the coronavirus pandemic, an IMF economist said Monday. Asian countries are expected to post 1.6 percent negative growth for the first time in history as the COVID-19 pandemic continues to weigh on demand and exports, but they will rebound to growth of 6.6 percent next year, Angana Banerji, senior economist at the International Monetary Fund, said in a webinar hosted by t

South Korean shares opened slightly higher Monday, following parliamentary approval of the third extra budget meant to support the pandemic-hit economy. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.84 points, or 0.41 percent, to 2,161.25 in the first 15 minutes of trading. The gains came after the National Assembly passed a 35.1 trillion-won ($29.3 billion) extra budget Friday. The supplementary plan is designed to mitigate the economic fallout of the COVID-19 pandemic.

South Korea will likely increase the minimum amount of investment for private equity funds from the current 100 million won ($83,373) to 300 million won as early as next month in its efforts to protect individual investors on the heels of a series of alleged fraud cases linked to funds in South Korea, according to news reports on Sunday. The Ministry of Government Legislation has been reviewing the measure, which will be included in the planned revisions of the nation’s Financial Investm

Head of Assetplus bets on luxury goods, platform economy, urges fund managers to remain consistent in style