South Korean shares opened lower Thursday amid growing investor concerns over the escalating tensions between the two Koreas and a resurgence in new coronavirus infection cases in major economies, including the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.57 points, or 0.73 percent, to 2,125.48 in the first 15 minutes of trading. The weak start came one day after North Korea again lashed out at the South, threatening to soon redeploy troops to two locations

South Korea plans to impose tax on cryptocurrency, the country's finance minister said Wednesday, adding that his ministry will announce the details next month. The government "has continued to realign its tax system to reflect changes in market conditions, but it is especially working to refine its list of taxable items and types of tax this year," Finance Minister Hong Nam-ki said while speaking before the parliamentary finance committee. In the past years, cryptocurrencies, such

Korea Development Bank, South Korea’s policy lender, on Wednesday refused to support the liquidity-stricken SsangYong Motor using its bailout fund of 40 trillion won ($32.95 billion) created to extend a lifeline to local companies suffering from the fallout of the novel coronavirus. “Money is not necessarily everything for a company’s survival,” KDB Chairman Lee Dong-gull told reporters at a teleconference. “It takes money for a company to get through hardships, bu

Kakao Bank said Wednesday its customers can now open KB Securities stock trading accounts via its platform. The local brokerage under KB Financial Group is the latest securities company to forge a partnership with the internet-only bank. As of May, Kakao Bank had ushered in some 2 million accounts for two brokerages -- Korea Investment & Securities and NH Investment & Securities. The company said its easy-to-use platform appeal to those in their 20s and 30s, who tend to prefer mobi

Tighter mortgage rules, expansion of regulated areas and measures to halt speculative buying to take effect

North Korea’s recent demolition of the inter-Korean liaison office in Kaesong will have a limited impact on the domestic financial market, South Korea’s fiscal and monetary authorities said Wednesday. The Bank of Korea held a meeting Wednesday morning under the chairmanship of Deputy Gov. Yoon Myun-shik to review the global financial market’s response to the North Korean action and the impact on the domestic market. At around 2:50 p.m. on the previous day, North Korea dem

NH Investment & Securities said Wednesday it is seeking to build a broader customer base by offering a cultural space in Seoul’s fashion district Apgujeong. Located in the Apgujeong Rodeo area, Culture Salon, or Moonwha Dabang, is part of the brokerage firm’s brand awareness project aimed at presenting its corporate vision. To mark its 50th anniversary last year, the brokerage unit of South Korea’s NongHyup Financial Group set its corporate slogan as “investment c

South Korean shares finished a tad higher Wednesday as investors bet that the escalating tensions between two Koreas would have a limited impact on the financial markets. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 3.00 points, or 0.14 percent, to close at 2,141.05. Trading volume was high at about 915 million shares worth some 15.2 trillion won ($12.5 billion), with gainers outnumbering losers 495 to 356. For

Shares in Doosan Infracore Co., the construction equipment affiliate of South Korea's cash-short Doosan Group, traded higher for a second day on Wednesday as its parent is seeking to sell a stake in the company. On Tuesday, Doosan Infracore soared by the daily permissible limit of 29.86 percent to close at 7,480 won ($6.16), hitting a 52-week high as retail investors bet that the stake sale will boost Doosan Infracore's value going forward. Doosan Group said earlier it will dispose of a 36.27

Posco and Hyundai Steel, South Korea’s two largest steelmakers, have created a combined 100 billion-won ($82 million) fund to help smaller companies hit hard by the coronavirus, the Industry Ministry said Wednesday. The fund will be used to extend up to 1 billion won with low interest to each struggling smaller steel company, according to the ministry. Posco and Hyundai Steel chipped in 71.4 billion won and 28.6 billion won for the fund, respectively. The move could help ease a credit

MP Group, the South Korean company that controls pizza restaurant franchise Mr. Pizza and coffee chain Manoffin, is seeking to sell a controlling stake through an open bidding process, its announcement showed Wednesday. Up for grabs will be a 48.92 percent stake in MP Group by founder and ex-chairman Jung Woo-hyun and owner families, as well as an undisclosed amount of new shares worth at least 20 billion won ($16.43 million). Proposals from potential buyers will be accepted until 5 p.m. on Ju

Six out of 10 accounts offered at commercial banks in South Korea offer near-zero interest rates on their deposits following the central bank’s key rate cut in May. According to data released Wednesday by the Korea Federation of Banks, 31 out of 51 commercial banks’ 12-month deposit accounts provided their customers with yields of less than 0.5 percent as of June. This indicates that 6 out of 10 major banks’ deposit products do not even offer 1 percent interest a y

South Korean shares opened almost flat Wednesday amid escalating tensions between the two Koreas, bucking overnight Wall Street gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.25 points, or 0.06 percent, to 2,136.80 in the first 15 minutes of trading. The loss followed North Korea's announcement that it will redeploy troops to two inter-Korean business zones near the border and reinstall border guard posts. The communist regime destroyed the inter-Korean liaison office

South Korea said Wednesday that it will further tighten lending rules and designate more areas subject to tighter regulations in an effort to stem a further rise in housing prices. The government also warned that it will take additional stronger steps to curb speculative demand, if needed. The government rolled out its toughest measures yet to stem rising housing prices in greater Seoul and some unregulated areas, as a series of steps, including tax hikes and loan regulations, failed to put a

South Korea will take steps to minimize negative economic fallout caused by North Korea's explosion of the inter-Korean liaison office, the country's finance minister said Tuesday. In the afternoon, North Korea blew up the office in the Kaesong Industrial Complex, an inter-Korean cooperative industrial zone in the North's city near the border, after cutting off all communication lines with South Korea. Pyongyang blamed the South for the deadlock in inter-Korean relations on June 13. Finance M