South Korea’s bourse operator, the Korea Exchange, said Tuesday that it will establish a clear definition of algorithmic trading and adopt various risk management systems next year to prevent destabilization of the local stock market. “As our task for 2020, we will adopt a management system for algorithmic trading, which has become a regularized practice,” KRX Chairman Jung Ji-won said at an end-of-year press briefing. “By establishing a clear definition of algorithmic tr

South Korean brokerage Mirae Asset Daewoo said Tuesday that it received a presidential award at the 26th Corporate Innovation Awards for its efforts to create new markets through innovation and change, while boosting venture capital investment.The Corporate Innovation Awards, co-hosted by the Ministry of Trade, Industry and Energy and the Korea Chamber of Commerce and Industry, recognize local firms in various sectors that have proven successful in areas related to corporate innovation.  Ac

SEJONG -- In South Korea, the government does not include people with nonregular jobs -- like temporary or contract employees -- when it counts the official number of jobless. As a result, the nation’s official unemployment rate stayed at 3 percent as of October (the latest figure).The figure is far from the people’s sentiment toward the hiring market, in which the “extended (or sentiment–reflected)” unemployment rates, compiled by Statistics Korea, have remained ab

South Korea’s exports fell in November on-year, keeping its downward trend for the 12th consecutive month. Concerns are growing over the protracted slump in exports, the nation’s key driver for growth -- due to the sluggish semiconductor industry and falling exports to China. It is important to recover the level of export duties collected from key industries and on shipments heading to major overseas destinations. However, we need to think whether our nation is heavily dependent on a

Government’s intensive price-curbing measures have limited effect

New service to ease savings burden, adds fun factor

Finance Minister Hong Nam-ki called for lawmakers to approve next year's budget bill on Tuesday, when the parliamentary session ends. South Korea is seeking a total of 513.5 trillion won ($430.2 billion) in budget spending for next year, a 9.3 percent hike from 2019. The National Assembly already missed the Dec. 2 deadline to pass the budget bill due to political battles. This year marked the fifth straight year the National Assembly has missed the legal deadline, as the partisan standoff over k

South Korea may have been hit the hardest among major economies by the protracted trade dispute between the United States and China due to its high dependence on exports to the countries, a report said Tuesday.The US and China are the world's largest importers of South Korean products with shipments to China accounting for more than one-quarter of South Korea's overall exports last year, according to the report from the Woori Finance Research Institute.In 2018, shipments to China accounted for 2

South Korea’s working-age population is expected to shrink the fastest among key economies over the next two decades, a report released by the World Trade Organization said Monday, with risks tied to the nation’s low birthrate and aging society looming over its economy. According to the World Trade Report 2019, Korea is unlikely to see an increase in its overall population by 2040, but its workforce is expected to shrink by 17 percent in the same period. This marks the steepest decli

The majority of South Korean firms foresee the current economy entering a long-term slump with half of them planning to downsize next year, a survey by the Korea Enterprises Federation led by Chairman Sohn Kyung-shik, who is also CJ Group chairman, showed over the weekend.In the survey, 64.6 percent said the current economy was heading for a long-term recession. Nearly half, or 47.4 percent, said that they plan to downsize their businesses next year, followed by 34.1 percent who will maintain th

Shares of South Korean defense-related firms jumped Monday in the wake of North Korea’s announcement about a “very important test” at its western satellite launching site over the weekend.Shares of asphalt plants manufacturer Speco closed nearly 12.9 percent higher from the previous session, at 4,115 won ($3.46). Victek, a provider of military systems and power supply systems, extended gains for the second day and closed nearly 2 percent up at 3,275 won. Both firms are listed o

Addressing the latest drop in investment by foreigners here, South Korea’s government reassured the market on Monday, saying it would enhance monitoring and put a contingency plan into action in the event of further volatility.“The recent outflow of foreign investments is mostly attributable to the expansion of external uncertainties and the adjustment of the Morgan Stanley Capital International index,” said Kim Yong-beom, first vice minister of finance.The Ministry of Economy

Workers in South Korea hit the highest average annual earnings at the age of 41 in 2016, data showed Monday, with the labor income of the elderly also showing a steady rise. People aged 41 earned the highest average annual labor income of 32.09 million won ($26,977) in 2016, according to the data released by Statistics Korea. The total labor income stood at 842.1 trillion won in 2016, up 4.5 percent from a year ago.  The labor income for people aged above 65 rose 0.8 percent on-year to 21.7

South Korea's budget for national information will rise to over 5.1 trillion won ($4.3 billion) in 2019 to promote the building of a hyperconnected society, the government said Monday.The budget to be spent for 55 state central administrative agencies represents an 11.5 percent increase from 4.6 trillion won earmarked for this year, according to the Ministry of Science and ICT. A hyperconnected society is a key element of the fourth industrial revolution where everything, including people, is li

Korean investors have been turning their attention toward the real estate market, reflected in an increase in mortgage lending, while cash flows in the equity market have been overall stagnant, recent data showed. According to data released by the Bank of Korea last month, the outstanding balance of mortgage loans held by banks and other financial institutions here came to a combined 830.3 trillion won ($700.5 billion) as of September. The latest data is a noteworthy jump from the corresponding