Land Ministry, KEC aim to upgrade rest stops into regional economic hubs by 2022

South Korean markets gained little impetus on the first day of the third inter-Korean summit on Tuesday, as market analysts remained cautious about the summit’s potential long-term impact.But some analysts expressed the view that positive developments in inter-Korean relations could stimulate long-term market growth.In stock markets, the top-tier Kospi edged up 0.3 percent Tuesday, while the second-tier Kosdaq was 0.4 percent higher.Bond markets were moderately bearish in closing. The thre

Toptec, a South Korean maker of automated machines for production of display panels and semiconductors, denied recent allegations that it had attempted to sell confidential information on technology related to mobile phone screen lamination machines to China.The company also refuted claims that it had failed to protect company secrets of its biggest buyer, Samsung Display. Suwon District Prosecutors’ Office on Friday raided the Toptec headquarters in Gumi, North Gyeongsang Province, a

The tension concerning the country’s key interest rate hike is expected to peak this week, in the wake of the government‘s latest set of additional measures to curb real estate speculation.While the government seeks to tighten the money market through a possible policy rate hike within the year, the central bank continued to dither over the decision, citing sluggish economic indexes.Further unnerving the hawkish observers here is the largely anticipated rate hike of the US Federal Re

South Korean households saw their debts increase sharply with per-person debt expected to top 30 million won ($26,700) this year, data showed Sunday.Household credit reached 1,493 trillion won as of end-June this year, which marks a 362 trillion-won rise from the second quarter of 2015.Simply calculated, it means a South Korean household owed 75.6 million won to local lenders and card firms, and 28.9 million won of debt per person, data from the Bank of Korea showed. The per-person debt topped t

Shinhan Bank, one of the major commercial lenders in South Korea, has become a confirming bank for a trade program run by the European Bank for Reconstruction and Development, the EBRD said Friday. The cooperation is expected to help Shinhan Bank offer safer trade financing instruments to Korean firms that do business with nations in Eastern Europe, the Middle East and Africa. In a statement, the EBRD said Shinhan Bank joined the multilateral lender's Trade Facilitation Program, which aims

South Korea's chief economic policymaker said Friday that the government would take stronger measures if home prices do not stabilize.On Thursday, South Korea's government said it will levy tougher taxes than originally planned as it strives to rein in soaring housing prices.Over the past year, the Moon Jae-in government has unveiled a series of measures to curb housing prices that have had little impact on the market. Alarmed by the fastest housing price gains in a decade, Seoul said it would f

South Korean Prime Minister Lee Nak-yon urged the Bank of Korea to raise key interest rate Thursday, citing concerns about financial instability.“Without a rate hike, problems related to capital flight, a widening gap in interest rates between Korea and the United States and the (upward) pressure on (the level of) household debt will persist,” said Lee. “It is high time to take this matter more seriously.” Lee also blamed expansionary monetary policy during the forme

Multiple-home owners to face maximum comprehensive real estate tax rate of 3.2%

With hundreds of new cryptocurrencies and blockchain projects being released daily, it’s difficult for investors to discern which digital coins are worth backing or are potential scams with no value.　Though the decision is ultimately left to the investor, responsible cryptocurrency exchanges can help this selection process by screening for and listing coins linked to worthwhile blockchain projects, said Lee Sir-goo, CEO of Dunamu which runs Korea’s top cryptocurrency exchange Upbit.&

More than five out of 10 South Koreans are supportive of the government's plan to hike real estate tax rates to curb rising housing prices, a poll showed Thursday.In the survey on 500 adults conducted by Realmeter, 56.4 percent of the respondents said that they are in favor of the government's plan to strengthen the so-called comprehensive real estate tax scheme. It showed that 30.7 percent oppose the move. Later in the day, the government plans to unveil stronger measures to cool down the overh

The maximum possible number of shares investors can purchase in a single order will be reduced starting next week to prevent fat-finger errors, the local bourse operator said Wednesday.Investors will be allowed to buy a maximum of 1 percent of a firm's total shares per order starting Monday, compared to the current level of 5 percent, according to the Korea Exchange. In cases where an order is to purchase shares worth more than 100 billion won (US$88.65 million), such attempts will be rejec

NH Investment & Securities, South Korea’s second-largest securities firm by net assets, was picked as the most preferred bidder for Seoul Square, a prime office building located in central Seoul, according to the company Wednesday. NH Investment & Securities expects the deal worth 1 trillion won ($890 million) to be complete by the end of November, which would be the second-priciest bid in Korea following an M&G Real Estate Korea 1.1 trillion-won purchase deal of the Centropoli

Finance Minister vows to speed up budget execution, acknowledges wage hike is worsening unemployment

South Korea’s securities firms saw their local branch network shrink by 40.3 percent in the past seven years until June this year, with the arrival of mobile trading infrastructure here, data showed Wednesday.  According to the Korea Financial Investment Association, the number of brick-and-mortar branches of 56 securities firms that locate at least one business unit in Korea came to 1,116 as of end-June, indicating that 756 branches in Korea have been removed since June 2011. By brok