South Korea’s financial markets will shut down on June 13 for a designated holiday for local election, according to the Korea Exchange Monday.  Markets trading equities, derivatives and commodities here will be closed throughout the day, based on the internal regulations by the KRX. Also, settlement or liquidation of stocks, derivatives and interest rate swaps in Korean won and US dollar will not be conducted during the day.The KRX operates markets for stocks, exchange-traded funds or

Income growth rates for 90 percent of South Koreans improved this year, a presidential aide said Sunday, in a move to rebut criticism over recent comments by President Moon Jae-in.Last week, Moon said 90 percent of the effects of the minimum wage hike have been positive, sparking some criticism that the drastic hike in the minimum wage is to blame for a decline in income of low-income bracket. The government raised the minimum wage by 16.4 percent to 7,530 won ($7) on Jan. 1 this year, the

The government has proposed a bill to toughen the rules for reporting on certain financial transactions, the country's top financial regulator said Sunday.The move is part of Seoul's ongoing efforts to better ferret out financial crime and money laundering activities, the Financial Services Commission said.South Korea has tightened regulations on anti-money laundering and possible terrorism financing, targeting some loopholes that may be used by people to conceal their wealth. The FSC said in a

The interest payment burden on South Korea's lowest income households surged 33 percent on-year in the first quarter of 2018 amid a drop in their earnings, official data showed Sunday.According to Statistics Korea, households with two members in the bottom 20 percent earnings bracket earned 8 percent less in the January-March period while the country's interest rates moved upwards. Such developments are exacerbating the already tough debt service obligations of these households.Lower income and

Key economic offices defend macroeconomic indicators, advocate ‘J-nomics’

Driven by a slowdown in the growth of apartment prices in Gangnam-gu, the weekly increase rate in apartment prices in 11 districts in southern Seoul declined from the previous week for the first time in eight months in the last week of May, data from the Korea Appraisal Board showed.The rise in apartment prices in metropolitan areas also weakened for the first time in 70 weeks.As of the survey conducted on May 28, apartment prices in Seoul rose 0.03 percent, smaller than 0.04 percent recorded th

The financial regulator has wrapped up its review of a regulatory probe into whether Samsung BioLogics Co. violated accounting rules, officials said Friday.Details of the review were not disclosed due to a confidentiality agreement, but the review apparently failed to reach a consensus as the Financial Services Commission said there were some "majority and minority opinions" about the case.The review came after financial authorities gave a preliminary notice earlier last month to Samsu

South Korea's consumer price growth continued to hover above 1 percent in May on a rise in prices of agricultural goods and services, government data showed Friday.The country's consumer price index climbed 1.5 percent last month from a year earlier, slightly decelerating from the previous month's 1.6 percent on-year gain, according to the data compiled by Statistics Korea.From a month earlier, the index rose 0.1 percent.Core inflation, which excludes volatile oil and food prices, grew 1.3 perce

South Korea's exports spiked 13.5 percent in May from a year earlier, rebounding from a brief dip in the previous month, due to a rise in prices of key products and a global boom in the IT sector, government data showed Friday.Outbound shipments reached $50.98 billion last month, compared with $44.92 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports surged 12.6 percent on-year to $44.25 billion.South Korea's trade surplus came to $6.73 billi

South Korea's economy grew at a slower-than-expected pace in the first quarter from three months earlier on sluggish construction and facilities investment, central bank data showed Friday.The country's gross domestic product expanded 1 percent in the January-March period, rebounding from a 0.2 percent on-quarter contraction three month earlier, according to preliminary data from the Bank of Korea.The latest reading marks a slight decrease from an earlier estimate of a 1.1 percent expansion rele

KEB Hana Bank chief to attend hearing on arrest warrant Friday

President continues to push ahead with welfare-driven state initiative

The Bank of Korea on Thursday rebuked claims by a local news report that the central bank “inflated” the nation’s export volume over the past eight years for the sake of a “rosier” export economy outlook.On Wednesday evening, local television channel MBC claimed that the nation’s balance of payments has been exaggerated since 2010, when the Bank of Korea began applying new International Monetary Fund standards to its statistics. 　The chronic trade deficit in t

The Ministry of Land, Infrastructure and Transport said Thursday that as of Jan. 1 this year, the appraised individual land price has been officially released, showing an average 6.28 percent increase. It is the fifth consecutive yearly rise of the land value. By city and province, Jeju showed the highest surge at 17.51 percent, the ministry said. (khnews@heraldcorp.com)

The prosecution has filed for an arrest warrant for KEB Hana Bank chief Ham Young-joo over job-related irregularities, prosecution officials said Wednesday.The request for a warrant came nearly two months after the financial watchdog, the Financial Supervisory Service (FSS), said its own investigation has found at least 32 cases of alleged hiring irregularities at the bank.In 2013, the bank hired 229 college graduates, 32 of whom were hired after allegedly receiving recommendations from the bank