Both stock markets in South Korea, the Kospi and Kosdaq, rallied Monday to hit records, while the nation’s market operator vowed to improve Kospi operations and become more friendly to foreign investors this year. The top-tier Kospi closed at 2,598.19, up 0.91 percent from Friday, setting a new all-time high. The second-tier Kosdaq closed at 927,05, up 1.53 percent from the previous trading day, the highest in 16 years since March 2002. The Kospi topped 2,600 for the first time in history

Committee urges participation of citizens, private sector

Mirae Asset Daewoo, South Korea’s largest brokerage by net worth, saw its overseas stock value reach 4.1 trillion won ($3.8 billion) as of Friday, according to the firm Monday. The foreign stock value has jumped 3.5-fold since January 2017, when the firm‘s foreign stock assets were valued at 1.2 trillion won. The foreign stock asset portfolio by the securities firm took 57.8 percent of profits on average. Seven out of 43 overseas stocks recommended by the firm saw the price jump

South Korea's trade ministry said Monday it will hold talks with China to expand the scope of the two countries' free trade agreement to the service and investment sector in a way to create new business opportunities for local companies in the tourism, culture, legal and medical industries.  The Ministry of Trade, Industry and Energy held a meeting with industry officials and trade experts to collect their opinions before launching the follow-up FTA negotiations with Beijing. South Korea a

The economic chiefs from South Korea and China will meet in Beijing this week to discuss an array of issues, including further boosting economic cooperation.During the gathering slated for Friday, Seoul's Finance Minister Kim Dong-yeon and his Chinese counterpart He Lifeng, chairman of China's National Development and Reform Commission, will seek ways to flesh out the outcome of December summit talks between leaders of the two countries, according to the ministry. President Moon Jae-in and Chine

Retail investors are flooding the stock market following a recent rally, with the number of new accounts and transactions moving up sharply, the Korea Financial Investment Association said Monday.As of Thursday, a record 25.06 million stock accounts were active. The number increased from November, when the secondary market, KOSDAQ, began to post strong gains. Some 170,000 stock trading accounts were added in October, which rose to 270,000 in November and to 220,000 in December. 280,000 accounts

South Korea's credit card spending surged dramatically in 2017 from a year earlier due to the extended Chuseok holiday and the "golden holiday" in May, industry data showed Monday.Credit card spending soared 10.8 percent to 605 trillion won ($568 billion) last year from the previous year, the Credit Finance Association said.The rising consumption is attributed to the April 29-May 9 golden holiday and the 10-day-long Chuseok holiday that began Sept. 30. Total card spending, including cr

While accelerating its moves to tighten control over the overheated cryptocurrency market, the South Korean government now faces another dilemma: Can the disputed virtual currency be incorporated into the nation’s tax system?The greatest challenge is that, in order to impose tax, the government has to first recognize the disputed cryptocurrency as a legitimate financial product -- a view which a number of key policymakers have so far refused to adopt.The pressure weighs upon Deputy Prime M

Japanese cryptocurrency exchange Coincheck Inc. said it will use its own capital to reimburse customers who lost money in Friday’s $400 million theft.The Tokyo-based company will repay all 260,000 users impacted by the theft of NEM coins, at a rate of 88.549 yen (82 U.S. cents) for each coin, according to a statement posted on its website after midnight local time on Sunday. A total of 523 million coins were stolen, it said.“The timing of the reimbursement and the application process

Investors, cryptocurrency exchanges and banks in South Korea appeared to be confused Sunday over the government’s push to launch a real-name trade system of digital currencies as part of efforts to tighten its grip on the fast-growing and unfettered market.Starting Tuesday, cryptocurrency purchases using local currency will be allowed only for individual accounts registered under real names. Bank accounts of digital coin buyers using local currency and of cryptocurrency exchanges must be r

A large number of South Koreans are interested in starting their own businesses and earnings are their top consideration, a poll conducted by a public start-up support foundation showed Sunday.The latest findings from the Korea Institute of Startup & Entrepreneurship Development revealed that 53.5 percent of the respondents said they are examining the possibility of founding a business, compared to 46.5 percent who said they are not contemplating such a step.The data was based on questions h

Stock values for stakeowners of biopharmaceutical companies nearly doubled over the past year, with Celltrion leading the pack, data showed Sunday.According to Chaebul.com, which tracks corporate records, 32 people each owned more than 100 billion won ($93.76 million) worth of shares in biopharmaceutical firms as of Friday's closing.Their stock values have risen 99.4 percent since Jan. 2 last year. Seo Jung-jin, chairman of Celltrion Inc., claimed 6 trillion won in shares after the stock pr

The lobby of South Korea's cryptocurrency exchange operators said Friday it will make efforts to ensure the government does not excessively restrict the trading of virtual currencies.The Seoul government has been striving to rein in the virtual currency frenzy in Asia's fourth-largest economy while contemplating a bill to ban cryptocurrency exchanges.Amid concerns over a bubble, the government last month banned the opening of new virtual accounts for cryptocurrency investors and required virtual

South Korea and the United States plan to hold the second round of talks to amend their free trade pact in Seoul next week, Seoul's trade ministry said Friday, amid mounting US trade pressure.The two-day talks -- set to begin Wednesday -- come days after US President Donald Trump again denounced the free trade deal as "a disaster" for the US, claiming the deal cost 200,000 American jobs.Trump signed a set of safeguard measures earlier this week against imported large residential washin

The top Israeli envoy to Seoul hopes South Korean companies will actively participate in his country's infrastructure projects, such as gas field development, the finance ministry said Friday.Ambassador Chaim Choshen met with Ko Hyoung-kwon, vice minister of strategy and finance, and discussed economic cooperation, according to the ministry. During the talks, the envoy also suggested cooperation between Israel's information-technology solutions with South Korea's auto manufacturers, as an exampl