The government discovered 9.3 trillion won ($8.2 billion) worth of assets stashed away under borrowed names by more than 11,000 people over the past five years, data showed Thursday.South Korea first introduced the real-name financial system in 1993 to stave off money laundering and tax evasion by banning transactions under phony or borrowed names and requiring people to use real names to open bank accounts or purchase stocks. As many as 11,776 people were caught concealing assets under the name

South Korean stocks opened higher Thursday as foreigners turned net sellers on profit taking ahead of major companies' earnings releases this week.The benchmark Korea Composite Stock Price Index fell 2.25 points, or 0.09 percent, to 2,490.25 in the first 15 minutes of trading.Foreign and retail investors sold a combined 13.4 billion won ($12 million) worth of stocks, offsetting 15 billion won bought by institutions. On Wednesday, foreigners bought 111.9 billion won worth of stocks, helping

South Korea's economic growth hit a seven-year record high in the third quarter due to increased construction investment and exports, central bank data showed Thursday.In the July-September period, the country's gross domestic product increased 1.4 percent from the previous quarter, faster than the previous quarter's 0.6 percent on-quarter gain, according to preliminary data from the Bank of Korea.The on-quarter growth is the fastest since the second quarter of 2010, when the economy rose 1.7 pe

South Korea will hold a public hearing next month on the renegotiation of a free trade pact with the United States, Seoul's trade ministry said Wednesday, as the two countries move to reset the terms at Washington's call. The hearing on the Korea-U.S. free trade agreement (FTA), slated for Nov. 10, will be an opportunity to exchange public views and collect opinions from experts in the related fields, the Ministry of Trade, Industry and Energy said. The public hearing is part of the legal p

Among Seoul’s lower-income bracket, those in their 20s and 30s residing in the southern part of Seoul paid the highest amount of monthly rent, while those aged 60 and over living downtown paid the least, data showed Wednesday. According to an analysis submitted by Seoul Metropolitan Government to the parliamentary land, infrastructure and transport committee, the younger generation in Gangnam-gu, Seocho-gu, Songpa-gu and Gangdong-gu -- all located in the southeastern part of Seoul -- paid

The latest set of measures to strengthen South Korean mortgage borrowers’ debt repayment obligations was within market expectation and has defused uncertainties on the stock market, analysts said Wednesday. The toughened mortgage rules, unveiled Tuesday to curb snowballing national household debt, would help local banks and builders on the stock market benefit from abated uncertainties, the stock analysts said. “The Tuesday measure indicated the government’s moves have been and

Concerns are growing that President Moon-Jae-in’s push for reducing work hours along with a steep increase in the minimum wage may further aggravate Korea’s labor productivity, which remains near the bottom among major economies.In a meeting with his aides last week, Moon said that, without job sharing through reduced work hours, it would be impossible to significantly raise the country’s employment rate and improve the quality of people’s lives. He cited a report from th

South Korean stocks finished at a fresh all-time high Wednesday, as investors scooped up market heavyweights, such as banking stocks, market analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index rose 2.01 points, or 0.08 percent, to close at 2,492.50.Trade volume was moderate at 592 million shares worth 5.03 trillion won ($4.46 billion), with gainers outnumbering losers 422 to 367.The local stock market opened higher on overnight gains in Wall S

South Korean stocks turned lower Wednesday morning as institutions offloaded stocks on profit taking ahead of major companies' earnings releases from this week. The benchmark Korea Composite Stock Price Index fell 0.92 points, or 0.04 percent, to 2,489.57 as of 11:15 a.m. Institutions extended their net selling to 115 billion won ($102 million), offsetting 117 billion won stocks purchased by foreigners and individuals. Large-cap stocks were mixed across the board, with market bellwether Samsung

South Korea's secondary stock market has continued to lose steam, while the main stock market has rallied due to big gains by heavyweight technology stocks, according to the nation's bourse operator Wednesday.For years, the junior KOSDAQ market has been struggling with a string of accounting scandals and the defection of large-cap stocks to the benchmark KOSPI stock market.According to the Korea Exchange, the KOSDAQ index has risen 8.83 percent so far this year, compared with a 22.9 percent jump

The nominee for the Ministry of SMEs and Startups said Wednesday the South Korean economy can make the next leap forward when venture firms and small businesses are successful. Hong Jong-haak, a former lawmaker of the ruling Democratic Party, made the remark two days after President Moon Jae-in appointed him to head the newly created office. "During the election campaign, I and others envisioned the four pillars of economic growth based on jobs, incomes, co-prosperity and innovation, and ma

The amount of sin taxes levied on tobacco, liquor and gambling has risen dramatically in recent years due mainly to the sharp rise in dues levied on cigarettes, government data showed Wednesday.The government increased taxes on cigarettes by 2,000 won ($1.70) per pack from Jan. 1, 2015, raising the price to 4,500 won, and compelled tobacco companies to place graphic images showing the harmful effects of smoking on the upper part of cigarette packs in 2016 as part of efforts to discourage smoking

An average of about 60 trillion won ($53.09 billion) worth of wealth has been transferred or handed down every year since 2003, but less than half of the recipients had to pay taxes, data showed Wednesday.According to records from the National Tax Service that were analyzed by the office of Rep. Park Gwang-on for parliamentary audits, 251.56 trillion won of various assets were inherited by 2.73 million people in the 2003-2016 period. During the same period, 281.87 trillion won of wealth was tran

South Korean stocks opened higher Wednesday as investors expect strong earnings from major companies.The benchmark Korea Composite Stock Price Index climbed 1.70 points, or 0.07 percent, to 2,492.19 in the first 15 minutes of trading.Foreigners and retail investors bought a combined 55 billion won ($49 million) worth of stocks, offsetting 53 billion won sold by institutions. Companies such as Samsung Electronics Co. and Hyundai Motor Co. are scheduled to release their third-quarter earnings resu

The preferred bidder for cash-strapped Dongbu Daewoo Electronics is set to be selected in the near future, industry sources said Wednesday, with candidates including both local and overseas firms.According to the sources, NH Investment & Securities Co., which oversees the deal, is currently conducting due diligence with candidates. After the procedure, the firm's financial investors will pick the preferred bidder based on candidates' financial and business capabilities.Sources said the candi