New foreign direct investment pledged to South Korea in the first three quarters of this year declined due to military tension on the Korean Peninsula and rising protectionist practices by major trading partners, the government said Thursday.South Korea received $13.59 billion worth of FDI commitments from January to September, retreating 9.7 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.The amount of actual investments made by foreign investors and compani

About half of South Koreans who file tax returns earn an average 1.72 million won ($1,515) a month, data from the tax agency said Thursday, an amount which is just enough to sustain a single temporary worker.The median income in 2015, is derived by dividing the income distribution into equal halves, compared with a monthly average income of 2.69 million won, according to the data provided by the National Tax Service to Rep. Park Joo-hyun for a parliamentary audit. The records cover the years 200

South Korea's main stock index hit a fresh record intraday high Thursday, tracking a strong lead from Wall Street overnight. The benchmark Korea Composite Stock Price Index gained 4.75 points, or 0.19 percent, to 2,462.91 in the first 15 minutes of trading. Most large caps traded mixed, with market kingpin Samsung Electronics rising 0.62 percent.Top automaker Hyundai Motor fell 0.65 percent, while top steelmaker POSCO rose 1.27 percent.The local currency was trading at 1,131.05 won against the U

South Korea's foreign exchange reserves fell slightly in September as the US dollar's strength reduced the value of non-dollar currencies when converted into the greenback, central bank data showed Thursday.As of the end of September, the country's foreign exchange reserves came to $384.67 billion, down $170 million from the previous month, the Bank of Korea said in a statement. Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as Internatio

Deputy Prime Minister and Finance Minister Kim Dong-yeon on Wednesday left for Washington to attend a series of economic meetings including the Group of 20 summit of financial ministers and central bank governors.During his six-day visit, the top financial policymaker is expected to seek progress in key US-related issues, such as the renegotiation of the Korea-US Free Trade Agreement, and reiterate bilateral partnership in responding to North Korea’s military threats. Accompanied by Bank o

Indebted households and the projected pace of aging in South Korea are worrisome, raising an urgent need for the country to develop households’ financial systems and access, a report showed Wednesday. Korea had the highest household debt to gross domestic product ratio among 10 Asian countries analyzed in 2016, according to the Allianz Global Wealth Report 2017 released by the German insurance giant. The debt ratio of Asia’s fourth-largest economy came to 95.8 percent, much higher th

Calls are rising for South Korea to take full precautions against a possible exodus of foreign capital in the course of tensions escalating over North Korea’s missile and nuclear weapons programs.Government officials have said the impact of the North Korea risk on the local financial market will be limited. Their measured remarks might be intended to avoid exacerbating volatile market sentiment. But many experts including former economic policymakers worry that the government lacks a sense

South Korea's main stock index hit a record high on Wednesday, buoyed by strong buying by foreign investors, while Samsung Electronics rallied ahead of its earnings release. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 24.35 points, or 1 percent, to close at 2,458.16. Trade volume was moderate at 193 million shares worth 5.6 trillion won ($3.07 billion). The local stock market opened higher, tracking a strong lead from Wall Street overnight. 

Korean and American business leaders met in Washington on Tuesday to voice concerns over pending modifications and revisions to the Korea-US Free Trade Agreement, as per the US Trump administration’s move to tackle the US’ growing trade deficit.    　During the 29th Joint Conference of Korea-US Business Councils, 30 leaders from Korea and 40 from the US gathered to discuss potential bilateral relationship damages that may result from FTA revisions, as well as voicing di

An independent panel in charge of drawing up financial reform measures said Wednesday it has found possible irregularities by financial authorities in granting a license to the nation's first Internet-only bank, K-Bank. The possible irregularities are centered on Woori Bank, one of the major shareholders of K-Bank with a 10-percent stake, according to the panel. Under banking laws, Woori Bank was required to have a capital adequacy ratio of more than the average ratio of banks when financial aut

South Korea's food and agricultural exports to China rebounded for the first time in six months in September, thanks to strong sales of gingseng, ramyeon and beer, the government said Wednesday. Outbound shipments of food and agricultural products to China was estimated at $108 million in September, up 1.1 percent from a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Sea food products, such as dried laver, were not included on the list. Sales

South Korea's bourse traded higher late Wednesday morning, buoyed by Samsung Electronics and foreign investors remaining net buyers of local stocks. The benchmark Korea Composite Stock Price Index rose 14.61 points, or 0.6 percent, to 2,448.42 as of 11:20 a.m.Large caps had a mixed morning of trading, with market kingpin Samsung Electronics adding 2.46 percent and global chipmaker SK hynix up 0.11 percent.Hyundai Motor rose 1.99 percent, and its smaller affiliate Kia Motors traded 2.19 percent h

The number of Chinese medical tourists to South Korea declined sharply in the first half of this year, mainly due to the diplomatic row with China over the deployment of a US anti-missile system here, government data showed Wednesday.According to the data compiled by the Ministry of Health and Welfare, the number of Chinese people arriving South Korea for medical purposes declined 24.7 percent on-year during the January-June period. China has been banning package tours to South Korea since

South Korea's customs office said Wednesday it will ease regulations on small and medium-sized duty-free shops to allow them to more freely relocate within the same administrative district. The Korea Customs Service has limited small and medium- sized duty-free shops from moving to other locations as it grants license to operators as a way to attract foreign travelers and boost the local economy. The local duty-free industry had benefited from the influx of Chinese travelers over the past severa

South Korea ranked 22nd in the per capita net financial assets among 53 major economies last year, a report said Wednesday.The average South Korean had 28,180 euros in financial assets including cash, bank deposits, stocks, insurance and pensions last year, according to a global wealth report by the German-based Allianz Group. It marks an increase of 809 euros from 27,371 euros the previous year, when the ranking was 21st. The United States had the largest amount at 177,210 euros last year due t