South Korean stocks opened lower Wednesday on increased selling by foreign investors amid tensions between North Korea and the United States.The benchmark Korea Composite Stock Price Index fell 0.26 points, or 0.01 percent, to 2,374.06 in the first 25 minutes of trading."Foreign investors sold large-cap tech stocks as North Korea risks persist," said Kim Ye-eun, an analyst at Cape Investment & Securities.US President Donald Trump said Tuesday he is "totally prepared" to u

South Korea's national tax office collected a record amount of penalty taxes in 2016 in close cooperation with the intelligence unit of the financial regulator, a lawmaker said Wednesday.Citing data from the National Tax Service, Rep. Park Myung-jae of the main opposition Liberty Korea Party said the tax service collected 2.5 trillion won ($2.2 billion) in back taxes on tips from the Financial Intelligence Unit.The amount was up slightly from the 2.4 trillion won collected the previous year and

Insurance providers that are affiliated with financial holding companies will have to keep a two-track record of their financial statements starting next year, due to upcoming changes in accounting ordinances, according to industry officials.The dual system, which will be effective until 2020, is likely to weigh upon insurance subsidiaries, especially those with low levels of capital reserves.Following a decision by the International Accounting Standards Board earlier this year, the financial in

Signs of downward turns in consumption, the domestic economy as well as the financial market seem to be apparent, amid the saber-rattling between North Korea and the United States, which has heightened tension to the degree of a “declaration of war” on the Korean Peninsula.The main bourse index in South Korea slumped for the sixth consecutive trading day Tuesday with tech giants taking losses, while South Korea’s Composite Consumer Sentiment Index fell for two consecutive month

Industry expert Jung Won-shik to oversee Korea's largest cryptocurrency exchange, spotted meeting with Ethereum inventor in Gangnam, Seoul

South Korean stocks finished lower Tuesday as investors took a wait-and-see attitude amid heightened geopolitical tensions, analysts said. The Korean won lost ground against the US dollar.The benchmark Korea Composite Stock Price Index lost 6.08 points, or 0.26 percent, to close at 2,374.32. Trade volume was light at 297 million shares worth 5.6 trillion won ($5 billion), with gainers outnumbering losers 560 to 243.Foreigners and individuals offloaded a net 377.1 billion won and 159.6 billion wo

There have been nearly 400 cases of cyberattacks against South Korea’s central bank over the past four years, some of which are suspected to have come from North Korea, a report by Rep. Shim Jae-chul of the Liberty Korea Party showed Tuesday.A total of 399 cases of cyberattacks were made against the Bank of Korea from 2013 to August this year. The majority, or 273 cases, were hacking attempts. Eighty-two percent of the total were conducted from a foreign country.A government official was q

Business leaders of South Korea and Japan gathered in Seoul on Tuesday to discuss ways to step up collaboration in the technology and energy sectors, as well as in facilitating multilateral free trade with other Asian nations. About 300 businessmen from major companies attended the meeting hosted by the Korea-Japan Economic Association in downtown Seoul to share views on the next technological revolution and other industrial issues. The Korea-Japan Economic Association held its first meetin

President Moon Jae-in called Tuesday for efforts to craft a new growth strategy based on industrial innovation as one of his administration's key economic policy pillars along with income-led growth and fairness. The new innovation-led growth strategy was first introduced when the president met with US investors and business leaders on the sidelines of the United Nations General Assembly in New York last week."There, I explained that our people-oriented economic policy consisted of three pi

The head of the Financial Supervisory Service urged banks and other financial institutions Tuesday to improve consumer welfare and avoid excessive lending. Choe Heung-sik, governor of the FSS, made the remarks earlier in the day during a meeting with representatives from banking and other financial industry lobby groups, the FSS said in a statement.  During the meeting, Choe said some banks and financial institutions are still selling products to consumers with "wrong information."

South Korean stocks traded almost flat late Tuesday morning on profit-taking, analysts said.The benchmark Korea Composite Stock Price Index inched down 0.22 point, or 0.01 percent, to 2,380.18 as of 11:20 a.m.On Monday (local time), US stocks declined, with the Dow Jones industrial average dropping 0.2 percent and the broad-based S&P 500 decreasing 0.2 percent. The tech-rich Nasdaq Composite Index tumbled 0.9 percent.Most large caps traded mixed with market kingpin Samsung Electronics losing

South Korea's national health insurance will provide greater coverage for the treatment of infertility and serious dementia starting in October, the health ministry said Tuesday, which is in line with the government's effort to reduce financial burdens on patients.The Ministry of Health and Welfare said the revision to the relevant law was passed during a Cabinet meeting.Under the revision, patients suffering from serious dementia will only be required to pay 10 percent of medical expenses and t

South Korea will ease regulations on leasing state-owned properties to make better use of neglected public assets, the finance ministry said Tuesday.The Cabinet approved a revised law that allows the government to cut rents on its buildings and land that have not been fully utilized for a long time and to extend leasing contracts by up to 20 years, according to the Ministry of Strategy and Finance. Also, the government will be allowed to impose higher fines on those who occupy state-owned l

South Korean banks will donate 20 billion won ($17.7 million) to the organizing committee of the PyeongChang Winter Olympics to help the nation successfully host the quadrennial sports extravaganza, the Korea Federation of Banks said Tuesday. Besides the donation, banks will buy 1 billion won worth of tickets for the games, according to the federation. KEB Hana Bank, an official supporter of the games, also signed a sponsorship deal worth 11.1 billion won. The donation is in line with banks

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index fell 7.14 points, or 0.3 percent, to 2,373.26 in the first 15 minutes of trading.  Most large caps traded mixed, with market kingpin Samsung Electronics losing 1.72 percent and global chipmaker SK hynix shedding 2.78 percent.In contrast, leading steelmaker POSCO gained 1.46 percent, and No. 1 automaker Hyundai Motor gained 2.13 percent.US stocks d