A report showed that the rate of survival for businesses in Korea remains low compared to those in Western Europe.The Korea International Trade Association said the survivability rates of lasting one and five years for businesses here came to 62.4 percent and 27.3 percent, respectively.By type, service and manufacturing businesses showed respective rates of 84 percent and 8.9 percent.The report pointed out that Korea has a higher proportion of small businesses than other countries, which are mor

South Korean stocks closed lower Thursday, down for the third consecutive day, as auto and steel stocks retreated. The Korean won declined against the US dollar.The benchmark Korea Composite Stock Price Index shed 5.7 points, or 0.24 percent, to close at 2,406.5. Trade volume was moderate at 270 million shares worth 5.5 trillion won ($4.85 billion), with losers overwhelming gainers 620 to 198.The local bourse opened nearly flat after the US Federal Reserve hinted at the chance of a December rate

South Korea's financial regulator said Thursday it will seek to lower interest rates for margin trading and enable more people to pay their insurance fees with credit cards.The plan is a part of the government's aim to enhance the protection of consumers for financial products as the Financial Supervisory Service launched an advisory body on the rights of financial consumers. Interest rates for margin trading vary considerably. Kiwoom Securities Co.'s rate for 15-day margin lending is 11.75 perc

President Moon Jae-in urged the US to actively invest in the Korean economy during his meeting with prominent businessmen in New York, as he attends the 72nd session of the United Nations General Assembly this week. 　In a meeting with American financial heads including the chairman of Goldman Sachs at the New York Intercontinental Hotel, Moon assured international business leaders that the fundamentals of the Korean economy are excellent despite ongoing concerns regarding the “North Korea

South Korea will increase the purchase of local rice that will be set aside for reserve purposes this year to help stabilize prices on the domestic market, the agriculture ministry said Thursday.The Ministry of Agriculture, Food and Rural Affairs said it will buy 350,000 tons of rice harvested this year from Sept. 25 to Dec. 31. It will increase the purchase of rice from last year's 82,000 tons to 90,000 tons and buy 260,000 tons of packaged rice. Some 10,000 tons of rice will be set aside for A

KB Kookmin Card Co. said Thursday it is pushing to tap into Myanmar's credit card market after getting the nod to set up an office in the Southeast Asian country.KB Kookmin Card, a unit of South Korea's banking giant KB Financial Group Inc., said it won approval from Myanmar's central bank the previous day to establish a representative office there.The card issuer said it plans to take a step-by-step approach since Myanmar has yet to open its credit card and payment market to foreign companies.&

Transactions among affiliates of South Korea's large business groups fell slightly in 2016 compared to a year earlier amid government pressure to root out unfair practices, the country's corporate watchdog said Thursday.A total of 152.5 trillion won ($134.7 billion) worth of inter-affiliate deals by units of 27 conglomerates were made last year, down 7.1 trillion won from a year earlier, according to the Fair Trade Commission. But the deals accounted for 12.2 percent of all business contracts in

South Korean shares traded lower late Thursday morning driven by losses in auto and steel shares.The benchmark Korea Composite Stock Price Index shed 5.58 points, or 0.23 percent, to 2,406.62 as of 11:20 a.m.Automakers traded bearish with industry leader Hyundai Motor losing 1.41 percent and its sister affiliate Kia Motors declining 1.28 percent. No. 1 steelmaker POSCO surrendered 2.62 percent and Hyundai Steel was down 1.3 percent.Market kingpin Samsung Electronics, meanwhile, gained 0.38

South Korea said Thursday that the Federal Reserve's decision to trim its balance sheet is likely to have a limited impact on Asia's fourth-largest economy."I don't think the Fed's decision will have a big impact on the domestic financial markets," Bank of Korea Gov. Lee Ju-yeol told reporters at the BOK headquarters in central Seoul.He said the decision is in line with market expectations, a view shared by Vice Finance Minister Ko Hyoung-kwon.The US central bank announced Wednesday th

The head of the Financial Supervisory Service said Thursday the regulator seeks to build an innovation-friendly financial environment to help the growth of the financial technology industry. Choe Heung-sik, governor of the FSS, made the remarks during a conference in Seoul to debate how best the financial industry can cope with challenges in uncertain times."Fundamental change is under way in financial platforms as the industry is connected with fintech," Choe said.  As more custo

South Korea will provide financial assistance and an insurance package for local companies suffering from losses in China due to anti-Korean sentiment and regulatory hurdles, the trade ministry said Thursday.Korean companies in automotive parts, cosmetics and foods have faced tougher customs checks in China after Seoul deployed an advanced missile defense system on its soil against North Korea, a move strongly opposed by Beijing.  The Ministry of Trade, Industry and Energy said it will doub

South Korean pharmaceuticals and biotech stocks have gone on a tear this year on the back of a biotech rally on the US NASDAQ market, data showed Thursday.The main stock market's subindex for the pharmaceutical sector had spiked 44 percent as of Wednesday from the start of this year, according to the data from the Korea Exchange and market tracker FnGuide.The figure is more than double the 19 percent increase in the benchmark Korea Composite Stock Price Index over the cited period.On the seconda

South Korean stocks opened slightly lower Thursday, as the US Federal Reserve hinted at the chance of a December interest rate hike.The benchmark Korea Composite Stock Price Index shed 1.87 points, or 0.08 percent, to 2,140.33 in the first 15 minutes of trading.After holding a two-day policy meeting, the Fed left interest rates unchanged and said it would begin reducing its bond portfolio starting next month.Most large caps on the Seoul bourse traded mixed, with market kingpin Samsung Electronic

South Korea and India will hold a new round of talks on the improvement of a bilateral trade deal in Seoul this week, the commerce ministry here said Wednesday.The third-round meeting to improve the Comprehensive Economic Partnership Agreement is scheduled to start in Seoul on Thursday for a two-day run, the ministry said. CEPA is a type of free trade agreement that emphasizes two-way economic cooperation on top of market opening.In 2010, the two Asian economic powerhouses implemented the CEPA,

The amount of household debt in South Korea has surged by 55.3 percent in five years, according to data given by relevant authorities including the Financial Services Commission, the Financial Supervisory Service and the Bank of Korea.The data released by the office of the Liberty Korea Party’s Rep. Shim Jae-cheol showed that household debt has exceeded 1.4 trillion won as of August this year. The average debt held by each household came at 46.9 million won last year, up from 36.8 million