South Korea’s top fiscal policymaker said in parliament on Tuesday that the government would keep the national debt under 700 trillion won ($616.7 billion) in 2017, amid concerns over rising government expenditure.In a meeting of the National Assembly’s Special Committee on Budget & Accounts, Deputy Prime Minister for Economic Affairs and Finance Minister Kim Dong-yeon said the volume of government debt is “manageable,” while adding the rise in debt is “ine

Major banks are holding off their second-half employment notice, pressed between their financial need for downsizing and the Moon Jae-in administration‘s drive for job creation.While the central bank and a partially state-controlled bank vowed to expand recruitment, most commercial banks prolonged their ambiguous silence, apparently reluctant to make pre-emptive moves.The Bank of Korea said Tuesday that it will hire 70 new employees in the latter half of the year, increasing its recruitmen

The number of Chinese tourists in South Korea declined nearly 70 percent on-year last month, marking a drop for five straight months following China's ban on sales of Korea-bound trips amid a diplomatic row over the deployment of a US anti-missile system here, government data showed Tuesday.The tally of Chinese visitors came to 281,263 last month, down 69.3 percent from 917,519 recorded the previous year, according to the data by the Korea Tourism Organization. The number of Chinese visitor

Analyses by stock market watchers have made the case for Kosdaq-listed powerhouses’ recent attempts to move into the Kospi market, including Celltrion's

South Korean stocks closed higher Tuesday as institutions helped offset net selling by foreigners and individuals. The won traded higher against the dollar. The benchmark Korea Composite Stock Price Index rose 10.33 points, or 0.44 percent, to close at 2,365.33. Trade volume was moderate at 245.76 million shares worth 3.827 trillion won ($3.3 billion), with winners outnumbering losers 437 to 364.Institutions scooped up a net 90 billion won worth of stocks. But foreigners and individuals dumped a

The number of South Koreans in debt beyond their means surged nearly 48 percent in the past three years amid low interest rates and relaxed real estate regulations, data by the office of National Assembly Speaker Chung Sey-kyun showed Tuesday.As of the end of June, 1.18 million people in the country had a debt service ratio of 100 percent or higher, up 47.5 percent from the end of 2014. The number has continued to rise since 2013, reaching 800,000 at the end of 2014.The report is based on data f

The government claimed credit Tuesday for its latest real estate policy bringing down housing prices in Seoul.The price of a home in Seoul was up 0.33 percent in the fifth week of July, just ahead of the government announcement of the new policy on Aug. 2, the Ministry of Land, Infrastructure and Transport said in its report to the parliament. Immediately after the announcement, prices fell 0.03 percent in the first week of August and 0.04 percent in the second week, it said. "The overheate

South Korea's state regulator said Tuesday it will map out a plan by the end of this year to ease regulations on the financial industry, aimed at reinvigorating the sector suffering from slow growth.The main goal is to ease restrictions and cut red tape that has discouraged companies from making inroads into the financial sector, the Financial Services Commission said in a statement.Another goal is to encourage banks and other financial institutions to lend money to start-ups and other promising

One-person families will likely become the most common household type in all South Korean cities and provinces in the next 30 years amid the country's low birthrate and rapidly aging population, government data showed Tuesday.Households consisting of a single member are forecast to account for 36.3 percent of all family units in 2045, far outnumbering families of married couples with children, according to the data by Statistics Korea.The percentage of those living alone stood at 27.2 percent in

South Korea's deficit in the trade of intellectual property rights narrowed in the first six months of this year from a year earlier on reduced shortfalls from patent use contracts, the central bank said Tuesday.South Korea posted a trade deficit of $600 million in intellectual property rights for the January-June period, down from a deficit of $950 million a year earlier, data released by the Bank of Korea showed. South Korea exported $5.53 billion and imported $6.13 billion in intellectua

South Korean shares trimmed earlier gains late Monday morning as foreigners sold off more shares. The won rose against the dollar. The benchmark Korea Composite Stock Price Index rose 7.10 points, or 0.30 percent, to 2,362.10 as of 11:20 a.m.Foreigners and individuals sold a combined 40 billion won ($37 million) worth of stocks, weighing down the main index. Institutions bought 29 billion won worth of shares.  A strong rally in the KOSPI index is not expected this week as investors remain c

South Korea's consumer confidence has hit a 22-year high for the second half of the year on expectations for the country's newly inaugurated government, a survey showed Tuesday.South Korea's overall consumer confidence for the July-December period stands at an average 78 on a full scale of 100, up 46.7 points from the first half, according to the Mastercard Index of Consumer Confidence.The latest Mastercard index is based on a survey of 9,153 people (407 South Koreans) in 18 markets in the Asia-

South Korean stocks opened higher Tuesday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 12.22 points, or 0.52 percent, to 2,367.22 in the first 15 minutes of trading.On Monday (local time), the Dow Jones industrial average rose 0.13 percent to 21,703.75. Institutions bought 15.19 billion won ($14 million) worth of stocks, after dumping a combined 464.7 billion won stocks in the past four sessions.   Most large-cap stocks advanced across t

The number of heavy debtors in South Korea has surged nearly 48 percent over the past three and a half years, a report said Tuesday, amid low interest rates and eased government property rules.As of the end of June, 1.18 million people in the country had a debt service ratio of 100 percent or higher, up 47.5 percent from the end of 2014, according to the report from the office of National Assembly Speaker Chung Sey-kyun. The number had been on a steady rise since 2013, reaching 800,000 at the en

The financial health of life insurers in South Korea showed a marked polarization in the first half of the year as foreign players fared far better than local rivals thanks to stepped-up preparations for a new accounting rule, data showed Tuesday.Four foreign-controlled insurance companies made the list of the top five players with the best financial soundness in the January-June period, with smaller domestic firms languishing at the bottom of the standings.As of end-June, ING Life Insurance rep