Citibank Korea’s quest for online penetration is not limited to online banking but also extends to the loan serviceability assessment of customers, the firm said Wednesday.The launch of an internet-only loan assessment platform on July 18, dubbed Debt Consolidation Service, allows customers to check their eligibility for loans and reduce the cost of consolidating debts. The assessment is not exclusively offered to the customers of Citibank Korea’s online banking service. Users are re

Financial Services Commission Chairman Choi Jong-ku on Wednesday highlighted local banks’ overdependence on gains from household loans as a hurdle to wage-led growth and said he would lower the maximum interest rate to 24 percent from next year.In his first press conference as the head of the nation’s top financial regulator a week after he took office, Choi pledged to address banks’ overreliance on mortgage loans, saying they have distanced themselves from their original role

Concerns are rising that the new government’s policy to phase out nuclear power generation will result in rising electricity prices in the long run, posing an impediment to foreign investment in the country.Low electricity costs have been cited as a key factor leading foreign manufacturing firms to build factories in Korea despite other unfavorable conditions.In particular, many Japanese companies have moved production to Korea in search of stable electricity supply at lower rates since Ja

South Korean stocks closed lower Wednesday as foreign investors offloaded local stocks on profit-taking, analysts said. The local currency fell against the US dollar.The benchmark Korea Composite Stock Price Index slid 5.39 points, or 0.22 percent, to finish at 2,434.51. Trading volume was moderate at 332 million shares worth 6.4 trillion won ($5.7 billion) with losers outpacing gainers 419 to 385.The local stock market opened slightly higher, taking a cue from overnight Wall Street gains, but c

The number of apartments that cost more than 1 billion won ($892,000) nearly doubled over the past five years, as Seoul’s real estate prices continues to soar, according to data from property market research company Real Estate 114 on Wednesday. 　At the end of July 2012, the number of high-priced apartments exceeding 1 billion won stood at 105,773. As of this month, the figure increased to 204,791.  　In addition, the data revealed that approximately 78 percent of apartments in Se

South Korea's ratio of tax burden to its gross domestic product will likely reach fresh record highs this year and next on a potential tax hike and rapidly rising government spending, government data showed Wednesday.According to the finance ministry, the government is expected to collect more than 250 trillion won ($223 billion) in national taxes by the end of 2017, up from an earlier target of 242.3 trillion won.Through May, tax revenue reached 123.8 trillion won, up 11.2 trillion won from a y

South Korea's rapidly aging population is likely to reduce the nation's overseas equities investment as seniors will likely move to sell assets due to falling living standards, researchers at the Bank of Korea said Wednesday. As the global financial markets become more interconnected, older people will have a bigger impact on the nation's foreign currency market, Lim Jin-soo and Kim Young-rae said in a report.  If South Korea's overseas equities investment declines rapidly, it could affect

The South Korean government said Wednesday that it will remove legal and administrative regulations in the local service sector as part of its efforts to promote fair market competition and boost growth.The Fair Trade Commission, the country's antitrust watchdog, said it checked 39 restrictions that restricted competition in the sectors of food, leisure and public services.Related government ministries and agencies have already agreed to get rid of eight of them, with a detailed deregulation sch

South Korean stocks traded lower late Wednesday morning, as declines in tech shares weighed on the market. The benchmark Korea Composite Stock Price Index lost 3.02 points, or 0.12 percent, to 2,436.88 as of 11:20 a.m.Market bellwether Samsung Electronics fell 0.36 percent, and SK hynix, a major chipmaker, declined 4.26 percent.Korea Electric Power Corp. dropped 0.77 percent.No. 1 carmaker Hyundai Motor, meanwhile, rose 1.03 percent, and its smaller affiliate Kia Motors also moved up 1.63 percen

The rate of return for equity funds of Samsung Electronics Co. and other Samsung Group-related firms exceeded 30 percent this year amid the bullish market backed by solid corporate earnings and the global economic recovery, industry data showed Wednesday.The benchmark Korea Composite Stock Price Index rose 20.40 percent to 2,439.90 Tuesday from 2,026.46 as of the end of last year. The stock prices of 16 companies affiliated with Samsung Group jumped 32.42 percent during the same time span. The y

South Korea will lower the maximum legal lending rate to 24 percent from next year and strengthen supervision of private lenders, in a move to help ease financial burdens for desperate borrowers, the nation's top financial regulator said Wednesday. Choi Jong-ku, the new chairman of the Financial Services Commission, also said he will encourage banks and other financial institutions to make loans to small and medium-sized firms, instead of households and the property sector. By law, private lende

South Korean stocks opened higher Wednesday tracking overnight gains on Wall Street, analysts said. The benchmark Korea Composite Stock Price Index rose 3.88 points, or 0.16 percent, to 2,443.78 in the first 15 minutes of trading.Market kingpin Samsung Electronics, however, dropped 1.32 percent, and SK hynix was 2.7 percent down.Hyundai Motor, the No. 1 automaker, rose 0.34 percent, and AmorePacific, the country's top cosmetics maker, gained 2.78 percent.LG Chem, the country's top chemicals firm

South Korea's financial regulator said Wednesday it has advised some foreign banks here to take steps to guard against money laundering activities. After an inspection of 37 branches of foreign banks in the country, the Financial Supervisory Service concluded that some small-scale branches showed a lack of awareness of money laundering. The FSS said, however, most branches had anti-money-laundering safeguards in place. It did not identify the vulnerable branches by name.The vulnerable branches d

President Moon Jae-in is set to hold his first dialogue with top business leaders here this week over beer to help break the ice and possibly allow more frank discussions, an official from the presidential office, Cheong Wa Dae, said Tuesday.The talks will be held Thursday and Friday, each day involving part of the top executives from the 14 largest business conglomerates, according to Cheong Wa Dae spokesman Park Soo-hyun."To ensure practical and candid discussions, President Moon will lis

Moon administration releases economic policy blueprint, puts positive spin on strong exports and extra budget effect