South Korean stocks closed lower Wednesday as investors were taking a wait-and-see approach over global events, including the general election in Britain, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 8.48 points, or 0.36 percent, to 2,360.14. Trade volume was moderate at 370 million shares worth 6 trillion won ($5.33 billion), with losers slightly outnumbering gainers 406 to 405.Analysts said the sluggish trading came as investors

Following President Moon Jae-in’s initiative for his 100-day plan for job creation, a recent study argued that the government’s short-term financial support is estimated to be ineffective in the long-run in terms of job retention. The new administration’s job creation plan was established to address and promote job growth as one of the president’s highest priorities in his first 100 days in office. On Monday, the government announced an 11.2 trillion won ($9.99 billion) s

At a parliamentary hearing Wednesday, Kim Dong-yeon, nominee for deputy prime minister and finance minister, was under intense scrutiny over his stance that opposition lawmakers claimed would clash with the Moon Jae-in administration’s push for stronger welfare and income-led economic growth. The nominee, who mostly responded with theoretical answers, had served the former conservative Lee Myung-bak administration. He was presidential secretary for economy and finance from 2008-2009, the F

South Korean asset management firms saw their combined operating profit fall 14.8 percent in the first quarter on decreased commission fee income, data showed Wednesday. The combined operating profits of 175 local fund management firms came to 142.8 billion won ($127.2 million) by the end of March, down 24.9 billion won from the last quarter of 2016, according to data compiled by the Financial Supervisory Service.The number of management firms suffering deficits also rose to 73, from 67 in the p

Jonggak Station on Seoul’s Subway Line No. 1 got a second name Friday -- Standard Chartered Bank Korea Station -- the bank said Wednesday.Seoul Metro, an operator of eight subway lines in the Seoul metropolitan area, signed a three-year contract with the Seoul-based unit of the international banking giant on May 29, after the bank won a bid on May 19, according to the bank.  Platform signs and subway maps will state both names for the station. Train announcements of the stat

The new government’s push for a steep increase in the minimum wage has raised concerns that job opportunities for low-income, low-skilled workers will decrease as many small companies and self-employed businesses are forced to close or cut the number of employees.Under a plan announced by a presidential committee on jobs last week, Korea’s hourly minimum wage, which is currently pegged at 6,470 won ($5.80), is set to rise by an annual average of 15.7 percent over the next three years

Foreign investors purchased a net 530 billion won ($474 million) worth of stocks on South Korea's tech-heavy Kosdaq market in May, the most in 13 years, local data showed Wednesday.The amount is the third-largest monthly net buying by offshore investors in the secondary Kosdaq market after 1.01 trillion won tallied in February 2000 and 723.4 billion won in April 2004, the Korea Exchange said. Foreign investors concentrated on buying IT and semiconductor shares.  Foreign investors bought 1.0

South Korean stocks traded nearly flat late Wednesday morning as major blue chip shares traded mixed amid profit-taking.The benchmark Korea Composite Stock Price Index fell 1.93 points, or 0.08 percent, to 2,366.69 as of 11:20 a.m.Tech giants traded mixed, with top cap Samsung Electronics falling 0.9 percent, while flat panel maker LG Display shot up 2.36 percent.Logistics shares gained ground, with Hyundai Glovis moving up 0.97 percent and flag carrier Korean Air advancing 3.05 percent.The loca

The growth of real income of South Koreans has risen at a slower pace than that of economic growth over the past five years, government data showed Wednesday.The average real income of local businesses with at least five employees was 3.39 million ($3,000) per month last year, up 2.8 percent from a year earlier, according to the data by the Ministry of Strategy and Finance and the Ministry of Employment and Labor. It is on par with the country's real gross domestic product growth that stood at 2

South Korean stocks opened lower Wednesday as investors continued to take a breather amid the latest growth rally on the main bourse.The benchmark Korea Composite Stock Price Index dipped 8.24 points, or 0.35 percent, to 2,360.38 in the first 15 minutes of trading.Carmakers traded bearish, with Hyundai Motor falling 1.55 percent and its auto parts affiliate Hyundai Mobis decreasing 3.45 percent. Kia Motors shed 0.39 percent.Chemical shares were also among losers, with Amore Pacific decreasing 1.

Woori Bank is the oldest firm listed on South Korea’s stock market, data showed Tuesday.Woori Bank, the fourth-largest commercial bank in South Korea in terms of market cap, is 118 years old, according to data from the Financial Supervisory Service and the Korea Securities Depository.The bank was founded in 1899 through financing by a Joseon-era emperor. It was called Daehan Cheon-il Bank then, but later renamed itself Commercial Bank of Korea. It was one of the five major banks here until

The new presidential committee on job creation is set to hold a series of meetings this week with business lobbies representing small and medium-sized enterprises, partly to learn their views on raising the minimum wage, the committee said Tuesday.Starting Thursday, committee officials will meet with representatives from the Korea Federation of Micro Enterprise, Korea Federation of SMEs and many others. The meetings are largely aimed at listening to possible difficulties that small businesses ma

Amid increasing income disparity, the Ministry of Strategy and Finance said Tuesday that Korea’s middle class accounted for 65.7 percent of the population last year, a 1.7 percentage point decrease compared to the previous year. Although there is no established international standard in defining the middle class, Korea’s National Statistical Office defines the middle class as 50 to 150 percent of the country’s median income, in accordance to the standards of the Organization fo

Affluent Gangnam, Seocho lead price hikes in Seoul

Despite strong exports, South Korea’s current account balance slid to $4 billion in April this year, recording the smallest surplus in the past year, according to the Bank of Korea on Monday. 　Bank of Korea announced the current account balance had continued a surplus for 62 consecutive months, but the growth in exports was offset by higher dividend payouts to foreigner investors, surging oil prices and other factors, which contributed to the current account surplus decreasing dramatically