Samsung Asset Management and Capital Group teamed up to launch Tuesday a set of retirement income funds, which they said are expected to “meet Korean retirement needs.” The RIFs mark the first pension funds in South Korea that allow retirees to withdraw money from the funds. The four types of pension schemes by the asset management arm under Korea’s largest conglomerate were based on the US financial services firm’s diversified investment portfolio.  Income fund subs

South Korean stocks ended slightly lower Tuesday as foreign investors and institutions offloaded large-cap stocks in an apparent move to lock in profits. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 9.29 points, or 0.39 percent, to 2,343.68.Bae Sung-young, a market analyst at KB Securities Co., said institutions and foreign investors sold Samsung Electronics and other major technology stocks in an apparent profit-taking move.This, he said caused

While the number of women professionals increased significantly in the past seven years, their average wage compared to men remained low, a report by the Korea Institute for Industrial Economics & Trade showed.The KIET surveyed the number and structure of the female professional workforce aged 20-59 between 2008 and 2015.Out of all female workers, 26.6 percent were those with professional jobs in 2015, up from 22.0 percent in 2008.Comparatively, out of all male workers, 22.8 percent were in

The volume of non-performing loans have fallen to pre-global financial crisis levels following the completion of the government’s large-scale restructuring of Korea’s ailing shipbuilding and shipping industries, according to the Financial Supervisory Service on Tuesday. The FSS announced that non-performing loans held by local banks reached 23.7 trillion won ($21.1 billion), or 1.38 percent, at the end of the first quarter, a 0.04 percentage point improvement compared to the end of l

A significant surge by the nation’s major market index was entirely driven by Samsung Electronics, and without the tech giant’s contribution, the benchmark index could have fallen, a study showed Tuesday.According to the report by Korea Capital Market Institute, a private research center on the nation’s stock market, the Korea Composite Stock Price Index saw an increase of 211 points over a year solely led by Samsung Electronics’ stock price growth, which added 231 points

The financial regulator said Tuesday it will apply tighter rules for mortgage loans to all mutual savings institutions starting next month, in the latest step to control fast-growing household debt. The tighter rules, which already have been applied to retail banks and other depository institutions, require borrowers to repay both interest and a part of principal until maturity. A total of 1,925 mutual savings institutions and credit units with assets below 100 billion won ($89 million) each wil

South Korea's financial regulator said Tuesday it will relax some capital rules and other technical standards for insurance firms to help them better cope with changes in global accounting rules. South Korea is one of more than 100 nations that will adopt the new global bookkeeping standard or the International Financial Reporting Standards 17, starting in January 2021.  When adopted, some insurers in South Korea will face capitalization pressure, analysts said. To help insurers alleviate p

Bank lending rates on new household loans inched down in April and interest rates paid by banks on new deposits also fell, central bank data showed Tuesday.The average interest rates on fresh household loans extended by local banks came to 3.41 percent in April, down 0.02 percentage point from the previous month, according to the Bank of Korea. The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's household debt reached a record high of 1,359.7 trillion won

South Korean stocks traded lower late Tuesday morning as foreign investors and institutions offloaded large-cap stocks in apparent move to lock in profits.The benchmark Korea Composite Stock Price Index lost 16.85 points, or 0.72 percent, to 2,336.12  as of 11:15 a.m.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign investors and institutions sold large-cap stocks in apparent profit-taking, which are to blame for losses on the main bourse.    Bae Sung-y

South Korean stocks opened higher Tuesday on increased buying by foreigners and institutions.The benchmark Korea Composite Stock Price Index gained 1.03 points, or 0.04 percent, to 2,354.00 in the first 20 minutes of trading.Bae Sung-young, a market analyst at KB Securities Co., said the index moved in a tight range due to a lack of upside momentum.Large-cap stocks were mixed across the board.Top automaker Hyundai Motor gained 0.62 percent, and auto parts maker Hyundai Mobis Co. was up 0.18 perc

South Korean public agencies' employment fell just short of their target in the first quarter of the year, data showed Tuesday, but they are expected to expand hiring for the rest of the year in line with the new government's jobs push.The country's public institutions hired 5,046 new workers in the January-March period, some 100 shy of their combined goal unveiled at the start of the year, according to the government portal All Public Information in One. In January, the finance ministry said it

South Korea's Internet banking service rose at a fast clip in the first quarter with both the number of users and daily transactions reaching record highs, central bank data showed Tuesday.In the three months that ended on March 31, the number of Internet and smartphone banking service users came to 125.32 million, up 2.3 percent from the previous quarter, according to the data from the Bank of Korea. The number is the sum of all registered users of 16 Internet and smartphone banking service pro

The Korea Federation of Banks on Monday called on the incoming policymakers to steer clear of a set of regulations that it said have deterred local banks from dealing with the environment shift in financial circles.The banking federation suggested the new Moon Jae-in administration publicize fingerprints and ease regulation on servers for cloud computing and blockchain technology, based on which the federation said the banks would be able to pursue innovation. “Privacy is important,&r

South Korean stocks ended slightly lower Monday on increased selling by institutions. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 2.33 points, or 0.10 percent, to 2,352.97.Bae Sung-young, a market analyst at KB Securities Co., said institutions offloaded stocks in apparent profit-taking, which is to blame for losses on the main bourse.Kim Ye-eun, an analyst at Cape Investment & Securities, also said Samsung Electronics and other major large-

The South Korean government said Monday that it will take immediate action against any turbulence in the local financial market and the national economy sparked by North Korea's latest missile launch.Around 5:39 a.m., North Korea fired a short-range ballistic missile, presumed to be a Scud type, from its eastern coast. It marked the communist nation's ninth missile test this year and the third since the new Moon Jae-in administration took office May 10.The liberal government had been seeking to