New home permits in South Korea plunged nearly 30 percent in April from a year earlier, the government said Monday, amid its move to limit housing sales as a way of curing household debt and rising interest rates.Construction permits issued for new homes came to 43,568 last month, down 27 percent from the same month a year earlier, according to the Ministry of Land, Infrastructure and Transport. April marked the fifth consecutive month of decline. In the first four months of the year, new home p

Mirae Asset Global Investment’s exchange-traded fund business has been increasing its dominance in the global financial market, the company said Monday.The ETF business, currently managing over 15 trillion won ($13.4 billion), can be divided into three brands: Horizons (US, Canada, Hong Kong, and Columbia), Tiger (Korea), and BetaShares (Australia).  Both the firm’s net assets and number of listed ETFs have doubled over the past six years since Mirae Asset has extended the busin

With the rapid emergence of new platforms that enable peer-to-peer transactions, such as Airbnb and Uber, South Korea will start reflecting the digital sharing economy in its gross domestic product from March, 2019, the Bank of Korea said Monday.While existing digital transactions such as e-commerce and the trade of digital content are already included in the current GDP, unregistered Airbnb service providers have not been reflected in Korea, the BOK said. “The first (GDP) figure that refl

Discord over the issue of irregular workers has exposed a rift in relations between the Moon Jae-in administration and business circles.The new liberal government has not been supposed to be business-friendly as the appointment of key economic policymakers reflects Moon’s resolve to implement his campaign pledge to reform the country’s large family-run conglomerates known as chaebol. But the heavy-handed reaction by Moon and his aides to criticism by a local employers’ group of

Citibank Korea said Monday it has introduced automated teller machines enabling bank account holders with local currency to withdraw money in US dollars.The ATMs for foreign exchange transaction were installed in two branches in southern Seoul -- Banpo and Cheongdam -- on Thursday.The Korean unit of the New York-based banking giant added it plans to set up the machines in three more branches in Seoul and the metropolitan area.  Using the ATMs, the won account holders can enjoy higher benefi

Loans extended to local businesses rose slightly in the first quarter from a quarter earlier on increased operating expenses and facility investments, central bank data showed Monday.Outstanding corporate loans came to 1,001.7 trillion won ($894 billion) in the January-March period, up 1.6 percent from a quarter earlier, according to data from the Bank of Korea. Compared to a year earlier, the first quarter figure marked a 4.4 percent gain.In terms of where the money was spent, loans extended to

South Korean stocks extended gains late Monday on increased foreign buying.The benchmark Korea Composite Stock Price Index gained 10.49 points, or 0.45 percent, to 2,365.79 as of 11:15 a.m.The broad index didn't track Friday's losses on Wall Street.The Dow Jones industrial average fell 0.01 percent.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign investors bought large-cap stocks, giving a boost to the main index.Bae Sung-young, a market analyst at KB Securities Co., also

More South Koreans, especially women, are voluntarily subscribing to the state pension as a means to secure stable income for their senior years, data showed Monday.As of the end of last month, 317,800 people -- 48,843 men and 268,957 women -- were voluntary subscribers to the state pension plan, according to the National Pension Service. These people are not required to have pension subscriptions, which applies to people aged 18-60 and have an income, but are mostly housewives, military personn

South Korean stocks opened higher Monday on increased foreign buying.The benchmark Korea Composite Stock Price Index gained 8.11 points, or 0.34 percent, to 2,363.41 in the first 15 minutes of trading. The broad index didn't track Friday's losses on Wall Street.The Dow Jones industrial average dropped 0.01 percent.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign investors bought large-cap stocks, giving a boost to the main index.Large-cap stocks were mixed across the boar

South Korea ranks third in foreign investors' net stock buying among Asian countries, excluding China and Japan, this year, with its stock market performing the best in the region, data showed Monday.Offshore investors bought a net $5.59 billion worth of South Korean stocks between January and April, the third largest among Asian nations after India's $7.11 billion and Taiwan's $6.69 billion, according to the data from the Korea Exchange.  China and Japan were excluded from the rankings as

The main stock market’s consensus net profit estimate for this year has been raised in the wake of a strong earnings forecast for the second quarter and buoyancy of IT firms at home and abroad.The estimated net profit of all 536 listed firms on the first-tier Korea Composite Stock Price Index came to 143.6 trillion won ($128.3 billion), according to data by market tracker FnGuide as of Friday. Compared to a January projection, when it stood at 126.9 trillion won, the annual net profit fore

Slamming the conglomerates for resisting change, the Moon Jae-in administration’s de-facto transition team chief said Sunday that it was the chaebol that must first reflect on themselves to change the society.“Those that enjoy the most vested interests in our country are the chaebol. … In order to properly reform the society and achieve social harmony, chaebol’s self-reflection must come first,” said Kim Jin-pyo, chairman of the State Affairs Policy Planning Commit

South Korea's exports of cosmetics, medicine and other major consumer goods were led by small and medium-sized enterprises last year, with the active establishment of new firms in the industry, data showed Sunday.The ratio of exports of cosmetics, medicine, clothing, agro-fishery products and household items by SMEs reached $19.8 billion, or 84.1 percent of the total $23.5 billion, last year, according to the figures by the Korea International Trade Association. Big businesses shipped $3.7 billi

The size of funds that invest in real estate and nontraditional assets has topped the 100 trillion-won ($89 billion) mark as investors poured money into alternative vehicles seeking stable returns, industry data showed Sunday.According to the data compiled by the Korea Financial Investment Association, real estate funds and special asset funds with exposure to commodities, weather, artworks and other alternative investment vehicles had 103.92 trillion won worth of assets under management as of W

Hyundai Heavy Industries Co. and other major shipyards have seen their stock prices continue to build up gains hitting yearly highs on expectations that the shipbuilding sector is on a recovery track, analysts said Sunday.Hyundai Heavy closed at 179,500 won ($160) on the Seoul bourse on Friday, marking a yearly high, with its smaller rival Samsung Heavy Industries Co. finishing at 12,500 won, also hitting a 52-week high. The rise comes on expectations of rising oil prices and overall trade spurr