South Korea's new Moon Jae-in government is expected to make only small changes to the current merit pay system for all public agency employees instead of scrapping it all together, analysts said Friday.During a campaign rally for the May 9 presidential election, Moon of the liberal Democratic Party of Korea promised to immediately abolish the performance-based wage system should he be elected as the nation's president. Experts, however, said the Moon administration will find it difficult t

South Korean stocks started marginally lower on Friday, as a drop in top-listed firms offset gains in cosmetics and food companies, analysts said. The benchmark Korea Composite Stock Price Index shed 2.04 points, or 0.09 percent, to trade at 2,284.78 in the first 15 minutes of trading. Top-cap Samsung Electronics lost almost 1 percent, with No. 1 automaker Hyundai Motor sliding 1.6 percent. But top cosmetics maker AmorePacific gained around 1 percent and major food maker CJ Cheiljedang clim

Retailers are struggling with weak sales amid unfavorable market conditions industry data showed Friday, with prospects of new government regulations adding to their worries.According to the sales tally, April's numbers by major department stores shrank nearly 2 percent compared to same month last year. Lotte showed a 1.9-percent contraction while sales at Hyundai fell 1.6 percent. The lone increase in sales was in the home appliances sector from the wedding season in spring. Retailers had hoped

Conditions are ripe but detailed policies for implementation remain to be seen, experts say

Kim says curbing cross-shareholdings not a priority

South Korean stocks declined 0.27 percent on Thursday, as an elevating US political crisis involving its president prodded investors into a flight from making risky bets, analysts said. The local currency fell against the US dollar.The benchmark Korea Composite Stock Price Index KOSPI closed down 6.26 points at 2,286.82. Trading volume was moderate at 374.4 million shares worth 5.83 trillion won ($5.18 billion) with decliners far outstripping gainers 507 to 296."Investors are beginning to w

Cultural change in the banking industry looms, with financial technology penetrating into the industry worldwide. But the new technology should be embellished with “human touch,” which would leverage deeper fintech penetration by improving customers’ satisfaction, bank officials said at a forum held at Standard Chartered Korea headquarters in Seoul on Wednesday.Michael Gorriz, chief information officer of the London-based international banking group, said in a keynote speech th

South Korea's state-run cybersecurity agency said Thursday that 17 companies have been struck by "WannaCry" so far, but the spread of the ransomware has slowed.The Korea Internet & Security Agency KISA said it is keeping a watchful eye on the spread of the ransomware, although the situation is presumed to have past its peak.Ransomware refers to malware that locks up files on a computer with encryption until the victims pay a certain amount of money to hackers. The latest instance o

Overseas card spending by South Koreans hit a record high in the first quarter due to a hike in the number of people going overseas, the central bank said Thursday.In the January-March period, overseas card spending amounted to $4.02 billion, up 21.9 percent from $3.3 billion a year earlier, according to the Bank of Korea BOK. From a month earlier, the Q1 tally marked a 7.4-percent increase.Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit

South Korean stocks traded 0.49 percent lower late Thursday morning, dragged down by a drop in top-cap tech and IT service companies, analysts said.The benchmark Korea Composite Stock Price Index fell 11.22 points to 2,281.86 as of 11:20 a.m.   Market behemoth Samsung Electronics was down nearly 1 percent, with Naver, the operator of the country's top search engine, losing 0.8 percent.In contrast, shares of automakers and mobile carriers moved in positive territory. Top automaker Hyund

South Korea's stock funds suffered outflows for an eighth straight trading session on profit-taking as the benchmark stock index stayed in a tight range, data showed Thursday. After touching its highest-ever close earlier last week, the Korea Composite Stock Price Index has lost some ground in recent trading sessions. According to the data by the Korea Financial Investment Association, domestic stock funds, excluding exchange traded funds, posted 993 billion won ($882 million) of net outflo

Shares of the two latest big debutants on South Korea's stock market -- Netmarble Games Corp. and ING Life Insurance Korea -- have tumbled well below their issue price as investors are leery of earnings and market outlooks, analysts said Thursday.South Korea's largest mobile games maker Netmarble Games Corp. successfully debuted on the country's main bourse on Friday above its initial public offering  price. The company closed at 162,000 won ($144.20), much higher than the IPO price of 157,

South Korea's financial regulator on Wednesday eased penalties against the nation's top three life insurers over unpaid suicide insurance benefits. Kyobo Life Insurance was ordered to halt operations for one month, while Samsung Life Insurance and Hanwha Life Insurance received a warning and were both banned from making inroads into new businesses for one year, the Financial Services Commission said.Financial authorities had originally planned to order all three insurers to halt operations for u

South Korean stocks got off to a weak start Thursday, tracking their US peers that ended bearish amid intensifying political turmoil surrounding President Donald Trump's alleged interference with a federal investigation, analysts said. The benchmark Korea Composite Stock Price Index dropped 11.18 points, or 0.49 percent, to trade at 2,281.90 in the first 15 minutes of trading. The US S&P 100 index marked its biggest fall in months Wednesday (local time), as investors opted for selling o

Middle-aged South Koreans who live with or support their parents financially feel the heaviest burden when bearing their medical bills, but some saw it as a duty that has to be fulfilled even if means getting loans or giving up on their own savings, a survey said Wednesday.In the poll of 1,000 people in their 40s and 50s who have experience supporting their parents, 48.1 percent answered doing so was a weight on their shoulders, according to the Life Insurance Social Contribution Committee who c