South Korea’s top-tier stock market Kospi extended its latest nosedive Monday, renewing its record low for the year and dipping below the psychologically significant 2,000-point barrier, according to Korea Exchange.  The benchmark index hit 1,999 at around 2:53 p.m. before recovering to above 2,000. This was the first time in 22 months that the figure fell lower than the 2,000 mark.Earlier in the day, the Financial Services Commission vowed to inject some 500 billion won ($439.1 milli

South Korea's top four banks pocketed 16.76 trillion won ($14.67 billion) from interest earnings alone until the third quarter of 2018, up 10.4 percent compared with the year before, market data showed Sunday.According to regulatory data released by lenders, KB Kookmin Bank, Shinhan Bank, Woori Bank and KEB Hana Bank combined to earn 1.57 trillion won more in interest than last year.Of the four, KB Kookmin reported hauling in 4.51 trillion won from its borrowers, followed by 4.2 trillion won for

Stock markets in South Korea continued to slide for a fourth consecutive trading day, setting a new low for 2018 yet again, amid persisting downward pressure on markets at home and abroad. Analysts noted the unhindered pace of monetary tightening in the United States, Korea’s sluggish economic growth prospect and an escalating trade war between the US and China bode ill for a momentum for a swift rebound in stock index performance and a turnaround from foreign investor outflow.  The t

South Korean stocks went further south Wednesday after reaching a yearly low in the previous session as foreigners and individuals dumped large-cap tech and bio shares.The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index dropped 8.52 points, or 0.4 percent, to close at 2,097.58. Trading volume was moderate at 373.7 million shares worth 5.89 trillion won ($5.2 billion), with losers overwhelming winners 607 to 242. The local stock market started higher

Financial authorities plan to cut credit-card processing fees for small merchants by as much as 1 trillion won ($880 million) next year, an industry source said Wednesday. Financial authorities are expected to announce the plan next week after consultations with the ruling Democratic Party, according to the source. Last year, the nation's eight credit card firms reported an income of 11.6 trillion won from commission fees.In July, credit-card processing fees for small merchants with an annu

This is the 62nd in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.There is growing anticipation for a turnaround in at Gamevil, a developer and publisher of mobile games, after the global market reacted positively to its recent releases and news of releases slated for the fourth quarter.On Friday, Gamevil’s stock price jumped sharply, closing 14.9 percent up from Thursday. Its market cap came to 361.4 billion won ($319.2 million), ranking 121s

IMF, OECD also revise down growth of Asia’s fourth-largest economy this year

South Korea's central bank on Thursday held its policy rate untouched for October on worsening economic data and low inflation pressure.The monetary policy board of the Bank of Korea voted to freeze the policy rate at 1.5 percent for the 11th straight month.The BOK has taken a wait-and-see stance since November last year, when it adjusted up the key rate for the first time in more than six years, citing the economic recovery.Gov. Lee said two members of the seven-member board voted against the r

Stricter compliance regulations are to be adopted for financial institutions within the watchdog’s jurisdiction to enforce stricter internal control and prevent errors and fraud, according to the market watchdog Financial Supervisory Service.According to a preliminary set of measures unveiled Wednesday, at least 1 percent of the entire staff and executives in a financial institution should be assigned to compliance operations, while compliance officers must be executives of the company wit

The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 23rd installment. -- Ed.For about a decade before Chung Woo-young founded mobile biometrics developer startup Winningi in 2015, he was a forensic technician who worked for the National Police Agency in South Korea. He was engaged in the nation’s project to collect and manage some 56 million fingerprint records of residents in the nation with a population of 51.2 mil

The head of the financial watchdog on Tuesday called on financial firms to think about environmental and social issues in their investment decisions. Financial Supervisory Service Gov. Yoon Suk-heun made the remarks at a conference to discuss ways for Seoul to become a city of sustainable finance. Sustainable finance is a new watchword for investors that integrate environmental, social and governance issues into their investment decisions. Yoon said the South Korean government is playing a bigge

Banks will be required to implement a stricter screening rule for mortgage loans starting this month so as to better manage growing household debt, according to the head of the financial regulator Tuesday. Banks have applied for the so-called debt service ratio to almost all household loans on a pilot basis since earlier this year. The new rule will become mandatory later this month.DSR measures how much a borrower has to pay in principal and interest payments in proportion to his or her yearly

For South Korean financial companies looking out for new growth momentum, the “New Southern Policy” -- the key foreign economic policy of the Moon Jae-in administration -- came as a timely opportunity to create synergy with the fast-growing Southeast Asian market.The overseas net profit of domestic financial companies last year totaled $934 million, up 42 percent from a year earlier and exceeding 1 trillion won in Korean currency for the first time, the Financial Supervisory Service

South Korea's financial sector overall is not excessive in its size but it has grown to above adequate levels in terms of lending, a report said Monday.The research paper titled "Adequacy and Growth Effect of Finance in Korea," carried in the latest periodical from the Korea Institute of Finance, called attention to heavily concentrated loans to households compared to those for companies.Data from 2002 to 2016 shows an 8.1 percent yearly average rise in household loans, compared with a

South Korea's corporate watchdog said Monday that it will focus on reforming family-controlled business groups and promoting fair business practices.In a report to the National Assembly, the Fair Trade Commission said it aims to help foster innovation-led growth, as well as expand consumers' rights. The FTC said it plans to carry out probes into the practices which are blamed for allowing founding families of private conglomerates, called chaebol, to easily net large profits by having subsidiari