Foreign investors offloaded 2.12 trillion won ($1.93 billion) worth of shares traded on South Korea's main bourse in the last two weeks, the Korea Exchange said Sunday.The stock market operator said foreigners sold off many more shares than they bought in the 10 trading days starting from Nov.27 through Friday. The selling of shares on the Korea Composite Stock Price Index outpaced the buying of 1.72 trillion won worth of stocks by local institutional investors.In the past two weeks, foreign inv

South Korea's central bank expects the U.S. Federal Reserve to raise its key interest rates two or three times next year, in line with a broader expectation on Wall Street, according to a report by the Bank of Korea on Saturday. The Fed is widely expected to raise rates during its policy meeting next week, as it has begun increasing borrowing costs from record lows set in the wake of the 2008-09 global financial crisis. On Dec. 1, the Bank of Korea increased its key rate by a quarter percen

South Korea is studying ways to regulate speculative trading in crypto currencies as the latest surge in prices stokes a craze over bitcoins. The country's financial regulator said Friday that it has ruled out using bitcoin for derivative products. The decision effectively bans investing in bitcoin futures that will start trading on the Chicago Board Options Exchange this weekend. It's part of a backlash against digital currencies in some Asian countries, even as Japan embraces their use. I

The government on Wednesday lashed back at the European Union’s decision to list South Korea as a tax haven, claiming the inclusion infringes on international standards and poses the risk of violating the country‘s taxation sovereignty.“We have violated none of the standards suggested by the Organization for Economic Cooperation and Development or other international regulations,” Deputy Prime Minister and Finance Minister Kim Dong-yeon told reporters. On the previou

South Korea's main stock index tumbled Wednesday as foreign investors remained net sellers of stocks, with sentiment soured over geopolitical worries in the Middle East. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 35.75 points, or 1.42 percent, to close at 2,474.37. Trade volume was moderate at 503 million shares worth 6.56 trillion won ($6 billion). The local stock market opened lower as investors took their cues from overnight declines on Wa

South Korea, an emerging market for cryptocurrency trade, is likely to remain out of the global race to sell bitcoin futures to investors.Securities firms in Korea withdrew plans to draw investments through foreign bitcoin-related derivatives, upon the Financial Services Commission’s order to ban the trade. The direction was sent through the Korea Financial Investment Association on Tuesday.As a result, securities firms such as eBest Investment & Securities and Shinhan Financial Invest

A private association of cryptocurrency exchanges in South Korea said Wednesday that it will voluntarily restrict cryptocurrency transactions with bank accounts starting next year, in a bid to prevent such transactions from being used for money laundering and other crimes. The Blockchain Association, an industry group of some 30 cryptocurrency exchanges, including Bithumb and Korbit, said it will encourage customers just one bank account in the selling and buying of cryptocurrencies. Under the v

South Korea's state pension operator has sharply increased its stakes in major firms over the past four years on eased investment rules, a market tracker said Wednesday.The National Pension Service had stakes of 10 percent or more in 84 listed companies as of the end of September, double the number at the end of 2013, according to CEO Score.The surge was attributed to the easing in September 2013 of a rule banning the NPS from holding 10 percent or more in each listed company. The combined marke

South Korea's central bank is expected to carry out another rate raise in July next year in light of its guarded stance and the country's mild inflation, a private think tank said Wednesday.In a monthly policy meeting last week, the Bank of Korea hiked the so-called base rate by a quarter percentage point to 1.5 percent amid clear signs of an economic recovery, snapping the 16-month run of its wait-and-see stance."Some watchers project the BOK to jack up the key rate in the first half of ne

Blockchain tech developer and bitcoin exchange operator vows to set standards

South Korea‘s top financial technology mobile app Toss is poised to fill in “a void in the financial service industry” in the nation, providing users various services ranging from cash management accounts, credit score reviews, peer-to-peer investment and even bitcoin, according to app operator Viva Republica’s chief executive on Tuesday.“Korea has long suffered a void in the financial service industry,” CEO Lee Seung-gun said in the fintech startup’s fi

South Korean stocks rose Tuesday on the back of net purchases by local institutional investors. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index moved up 8.45 points, or 0.34 percent, to close at 2,510.12. Trade volume was moderate at 387 million shares worth 5.82 trillion won ($5.37 billion).The local stock market opened lower, following a overnight sell-off in the US tech stocks. But the KOSPI turned positive as local institutional investors continued t

Debate ensues over licensing of cyber currency operator

SC Bank Korea, the Seoul subsidiary of London-based Standard Chartered Group, is putting asset management at the center of its retail finance business. In order to provide universal wealth management services to a wider range of consumers, the bank has secured about 30 additional specialists to the wealth management sector this year. The traditional profit structure of Korean banks is nearly 90 percent reliant on interest margins, but SC aims to break that structure by making 40 percent of its p

The Korea Herald has organized the first Global Finance Awards, recognizing that strengthening competitiveness in South Korea’s finance industry and establishing an ecosystem on par with global standards are required for the nation’s economy to make a new leap forward in the era of the “fourth industrial revolution.” This award is meant to acknowledge outstanding individuals and companies that have pioneered the global market and provided convenient financial services wit