Insider stock ownership of family-run conglomerates, such as Samsung and Hyundai Motor, jumped sharply this year to 58.9 percent, the country's antitrust watchdog said Thursday.According to the Fair Trade Commission, the insider stock ownership rate of the 57 conglomerates rose 29 percentage points this year from last year's 29.9 percent.Insider stock ownership refers to stocks held by the owner and his or her immediate family and top executives of companies affiliated with a business group. Thi

South Korea's credit default risk has gone south despite North Korea's latest launch of a new long-range ballistic missile, market sources said Thursday.The credit default swap premium for South Korean foreign exchange stabilization bonds with a five-year maturity came to 57.09 basis points Wednesday, down 1.02 basis points from the previous session, according to financial information provider Market and Yonhap Infomax, the financial news arm of Yonhap News Agency.The risk premium also declined

South Korean funds for overseas stock investment posted higher returns than domestic-focused ones in November due to a sluggish equity market here, a market tracker said Thursday.The average return of overseas stock funds with a net asset of 1 billion won ($930,000) or more came to 1.62 percent as of Tuesday, compared with a yield of 0.79 percent for domestic equity funds, according to KG Zeroin.The figures mark a turnaround from their yields the previous month. Domestic stock investment funds p

South Korean stocks ended lower Wednesday as foreign selling of market bellwether Samsung Electronics Co. and other large-cap stocks weighed on the main index. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 1.29 points, or 0.05 percent, to 2,512.90.Foreign investors offloaded shares worth more than 162 billion won ($150.4 million).Kim Ye-eun, an analyst at IBK Securities Co., said the decline can be blamed on the foreign selling of Samsung Electron

Japanese cryptocurrency exchange operator BITPoint Japan has launched a website in South Korea through a joint venture, stepping into a market that accounts for as much as 15 percent of global cryptocurrency transactions. Transactions made in Korea are worth 2 trillion won ($1.86 billion) per day on average.The joint venture, named BITPoint Korea, was founded in August by BITPoint Japan and Korean experts in equity and futures trading. In a press conference held Wednesday, the firm said it

Shin Chang-jae, Kyobo Life Insurance chairman and chief executive, will be awarded the French Legion of Honor Thursday for his contribution to fostering cultural exchanges between France and South Korea, the firm said Wednesday. Shin will receive the Chevalier merit from French ambassador to Korea Fabien Penone at French Embassy in Seoul.Shin, 64, was recognized for establishing the Daesan Foundation in 1992 and serving as a chairman of the nonprofit organization, designed to translate and promo

South Korea's financial authority on Wednesday announced that it will forgive up to 6.2 trillion won ($5.7 billion) worth of bad debt, in the latest measure to help hard-pressed people who cannot pay back their debts. The move, which will affect 1.59 million debtors, is aimed at reducing the nation's nonperforming consumer loans, as the Bank of Korea is expected to raise its key interest rate in the coming months. Starting in February, the government will receive applications for write-offs from

Seoul stocks opened higher Wednesday on China's decision to partially lift its ban on group tours to South Korea.The benchmark Korea Composite Stock Price Index rose 1.12 points, or 0.04 percent, to 2,515.31 in the first 15 minutes of trading.Cosmetic and other shares related to China gained ground as China's National Tourism Administration made a decision to allow offline tourist agencies in Beijing and Shandong Province to sell package tours to South Korea, said Park Chun-young, an analyst at

South Korean funds for stock investment in Asia's emerging economies have posted the highest returns among local overseas equity investment funds this year, a market tracker said Wednesday.The average return of equity investment funds for Asian emerging markets came to 37.4 percent as of Monday, the biggest yield among overseas stock funds with net assets of 1 billion won ($920,000) or more, according to KG Zeroin.Funds for investing in Chinese stocks came next with a return rate of 37.3 percent

North Korea's latest missile launch is expected to have a limited impact on South Korea's financial market, but authorities vowed to take swift actions, if necessary, to cushion any fallout from the latest provocation, Seoul's top economic policymaker said Wednesday.Earlier in the day, North Korea fired an apparent long-range missile from an area north of Pyongyang, resuming its provocations after a 75-day lull, according to the South Korean and US militaries. The missile flew some 960 kilo

South Korea's state-run pension fund has posted exponential growth since its inception about 30 years ago, but it still has a long way to go in order to serve its intended purpose, analysts said Tuesday.South Korea adopted the state pension program in 1988 to guarantee income for the elderly after retirement, and to provide coverage for disabilities and surviving family members.  According to data from the National Pension Service, the number of subscribers to the National Pension Fund came

After Barclays created structured debt security products called exchange-traded notes in 2006, the Korea Exchange in November 2014 opened markets to trade the structured products to meet growing demand for high-return investments amid low key rates and an aging society. Three years later, the market operator has seen visible growth of its ETN market, on the back of the sole market operator’s efforts to diversify the types of products, ranging from ones designed to hedge losses to those wit

This is the 45th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdMid-stage osteoarthritis treatment developer TissueGene’s market cap rose by more than 2 trillion won ($1.84 billion) within three weeks of making its debut, becoming the fifth-largest firm on South Korea’s second-tier Kosdaq market Friday. The stock performance of the Maryland-headquartered firm reflects a market-wide biotech boom built on overheated investor anticipation

Financial authorities started to investigate financial companies in relation to the accounts under borrowed names allegedly belonging to Samsung Chairman Lee Kun-hee, an issue raised during the parliamentary audit last month.The Financial Supervisory Service on Friday said that it has since earlier this week been carrying out inspections on all the banks and securities firms which opened accounts under borrowed names for Lee.The currently bed-ridden conglomerate chief is thought to have 1,021 of