South Korea’s non-life insurers saw their profits rise due to reduced loss ratios for car insurance and the rise in medical insurance rates in the first quarter, data showed Sunday.However, criticism persisted as the insurers appear to rely on group buying schemes, which allows them to overcharge customers to sustain financial stability for coverage, observers said.The combined net profit of the five major non-life insurers -- Samsung Fire & Marine Insurance, Dongbu Insurance, Hyundai

Commercial lenders in South Korea have raised interest rates for household lending, weighing on household debt, the central bank’s data showed Sunday. Fresh household loans with rates lower than 3 percent, extended by local banks, took up 26 percent of total household loans in March, hitting a 25-month low, according to data from the Bank of Korea. The proportion of new loans with interest rates below 3 percent plummeted by 50 percentage points to reach 25.8 percent, from 76 percent in Aug

Chief executive officers leading South Korea's biggest businesses receive salaries that are on average 21.9-times higher than those of ordinary employees, a local market researcher said Sunday.According to FN Guide, CEOs at the 30 largest companies in terms of market capitalization, took home substantially more pay than the average worker in 2016, with the gap widening to more than 50 to 60-fold in some cases. The data was based on 28 companies that released the salaries of their workers. It sai

The combined value of shares owned by South Korea's 100 richest stockholders surpassed 100 trillion won ($87.7 billion), swelled by rising stock markets, industry data showed Sunday.Despite geopolitical risks surrounding North Korea, the nation's benchmark KOSPI index closed at a near six-year high last week. The index gained about 9 percent from the end of last year.  As of last Friday, the combined value of shares owned by the 100 richest stockholders stood at 100.8 trillion won, up 7.2 t

South Korean stocks snapped their six-day winning streak on Friday, slipping from their six-year high, as investors cashed in recent gains, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 4.02 points, or 0.18 percent, to close at 2,205.44.Trade volume was moderate at 263 million shares worth 5.64 trillion won ($4.96 billion), with losers outnumbering gainers 502 to 285.The local stock market opened higher as top market cap Samsung Ele

South Korean stocks traded almost flat at their six-year highs Friday morning, with top market cap Samsung Electronics hitting a fresh record high.The benchmark Korea Composite Stock Price Index shed 0.5 point, or 0.02 percent, to 2,208.96 as of 11:15 a.m.Market kingpin Samsung Electronics shot up 2.97 percent after reporting the biggest quarterly earnings in three years aided by robust chip sales.The world's largest manufacturer of smartphones also said it would buy back stocks worth 9.3 trilli

South Korean stocks still appear undervalued despite some 9 percent gain in the benchmark index this year, according to market data and a local brokerage on Friday. The Kospi index closed at a near six-year high of 2,209.46 points on Thursday, supported by healthy earnings by Samsung Electronics Co. and foreign inflows.  From Jan. 2 to Wednesday, the index gained 8.95 percent from the end of last year, but the gain lagged behind an average rise of 10.51 percent among the world's 40 stock ma

South Korean stocks opened slightly lower on Friday, as investors attempted to cash in recent gains, but top market cap Samsung Electronics continued to build up gains.The benchmark Korea Composite Stock Price Index fell 0.76 point, or 0.03 percent, to 2,208.70 in the first 15 minutes of trading.Market kingpin Samsung Electronics was 2.65 percent up on its strong first-quarter earnings and shareholder-friendly policies.SK hynix, a major chipmaker, also rose 1.12 percent.In contrast, Hyundai Moto

South Korea‘s benchmark Korea Composite Stock Price Index hit another record high for 2017 Thursday, thanks to individual investors’ buying, offsetting its weak start earlier affected by Samsung’s refusal to reshape corporate structure. Kospi continued a seven-trading-day rally, closing at 2,209.46 points. It was up 0.07 percent, or 1.62 points from a day earlier, when it crossed the 2,200 mark for the first time in six years. The stock market index dropped to 2,199.76 at

South Korean stocks traded lower early Thursday morning, slipping from their six-year highs, with top market cap Samsung Electronics hitting a fresh record high.The benchmark Korea Composite Stock Price Index (Kospi) shed 3.85 points, or 0.17 percent, to 2,203.99 as of 11:15 a.m.Market kingpin Samsung Electronics was 1.73 percent up after reporting the biggest quarterly earnings in three years aided by robust chip sales.The world's largest manufacturer of smartphones also said it would buy back

K-Bank, South Korea's first Internet-only bank, has achieved more than half of its full-year target of attracting deposits just 24 days after launching operations, the nation's financial regulator said Thursday. The pace of growth in K-Bank's deposits is much faster than expected and the Internet-only bank is fueling increased competition with traditional banks, the Financial Services Commission said in a statement. K-Bank, formed by a consortium of KT Corp., Woori Bank and 19 other compani

South Korean stocks got off to a weak start on Thursday, led by losses in Samsung Electronics and its affiliates and automakers.The benchmark Korea Composite Stock Price Index shed 4.74 points, or 0.21 percent, to 2,203.10 in the first 15 minutes of trading.On Wednesday, the Kospi closed at a fresh six-year high, driven by continued foreign buying.Investors also seem to be tempted to cash in gains.Market kingpin Samsung Electronics was 0.47 percent down and Samsung C&T, the de facto holding

South Korea’s stock market stayed bullish, with its benchmark Korea Composite Stock Price Index crossing the 2,200 mark for the first time in six years Wednesday, amid world market rallies and the earnings parade of local corporations. The main bourse closed at 2,207.84 Wednesday, up 0.5 percent, or 10.99 points compared to the previous day. It surpassed the 2,200 mark for the first time after May 4, 2011, when the market ended at 2,201.69. It opened at 2,202.37 Wednesday, up 5.52 points,

The following is the third in a series of articles breaking down the presidential candidates’ major economic pledges in a simulated question-and-answer format by gathering their answers from official websites, media interviews, public speeches, books and more. The third installment delves into their proposals on increasing taxes and enhancing welfare. -- Ed.South Korea’s tax code is likely to reach a turning point upon the May 9 presidential election, as the majority of the president

Standard Chartered Bank Korea announced Wednesday it plans to hold a forum dedicated to financial technology at its main branch in Korea on May 17.Michael Gorriz, group chief information officer at the London-based Standard Chartered Bank and Lim Jung-wook, managing director of Startup Alliance in Korea, will deliver keynote speeches at the forum.Under the theme of “Digital Technology Reshaping the Banking Industry,” the forum will involve sessions on the innovation of financial serv