South Korea’s financial regulator recently exercised its search and confiscation right for the first time in an alleged stock-rigging case, since it was given the authority in 2002 under the revised law on securities trading.Inspectors from the Financial Services Commission raided the residence of a certified public accountant working for a major accounting firm on June 1, a regulatory official said Tuesday.The alleged scammer is suspected of engaging in unfair stock trading with colleagues by e

The government will prioritize getting pending service-related bills passed by the National Assembly before the political parties plunge into campaigning mode for next year’s April 13 general elections, said officials at the Ministry of Strategy and Finance on Monday.Seven of the 30 bills aiming to boost the economy through the service sector have been pending at the National Assembly for up to three years, according to the ministry.Deputy Prime Minister Choi Kyung-hwan was quoted by a news prov

South Korea’s benchmark stock index fell below the 2,000 mark for the first time in about five months Tuesday, in the wake of China’s artificial currency depreciation as well as a selling streak led by foreign and institutional investors. The KOSPI lost 16.52 points, or 0.82 percent, from the previous trading session to close at 1,986.65.This marked the first time the index stayed below the 2,000 mark since it posted 1,987.33 on March 16. The closing price Tuesday was the lowest since it touched

The number of self-employed workers in South Korea fell to its lowest level in 20 years in the first half of the year, in the wake of a protracted economic slowdown.The outbreak of the Middle East respiratory syndrome between May and June, which seriously damaged consumer sentiment, is estimated to have fueled the shutdown of more self-employed individuals.According to Statistics Korea, the number of self-employed people who have no employees stood at 3.975 million as of June 2015, down 107,000

South Korea’s tax authority has decided to expand tax incentives for foreign companies, which would increase the workforce in the nation next year, said economic policymakers on Thursday.According to the 2015 tax code revision unveiled by the Finance Ministry, the ceiling of tax deduction for foreign firms operating here will be raised to 40 percent of their total inbound-investment from the current 20 percent -- when it comes to job creation.Currently, they are offered a corporate deduction of

Deputy Prime Minister and Finance Minister Choi Kyung-hwan urged public companies Wednesday to introduce the wage peak system as soon as possible, reiterating it would help widen employment opportunities for young job seekers.In his meeting with 40 chiefs from the state-run agencies and firms, Choi said that “large (public) firms such as LH and the Korea Railroad Corp. should take the initiative in inducing the labor-management agreement on the wage peak system in August.”Under this system pushe

Many analysts are cautioning against investing in stocks on the secondary KOSDAQ, which has been continuously bullish since early this year.Describing the rally of the market -- which mostly trades stocks of small and medium-sized companies -- as an extraordinary bubble, they warn it could pop later this year and bring about heavy losses to small investors.A research analyst on TV stressed Friday that some individuals are forced to dispose their stocks at low prices after investing in the market