SEOUL, Jan. 26 (Korea Bizwire) — The government plans to boost energy vouchers and expand a discount of gas prices for vulnerable people to help them cope with surging costs of heating their homes, a senior presidential official said Thursday. Choi Sang-mok, senior presidential secretary for economic affairs, told reporters rising energy costs are inevitable [...]
SEOUL, Jan. 25 (Korea Bizwire) — Foreign currency deposits at banks in South Korea hit an all-time high in December, as corporate dollar savings increased, central bank data showed Wednesday. Residents’ outstanding foreign currency-denominated deposits had come to US$110.98 billion as of end-December, up $3.59 billion from the previous month, according to the data from [...]
SEOUL, Jan. 24 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it plans to abolish the existing mandatory registration policy for foreigners investing in local stocks within this year, in line with efforts to meet global standards. The move came as foreigners are currently required to file personal information with local financial authorities before [...]
SEOUL, Jan. 20 (Korea Bizwire) — South Korea’s financial regulator said Thursday it will open an institutional market to enable the trading of blockchain-based security tokens. The Financial Services Commission (FSC) announced that it deliberated on its regulation innovation agenda for the capital market. Security tokens, in general, are the issuance of securitized rights in [...]
SEOUL, Jan. 19 (Korea Bizwire) — South Korea’s leading asset manager Mirae Asset Global Investments Co. said Thursday it has purchased a logistics center near India’s financial hub of Mumbai in the latest move to expand its portfolio in one of the world’s fastest growing economies. Earlier this month, the firm’s Indian unit, Mirae Asset [...]
SEOUL, Jan. 18 (Korea Bizwire) — South Korea’s finance ministry said Wednesday it plans to revamp a set of tax regulations on the property market to ease the financial burden of people amid soaring borrowing costs. Under the plan, South Korea will allow owners of two homes topay less taxes if they dispose of one [...]
SEOUL, Jan. 16 (Korea Bizwire) — The number of fabricated South Korean banknotes hit a record low in 2022 on increased non-cash transactions amid the pandemic, central bank data showed Monday. The number of counterfeit banknotes found in South Korea last year came to 150, down from the previous record low of 176 a year [...]
SEOUL, Jan. 12 (Korea Bizwire) — South Korea will extend trading hours of its foreign exchange market as part of its efforts to make Asia’s No. 4 economy a more attractive investment destination, the finance minister said Thursday. Finance Minister Choo Kyung-ho said the South Korean government will consider extending its foreign-exchange trading hours to [...]
SEOUL, Jan. 12 (Korea Bizwire) – Foreign investors turned net sellers of South Korean securities for the first time in three months in December amid high U.S. interest rates, central bank data showed Thursday. Their combined investment funds in local securities — stocks and bonds — came to a net outflow of US$2.42 billion last [...]
SEOUL, Jan. 12 (Korea Bizwire) — Household loans extended by banks in South Korea declined for the first time in 18 years last year, due mainly to higher borrowing costs, the central bank’s data showed Thursday. Banks’ outstanding household loans decreased by 2.6 trillion won (US$2.09 billion) to 1,058.1 trillion won, according to the data [...]