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'Half of top 100 firms record average salary of 100m won or more'
Of the 100 largest conglomerates in South Korea, over half of them paid their employees an average salary of 100 million won ($68,000) or above in 2024, a local media outlet reported Monday. Yonhap News Agency recently analyzed the largest companies in the country by sales, and found that the average salaries for 55 of them exceeded the 100 million won threshold. That number has increased every year from nine in 2019, and was up five from 48 in 2023. CJ Corp., the holding company of CJ Group, re
March 31, 2025 -
Number of ISA holders tops 6m in 9 yrs: data
The number of individual savings accounts has breached the 6-million mark, data showed Monday. A total of 6.04 million people held ISAs as of the end of last month, with their deposits in the accounts reaching 36.5 trillion won ($24.8 billion), according to the data from the Korea Financial Investment Association. The financial product was introduced in March 2016 as part of the government's efforts to help individuals increase their wealth with a one-stop scheme and give customers tax benefits.
March 31, 2025 -
S. Korea's tax revenue increases W2.9tr through February
South Korea's tax revenue rose 5.1 percent from a year earlier in the first two months of 2025, the finance ministry said Monday. The government collected 61 trillion won ($41.46 billion) in taxes in January and February, up 2.9 trillion won from the previous year, according to the Ministry of Economy and Finance. The rise was mainly driven by a 2 trillion won increase in income tax, attributed to expanded performance-based bonuses. However, value-added tax revenue declined by 70 billion won due
March 31, 2025 -
Seoul shares open sharply lower on tariff woes
South Korean stocks opened sharply lower Monday ahead of the looming US imposition of reciprocal tariffs. The benchmark Korea Composite Stock Price Index fell 63.81 points, or 2.49 percent, to 2,494.17 in the first 15 minutes of trading. US President Donald Trump said he will announce a set of reciprocal tariffs Wednesday, targeting nations that charge fees on US exports, promising to match those countries' duties. In Seoul, most shares started in negative territory. Market bellwether Samsung El
March 31, 2025 -
Banks' capital adequacy ratio down in 2024
South Korean banks saw their capital adequacy ratio inch down last year due to an increase in risk-weighted assets amid the weakness of the Korean won, data showed Monday. The average capital adequacy ratio of 17 commercial and state-run banks stood at 15.58 percent as of end-December, down from 15.72 percent a year earlier, according to the preliminary data from the Financial Supervisory Service. From three months earlier, the ratio also declined from 15.84 percent. The ratio, a key barometer o
March 31, 2025 -
Trading of up to 800 firms available on alternative stock exchange this week
The operator of the country's alternative stock exchange said Monday that investors are now able to trade up to 800 firms on its platform, sharply up from 350 last week. Nextrade was launched March 4, offering extended trading hours and lower fees. The NXT runs for 12 hours, from 8 a.m. to 8 p.m., longer than the trading hours of the main Korea Exchange bourse, from 9 a.m. to 3:30 p.m. Initially, the trading of only 10 firms was available on the new stock exchange, but the number has steadily in
March 31, 2025 -
Industrial output, retail sales, facility investment gain ground in Feb.
South Korea's industrial output, retail sales and facility investment increased from a month earlier in February, data showed Monday, marking the first time in 17 months that the three key indicators have risen simultaneously. Industrial production rose 0.6 percent last month, reversing a downward trend that had persisted since September, except for a slight uptick in December, according to the data compiled by Statistics Korea. Retail sales, a key gauge of private spending, climbed 1.5 percent
March 31, 2025 -
Cryptocurrency investors in S. Korea surpass 16m
The number of virtual asset investors in South Korea has surpassed 16 million, drawing close to overtaking the number of stock investors in the country, data showed Sunday. A total of 16.29 million people had accounts at the top five domestic virtual asset exchanges -- Upbit, Bithumb, Coinone, Korbit and Gopax -- as of late February, according to data submitted to Rep. Cha Gyu-geun of the minor opposition Rebuilding Korea Party. Those who owned multiple accounts at different exchanges were only
March 30, 2025 -
SK hynix top pick for foreign investors in Q3
Major chipmaker SK hynix was the top pick for foreign investors in the first quarter of the year, data showed Saturday. The foreign investors scooped up a net 1.88 trillion won (US$1.28 billion) worth of SK hynix shares during the January-March period on hopes for a turnaround in the sector, according to the data compiled by the Korea Exchange. Defense firm Hanhwa Aerospace and internet portal operator Naver came in next with their net buyings of 733 billion won and 434 billion won, respectively
March 29, 2025 -
Investors see oppportunities for Korea amid intensifying US-China rivalry
South Korea faces a pivotal moment as it maneuvers through intensifying competition between the US and China, but the evolving landscape offers distinct opportunities for the economy, global investors said during an event hosted by the Milken Institute. The California-based economic think tank held its inaugural Global Dinner Dialogue, titled “South Korea at the Crossroads,” in Seoul on Thursday. The event brought together senior executives and regional leaders to discuss Korea’s economic outloo
March 28, 2025 -
Customs agency launches special unit to 'preemptively' respond to US tariff impact
The Korea Customs Service said Friday it has launched a special unit to "preemptively" protect domestic companies from potential fallout due to the latest tariff measures by the US administration. The team aims to minimize anticipated disruptions stemming from US President Donald Trump's planned reciprocal tariffs, which are set to be announced next Wednesday. The measures are designed to align US import tariffs with those imposed by other countries on American exports. "The best scenario would
March 28, 2025 -
Global trade protectionism to push up inflation, volatility in FX markets: think tank
The recent expansion of trade protectionism will put pressure on the global economy, leading to inflation and higher volatility in currency exchange rates, a South Korean state-run economic think tank said Friday. The Korea Institute for International Economic Policy made the assessment in a meeting of trade experts hosted by the Ministry of Trade, Industry and Energy, where participants discussed the shifts in trade policies of major economies, according to ministry officials. KIEP said the gov
March 28, 2025 -
Burger chain Lotteria to raise prices on higher costs
Lotteria, a burger chain operated by Lotte Group's affiliate Lotte GRS Co., will raise prices of its main products next week to pass higher costs onto customers, Lotte GRS said Friday. Lotteria will raise the prices of 65 items, including 23 burgers, beverages and desserts, by an average of 3.3 percent from Thursday, Lotte GRS said in a press release. Of them, the flagship Ria Bulgogi and Ria Shrimp burgers will be sold for 5,000 won ($3.41) per unit, up from the current 4,800 won, it said. "The
March 28, 2025 -
Delinquency rate on bank loans surges in Jan.
The delinquency rate on loans extended by local banks spiked in January due mainly to a base effect and increased newly soured loans, data showed Friday. The delinquency rate on banks' won-denominated loans rose 0.09 percentage point from a month earlier to 0.53 percent at the end-January, according to preliminary data from the Financial Supervisory Service. The amount of newly delinquent loans came to 3.2 trillion won ($2.18 billion) in January, up from the 2.5 trillion won the previous month.
March 28, 2025 -
Seoul’s global financial ascent fueled by fintech, says ex-lord mayor of London
The former Lord Mayor of London, Michael Mainelli, underscored the importance of connectivity in positioning Seoul as a global financial powerhouse, highlighting fintech innovations and a robust regulatory framework as key strengths. Mainelli, now chairman of think tank and consultancy firm Z/Yen Group, believes that enhancing interconnectivity within the global community is essential for Korea and its cities to advance further and remain competitive in the rapidly evolving global economy. “Conn
March 27, 2025