The amount of tax reimbursements more than doubled from a year earlier in 2015, apparently indicating excessive tax collection by officials out to improve their personal performances, a lawmaker said Thursday.   In 2015, the National Tax Service (NTS) was forced to reimburse 6.26 trillion won (US$5.56 billion) in excess taxes, according to Rep. Kim Gwang-lim of the ruling Saenuri Party.   The 2015 tally marks a 106 percent spike from 3.04 trillion won in 2014, the lawmaker said, citing related d

Sept. 15, 2016

South Korean shares sank 2.28 percent Monday to hit an almost three-month low, as investors were spooked by continued setbacks in the global market and growing geopolitical tensions following North Korea's nuclear test, as well as a sharp drop in top market cap Samsung Electronics, analysts said. The local currency fell sharply against the US dollar.The benchmark Korea Composite Stock Price Index dropped 46.39 points to 1,991.48. Trading volume was moderate at 41.87 million shares, worth 4.75 tr

Sept. 12, 2016

South Korean shares traded 1.82 percent lower late Monday morning as investors dumped large-cap shares, spooked by heightened economic woes and growing geopolitical risk following North Korea's nuclear test.The benchmark Korea Composite Stock Price Index (KOSPI) dipped 39.19 points to 1,998.68 as of 11:20 a.m.Key events are ahead this week with possible US rate hike at the Federal Open Market Committee (FOMC) meeting.  North Korea ramped up regional tensions last week by conducting its fifth nuc

Sept. 12, 2016

South Korea's direct investment in China has dropped for the past decade due to increased labor costs and reduced incentives for foreign firms there, a report showed on Monday.According to the report compiled by the Federation of Korean Industries, the largest business lobby with the top 600 firms in South Korea under its wings, the country's direct investment in China, the world's No. 2 economy, reached $2.85 billion last year, a sharp drop from its peak at $5.44 billion in 2007.The number of n

Sept. 12, 2016

The growing number of single households in Korea looks set to buoy stocks related to their lifestyles, according to a report by NH Investment & Securities. 　According to a 2015 census by Statistics Korea released earlier this week, the percentage of one-person households rose to 27.2 percent last year, surpassing households with two or more individuals for the first time. Such single households are projected to account for 34 percent of all households by 2035. 　“Such growth is expected to bring

Sept. 9, 2016

　The fifth nuclear test by the North Korean regime had a slight impact on the South Korean stock market Friday, but it might affect the market longer than in the past as the North is getting more unpredictable, said the country’s financial regulator.  　The Kospi closed at 2,037.87, down 1.25 percent from Thursday.  　Seoul’s main bourse Kospi opened lower due to disappointment at the inaction of the European Central Bank overnight. It continued to fall below the 2,040 mark throughout the morning

Sept. 9, 2016

Asset management businesses in South Korea saw the biggest earnings in seven years in the second quarter, but the number of unprofitable firms also rose due to fiercer competition in the market. According to data by the Financial Supervisory Service on Thursday, the combined net profits of asset management companies in South Korea shot up 18.8 percent to reach 160.7 billion won ($147 million) during the April-June period this year, compared to the same quarter last year. The number of asset mana

Sept. 8, 2016

Creditors of cash-strapped Hanjin Shipping Co. are unlikely to provide fresh financial aid to the ailing shipper currently under court receivership, industry sources said Thursday, further worsening the outlook for its already crippled cargo shipment.According to the sources, the state-run Korea Development Bank, the main creditor for Hanjin, has reached a conclusion that new funding to the nation's leading and the world's seventh-largest container shipping line is not possible without collatera

Sept. 8, 2016

Some South Korean companies with relatively high credit ratings are hurrying to raise capital in the debt market amid growing speculation that the US Federal Reserve may lift its benchmark interest rate soon, market watchers said Thursday.The move is also attributable to growing worries that the corporate bond market may be strained suddenly by the impact of a corporate revamp drive, they added.There was not a single A-rated corporate bond offering here in August. This month, however, SK Incheon

Sept. 8, 2016

The tax burden rate for the corporate community has continuously fallen throughout the two previous and current administrations while the tax load on personal income has risen, a parliamentary report showed Thursday, with a suggestion that there was room for a tax hike.Such conclusions were drawn as the opposition camp, who wields the majority in the National Assembly, is pressing for a tax increase. The government has stayed the rate for corporate, income and value-added taxes for next year.The

Sept. 8, 2016

The combined net profits of asset management companies in South Korea jumped nearly 20 percent on-quarter during the April-June period this year on increased commission revenues, government data showed Thursday.The number of asset managers operating here rose to 138 in the second quarter from 115 in the previous quarter, according to the Financial Supervisory Service.They were managing 871 trillion won ($799 billion) of assets as of end-June, up 3 percent from 846 trillion won three months earli

Sept. 8, 2016