South Korea said Monday it will start a cash-back reward program for card spending next month in an effort to boost private spending amid the fourth wave of the pandemic. The two-month scheme will allow people to receive up to 100,000 won ($85) per month if their card spending exceeds 3 percent of their monthly average use in the second quarter, according to the Ministry of Economy and Finance. The government earmarked 700 billion won in its budget to fund the scheme, with an aim of boosting p

South Korea plans to unveil additional measures next month to curb household debts, the head of the financial regulator said Monday. Financial Services Commission (FSC) Chairman Koh Seung-beom said such measures will focus on improving ways of calculating a household's ability to repay debts. Koh said the government will continue to take stricter measures to rein in household debts, calling such debts the "biggest potential risk" on the nation's economy. Since July, the FSC has a

South Korean stocks opened nearly flat Monday as investors took a wait-and-see mode amid the country's spiking new coronavirus cases and concerns over China Evergrande Group's debt crisis. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.23 points, or 0.01 percent, to 3,125.01 points in the first 15 minutes of trading. Stocks got off to a muted start amid spikes in South Korea's daily COVID-19 cases. On Monday, South Korea reported 2,383 new COVID-19 cases. Daily cases have

South Korea said Monday it plans to increase support for overseas expansion by startups and smaller firms as part of efforts to strengthen its ties with Southeastern Asian countries and nations in Eurasia. The government plans to further promote economic cooperation with the 10-member states of the Association of Southeast Asian Nations (ASEAN) and Europe based on the outcome of summit diplomacy with such nations, according to the Ministry of Economy and Finance. The country will pursue cooper

Nearly 2,400 foreigners are engaging in the home rental business in South Korea, with Chinese nationals accounting for more than one-third of the total, government data showed Monday. The number of foreign home rental business operators in Asia's fourth-largest economy stood at 2,394 as of the end of June last year, according to the data from the land ministry. There were 885 Chinese housing rental business owners here, taking up 37 percent of the total. Americans came next with 702, followed

Dividend payouts by South Korean listed companies jumped nearly 24 percent in the first half of the year amid their strong earnings, a corporate tracker said Monday. The combined amount of dividends paid out by 140 firms, including top-cap Samsung Electronics Co., came to 9.3 trillion won ($7.9 billion) in the January-June period, up 23.5 percent from a year earlier, according to Leaders Index. The firms cover those that have announced dividends out of the country's 2,323 listed corporations.

Twenty-nine of Korea’s 66 cryptocurrency exchanges met a legal deadline to put themselves under regulatory supervision, but they still face challenges, market insiders said Sunday, such as risks from legal breaches and an inability to convert coins into Korean won. The Financial Services Commission said Saturday that 29 exchanges submitted applications to register their businesses by Friday and will process them within three months, legitimizing their status as market players but also s

South Korea’s recent decision to raise electricity prices for the first time in nearly a decade and an expected price surge in home gas is likely to increase inflationary pressure, industry watchers said Sunday. Electricity and home gas prices, which are key components of “public utility charges” -- fees related to supply of electricity, gas, power, water and transport – usually help lower inflationary pressure, with their relatively flat price gains. But the COVID-19 pa

Standard Chartered Korea on Sunday said it has recently launched a promotional event that offers prizes, including a 24-karat gold plated $2 bill, for customers who subscribe to dollar-denominated products for the first time. Customers will receive chances to enter the sweepstake if they subscribe to any dollar-related products including funds, money market funds, savings accounts and insurance. One first prize winner will receive a gold plate weighing 15 grams, while 10 second prize winner

The amount of parked money that can be withdrawn any time has surged to an all-time high, data showed Sunday. According to the Bank of Korea, the amount of demand deposit increased by 3.3 trillion won ($2.8 billion) to some 388.7 trillion won as of July. It is the largest amount since the central bank started to collect related data. Market experts suggested that extra cash ready for new investments has few places to go because of the government’s intensifying regulatory moves on the pr

The amount of cargo handled at South Korean seaports was up 8.7 percent on-year in August amid the global economic recovery, government data showed Sunday. The cargo processed at the country's ports stood at 128.6 million tons last month, up from 118.3 million tons a year earlier, according to the data by the Ministry of Oceans and Fisheries. Handling of export-import cargo rose 9 percent to 117.4 million tons on the back of strong exports of petrochemicals and cars. Coastal cargo handled in Sou

South Korean stocks are likely to move in a tight range next week amid uncertainties from a Chinese developer's debt crisis and the local surge of new coronavirus cases, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,125.24 points Friday, down 0.49 percent from a week ago. Stock markets were closed Monday through Wednesday this week for the Chuseok holiday. The losses came as investors digested the U.S. FOMC meeting results that said the Fed could b