The number of donees who had reported gift taxes upon receiving at least 100 million won ($94,000) as of 2016 surpassed 50,000, increasing 21 percent from the previous year, data from the National Tax Service showed. By age, most, or 14,840, were in their 40s, followed by those in their 50s and 30s. By rate of increase, the number of those aged 10-19 who inherited 100 million won or more shot u...

This is the 48th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed. South Korea announced in October last year the upcoming PyeongChang Olympic Winter Games will become the test bed for the nation‘s first fifth-generation network. The news triggered anticipation for the hyper-connectivity -- or connectivity between humans and things -- powered by wh...

South Korean brokerage KTB Investment & Securities is on track for a transition in leadership to incumbent Vice Chairman Lee Byung-chul, in the wake of a series of scandals involving Chairman Kwon Sung-moon. Lee, 48, announced Tuesday in a regulatory filing that he would exercise his right of first refusal on 18.76 percent of shares worth 66.2 billion won ($62.2 million) in the securities firm, ...

Don Tapscott, a Canadian best-selling author and founder of Blockchain Research Institute, will speak at a blockchain conference slated for Jan. 17 in Seoul, according to an industry source Wednesday. The event, titled “Blockchain Revolution: Convergence with Traditional Economy,” will take place at Seoul Dragon City in Yongsan, central Seoul. Tapscott, co-author of “Blockchain Revolution,” las...

South Korea’s leading banking groups on Tuesday vowed to achieve innovation in the digital finance sector this year, seeking to vie with burgeoning financial technology rookies and internet-only banks. KB Financial Group, the nation’s top banking group by market capitalization, said that it would become the industry’s “first mover” by incorporating new digital technology and co-working with fint...

The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the seventh installment. — Ed. Securities firms in South Korea have for the past few years joined the race to lower commission fees -- to nearly zero -- to draw in more retail investors. But to Ryan Moon, co-founder of Korea’s first robo adviser-powered investment service provider Newsys...

South Korean stocks advanced Tuesday, the first trading session of 2018, as large cap tech and chemical shares gained ground, analysts said. The Korean won sharply rose against the US dollar to reach an over three-year high. The benchmark Korea Composite Stock Price Index added 12.16 points, or 0.49 percent, to end at 2,479.65. Trade volume was light at 244 million shares worth 4.4 trillion won ...

Mirae Asset Daewoo, the largest securities firm by net worth in South Korea, was slapped with a fine of 325.2 million won ($306,000) in December last year over a breach of the Capital Markets Act, according to the Financial Supervisory Service on Tuesday. Three brokers at Mirae Asset Daewoo, who were not identified to the media, were given penalties such as suspension, wage cut and reprimand b...

The South Korean government has been developing a system that is likely to start banning the use of anonymous accounts in cryptocurrency transactions from around Jan. 20, financial industry sources said Tuesday. The system is a part of follow-up measures after the government announced last week a set of fresh measures to curb transactions of cryptocurrencies, including a possible closure of cryp...

People who invested in stocks last year received the highest returns compared with those who betted on real estate, funds, gold and other assets, financial data showed Tuesday. The benchmark KOSPI ended 2017 up 21.76 percent from a year ago. The increase is 15.5 times the 1.4 percent annual interest rate for a time deposit at a bank, according to the data. The index for the secondary KOSDAQ jum...

Foreign investors poured more than a net 3 trillion won ($2.8 billion) into the tech-heavy KOSDAQ market last year to spearhead the record rally of the secondary bourse, industry data showed Monday. A net 3.13 trillion won worth of KOSDAQ-listed shares were purchased by offshore investors in 2017, outnumbering a net 668.3 billion won by individual buyers, according to the data by the Korea Excha...

In the wake of the South Korean government’s signal that it may shut down cryptocurrency exchange businesses, rumors circulated online Friday that a protest against the government’s anti-cryptocurrency move would be held in Gwanghwamun Plaza in central Seoul on Saturday night. An online post said a protest would begin at 8 p.m. Saturday to fight the state-led crackdown “without the slightest leg...

South Korea's market interest rates are likely to trend higher in January due to a rise in US Treasury sales, a report said Friday. The yield on South Korea's three-year government bonds is projected to continue its uptrend next month due to overseas factors, ranging from 2 percent to 2.3 percent, according to the report by the Woori Finance Research Institute. Currently, the return on three-ye...

South Korean domestic stock investment funds have attracted more than 3 trillion won ($2.8 billion) over the past month amid expectations for a market rally in January, a market tracker said Friday. Equity funds focused on local stocks posted a net money inflow of 3.54 trillion won in the month to Thursday, according to FnGuide. In particular, domestic equity funds lured as much as 1 trillion w...

The government said Thursday it is banning the use of anonymous virtual accounts in cryptocurrency transactions as part of efforts to curb virtual currency speculation. Hong Nam-ki, minister of the Office for Government Policy Coordination, made the announcement after a meeting of vice ministers from related ministries, saying the government "can't let this abnormal situation of speculation go o...