South Korea’s financial regulator on Wednesday halted the stock trading of Samsung BioLogics upon ruling that it had intentionally violated accounting rules in 2015 to exaggerate its profits ahead of market listing.The biopharmaceutical company -- affiliated with the nation’s largest conglomerate, Samsung Group -- will now face an examination that could potentially result in delisting.“We have concluded that Samsung BioLogics arbitrarily interpreted the accounting rules and intentionally breache

South Korea’s newly appointed economic policymakers -- in contrast to their predecessors who took office with high hopes upon the inauguration of the Moon Jae-in administration -- appear to be off to a rocky start, amid escalating concerns and disapproval of the government’s economic policy direction.For the time being, the newly appointed deputy prime minister for economy and presidential chief of staff for policy are expected to press ahead with Moon’s disputed economic polic

The replacement of the nation’s top two economic policymakers had long been speculated as inevitable for the Moon Jae-in administration to keep its policy momentum amid prolonged economic challenges and mounting skepticism over next year.After months of denying rumors about the reshuffle, the presidential office Cheong Wa Dae on Friday announced the replacements for Deputy Prime Minister and Finance Minister Kim Dong-yeon and presidential chief of staff for policy Jang Ha-sung.Kim was repl

In replacing the top two economic policymakers on Friday, Cheong Wa Dae has chosen insiders from the incumbent bureaucratic society. Hong Nam-ki, 59, who was named to replace Kim Dong-yean as deputy prime minister and finance minister, has been serving as chief of the Office for Government Policy Coordination since May 2017, the beginning of the Moon Jae-in administration.He is marked for his diverse experience not only in government departments, but also in the presidential secretariat und

The presidential office Cheong Wa Dae on Friday replaced the nation’s top two economic policymakers -- Deputy Prime Minister and Finance Minister Kim Dong-yeon and presidential chief of staff for policy Jang Ha-sung -- amid persisting skepticism over the country’s struggling economy. Minister Kim is to be replaced by Hong Nam-ki, chief of the Office for Government Policy Coordination, while Jang’s post is to be filled by Kim Su-hyun, senior presidential secretary for socia

The amount of loans taken out for stock purchases has been on a drastic downtrend over the past month, reflecting the recent collapse of stock prices and shrinking investor confidence, data showed Thursday. According to the Korea Financial Investment Association, the balance for margin account loans stood at 9.4 trillion won ($8.4 billion) as of Monday, down 2.8 trillion won, or 23.8 percent, from a month earlier. This was also the lowest since a balance of 9 trillion won observed on Nov. 3

South Korea reported a sharp decline in the price of gasoline, diesel and liquefied petroleum gas Tuesday, as the government effectuated its temporary tax break on vehicle fuels in an effort to alleviate the people’s economic burden, data showed.According to Opinet, the oil information platform run by the Korea National Oil Corporation, the average per liter price of gasoline here stood at 1,677.39 won ($1.49) at around 2:30 p.m. on Tuesday, down 12.91 won from a day earlier and marking th

Further tax cuts should be offered to government-designated industrial crisis zones in order to create an actual investment effect, according to Prime Minister Lee Nak-yon on Sunday.“I suggest we discuss ways to further increase the investment tax deduction rate in industrial crisis zones,” Lee said at the government and ruling party meeting held at the National Assembly.“Related tax revision bills are currently pending for (parliamentary) approval, but the current level (of ta

Representatives of the world’s top five IP offices have gathered in Seoul this week for their annual meetings on trademarks and industrial designs, as they aim to align the conventional trademark and industrial design system with the “fourth industrial revolution.”The Korean Intellectual Property Office said Wednesday the TM5-ID5 Annual Meetings are being held at Imperial Palace Seoul from Thursday to Tuesday, attended by KIPO, the United States Patent and Trademark Office, Japan Patent Office,

Despite hullabaloo in the stock market accompanied with pessimistic economic indices, the South Korean government on Tuesday denied the signs being the bellwether of another economic crisis.While vowing to keep a stern eye on market fluctuations, top policymakers underlined that the bourse “overreacted” to external risk factors such as the US-China trade conflict and US rate hike gestures, and that it remains premature to go as far as activating a contingency plan.　“Considering

South Korea’s stock market once again renewed its all-year low on Monday, closing below the psychologically significant threshold of 2,000, despite the government’s urgent moves for countermeasures.The market benchmark index on Monday closed at 1996.05, down 31.1 points or 1.53 percent from the previous session’s close. During the last half hour of trading, the index fluctuated up and down the 2,000 mark, after its first sub-2,000 dip at around 2:53 p.m.This marked the fifth co

South Korea’s top-tier stock market Kospi extended its latest nosedive Monday, renewing its record low for the year and dipping below the psychologically significant 2,000-point barrier, according to Korea Exchange.  The benchmark index hit 1,999 at around 2:53 p.m. before recovering to above 2,000. This was the first time in 22 months that the figure fell lower than the 2,000 mark.Earlier in the day, the Financial Services Commission vowed to inject some 500 billion won ($439.1 milli

Market observers remained tense throughout the weekend amid burgeoning skepticism that the stock benchmark Kospi might dip below the psychologically significant threshold of 2,000 this week, reeling under the prolonged US-China trade tension and visible losses in recent corporate earnings.Foreseeing further depreciation, especially in the market top cap companies, officials responsible for the securities sector are to put their heads together to devise countermeasures this week in response to th

The South Korean government on Wednesday announced a set of innovative growth actions plans, centering on ways to create new jobs and revitalize private investment.Addressing the automobile, auto parts and shipbuilding industries -- all having undergone extensive restructuring earlier this year -- the government pledged to extend guarantees for corresponding companies and create some 60,000 new jobs for various age clusters within the year. It also revealed a financial program for small-sized bu

Responding to protracted trade tension between the United States and China, South Korea should further diversify its trade channels and seek multilateral ties, the country’s top economic policymaker said Tuesday.“Seeking to actively respond to trade protectionism, (Korea) will take pre-emptive actions to diversify its investment and human interchanges,” said Deputy Prime Minister and Finance Minister Kim Dong-yeon in a meeting of economy-related ministers.He then called for Seo

The Korean Intellectual Property Office, jointly with the World Intellectual Property Organization, is holding a special certificate course in Seoul this week for intellectual property practitioners and learners, officials said Monday.The Advanced International Certificate Course kicks off Tuesday and runs throughout the week at the Korea Intellectual Property Service Center building in Yeoksam-dong. The event comes as part of KIPO’s sustainable efforts to promote the use of intellectual propert

Over 2,000 people have emigrated from South Korea without paying back debt to financial organizations in the past 10 years, leaving some 438 billion won ($387 million) of unsettled debt here, data showed Friday. The total number of such indebted emigrants stood at 2,345 as of end-August this year, according to data submitted by the Korea Asset Management Corporation to Rep. Lee Tae-kyu, a lawmaker of the Bareunmirae Party and member of the parliamentary National Policy Committee. Of the 438

South Korea has avoided being classified as a currency manipulator by the United States, but will remain on its monitoring list over the next six months, financial officials said Thursday.“The foreign exchange market here will not receive much impact as we were not designated as a currency manipulating country,” said an official of the Ministry of Economy and Finance.“But should China be named a currency manipulator (in April next year), there will then be significant indirect

South Korea’s global competitiveness has made some progress this year on the back of its strong macroeconomic fundamentals and ICT, but continues to face challenges concerning market autonomy, corporate hierarchy, diversity and innovation, a global report showed Wednesday.According to the Global Competitiveness Report, released by the World Economic Forum, Asia’s fourth-largest economy ranked 15th out of 140 countries, marking its third-strongest showing ever and its best since 2008,

When addressing Southeast Asian states as “ASEAN,” foreign investors are often inclined to overlook the individual economic, legal and cultural differences of each country, according to a legal expert. “Cultural disparity is a frequent challenge for foreign investors who seek to affiliate themselves with an unknown business environment,” Jeong Cheol, a lawyer at Jipyong LLC, said at The Korea Herald Biz Forum.“It may thus be a critical error to presume that the business experience and insight in