The South Korean currency rose 1.18 percent to the U.S. dollar on Monday as investors’ risk-aversion eased on the back of improved U.S. economic data, dealers said.The Korean stocks ended 0.23 percent lower as investors stepped to the sidelines due to prolonged currency volatility in the foreign exchange market, analysts said.The local currency closed at 1,084.60 won against the greenback, up 12.8 won from the previous session.“The won gained ground as U.S. data eased concerns about the fragile

A presidential panel suggested Monday that South Korea further raise electricity rates, saying they are too low for a country that relies on imports for most of its energy needs.The suggestion, along with a hike in tap water charges, was among the 10 major tasks the Presidential Committee on Green Growth put forward to make South Korea a global “green power” during a reporting session to President Lee Myung-bak.The committee said that South Korea has had a policy of setting electricity price art

The Korea Trade-Investment Promotion Agency opened a global center to support the merger and acquisitions of small and medium-sized companies.KOTRA held the opening ceremony of its Global M&A Support Center at the Invest Korea Plaza on Monday, according to officials.“We shall support M&A deals of Korean firms to help them gain a foothold in the overseas market,” said Oh Young-ho, president of the state-run company.“Our prime focus will be the small and medium-sized firms which face difficulties

Korea’s five carmakers ― Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor ― saw their exports to the European Union worsen last year, with falling car sales across Europe showing no sign of recovery.According to industry data on Monday, the nation’s car exports to EU countries decreased 6.5 percent to 388,223 vehicles last year from 426,057 units in 2011In 2011, the first year when the free trade pact between Korea and the EU went into effect, Korea’s car exports t

Ministry says mobile games not major cause of addiction

Stock ownership by foreign investors on South Korea’s main bourse inched up in January from December2011 on growing optimism for an economic recovery, the stock market operator said Monday.Overseas investors held 34.58 percent of the total shares on the main bourse as of end-January, up 1.72 percentage points from 13 months earlier, the Korea Exchange said.Market watchers said the rise came as the country’s sovereign credit ratings rose last year, while major countries, including the U.S., injec

South Korea on Monday designated two new free economic zones as part of efforts to further attract foreign investment to the country, a government committee said.The two new areas ― one in the eastern province of Gangwon and the other in the central region of North Chungcheong Province ― were named candidate sites in September last year, according to the FEZ Planning Office governed by the Ministry of Knowledge Economy.“Since their designation as candidate sites, the office has been working clos

Financial regulatory officials have been in internal discussions about taking punitive measures against Hyundai Card for alleged business irregularities.Though few of Hyundai Card’s irregular practices have yet been made public, there is a high possibility that a “caution” or “warning” will be issued to the credit card issuer, according to market observers.The Financial Supervisory Service conducted an investigation into Hyundai Card by dispatching inspectors to its headquarters in the fourth qu

Bank of Korea board member Moon Woo-sik sees no immediate need to alter benchmark interest rates and says it’s “too early” for any central-bank response to the yen’s slide against the won. “There are good reasons why people tend to be more optimistic this year than last year,” Moon, 52, said in an interview in Seoul last week. There’s no “important reason to take monetary-policy actions quickly” unless the South Korean economy declines further, he said. Central bank policy makers meet Feb. 14 to

South Korean stocks ended 0.23 percent lower on Monday as investors stepped to the sidelines due to prolonged currency volatility in the foreign exchange market, analysts said Monday. The local currency surged against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) dipped 4.58 points to 1,953.21. Trading volume was moderate at 339.7 million shares worth 3.49 trillion won (US$3.22 billion), with decliners outpacing gainers 475 to 337."Despite positive economic indicators f