South Korea will provide the Asian Development Bank with an all-time high 191.2 billion won ($179.4 million) this year to assist developing countries, the government said Saturday.“South Korea decided to provide the assistance to the Asian Development Fund after reaching an agreement on the country’s share of expenses last year,” an official from the Ministry of Strategy and Finance said.Introduced by the regional lender ADB in 1968, the fund aims to provide loans to developing countries at a lo

Starting Monday, buildings and commercial shops in South Korea that keep their doors open while running heaters will face as much as 3 million won ($2,800) in fines, officials said Saturday. The measure is part of the government’s mandatory campaign to save electricity as the nation is bracing for an unusually cold winter amid risks of a possible power shortage. Big commercial buildings such as hotels and department stores will be required to keep their thermostats at 20 degrees Celsius or lower

South Korea's foreign exchange reserves reached a new record high in December on the back of an increase in investment profits and higher conversion value of non-dollar assets, the central bank said Friday.The country's foreign reserves reached $326.97 billion in December, up $880 million from the previous month, according to the Bank of Korea (BOK).Foreign reserves consist of securities and deposits denominated in overseas currencies, along with International Monetary Fund reserve positions, sp

South Korean stocks finished 0.58 percent down Thursday as the strengthening won weighed heavily on the local big-name exporters, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 11.69 points to 2019.41. Trading volume was moderate at 484.5 million shares worth 5.99 trillion won ($5.64 billion) with gainers outnumbering losers 440 to 375.“Large-cap exporters such as Hyundai Motor are directly affected by the weakening Ja

Halla Climate Control Corp. fell the most in almost five months in Seoul trading after Hyundai Motor Co. chose Japan’s Denso Corp. to supply air-control equipment.Halla Climate, a maker of car air-control systems and components, slumped 11.4 percent to 21,400 won at the close in Seoul, its biggest drop since Aug. 7. South Korea’s benchmark KOSPI index declined 0.6 percent.Hyundai Motor will use Denso’s air-control parts for U.S.- made Sonata sedans, the auto company, South Korea’s biggest carmak

South Korea’s peak electricity consumption shot up to a new all-time high Thursday as temperatures dropped to the lowest so far this winter.The peak demand surged to 76.93 million kilowatts at 10:18 a.m. with the average consumption between 10 a.m. to 11 a.m. coming to 76.52 million kilowatts, according to the state-run Korea Power Exchange.Such a record demand came as the mercury dropped to as low as minus 16.4 degrees Celsius in Seoul, the lowest since the ongoing cold season began.The electri

LG Electronics Inc., which has been ramping up efforts to regain a presence in the mobile phone industry, has sold more than 1 million Optimus Vu phones locally, the company said Monday.The Optimus Vu series, which includes the Optimus Vu and the Optimus Vu 2 phones, features a 4:3 display that was designed to enhance readability of Web pages and e-books.LG Electronics locally released the Optimus Vu in March and Optimus Vu 2 in September. The handset maker has rolled out the Optimus VU in Asia,

Hyundai Mipo Dockyard Co., a South Korean shipbuilder, has clinched a 331 billion won ($311 million) deal to build 10 vessels, the company said Monday.Under the deal with an American shipping firm, Hyundai Mipo will deliver the vessels carrying petrochemical goods by June 2015, the company said in a regulatory filing.Hyundai Mipo, a unit of South Korea’s leading shipbuilder Hyundai Heavy Industries Co., did not identify the name of the buyer.Hyundai Mipo said it targets orders worth $3.2 billion

POSCO, South Korea’s leading steelmaker, said Tuesday it has acquired a stake in a Canadian mining company as part of its efforts to diversify its profit source. A consortium that includes POSCO has secured a 15 percent stake worth $1.1 billion in ArcelorMittal Mines Canada, the company said in a statement. POSCO will invest $270 million, with China Steel, the largest steelmaker in Taiwan, to pay $540 million for the deal, it said. The remainder needed for the acquisition will be raised from ins

Assembly passes revised bill to collect more ‘comprehensive financial income’ tax

The combined market capitalization of South Korean firms listed on the main and secondary bourse ranks 15th among global peers by claiming 2.15 percent of the total, data showed Monday.The combined market cap of the world's 20 major stock markets reached US$52.7 trillion as of the end of November, increasing 9.56 percent from end of 2011, according to data by the bourse operator Korea Exchange.The KRX, which operates the benchmark Korea Composite Stock Price Index and the tech-heavy KOSDAQ marke