The Korea Herald

Foreign financial firms’ earnings nosedive

Foreign financial firms here saw sharp declines in both profit and market share this year, with some packing up to leave the country blaming double regulation and bias in addition to domestic banks’ dominance.Third-quarter net profits of Standard Chartered Bank Korea and Citibank plummeted 64 percent to 40.8 billion won ($37.7 million) and 73.3 percent to 37.1 billion won, respectively, compared to last year.Goldman Sachs Asset Management decided last month to shut down its Seoul office five yea

Dec. 3, 2012

Missing Pacific island riddle solved: researcher

A New Zealand researcher Monday claimed to have solved the riddle of a mystery South Pacific island shown on Google Earth and world maps which does not exist, blaming a whaling ship from 1876.The phantom landmass in the Coral Sea is shown as Sandy Island on Google Earth and Google maps and is supposedly midway between Australia and the French-governed New Caledonia.The Times Atlas of the World appears to identify it as Sable Island, but according to Australian scientists who went searching last

TechnologyDec. 3, 2012

Sense of smell key to successful relationship: study

Having an impaired sense of smell can cause trouble when maintaining a relationship because it can cause people to be insecure, according to a new study by European scientists.“It may well be that we are exchanging much more information through body odors than we are aware of,” study co-author Thomas Hummel, from the University of Dresden in Germany, said in an interview with Livescience.com.He added people are “governed by our noses in some ways.”Researchers analyzed data from the people suffer

TechnologyDec. 3, 2012

Sense of smell key to successful relationship: study

Koreans' lifetime medical bill averages 100 mln won

South Koreans spend an average of 100 million won (US$92,421) in medical expenses during their lifetime, a report showed Monday, with the amount likely to rise due mainly to the nation’s fast aging population.The report by the Korea Health Industry Development Institute showed women spend an average of 114.3 million won on hospital bills during their lifetime, while the figure for men came to 95.89 million won. The report is based on a study of the medical expenses of 200,000 people in 2010.Wome

TechnologyDec. 3, 2012

Koreans' lifetime medical bill averages 100 mln won

LG’s Nexus 4 tops Nexus phone poll

The Nexus 4 phone, LG Electronics Inc.’s first smartphone collaboration with Google Inc., has topped a consumer review of the U.S. search giant‘s Nexus smartphone line-up, a poll showed Monday.The Nexus 4 won support from 2,429 people as the best Nexus phone in a survey of 4,891 respondents, according to the recent poll compiled by the smartphone review Web site phoneArena.com.The 4.7-inch phone, released in late October, is the latest addition to the Nexus smartphone line-up. It runs on the And

TechnologyDec. 3, 2012

Seoul shares open higher on positive economic data

South Korean stocks began higher Monday as positive economic data from South Korea and China offset nagging concerns over the U.S. budget impasse, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.44 percent, or 8.53 points, to 1,941.43 in the first 15 minutes of trading.South Korea's trade surplus widened in November from a month earlier, while China saw its manufacturing purchasing managers' index data rise to a 7-month high.Key exporters led the gain, with market b

Dec. 3, 2012

S. Korea's consumer prices grow 1.6 pct on-year in Nov.

South Korea's consumer prices grew at the slowest pace in three months in November, indicating that the country managed to keep inflation under control, a government report showed Monday.The country's consumer prices index rose 1.6 percent in November from a year earlier, compared with a 2.1 percent on-year gain in the previous month, according to the report by Statistics Korea. From a year earlier, it dropped 0.4 percent.The core inflation, which excludes volatile oil and food prices, increased

Dec. 3, 2012

Increased overseas visits push card spending to record high

The prolonged economic slump at home and abroad is prompting consumers, companies and government organizations to tighten their belts. But card spending overseas appears to be going against the trend.According to data from the Bank of Korea, the nation’s overseas credit card payments in the third quarter amounted to about $2.37 billion, setting a new record. BOK officials attributed the overseas card spending increase to the rise in the number of Korean visitors to foreign countries. In the peri

Dec. 2, 2012

Increased overseas visits push card spending to record high

Like trees, lobsters show age in growth rings

For the first time, scientists have figured out how to determine the age of a lobster ― by counting its rings, like a tree.Nobody knows how old lobsters can live to be; some people estimate they live to more than 100.But knowing ― rather than simply guessing ― their age and that of other shellfish could help scientists better understand the population and assist regulators of the lucrative industry, said Raouf Kilada, a research associate at the University of New Brunswick who was the lead autho

TechnologyDec. 2, 2012

Like trees, lobsters show age in growth rings

KAIST team uses nanotech to solve vehicle battery problem

Korean scientists have discovered a way to improve the energy output and lifecycle of lithium-ion batteries by applying nanotechnology in the development of lithium manganese oxide for use in cathodes.The materials have been studied over the years as an alternative to lithium cobalt oxide to boost power and life expectancy of rechargeable batteries for electric vehicles.However, the dissolution of manganese during the chemical reaction process to create the compound has shortened the life cycle

TechnologyDec. 2, 2012

KAIST team uses nanotech to solve vehicle battery problem

Trade surplus widens to $4.48b in November

South Korea’s trade surplus widened in November from the previous month as exports posted positive growth on the back of steady global demand, the government said Saturday.The country’s trade surplus came to $4.48 billion in November, compared with the surplus of $3.7 billion the previous month, according to the Ministry of Knowledge Economy. The country’s exports grew 3.9 percent from the same month last year to $47.79 billion with imports gaining 0.7 percent on-year to $43.32 billion.The expor

Dec. 2, 2012

Financial market for retirees to triple until 2020: report

South Korea’s financial market for people preparing for life after retirement is expected to more than triple over the next decade amid rising demand from its fast-aging population, a report showed Sunday.The financial market for private pensions, retirement pensions and other private-sector financial products designed to support retirees will grow to 981 trillion won ($905.8 billion) in 2020 from the 302 trillion won estimated for this year, according to the report by Woori Investment and Secur

IndustryDec. 2, 2012

Shares expected to be rangebound this week

South Korea’s stock market is expected to remain in a tight range this week as investors wait on the U.S. fiscal cliff issue, analysts said.The country’s key stock index, the KOSPI, gained 21.57 points, or 1.27 percent, last week to close at 1,932.90 on Friday, on hopes that U.S. lawmakers and President Barack Obama will find a compromise on the U.S. fiscal issue.“Until the issue is addressed, investors will remain cautious on betting, and be engaged in trading and just be on the lookout for und

Dec. 2, 2012

Watchdog to probe cosmetics franchises

The Fair Trade Commission plans to launch a probe into the nation’s franchise business sector in the first quarter next year, starting with cosmetics shops in downtown areas that are sprouting recently due to soaring demand from Asian tourists. “We will look into the franchise sector as many retired people are seeking to start a new business and such trend is spreading to younger generations,” FTC chairman Kim Dong-soo told reporters on Friday. “As soon as we complete our investigation into conv

IndustryDec. 2, 2012

Korea sweeps global ‘phablet’ market: data

The sales of “phablets,” or large-screen smartphones, manufactured by Korea’s two handset makers ― Samsung and LG ― took up more than 90 percent of the global market, according to a U.S. market research firm.Strategy Analytics said Sunday that Samsung Electronics secured about 78 percent market share in the third quarter. LG Electronics accounted for about 14 percent market share.A combination of “phone” and “tablets,” phablets are touch-screen devices that are larger than smartphones but smalle

TechnologyDec. 2, 2012

Samsung, Hyundai strong in U.S. phone, car markets

The nation’s two largest companies ― Samsung Electronics and Hyundai Motor Group ― are thriving in the United States, a crucial market for their bigger global success. Samsung Electronics, which overtook Finland’s Nokia as the world’s largest handset-maker in April, held the No. 1 position in the U.S. mobile phone market. According to a survey by analytics firm comScore of some 30,000 mobile subscribers, 26.3 percent of the respondents said they owned a Samsung handset between August and October

IndustryDec. 2, 2012

Samsung, Hyundai strong in U.S. phone, car markets

Sale of KAI may be delayed to next year

The sale of Korea Aerospace Industries is expected to be delayed to next year as the two leading presidential candidates both came out against the “hasty” privatization of the nation’s sole aircraft maker, industry sources said on Sunday. The likelihood of a delay increased after the state-run Korea Finance Corp., which has led the sale of a 41.75 percent stake in KAI, announced last week that it would extend the due diligence period to Dec. 7 from the original deadline of Nov. 29. The decision

Dec. 2, 2012

Female CEOs still tiny minority

Despite the continued rise in the number of female executives in recent years, it is still hard to find a female chief executive officer in male-dominant South Korean big companies, data showed on Sunday. CEO Score, an online corporate management evaluator, said its recent survey of the top 1,000 Korean companies by revenue found that only eight companies are led by a woman CEO. Furthermore, most of the female CEOs were found to be a family member of the company’s owner. The Shilla Seoul, one of

Dec. 2, 2012

Rolls-Royce cars plans expansion as wealth spreads

Rolls-Royce, the ultra-luxury car brand owned by Bayerische Motoren Werke AG, plans to increase outlets by 14 percent within five years as it chases growing numbers of wealthy customers. Rolls-Royce targets expanding the number of dealers to 120 from 105 to reach millionaires in markets like Chile, Thailand and Vietnam. Unfazed by Europe’s debt crisis, the Goodwood, England-based carmaker expects the updated version of its $380,000 Phantom sedan will help it reach a second consecutive sales rec

MobilityDec. 2, 2012

Rolls-Royce cars plans expansion as wealth spreads

Taking the big cat for a stroll

The Korea Herald, in cooperation with carmakers, offers a test-driving experience to executive officials at Korean or multinational companies here. The opinion above is the author’s own. For any inquiry into this column, please contact jylee@heraldcorp.com. ― Ed.There’s nothing like a cat. Graceful, intuitive, powerful and proud ― the cat I am describing is the new Jaguar XJ, a 5.0-liter V8 luxury car that I had the pleasure of experiencing both as a passenger and as a driver for three days.My f

MobilityDec. 2, 2012