South Korea said Friday minor cracks were found at a nuclear reactor that have not caused a leak but still mean the facility will be kept offline, prompting fears of power shortages in the coming winter.The cracks were found during maintenance work on control rod tubes at a unit in the Yeonggwang nuclear complex, where two other reactors were recently shut down for several months to replace unvetted components.Half of Yeonggwang's six reactors will now be offline until January at the earliest, t

TechnologyNov. 9, 2012

Crocodile and alligator jaws are more sensitive than human fingertips and their sense of touch is among the most acute among animals, U.S. researchers say.Scientists, writing in the Journal of Experimental Biology, say the animals' jaws, covered with small, pigmented bumps that dot their skin, particularly around the face, are extremely sensitive to pressure and vibration, Discovery News reported.A previous study suggested the bumps -- known technically as "integumentary sensor organs" or ISOs -

TechnologyNov. 9, 2012

The country’s central bank left the key rate untouched on Friday, reflecting a hopeful outlook on the nation’s economy based on the brisk export growth in October. As widely expected, the Bank of Korea’s Monetary Policy Committee announced that it would keep the rate frozen at 2.75 percent for November to keep tabs on the impact of the quarter-point rate cut in the previous month. The economic downturn slowed in Korea as exports, consumption and investment improved, said BOK Governor Kim Choong-

Nov. 9, 2012

South Korea's producer prices grew at their slowest on-year pace in three months in October due to eased growth of oil costs and the won's ascent, the central bank said Friday.The producer price index, a barometer of future consumer inflation, inched up 0.2 percent in October from a year earlier, slowing from a 1 percent on-year gain in September, according to the Bank of Korea (BOK). The October figure marked the slowest expansion since July, when producer prices fell 0.1 percent on-year.The in

Nov. 9, 2012

South Korean stocks fell 1.19 percent Thursday as investors opted to lock in part of recent gains following the outcome of the U.S. presidential poll, analysts said.The local currency lost ground against the U.S. dollar. The Korea Composite Stock Price Index retreated 23.14 points to finish at 1,914.41. Trading volume was heavy at 6.53 million shares worth 5.31 trillion won ($4.87 billion), with losers outnumbering gainers 532 to 268. “The ‘Romney shares’ such as energy and oil issues tumbled in

Nov. 8, 2012

AmorePacific Corp., South Korea’s leading cosmetics manufacturer, said Thursday its third-quarter earnings increased 9.1 percent from a year earlier on the back of increased sales.Net profit reached 69.6 billion won ($64 million) in the July-September period, compared with a profit of 63.8 billion won a year earlier, the company said in a regulatory filing. Sales rose 17.7 percent on-year to 733 billion won in the period and operating profit gained 18 percent to 90 billion won. In the first thre

Nov. 8, 2012

South Korea’s manufacturing sector growth lagged behind the service sector for the first time in 39 months in the third quarter amid the global economic slowdown, data showed Thursday. The country’s manufacturing industry grew 1.3 percent in the July-September period from a year earlier, compared with a 2.4 percent on-year advance logged by the service sector, according to data by the Bank of Korea. In the third quarter, Korea’s economy grew 1.6 percent from a year earlier and 0.2 percent from t

Nov. 8, 2012

NHN Corp., South Korea’s top Internet portal operator, said Thursday its third-quarter earnings soared 25 percent from a year earlier on robust advertising revenue.Net profit totaled 127 billion won ($117 million) in the July-September period, compared with a profit of 102 billion won a year earlier, the company said in a regulatory filing.Sales climbed 12.5 percent on-year to 596 billion won in the cited period, and operating profit rose 4.3 percent to 156 billion won.The surge in the third-qua

Nov. 8, 2012

South Korea’s export-oriented firms are suffering as the won continues to strengthen. The won-dollar exchange rate dipped below 1,100 won last month and has not risen above that value since. For some industries, the exchange rate has already fallen below the minimum needed to secure profit, which averaged 1,086.2 won per dollar, according to a survey conducted by the Korea Chamber of Commerce and Industry on about 500 companies. About 57 percent of the surveyed companies said that their profits

IndustryNov. 8, 2012

Hyundai Heavy Industries held a ground-breaking ceremony to build a production line for its joint venture with Cummins, a U.S.-based construction equipment engine maker, in an industrial complex in Daegu on Thursday.Hyundai-Cummins Engine, the 50-50 joint venture between the two companies, will complete the diesel engine production site by May 2014 by investing 87 billion won ($80 million), Hyundai Heavy said in a press release. It added that once the plant is completed, the joint venture firm w

IndustryNov. 8, 2012

Senior financial regulatory officials expressed opposition to the presidential candidates’ election campaign pledges to overhaul the financial supervisory structure.The opponents include the top two officials ― Financial Services Commission chairman Kim Seok-dong and Financial Supervisory Service governor Kwon Hyouk-se.Aside from the political sector, many college professors and economists have continued to express skeptical views over the nation’s regulatory structure and system.“Korea ranked 5

Nov. 8, 2012

South Korea’s major business organizations welcomed the reelection of U.S. President Barack Obama on Wednesday as they tried to gauge opportunities and challenges Obama’s second term could bring to local companies and their exports.The Korean Chamber of Commerce and Industry said it hopes that Seoul and Washington will strengthen their economic cooperation and that Obama’s firm leadership will improve conditions of South Korean exporters.The Federation of Korean Industries, the lobby for the cou

Nov. 8, 2012

HONG KONG (Yonhap News) ― South Korea urged investors in Hong Kong Thursday to invest in Asia’s fourth-largest economy by offering a variety of incentives.South Korea’s Ministry of Knowledge Economy opened a national investor relations session in Hong Kong earlier in the day, designed to woo Hong Kong-based large-scale funds and other foreign capital.South Korean officials, led by Knowledge Economy Deputy Minister Moon Jae-do, promised various incentives, and private business meetings will be he

Nov. 8, 2012

SAO PAULO (AFP) ― Brazil has cleared the way for South Korean industrial giant Hyundai to put in a construction bid for a bullet train to link Rio with Sao Paulo and Campinas, according to a report Wednesday.Economic daily Valor said the federal government has agreed to lower a requirement for prospective bidders: instead of requiring a ten year record of operating high-speed trains without accident, bidders would only need five.Hyundai, which has only eight-and-a-half years of high-speed train

IndustryNov. 8, 2012