Researchers warn of a world going acidic

While world attention is focused on climate change and extreme weather, U.S. researchers say another global change underway must be addressed: acidification.The combustion of fossil fuels, smelting of ores, mining of coal and metal ores and the application of nitrogen fertilizer to soils are all driving down the pH of the Earth's air, water and the soil at rates faster than Earth's natural systems can buffer, posing threats to both land and sea life, they said.Janet Herman of the Department of E

TechnologyNov. 7, 2012

SK Telecom Q3 sales up 2 percent on-year

SK Telecom Co., South Korea’s top mobile carrier, on Tuesday said its net profit more than halved in the third quarter on increased spending to promote the faster long-term evolution network.Net profit came to 175.6 billion won ($160.8 million) in the July-September period, compared with a profit of 383.9 billion won a year earlier, SK Telecom said in a regulatory filing.Revenue gained 2 percent on-year to 4.1 trillion won in the cited period, while operating profit tumbled 46.4 percent on-year

IndustryNov. 6, 2012

Asiana Airlines swings to profit in Q3

Asiana Airlines Inc, South Korea’s No. 2 flag carrier, said Tuesday it swung to a net profit in the third quarter of this year due to favorable foreign exchange rates.Consolidated net profit reached 80.2 billion won ($73 million) in the three months ended Sept. 30, a dramatic turnaround from a net loss of 34.7 billion won profit a year earlier, the carrier said in a regulatory filing.Sales also gained 5.2 percent on-year to 1.5 trillion won. However, the company’s operating profit dropped 39.6 o

IndustryNov. 6, 2012

Banks’ foreign-currency deposits hit fresh high

Foreign currency deposits at South Korean banks rose to a fresh high in October largely due to a gain in the country’s trade surplus, the central bank said Tuesday. Outstanding foreign currency-denominated deposits held by local residents reached a record $39.39 billion as of the end of October, up $130 million from the previous month, according to the Bank of Korea. Residents in this case include individual citizens and firms but not foreign nationals with residency status. The data also exclud

IndustryNov. 6, 2012

Shares up 1.05% as autos recover

South Korean stocks climbed 1.05 percent on Tuesday as key automakers rebounded from sharp falls spurred by a fuel efficiency scandal in the U.S., analysts said.The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared19.95 points to 1,928.17. Trading volume was moderate at 539.6 million shares worth 4.5 trillion won ($4.1 billion), with gainers outnumbering decliners 493 to 334.“We saw excessive sell-offs of Hyundai and Kia shares in the previous s

Nov. 6, 2012

Korea’s risk premium falls to pre-crisis levels: data

South Korea’s credit default risk has dropped to levels seen before the 2008 financial crisis erupted, mirroring its solid economic fundamentals, data showed Tuesday. The credit default swap premium on the country’s five-year Treasuries came to 65 basis points as of Nov. 2, the lowest in more than four years since the 64 basis points tallied in May 22, 2008, according to the Korea Center for International Finance. The spread on CDS reflects the cost of hedging credit risks on sovereign or corpor

Nov. 6, 2012

FSS probes financial firms over sales of retirement pensions

The Financial Supervisory Service has launched a full-fledged investigation into 58 financial firms for their allegedly irregular sales of retirement pension products.“The 58 firms which sell retirement pensions are composed of commercial banks, insurance companies and brokerage houses,” the FSS said in a statement. “Their overheated competition and irregularities will closely be examined.”As the retirement pension market has swiftly expanded over the past few years, many financial firms are sus

Nov. 6, 2012

Mileage fiasco muddies outlook for Hyundai

The prospects of the longer-term impact of the latest scandal involving gas mileage overestimates of Hyundai and Kia cars sold in the U.S. are mixed, industry watchers said on Tuesday. “The mileage fallout would negatively affect the consumer awareness about Hyundai and Kia cars in the U.S.,” said Koh Tae-bong, an analyst at HI Investment and Securities. “But they consider the companies’ prompt action a plus, unlike the Toyota recall crisis in the past.”He added that he needs to look at November

IndustryNov. 6, 2012

Hanjin, Hyundai face hurdles in bolstering finances

South Korea’s Hanjin and Hyundai groups are confronted with difficulties in their efforts to make their balance sheets cleaner amid controversy over the nature of perpetual bonds they are seeking to issue, industry sources said Tuesday.The controversy came after the country’s financial authority said it is problematic to recognize perpetual bonds as capital. The Korea Accounting Institute is set to decide a final position on the nature of such bonds on Thursday before conveying its decision to t

Nov. 6, 2012

Number of listed firms plunges amid uncertainties

The number of companies listed on the local stock markets plunged to a 26-month low in October amid a protracted global economic slowdown, data showed Tuesday.According to the data by the Financial Supervisory Service and the Korea Exchange, the number of listed firms on the main bourse and the secondary market reached 1,792 as of the end of last month, the lowest since 1,785 firms were tallied at end-August 2010.The main bourse held 786 companies at end-October, down 5 firms from end-2011, the

Nov. 6, 2012

Chief of state power provider offers to resign: official

The chief of South Korea's state-run power provider has recently offered to step down, a senior government official said Tuesday, raising speculations his company's confrontations with the government over energy policy may have affected his surprise decision.Kim Joong-kyum, the CEO of the Korea Electric Power Corporation has recently submitted his resignation to the presidential office, the official at the Ministry of Knowledge Economy said, without elaborating.It is not immediately known why Ki

IndustryNov. 6, 2012