Korea rolls back decision to resume scientific whaling

Korea has decided to scrap its plan to resume whaling for scientific research, a senior government official said Tuesday, after the move sparked international criticism.Earlier this month, South Korea notified the International Whaling Commission that it planned to lift an all-out whaling ban and start catching the animal for scientific purposes only in immediate waters surrounding the Korean Peninsula. But the plan prompted an international outcry, with some countries urging Seoul to reconsider

July 17, 2012

Non-banks' delinquent borrowers grow fast

Delinquent borrowers from South Korean non-bank financial companies are growing at a fast clip, data showed Tuesday, raising concern over the worsening of the country's household debt problem. The number of delinquent borrowers, who are more than 30 days behind in their repayments, accounted for 5.6 percent of the entire credit card loan users as of May, up from 4.5 percent in January, according to the data from local credit appraiser NICE Information Service. The corresponding figure for financ

July 17, 2012

Nonlife insurers’ operating profit falls in 2011

Korean nonlife insurers saw their operating profit shrink for two straight fiscal years, largely due to hefty damage payouts from overseas businesses, the financial regulator said Tuesday. The combined insurance operating profit of 16 local nonlife insurers reached 147.6 billion won ($128.2 million) in fiscal 2011, slightly down from 155.0 billion won a year earlier, according to the Financial Supervisory Service. The tallied insurance firms close their books on March 31. Fire insurance saw thei

July 17, 2012

DTS introduces audio solution to optimize ‘smart sound’ experience

DTS, the U.S.-based audio technology company, has introduced a new solution that can enhance viewing and help consumers become more emotionally affected by the content they see on smart electronic products.In a press conference on Tuesday, the company’s senior vice president Geir Skaaden unveiled the “Neo2:5,” an audio solution embedded in Samsung Electronics’ premium smart TVs that can convert any two-channel audio to 5.1 surround sound, equivalent to what movie theaters offer.This system is in

July 17, 2012

LG Electronics fined for hindering antitrust probe

The Fair Trade Commission said Tuesday that it has fined LG Electronics 85 million won ($74,000) for hindering an antitrust investigation into the company’s alleged discrimination toward non-LG dealerships in provincial areas. In March, the state-run antitrust watchdog launched an on-site investigation into LG on suspicions of offering products to its affiliate dealership Hiplaza at “unfairly” cheaper prices compared to other retail buyers. Amid a tussle between investigators and company officia

IndustryJuly 17, 2012

Brokerages under probe for fixing CD rates

The nation’s antitrust watchdog launched on Tuesday an investigation into the possible collusion among local brokerages on their certificate of deposit rates, the benchmark for borrowing costs of local banks.According to industry sources, the Fair Trade Commission dispatched investigators earlier in the day to the nation’s 10 brokerages to secure relevant computer data and documents. The securities firms included Leading Investment & Securities, Dongbu Securities, Meritz Securities, Mirae Asset

IndustryJuly 17, 2012

Card firms’ Q1 profits reach nearly 1tr won

Korean credit card companies saw their net profits nearly double in the first quarter from three months earlier, as more people favored cards for their transaction convenience and benefits, data showed Tuesday.The combined net profits of seven credit card firms reached 921 billion won ($804 million) in the January-March period, compared with 481 billion won in the previous quarter, according to industry data. No. 2 player Samsung Card Co. logged a profit of 509 billion, followed by industry lead

July 17, 2012

Rate cut won’t squeeze bank income

Last week’s surprise interest rate cut by South Korea’s central bank will unlikely erode local lenders’ interest income significantly and will instead help improve their asset quality, a report said Tuesday.Beating market expectations, the Bank of Korea unexpectedly lowered the July level of the benchmark 7-day repo rate by a quarter point to 3 percent on Thursday, marking the first rate cut since February 2009.According to the report by Switzerland-based brokerage Credit Suisse, the rate reduct

July 17, 2012

Finance minister rules out additional fiscal stimulus

Korean Finance Minister Bahk Jae-wan ruled out additional fiscal stimulus for now, saying it could do more harm than good because the global economy is too weak to make it meaningful. “You don’t plant a tree in winter,” Bahk said in an interview with Bloomberg on Monday. While Asia’s fourth-largest economy retains room to boost growth both through monetary and fiscal measures, 3 percent growth “is not bad, given the global economy,” he said. Gross domestic product rose 2.8 percent in the first q

July 17, 2012

Foreign ownership of Samsung Electronics hits 2-year low: data

Foreign stock ownership of Samsung Electronics Co., Korea’s biggest market cap, dropped to the lowest level in two years, data showed Tuesday, raising views the market bellwether is losing its charm with overseas investors.The portion of Samsung Electronics shares held by foreigner investors came to 49 percent on Monday, dropping to the lowest level since 48.96 percent in July 2010, according to the data by the Korea Exchange, the local bourse operator.The latest ownership by foreign investors m

July 17, 2012

Korean builders hard pressed to meet interest payments

Nearly four in 10 South Korean construction companies were unable to meet interest payments with operating profit last year as a sluggish domestic market hurt their earnings, a report showed Tuesday.According to the report by the Construction Association of Korea, 36 percent of local builders could not cover interest payments with their operating profit in 2011. The report was based on an analysis of financial statements of 10,275 construction companies in the country.Of the companies checked, 1

July 17, 2012

To lose weight, keep a food journal

Women who want to lose weight should faithfully keep a food journal and avoid skipping meals and eating in restaurants, U.S. researchers advise.Dr. Anne McTiernan and colleagues at the Fred Hutchinson Cancer Research Center in Seattle said study participants were given the following tips for keeping a food journal:　-- Be honest, record everything you eat.　-- Be accurate, measure portions, read lab

TechnologyJuly 17, 2012

Shares up on stimulus hopes

Korean stocks closed 0.23 percent higher on Tuesday as hopes for further stimulus measures outweighed concerns over slowing growth in major economies, analysts said. The local currency gained against the U.S. dollar.After opening lower, the benchmark Korea Composite Stock Price Index climbed 4.17 points to 1,821.96. Trading volume was moderate at 406.5 million shares worth 4.7 trillion won ($4.1 billion), with decliners outnumbering gainers 439 to 356.“Despite the International Monetary Fund’s g

July 17, 2012

S. Korea rolls back decision to resume scientific whaling

South Korea has decided to scrap its plan to resume whaling for scientific research, a senior government official said Tuesday, after the move sparked international criticism.Earlier this month, South Korea notified the International Whaling Commission that it planned to lift an all-out whaling ban and start catching the animal for scientific purposes only in immediate waters surrounding the Korea

TechnologyJuly 17, 2012