Women smarter than men in developed world

A study has found women in the developed world score higher than men in IQ tests, a researcher in New Zealand said.Women were as much as 5 points behind men when IQ testing began a century ago, but then gap -- which led some psychologists to propose a theory that women‘s brains are genetically inferior to men’s -- has been narrowing in recent years and this year women moved ahead, The Australian r

TechnologyJuly 17, 2012

Parliamentary speaker calls for end of lawmakers' privileges

The parliamentary speaker called Tuesday for an end to a group of privileges granted to lawmakers, saying the National Assembly should win back public trust after last week's widely condemned rejection of an arrest motion for a fellow lawmaker."Now the National Assembly should indeed lay down their outdated privileges," parliamentary speaker Kang Chang-hee said in a speech in the National Assembly

IndustryJuly 17, 2012

Lawmakers seek to require import ban following mad cow disease

A group of lawmakers are moving to force the government to immediately ban any beef imports from countries with a confirmed mad cow disease case, which the government said Tuesday might contradict with international regulations and the country's trade agreements.The move was proposed on May 30 by Rep. Kim Yung-rok of the main opposition Democratic United Party in a revision to the law on animal di

July 17, 2012

Domestic sales of steel products drops 4.7 percent

Domestic sales of steel products in South Korea declined 4.7 percent on-year in the first five months of the year due to prolonged economic uncertainties and weak demand, a trade association said Tuesday.According to the Korea Iron and Steel Association (KOSA), domestic shipments of steel products amounted to 23.13 million tons in the January-May period.Experts said a drop in demand from shipbuild

July 17, 2012

Seoul shares open lower on growth concerns

South Korean stocks got off to a weak start on Tuesday as concerns over global growth and weak U.S. economic data strained investor sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) slipped 14.1 points, or 0.78 percent, to 1,803.69 in the first 15 minutes of trading.On Monday, the International Monetary Fund (IMF) revised down its 2013 forecast for global growth and

July 17, 2012

IMF lowers 2013 world growth outlook by 0.2%

The International Monetary Fund lowered its revised 2013 world economy outlook by 0.2 percent to 3.9 percent, according to a report on Monday.The updated World Economic Outlook released by the Finance Ministry showed that the world economy growth projection for this year remains almost unchanged, compared with 3.5 percent forecast in April.Despite the recent economic slowdown, first quarter growth was better than expected so only a little change occurred in the yearly outlook, said the report. I

July 17, 2012

Samsung, LG still in battle over theft of AMOLED technology

Tech giants Samsung and LG Display have again clashed over Samsung’s claim that its rival stole its key technologies used in manufacturing large AMOLED screens.While Samsung Display strongly requested that its competitor offer an official apology and warned it will proceed with all legal methods for counteraction, LG denied its allegations, stating that it is not responsible for any of the claims.Both parties held press conferences Monday, a day after it was reported that 11 people, including a

IndustryJuly 16, 2012

LG, Samsung compete on premium refrigerators

LG Electronics is about to duke it out with Samsung Electronics over premium large refrigerators as Korea’s second-largest consumer electronics company is gearing up to launch its new, bigger and better product.LG Electronics said Monday that it will release an all-new four-door fridge brand Dios with a 910-liter storage capacity, the world’s biggest refrigerator, next month.The company added that it will further expand in the global premium fridge markets, signaling a direct challenge against i

TechnologyJuly 16, 2012

Seoul likely to be 11th-most visited city

Seoul is expected to become the 11th most visited city in the world by foreign travelers this year, according to a report released last week. MasterCard’s Global Destination Cities Index indicates that this year’s number of foreign travelers visiting Seoul will be eight million, placing the city at 11th. Seoul is expected to follow Kuala Lumpur in Malaysia with an estimate of 8.1 million foreign visitors.In the Asia-Pacific region, Bangkok is forecast to be the third most visited place, expectin

July 16, 2012

KT&G, BAT Korea release new cigarettes

KT&G and British American Tobacco Korea have released new products on Monday.KT&G said it has produced an apple-scented menthol cigarette named “Esse Sense Apple Mint,” which will be on sale starting Wednesday.It consists of 1.0 mg of tar and 0.1mg of nicotine per pack. The price is 2,800 won ($2.43).“Due to consumer demands for a different type of menthol cigarettes, we have come up with an apple-scented product that is high in menthol but low in tar,” a company official said.Meanwhile, BAT Kor

July 16, 2012

Hyundai unveils repair cost guarantee

Carmaker promises 300% compensation for overcharged maintenance costsHyundai Motor, Korea’s largest carmaker, announced its new after-sales policy on Monday, upping the ante amid fierce competition with imported car brands that are expanding presence recently in the domestic car market. As part of its efforts, Hyundai unveiled a new after-sales program called the “Overcharge Assurance Program,” which allows car owners to discuss with company engineers whether they have paid reasonable prices for

IndustryJuly 16, 2012

KB makes bids for ING Life’s local unit

KB Financial Group Inc. submitted a bid Monday to acquire the local unit of global insurance giant ING Group, as the group scrambles to expand its presence in the fast-growing insurance market, industry sources said. Korea’s No. 2 banking group made its bid to buy ING Life Korea, the fourth-largest in the country by market share, in a deal worth of around 3.5 trillion won ($3.04 billion), according to sources.AIA Group, the multinational life insurer, is also believed to have submitted a bid for

July 16, 2012

U.S. beef exports to Korea decline 24%

WASHINGTON (Yonhap News) ― U.S. beef exports to South Korea dropped 24 percent in the first five months of 2012 from a year earlier, but the reduction is not associated with mad cow concerns, the U.S. Meat Export Federation said Sunday.The U.S. exported 51,128 tons of beef to South Korea from January till May, down 24 percent from 67,638 tons in the same period last year, it said.South Korea was the third-largest importer, following Canada and Mexico during the five months.The USMEF stressed tha

July 16, 2012

Shares up on eased concerns

South Korean stocks rose 0.27 percent on Monday as investor sentiment was boosted by growing expectations over a global recovery and corporate earnings forecasts, analysts said. The local currency gained ground against the U.S. dollar.The Korea Composite Stock Price Index climbed 4.9 points to finish at 1,817.79. Trading volume was light at 263.5 million shares worth 3.2 trillion won ($2.8 billion), with losers slightly outpacing gainers 408 to 407.“Investors are relieved by China’s not-so-bad e

July 16, 2012

Household, public debts pose risks: S&P

Korea’s rising household and public debts could pose downside risks for its sovereign credit rating, a global credit appraiser forecast on Monday. Standard & Poor’s said the rate of Korea’s indebtedness to its disposable income has been rising, with the debt of non-banking public institutions growing rapidly since 2008.“Household debts continue to grow and it could complicate monetary policy for the central bank ... (and place it) in a difficult position to have to allow inflationary pressure, w

July 16, 2012