Star pair orbits surprise astronomers

Astronomers using a British telescope in Hawaii say they've seen four pairs of stars, known as binaries, that orbit each other closer than was thought possible.While binary stars are common, believed to have formed close together and orbiting each other since birth, it was always thought that if binary stars form too close to each other, they would quickly merge into one single, bigger star.Observ

TechnologyJuly 6, 2012

South Korea plans to resume whaling for research

South Korea plans to resume hunting whales for research purposes, officials said Thursday, drawing immediate protests from non-whaling nations and environment groups that suspect the plans may be a cover for commercial whaling.South Korean officials conveyed the plan to the International Whaling Commission during an IWC meeting this week in Panama, according to Seoul's Ministry for Food, Agricultu

TechnologyJuly 6, 2012

Samsung puts Q2 operating profit at record 6.7 tln won

South Korean tech giant Samsung Electronics Co. said Friday that it had probably posted a record operating profit in the second quarter on strong sales of its flagship Galaxy series smartphones.Samsung, the world's largest maker of memory chips and smartphones, estimated its operating profit at 6.7 trillion won($5.9 billion) for the April-June period, up 78.7 percent from a year earlier and 14.5 p

July 6, 2012

Korea joins bidding for U.N. aviation office

Korea has recently joined an international bidding to host the regional office of the International Civil Aviation Organization, a specialized agency of the United Nations, government officials said Thursday. The Ministry of Land, Transport and Maritime Affairs submitted an official application for an Asia Pacific office and started preparations for the ICAO’s potential inspection. The Canada-based ICAO aims to set the principles and techniques of international air navigation and develop interna

IndustryJuly 5, 2012

SKT succeeds in testing new LTE-Advanced technology

SK Telecom, Korea’s biggest mobile carrier, has successfully tested a new technology for the development of its Long Term Evolution-Advanced, the next generation of 4G LTE.The company said Thursday that it has collaboratively demonstrated the enhanced Inter-Cell Interference Coordination, or eICIC, alongside global communication chip maker Qualcomm and telecommunication equipment maker Nokia Siemens Networks.EICIC, which helps to reduce interference between different layers of long-range and sho

TechnologyJuly 5, 2012

Measures to support retiring baby boomers

The government vowed to offer new life opportunities to the baby boomer generation and encourage their participation in society by legislating measures aimed at supporting them in old age. Officials from nine ministries, including the Welfare Ministry and Labor Ministry, came up with 35 measures to help baby boomers stand on their own feet in their latter years, during a meeting on emergency economic measures hosted by President Lee Myung-bak on Thursday. The term refers to about 7.14 million ci

July 5, 2012

Korea to resume whaling for research

Seoul announced it will resume whaling under an exception in the global moratorium that allows scientific research, drawing fierce criticism from conservationists at home and abroad.The Korean delegation at the annual meeting of the International Whaling Commission held in Panama City said on Wednesday that they will submit a plan on whaling to the IWC scientific subcommittee.The delegation said that Korea will conduct whaling only in its territorial waters and that it does not need foreign appr

IndustryJuly 5, 2012

Concern looming over household debt defaults

Nearly 100 trillion won ($87.9 billion) in household debt owed to banks will come due this year, sparking jitters over a surge in defaults amid a worsening housing market and a global economic downturn, sources said Thursday.Local households will be required to pay back 98 trillion won in bank loans this year, with home-backed loans taking up the bulk of the total, or 79.5 trillion won, according to the Financial Services Commission. Of the total mortgage loans, about 60 trillion won should be r

July 5, 2012

Banks’ FX deposits hit record high in June

Foreign currency deposits at South Korean banks rose to their highest level in June as companies put more money into them amid a wider trade surplus, the central bank said Thursday.Foreign currency-denominated deposits held by residents reached an outstanding a record high of $33.48 billion as of the end of June, up $1.42 billion from the previous month, according to the Bank of Korea. The term residents includes individual citizens, firms and foreign nationals who have lived in the country for

July 5, 2012

Eurozone debt woes weighing down Korea’s economic growth: report

Korea’s economic conditions continue to improve modestly, but eurozone debt problems and slowdowns in major countries are still fueling uncertainties for its export-driven growth, the finance ministry said Thursday.In its monthly “green book” report, the ministry said that the government has to brace for a persistent and prolonged crisis down the road, underlining the need to closely monitor market conditions at home and abroad.“External market situations remain cloudy as worries over the eurozo

July 5, 2012

Seoul shares end flat ahead of ECB meeting

South Korean stocks closed nearly flat on Thursday as investors refrained from trading ahead of the European Central Bank policy rate meeting and Samsung Electronics’ guidance release, analysts said. The local currency gained against the greenback.The benchmark Korea Composite Stock Price Index rose 1.04 points, or 0.06 percent, to 1,875.49. Trading volume was moderate at 318.4 million shares worth 3.59 trillion won ($3.16 billion), with gainers outnumbering decliners 401 to 385.“Investors have

July 5, 2012

Hana’s ‘good housing’ loans rise in popularity

A “good housing” loan package offered by Hana Bank has been gaining popularity among consumers.Called the “Hana Good Housing Lease Loan,” the package offers benefits for loan seekers such as a six-month waived-interest period for the recently unemployed. Those looking to rent an officetel, or studio apartment, as well as those who are looking for a half-loan are eligible for the program. The loan package also offers bank-backed insurance claims, and compared to other loan packages, is relatively

July 5, 2012

Samsung Life execs paid highest in sector

Insurer paid W4.85b in average annual wage to three most senior executivesSamsung Life Insurance paid its top management an average annual salary of some 4.85 billion won ($4.26 million) in the fiscal year of 2011, the highest in the financial sector.Top brass of Samsung Group’s other subsidiaries were also the best-paid among credit card companies and non-life insurers, according to the regulatory filings made to the Financial Supervisory Service. Samsung Electronics made headlines in May for b

July 5, 2012

Hyundai Heavy to export low-emission drill ships

Hyundai Heavy Industries said Thursday that it has recently agreed with a U.S. drilling company to provide low-emission ships starting this August. It is the first time that a Korean shipbuilder has exported a drilling ship equipped with an emissions reduction system, the company claimed. Hyundai Heavy plans to provide three drilling ships to Houston, Texas-based Rowan Companies from August that will have 18 units of the company’s emissions reduction system.The system, which dissolves nitrogen o

IndustryJuly 5, 2012

Galaxy S3 LTE set on sale

Samsung Electronics Co. said Thursday it will launch its flagship Galaxy S3 smartphone operating on the fourth-generation long-term evolution network in its home turf next week.The world’s top mobile phone maker said the LTE model will be available through all three local mobile carriers starting Monday, two weeks after the third-generation version of the latest Galaxy series phone was released locally.Samsung said the new model, powered by an LTE network and a quad-core processor, enables enhan

TechnologyJuly 5, 2012

Oil products lead Korea’s H1 exports

Refined petroleum products led South Korea’s exports in the first half of this year thanks to higher prices, accounting for 9.9 percent of all outbound shipments, a report showed Thursday.The report by the Korea Petroleum Association said exports of petroleum products totaled $27.28 billion in the January-June period, up 11.5 percent from a year earlier.“The gain is mainly due to a steep rise in crude oil prices that also marked up refined product costs,” the association said.The average price o

July 5, 2012