Korea to face tough challenges as population hits 50m mark: official

South Korea is expected to face tough challenges now that its population has surpassed the 50 million mark, a senior economic policymaker said Monday.Vice Finance Minister Shin Je-yoon told an economic strategy coordination committee meeting that the population increase comes amid very low birthrates and rising concerns of reduced growth potential.“The population will grow for the time being to help create a domestic market for goods, but rapid population aging will trigger various social proble

June 25, 2012

Seoul stocks fall 1.19% ahead of EU summit

South Korean stocks fell 1.19 percent Monday ahead of a European Union summit and amid weak U.S. and Chinese economic data, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index plunged 22.01 points to 1,825.38, marking the third straight session of decline. Trading volume was very light at 277 million shares worth 4.08 trillion won ($3.51 billion), with losers outpacing gainers 501 to 316.“There is persistent uncertainty surrounding the E

June 25, 2012

Korea reports sharp fall in Iran oil imports

Korea’s May imports of Iranian crude oil fell 39.5 percent from a year earlier to 3.96 million barrels as it cuts shipments in line with a U.S. sanctions drive, figures showed Monday.Imports from January to May dropped 15.7 percent from the same period last year, according to the preliminary figures from the state Korea National Oil Corp.May’s imports from Iran were down 47.3 percent month-on-month. Korea has in the past imported about 10 percent of its crude needs from Iran. It is cutting purch

June 25, 2012

Insurer loan default rate edges up in April

The default rate on loans extended by South Korean insurers inched up as of end-April from a month earlier, mainly due to a slight rise in overdue household and corporate loans, the financial regulator said Monday.The average ratio of overdue loans came to 0.80 percent of total lending by local life and non-life insurers, up 0.04 percentage points from the end of March, the Financial Supervisory Service said in a report.The April figure, however, marks a 0.29 percentage point dip from a year ear

June 25, 2012

Korea declares war on new types of drugs

Customs service sets up unit to block inflow of designer drugs such as synthetic marijuanaThe Korea Customs Service said Monday it launched a campaign against the trafficking of new types of narcotics, such as synthetic marijuana, a day ahead of the U.N.-designated International Day against Drug Abuse and Illicit Trafficking.Increasing volumes of the so-called “designer drugs,” including synthetic marijuana and synthetic cathinones, are being smuggled into Korea.Designer drugs are created to eva

June 25, 2012

FKCCI to hold networking session

An informal business networking session organized by the French Korean Chamber of Commerce and Industry will be held on July 12. As the latest installment in the chamber’s regular “cafe du commerce” series, next month’s session will take place at the Novotel Seoul Ambassador Gangnam in southern Seoul.Participants will also be able to enjoy a selection of French wines and dishes from a buffet that features traditional and regional cuisine from France. For more details, please email novogfbcoord@a

June 25, 2012

CanCham Korea to celebrate national day

The Canada Chamber of Commerce in Korea will hold a Canada Day 2012 event on July 1.It will take place at the Embassy of Canada, located in Jung-gu, central Seoul.The event will be divided into two parts, and the second requires advance registration, according to a CanCham spokesperson. Those interested in attending the event should contact pr@canchamkorea.org.

June 25, 2012

AustCham to hold donation drive Saturday

The Australian Chamber of Commerce in Korea will hold a donation drive on June 30.The chamber is asking patrons to donate gently used clothing and shoes in good condition, as well as used kitchenware, linen, bedding and curtains. Other wished-for items include used toys, CDs, DVDs and books. According to AustCham Korea, the media items can be in any language. Donations can be made via several options, including drop-off points in Itaewon and Sinchon, a pick-up service, or even a “quick service”

June 25, 2012

Eurozone crisis forces foreign insurers to exit Korea

Ergo sells Korean online insurer, Aviva and ING put units up for saleA string of foreign insurers are withdrawing from Korea. Britain’s second-largest insurer Aviva Group is putting its Korean and Sri Lankan businesses on the auction block, according to Reuters last month. It plans to sell underperforming businesses globally to raise money to protect against its eurozone exposure, the media reported. Aviva set up a consortium with Woori Financial Holdings in 2008 to buy LIG Insurance and establi

June 25, 2012

Famed Galapagos tortoise dies

The giant tortoise Lonesome George, whose failed efforts to produce offspring made him a symbol of disappearing species, was found dead on Sunday, officials at the Galapagos National Park announced.Lonesome George was believed to be the last living member of the Pinta island subspecies and had become an ambassador of sorts for the islands off Ecuador's coast whose unique flora and fauna helped ins

TechnologyJune 25, 2012

‘Brain-hacking’ technology sought

Stanford University researchers say they are working on a device that would allow them to “pretty much hack” into the brain of British genius Stephen Hawking.Professor Philip Low and his colleagues at Stanford in California have been working with the disabled British theoretical physicist to develop technology that would enable them to communicate with Hawking through brain waves, The Daily Telegraph reported Sunday.“We‘d like to find a way to bypass his body, pretty much hack his brain,” said L

TechnologyJune 25, 2012

Childbirths in S. Korea dip in April

Childbirths in South Korea dipped in April despite the government's ongoing efforts to encourage couples to have more children, a report showed Monday.According to the report by Statistics Korea, the number of babies born in the cited month reached 40,200, a contraction of 0.2 percent, or 100, from the same month a year earlier.The decline comes after birthrates grew for two months in a row in Feb

June 25, 2012

Sperm of smoking dads can hurt child DNA

Men who smoke before conception can damage the DNA of their offspring in the womb that may give him or her a higher risk of disease, British researchers say.Diana Anderson of the School of Life Sciences at the University of Bradford in England, and colleagues found evidence showing why men should be urged to stop smoking before trying to conceive in the same way women have been urged to quit tobacco. A fertile sperm cell takes about three months to fully develop; therefore men would ultimately n

TechnologyJune 25, 2012

Seoul shares opens lower on weak U.S., China economic data

South Korean stocks opened lower onday, weighed down by weak U.S. and Chinese economic data that overshadowed easing eurozone jitters ahead of a European Union summit meeting, analysts said.The Korea Composite Stock Price Index (KOSPI) fell 1.19 percent, or 22.06 points, to 1,825.33 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 2.28 percent, with top automaker Hyund

June 25, 2012

Philips fined for not cutting prices despite EU FTA

Philips Electronics became the first foreign company to be subject to the nation’s antitrust regulatory sanctions for pressuring stores not to cut prices despite the Korea-EU Free Trade Agreement.The Fair Trade Commission said Sunday that it reprimanded the Netherlands-based company with fines of 1.5 billion won ($1.3 million) for not reflecting the reduced tariff on its prices of products in the local market.The company, which sells a variety of home appliances as a unit of Royal Philips Electr

IndustryJune 24, 2012

Biz sentiment falls for third quarter

South Korea’s leading business confidence index fell for the third quarter, reflecting concerns that persistent global economic woes will hurt the country’s exports in the coming months, a survey carried out by a local economic organization showed Sunday.The business survey index for the July-September quarter came to 88, a drop of 11 points from the estimate for the current quarter, the Korea Chamber of Commerce and Industry said.The BSI forecast for the April-June period reached 99, up from 77

IndustryJune 24, 2012

Large luxury cruise ship arrives in Jeju Island

The largest luxury cruise ship to arrive in South Korea docked in the port of Jeju Saturday as the resort island moves to emerge as one of Northeast Asia’s leading tourist destinations.The Voyager of the Seas cruise liner arrived early in the morning at Jeju Port to the fanfare of local authorities and traditional performances.Jeju prepared special garlands and plaques for the passengers who arrived on the ship that weighs 137,276 gross tons, is 311 meters long, has a maximum width of 47.55 mete

IndustryJune 24, 2012

Plan to privatize KAI faces stiff opposition

A plan to privatize Korea Aerospace Industries, the nation’s sole aircraft manufacturer, faces growing opposition from union workers and local residents.Civic groups and local politicians also oppose the move.KAI’s largest share holder is the Korea Finance Corp. with 26.41 percent stake. The state-run financier and three other major shareholders plan to sell a stake of about 40 percent (worth about $1 billion) in KAI within this year. The other three owners are Hyundai Motor Group, Samsung Techw

IndustryJune 24, 2012