Kyobo Life Insurance rated ‘AAA’ for sixth year

Kyobo Life Insurance was given an “AAA” credit rating by NICE, one of the top three South Korean credit rating agencies, for the sixth consecutive year. The insurance company announced on Tuesday that it received the top grade in NICE’s Insurer Financial Strength Rating. The IFSR is an overall assessment of an insurer’s financial health, profitability and risk management skills, it noted. The “AAA” grade signifies that it is unlikely that its financial strength will drop due to environmental cha

IndustryJune 19, 2012

NCsoft to cut up to 800 workers, move seen as a pre-merger step

Firm plans to give 6-12 month salaries  for laid-off workersNCsoft said Tuesday that it will lay off up to 800 people this month, a plan announced shortly after Nexon acquired the largest stake of its rival online game firm.The company notified its employees on the same day that it will run a “small but strong and effective” organization with plans to provide compensation programs for the laid-off workers.NCsoft plans on offering six- to 12-month salaries as compensation to those leaving the com

IndustryJune 19, 2012

Why companies should stay young

Koreans have recently begun using a buzzword called “9988.” This refers to living healthily until the age of 99. These days, an “upgraded” version called “9988234” is popular, which means living lively until 99, ailing for only two or three days before death. The average lifespan of Korean people is about 80. However, people wish to live longer in good health. Increasingly many senior citizens live younger than their age both in terms of their body and mind. There are even new terms referring to

June 19, 2012

Seoul stocks end flat on Spain jitters

South Korean stocks closed effectively unchanged Tuesday as troubles in Spain's bonds market offset Greece's upbeat election results, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.06 points to close at 1,891.77. Trading volume was light at 362 million shares worth 3.44 trillion won (US$2.97 billion), with losers

June 19, 2012

Undersea object probably not a UFO

A mysterious object at the bottom of the Baltic Sea isn't a UFO, Swedish researches say, but they add they don't have a sure idea of what it is, either.The object, located on the sea floor between Sweden and Finland, is some sort of "natural, geological formation," Peter Lindberg, the leader of the Ocean Explorer team, told FoxNews.com.Lindberg and other scientists and divers spent 12 day explorin

TechnologyJune 19, 2012

Indian women claim 'Right to Pee'

Women in India, assailing the lack of public toilets available to them, have begun a Right to Pee Campaign, a report said Thursday.The humorous slogan, coined by the Mumbai, India, media, masks the dependence of the population on public restrooms, and the imbalance of men's rooms to those available to women, The New York Times said Thursday.A government study indicated the public sanitation system

TechnologyJune 19, 2012

Samsonite pulls bags from HK amid safety scare

Samsonite International SA pulled its ``Tokyo Chic'' line of luggage from Hong Kong stores on Monday after a local consumer group reported finding high levels of compounds linked to cancer in the handles, although the company insisted the bags were safe.The Hong Kong Consumer Council said last week it found that the side handles on three Samsonite suitcases had higher levels of polycyclic aromatic

IndustryJune 19, 2012

Ancient warming turned Antarctica green

Ancient global warming allowed the greening of Antarctica and substantial vegetation sprouted on the frozen continent 15 million years ago, researchers say.Ancient Antarctica was warmer and wetter than previously suspected -- enough to support vegetation, including stunted trees, along its edges -- researchers from the University of Southern California, Louisiana State University and NASA‘s Jet Propulsion Laboratory reported Sunday.Summer temperatures along the Antarctic coast 15 million to 20 m

TechnologyJune 19, 2012

Seoul shares open lower on Spain's financial woes

South Korean stocks opened lower Tuesday as jitters over Spain's banking and bonds market raised fears that eurozone woes will continue to weigh down the global economy, analysts said.The Korea Composite Stock Price Index (KOSPI), which rallied Monday on Greece's election results, fell 0.27 percent, or 5.13 points, to 1,886.58 in the first 15 minutes of trading.Market bellwether Samsung Electronic

June 19, 2012

S. Korean consumers think FTA will improve economic health: poll

South Korean consumers think free trade pacts will help improve the country's overall economic health and competitiveness, a poll showed Tuesday.The nationwide survey by the Korea Chamber of Commerce and Industry (KCCI) showed 70.2 percent of all respondents saying open trading systems will improve economic health by fueling fair and constructive competition.Only 10.8 percent of those polled said

June 19, 2012

S. Korea, Canada agree to resume free trade talks

South Korean President Lee Myung-bak and Canadian Prime Minister Stephen Harper agreed Monday to resume stalled free trade talks between the two countries this year.The two leaders reached the agreement during a meeting on the sidelines of a summit of the Group of 20 major economies in Mexico's resort city of Los Cabos, sharing a need to further boost trade and investment between the two countries

June 19, 2012

Markets buoyed by Greek election results

Korea’s stock markets rallied on Monday along with other Asian bourses as fears of Greece’s exit from the eurozone receded after pro-bailout parties won enough seats to control parliament. The Korean won gained against the U.S. dollar for the fourth trading day in a row.Financial authorities in Seoul breathed a sigh of relief at the Greek election results, but warned that financial risks in Europe still persisted. The Financial Services Commission and the Financial Supervisory Service discussed

June 18, 2012

LS Cable wins French power cable deal

LS Cable & System Ltd., South Korea’s top wire and cable maker, said Monday it has landed a deal to build a high-voltage power line in France, the first local company to do so.Under the deal with state-run Electricity of France, LS Cable said it will set up a 5.5-kilometer, 225-kilovolt transmission line for a power plant in northwestern France.LS Cable said the contract also calls for supplying materials for associated connectors, laying the cables and supervising the overall project. Financial

IndustryJune 18, 2012