The correlation between the KOSPI and the global financial markets has been strengthening in a way that undermines overall market stability, a report has said. According to a report issued by the Korea Institute of Finance, a state-run think tank, the country’s main bourse moved increasingly in tandem with other major markets such as S&P500 and MSCI indexes. Based on an analysis of the daily and weekly changes at major indexes, the report said what is called “market synchronization” increased af

March 19, 2012

Consultation with foreign regulators emerges as key task for successKorean banks have been in competition to win eased regulations from overseas financial regulators as they tap emerging markets.Their main targets include East, Southeast and South Asian countries.“We are developing financial products which will come under deregulation from regulatory authorities in China, Vietnam and Brazil,” a senior executive at Korea Exchange Bank said.He said KEB is mapping out strategies to regain competiti

March 19, 2012

Prosecutors summoned the chairman of Himart Co., a major South Korean home appliance retailer, on Monday for questioning on the charges of capital flight and tax evasion.Sun Jong-koo is accused of stashing personal assets and company funds overseas as well as using irregular methods to transfer weal

IndustryMarch 19, 2012

Transportation minister says France is natural gateway to European marketThe French transportation minister expressed hope that Korea will invest in his country’s ports, citing their strategic location for European markets and the reform of port authorities to improve their productivity. Speaking at a news conference in Seoul on Saturday, Minister Thierry Mariani said France boasts a strategic and unparalleled location at the heart of Europe, and offers access to major European platforms located

March 19, 2012

Apple scheduled an announcement Monday on plans for its huge cash balance, estimated to be at least $97 billion from sales of its hugely successful gadgets like the iPad and iPhone.An Apple statement said chief executive Tim Cook and chief financial officer Peter Oppenheimer would hold a conference

TechnologyMarch 19, 2012

A woman in Barcelona, Spain, is taking legal action against a hospital where doctors misdiagnosed a 24-pound, cancerous uterine tumor as a late-term pregnancy. The woman, whose name has not been released, told ThinkSpain she went to a hospital emergency room suffering from excruciating abdominal pai

TechnologyMarch 19, 2012

A decline in cerebrovascular diseases and other forms of chronic illness has helped push up Korea’s life expectancy in the past 20 years, a report showed Sunday. The report by the Korea Health Industry Development Institute showed men and women living 4.77 years and 5.34 years longer, respectively, in 2010 compared to 1990. The average life expectancy among Koreans in 1990 stood at 77.39 years for men and 82.16 years for women, and in 2010 those averages rose to 81.29 years and 86.63 years.The K

TechnologyMarch 18, 2012

The Fair Trade Commission said Sunday that it fined Samsung Electronics and two of its executive officers a combined 400 million won ($355,000) for hindering an investigation by antitrust regulators. The fines are the highest-ever imposed for such an offense, the nation’s antitrust watchdog said. Last March the FTC raided Samsung’s Suwon plant in Gyeonggi Province as part of an investigation into the pricing policy of local handset makers. However, security officials there delayed the entry of a

IndustryMarch 18, 2012

About 800 policymakers, academics and industrial experts from countries around the Pacific region gathered in Busan Sunday to discuss ways to enhance the safety and security of nuclear power use through Friday.Twelve member states of the Pacific Nuclear Council have taken turns to host the biennial Pacific Basin Nuclear Conference since 1976 to promote the peaceful use of nuclear energy.The 18th PBNC, themed “Sustaining Nuclear Energy through Enhanced Safety and Security,” is hosted by the Korea

March 18, 2012

SK Telecom said Sunday that it will hold a five-day conference in Seoul to discuss next-generation mobile networks with 13 other global mobile service providers beginning on Monday.Organizer SKT, the country’s top mobile carrier, said the meeting will be held in two different sessions ― an operating committee meeting and partner forum ― with about 20 mobile makers participating from around the world.The theme of the conference will be the successful development and commercialization of the fourt

IndustryMarch 18, 2012

64 percent of house poor wish to sell off homes to pay off debtsAn increasing number of people are falling short of cash because most of their money is tied up in their homes, becoming house poor.In a survey of 2,000 families with mortgages in the Seoul area and five other metropolises, 16.2 percent were found to be house poor, KB Financial Group’s Management Research Institute said on Sunday.These house poor families were spending more than 30 percent of their income to pay back the principal a

March 18, 2012

A recent surge in international crude prices and their high volatility are likely to make a dent in the economy of South Korea that relies entirely on imports for its oil needs, market sources said Sunday.With oil prices soaring due to heightened geopolitical risks stemming from the international standoff over Iran’s nuclear program, the ratio of South Korea’s oil imports bill to its gross domestic product is expected to hit a record high this year, having an immense negative impact on Asia’s fo

March 18, 2012

Top managers of South Korean companies predict high international oil prices to last for the time being due to the standoff between Western countries and Iran, a poll showed Sunday.According to the survey of 216 local chief executive officers by Samsung Economic Research Institute, 44.4 percent of the respondents expected international crude prices to average $100 to $120 per barrel this year.Another 40.3 percent forecast a price range of $120-$140, with only 4.2 percent projecting the average c

March 18, 2012

South Korea’s health insurance outlays for examination and treatment rose 6 percent on-year in 2011, partly due to more senior citizens requiring medical attention, a state-run agency report said Sunday.The National Health Insurance Corp. said the total amount spent to cover medical examinations, hospitalizations and drug purchases last year topped 46.2 trillion won ($40.1 billion).This translates into an average payment of 940,000 won for every person covered by the country’s health insurance.T

March 18, 2012

South Korean scientists said Sunday they have discovered an enzyme capable of suppressing growth of both solid tumors and blood cancers, opening up the possibility of treating the potentially fatal disease.A research team led by An Sung-kwan, a microbial engineering professor at Seoul’s Konkuk University, said the Mulan E3 ligase effectively deals with the Akt protein, kinase which plays a key role in the growth and spread cancer in the body.“The Mulan enzyme has been found to act as a powerful

TechnologyMarch 18, 2012

The Korean stock market is expected to attempt to grab fresh upward momentum based on strong U.S. economic data this week, but high oil prices could limit its rally, analysts said. The KOSPI closed down 0.5 percent at 2,034.44 points on Friday, but eked out a weekly gain of 0.8 percent. For the year, the main bourse rose 11.4 percent, helped by a broader rally in recent sessions together with other Asian markets. The tech-packed KOSDAQ closed up 0.27 percent at 539.78 points on Friday. Analysts

March 18, 2012