Korea considers reducing oil import dependence on Iran

Korea is considering bringing down its dependence on Iran for oil imports to the 2010 level in response to new U.S. sanctions on the Islamic country over its alleged nuclear weapons program, a government source here said Sunday.The proportion of South Korea‘s aggregate petroleum imports from Iran rose to 9.7 percent in 2011 from 8.3 percent in 2010.“Unlike other countries, our country’s oil imports from Iran increased over the past year. It won‘t be difficult to return the volume back to the lev

Jan. 8, 2012

Kyobo-KTB SPAC fails to fully disclose information on target firm

A special purpose acquisition company (SPAC) jointly built by South Korea’s major securities firm and leading venture capital firm failed to fully disclose information on its target company, resulting in its overvaluation, documents showed Sunday. Kyobo-KTB SPAC, a paper company established by Kyobo Securities Co. and KTB Securities Co., released inaccurate information about target company Korea Fueltech Corp., which then allowed the SPAC to overvalue Korea Fueltech.In a December regulatory fili

Jan. 8, 2012

Bird flu not cause of duck deaths at farm

South Korea’s farm ministry said Saturday that bird flu did not cause the spike in dead ducks at a local poultry farm earlier in the week.“Detailed tests using hemagglutinin showed no traces of the virulent H5N1 avian influenza virus,” it said.The farm in Icheon some 80 kilometers east of Seoul reported 110 dead birds from Sunday through Tuesday, causing local quarantine authorities to seal off the immediate area and prevent movement of all birds.Vehicle and human traffic were also subject to de

Jan. 8, 2012

FSS seeks tie-ups with G20 nations in 2012

Korea’s financial regulator plans to bolster collaboration with international organizations to develop advanced supervision skills and help Korean financial firms to actively tap overseas markets.On Sunday, the Financial Supervisory Service unveiled its 2012 policy directions, which include enhancing cooperation with overseas supervisors and hosting planned gatherings.Its global policy features pushing for signing memoranda of understanding with several members of the Group of 20.“We will seek M

Jan. 8, 2012

Economic growth showing signs of ‘moderating’: KDI

Korea’s economic growth is showing signs of “moderating” due to weakening exports and domestic demand, a state-run think tank said Sunday.“The Korean economy showed signs of moderating growth as export growth slowed gradually and domestic demand weakened slightly,” the Korea Development Institute said in its monthly report analyzing current economic trends.The report is based on the latest major economic indicators including industrial output, exports, employment, investment and consumer spendin

Jan. 8, 2012

Shares to feel the effects of eurozone woes

Korea’s bourse is expected to feel the effects of eurozone woes with stocks prices likely to remain locked this week despite modest gains made coming into the new year, local analysts said Saturday.The benchmark KOSPI gained 0.95 percent from the previous week’s closing to end the first week of trading in 2012 at 1,843.14 points.The 17.40 point gain comes despite unfounded rumors about a nuclear accident in North Korea that caused the KOSPI to temporarily fall sharply for a time on Friday.Analys

Jan. 8, 2012

Healthy foods, energy conservation among consumer trends this year

Multi-positioning, screens, time-saving, healthy foods and energy conservation will be among the seven noteworthy consumer trends this year, the Korea Trade-Investment Promotion Agency said in a recent report.The agency also picked environment-friendliness and a preference for renting over ownership. “Consumer sentiment has flinched since the global financial crisis three years ago and is unlikely to pick up this year due to the persisting eurozone debt woes, the delayed recovery of the U.S. eco

IndustryJan. 8, 2012

Pork self-sufficiency ratio drops to record low

South Korea’s self-sufficiency rate of pork dropped to the lowest point ever last year due to massive culling of pigs in the wake of foot-and-mouth disease outbreaks, government data showed Sunday.The self-sufficiency ratio of the meat stood at 60.3 percent at the end of last year, down 20.6 percentage points from a year earlier, according to the data provided by the Ministry for Food, Agriculture, Forestry and Fisheries. The sharp decline comes as South Korea suffered a widespread outbreak of F

Jan. 8, 2012

Pension fund gets qualified investor status from China

South Korea’s state-run pension fund has received qualified investor status from Chinese authorities, opening the door for its investment in Chinese stock markets, its officials said Sunday.The National Pension Service received the status of “qualified foreign institutional investor” (QFII) from the China Securities Regulatory Commission, according to the officials.The approval comes more than a year after the NPS applied for the QFII in December 2010. Among the world’s top four pension operator

Jan. 8, 2012

Kia vows to maintain share in local market

Kia Motors Corp. said it will maintain its 33 percent share in the domestic car market this year in order to consolidate its position as the No. 2 player here.The company set its 2012 target on the back of releases of new vehicles and steady sales of popular models.Last year, Kia Motors sold 493,003 vehicles in the South Korean market for a 33.6 percent share, fueled by the popularity of new models such as the Morning and Pride, and growing demand for mid-size cars like the K5.“Despite fierce co

MobilityJan. 8, 2012

Tiny wires could usher new computer era

WASHINGTON (AFP) - Scientists said Thursday they have designed  tiny wires, 10,000 times thinner than a human hair but with the same electrical capacity as copper, in a major step toward building smaller, more potent computers.The advance, described in the US journal Science, shows for the firs

TechnologyJan. 8, 2012

Bits of Russia space probe set to fall Jan. 15

MOSCOW (AP) — Fragments of a failed Russian space probe are now expected to fall to Earth on Jan. 15, officials said Wednesday.The unmanned Phobos-Ground probe was launched Nov. 9 on what was supposed to have been a 2 1/2-year mission to the Mars moon of Phobus to take soil samples and fly the

TechnologyJan. 8, 2012

Seoul shares to feel the effects of eurozone woes

South Korea's bourse is expected to feel the effects of eurozone woes with stocks prices likely to remain locked next week despite modest gains made coming into the new year, local analysts said Saturday.The benchmark Korea Composite Stock Price Index gained 0.95 percent from the previous week's clo

Jan. 7, 2012

FSS probes stock rumors on N.K. nuclear blast

The Financial Supervisory Service opened a probe on Friday into suspicions that a group of investors manipulated stocks by spreading false rumors on North Korea.The measure was taken after South Korean stocks plunged for several minutes after 2 p.m. during the trading session, hit by the rumors that there was an explosion at the Yongbyon nuclear complex in North Korea. The FSS also requested that police investigate the case.Though the stock market stabilized before it closed, the brokerage secto

Jan. 6, 2012