Top 10 chaebol’s property investment up 6.6%

South Korea’s top 10 conglomerates saw their investment in real estate climb 6.6 percent in 2012 from the previous year, data showed Monday, apparently as they sought to make profits from leasing their property amid an economic slowdown. A total of 92 listed companies affiliated with the country’s family-controlled conglomerates, known as chaebol in Korean, owned real estate worth 13.61 trillion won ($12.2 billion) for investment purposes at the end of last year, compared with 12.77 trillion won

March 25, 2013

Korea’s small car sales drop on prolonged slump

Sales of small cars in South Korea sank in the first two months of the year due to weak demand stemming from the country’s protracted economic slump, industry data showed Monday.According to the data, a total of 28,711 small cars with engine capacities of 1.0 liter were sold in the country in the January-February period, down 8.2 percent from a year earlier.The overall domestic passenger car market, however, shrank at a lower rate of 2.8 percent during the cited period, the data showed, indicati

March 25, 2013

Firms’ overseas investments soar over decade

South Korean companies’ overseas direct investment has expanded at a clip four times faster than the growth rate of their capital spending here over the past decade, a report showed Monday.According to the report by the Korea Chamber of Commerce and Industry, the on-year growth rate of overseas direct investment by local firms averaged 17.2 percent between 2003 and 2012, with their local investments increasing at an annual average of 4 percent.Between 1993 and 2002, the growth rate of local firm

March 25, 2013

Shares up 1.49% on eased eurozone woe

South Korean stocks closed 1.49 percent higher Monday on rising hope of the settlement of the fiscal crisis in Cyprus, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 28.96 points to 1977.67. Trading volume was low at 264.3 million shares worth 3.38 trillion won ($3.02 billion), with gainers outnumbering decliners 540 to 266.“The stock market gathered ground following the eased concerns over the fiscal crisis in Cyprus,” s

March 25, 2013

Weak yen concerns escalate in Korea

Korea’s newly appointed finance minister, Hyun Oh-seok, revived his nation’s concerns over weakness in the yen and said that the Group of 20 nations should revisit the issue. “Japan’s expansionary policies are having various ripple effects on many countries,” Hyun, 62, told reporters on Saturday in Bundang, Gyeonggi Province on his second day as finance chief. “The yen is depreciating while the won is gaining and this is flashing a red light for Korea’s exports.” Japan central bank Governor Haru

March 25, 2013

Louis Vuitton sales fall by double digits 2012

Louis Vuitton, the French maker of luxury handbags, saw its sales in the local market fall at a double-digit rate last year due to the prolonged economic downturn, industry sources said Monday. According to the sources, Louis Vuitton, which was named the world’s most valuable luxury brand last year, faced a double-digit sales drop for the first time since 1991 when it entered the South Korean luxury goods market. “Sales of Louis Vuitton started falling in April last year,” an industry source sai

IndustryMarch 25, 2013

HSBC expects Korea to hike key rate in Q3

The Bank of Korea will likely raise interest rates in the third quarter of this year as Korea picks up momentum on economic growth and inflation, the Asia research head of HSBC said. HSBC Korea disclosed on Friday a global research report by Ronald Man, economist and HSBC global research head of Asia, claiming that inflation pressure and a boost in international trade would keep the current sustained growth rolling. Man wrote in his report that “we maintain our view that the monetary easing cycl

March 25, 2013

Expert says boredom can aid imagination for children

Boredom can aid child’s imagination, says expertParents often expect their children to be constantly occupied and believe activities will spur their imagination. However, an expert says parents should “allow them to get bored” to let them develop creativity and innate ability. Dr. Teresa Belton, a senior researcher at the University of East Anglia’s School of Education and Lifelong Learning, interviewed figures in the creative industry including science and art to analyze the effect of their chi

TechnologyMarch 25, 2013

Seoul shares up 1.49 pct on eased eurozone woe

South Korean stocks closed 1.49 percent higher Monday on rising hope of the settlement of the fiscal crisis in Cyprus, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) advanced 28.96 points to 1977.67. Trading volume was low at 264.3 million shares worth 3.38 trillion won (US$3.02 billion), with gainers outnumbering decliners 540 to 266."The stock market gathered ground following the eased concerns over the fiscal crisis in

BusinessMarch 25, 2013

Vial containing rare virus goes missing

A vial containing a rare Venezuelan virus has gone missing from a Texas biotech laboratory, the laboratory's president said.The vial was noted missing during a routine inventory, Dr. David L. Callender, University of Texas Medical Branch in Galveston, said. The virus, guanarito, is only found naturally in a small section of Venezuela and because it is not known to transmit between humans it poses "no appreciable public health risk," Callender said.It's believed the vial was mistakenly destroyed

TechnologyMarch 25, 2013

EU finance ministers approve Cyprus bailout deal

Cyprus avoided bankruptcy, and potential turmoil across the eurozone, by securing a last-minute 10 billion euro ($13 billion) bailout with promises to sharply cut back its oversized banking sector and make large bank account holders take losses to help pay much of the bill.Negotiations into early Monday ended with approval of the deal by the 17-nation eurozone's finance ministers. The European Central Bank had threatened to cut off crucial emergency assistance to the country's banks by Tuesday i

BusinessMarch 25, 2013

Foreign ministry formally loses responsibility for trade negotiations

South Korea's foreign ministry was officially christened the Ministry of Foreign Affairs on Monday after shifting its responsibility for trade negotiations to the commerce ministry. The name change meant that the ministry, formerly called the Ministry of Foreign Affairs and Trade, got a shorter name and lost its 15-year-long jurisdiction over trade affairs as part of a government-wide reorganization plan by President Park Geun-hye. Still, trade experts express concerns that if the commerce minis

BusinessMarch 25, 2013

S. Korea's small car sales drop on prolonged slump

Sales of small cars in South Korea sank in the first two months of the year due to weak demand stemming from the country's protracted economic slump, industry data showed Monday.According to the data, a total of 28,711 small cars with engine capacities of 1.0 liter were sold in the country in the January-February period, down 8.2 percent from a year earlier.The overall domestic passenger car market, however, shrank at a lower rate of 2.8 percent during the cited period, the data showed, indicati

IndustryMarch 25, 2013

Toxic gas leak dealings spark safety concerns

The latest toxic gas leaks may not have caused serious physical harm, but the fact that the culprit companies failed to promptly report to state authorities is raising suspicions of corporate negligence.Top global firms such as SK Hynix, LG and Samsung are now under fire for failing to manage their staff and abide by safety regulations involving industrial hazards at their domestic plants.Last Friday, a chlorine gas leak was detected around 10:10 a.m. while five workers were working on the valve

IndustryMarch 24, 2013

Mercedes-Benz recalls cars on fuel leakage

Mercedes-Benz Korea has voluntarily recalled three models it has been importing, the Ministry of Land, Infrastructure and Transport said Sunday. Those subject to the recall were S350, S500 and the S500 4MATIC vehicles that were manufactured between April and July 2011. The importer said it decided on the measure after discovering that fuel appeared to be leaking from the filters designed to remove debris from the fuel. Owners of these vehicles will be able to receive repairs at Mercedes-Benz Kor

IndustryMarch 24, 2013