SYDNEY (Yonhap News) ― The Australian unit of South Korea’s top steelmaker POSCO is still in talks to buy Australian miner and steelmaker Arrium Ltd., which recently rejected a takeover offer, its head said.In early October, Arrium rebuffed a takeover bid by a consortium including POSCO Australia Pty and Noble Group Ltd. valued at A$1.01 billion ($1.04 billion).“The consortium continues to have talks with Arrium,” Shin Soo-cheol, managing-director of POSCO Australia, told reporters on Friday.“We

IndustryOct. 28, 2012

ULJIN (Yonhap News) ― A nuclear power generator in the southeast came to a halt early Sunday morning due to a problem related to its turbine control system, but no radioactive leak has been reported, its operators said.The Reactor-2 at Uljin Nuclear Power Plant in this southeastern region of the country automatically shut down at about 2:45 a.m., according to the operators. The reactor stopped after a problem was detected in a system designed to supply steam into turbines. That problem also forc

Oct. 28, 2012

Exports of South Korea’s traditional alcoholic beverage “makgeolli” to Japan dropped sharply during the first nine months of this year, apparently affected by chilled relations between the two countries, customs data showed Sunday.South Korea exported a total of 21,743 tons of makgeolli during the January-September period, down 28.6 percent from the same time a year earlier, showed the data by the Korea Customs Service. The exports were estimated at $27.36 million, which also marked a 28 percent

IndustryOct. 28, 2012

The South Korean stock market may gain ground this week, but advances are not likely to be large amid nagging concerns about the global economy, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,891.43 this week, down 2.7 percent from a week earlier, beset by the eurozone debt problems and weak corporate earnings results.The KOSPI fell below the 1,900-point for the first time in more than one month Friday after the central bank said that Korea’s third-quarter g

Oct. 28, 2012

South Korea will post about 20 trillion won ($18.2 billion) in fiscal deficit every year until 2016, a parliamentary office said Sunday, casting doubt over the government’s push to achieve a balanced budget in a couple of years.According to data provided by the National Assembly Budget Office, South Korea will post about 18.5 trillion won in fiscal deficit next year, far higher than the government’s deficit forecast of 4.8 trillion won.The larger-than-expected shortfalls come mainly from the off

Oct. 28, 2012

South Korea’s retirement income system is among the worst in the world, according to data released by an Australian research center on Sunday. The Australian Center for Financial Studies’ October 2012 Melbourne Mercer Global Pension Index showed that Korea ranks 16th among 18 researched countries in terms of the retirement income system, marking an overall index value of 44.7. Denmark topped the list with 82.9 points. China came in 15th with 45.4 points, Japan 17th with 44.4 points and India 18t

Oct. 28, 2012

The Chinese government ordered a recall of six types of South Korean instant noodles Friday that were found to contain benzopyrene, a substance classified as a carcinogen.China’s General Administration of Quality Supervision, Inspection and Quarantine announced on its website that it had ordered importers to immediately recall the noodles. It also directed its affiliated agencies to strengthen inspections to keep the products out. “The KFDA confirmed the detection of benzopyrene in the six (type

IndustryOct. 28, 2012

With the Korean economy continuing to grow less than 1 percent on-quarter since the second quarter of last year, there are increasing predictions of a quarterly contraction of gross domestic product.International trade volumes have diminished as the world’s major economies slowed, dealing a blow to Korea’s exports and industrial production, the pivotal driving forces of its economy.Several institutions at home and abroad say Korea could post negative on-quarter growth in the last three months of

Oct. 28, 2012

The U.S. government has set tough fuel economy standards for cars and trucks, and Detroit’s automakers couldn’t be happier.What mad world is this? The famously balky industry that once swore people could never afford cars with crazy technology like air bags has taken a leap of faith in its ability to invent and innovate.“They’re aggressive standards, but the industry wouldn’t have bought in if they weren’t achievable,” said Chris Theodore, engineering consultant and former Ford and Chrysler prod

IndustryOct. 28, 2012

South Korea might need 10 more years to see its per-capita income exceed US$30,000 as an elongated low growth trend and other economic structural problems are dimming the overall outlooks, a private think tank said Sunday.South Korea's per-capita income seems to be "trapped" in the $20,000 range five years after it surpassed the mark for the first time in 2007, as the growth rate has remained stagnant over the past years, according to a report by the Hyundai Research Institute.From 2007 to 2011,

Oct. 28, 2012

South Korea will post about 20 trillion won ($18.2 billion) in fiscal deficit every year until 2016, a parliamentary office said Sunday, casting doubt over the government's push to achieve a balanced budget in a couple of years.According to data provided by the National Assembly Budget Office, South Korea will post about 18.5 trillion won in fiscal deficit next year, far higher than the government's deficit forecast of 4.8 trillion won.The larger-than-expected shortfalls come mainly from the off

Oct. 28, 2012

Doctors in Germany said Friday they had removed a tumor weighing 28 kilogram’s (62 pounds) from a 60-year-old woman who had previously been diagnosed as obese.A spokesman from the university clinic in the eastern city of Dresden said the woman, Irmtraud Eichler, had made a full recovery after the seven-hour operation and was now able to walk again with crutches.The so-called "borderline" tumor, measuring 60 centimeters (24 inches) by 50 centimeters, attached itself to an ovary and Eichler began

TechnologyOct. 28, 2012

The Australian unit of South Korea's top steelmaker POSCO is still in talks to buy Australian miner and steelmaker Arrium Ltd., which recently rejected a takeover offer, its head said.In early October, Arrium rebuffed a takeover bid by a consortium including POSCO Australia Pty and Noble Group Ltd. valued at A$1.01 billion ($1.04 billion)."The consortium continues to have talks with Arrium," Shin Soo-cheol, managing-director of POSCO Australia, told reporters on Friday."We are discussing the iss

IndustryOct. 27, 2012