Seoul shares gain 0.94% on eased Greece woes

South Korean stocks gained 0.94 percent Thursday, as investor sentiment was boosted by news from Greece that the debt-laden country is close to making the debt swap deal with private creditors to avert a default, analysts said. The local currency rose against the U.S. dollar. The benchmark KOSPI advanced 18.61 points to close at 2,000.76, snapping its three-day losing streak. Trading volume was moderate at 449.6 million shares worth 6.24 trillion won ($5.57 billion) with gainers outstripping los

March 8, 2012

Watchdog approves Google-Motorola merger

Korea’s antitrust watchdog said Thursday that it has approved Google Inc.’s move to purchase Motorola Mobility “with no stings attached,” saying that it would not restrain competition in related industries.“Based on our reviews of opinions from stakeholders and global coordination (with foreign antitrust watchdogs), we have concluded that the deal would not limit market competition in related industries,” the Fair Trade Commission said in a press release.Google announced in August last year it w

March 8, 2012

Gasoline tops W2,000 per liter

‘Government reviewing sites for 8 more discount gas stations’The average gasoline price in Seoul’s 25 districts rose above 2,000 won per liter, according to the Korea National Oil Corporation Thursday.The average price of gasoline in Gangbuk-gu gas stations hit 2,000 won per liter as of Wednesday 5 p.m., joining other districts.Average gasoline prices in 19 Seoul districts went over 2,000 won per liter in early February. Gwangjin-gu (2,008 won), Dobong-gu (2,023 won), Dongdaemun-gu (2,019 won),

IndustryMarch 8, 2012

Korean builders become top foreign players in Saudi Arabia

Korean companies clinched the largest amount of orders among foreign builders operating in Saudi Arabia last year on the back of their strong competitiveness, a local contractors association said Thursday.The International Contractors Association of Korea said companies such as Samsung C&T Corp. secured $16.6 billion worth of orders in 2011, or 23 percent of all building contracts signed.Total building contracts in the oil-rich Middle Eastern country hit $72 billion.“Excluding Saudi builders tha

March 8, 2012

Doctors question effect of Google glasses on eyes

Have you ever imagined people walking along the street, digitally scanning and analyzing the information of their surroundings on the spot? This may become a reality as Google is expected to start selling eyeglasses that project information, entertainment and advertisements onto the lenses. According to the New York Times, the glasses are not designed to be worn constantly ― although Google engineers expect some users will wear them a lot ― but will be more like smartphones, used when needed, wi

TechnologyMarch 8, 2012

Banks face heavy sanctions for irregular lending

Chief regulator says it is time for households to cut spendingThe nation’s top financial regulator has vowed stern punitive action against banks engaged in irregular lending practices.Since he took office as chief of the Financial Supervisory Service on March 27, 2011, Gov. Kwon Hyouk-se has taken t

March 8, 2012

FSS chief says social responsibility required of foreign financial firms

The nation’s chief financial regulator said that foreign investment community needs to have a deeper engagement with charities and causes for their own business interests.“Corporate social responsibility has been a global response exiting the crisis,” Financial Supervisory Service Gov. Kwon Hyouk-se

March 8, 2012

Antimatter atom measured for the first time

Scientists have succeeded in measuring an atom made of antimatter for the first time ever, marking a giant step toward finding out how universe is formed, livescience.com reported Wednesday.According to scientists all particles of matter have antimatter partners with equal mass and opposite charge. When the two parts meet, they destroy each other and become pure energy.However, measuring antimatter had been impossible since universe is made of matter. It is thought that the universe contained eq

TechnologyMarch 8, 2012

Police say customer info of two major mobile carriers leaked

Police said Thursday that they have booked five workers of a company subcontracted by the country's two major mobile carriers for their suspected leaks of customers' personal and real-time location information in return for financial profits. The Seoul Metropolitan Police Agency said the workers, in

TechnologyMarch 8, 2012

Seoul begins review for third space rocket launch

A panel of experts will start reviewing launch plans for the country’s first space rocket this week, which could help set a specific blastoff date, the government said Thursday.A review committee will hold its first meeting Friday after the Ministry of Education, Science and Technology filed its request for a launch late last month.The ministry said earlier that the launch, which will be the third of its kind, will likely take place before October. The first two launches of South Korea’s first l

TechnologyMarch 8, 2012

Income gap widens in Korea

Income among the poorest people in South Korea grew at a slower pace than other income earners last year, further widening the overall wealth gap between the haves and have-nots, data showed Thursday.According to the data by Statistics Korea, those in the lowest 10 percent income bracket earned less than the equivalised disposable income of 643,000 won ($572.5) last year. The richest 10 percent earned at least 3.1 million won.Based on the results, the richest income earners made 4.82 times more

March 8, 2012

Detection of radiation in Japanese fish on rise

Korea is more frequently finding radioactive materials in fishery products from Japan but has no immediate plans to ban imports as their levels are far below the maximum intake limits, the quarantine office said Thursday.In the first two months of the year, the country has detected traces of radioactive materials, such as cesium, in 32 separate shipments of fisheries products from Japan, according to the Animal, Plant and Fisheries Quarantine and Inspection Agency.The figure represents an over 5

March 8, 2012