Strict diet could save brain from aging: study

WASHINGTON (AFP) - Eating less may keep the mind young, according to Italian scientists who reported Monday they have discovered the molecular process by which a strict diet may save the brain from the ravages of age.The research, published in the US journal the Proceedings of the National Academy o

TechnologyDec. 20, 2011

Korea’s corporate profitability slips in Q3

South Korea’s corporate profitability worsened in the third quarter from a year earlier as increased commodity prices drove up costs and other expenses, the central bank said Tuesday.The average ratio of operating profit to sales, a key barometer of profitability, came in at 5.3 percent in the July-September period, down from 7.4 percent in the previous year, the Bank of Korea said in a report based on a survey of 1,522 listed companies.The result marked the second straight quarterly decline. Af

Dec. 20, 2011

S. Korea to prepare action plans on FTA with Japan, China

South Korea will map out its action plans on a free trade agreement with China and Japan before the heads of state from the three Northeast Asian countries meet in May, the Finance Ministry said Tuesday. “Based on consultations with China and Japan and the results of the joint study (which was recently completed), we will prepare our action plans before the summit talks,” the finance ministry said in a press release. Detailed timetables, a negotiation road map and other preparations will be incl

Dec. 20, 2011

Jeju, Nongshim in dispute over bottled water sales

Major foods company Nongshim on Tuesday hinted at legal action against Jeju Island for canceling their contract over the sales of Samdasoo, the nation’s No. 1 bottled water produced in the southernmost island. Jeju Special Self-governing Province Development Corp. said Monday that as its contract with Nongshim expires on March 14, it would find a new partner to continue the business. The province-run corporation considers, among other things, distributing the water products directly at major sal

IndustryDec. 20, 2011

Top two private lenders face suspension

The nation’s two largest private lenders face suspension for allegedly charging some borrowers illegal interest rates, officials said on Tuesday.Gangnam Ward Office of Seoul, which has investigated these practices in coordination with the Financial Supervisory Service, said Tuesday that it would halt the operations of Rush N Cash and Sanwa Money soon.The private loan industry’s No. 1 player Rush N Cash and No. 2 player Sanwa Money have been suspected of violating the upper ceiling of 39 percent

Dec. 20, 2011

Economy to grow 3.4% in 2012: think tank

South Korea‘s economy will likely grow 3.4 percent in 2012, down from 3.8 percent growth projected for this year, as global economic uncertainties affect exports, a private think tank said Tuesday. In its outlook for next year, LG Economic Research Institute said sluggish growth in industrialized economies is expected to hurt demand for durable goods and related parts. Such developments can directly impact the country’s outbound shipments.The institute said there may be some improvements in dome

Dec. 20, 2011

Foreign firms unfazed by N.K. leader’s death

Business as usual seems to be the consensus from foreign businesses and chambers of commerce in South Korea over the announcement of North Korean leader Kim Jong-il’s death on Monday.North Korea’s secretive leader died of a heart attack on Saturday sparking concerns both at home and abroad.“At the moment, the events and the way things are going to roll out will not affect business,” said Rob Edwards, chairman of the British Chamber of Commerce in Korea.The American Chamber of Commerce expressed

IndustryDec. 20, 2011

Port security tightened in wake of Kim’s death

Airlines concerned about passenger cuts from China, JapanThe government tightened security in airports and seaports Tuesday, a day after the announcement of the death of North Korean leader Kim Jong-il, while the airline industry fears a possible drop in passengers. The Korea Customs Service ordered affiliate agencies to “thoroughly examine goods coming in from countries with a large terrorist presence including socialist nations and countries whose nationals have been caught for attempting to b

IndustryDec. 20, 2011

Saudi prince invests $300 million in Twitter

DUBAI, United Arab Emirates (AP) _ Saudi billionaire Prince Alwaleed bin Talal and his investment company said Monday they are investing a combined $300 million into Twitter, increasing the microblogging site's cash cushion as its user base expands.Alwaleed's joint investment with his Kingdom Holdin

TechnologyDec. 20, 2011

Kim death to have limited impact on financial markets: official

The sudden death of North Korean leader Kim Jong-il will likely have a limited impact on South Korea's financial markets, a senior finance ministry official said Tuesday, citing relatively stable overnight offshore market situations.South Korea's stock and currency markets tumbled on Monday, sparked

Dec. 20, 2011

Factories running as usual in Gaeseong industrial park

Inter-Korean cooperation expected to expand if Western-educated Kim’s son takes powerNews of North Korean leader Kim Jong-il’s death had no immediate impact on the joint industrial park just north of the inter-Korean border Monday, but observers are wary of temporary setbacks in production during the official mourning period.Once Kim’s Swiss-educated heir Jong-un firms up his control over the government, however, inter-Korean trade and economic collaboration are expected to expand in the long te

Dec. 19, 2011

Hyundai Heavy wins $900m Africa order

South Korean shipbuilding giant Hyundai Heavy Industries Co. said Monday it has clinched a $900 million order to provide offshore platforms and other facilities off the coast of Africa.Under the deal with an oil major, Hyundai Heavy will build two offshore gas platforms and other facilities by the end of 2014, the company said.Hyundai Heavy gave no further specifics on the buyer or other details, but added the platforms will be built in the seas off Nigeria.With the contract, Hyundai Heavy has w

IndustryDec. 19, 2011

Exports of petrochemicals to hit all-time high this year

Exports of Korea’s four major refiners have already reached an all-time high this year on the back of soaring global demand for their lighter, cleaner petrol products, industry figures showed Monday.Combined exports of SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank topped 76.1 trillion won ($64.5 billion) during the first ten months of the year, up more than 20 percent from 63.1 trillion won for the whole of 2010. That also reflects a sharp increase compared with the previous high of 68.1 t

IndustryDec. 19, 2011