FSC paves the way for the country’s biggest banking takeover amid protestsKorea’s financial regulators on Friday paved the way for Lone Star Funds, convicted of stock manipulation, to take huge premiums from selling its stake in Korea Exchange Bank. The nine-member panel of the Financial Services Commission chose not to take stern action against the U.S.-based fund, ordering it to sell most of its KEB shares to any investor within six months. Under the decision, the fund is entitled to select an

Nov. 18, 2011

Samsung Electronics Co., the world’s biggest supplier of TVs and liquid crystal display panels, said Friday that it has begun to receive orders in 23 countries for its multitouch table displays, as the company has recently been trying to woo corporate customers.Jointly developed with Microsoft Corp., the 40-inch display “SUR40,” a big-size table with a multitouch screen, can be installed in airports, banks, hotels and other venues, according to Samsung. The LCD screen on top of the table recogni

TechnologyNov. 18, 2011

Korean food and financial conglomerate Dongwon Group said Friday it plans to take over a Senegalese cannery for $21 million as part of efforts to expand its presence in Africa and Europe.Dongwon said it will establish a new entity in the African nation after purchasing SNCDS, one of the largest canneries in Senegal.SNCDS produces 25,000 tons of canned tuna and other fishery products per year.Dongwon Group’s affiliates include Dongwon Industries Co., the world’s biggest tuna fishing company, and

IndustryNov. 18, 2011

SK Telecom Co., South Korea’s largest mobile operator, said Friday that it bought a 7.47 percent stake in Hynix Semiconductor Inc. for 1.08 trillion won ($949.32 million), a move that followed the carrier’s contract to buy the chipmaker from its creditors. SK Telecom bought 44.25 million existing shares of Hynix at a price of 24,500 won each in the after-hours trading session on Thursday, it said in a regulatory filing.On Monday, SK Telecom agreed with eight creditors of Hynix led by Korea Excha

IndustryNov. 18, 2011

An expo for South Korean products will be held in the United Arab Emirates next year as both nations seek to step up business and economic cooperation, the finance ministry said Friday.The “Made In Korea 2012” expo will be the first of its kind to be held in the Middle East region for Korean products. It will be held in Abu Dhabi in May, according to the ministry.The expo will be sponsored by commerce and tourism agencies of the UAE, the ministry said. The organizers seek to attract around 300 K

Nov. 18, 2011

South Korean households’ monthly income grew 6.5 percent on-year in the third quarter thanks to improving employment conditions, a government report showed Friday. According to the report by Statistics Korea, households’ monthly income averaged 3.89 million won ($3,413) in the July-September period. Inflation-adjusted household income also rose 1.6 percent from a year earlier.The disposable income of households grew 6.3 percent on-year to a monthly average of 3.15 million won, the report said.“H

Nov. 18, 2011

Limkwang Engineering & Construction’s application for court receivership Thursday sent jitters across similar-sized builders in a liquidity crisis due to excessive project financing amid a prolonged property market slump.A reduction in public construction orders and the inability to redeem project financing loans have pushed scores of construction companies to the verge of bankruptcy.Pressed by surety obligations on project financing loans and a lack of new orders, Limkwang, ranked 40th in the c

IndustryNov. 18, 2011

South Korean stocks closed 2 percent lower on Friday as rising borrowing costs in Spain fueled fears that the eurozone debt crisis is spreading, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 37.5 points to close at 1,839.17. Trading volume was moderate at 328 million shares worth 4.71 trillion won ($4.14 billion) with losers outpacing gainers 631 to 206.“Jitters about the eurozone debt turmoil battered investor sentime

Nov. 18, 2011

Amazon, which began shipping a tablet computer this week, may be eyeing the smartphone market.Citigroup said in a research note published on Thursday that it believes the Seattle-based online retail giant plans to launch a smartphone next year."Based on our supply chain channel checks in Asia led by

TechnologyNov. 18, 2011

LOS ANGELES (AP) -- Google unveiled its much-anticipated digital music store Wednesday, opening a new front in its battle with Apple to provide services over mobile devices.For the first time, Google Inc. will sell songs on the Android Market, its online store for apps, movies and books. The service

TechnologyNov. 17, 2011

Attention focused on whether stern measures will hit U.S. buyout fundThe nine-member panel of the Financial Services Commission is scheduled to unveil its measures against Lone Star Funds, convicted of stock rigging, on Friday.The members include FSC Chairman Kim Seok-dong, Financial Supervisory Service Gov. Kwon Hyouk-se, FSC Vice Chairman Choo Kyung-ho, Vice Finance Minister Shin Je-yoon, Korea Deposit Insurance Corp. president Lee Seung-woo, and Bank of Korea senior deputy Gov. Lee Ju-yeol. F

Nov. 17, 2011

The number of thrombosis patients is on the rise, the National Health Insurance Corp. warned Monday. Thrombosis is risky as it is directly linked with heart attacks and strokes. According to an NHIC report, the number of people diagnosed with coronary embolism or artery thrombosis, has increased 34.2 percent between 2006 and 2010, marking an annual 8.3 percent growth. Men were 30 percent more susceptible to the disease than women. “Some studies suggest that sitting on a chair too long could rais

TechnologyNov. 17, 2011

People with metabolic syndrome are more likely to have bladder stones, a group of local researchers claimed Tuesday. According to Dr. Park Hyeong-geun of Asan Medial Center’s research on 34,895 people over 20 years old, those suffering hypertension, diabetes, hyperlipidemia or obesity 70 percent more likely to have bladder stones. Bladder stones are solid masses found in the bladder. They can cause severe lower abdominal and back pain, difficult urination, frequent nocturnal urination, fever, pa

TechnologyNov. 17, 2011

Regular intake of red ginseng could help women overcome post-menopause syndrome, a group of local doctors here said. Dr. Lee Byung-seok and Dr. Seo Seog-gyo of Severance Hospital studied a total of 72 women between the ages of 45 and 60 who had been through menopause. Half of them were given ginseng while the other half were given placebo. Twelve weeks later they found that women who took in red ginseng had less cholesterol and thinner carotid, which means a lower chance of cardiovascular diseas

TechnologyNov. 17, 2011

The national health insurance premium will increase 2.8 percent next year from this year, the Ministry of Health and Welfare said Tuesday. Salaried worker subscribers will pay 5.8 percent of salary as premium up from the current 5.64 percent ― an average monthly increase of 2,355 won. For self-employed or unemployed people, average monthly premiums will go up 2,095 won.Medical fees from clinics or hospitals will rise by an average of 2.2 percent.But half the price of dentures for those 75 or old

TechnologyNov. 17, 2011