One in three households see debt rise in second half

A survey found Tuesday that one in three households has seen a rise in its total debt in the latter half of this year, largely due to funding its living costs.The survey, released by the Korea Chamber of Commerce and Industry, said 33 percent of the households located in the metropolitan area answered that their debts increased from July compared to the first half of this year. The survey was conducted on 300 households. Among those who answered that their total debt has risen, more than four in

Nov. 15, 2011

Banks’ FX deposits jump in Oct. on currency volatility

South Korean banks’ foreign exchange deposits sharply rose last month as exports remained steady and high currency volatility led companies to buy the dollar, data showed Tuesday.Foreign currency-denominated deposits held by top lender Kookmin Bank and four other banks totaled $17.1 billion as of the end of October, up $2.4 billion or 16.6 percent from a year earlier, according to industry data.The sharp rise came mainly because capital inflows from export income continued and companies snapped

Nov. 15, 2011

Shares end down on nagging eurozone woes

South Korean stocks closed 0.88 percent down Tuesday as Italy’s high borrowing costs underpinned nagging concerns about the eurozone debt crisis, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index declined 16.69 points to close at 1,886.12, snapping the second straight session of gains. Trading volume was moderate at 355.8 million shares worth 4.74 trillion won ($4.21 billion) with losers outpacing gainers 543 to 280.“As Europe’s debt p

Nov. 15, 2011

New plan in the making for Woori sale

Lawmakers mount calls for reactivation of plan to sell government-held stakeFinancial authorities are expected to come up with a new plan soon to privatize state-owned Woori Financial Group as calls from politicians for resumption of the stalled sale plan are mounting, sources said Tuesday.Last week, some members of the National Policy Committee of the National Assembly called for Korea Deposit Insurance Corp., the biggest shareholder of Woori Financial, to draw up a new plan to sell most of its

Nov. 15, 2011

Moody's places Hynix Semiconductor on review for upgrade

HONG KONG, Nov. 15 (Yonhap) -- Moody's Investors Service said Tuesday it has placed the credit rating of Hynix Semiconductor Inc. under review for possible upgrade following SK Telecom Co.'s bid to buy a controlling stake in the company.SK Telecom, South Korea's top mobile operator, said it will pay

IndustryNov. 15, 2011

Samsung wins early Australia trial on Apple infringement claim

Nov. 15 (Bloomberg) -- Samsung Electronics Co., embroiled in patent disputes with Apple Inc. around the globe, won an early trial on its claim that the iPhone and iPad 2 in Australia infringe its patents on 3G wireless transmissions.Australia Federal Court Justice Annabelle Bennett today ordered tha

TechnologyNov. 15, 2011

Hungry mosquitoes fly farther than you think

(AP) How far does a mosquito fly? Harry Boerema wants to know.Boerema lives near a drainage project, where Dutch authorities are dredging a huge meter-deep (3-foot) basin in the northern rural landscape to head off flood waters and protect towns and villages from disaster.The project threatens to in

TechnologyNov. 15, 2011

S. Korea's hybrid car sales drop sharply in October

South Korea's hybrid vehicle sales dropped sharply in October despite high fuel prices, local industry sources said Tuesday.Consumer demand for the fuel efficient vehicles that run on both combustion engines and electric power posted a double digit slump in sales despite concerted efforts by carmake

MobilityNov. 15, 2011

Korea to continue push to sell stake in Incheon Airport

South Korea will keep pushing to sell a stake in the state-run Incheon International Airport to private investors in a bid to enhance its efficiency and global competitiveness, the nation’s top economic policymaker said Monday.The Lee Myung-bak administration announced a plan in 2008 to sell up to a 49 percent stake in Incheon airport in line with its drive to improve the overall business competitiveness of state-run enterprises. A bill is pending to allow for the stake sale.The process, however

IndustryNov. 14, 2011

Korea’s trade terms hit near 3-year low in Q3

South Korea’s terms of trade worsened to the lowest level in nearly three years in the third quarter as on-year gains in oil prices jacked up import costs, the central bank said Monday.The country’s net terms-of-trade index for goods came in at 78.7 in the July-September period, down 9.9 percent from a year earlier, the Bank of Korea said in a report. The third-quarter data marked the lowest level since 75.1 in the fourth quarter of 2008.The on-year growth rate also was the sharpest fall since t

Nov. 14, 2011

Shares up as Italy, Greece replace leaders

The benchmark KOSPI crawled up 2.1 percent to 1,902.81 Monday on hopes that new leadership in Greece and Italy would help resolve the debt crisis in Europe. Gains were led by tech shares after investors rushed to grab Hynix Semiconductor Inc. stock on the news that the world’s No. 2 computer memory chip maker will issue new shares to prospective buyer SK Telecom at 23,000 won ($20.41) each. Hynix advanced 3.48 percent to 22,300 won apiece. The KOSPI opened strongly on hopes that new technocratic

Nov. 14, 2011

Criticism mounts over ‘soft’ penalties for power bloggers

Netizens on Monday expressed anger at the “soft” penalties given to power bloggers who made huge illegitimate profits. The Fair Trade Commission announced on Sunday it levied a fine of 5 million won each on four power bloggers for not revealing that they wrote favorable product reviews in return for a commission. According to the FTC, brokering a collective purchase of a product online is legal, but bloggers are required to reveal they get paid a commission for organizing such mass purchases. Th

TechnologyNov. 14, 2011

Can Hana Financial chairman’s term be extended?

Financial regulators’ planned action against Lone Star Funds is expected to affect the fate of Kim Seung-yu, chairman of Hana Financial Group striving to acquire Korea Exchange Bank from the U.S.-based equity fund.Early this year, group board members allowed Kim, who secured the post of Hana Bank CEO and Hana Financial chairman in 1997, to extend his term for the top post by one more year until March 2012.The board members’ endorsement for Kim’s tenure extension was attributable to necessity of

Nov. 14, 2011

Big savings banks to swing to Q3 profit

The nation’s major savings banks, including Hyundai Swiss, HK and Solomon, will swing to a third-quarter profit due to a healthier loan portfolio restructured recently to favor more small lending to individuals and less project finance, officials said. Solomon Savings Bank, the largest of its kind in Korea in terms of assets, is to post more than 20 billion won ($17.85 million) in profit for July-September, according to provisional data compiled by the Financial Supervisory Service. Hyundai Swis

Nov. 14, 2011

Korea’s total debt reaches 2.6 times GDP

Analysts express concern about pace of debt growth amid Hankook Tire Co., South Ko- economic downturnKorea’s public and private-sector borrowing reached 2.6 times its gross domestic product, data showed Monday, fueling concerns. The latest figure compiled by think tanks and brokerages put the combined debt of the Korean government, state-run and private firms and households at 3,283 trillion won ($2.9 trillion) at the end of June this year, up 5.7 percent from 3,106 trillion won a year earlier.

Nov. 14, 2011