[Graphic News] OECD cuts 2013 growth outlooks for Korea, world

The Organization for Economic Cooperation and Development revised down its economic growth outlooks for Korea and the world for this and next year, citing lingering uncertainties over the global economy.“The economy faces both external and domestic risks. With exports accounting for more than half of the GDP, Korea is particularly exposed to global economic conditions and exchange-rate shifts,” the OECD said in a report released Wednesday.In its outlooks, the OECD cut Korea’s 2013 economic growt

May 30, 2013

[Graphic News] Only 12 of 23 reactors in operation

Korea currently has 23 nuclear reactors nationwide, generating 30 percent of the nation’s total electricity consumption. According to the Korea Hydro & Nuclear Power, only 12 out of the 23 reactors are in operation. With the shutdown of two more reactors, the number of halted reactors increased to 10. They have been suspended mainly for maintenance.This is why Koreans are faced with fears of a power shortage in this summer. The lost power supply of 2 million KW translates to 80 percent of Busan’

May 29, 2013

[Graphic News] Korea on alert over widening income gap

Korea saw its income inequality surpass the average of OECD members, raising concerns over the widening economic disparity between the rich and poor.Korea’s top 10 percent group earned 10.5 times the income of the poorest 10 percent, over the OECD average of 9.5 times in 2010, the Paris-based international organization said.The increased inequality led Asia’s fourth-largest economy to rank ninth among OECD members.Mexico showed the biggest gap with the richest 10 percent earning 28.5 times more

May 28, 2013

[Graphic News] SNU tops energy use in Seoul

Seoul National University was the most energy-hungry building in Seoul, a report showed Sunday.From 2011 to 2012, the university devoured 4,403 tons of oil equivalent, surpassing major hospitals, department stores, hotels and office buildings, the Seoul Metropolitan Government said.According to the officials, frequent use of experimental apparatus in laboratories and high energy loss typical of old buildings mainly contributed to the high energy use. The officials also assume the 22 percent elec

May 27, 2013

[Graphic News] Seoul plans to purchase U.S. weapons worth $800 million

Seoul has notified Washington of its intention to purchase weapons systems worth $800 million to be mounted on its new fleet of warplanes should a U.S. fighter be picked for its 8.3-trillion-won ($7.4 billion) acquisition project. The Defense Security Cooperation Agency, which handles Washington’s foreign military sales, revealed Seoul’s request to buy high-tech arms such as Advanced Medium-Range Air-to-Air Missiles, GBU-12 laser-guided bombs and GBU-39 bunker busters.Last month, Seoul made a se

DefenseMay 26, 2013

[Graphic News] Tax havens under spotlight

Tax havens are drawing media limelight after a journalist group disclosed 245 Korean businessmen and their families suspected of evading taxes by running paper companies in countries or territories that either have very low tax rates or do not impose them at all.Tax havens are generally divided into three categories ― tax paradises, tax shelters and tax resorts.Tax paradises mainly refer to countries that have no tax treaty regime with other countries and do not impose any income tax. They inclu

May 23, 2013

[Graphic News] Samsung’s brand value soars

Samsung was named one of the 100 most valuable global brands for 2013, a survey has shown. According to the list of the Top 100 Most Valuable Global Brands for 2013 released by Millward Brown, a global research company, Samsung ranked 30th this year, at $21.4 billion, an increase of 51 percent from the value of $14.1 billion in 2012. The Korean tech giant ranked 55th last year.Apple gained the honor of the most valuable global brand with a value of $185 billion while Google came in second, worth

May 22, 2013

[Graphic News] Malicious code spreads in Korea

South Korea has the third-highest cases of computer malware detected on computers in the world after the United States and Brazil, data showed.According to a Microsoft Security Intelligence Report, about 3.2 million malware cases were discovered in Korea in the fourth quarter of 2012, a 52.5 percent increase from the first quarter of the year. The United States’ number reached 8.96 million and Brazil 4.46 million.Computer experts said cyber attacks with malicious codes are expected to increase a

May 21, 2013

[Graphic News] Korea’s shift toward service industries stalls

South Korea’s service industries, such as culture, entertainment, social welfare, health care, education and finance, have failed to grow in importance over the past few years.According to research analysts in the stock investment sector, service-based industries are classified as related to the “creative economy,” a key policy area for President Park Geun-hye.Data held by the analysts showed that Korea saw the proportion of national gross domestic product accounted for by these industries stay

May 20, 2013

[Graphic News] Magnitude 4.9 quake occurs near Baengnyeongdo Island

A magnitude 4.9 quake occurred near waters off of Baengnyeongdo Island in the Yellow Sea, marking the eighth time in a week that a tremor was reported in South Korea, the Korea Meteorological Administration said Saturday.The seismic event took place at 7:02 a.m. with the epicenter located 31 kilometers south of the island that is the northernmost of the “Seohae Islands” that lie just south of the sea demarcation line that separates the two Koreas.The KMA said the quake was the sixth largest dete

PoliticsMay 19, 2013

[Graphic News] Korea, China, Japan become permanent observers to Arctic Council

Arctic states Wednesday accepted South Korea, China, Japan, India, Italy and Singapore as permanent observers to the Arctic Council. They are joining the existing group of the United Kingdom, France, Germany, the Netherlands, Poland and Spain. A growing number of countries are vying for a bigger stake in the far north as global warming accelerates the melting of ice caps, boosting the potential for maritime logistics and resources development in addition to scientific research. The intergovernme

Foreign AffairsMay 16, 2013

[Graphic News] Household debt grows to W1,100tr

Korea’s household debt has increased by 52 trillion won in just a year, according to a government figure, ringing alarm bells about the nation’s economy.The Financial Supervisory Service revealed Wednesday that the nation’s total household debt amounted to 1,100 trillion won last year from 1,046.4 trillion in 2011. The household debt puts together outstanding household debt and personal business loans.The financial authorities expressed concerns that the current situation would get worse, since

May 15, 2013

[Graphic News] Weak yen hits Korean exports

The weak yen has led to an average 5 percent decrease in the price of Japanese export products, dealing a blow to their Korean rivals’ competitiveness, data showed on Tuesday.According to reports from CEIC Co. and Mirae Asset Securities, the Korean export unit cost during the five months from November to March fell just 0.5 percent.Industry experts said if the yen depreciation continued, Korea’s major export items such as automobiles and steel products would lose their price competitiveness. By

May 14, 2013

[Graphic News] Chaebol owners dominate in dividends

The number of people in Korea who earned more than 10 billion won in dividends last year was 19, data showed. Most of them were chiefs of the nation’s top conglomerates and their family members.The data released by chaebul.com, which tracks large conglomerates and their owners, said the number had fallen from 21 in 2011 because of the global economic downturn.As expected, Samsung Electronics chairman Lee Kun-hee topped the list by receiving 103.37 billion won. Hong Seok-hyun, chairman of JoongAn

May 13, 2013

[Graphic News] Financial complaints on rise

Consumers’ complaints against the nation’s financial institutions have gradually increased over the past three years, data showed. According to a report released by the Financial Supervisory Service, the number of complaints consumers filed with the financial authorities amounted to 94,794 cases last year, a 11.9 percent increase from 2011, which posted 84,731 cases.Of the total complaints in 2012, 48,000 cases were about insurance. Policyholders’ major complaints were about insurance companies’

May 12, 2013

[Graphic News] Asian cities top millionaire list

When it comes to populations of rich people, Asian cities are second to none. According to a list of cities with the most millionaires, multimillionaires and billionaires released by Wealth Insight, a London-based wealth consultancy company, six cities in Asia ranked in the top 10.Tokyo topped the list with 461,000 millionaires, or persons with more than $1 million in assets minus liabilities. New York and London came in second and third, respectively.Tokyo ranks at the top because of its popula

May 9, 2013

[Graphic News] Local banks’ bad debt soars 13%

Some conglomerates’ financial woes and households’ growing difficulties in repaying debts are increasing local banks’ bad debt. The total sum of nonperforming loans from the country’s six largest banks has been snowballing, reaching 13.1 trillion won ($12 billion) as of the end of March, up 12.9 percent since December’s 11.6 trillion won. A nonperforming loan is one that appears unlikely or impossible to be repaid.The six banks ― Shinhan Bank, Hana Bank, Korea Exchange Bank, KB Kookmin Bank, Woo

May 8, 2013

[Graphic News] Korea, Poland politically most stable of 30 nations

Korea and Poland were rated as the most politically stable among 30 emerging countries, according to a survey by Eurasia Group. In its latest Global Political Risk Index, the U.S.-based political and financial risk consulting firm gave Korea 77 out of 100. The index is based on how well the government, society, security and the economy can withstand political shocks.The high ranking indicates Korea’s ability to offset risks and uncertainties posed by North Korean threats and change of government

Social AffairsMay 7, 2013

[Graphic News] IPTV subscribers surpass 7m mark

The number of Internet Protocol television subscribers surpassed 7 million on Friday, according to the Korea Digital Media Industry Association.Since its first appearance in January 2009, the IPTV penetration rate has been faster than any other paid TV broadcasting such as cable TV and satellite broadcasting. It took eight years for cable TV to pass 7 million subscriptions and nine years for satellite broadcasting to reach 3 million. Analysts said the fast rise in IPTV subscriptions is largely t

May 6, 2013

[Graphic News] Hyundai-Kia making U.S. comeback in 2013 sales

Hyundai Motor and its sister automaker Kia Motors have revved up their presence in the U.S. market since early this year, recovering from last year’s lackluster sales dwarfed by Japanese carmakers.Hyundai and Kia sold a total of 110,871 units, gaining a combined market share of 8.6 percent as of last month, up from 7.3 percent in December.Although their combine market share is still short of the 9-plus percent achieved in April last year, the Korean auto giants are gradually recovering due to in

IndustryMay 5, 2013