Household loans extended by South Korean financial firms grew at the lowest pace ever in August as the property market remained in the doldrums amid the economic slowdown, data showed Thursday.Household lending extended by local banks and non-bank institutions totaled 649.8 trillion won ($597.2 billion) as of the end of August, up 4.1 percent from the previous year, according to the Bank of Korea.The August growth rate marked the slowest gain since October 2003 when the central bank began to com

Nov. 15, 2012

Two North Korean defectors have been arrested for smuggling drugs from China for distribution in the local market, with dozens of South Koreans also detained for illegal use, police said Monday.The defectors from the North, whose identities were withheld by the police, were arrested on suspicion of smuggling 80 grams of methamphetamine from the Chinese city of Dandong through the port of Incheon, some 40 kilometers west of Seoul, on June 11, and selling it to dozens of South Koreans, according t

North Korea Nov. 12, 2012

South Korea's trade balance in music, movies, games and other entertainment products has posted a surplus so far this year, helped by the growing popularity of Korean culture, data showed Sunday.The trade surplus involving personal, cultural and entertainment products came to $37.3 million up until the third quarter, according to the data provided by financial information provider FnGuide and the Bank of Korea.This marked a turnaround from a deficit of $218.5 million tallied during the same peri

Nov. 11, 2012

South Korea's credit default risk has dropped to levels seen before the 2008 financial crisis erupted, mirroring its solid economic fundamentals, data showed Tuesday. The credit default swap (CDS) premium on the country's five-year Treasuries came to 65 basis points as of Nov. 2, the lowest in more than four years since the 64 basis points tallied in May 22, 2008, according to the Korea Center for International Finance (KCIF). The spread on CDS reflects the cost of hedging credit risks on sovere

Nov. 6, 2012

South Korea's antitrust watchdog said Sunday it has decided to fine 20 local securities firms a combined 19.2 billion won ($17.6 million) for colluding to fix rates on some small-denomination bonds.The Fair Trade Commission also said it plans to lodge a complaint with the prosecution against six securities firms, including industry leader KDB Daewoo Securities, which are viewed as being deeply involved in the rate-fixing.Korean consumers are required to buy small bonds including national housing

Nov. 4, 2012

South Korea will post about 20 trillion won ($18.2 billion) in fiscal deficit every year until 2016, a parliamentary office said Sunday, casting doubt over the government's push to achieve a balanced budget in a couple of years.According to data provided by the National Assembly Budget Office, South Korea will post about 18.5 trillion won in fiscal deficit next year, far higher than the government's deficit forecast of 4.8 trillion won.The larger-than-expected shortfalls come mainly from the off

Oct. 28, 2012

BOSTON (UPI) -- Overweight and obese U.S. teens gain less weight when they consume fewer sugary drinks, researchers say.Cara Ebbeling and Dr. David Ludwig of Boston Children‘s Hospital and colleagues said their study involved 224 overweight or obese ninth- and 10th-graders who regularly drank 1.7 sugary beverages a day.The year-long study intervention was designed to reduce consumption of these be

Technology Oct. 16, 2012

The World Bank said Monday that it will open its office in South Korea next year in order to deepen joint efforts between the two sides in finding development solutions for emerging countries.The Seoul government also agreed to launch a $90 million fund with the global lender to step up cooperation in supporting emerging countries for their development, according to heads of the two sides.The "Kor

Oct. 15, 2012

NEW YORK -- Vitamin C may protect against osteoporosis -- a disease in which the bones of the elderly become brittle and can fracture, U.S. researchers say.  Dr. Mone Zaidi, director of the Mount Sinai School of Medicine Bone Program, and colleagues removed the ovaries of mice, a procedure -- ovariectomies -- known to reduce bone density, and compared them with control mice that had “sham” operati

Technology Oct. 14, 2012