Cash dries up at Korea’s big businesses

Surplus cash flow halves, corporate borrowing surgesDespite repeated assurances from government officials, fears of a global recession are hurting Korea Inc. on liquidity as many large firms face worsening cash flow, data showed Monday.The annual excess cash flow forecast of 83 listed firms stood at

IndustryOct. 17, 2011

Even peaceful unification would raise risks: S&P

Credit rating agency reaffirms Korea sovereign ratingCredit rating agency Standard & Poor’s projected a bleak view for the Korea in a post-reunification scenario, predicting that the government would suffer heightened policy risks even under peaceful circumstances.In its annual seminar in Seoul, the

Oct. 17, 2011

Korean aviation market to grow rapidly in next decades: Airbus

South Korea’s air transportation market will see robust growth in the next two decades largely due to growing demand for large-size aircraft for passenger traffic, a European aerospace company said Monday.“We foresee that the South Korean aviation market will have a demand for 382 new aircraft over

IndustryOct. 17, 2011

Sales at supermarkets drop in September

Sales at South Korea’s major discount chains dropped from a year earlier last month, reflecting a worsening consumer sentiment in the wake of a possible global economic slowdown, the government said Monday.Sales at the country’s three major discount chains slipped 1.1 percent from the same period la

Oct. 17, 2011

FSC may expedite KEB stake sale

Regulator could order sale at extra panel meetingThe Financial Services Commission has decided to speed up procedures to order Lone Star Funds, convicted of stock manipulation, to sell a large portion of its stake in Korea Exchange Bank.The financial regulator is likely to order the U.S. buyout fund

Oct. 17, 2011

Suspected hacker in Hyundai Capital incident arrested in Philippines

SEOUL, Oct. 17 (Yonhap) -- A suspected hacker wanted on suspicion of stealing customer data earlier this year from Hyundai Capital, an affiliate of South Korea's top automaker, has recently been arrested in the Philippines, police here said Monday.The 35-year-old man, identified only by his surname

IndustryOct. 17, 2011

Premature babies 5 times more likely to be autistic: study

WASHINGTON, Oct 17, 2011 (AFP) - Babies who are born early and small are five times as likely as normal infants to develop autism, according to a two-decade-long US study released Monday.Premature babies have long been known to risk a host of health problems and cognitive delays, but the study in th

TechnologyOct. 17, 2011

Regulator begins procedure of Lone Star's KEB sale

SEOUL, Oct. 17 (Yonhap) -- South Korea's financial regulator on Monday took the first administrative step toward ordering U.S. private buyout firm Lone Star Funds to sell the bulk of its controlling stake in Korea Exchange Bank (KEB).The Financial Services Commission (FSC) said in an e-mailed statem

Oct. 17, 2011

Climate change downsizing fauna, flora: study

PARIS (AFP) -- Climate change is reducing the body size of many animal and plant species, including some which supply vital nutrition for more than a billion people already living near hunger's threshold, according to a study released Sunday.From micro-organisms to top predators, nearly 45 percent o

TechnologyOct. 17, 2011

S&P to hold annual meeting in S. Korea

SEOUL, Oct. 17 (Yonhap) -- Global credit appraiser Standard & Poor's (S&P) will have its annual meeting with South Korean policymakers this week to assess the nation's overall economic situations and credit status, the finance ministry said Monday.A delegation led by Kim Eng Tan, S&P's senior direct

Oct. 17, 2011

Samsung files suits against Apple in Japan, Australia

SEOUL, Oct. 17 (Yonhap) -- Samsung Electronics Co. said Monday that it asked judges in Japan and Australia to temporarily ban sales of the iPhone 4S, accusing Apple Inc. of violating its mobile  and user interface patents.In Japan, Samsung is also seeking to win a court injunction on the iPad 2

IndustryOct. 17, 2011

Korean firms' direct financing slips in Sept.

SEOUL, Oct. 17 (Yonhap) -- South Korean companies' direct financing marginally declined in September from a month earlier as companies scaled back their debt sales, the financial watchdog said Monday.Local firms raised 10.4 trillion won (US$9 billion) by issuing stocks and bonds last month, down 27.

IndustryOct. 17, 2011

Exports of Hyundai's Equus luxury sedan surge

SEOUL, Oct. 17 (Yonhap) -- South Korea's top automaker Hyundai Motor Co. said Monday that exports of its flagship Equus passenger car have surged thanks to its globally competitive performance.The carmaker said overseas sales of its second generation Equus that was first launched in March 2009 reach

MobilityOct. 17, 2011

S. Korean firms face cash crunch amid financial turmoil

SEOUL, Oct. 17 (Yonhap) -- The bulk of South Korea's large companies are confronted with worsening liquidity conditions as a result of global economic uncertainty, data showed Monday.The annual excess cash flow forecast of 83 listed companies reached 43 trillion won (US$37 billion), nearly halving f

IndustryOct. 17, 2011

SK to work with Chinese company on depression meds

SK Biopharmaceuticals Co. announced Sunday that it signed a licensing deal with a Chinese pharmaceuticals maker on a potential treatment for depression and bipolar disorder. Established in April, SK Biopharmaceuticals is a subsidiary of the SK Group’s holdings company SK Corp. Under the contract, SK

IndustryOct. 16, 2011

High-level meeting on desert expansion opens in Changwon

The United Nations Convention to Combat Desertification said on Sunday it will hold an official ceremony on Monday, an event that comes seven days after the opening ceremony of its 10th Conference of the Parties to the UNCCD.Under the theme “Care for Land, Land for Life,” senior officials from gover

Oct. 16, 2011