Financial holding companies in South Korea are expected to perform the worst this year since the 2008 global financial crisis, dented by the low-rate policy and corporate defaults, the financial regulator said Tuesday. Twelve banking groups, including No. 1 player Woori Finance Holdings Co., are estimated to log a combined net profit of 7.3 trillion won ($6.56 billion) in 2013, down 25.5 percent from the previous year, according to the data by the Financial Supervisory Service. The forecast will

The Ministry of Science, ICT and Future Planning said Tuesday that from August next year, it would implement a mandatory labeling system for mobile handsets that informs the public on the specific absorption rate, or SAR, which indicates the amount of electromagnetic waves absorbed by the human body. The measure would be taken to dispel public concerns over the risks of the waves emitted from mobile phones, the ministry said. Mobile phones with an absorption rate of up to 0.8 watts per kilogram

Tech giant says sales drop is temporary

Cushman & Wakefield, the world’s largest privately held real estate firm, presents the 2013 Seoul office market outlook and summarizes its key findings on three major office districts. During the first half of 2013, the central business district, or CBD, office market showed characteristics of increases in vacancy rate due to new supply. The Gangnam business district, or GBD, has experienced an increase in vacancy rate because some IT companies are moving out of the Gangnam area. The Yeouido bus

South Korean stocks closed 0.9 percent higher Tuesday, as investors kept a wary eye on the U.S. Federal Reserve's monetary meeting in regards to the tapering of its stimulus, analysts said. The local currency fell against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.16 points to finish at 1,917.05. Trading volume was moderate at 362.4 million shares worth 3.54 trillion won (US$3.17 billion) with gainers outstripping decliners 483 to 305.   "We know that the

Samsung Group, the world's largest smartphone maker, is close to an agreement to acquire Novaled AG, a German maker of materials used to light up smartphone and television screens, said two people familiar with the transaction.          An agreement for the South Korean company to buy Novaled for more than $200 million may come as soon as this week, according to one of the people, who asked not to be identified because the talks are private. Novaled is ased in Dresden, Germany.           The neg

South Korea's current account surplus narrowed in June from the previous month on smaller exports, but its combined surplus hit a record high in the first half, the central bank said Tuesday.   The current account surplus reached US$7.24 billion in June, down from a record surplus of $8.64 billion the previous month,according to the Bank of Korea (BOK). The current account is thebroadest measure of cross-border trade.   The smaller surplus in June mainly came as exports of display panels, steel

South Korea's industrial output grew slightly in June from a month earlier despite tough economic conditions at home and abroad, a government report showed Tuesday.   According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries expanded 0.4 percent last month from a month earlier.   The expansion marked a turnaround from the 0.1-percent on-month contraction the previous month.   The June output, however, still shrank 2.6 percent compared wi