The Korea Herald

Financial groups’ profit likely to fall

Jan 25, 2013

Four major financial groups are estimated to see their collective earnings in 2012 drop by 25 percent, or about 2.6 trillion won ($2.4 billion), from a year earlier, according to researchers’ forecast data.FnGuide, an online financial data provider, predicted Friday that the four groups ― Woori, KB, Hana and Shinhan ― will post 7.8 trillion won in their combined net profit, down from 10.4 trillion won in 2011.All four groups are scheduled to make public their 2012 earnings on Feb. 7.Shinhan Fina
Shares fall on foreign selling

Jan 25, 2013

South Korean stocks fell 0.91 percent Friday as foreign investors dumped large caps amid poorer corporate earnings and a gloomy outlook for this year, analysts said. The local currency fell sharply against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 17.79 points to finish at 1,946.69. Trading volume was light at 395.9 million shares worth 4.97 trillion won ($4.63 billion) with losers outnumbering winners 497 to 308.“The poorer-than-expected fourth-quarter earnings of aut
Renault Samsung to lead SM5, QM5 development

IndustryJan 25, 2013

Renault Samsung Motors said Friday that it would play a leading role in developing new versions of SM5 and QM5 cars that will be marketed globally. Thus far, the role of the Korean unit of France-based Renault Group has been largely limited to car production. Even though Renault plans to resume its Chinese production to cover the world’s largest car market, there would be no major changes in the neighboring Korean operation, said Gilles Normand, Renault chairman for the Asia-Pacific region. “For
Samsung posts record Q4 earnings

IndustryJan 25, 2013

Tech giant becomes first Korean firm to top W200tr in annual sales
FSS levies fines on 3 foreign brokerages

Jan 25, 2013

The Financial Supervisory Service imposed on three foreign-owned brokerage firms ― Deutsche Securities Korea, Credit Suisse’s Korean operation and CLSA Korea ― fines worth 37.5 million won ($35,000) each for breaching real-name account rules. They were also issued a caution.A foreign securities firm has expressed unease about the nation’s financial regulator’s recent sanction on them for leaking customers’ information abroad.An executive from one of the three firms, who declined to be named, sai
Study: Good grammar makes bad passwords

TechnologyJan 25, 2013

Good grammar may be important, but when used to concoct a long computer password, grammar -- good or bad -- undercuts its security, U.S. researchers say.Computer scientists at Carnegie Mellon University said a password-cracking algorithm they developed that took into account grammar was tested against 1,434 passwords containing 16 or more characters.The grammar-aware cracker surpassed other state-of-the-art password crackers when passwords had grammatical structures, a university release reporte
Seoul shares fall 0.91 pct on foreign selling

Jan 25, 2013

South Korean stocks fell 0.91 percent Friday as foreign investors dumped large caps amid poorer corporate earnings and a gloomy outlook for this year, analysts said. The local currency fell sharply against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) lost 17.79 points to finish at 1,946.69. Trading volume was light at 395.9 million shares worth 4.97 trillion won (US$4.63 billion) with losers outnumbering winners 497 to 308."The poorer-than-expected fourth-quarter earni
Online game ‘ArcheAge’ to advance into N. America, Europe and Oceania

TechnologyJan 25, 2013

Massively multiplayer online role-playing game “ArcheAge” will be launched in the North American, European and Oceanian markets.XLGAMES, developer of the title, announced on Friday that it made a contract with Trion Worlds, an online game developer and publisher based in North America. The contract will allow the publisher to operate the “ArcheAge” game service in Europe, Turkey, Australia, New Zealand and North America.“’ArcheAge’ is one of the most anticipated game titles in North America and
Study: Good grammar makes bad passwords

TechnologyJan 25, 2013

Good grammar may be important, but when used to concoct a long computer password, grammar -- good or bad -- undercuts its security, U.S. researchers say.Computer scientists at Carnegie Mellon University said a password-cracking algorithm they developed that took into account grammar was tested against 1,434 passwords containing 16 or more characters.The grammar-aware cracker surpassed other state-of-the-art password crackers when passwords had grammatical structures, a university release reporte
Seoul shares down 1.26 pct in late-morning trade

Jan 25, 2013

South Korean stocks traded 1.26 percent lower late Friday morning due to losses in large-cap exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.77 points to 1,939.71 as of 11:20 a.m.Big-cap tech names led the decline, with market bellwether Samsung Electronics plunging 1.86 percent and its smaller rival LG Electronic moving down 1.63 percent. Flat panel giant LG Display lost 2.98 percent.Carmakers also traded in negative territory, with No. 1 industry player
LG Uplus to introduce first unlimited LTE data plan

TechnologyJan 25, 2013

Korean telecommunication company LG Uplus announced that it will introduce a new subscription plan which provides unlimited Long Term Evolution data transfer for the first time in local industry.LG Uplus announced on Friday that the new LTE data plan will be released on Jan. 31 and will temporarily invite subscribers for three months. Whether the subscription will be available after three-month period will be later decided, considering the number of customers, the company said.The new unlimited
Seoul shares open lower on exporters' losses

Jan 25, 2013

South Korean stocks started lower Friday due to exporters' losses caused by the Japanese yen's sharp drop against the U.S. dollar, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.56 points, or 0.23 percent, to 1,959.92 in the first 15 minutes of trading.Hyundai Motor tumbled 3.61 percent after its announcement of last year's stellar performances on Thursday. Samsung Electronics also dipped 0.07 percent despite its record-high fourth-quarter earnings.The local currenc
Samsung posts record Q4 earnings

IndustryJan 25, 2013

Tech giant becomes first Korean firm to top W200tr in annual sales
IMF lowers global growth outlook

Jan 24, 2013

The International Monetary Fund forecast a global growth rate of 3.5 percent this year, down from its initial 3.6 percent estimate in October.The IMF said the slow recovery in the eurozone and uncertainties concerning the U.S. fiscal cliff pose downside risks to the world’s economic growth.The U.S. is expected to post 2 percent growth, and Japan will grow 1.2 percent due to its stimulus programs.China would maintain growth above 8 percent, but the eurozone would shrink 0.2 percent, it said.South
Brokerages’ overseas losses narrow sharply

Jan 24, 2013

South Korean securities firms saw their losses at their foreign operations narrow sharply in the first half of fiscal 2012 from a year earlier as they ramped up cost-cutting efforts to weather the persisting global downturn, the financial regulator said Thursday. The combined net loss of 92 foreign units owned by 19 local brokerage houses reached $2.8 million in the March-September period, compared with a $40.9 million net loss the previous year, according to the Financial Supervisory Service. T