Ergo sells Korean online insurer, Aviva and ING put units up for saleA string of foreign insurers are withdrawing from Korea. Britain’s second-largest insurer Aviva Group is putting its Korean and Sri Lankan businesses on the auction block, according to Reuters last month. It plans to sell underperforming businesses globally to raise money to protect against its eurozone exposure, the media reported. Aviva set up a consortium with Woori Financial Holdings in 2008 to buy LIG Insurance and establi

Stanford University researchers say they are working on a device that would allow them to “pretty much hack” into the brain of British genius Stephen Hawking.Professor Philip Low and his colleagues at Stanford in California have been working with the disabled British theoretical physicist to develop technology that would enable them to communicate with Hawking through brain waves, The Daily Telegraph reported Sunday.“We‘d like to find a way to bypass his body, pretty much hack his brain,” said L

Childbirths in South Korea dipped in April despite the government's ongoing efforts to encourage couples to have more children, a report showed Monday.According to the report by Statistics Korea, the number of babies born in the cited month reached 40,200, a contraction of 0.2 percent, or 100, from the same month a year earlier.The decline comes after birthrates grew for two months in a row in Feb

South Korean stocks opened lower onday, weighed down by weak U.S. and Chinese economic data that overshadowed easing eurozone jitters ahead of a European Union summit meeting, analysts said.The Korea Composite Stock Price Index (KOSPI) fell 1.19 percent, or 22.06 points, to 1,825.33 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 2.28 percent, with top automaker Hyund

Philips Electronics became the first foreign company to be subject to the nation’s antitrust regulatory sanctions for pressuring stores not to cut prices despite the Korea-EU Free Trade Agreement.The Fair Trade Commission said Sunday that it reprimanded the Netherlands-based company with fines of 1.5 billion won ($1.3 million) for not reflecting the reduced tariff on its prices of products in the local market.The company, which sells a variety of home appliances as a unit of Royal Philips Electr

South Korea’s leading business confidence index fell for the third quarter, reflecting concerns that persistent global economic woes will hurt the country’s exports in the coming months, a survey carried out by a local economic organization showed Sunday.The business survey index for the July-September quarter came to 88, a drop of 11 points from the estimate for the current quarter, the Korea Chamber of Commerce and Industry said.The BSI forecast for the April-June period reached 99, up from 77

The largest luxury cruise ship to arrive in South Korea docked in the port of Jeju Saturday as the resort island moves to emerge as one of Northeast Asia’s leading tourist destinations.The Voyager of the Seas cruise liner arrived early in the morning at Jeju Port to the fanfare of local authorities and traditional performances.Jeju prepared special garlands and plaques for the passengers who arrived on the ship that weighs 137,276 gross tons, is 311 meters long, has a maximum width of 47.55 mete

A plan to privatize Korea Aerospace Industries, the nation’s sole aircraft manufacturer, faces growing opposition from union workers and local residents.Civic groups and local politicians also oppose the move.KAI’s largest share holder is the Korea Finance Corp. with 26.41 percent stake. The state-run financier and three other major shareholders plan to sell a stake of about 40 percent (worth about $1 billion) in KAI within this year. The other three owners are Hyundai Motor Group, Samsung Techw

South Korea joining the ranks of the exclusive “20-50 club” marks a new chapter in the development history of the country, the government said Saturday.The finance ministry said as the country’s population has passed the 50 million mark and it has been able to maintain a per capita income of over $20,000, South Korea has achieved an unprecedented feat for a newly industrialized economy.The 20-50 club is a coined termed by the local media to highlight countries who possess sizable populations and

Daewoo International Corp., a South Korean trading firm, said Sunday it has given $50,000 in scholarships to a Colombian association of Korean War veterans’ family members.A ceremony was held in the South Korean embassy in Bogota on Wednesday and attended by about 30 people, including the top South Korean envoy to Colombia, according to the company.A committee, made up of members of the South Korean embassy and Daewoo International Corp., plans to award scholarships to 50 recipients over the nex

South Korean stocks will be influenced by the results coming out of the European Union’s summit meeting scheduled for late next week that could help determine the future of the euro monetary union, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,847.39 on Friday, a drop of 0.57 percent or 10.77 points from the week before. The decrease marks the first time in five weeks that the bourse lost ground on a weekly basis, and was brought on by disappointment over the

The shrinking proportion of Korea’s working age population could burst a real estate market bubble and trigger a financial crisis, a private think tank said in a report released Sunday.Hyundai Research Institute warned that Korea may follow the footsteps of Spain and Ireland as the country is now past its demographic window, the period when the percentage of people able to work is at its heights.“We must be mindful of the possibility of a property bubble burst as a sharp fall in the proportion o

The Korea Customs Service said on Sunday it collected overdue tariffs worth 7.7 billion won ($6.8 million) in cash including 1 billion won from a single person after a special inspection on tax delinquents.The KCS also seized about 900 million won worth of deposits, property and golf club memberships from 39 tariff delinquents, and said the assets will be liquidated if the overdue taxes are not paid. Two delinquents who failed to pay 400 million won and 700 million won each in tariffs were prohi