South Korea

Samsung withdraws offer for memory card maker SanDisk

Mohit Joshi 22 October 2008

Seoul - South Korea's Samsung Electronics Co said Wednesday that it was scrapping its 5.85-billion-dollar bid for US memory card maker SanDisk Corp, citing its third-quarter loss and a partnership with Samsung's rival Toshiba Corp.

Lee Yoon Woo, Samsung's chief executive officer, said in a letter to SanDisk's board that the Milpitas, California-based company faced "uncertain earnings prospects," which could worsen with the downturn in the global economy and the outlook for the chip industry.

He added that the two companies had been in negotiations for half a year without making progress on a deal.

Shares fall sharply in Seoul

Sahil Nagpal 22 October 2008

Seoul - Shares extended their losses Wednesday on the Seoul stock exchange as investors remained worried over the impact of a global recession.

Seoul shares fall on economy concerns

Sahil Nagpal 21 October 2008

Seoul shares fall on economy concernsSeoul - Shares plunged Tuesday on the Seoul stock exchange on concerns over the economy despite a government stabilization package worth 130 billion dollars to prop up the troubled financial market. South Korea's currency dropped against the US dollar.

The benchmark Kospi index fell 11.53 points, or 1 per cent, to close at 1,196.1.

Declining issues outnumbered advancers 496 to 325.

The main index of the technology-heavy Kosdaq market declined 2.12 points to 350.97.

South Korea: No signs of "important announcement" from North

Sahil Nagpal 20 October 2008

Seoul - South Korea said Monday that it saw no indications that North Korea was preparing to make an "important announcement," as reported in a weekend media report that gave rise to speculation about the fate and health of North Korean leader Kim Jong Il.

There was nothing unusual about North Korean media reports and private inter-Korean exchanges were proceeding normally, a spokesman for the Unification Ministry in Seoul said.

On Sunday, Japan's Sankei Shimbun newspaper reported that the important announcement was imminent, possibly coming Monday, citing an unnamed Japanese government official. It said the communist government had ordered officials at its embassies to remain at their posts in readiness for the announcement.

South Korean man on rampage leaves 6 dead and 7 injured

Mohit Joshi 20 October 2008

South KoreaSeoul - A South Korean man went on a rampage Monday in Seoul, setting fire to an 85-room lodging and stabbing five people to death, local media reported.

The unemployed 31-year-old suspect first set fire to his room in a low-cost lodging facility in Seoul and then stabbed other residents with a knife while fleeing the fire, Yonhap news agency reported.

Shares soar more than 2 per cent in Seoul

Mohit Joshi 20 October 2008

Shares soar more than 2 per cent in SeoulSeoul - Shares surged 2.3 per cent Monday on the Seoul stock exchange after gains on other Asian markets.

The local currency also soared against the dollar after the South Korean government announced measures at the weekend to ease the liquidity crunch and prop up the troubled financial industry.

The benchmark Kospi index rose 26.96 points to close at 1,207.63.

Advancing issues outpaced decliners 405 to 402.

The main index of the technology-heavy Kosdaq market rose 0.91 points to 353.09.

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