Top 30 firms’ debts twice cash assets

The debt of the nation’s top 30 conglomerates was twice as big as their cash assets, data showed on Sunday, raising concerns over their financial health.

The top 30 listed groups, except for state-owned firms and privatized public enterprises, posted 118.5 trillion won ($96.6 billion) of debts in total while 59.3 trillion won of cash, only 48.1 percent of their debts, was reported as of the end of 2009, according to data from chaebul.com.

The average debt ratio of the 30 firms also was 153.6 percent, the conglomerate information provider added.

Experts raised concerns over the firms’ rising debts as the government plans to implement exit strategy and the central bank to raise key interest rate as the country’s economic recovery speeds up.

“Companies with considerable amounts of debt could have to pay a lot of money if the interest rate goes up. And some companies would feel pressure in operating their businesses in the second half,” an analyst said.

Samsung, the country’s biggest conglomerate, had the biggest cash assets with 14.3 trillion won ($11.6 billion), followed by Hyundai Motor and SK with 7.5 and 5.8 trillion won, respectively.

P.M. Chung expected to offer resignation

Prime Minister Chung Un-chan was expected to tender his resignation to President Lee Myung-bak soon, taking responsibility for the failure to secure parliamentary approval for the contentious Sejong City revision bill.

Ever since saying last week that he would take complete responsibility for it, speculation has been rampant that he would offer to resign after Lee arrived in Seoul on Saturday from his weeklong trip to Canada, Panama and Mexico.

“It is right for me not to answer that question,” Chung said on Sunday in response to reporters’ question of whether he had talks with the president over his resignation.

(Yonhap)

NKorean killed for spreading Gospel: report

A news report said Monday that a North Korean was killed for spreading Gospel.

The Associated Press said Son Jong-nam was reportedly tortured to death for spreading the Gospel with 20 bibles and 10 cassette tapes in the reclusive state in 2009, 11 years after living in the neighboring area of China in 1998.

The wire said it obtained the information from his younger brother Son Jung-hun, who lives in South Korea.

South Korean Rev. Han Sang-ryeol, who entered North Korea without the official approval of the South Korean government, gives a sermon at a church in Pyongyang in North Korea on June 27. (Yonhap)

Choi Na-yeon wins LPGA title in playoff

South Korea's Choi Na-yeon claimed her third LPGA victory at the $1 million Jami Farr Owens Corning Classic in Sylvania, Ohio, on Monday, a news report said.

Choi Na-yeon of South Korea holds the winner's trophy after defeating Christina Kim, Song-Hee Kim and In-Kyung Kim on the second hole of a playoff during the final round of the LPGA Jamie Farr Owens Corning Classic golf tournament, Sunday, July 4, 2010 in Sylvania, Ohio. (AP-Yonhap)

With a birdie on the final hole, the 23-year-old joined the leading group including her fellow South Koreans Kim In-kyung and Kim Song-hee to go on to a playoff, according to Yonhap News.

SM3 domestic sales top 60,000

Renault Samsung Motors Co. announced Thursday that the number of SM3compact cars sold in the domestic market broke the 60,000 mark in June, a year since the vehicle made its debut.

SM3

According to the company, the SM3 has maintained an average domestic market share of 20 percent. The company said that the car has been particularly popular among those in their 20s who are buying their first cars, while an increasing number of motorists in their 50s have been purchasing the vehicle. 

By sex, 74 percent SM3 buyers were male and the LE trim was the most popular during the past year, the company said.

Galaxy S selling fast; pre-orders reach 1m

SK Telecom said Friday that 10,000 units of Galaxy S, Samsung Electronics’ flagship smartphone, sold out in the first five hours of going on Thursday. 

The number of mobile application downloads also surged 20 percent on SKT’s T Store. About 8,400 new customers registered to use the service, up from the daily average of 5,600, only on Thursday, said its officials.

Galaxy S was available in all branches of SKT beginning on Friday, however, some stores were equipped with the new mobile model Thursday due to the customers’ soaring demands, they said. 

The local electronic giants’ flagship smartphone, powered by Google’s mobile operating system, is planned to be sold through 100 carriers across the world, Samsung officials said earlier. 

Officials added that Samsung has already received 1 million pre-orders from the operators. 

People buy Samsung Electronics’ Galaxy S smartphones at an SK Telecom store in Seoul on Friday. Yonhap News

Kim Yu-na receives two Fs in college last year

 Figure skating Olympic gold medalist Kim Yu-na was given two Fs in her university courses last year, school officials said Friday, according to Yonhap News.



   The 19-year-old skater is a sophomore at Seoul's Korea University, but has hardly attended classes because she trains in Toronto, Canada, throughout the year.

   University President Lee Ki-su told reporters on Thursday that Kim failed two classes, but did not say on which subjects.

   Kim has mostly studied through the Internet while training, and submitted papers in place of taking midterm and final exams.

   "Kim received F grades as she was unable to take midterms and finals," said an official at Korea University. "I believe the professors who gave her Fs judged that they could not give her credits based on papers alone."

   Kim won three Grand Prix titles last year and earned the country the first ever Olympic gold in figure skating at the Vancouver Winter Olympics in February. She is currently back in Canada preparing for the season opener slated for October.