World Business Quick Take

■ Economics
Seoul hikes interest rate
South Korea's central bank yesterday raised its key interest rate for the first time in more than three years to fend off inflation as the economy improves. The Bank of Korea said that its Monetary Policy Committee decided to raise the overnight call rate target by a quarter point from 3.25 percent to 3.50 percent. It was the first increase since May 2002. The bank maintained its benchmark interest rate at a record-low of 3.25 percent for a 10th month at the last meeting last month. The interest rate hike was in line with market expectations. "The growth of exports stays robust and the recovery of private consumption shows solid movement," the bank said in a statement. It noted that there was latent inflationary pressures due to persistently high oil prices.

■ Security
Hitachi likes finger veins
Fraudsters are growing increasingly sophisticated in their efforts to beat identification systems but Japanese electronics maker Hitachi thinks it has the answer -- technology to read your finger veins. Hitachi said yesterday that it was launching a global sales push for the system, which uses near-infrared rays to read finger vein patterns, targeting ¥100 billion (US$900 million) in sales over three years from next April. It sees a wide range of uses for the system, from door-access controls to automatic cash dispensers, with Japanese banks looking to trial the new technology at ATMs. "Both fingerprints and iris patterns can be more prone to copying by a third person," Hitachi spokesman Atsushi Konno said. "But finger veins are not directly visible to a third person, which makes them more suitable for security use."

■ Automobiles
GM's credit rating cut
Standard and Poor's said on Monday that it had downgraded its long-term credit rating on General Motors (GM) further into "junk" territory after the bankruptcy filing of auto-parts maker Delphi, a main supplier. It cut the ratings to "BB-minus" from "BB" as a direct result of GM's former subsidiary Delphi filing for bankruptcy on Saturday, the agency said in a statement. It also said it had cut its short-term corporate credit rating on GM to "B-2" from "B-1." The ratings remain on CreditWatch with negative implications, where they were placed on Oct. 3, the agency said, indicating that another downgrade could be lurking in the short term.

■ Entertainment
Singapore acts on gambling
Singapore has launched a Web site to address anticipated cases of gambling addiction four years before it opens its first casinos. The government-appointed National Council on Problem Gambling said the launch of the Web site on Monday was the opening salvo of a public education campaign on gambling addiction. The Web site (www.ncpg.org.sg) contains a range of information on problem gambling, including tips on how to identify the warning signs, where to seek help, as well as related news and events. Stories of people whose lives have been destroyed by gambling addiction will be featured on the Web site. The council said it will use newspaper ads, radio talkshows and TV programs to inform the public about the perils of gambling addiction. Singapore's government announced in April that two Las Vegas-style casino resorts would be built by 2009 to spice up its staid image and attract more tourists.