S Korean corporate failures rise in June

The number of South Korean corporate bankruptcies rose in June, the central bank said Thursday, indicating that the local economy is slowing down. The number of companies that went belly-up totaled 103 last month, up from 102 the previous month, according to the Bank of Korea (BOK). After the corporate failures reached a record low of 90 in March, they rose to a four-month high of 110 in April, South Korea's (Yonhap) news agency reported. Meanwhile, the number of newly established companies came in at 6,744 in June, up 617 from the previous month, the BOK added. The default rate of corporate bills -- bonds, checks and promissory notes reached 0.02% last month, up 0.01% from the previous month, the BOK said. On Friday, the BOK cut its 2012 growth outlook to 3% from its earlier estimate of 3.5% as exports are likely to lose steam amid the lingering eurozone debt crisis.