NEWS IN BRIEF

Sales of variable annuities in South Korea... plunged in the second quarter as a result of high volatility in the stockmarket, the Financial Supervisory Service (FSS) said today. First premiums fell 42.7% to 830.3bn won from April to June, compared with investment of 1.4tn won in the first quarter. Sales by the three leading players — Samsung, Korea Life and Kyobo — fell 51% to 521.9bn won.