EUCCK seminar on energy, joint venture

The European Chamber of Commerce in Korea plans to hold two seminars on energy and joint ventures, respectively, this week.The forum on energy, organized by the EUCCK’s Energy and Environment Committee, will take place at 8:00 a.m. at the Ritz Carlton Hotel on Thursday.The breakfast seminar has invited KEPCO general manager Park Seong-cheol to talk about the company’s International Cooperation Division’s role and how it applies to European Union stakeholders.The meeting costs 35,000 won for comm

Feb. 13, 2012

Lab study raises questions over nano-particle impact

Tests involving chickens have raised questions about the impact on health from engineered nano-particles, the ultra-fine grains commonly used in drugs and processed foods, scientists said on Sunday.Chickens exposed to high oral doses of polystyrene particles 50 nanometers (50 billionths of a metre)

TechnologyFeb. 13, 2012

KARI, Korean Air to build unmanned tiltrotor

Korean Air and the Korea Aerospace Research Institute plan to develop the world’s first small-scale unmanned tiltrotor aircraft by 2013, the two companies announced Monday.The envisioned aircraft, dubbed “TR-6X,” will be about 60 percent the size of the first unmanned aerial vehicle unveiled in November by the state-run aerospace think tank, which flies like a plane but tilts its rotors to take off and land vertically like a helicopter. The government pumped 87.2 billion won ($77.7 million) into

IndustryFeb. 13, 2012

Vietnam emerges as key market for Korea

Bilateral relations improve as Vietnam’s economy continues to growVietnam is emerging as a major market for Korean goods on the strength of strong sales of Korean cars and mobile handsets, the Ministry of Strategy and Finance said Monday. In a report on the 20th anniversary in which Korea forged formal ties with Vietnam, the ministry said the middle-class consumers in Vietnam were showing greater appetite for Korean products and that the Vietnamese government was encouraging Korean firms to ente

Feb. 13, 2012

Korean financial markets still shy of pre-crisis levels

South Korea’s financial markets are showing signs of recovery from a global crisis caused by a faltering U.S. economy and eurozone debt problems, but remains shy of pre-crisis levels seen in July last year, data showed Monday. South Korea’s credit default swap premium, or the cost of insurance against sovereign default, fell to 1.41 percent on Friday from 2.29 percent on Oct. 4., according to the data by the Korea Center for International Finance. However, the latest CDS premium is still higher

Feb. 13, 2012

Korean oil refiners post record profits in 2011

South Korean oil refiners reaped record profits in 2011 on the back of strong exports and improved business performances at their non-refining units, data showed Monday.SK Innovation Co., South Korea’s leading refiner, saw its net income jump nearly three-fold to 3.18 trillion won ($2.83 billion) last year. Sales surged 27.3 percent on-year to 68.37 trillion won last year, with operating income shooting up 50.6 percent to 2.85 trillion won.The annual increase was fueled by the good showings of i

IndustryFeb. 13, 2012

Asiana recieves advertising award

Asiana Airlines, Korea’s second-largest carrier, said it won Air Transport World’s “Ad of the Year” award Monday.The renowned U.S. trade magazine, published by Penton Media Inc., also granted Asiana the Gold Award in the corporate category for a second consecutive year. Some 1,400 industry experts assessed all commercials printed in the magazine throughout last year to select the best advertiser. The media group also gives the Gold and Silver Awards based on a poll of subscribers by Signet Resea

IndustryFeb. 13, 2012

S. Korean team develops new artificial antibody

A team of South Korean scientists has developed an artificial antibody that is significantly more effective but cheaper than conventional antibody drugs, the team said Monday.The new antibody, named Repebody, is manufactured by manipulating the structure of protein and can be custom-made to meet any needs, it said.The simple manufacturing method enables mass production of the antibody, which will likely cut the price of new products to be developed to only 1 percent of existing antibody drugs, w

TechnologyFeb. 13, 2012

Sheppard Mullin ambitious about Seoul opening

Sheppard Mullin ambitious about Seoul openingKicker: Law firm chief says advance into Korea is part of its greater Asia practice　By Cynthia J. KimSheppard Mullin, U.S. legal adviser of Samsung Electronics and Hyundai Motor Co., will set up a Seoul office within the next few months as it joins a rush of U.S. law firms advancing into Korea, chairman Guy Halgren said.“We hope to be able to apply for a license within the next few weeks and then be approved in the next month or two after that. We wil

Feb. 13, 2012

NTS likely to order Samsung to pay additional tax

South Korea's tax agency will likely order Samsung Electronics Co. to pay at least 100 billion won (US$89.04 million) in unreported tax and related penalties, sources said Monday.The order will be made soon as the National Tax Service (NTS) is wrapping up its regular tax audit this week into the nat

IndustryFeb. 13, 2012

Hana Financial inks deal to buy stakes in U.S. lender

Hana Financial Group Inc. said Sunday that it has signed a deal to buy majority stakes in a U.S.-based lender in a bid to expand its presence in the United States.Under the memorandum of understanding with Saehan Bancorp, the South Korean banking group will purchase newly issued shares to secure a 5

Feb. 12, 2012