Samsung Total’s entry draws mixed responses

The entry of Samsung Total Petrochemicals into the country’s retail petrol market is stirring up mixed responses, according to industry sources on Friday.Although some say it will have limited impact in the industry in the short term, it is expected to facilitate Samsung’s entry into the nation’s tightly-controlled petroleum market, currently dominated by four big industrial names ― SK, GS, Hyundai and S-Oil, the sources said.“The level of impact will be insignificant at first because of its sma

IndustryApril 20, 2012

Korea to ban online collection of resident numbers

Companies can face fines up to 1 percent of revenue for data leaksResident registration numbers will no longer be requested by websites and companies as the government announced Friday measures for better data protection. The online sector will be first banned from collecting resident registration numbers from as early as August, followed by public organizations and private companies in phases. The Korea Communications Commission, the Ministry of Public Administration and Security and the Financ

IndustryApril 20, 2012

First gene linked to common form of psoriasis identified

Scientists have identified the first gene directly linked to the most common form of psoriasis, a chronic skin condition. The research led by Washington University School of Medicine in St. Louis shows that rare mutations in the CARD14 gene, when activated by an environmental trigger, can lead to plaque psoriasis. This type of psoriasis accounts for 80 percent of all cases and is characterized by

TechnologyApril 20, 2012

LG Chem posts W5.75tr in sale in Q1

LG Chem on Thursday posted 5.75 trillion won ($5.05 billion) in sales and 459 billion won in operating profit for the first quarter, indicating that the slowing demand in China has contributed to the loss of sales.The firm said its sales grew 2.8 percent compared to the final quarter of last year, but its operating profit figure was down 8.2 percent during the same period.However, its net profit during January to March amounted to 380 billion won, a slight rise of 1 percent compared to the previ

IndustryApril 19, 2012

Open bidding plan for new KTX line unveiled

The Ministry of Land, Transport and Maritime Affairs announced on Thursday a formal open bidding document for a new KTX line, whose route involves Suseo, rekindling disputes over the privatization of the bullet train system. The plan confirmed the government’s resolve to allow private companies to run part of the train network. Opposition parties and civic groups, however, protested that the move is a step toward the privatization of KTX, which will lead to higher rates. The Suseo route of the K

April 19, 2012

Retail chains to open earlier

South Korea’s large retail chains are starting their business earlier to minimize the expected decline in revenues due to the new regulations that govern business hours. Homeplus, one of the biggest retail chains here, said it has adjusted the opening time from 10 a.m. to 9 a.m. for its 22 branches across the nation.Other retailers such as Emart and Lotte Mart are reportedly moving in the same direction, starting their business 30 minutes or 1 hour earlier. The move came as the retailers face a

IndustryApril 19, 2012

Korea, U.S. close to deal on Iranian oil imports: minister

WASHINGTON (Yonhap News) ― South Korean Finance Minister Bahk Jae-wan said Wednesday that his country is nearing a deal with the United States on crude oil imports from Iran.“In general, consultations are proceeding smoothly. So, I don’t think there will be a big problem,” Bahk told reporters here. He arrived in Washington earlier in the day to attend a gathering of G-20 finance ministers and the spring meetings of the International Monetary Fund and the World Bank.Seoul is seeking a waiver from

April 19, 2012

Korea, Qatar to tap global construction markets

South Korea and Qatar are moving to join forces in making inroads into construction markets in third countries by utilizing sovereign wealth funds of the Middle East, Seoul officials said Thursday.The Ministry of Land, Transport and Maritime Affairs said it will sign a memorandum of understanding with the Qatar Investment Authority in May in a bid to expand joint investment in overseas construction projects.The envisioned MOU is a follow-up on a bilateral agreement that calls for the Qatari sove

April 19, 2012

Sea level near Jeju Island rises sharply

The sea level near Jeju Island has risen at a pace faster than the global average, data showed on Thursday. The Korea Hydrographic and Oceanographic Administration said the mean sea level surrounding the southern resort island has gone up by 5.97 millimeters on average per year, far higher than the world average of 1.8 millimeters. The agency began to collect the sea level data involving the island in 1978. The broader sea level for South Korea increased by 2.48 millimeters per year, also higher

April 19, 2012

Seoul shares dip on weak eurozone woes, N. Korea

South Korean stocks closed 0.23 percent lower Thursday due to lackluster U.S. corporate earnings, eurozone concerns and North Korea’s threat, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI fell 4.67 points to close at 1,999.86. Trading volume was moderate at 405 million shares worth 4.02 trillion won ($3.52 billion), with losers outpacing gainers 534 to 299.“U.S. economic data is improving, but the slow pace of recovery, as seen by weak tech companies earnings

April 19, 2012

Korean shipyards win half of world’s ship orders in 1st quarter

South Korea continued to lead the world’s shipbuilding market in the first quarter of 2012 by winning half of all global orders in terms of weight, the government said Thursday.In the first quarter, the country’s shipbuilders secured orders for 60 ships worth $7.9 billion and totaling 1.93 million compensated gross tons in the January-March period, according to the Ministry of Knowledge Economy. The figure represents 50.7 percent of 3.80 million CGTs worth of global orders placed during the cite

April 19, 2012

Corporate failures drop in March: BOK

The number of South Korean corporate bankruptcies fell to a record low in March as more manufacturers and service-related companies stayed afloat than the month before, the central bank said Thursday. The number of companies that went insolvent after defaulting on promissory notes declined to 90 last month from 94 in February, the Bank of Korea said. “The change is so small, there is no distinct reason for the dip last month, although the country’s economy being able to pull off steady gains ami

April 19, 2012

FSS to probe banks’ insurance sales

Regulators to punish lenders for irregular loan issuance in MayCommercial banks will soon face a strict regulatory crackdown for possibly irregular practices in sales of “bancassurance” products, officials said.The Financial Supervisory Service plans to dispatch a group of inspectors to the headquarters of major banks such as Kookmin, Woori and Hana, starting in the coming weeks.In the same vein, several insurance companies, including Samsung Life and Korea Life, could be the target of close mon

April 19, 2012