SK Biopharm’s constipation treatment in phase-2 trials in U.S.

SK Biopharmaceuticals Co. said on Sunday it began phase-2 clinical trials of YKP10811, a treatment for chronic constipation, in the United States last month.The phase-2 trials are conducted on patients with chronic constipation and other gastrointestinal disorders to see if once-a-day oral dosing of the drug is effective and safe.Once the phase-2 and phase-3 trials succeed, SK Biopharm expects to begin sales of the new drug around 2016.Unlike the current treatments for constipation that rely on

IndustryMarch 18, 2012

‘Banking shares have more room to rise’

Korea’s banking sector is likely to see a continued upturn following a solid performance in the past week that outperformed the broader KOSPI, a brokerage said in a report. Kyobo Securities said the banking shares on the main bourse rose 6.4 percent in the past week, while the KOSPI rose 4.2 percent, largely because of a brightened outlook for Europe’s economic recovery and optimism about investors’ demand for the stocks. The rally came after shares in local lenders had weakened a bit following

March 18, 2012

GM sees Europe pricing weakness causing broad capacity cuts

General Motors Co. sees “clearly deteriorating” sales and pricing in Europe’s car market leading to restructuring across the industry, according to analysts who met with the automaker’s management yesterday. Analysts met with Dan Ammann, GM’s chief financial officer, and James Davlin, treasurer of the Detroit-based automaker, according to Citigroup Inc. Europe’s vehicle pricing has “worsened significantly” during the past three to four months, Rod Lache, a New York-based analyst at Deutsche Bank

MobilityMarch 18, 2012

Blizzard announces May 15 release of Diablo 3

Blizzard Entertainment announced Sunday that its global release of the firm’s popular action role-playing online game, Diablo 3, will take place on May 15.Mike Morhaime, chief executive and co-founder of Blizzard Entertainment, told local media that he felt Korea’s strong response following the anno

TechnologyMarch 18, 2012

Samsung Electronics fined 400m won for obstructing probe

South Korea's tech giant Samsung Electronics Co. has been fined 400 million won ($354,900) for obstructing the government's mobile phone price-rigging probe, the country's corporate watchdog said Sunday.The Fair Trade Commission (FTC) said the fine is the highest levied on a company so far for hinde

IndustryMarch 18, 2012

Korean scientists find all-round cancer suppressing enzyme

South Korean scientists said Sunday they have discovered an enzyme capable of suppressing growth of both solid tumors and blood cancers, opening up the possibility of treating the potentially fatal disease.A research team led by An Sung-kwan, a microbial engineering professor at Seoul's Konkuk Unive

TechnologyMarch 18, 2012

Apple fans snap up new iPad in muted launch

SAN FRANCISCO (AFP) - The new iPad went on sale on Friday with Apple fans lining up from Sydney to San Francisco to snap up the latest model of the hot-selling tablet computer.Buyers in Asia, Europe and the United States praised the eye-poppingly sharp display on the new iPad but a device which is o

TechnologyMarch 18, 2012

High oil prices to dent S. Korean economy

A recent surge in international crude prices and their high volatility are likely to make a dent in the economy of South Korea that relies entirely on imports for its oil needs, market sources said Sunday.With oil prices soaring due to heightened geopolitical risks stemming from the international st

March 18, 2012

Artist admits to shortcuts in show about Apple

   CHICAGO (AP) _ An artist admitted to taking shortcuts in crafting an often harrowing tale about Apple Inc.'s operations in China after the veracity of his one-man theatrical show was challenged by a public radio program that had based a broadcast on his work.   But writer Mike

TechnologyMarch 17, 2012

Korea to inspect emergency generators at nuclear plants

South Korea will inspect emergency diesel generators at all of the country's nuclear plants between March 19 to 30th, according to a statement on the Ministry of Knowledge Economy's website on Saturday.The inspection comes after the announcement that the emergency diesel generator at the halted Kori

March 17, 2012

‘Iraq ready to supply oil to Korea’

Iraq has promised to provide crude oil to Korea if U.S-led sanctions against Iran disrupt the global supply of the critical resource, the Seoul government said on Friday.The Ministry of Knowledge Economy said the understanding was reached at a Thursday meeting between Vice Energy Minister Cho Seok and Iraq’s Deputy Prime Minister for Energy Hussain al-Shahristani in Baghdad.“The senior official commented that if Seoul has trouble importing oil and requests assistance, Iraq can give priority to s

March 16, 2012

Shares down on profit-taking

Korean stocks ended 0.46 percent lower on Friday as investors opted to take profits from recent gains, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 9.32 points to close at 2,034.44. Trading volume was moderate at 441 million shares worth 5.1 trillion won ($4.53 billion), with decliners outnumbering gainers 451 to 363.“Market uncertainties abated, but there are no positive factors to help upward momentum continue at the moment

March 16, 2012

Mitsubishi cars come back to Korean market

Mitsubishi Motors Corp. resumed its vehicle sales in Korea by unveiling two models.The Japanese carmaker reentered the local market on Friday after a hiatus of about a year by signing an exclusive dealership contract with CXC Motors.CXC Motors was established by Hanjin Group founder’s grandson Henry Cho in 2011.Mitsubishi and CXC unveiled compact crossover RVR and pick-up truck L200 during the unveiling event at the KINTEX in Ilsan, Gyeonggi Province.CXC Motors is poised to open large showrooms

MobilityMarch 16, 2012