Korean firm gets interim nod for oil project in Jordan

A Korean energy developer said Wednesday that it has obtained approval from Jordan to negotiate a deal for the development of a massive oil field in the western part of the Middle Eastern country.The Jordanian Cabinet approved a memorandum of understanding on negotiations for a final agreement Tuesday to explore the field with an estimated reserve of more than 1.1 billion barrels, said Park Cheong-sig, president and CEO of Korea Global Energy Corp. A signing ceremony will soon be held.Under the

Feb. 15, 2012

Love is like a drug, study finds

Love appears to use the same system in the brain that is activated when a person is addicted to drugs, recent research found. In the study, researchers at Stanford University showed 10 women and seven men photographs of loved ones. The researchers scanned and observed the participants’ bra

TechnologyFeb. 15, 2012

Aspirin could beat cancer spread: Australian study

 Aspirin and other household drugs may inhibit the spread of cancer because they help shut down the chemical "highways" which feed tumours, Australian researchers said Tuesday.Scientists at Melbourne's Peter MacCallum Cancer Centre said they have made a biological breakthrough helping explain h

TechnologyFeb. 15, 2012

Man gives Valentine's kidney

A Chicago man is celebrating Valentine's Day by giving his girlfriend one of the most precious gifts he has -- his kidney.Terry Lee said his girlfriend, Trisha Beckwith, was diagnosed with the autoimmune disease Lupus after they had been dating for about four months and soon discovered her kidneys w

TechnologyFeb. 15, 2012

Korea-China FTA move puts Taiwan under pressure

HONG KONG (Yonhap News) ― A possible free trade agreement between Korea and China has put Taiwan under pressure to speed up follow-up trade talks with China, Taiwanese government officials said Tuesday. In early January, Korea and China agreed to start formal negotiations for a free trade agreement with the aim to launch talks before the end of June.Taiwan’s Ministry of Economics said the country must quickly move toward securing follow-up trade and economic agreements with China, saying it has

Feb. 14, 2012

Shares slip 0.15% on eurozone woes

Korean stocks fell 0.15 percent on Tuesday as investors offloaded shares following a credit cut on six eurozone countries, but losses were limited as the downgrade was largely expected, analysts said. The local currency fell against the U.S. dollar.After retreating as much as 0.51 percent at one point, the benchmark KOSPI ended 3.1 points lower at 2,002.64. Trading volume was heavy at 500.5 million shares worth 6.4 trillion won (US$5.7 billion), with decliners slightly outweighing gainers 411 to

Feb. 14, 2012

Korea’s trade terms hit 3-year low

Korea’s 2011 terms of trade deteriorated to the lowest level in three years as oil price hikes pulled up import costs, outpacing moderate gains in export prices, the central bank said Tuesday. The country’s net terms-of-trade index for goods stood at 78.9 last year, down 8.3 percent from 2010, marking the sharpest annual fall since the 2008 global financial crisis, according to preliminary figures released by the Bank of Korea. On a quarterly basis, Korea’s net terms-of-trade index for goods, a

Feb. 14, 2012

Joint loan liability for private...business owners to be scrapped

The ruling party and the government agreed to abolish the joint liability system for self-employed businessmen when they apply for loans from May in a bid to lessen the burden on new businesses and boost entrepreneurship, the party’s chief policymaker said Tuesday.Rep. Lee Joo-young of the Saenuri Party held a meeting with senior officials of the Financial Services Commission at the National Assembly and reached an agreement to adopt a package of measures aimed at helping self-sufficient busines

Feb. 14, 2012

Online stock trading surges on smartphones

Korea’s online stock trading hit a record high last year, helped by the widespread use of smartphones and other Internet-enabled digital devices. The value of stocks traded online reached 2,468 trillion won ($2.19 trillion) last year, up 18.3 percent from 2,086 trillion won a year earlier, according to the Korea Exchange.Of the total, the main bourse KOSPI accounted for 1,524 trillion won, while the tech-packed KOSDAQ generated 944 trillion won worth of online trades last year. Online stock trad

Feb. 14, 2012

Foreign investors selling Hana shares

Government may intervene in management through pension serviceForeign investors are leaving Hana Financial Group by disposing of their stake amid uncertainties from the group’s takeover of Korea Exchange Bank.Following the departure of Temasek Holdings in October, Goldman Sachs sold off its entire stake in Hana Financial on Tuesday.At the end of June 2011, Temasek, an equity fund controlled by the Singapore government, and Goldman, a global investment bank, were the largest and second-largest sh

Feb. 14, 2012

KB Kookmin named best bank: magazine

KB Kookmin Bank has been selected as Korea’s best onshore custodian for a consecutive year by Asian Investor, a magazine for the Asia-Pacific financial markets.The award, dubbed Asian Investor 2011 Korea, was set up in March 2011 by the magazine.The nation’s largest retail lender Kookmin Bank has emerged as one of Asia’s leading banks.Its parent KB Financial posted 2.37 trillion won ($2.07 billion) in net profit last year. Its total assets came to 361.6 trillion won, up 28.1 trillion won from a

Feb. 14, 2012

KT resumes Internet service to Samsung smart TVs

KT Corp. resumed the Internet services for Samsung-made smart televisions Tuesday after the two companies agreed to settle their differences through negotiations, according to the nation’s telecom regulator. KT had limited the Internet access of Samsung smart TV sets since Thursday morning in protest against Samsung Electronics’ refusal to join talks for the costs of its network use. The Korea Communications Commission said that Samsung also withdrew the lawsuit the company filed against KT on F

IndustryFeb. 14, 2012

KT’s smartphone customers exceed 50%

KT Corp. said Tuesday that smartphone users now make up more than 50 percent of its mobile clientele. According to the nation’s second-largest network operator, 8.18 million of its 16.32 million customers were smartphones users as of Monday.The figure for smartphone users has surged over the past two years after it started with 2 percent of the company’s total subscribers in December 2009, KT said.The rapid infiltration of smartphones in Korea was largely driven by the arrival of Apple’s iPhone

IndustryFeb. 14, 2012

Shipbuilders bag orders for LNG carriers, tankers

Korea’s two leading shipbuilders are upping the ante for natural gas carriers with new orders as they scramble for a bigger slice in the lucrative market amid a looming industry slowdown.Hyundai Heavy Industries said Tuesday it has won orders worth $1.1 billion in total to build four liquefied natural gas carriers and an LNG storage vessel along with its affiliates from Europe.The shipbuilder said it has clinched a deal for one LNG floating storage and regasification unit with Norway’s Hoegh. It

IndustryFeb. 14, 2012

Iran envoy expects 10-15% oil import cut from Korea

Seoul denies any discussion with Washington on percentage of oil import cutsIran’s top envoy to Korea said he was informed by the Korean government that it might cut Iranian oil imports to the level of 2010 ― a reduction of 10 to 15 percent ― as part of the U.S.-led sanctions to pressure Tehran to end its nuclear ambitions.“They (The Korean government) informed us that they might decrease at the level of 2010 oil imports,” Iranian Ambassador Ahmad Masoumifar told The Korea Herald. “Maybe decreas

Feb. 14, 2012