SK Group, the nation’s third-largest conglomerate, said Friday that it had spun off its life science unit in a bid to develop the business into a new driver of growth. SK Biopharm’s total assets will reach 300 billion won ($260 million), and will be wholly owned by SK Holdings Co. The new unit’s main goal will be developing globally competitive new medicines and active pharmaceutical ingredients,

State-run Korea Resources Corp. said Thursday that it would start production at a nickel mine in Madagascar this year, which is expected to push the country’s self-sufficiency rate for the mineral to over 60 percent.KORES and consortium partners including Sumitomo Corp. and Sherritt International Corp. held a ceremony Wednesday marking the completion of the Ambatovy mine facilities. Since signing

Fears of radiation from Japan have pushed up sales of masks and food such as kelp considered to help prevent poisoning, local retailers said Wednesday.Concerns over radiation have been rising during the past few days on news that traces of radioactive materials are being detected throughout the nation following a nuclear crisis in Japan.The state-run Korea Institute of Nuclear Safety confirmed Mon

South Korea is pushing a 1.5 trillion won national project to develop six promising technology sectors that would lead the nation’s growth in future decades.The government has recently set out long-term research and development plans with an aim to join the league of top five international technology powerhouses by 2020. Convergence-based technologies are expected to generate sales of 380 trillion

Incheon International Airport marks its 10th anniversary Tuesday after a span of rapid growth establishing it as a major Northeast Asian hub and the world’s best airport. The country’s main gateway opened in 2001 and has grown by an average 6 percent per year in terms of passenger numbers, according to the Ministry of Land, Transportation and Maritime Affairs.Though it encountered diverse oppositi

The state-run Korea Trade-Investment Promotion Agency said Monday that it will start assisting local firm’ overseas marketing through online social media. The trade body’s latest move comes as the world’s e-commerce market has been growing rapidly in recent years to reach a size of $9 trillion as of last year, KOTRA said.KOTRA will promote local information technology companies through social netw

Decision on new international airport to be unveiled Wednesday, Busan, Miryang also in the runningThe government is poised to decide Wednesday whether a new international airport will be built in Busan or Miryang, South Gyeongsang Province.Yet it is still uncertain whether the Ministry of Land, Transportation and Maritime Affairs will choose between the two cities or select an alternative, such as

SK Group chairman Chey Tae-won has launched a business trip to countries in the Middle East including Saudi Arabia and Kuwait in a bid to boost his company’s resources development. During his trip from March 24-April 4, Chey is to discuss ways to bolster cooperation with the region’s leading oil firms including Saudi Arabia’s state-owned Aramco, Saudi Basic Industries Corp., and Kuwait Petroleum C

Korea unit’s chief expects OLED, clinical trials to be prospective in tech-savvy local marketDuring the 2008-09 economic crisis, many companies curtailed their costs, their workforces and their investments as they strove to survive the worst global slowdown since the Great Depression of the 1930s. Merck Korea, the local unit of the world’s oldest chemical and pharmaceutical firm, was one of the fe

KT&G Corp., the nation’s largest tobacco producer, said Wednesday that it is to launch a ginseng business in the northeastern Chinese province of Jilin.Seeking to diversify its portfolio, the company has been enhancing its Oriental healthcare business, for which China is considered the world’s largest market.KT&G signed a memorandum of understanding on Tuesday with the governments of Jilin and Yan

A South Korean consortium including Korea Resources Corp. has acquired a 90 percent stake in an Indonesian bituminous coal mine for $84.15 million, the state-run mineral developer said Tuesday.KORES said it was involved in a joint venture with Korindo, a Korean-run developer in the Southeast Asian country, to buy the share for the 244 million-ton Kapuas mine from PKP Group, a local mineral exporte

South Korea has inked two oil deals in the United States and Kazakhstan meant to boost the country’s energy security. The state-run Korea National Oil Corp. has bought a stake in an unconventional oil field in Texas from Anadarko Petroleum Corp., the Ministry of Knowledge Economy said Monday.The firm now holds a 23.7 percent-stake in the shale oil field for which it paid $1.5 million and expects t

S-Oil Corp., the nation’s third-largest refiner, entrusted the Community Chest of Korea with a relief fund totaling 500 million won ($440,000) to support Japan, company officials said Sunday.“As Japan is now undergoing an unimaginable difficulty due to last week’s massive earthquake, we decided to provide humanitarian aid for the country,” S-Oil CEO Ahmed A. Subaey said.  S-Oil CEO Ahmed A. Subaey

Utility firm seeks court order banning magazine report on possible import of fuelThe state-run Korea Electric Power Corp. said on Saturday that it has filed for injunction in a Seoul court calling for the banning of the distribution of the monthly Shindonga magazine. They argue that its news report that Korea may be responsible for the disposal of nuclear waste from the planned nuclear power plant

Korean businesses including Hyundai Motor Group, SK Group and S-Oil have forged financial support for Japan in the aftermath of the massive earthquake and an ensuing tsunami it suffered last week, they said Thursday. Hyundai Motors Group will donate $1.3 million to Korean Red Cross which will be delivered to the Japanese Red Cross and be spent on buying blankets and food, it said. “We express our

Korea’s small- and medium-sized exporters are struggling with delayed payments and a drop in orders from their Japanese partners whose operations were disrupted by the massive quake and tsunami last week.Government bodies and banks are stepping up financial assistance for such firms and trade agencies are operating emergency teams to closely monitor the extent of the damage. The powerful 9.0-magni

Local builders focus on safety standards as Japan quake may dampen export marketsRenewed nuclear safety concerns arising from blasts and radiation leak in Japan will likely pose both a threat and an opportunity for the South Korean nuclear energy industry, experts said Wednesday.The local nuclear industry may carry on the upbeat trend in Asian markets should it be able to prove its safety and tech

State-run natural gas developer Korea Gas Corp. said it will further boost its efforts for achieving mutual growth with its contractors and other philanthropic activities, the firm said. KOGAS’ service was recognized last year when it was made Fortune Magazine’s list of the World’s Most Admired Companies. The firm ranked the fourth in the energy firm category. It received good marks for its excell

But experts say prolonged disaster may pose threat to Korea’s exports, financial marketsThe earthquake in Japan has caused minimal impact on South Korean firms and exports though damage will inevitably escalate should the Japanese economy take longer to recover than expected, the government said Monday. The 9.0-magnitude temblor which occurred on the northeastern coast of the island nation Friday

South Korea clinched a landmark oil field development deal in Abu Dhabi, in the United Arab Emirates on Sunday during President Lee Myung-bak’s visit to the Arab nation, raising hopes for the nation bolstering its energy security. The set of agreements includes a memorandum of understanding which guarantees Korea to participate in the production of at least 1 billion barrels of crude oil from the