The 2012 World Expo in Yeosu aims to illuminate oceans and their magnitude as a key to diverse climate and environmental challenges mankind is faced with in the 21st century. Under the theme “Living Ocean and Coast,” 106 countries and nine international organizations will showcase their diverse marine development and advancement of oceanic technology on the southern shore of the Korean Peninsula from May 12 to Aug. 12.The 93-day event, the first here since the 1993 Daejeon Expo, is expected to l

GlaxoSmithKline Korea Ltd. said Wednesday that Korea’s drug agency has extended approval for its hot-selling pneumonia vaccine to be used in babies born premature at 27 to 28 weeks and children up to 5 years old.The expanded approval makes Synflorix the first pneumococcal conjugate vaccine here for premature babies, the local unit of the U.K.-based corporation said. The vaccine was first approved by the Korea Food & Drug Administration in 2010 for the prevention of invasive pneumococcal disease

Politicians bent on winning votes indulge in bashing big business ahead of general elections and presidential pollKorea’s family-owned conglomerates are coming under growing pressure as political parties from all sides are trying to exploit popular anger toward corporate greed and inequality for better chances in this year’s key elections. Globally Samsung, LG, Hyundai Motor and other chaebol are basking in praise for their record earnings, increasing market share and technological innovation. T

Baesangmyun Brewery Co. plans to set up a brewery for Korean rice wine, or makgeolli, in the U.S. as part of its efforts to expand overseas, the drinks maker said Sunday.The company said it has recently clinched a deal with an entrepreneur based in Chicago to build the facility there and begin producing 50,000 bottles of the traditional Korean beverage a month as early as July. It did not provide information on the value of the contract. Company officials said they are taking steps to obtain app

LS Industrial Systems Co. aims to more than triple its sales and increase its profit six-fold by 2015 through sweeping structural reforms and growth in strategic areas such as smart grids and car batteries.Korea’s largest maker of electrical components on Sunday unveiled its ambitious 2015 vision, which entails goals of reaching 4.5 trillion won ($4 billion) in sales and 700 billion won in operating profit. The targets reflect a roughly 320 percent rise in sales and a 630 percent surge in profit

Samsung, LG, Hyundai bow to criticism over reckless expansionAmid criticism over their excessive expansion, Korea’s major corporations are relaying to withdraw from bakeries, cafes and other markets that have long been crowded with neighborhood stores. Hyundai Motor Group on Friday became the latest conglomerate to back down from its cafe business. Chung Sung-yi, the eldest daughter of chairman Chung Mong-koo, has been managing two branches of Ozen at the automaker’s headquarters in Seoul and it

Samsung, LG, Hyundai bow to criticism over reckless expansionAmid criticism over their excessive expansion, Korea’s major corporations are relaying to withdraw from bakeries, cafes and other markets that have long been crowded with neighborhood stores. Hyundai Motor Group on Friday became the latest conglomerate to back down from its cafe business. Chung Sung-yi, the eldest daughter of chairman Chung Mong-koo, has been managing two branches of Ozen at the automaker’s headquarters in Seoul and it

With a surging number of Chinese tourists here, their shopping list are becoming more diverse to include sanitary napkins and rubber kitchen gloves, industry officials said Thursday.China has been boasting of their growing appetite for air travel, luxury goods and other high-end products as the middle class expands rapidly in the world’s second-largest economy.A typical shopping list for a Chinese visitor to Korea would include designer-brand bags, cosmetics, jewelry and clothes. During Asia’s b

Geislinger GmbH, Austria’s leading engine parts maker, will set up a manufacturing base in Busan to facilitate supplies to local shipbuilders, city officials said Wednesday.The Salzburg-based firm clinched an agreement with the Busan government to build a plant at the southern port city’s industrial complex and hire more than 100 workers by injecting $10 million, officials said. They did not give details on the time frame. The deal marks the largest project involving an international company sin

Medipost, a Korean biotech startup, is seeking to export its stem-cell based arthritis medicine Cartistem to other countries in Asia, the Middle East and Eastern Europe, company officials said Wednesday.Cartistem is the world’s first approved allogeneic stem cell drug. It is designed to regenerate knee cartilage using stem cells derived from umbilical cord blood. The Korea Food & Drug Administration gave approval for commercial sales of the new product last week. Dong-A Pharmaceutical, the count

Generic manufacturers boost R&D and biomedicine, stem cell research sees upturnSoaring research costs, rampant illicit rebates and a gushing inflow of multinational drug giants following free trade pacts have come together to ignite the biggest crisis in years in Korea’s pharmaceutical industry.Heaping further pressure is the government’s push to slash drug prices and its sweeping crackdown on unfair trade practices, as well as economic uncertainties stemming from Europe. To tackle the daunting

The number of Koreans using low-cost airlines surpassed 10 million for the first time last year as more people take advantage of affordable air travel at home and abroad, data showed Friday.The figure reflects a 32.5 percent on-year surge, according to the Transport Ministry. Combined market share of the country’s five budget carriers ― Jeju Air, Air Busan, Jin Air, Eastar Jet and T’way Air ― jumped to 16.5 percent, up 3.3 percent points.In stark contrast, the number of air travelers rose merely

A consortium led by Korea East-West Power Co. plans to set up a coal-fired power station in Indonesia, the state-run company said Thursday.The consortium, including Perusahaan Listrik Negara and Adaro Energy, beat two other groups to be picked as the preferred bidder for the $400 million project, the EWP said. PLN is Indonesia’s largest power supplier and Adaro is the country’s No. 2 coal producer.Once signed, the deal will see the consortium build a 200-megawatt thermal plant in South Kalimanta

SK Engineering & Construction Co. said Thursday it plans to set up two additional coal-fired units at its power plant complex here to help secure electricity supplies. The Korean builder has secured a deal with Korea South-Eastern Power, a state-run utility, to add two units to its existing plant in Goseong, South Gyeongsang Province, by 2019. The 3 trillion won ($2.64 billion) project will boost the complex’s total production capacity by 2,000 megawatts from the current 3,240 megawatts, SK said

Daewoo International Corp. on Wednesday posted record revenue and a more than seven-fold surge in net profit for last year, prompted by robust overseas business and increased sales channels linked with its top stakeholder POSCO.Sales soared 20 percent on-year to nearly 18.8 trillion won ($16.5 billion) in 2011, according to a regulatory filing. Operating profit more than quintupled to 238.8 billion won, while net income topped 160 billion won.The upbeat results drove up Daewoo shares by 3.13 per

Hotel Hyundai Gyeongpodae will be reborn as a high-rise luxury resort in 2014 on one of the most popular beaches along the country’s east coast. Hyundai Heavy Industries said Wednesday it has clinched a deal with Gangneung City to rebuild the 40-year-old structure into a 20-story hotel with 160 rooms by May 2014. Demolition work is scheduled to begin in May.The shipbuilder runs four luxury hotels here and one in Vladivostok, Russia, through its affiliate Hotel Hyundai. Some 240 kilometers east o

POSCO chief executive Chung Joon-yang is likely to remain at the helm of the Korean steel giant as its board of directors agreed Tuesday to reelect him for another three-year term. Chung, 64, has been orchestrating the company’s operations since February 2009. With the first term expiring at the end of next month, he will seek approval from stakeholders at a meeting in March, POSCO officials said.Chung’s second term was widely expected by industry observers who credit him with masterminding the

The government’s decision to delay its controversial plan to adopt competition for train operations until the April parliamentary election is intensifying a backlash as critics slam the shift, calling it “a political move.”The Transport Ministry said Tuesday it will put off bidding to run new bullet-train routes departing Suseo in southern Seoul by two months, saying the “timing was inappropriate.”“After consulting with lawmakers, we offered to adjust the pace of the project as some questioned i

Korea’s trade deficit with Japan sharply fell last year as the powerful earthquake and the appreciating yen pushed up the island country’s imports, a report showed Monday.Korea’s exports to Japan spiked more than 41 percent on-year to $360.3 billion between January and November last year, the report by the Korea International Trade Association showed. Imports rose 7 percent to $624.3 billion.Korea’s trade deficit with its second-largest partner came in at $264 billion over the 11-month period, d

Korea will lead roundtable discussions on energy efficiency and clean resources at the Group of 20 summit in Mexico in June as chair of the working group on green growth, a local news agency said Monday.The chairmanship comes upon the Mexican government’s request, Yonhap News reported, citing a Seoul official. Members of the group have yet to be confirmed. As chair of the group, the country will orchestrate discussions on green growth and help draw up comprehensive recommendations at the two-day