Top managers of South Korean companies predict high international oil prices to last for the time being due to the standoff between Western countries and Iran, a poll showed Sunday.According to the survey of 216 local chief executive officers by Samsung Economic Research Institute, 44.4 percent of the respondents expected international crude prices to average $100 to $120 per barrel this year.Another 40.3 percent forecast a price range of $120-$140, with only 4.2 percent projecting the average c

South Korea’s health insurance outlays for examination and treatment rose 6 percent on-year in 2011, partly due to more senior citizens requiring medical attention, a state-run agency report said Sunday.The National Health Insurance Corp. said the total amount spent to cover medical examinations, hospitalizations and drug purchases last year topped 46.2 trillion won ($40.1 billion).This translates into an average payment of 940,000 won for every person covered by the country’s health insurance.T

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 University, said the Mulan E3 ligase effectively deals with the Akt protein, kinase which plays a key role in the growth and spread cancer in the body.“The Mulan enzyme has been found to act as a powerful

The Korean stock market is expected to attempt to grab fresh upward momentum based on strong U.S. economic data this week, but high oil prices could limit its rally, analysts said. The KOSPI closed down 0.5 percent at 2,034.44 points on Friday, but eked out a weekly gain of 0.8 percent. For the year, the main bourse rose 11.4 percent, helped by a broader rally in recent sessions together with other Asian markets. The tech-packed KOSDAQ closed up 0.27 percent at 539.78 points on Friday. Analysts

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

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

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

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

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

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