SK Biopharmaceuticals Co. said Sunday it plans to carry out clinical tests for its epilepsy drug candidate in four countries as part of a government program to cultivate blockbuster drugs, targeting the international market. The drug unit of Korea’s third-largest conglomerate has since 2006 been developing a medicine for intractable epilepsy, a set of chronic neurological disorders typified by seizures. The product, codenamed YKP3089, is currently in small-scale second-phase trials in the U.S. T

Indonesian firm strives to renew contract as market share shrinksHyundai Motor co. stopped shipping commercial vehicles to Korindo Group of Indonesia, ending its largest contract in Asia, the company said on Sunday. The world’s fifth-biggest carmaker refused to renew its contract to produce trucks and buses for Korindo since the deal expired on June 15, the Jakarta-based Korean-run developer said. “The commercial vehicle contract with Hyundai expired last June and we have been waiting for Hyunda

Korean shares’ direction next week will most likely be affected by rising oil prices and lingering worries over the eurozone debt problems, analysts said Saturday.The benchmark KOSPI ended this week at 2,019.89, down 0.17 percent or 3.58 points from a week earlier.The KOSPI got off to a strong start, driven by the news that China lowered the reserve ratio for its banks. During the week, Wall Street rallies also bolstered investor sentiment here as the Dow Jones industrial average cracked the 13,

Korea will toughen rules on household lending by non-bank financial companies in an effort to put the brakes on its rapid growth, the financial regulator said Sunday.Non-bank financial firms, including cooperatives and insurers, will be required to lower their loan-to-deposit ratios to less than 80 percent in two years and to increase credit loss provisions for high-risk loans, the Financial Services Commission said in a statement. Even as the average loan-to-deposit ratio at non-bank financial

ICON Media Communications, an investor relations firm with offices in New York and Los Angeles, announced that it has formed a strategic partnership with Seoul IR Consulting.The tie is aimed at promoting strategic communications counsel between the U.S. and Korean financial markets while enhancing the brand of the two firms in the investment community.“This partnership marks a milestone for ICON as we continue to expand our footprint into the global markets,” said Debra Chen, founder of ICON. “B

The labor dispute in Standard Chartered Bank Korea has entered a critical phase again as its management recently failed to reach a compromise with the union.The union of Standard Chartered has threatened to stage a general strike amid the standstill in their negotiations with the management.Though the unionized workers, who went on a walkout between June and August, returned to work, the dispute has not been resolved, according to bank spokespeople.“They are working at branches. But their protes

Chairman could oversee Hana’s emergence as Korea’s No. 1 financial groupHana Financial Group plans to select the successor to incumbent chairman Kim Seung-yu, whose term expires in late March, in the coming days.The new chairman will be the second figure to head Hana Financial since Kim took on the top post in 2005.Further, Kim’s successor will take on the role of integrating different corporate culture of Hana Bank and Korea Exchange Bank, which was acquired by the group this month, over the ne

A judge ruled tentatively that Toyota Motor Corp. can’t force named plaintiffs in a purported class-action lawsuit over alleged losses from unintended sudden acceleration to arbitrate their claims rather than proceed to trial. U.S. District Judge James Selna in Santa Ana, California, said in a tentative ruling on Friday that Toyota waived its right to compel arbitration for 15 of the 20 plaintiffs and that, for the remaining five, the carmaker wasn’t a party to the arbitration agreements between

Porsche was recalling 100,000 of its Cayenne models worldwide to fix a headlight locking system that was at risk of becoming detached, the German car manufacturer said Friday.It will be biggest recall in the history of the company.Owners of the luxury sport utility vehicle, Porsche’s most popularmodel, were to receive letters asking them to take their cars to workshops for a free, 45-minute repair.“The headlight locking system on current 2011 and 2012 Cayenne models is being reworked. In-house q

Korean stocks finished 0.6 percent higher Friday as foreign investors scooped up Seoul shares on economic optimism, analysts said. The local currency rose against the U.S. dollar. Reversing its earlier fall, the benchmark Korea Composite Stock Price Index added 12.09 points to 2,019.89. Trading volume was heavy at 709 million shares worth 5.64 trillion won ($5.02 billion) with gainers leading losers 490 to 323. “In the morning, the KOSPI was dragged down by concerns over rising oil prices and wo

A federation of ready-mixed concrete companies said Friday they will resume plant operations the next day, three days after stopping production over disagreements with builders and cement suppliers on concrete pricing.Some 750 manufacturers of premixed concrete across the country halted their supply on Wednesday, prompting the government to intervene as the lack of concrete led to setbacks at construction sites.“The Ministry of Knowledge Economy requested that we resume supply to keep the situat