SAN FRANCISCO (AP) ― A quarter-century after the U.S. Food and Drug Administration approved the first prescription drugs based on the main psychoactive ingredient in marijuana, additional medicines derived from or inspired by the cannabis plant itself could soon be making their way to pharmacy shelves, according to drug companies, small biotech firms and university scientists.A British company, GW Pharma, is in advanced clinical trials for the world’s first pharmaceutical developed from raw mari

TechnologyJan. 26, 2012

Korean investors cut back their holdings of foreign equities last year primarily due to the angst over global uncertainties stemming from the eurozone debt crisis, data showed Thursday. The value of foreign stocks traded by local investors totaled $2.92 billion in 2011, down 49.2 percent from the $5.75 billion tallied in the previous year, according to the data by the Korea Securities Depository. The 2011 figure is lower than the $3.3 billion and $3.1 billion tallied in 2008 and 2009, respective

Jan. 26, 2012

Korea’s current account balance is feared to swing into the red in January due to a large deficit in trade and service accounts stemming from high oil prices and a strong local currency, data showed Thursday. The country’s imports jumped 19.8 percent on-year to $32.03 billion in the first 20 days of January, while exports rose 5.9 percent to $29.1 billion, bringing its trade deficit to $2.93 billion, according to the data by the Korea Customs Service.If exports fail to outweigh imports by around

Jan. 26, 2012

LG Electronics said Thursday that it will launch four new wireless gadgets, including a 5-inch smartphone, by the first half of this year.Starting with the release of its tablet PC Optimus Pad LTE, the firm will unveil three more smartphones as it aims to make a comeback this year with devices that run on the fourth generation Long Term Evolution network.“Including the Optimus Pad LTE and the 5-inch smartphone, we plan to roll out two other smartphones in the first half,” said an LG official. Th

IndustryJan. 26, 2012

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

IndustryJan. 26, 2012

Two leading mobile carriers, SK Telecom and KT Corp., said Thursday they would begin selling used smartphones at outlets across the nation in the upcoming months.KT plans to sell used smartphones online and offline starting in March and its rival SKT expects to offer used smartphones at the firm’s outlets a month later in April.KT is also planning to devise a discounted monthly payment plan called the “green sponsor” policy in May to give further assistance to used phone purchasers, according to

IndustryJan. 26, 2012

Backed by family-owned corporate network, chaebol progeny chase easy moneyFounders of Korea’s major enterprises devoted their lives to building a manufacturing powerhouse of the world’s best ships, cars and electronics, but their grandchildren are more interested in selling pastries and importing luxury items. A slew of chaebol offspring have jumped into the bakery or coffee shop business, possibly driving out small, individually owned confectioneries. The number of bakeries run by self-employed

IndustryJan. 26, 2012

Shinhan conducts early retirement program for first time since 2009The nation’s banking sector has been striving to cut workforces amid growing worries over low cost-efficiency from the lackluster earnings outlook.Among the banks are Kookmin, Shinhan, Hana, Standard Chartered Korea and the National Agricultural Cooperative Federation. Others such as Woori and Citi will possibly follow suit.Shinhan Bank, which conducted a large-scale personnel reshuffle on Thursday, said about 250 employees will

Jan. 26, 2012

Samsung Electronics and POSCO have been included in the top 100 of the world’s most sustainable large companies, Canadian business paper Corporate Knights announced Thursday.Samsung ranked 73th, rising 20 spots from last year. POSCO secured the No. 30 slot, positioning itself as the only steelmaker to have put its name on the list released at the World Economic Forum at Davos, Switzerland. The 2012 Global 100 list isolates the top 10 percent of companies from 3,500 global stocks, which were then

IndustryJan. 26, 2012

Korean stocks finished 0.25 percent higher on Thursday as foreign investors continued buying local shares following the Federal Reserve’s pledge to keep interest rates low, analysts said. The local currency climbed against the U.S. dollar. The benchmark KOSPI added 4.95 points to reach 1,957.18, extending a winning streak to a fourth straight session. Trading volume was moderate at 403 million shares worth 5.46 trillion won ($4.86 billion) with gainers leading losers 511 to 286. “After the KOSPI

Jan. 26, 2012

Financial regulators are been in the last stage before their ruling on Lone Star Funds’ eligibility as the biggest shareholder of Korea Exchange Bank.“Inspectors are finally reviewing the issue as to whether Lone Star has been a non-financial investor (which is banned from owning a local bank),” Financial Services Commission chairman Kim Seok-dong told reporters Thursday.But Kim said the FSC has yet to decide whether to announce its stance on the U.S.-based equity fund at the panel discussion, s

Jan. 26, 2012