Study: Renewable energy can meet demand

Renewable energy has the potential to power a large electric grid fully 99.9 percent of the time economically by 2030, U.S. researchers say.A study by the University of Delaware and Delaware Technical Community College suggest a well-designed combination of wind power, solar power and storage in batteries and fuel cells would nearly always exceed electricity demand at costs comparable to today‘s electricity expenses, a university release reported Monday.“These results break the conventional wisd

TechnologyDec. 12, 2012

Conglomerates enter business hotel fray

As the number of foreign tourists visiting Korea this year surpassed 10 million, the hotel business has become a rising star in the slumping economy. Seoul has 26,000 hotel rooms, fewer than 100 other cities around the world, such as Bangkok with 94,000.Many Chinese tourists who were unable to find hotel rooms in downtown Seoul during peak seasons had to stay in hotels far away from the city center, including in the surrounding Gyeonggi Province.Eager to grab a bigger slice of the burgeoning dem

IndustryDec. 11, 2012

More middle class borrowers file for debt rescue program

The number of people who filed for a personal bailout program nearly quadrupled over five years as the economic slowdown began to kick in, especially among the debt-ridden middle class.The government program is designed to give people some leeway on overdue interest on loans and have their debts written off when they fulfill debt obligations.Most applicants of the rescue program belong to the middle class, who have a stable income or assets but are struggling to pay their debts. Experts said the

Dec. 11, 2012

Used car exports enjoy brisk market

Korea’s used car exports have been booming recently, with this year’s figures expected to hit a record high, largely driven by the favorable exchange rate and renewed awareness of Korean carmakers globally. According to the Korea Used Car Export Association on Tuesday, Korea exported 244,665 second-hand cars in the first nine months of this year. That compares to total exports of 248,275 cars last year. Of them, 169,548, or 69.3 percent, were passenger vehicles, while trucks and vans made up 21.

IndustryDec. 11, 2012

Samsung’s market capitalization gaining as Apple shares flag

The market value of Samsung Electronics’ listed stocks was worth $201.5 billion as of last week, which was about 40 percent of the value of Apple Inc.’s listed shares. These figures reflected a 13 percentage point increase compared to the end of August this year, according to KB Investment and Securities. At the same time, Apple’s worth was undermined, with its market capitalization now 2.5 times that of Samsung, down from when the iPhone maker’s stocks were worth four times the South Korean com

IndustryDec. 11, 2012

SKT, KEB open first ‘smart’ branch

In cooperation with mobile carrier SK Telecom, Korea Exchange Bank opened its first “smart bank” branch at Seoul Square in Namdaemun, Seoul, on Tuesday.The paperless bank uses an electronic documentation system, multi-financial service machine and video counseling with bank clerks, SK Telecom said. Dubbed the “Q’Plex Seoul Square Branch,” the bank’s “Smart Branch Device” is a banking machine equipped with the latest information and communication technologies, with which customers can process som

TechnologyDec. 11, 2012

Year end: The holidays vs. business as usual

Merry-making is in order for December, the season of Christmas, Hanukkah and other glad tidings. But Cho Song-yeon, a 32-year-old employee in the manufacturing industry, won’t be doing anything special because she’ll be working on Christmas Eve. A handful of local companies, including a couple of Samsung affiliates, will be giving employees a day off before Christmas, but at the majority of Korean firms, it will be business as usual right up until Lunar New Year’s in February.“It didn’t even occ

IndustryDec. 11, 2012

Scientists to probe lake hidden under ice

British scientists say they are almost ready to begin an attempt to reach and analyze the water of an Antarctic lake buried under 2 miles of ice.The cold waters of Lake Ellsworth -- 9 miles long, nearly 2 miles wide and 525 feet deep -- have remained in the dark for up to half a million years, they said.Scientists say they hope a study of the ice-covered lake will help them understand the limits of where life is possible.Despite the high pressure of the lake‘s water and the absolute absence of s

TechnologyDec. 11, 2012

Motorola to pull out of Korea

Motorola Mobility announced Monday that it would withdraw most of its operations in Korea next year, in line with its global reorganization program.The Korean unit of the mobile handset maker said it was part of the restructuring that has been conducted by its U.S. headquarters.Company officials said Motorola was realigning research and development organizations globally to focus its strength on markets where it can compete most effectively.The company added that it would retain two business uni

TechnologyDec. 10, 2012

Cold spell threatens electricity supply

The nation avoided issuing a warning on a power shortage on Monday as electricity consumption demand did not sharply increase despite the cold temperature, officials said.Nonetheless, the prolonged cold spell is threatening the nation’s power demand management skills, they said. The Korea Power Exchange, which predicts power demand and supply on a daily basis, had expected to put an alert on power reserves early Monday morning. According to the Korea Meteorological Administration, the morning te

Dec. 10, 2012

[Newsmaker] Samsung Electronics stock on record rise

Shares of top smartphone maker Samsung Electronics are getting ready to break the 1.5 million won mark as the Korean IT behemoth is gaining an edge in its ongoing global patent battle against Apple Inc.Samsung’s stocks were being traded at over 1.5 million won ($1,389) per share, up 1.62 percent from Friday, shortly after the market opening at 9:01 a.m. on Monday. The share price is setting a new record following foreign investors’ aggressive move to purchase the firm’s shares.Samsung Electronic

IndustryDec. 10, 2012