Korea develops low-energy carbon capture system

A team of Korean scientists has developed a new carbon dioxide capture technology which they claim is the most energy-efficient among currently available methods. Carbon capture involves removing carbon dioxide from industrial waste gases released into the atmosphere to lower the industry’s impact on the environment. The team led by Yoon Yeo-il of the Korea Institute of Energy Research and uses potassium carbonate to extract carbon dioxide combustion gas released at industrial plants.The technol

TechnologySept. 11, 2012

BOK head to chair BIS’ Asian Consultative Council

South Korea’s top central banker was appointed on Tuesday by the Bank for International Settlementsto chair the Asian Consultative Council starting in October for two years, the central bank said.Bank of Korea Gov. Kim Choong-soo will head the BIS regional consultative council in Asia, replacing the incumbent chair, Bank of Japan Gov. Masaaki Shirakawa, the BOK said in a statement.The ACC, comprising 12 central banks in the Asia-Pacific region, was established in March 2001 to promote cooperatio

Sept. 11, 2012

KB launches panel to assess social contributions

KB Kookmin Bank on Tuesday launched a committee to assess and get advice on the bank’s various social contribution activities.The KB Social Contribution Committee is comprised of five outside experts such as professors and senior staff of the Korea YMCA and a network of advocacy groups for disabled people, as well as two KB executives.“We ask you to empathize with KB Kookmin’s efforts to give hope to the socially vulnerable as well as our customers and the entire Korean people,” the bank’s chief

Sept. 11, 2012

SK E&C wins $380 million power plant deal in Kuwait

SK Engineering and Construction said Tuesday that it has won a $380-million deal from the state-run Kuwait Oil Company to refurbish some 60 power transmission plants there. With the new project, the construction unit of SK Group became the first Korean builder to see its combined orders in Kuwait exceed $5 billion, company officials said. SK E&C will repair 62 power transmission plants or build new ones that provide electricity to 30 oil-collecting and transport facilities in an oil field, some

IndustrySept. 11, 2012

Metlife, AIA in planners war

Despite diversifying sales channels through the Internet and home shopping networks, insurance companies in Korea still rely heavily on salespeople, or life planners. Fierce competition to scout life planners with outstanding sales records has driven Metlife Korea to file a suit against AIA Life Insurance.The local arm of the U.S. insurer recently filed a 15 billion won damages suit against AIA Life with the Seoul Central District Court for obstructing its sales by scouting a number of high-perf

Sept. 11, 2012

Samsung goes past Apple in U.S. consumer preferences

Samsung Electronics recently overtook Apple in consumer preferences in the United States, regardless of the recent U.S. jury verdict in favor of Apple in the patent lawsuit between the two companies.According to a survey conducted by YouGov and Early Adopter on 5,000 consumers aged between 18 and 34, preference for Samsung Electronics has rapidly increased to surpass that for Apple over the past two weeks.Over a series of polls by the agencies, the survey showed that Samsung won 45 points on ave

IndustrySept. 11, 2012

Korean watchdog to promote Seoul as financial hub

HONG KONG (Yonhap News) ― Korea’s financial regulator said Tuesday it will hold an investor relations session in Hong Kong this week in a bid to promote Seoul as a financial hub and attract foreign financial companies to the capital.The 2012 Financial Hub Seoul Conference in Hong Kong, to be hosted jointly with the Seoul Metropolitan Government on Wednesday, will highlight South Korea’s efforts to become a leading financial center, the Financial Supervisory Service said.Participants will also be

Sept. 11, 2012

Apple may delay iPhone 5 release in Korea

Apple’s new smartphone both boon and bane for telecom operatorsTech watchers and Apple fans are anxiously awaiting the U.S. company’s grand introduction of its next smartphone model, the iPhone 5, on Sept. 12.Since the announcement of Apple’s media event which showed the numbers “12” and “5” silhouetted on its press invitations, market analysts are already forecasting that its new phone will be a hit even before the iPhone 5 is revealed to the public.Rumors and speculations are growing globally.

TechnologySept. 11, 2012

Shares edge lower on investor wariness

South Korean stocks closed 0.24 percent lower Tuesday as investors became wary ahead of key events at home and abroad, analysts said. The local currency declined against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 4.7 points to 1,920. Trading volume was heavy at 703.2 million shares worth 4.25 trillion won ($3.77 billion), with losers outpacing winners 457 to 339.“Investors sat on the sidelines to see what policymakers will decide regarding economy-boosting plans later t

IndustrySept. 11, 2012

Seoul-Tokyo tension hits one of 10 Korean firms: poll

Slightly more then one in 10 South Korean companies that trade with Japanese businesses has suffered damage due to the recent diplomatic flare-up between the two countries, a poll showed Tuesday. According to the survey of 500 businesses trading with Japan, 12 percent said they have suffered setbacks in their commerce with Japanese firms due to deteriorated relations between the two countries, while 88 percent said they have not seen any damage. If the tension is prolonged, 64.7 percent of the c

Sept. 11, 2012

Costco Wholesale Korea under fire for doing business on Sunday

The South Korean unit of U.S. retail giant Costco Wholesale Corp. has resumed operations on Sunday at its outlets across the country, a move that local industry officials claim violates Seoul’s policy of restricting the business of large retailers.Local authorities in South Korea have prohibited large retailers from doing business on the second and fourth Sunday of every month to help protect mom-and-pop stores. South Korea’s largest retailer E-Mart and other retail chains later won injunctions

Sept. 11, 2012

Apple’s secret message about the iPhone 5

Apple fans have found potential clues about the new iPhone 5 just days before its launch, according to news sources. Apple’s PR team started setting up in San Francisco’s Yerba Buena center, the site for the grand launch, over the weekend. On Wednesday, CEO Tim Cook will release the product to the public. Although Apple is famous for keeping silent about their new products, eagle-eyed Apple fans seem to have found a clue in the banner outside the building. Some very eager fans played with the sh

TechnologySept. 11, 2012

Hollister models’ racist antics in Korea lead to termination

Models of U.S. brand Hollister who allegedly mocked Asians in online photographs were fired, the Daily Mail and other news sources reported on Monday. Hollister recently announced on its homepage that it dismissed the models who uploaded the offensive photos online, and issued a statement of apology.“On behalf of our more than 80,000 associates around the world who cherish our core values and our culture of diversity and inclusion, we sincerely apologize for the offense caused by these unauthori

IndustrySept. 11, 2012

Government plans W5.9tr stimulus measures

The government announced on Monday a stimulus package worth 5.9 trillion won ($5.23 billion) to boost lackluster domestic consumption and exports by the protracted eurozone debt crisis and a slowdown in China. The Finance Ministry said it would allocate 4.6 trillion won for this year and 1.3 trillion won for next year in its fiscal support measures.The economic support will be made mainly in the form of tax cuts to recharge sagging domestic demand, ministry officials said.The package was arrange

Sept. 10, 2012