ASEIC tailors eco-technology for local needs

Technology transfer is one of the most sought-after forms of assistance for developing countries, but ASEIC thinks technology should be tailored for local needs to become more effective.ASEIC, which was established in 2011 with a mission of promoting eco-innovation at small and medium enterprises in Asia and Europe, adopts the concept of “appropriate technology” for its inclusive program. The program aims to provide technological aid to developing Asian countries, which will help raise their und

Dec. 16, 2012

Lottery sales exceed gov't cap for 2nd year

   Lottery sales in South Korea surpassed an annual government-set limit for the second straight year as more people bought tickets amid an economic recession, data showed Sunday.   Sales of lottery tickets totaled 2.91 trillion won ($2.71 billion) in the January-November period, exceeding the 2.87 trillion won ceiling recommended by the National Gambling Control Commission (NGCC), according to the data by government agencies.   If the trend continues, this year's lottery sales are expected to s

Dec. 16, 2012

Samsung tablet market share doubles in Q3

  Samsung Electronics Co. saw its market share in the tablet PC market nearly double in the third quarter from three months earlier as it moved to catch up with rival Apple Inc., data showed Sunday.   The South Korean tech giant's global market share reached 18.1 percent in the July-September period, compared with 9.2 percent in the previous quarter, according to the data by research firm Strategy Analytics.   Meanwhile, Apple's market share fell to 52.9 percent from 68.4 percent, narrowing the

TechnologyDec. 16, 2012

Wine sales outrun soju shipments for first time

Sales of wine at local discount chains outstripped those of soju for the first time, data showed Sunday, mirroring a changing trend in South Korea's drinking culture.   Wine sales surpassed those of the local alcoholic drink by 4.6 percent this year, according to the data by Lotte Mart, a discount chain arm of retail giant Lotte. Last year, sales of wine lagged behind those of soju by roughly 6 percent.   Wine sales stood at around 25 percent of soju sales in the first half in the early 2000s, b

IndustryDec. 16, 2012

SMEs' 2013 growth forecast hits lowest mark since 2008

South Korea's small and medium-sized enterprises (SMEs) forecast the country's economic growth to reach a record low next year since the 2008 financial crisis, a poll showed Saturday. According to a survey of 1,500 SMEs taken by the Korea Federation of Small and Medium Business (Kbiz), a majority of the companies polled predicted South Korea's economy will grow 2.9 percent in 2013, the lowest level since their 2009 prediction of 2.4 percent. Nearly 70 percent of the respondents regarded advanced

IndustryDec. 15, 2012

Black boxes on cabs reduce accidents: data

Taxis run by companies caused fewer car accidents after most of them installed black boxes, while a bill that requires all vehicles to be equipped with black boxes awaits parliamentary approval.The number of accidents involving company-run cabs fell 17.7 percent from 2007 to 20,331 last year, when most cabs were equipped with black boxes, according to the General Insurance Association of Korea and the Korea Transportation Institute.Starting with Incheon in 2008, local governments had black boxes

IndustryDec. 14, 2012

Mexican firm sues SK E&C, Siemens over refinery project

Petroleos Mexicanos, Mexico’s state- owned oil company, filed a $1.5 billion lawsuit against Siemens AG and South Korea-based SK Engineering & Construction Co., claiming the companies bribed Pemex officials to win and keep refinery construction projects.Siemens, which in 2008 paid $1.6 billion to settle a bribery investigation by the U.S. Securities and Exchange Commission, conspired with SK Engineering and a joint venture partner to bribe Pemex officials while bidding on a refinery modernizatio

Dec. 14, 2012

Korea’s total debt almost triple GDP

Debts of households, companies and the government in Korea in the third quarter amounted to nearly triple the country’s GDP last year, data showed Friday.The financial liabilities of households, nonprofit organizations, non-financial companies and the government stood at 3.59 quadrillion won ($3.34 trillion) in the three months to September, up 49.2 trillion won from the previous quarter, according to the Bank of Korea data.This is about 2.9 times the nation’s GDP last year of 1.24 quadrillion w

Dec. 14, 2012

Shares down on U.S. fiscal cliff woes

South Korean stocks closed 0.39 percent lower on Friday as investor sentiment was dented by the stalled U.S. fiscal cliff talks, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 7.73 points to 1,995.04. Trading volume was light at 345.1 million shares worth 4.24 trillion won ($3.95 billion), with decliners outnumbering gainers 407 to 380.“Local shares edged down as investors were still concerned about the U.S. fiscal cliff iss

Dec. 14, 2012

Samsung’s financial arms cut jobs on slump

Key financial affiliates of South Korea’s No. 1 conglomerate Samsung Group have eliminated hundreds of jobs via voluntary retirement programs as part of efforts to cut costs amid a prolonged economic slowdown, industry sources said Friday.Samsung Fire & Marine Insurance Co., the country’s top non-life insurer, has recently implemented a voluntary retirement program and dismissed around 150 workers. Samsung Fire has enforced the program annually since 2009, according to the sources.The move comes

Dec. 14, 2012

Hyundai denies double-digit global share

Hyundai-Kia on Friday denied a report that the two affiliate carmakers achieved a two-digit global market share for the first time last month.Citing LMC Automotive’s data, Korea Investment & Securities analyst Suh Sung-moon said Hyundai Motor and affiliate Kia Motors together reached a global market share of 10.1 percent last month.Hyundai Motor spokesman Lee Dong-hyung said, however, that the figure 10.1 percent was inaccurate as it was made based on LMC’s estimate of retail auto sales worldwid

IndustryDec. 14, 2012

LG defeats Alcatel-Lucent patent claims

Apple Inc. and LG Electronics Inc. did not infringe an Alcatel-Lucent SA unit’s patents for electronic devices including phones and computers, a jury said.The verdict Thursday came after a trial that began Nov. 27 in federal court in San Diego over a 2010 lawsuit by the Paris- based company’s Multimedia Patent Trust accusing Apple and LG Electronics of copying video-compression technology that allows data to be sent more efficiently over communications media, including the Internet and satellite

TechnologyDec. 14, 2012

Korail may join railway project linking N.K., Russia

The stalled railway talks among the two Koreas and Russia are expected to gain fresh momentum as Korail, the South’s state-run railway operator, is considering participating in the Russian government’s project to connect North Korea’s Rajin and Russia’s Khasan via train. Russian Railways has carried out the project with an aim to reconstruct an existing section of the railway, the Port of Rajin cargo terminal, with access to the Trans-Siberian Railway. According to Korail, its president Chung Ch

IndustryDec. 13, 2012