Foundation to lead nanotech commercialization

The Ministry of Education, Science and Technology and the Ministry of Knowledge Economy launched the Nano-convergence Foundation on Tuesday.The foundation, led by former chief of Korea Institute of Science and Technology’s Institute for Multidisciplinary Convergence of Materials Park Jong-ku, will oversee the nano-convergence 2020 program.The foundation’s responsibilities will include planning, assessing and managing the 2020 program, carrying out studies on the demand and outlook for related te

TechnologySept. 23, 2012

Gas prices soar 2.3-fold in 14 years

The price of gasoline sold in South Korea has more than doubled since 1997 when the country lifted restrictions on oil prices, industry data showed Sunday.According to the data compiled by the Korea National Oil Corp., the gasoline price at the pump averaged 1,929 won ($1.73) per liter last year, up 130 percent from 838 won in 1997.The price of diesel also skyrocketed over the cited period. A liter of diesel oil was 376 won in 1997 but jumped 364 percent to 1,745 won in 2011.The KNOC data showed

IndustrySept. 23, 2012

Private think tank cuts Korea’s growth estimate

South Korea’s economic growth rate for 2012 is expected to slow to 2.5 percent from an earlier estimate of 3 percent due to a global economic slowdown, a private think tank said Sunday.The growth projection by the LG Economic Research Institute is much lower than the government’s 3.3 percent estimate. The central Bank of Korea expects the economy to expand 3 percent this year.The LGERI also said the South Korean economy, Asia’s fourth-largest, will likely expand 3.3 percent next year without ent

IndustrySept. 23, 2012

Makgeolli exports shrink 22.4%

Overseas shipments of South Korea’s traditional rice wine, makgeolli, shrank sharply in the first eight months of the year in the midst of a deepening global slowdown, customs data showed Sunday.According to the data by the Korea Customs Service, makgeolli exports totaled US$29 million in the first eight months of the year, down 22.4 percent from a year earlier. The volume of the beverage fell 24.1 percent on-year to 22 million liters over the eight-month period.Exports of makgeolli had jumped 8

IndustrySept. 23, 2012

Shares expected to take recess this week

South Korean stocks are expected to take another breather this week, moving only in a tight range due to the lack of any major drivers to spur the market, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 2,002.37 last week, down 0.6 percent from a week earlier when the key index surged to a five-month high of 2,007.58.Foreign investors purchased a combined net 1 trillion won ($895 million) worth of shares, while institutional investors sold off a net 800 billion

Sept. 23, 2012

Borrowings for stock investment surge

A growing number of small investors are investing in stocks on the secondary KOSDAQ market, particularly by applying for loans as they bet on a bullish market ahead of the Dec. 19 presidential election.According to the Financial Investment Association, stock investment-oriented outstanding loans to individuals increased by 29.8 percent over the past three months ― from 1.33 trillion won ($1.18 billion) at the end of June to 1.73 trillion won as of Sept. 20.The sort of lending means that investor

Sept. 23, 2012

Top 10 big firms hiring fewer staff than they can afford

Hyundai Heavy, Hyundai Motor, POSCO had the lowest employment rateKorea’s top ten companies have been slow and reluctant to hire new employees despite a sharp increase in revenue over the years, according to media reports citing data by the Financial Supervisory Service and the Korea Chamber of Commerce and Industry.The number of people employed by the top 10 in their respective sectors such as consumer electronics, automobile, steel and retail only stood at 294,652 last year, up from 222,995 in

IndustrySept. 23, 2012

Sense of smell, psychopathic traits linked

People with psychopathic tendencies -- callousness, manipulation and anti-social behaviors -- have an impaired sense of smell, Australian researchers say. Mehmet Mahmut and Richard Stevenson of Macquarie University in Australia said studies showed people with psychopathic traits have impaired functioning in the front part of the brain -- the area largely responsible for functions such as planning,

TechnologySept. 23, 2012

Rice self-sufficiency rate to fall below 90 percent this year

 South Korea's self-sufficiency rate of rice, one of its staple grains, is expected to drop below 90 percent this year due to a decline in land available for rice cultivation, the government said Sunday.   The country's rice self-sufficiency rate is likely to reach 86.5 percent this year, based on the median output of 4.88 million tons over the past five years, according to the Ministry of Food, A

Sept. 23, 2012

Apple, Samsung demand changes to $1B verdict

Neither side in a bitter patent battle is satisfied with Apple Inc.'s $1 billion jury verdict over Samsung Electronics Co. after a three-week trial this summer. Samsung wants a new trial. Apple is seeking an additional $707 million in damages and interest. The two companies filed a blizzard of legal papers late Friday and early Saturday with their demands that a federal judge in San Jose significa

IndustrySept. 23, 2012

Samsung to release Galaxy Note 2 on Sept. 26

Samsung Electronics Co., the world's largest manufacturer of mobile phones, said Friday that it will release its brand new Galaxy Note 2 phablet in Seoul next week.The official launch is earlier than the October date given by Shin Jong-kyun, head of Samsung's IT and mobile unit, at the IFA 2012 trade fair in Berlin last month when the phablet was first unveiled.The company said the start of sales

TechnologySept. 22, 2012

Shares gain on foreign buying

South Korean stocks advanced 0.60 percent on Friday as foreigners sought after risky assets, buoyed by the recent stimulus measures from major economies, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index closed up 12.04 points to 2,002.37. Trading volume was heavy at 641.9 million shares worth 4.91 trillion won ($4.38 billion) with gainers outpacing losers 461 to 354. “At least, the expectations on the third quantitative easing from W

Sept. 21, 2012

Apple cuts LCD orders from Samsung Display

Apple Inc. has been scaling back purchases of liquid crystal display panels for tablet computers from Samsung Display Co., data showed Friday, amid speculation the iPhone maker is trying to rely less on the affiliate of its archrival Samsung Electronics Co. Samsung Display’s shipments of 9.7-inch LCD panels, which are only used in Apple’s iPad tablets, claimed 13 percent of total August shipments, plunging from 41.3 percent in May, according to data by market researcher DisplaySearch.Samsung Dis

Sept. 21, 2012

GS Caltex starts work on polymer compounds plant

GS Caltex Co., South Korea’s second-largest oil refiner, said Friday it broke ground for a polymer compounds plant in the southern part of the country. The plant to be built in Jinju, 434 kilometers south of Seoul, is slated to start commercial operations in 2015 with an annual production capacity of 120,000 tons, the company said in a press release. Polymer compounds are functional plastics widely used for making cars and home appliances.GS Caltex currently has two polymer compounds plants in C

Sept. 21, 2012