New theory addresses frozen Earth paradox

A U.S. scientist says he has a theory why a much fainter sun 2 billion years ago didn't leave a frozen Earth unfit to develop the kind of life we see today.Why the Earth avoided the deep freeze in what has been dubbed the Faint Young Sun Paradox is a much-debated question among scientists, but Purdue University's David Minton says he believes he might have an answer."If you go back in time to abou

TechnologyMay 31, 2012

Israelis develop 'cannabis without the high'

Israeli scientists have cultivated a cannabis plant that doesn't get people stoned in a development that may help those smoking marijuana for medical purposes, a newspaper said on Wednesday.According to the Maariv daily, the new cannabis looks, smells and even tastes the same, but does not induce any of the feelings normally associated with smoking marijuana that are brought on by the substance TH

TechnologyMay 31, 2012

Korea's global competitiveness ranking holds steady for 2012: report

South Korea's global competitiveness ranking remains unchanged in 2012 from a year earlier despite persistent economic uncertainties, an international institute said Thursday.According to the 2012 World Competitiveness Yearbook unveiled by the International Management Development Institute (IMD), South Korea ranked 22nd in competitiveness among the 59 countries surveyed.IMD is a Switzerland-based

May 31, 2012

Businesses pledge to save electricity

The business sector said Wednesday that it would carry out a full-fledged to save electricity to support the government’s recent policy toward energy conservation.About 140,000 member firms of the Korea Chamber of Commerce and Industry will participate in the electricity-saving campaign, KCCI vice chairman Lee Dong-keun said at a news briefing.“Our members save large amounts of electricity, benchmarking the case of Japan,” he said.To prevent power shortages during the summer, the government rece

IndustryMay 30, 2012

EU investment in Korea surges 60.5 percent after FTA: report

Inbound investments from the European Union to South Korea surged 60.5 percent after the free trade pact went into effect last year, a government report showed Wednesday.The finance ministry report tallied for the last three quarters showed foreign direct investment from Europe reaching $3.56 billion from July of last year through the end of March. In the same period, overall FDI that arrived in the country contracted 0.8 percent on-year to $10.65 billion.The free trade agreement between South K

May 30, 2012

Court battle begins over Lee’s Samsung inheritance

The inheritance fight between Samsung Electronics chairman Lee Kun-hee and his siblings officially began on Wednesday with their lawyers attending a court session on the day.The legal teams of both sides were set to meet for a hearing with a judge present at the Seoul Central District Court.“I had many worries ahead of the trial as the issue was getting bigger,” said Judge Seo Chang-won. “We will

IndustryMay 30, 2012

Banks’ daily FX turnover rises 4% in Q1

Foreign exchange turnover by banks in South Korea rose 4 percent in the first quarter from three months earlier due to increased stock transactions and bond purchases by foreign investors, the central bank said Wednesday.The daily foreign exchange turnover averaged $45.9 billion in the January-March period, compared with $44.2 billion three months earlier, according to the Bank of Korea.“The modest increase was helped by more foreign investors buying and selling local stocks and bonds in the thr

May 30, 2012

Shares decline on eurozone, China concerns

South Korean stocks fell 0.27 percent Wednesday on lingering fiscal uncertainties in eurozone economies and worries over China’s sluggish growth, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 5.05 points to 1,844.86, snapping a three-day gaining streak.Trading volume was light at 397 million shares worth 5.07 trillion won ($4.31 billion), with losers outpacing gainers 517 to 313.“Worries surrounding Greece’s default have le

May 30, 2012

High-priced electronic kettles no different in quality: survey

A survey found Wednesday that some import electronic kettles marketed here were up to 4.6 times more expensive despite having no apparent difference in product quality from domestic ones. Korea Consumer Agency, a leading consumer advocacy group, surveyed 18 electronic kettle models of Korean and overseas makers as part of the Fair Trade Commission’s consumer price information program. According to the survey, Tefal’s KO410 model priced at 63,700 won ($54) was 4.6 times more expensive than the 13

IndustryMay 30, 2012

Shares decline on eurozone, China concerns

South Korean stocks fell 0.27 percent Wednesday on lingering fiscal uncertainties in eurozone economies and worries over China’s sluggish growth, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 5.05 points to 1,844.86, snapping a three-day gaining streak.Trading volume was light at 397 million shares worth 5.07 trillion won ($4.31 billion), with losers outpacing gainers 517 to 313.“Worries surrounding Greece’s default have le

May 30, 2012

Retailers to adopt paperless receipts

The nation’s major retailers will dispense with paper receipts as they plan to complete a new mobile checkout system by the end of this year, the Ministry of Knowledge Economy said Wednesday. Shinsegae Department Store, the nation’s No. 2 retailer, is the first to adopt the system at its Jukjeon, Gyeonggi Province, branch where the digital receipts will replace paper stubs starting Thursday. Shinsegae Group, which developed the e-receipt system with the support of the government, will extend the

IndustryMay 30, 2012