Global oil prices are expected to remain high for the foreseeable future, fueled by geopolitical risks caused by Iran‘s suspected nuclear program, local think tanks said Wednesday.Leading private think tanks such as Samsung Economic Research Institute and Hyundai Research Institute said the steady rise in crude prices in recent months stems from mounting uncertainties that can be triggered by a showdown in the Middle East.“The current situation comes from plentiful liquidity in the market and th

March 7, 2012

Samsung Electronics Co. and LG Electronics Inc., the world’s two biggest TV makers, want to widen their lead over Japanese rivals by using new display technology in 55-inch sets thinner than Apple Inc.’s iPad. The South Korean companies are developing organic light- emitting diode, or OLED, televisions that are as thin as 4 millimeters (0.16 inches) and produce images 200 times sharper than current liquid-crystal-display models. Both plan to start selling OLED sets as early as this year, while S

TechnologyMarch 7, 2012

South Korea will maintain its current economic policy stance but will be ready to take preemptive action against any danger factors facing the country‘s economy, the finance minister said Wednesday.“Though our economy sees continued improvement in employment and other major indicators, it is still difficult to let our guard down in the face of external risk factors such as high oil prices and the eurozone fiscal crisis,” Bahk Jae-wan told a meeting with other policymakers.“An economic slump come

March 7, 2012

South Korean banks’ household loans rose moderately in February from the previous month on increased demand from households moving to new homes, the central bank said Wednesday. Local banks’ household loans, including home-backed loans and credit loans, reached 452.7 trillion won ($402 billion) as of the end of February, up 0.5 trillion won from a month earlier, according to preliminary data of the Bank of Korea. Lenders’ household loans rebounded in February after dipping by 2.8 trillion won in

March 7, 2012

South Korea’s economy is slowing down, but its downward pace seems to be “moderating” despite the lingering eurozone debt problems, high oil prices and other cloudy global economic conditions, a state-run think tank said Wednesday.Inflation is also showing signs of stabilizing, easing worries that higher price levels could dampen the country‘s overall economic recovery going forward, according to the Korea Development Institute.“The Korean economy is slowing down at a moderating pace and the inf

March 7, 2012

A group of South Korean researchers has developed a way to commercially utilize carbon dioxide, the main cause of global warming, that may also offer a new approach to dealing with climate change, the government said Wednesday.The team from Pohang University of Science and Technology (POSTECH) has successfully produced carbonic anhydrase, an enzyme that catalyzes the interconversion of carbon dioxide and water to bicarbonate and protons that, in turn, could produce substances widely used in indu

IndustryMarch 7, 2012

South Korea’s money supply edged up 0.3 percent in January from the previous month on the rise of short-term money trusts, the central bank said Wednesday. The country‘s M2, a narrow measure of the money supply, reached a seasonally adjusted 1,757.6 trillion won ($1.56 trillion) in January, compared with 1,752.1 trillion won the previous month, according to the Bank of Korea. Compared with one year earlier, the M2 also expanded 4.9 percent in the month. Since January, the central bank began rele

March 7, 2012

The popularity of South Korean popular culture in Asia and other parts of the world is beneficial to businesses seeking to expand overseas, a poll showed Wednesday.The survey on 300 companies conducted by the Korea Chamber of Commerce and Industry showed 51.9 percent of the respondents saying the Korean wave contributing to greater sales abroad.The Korean wave, or “hallyu,” refers to the popularity of TV shows and music that have secured hordes of fans in Asia, Europe and the American continent.

March 7, 2012

The amount of container cargo processed at South Korea’s seaports rose 14.1 percent from a year earlier to an all-time high for February on growths of both export-import cargo and transshipments, the government said Wednesday.The amount of container cargo handled at the country‘s seaports last month is estimated to reach 1.67 million 20-foot-equivalent units (TEUs), according to the Ministry of Land, Transport and Maritime Affairs.“This is the largest volume ever recorded in February, which was

March 7, 2012

South Korea’s largest conglomerate Samsung Group said Wednesday it plans to draw up energy-saving measures this month as high oil prices are expected to hurt its profitability.“The global economic downturn and continuation of high oil prices are weighing on the Korean economy and the costs of using energy is rising,” the group said in a statement.High oil prices are one of the biggest threats to the Korean economy, which relies almost entirely on imports for its oil needs.South Korea is the worl

IndustryMarch 7, 2012

Scientists claim they found evidence indicating a major cosmic impact on Earth 12,900 years ago. An international team of researchers, including James Kennett, professor of earth science at UC Santa Barbara, uncovered an almost 13,000-year-old layer of dark sediment beneath Lake Cuitzeo in central Mexico containing materials than can “form only through cosmic impact.”The nanodiamonds and spherules identified in the sediment layer show features that could not have formed through anthropogenic, vo

TechnologyMarch 7, 2012

Cheap tablets looming threat to Samsung and LGDeck: Samsung diversifies lineup to counter threat while LG remains skeptical of their successBy Cho Ji-hyunThe local tablet PC market is being challenged by online shopping malls selling low-priced tablet PCs to consumers here through joining hands with smaller manufacturers.Samsung Electronics, the country’s biggest IT firm, has unveiled plans to release low-tier tablets in the first half of the year, while its rival LG Electronics has no plans to

TechnologyMarch 7, 2012

While no one denies an iceberg sank the liner Titanic 100 year ago, there may have been another culprit that put it there, U.S. scientists say -- the moon. Researchers at Texas State University say a once-in-a-lifetime celestial lineup of the sun, the Earth and the moon three months before the si

TechnologyMarch 7, 2012

NEW YORK (AP) _ Apple is expected to reveal a new iPad model on Wednesday, with a sharper screen and perhaps an option for faster wireless broadband. The upgrades are relatively minor, but the iPad is secure in its position as the king of tablets.As usual, Apple has kept the features of the new devi

TechnologyMarch 7, 2012

Three foreign automakers will soon make inroads into Korea as the nation’s import car market continues to expand.Mitsubishi Motors and Citroen have decided to reenter Korea in March and April, respectively. Fiat is fine-tuning the timing of its advancement.Mitsubishi Motors will resume sales in the local market in mid-March after a year-long hiatus.Its official importer and distributor has been changed to CXC Motors from the former MMSK.CXC Motors is poised to open large showrooms for the Japane

MobilityMarch 6, 2012