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MKE Announces Energy Conservation Measures for Winter
The Ministry of Knowledge Economy has announced plans to cope with possible power shortages this winter as the nation’s power reserves are expected to fall below the safe level of 4 million kilowatts. The new measures require government offices and commercial buildings with high electricity demand to keep indoor temperatures at or below 18 and 20 degrees Celsius, respectively. The plan also limits retailers to one neon sign each and requires them to keep doors shut when heating systems are in use. On the supply side, the nation will make efforts to maximize power generation by fully mobilizing publicly- and privately-owned generators. For the first two months of 2013, businesses whose contract demand is greater than 3,000 kilowatts will be required to reduce consumption by up to 10 percent. From the beginning of the year, MKE also plans to introduce a critical-peak pricing program, which offers discounts on off-peak days while imposing surcharges for peak days and times to encourage energy saving. The ministry will update the public on the status of power reserves via public broadcasting networks and text messaging. The second nationwide blackout drill is scheduled in January to improve the readiness of industrial complexes for possible rolling power outages. * Released by the Electric Power Division and the Energy Efficiency Policy Division date2012-11-27
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Retail Sales Figures for October
The Ministry of Knowledge Economy has released its retail sales figures for the month of October. Weaker consumer sentiment due to prolonged global economic uncertainties and the higher cost of fresh produce pushed sales at the nation’s three major discount chains down 6.6 percent year on year. Spending declined in most categories, including apparel, household goods and food. date2012-11-26
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Korea Showcases IT Convergence Technologies in Silicon Valley
Korea Showcases IT Convergence Technologies in Silicon Valley In collaboration with the Korea Trade-Investment Promotion Agency (KOTRA) and the National IT Industry Promotion Agency (NIPA), the Ministry of Knowledge Economy held the `K-Tech @ Silicon Valley 2012` in Silicon Valley on November 12. The two-day conference, the first of its kind, was set up to demonstrate recent advancements in IT convergence technologies and suggest a future vision for the global IT convergence sector. Kore date2012-11-22
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MKE Releases Car Sales Figures for October
MKE Releases Car Sales Figures for October The Ministry of Knowledge Economy has released its car sales figures for October. The nation’s car production totaled 396,677 vehicles for a 4.3 percent decline from a year earlier. Vehicle exports shrank 6.3 percent year on year to 258,361 units due to the contraction in the European market and weaker demand from emerging economies. Thanks to temporary tax cuts on automobile purchases and special promotional offers by vehicle manufacturers, the date2012-11-16
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IT Trade Figures for October
date2012-11-08
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Trade Figures for October
date2012-11-02
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Korea Launches Free Translator App ‘Genie Talk’
The Ministry of Knowledge Economy has launched a smartphone application called ‘Genie Talk,’ which offers instant Korean-English translation services in both verbal and written formats. Designed to work best with travel-related speech or for everyday conversations, Genie Talk can recognize 270,000 Korean words and 65,000 English words. When connected to WiFi, users can simply type or record messages to get a translation. Genie Talk, equipped with translation technology developed by the Electronics and Telecommunications Research Institute (ETRI), is around 80 percent accurate. The Ministry of Knowledge Economy is also working to launch Japanese and Chinese versions as early as 2014 when Incheon is set to host the 14th Asian Games. The ministry also aims to release versions for six more languages including Spanish, French, German and Russian prior to the PyeongChang Winter Olympic Games in 2018. The application is available free of charge on Apple’s iTunes App Store and Google’s Android Market. * Released by the Software and IT Convergence Division date2012-10-23
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Retail Sales Figures for September
date2012-10-19