Research is undoubtedly very important. A university can not exist without contributing to research. I feel all university/college  teachers sould be Ph.D holders. Such an academic is expected to update himself while deciding what s/he will teach. Research helps improve the interpretative power of the teacher concerned, and helps him in developing the context  of his formulations. Such academics develop a flavour for expounding truth rather than assumining things on the hearsay or intuition. Research is an attitude; but I believe that  it certainly improves the quality of teaching. That does not mean that such a person would get best possible feedback from his  students. That would depend upon many other factors.

Both are important, but in university settings, research may subsume teaching. All reseachers should have the passion for investigating truths and to rub off that passion and curiosity on to their students, so that shared knowledge gives way to new knowledge creation. Teaching is also very much about passion, but all teachers (especially those in high school or junior school, with or without higher degrees) may not have the time, scope or need for extensive research. Reseach for them would be more of a personal passion, not essentially integral to their job scope. But for all teachers in tertiary education, where being a PhD is one of the primary or preferred pre-requisites, research and teaching roles are complementary rather than contending forces.

yes i do agree teaching and research both are important because a researcher got first hand knowledge on the subject and the students do enjoy the novality and excitment of new research in their caricullam rather than just text books redaings.

BUT it depends on the passion of the researcher and Phd Scholar towards research and teaching, so for example  i would suggest 60-40 ratio ( 60 % research 40 % teaching time) or 40-60 or 70 -30 or 30 -70  ( 30 % research 70 % teaching time) depends on person to person ...

I PhD holder should do both teaching and research. There are however Universitiies in US where a fuculty member does only teaching (with a rather heavy program) , giving to others the time to do research. 

It's surely preferable (and the most efficient) that the same person can teach effectively and research ethically.  Otherwise, who will teach with enthusiasm, who will continue the research in science and technology; and who will teach the new cutting edge technologies; and who will investigate the learning of university students?

In my university, some people hold research positions, they are required to do research a lot (publish 1 or more ISI or Scopus articles a year; in addition, attract grant money) and teach, but not much (only 2-4 hours a week) and some hold teaching positions, they are required to teach much more (10-14 hours a week) but do research much less (write 1 article a year, even a conference article is ok in some years). This allows everybody to specialize on what they do best.

PhD holder is competent to do both researching and teaching. In most universities a PhD holder do teaching and researching.

Having a PhD is a prerequisite for a teaching job in many universties. Academic staff with PhD holders do both teaching and research in many universities. There are also some teaching-oriented universities where PhD holders do no or little research. Some schools in certain universities also allow staff to choose their career paths ---- teaching only and teachign and research combined, like in my school.

I agree with dear @Kamal in that both teaching and research are complementary to each other, and inorder to make a balance you have to do both of them.

I think that persons who do not hold Ph.D degree, Ph.D candidate for example, can perform both teaching and research. Of course, having Ph.D degree implies that such skilled persons must do both teaching and research. 

I used to know some people without Ph.D who were very succesfull researchers and teachers, sometimes better than people with Ph.D!!!

Both skills and capabilities are needed but sometimes depends on the university system either teaching oriented or research oriented.

This is good question I met many PhD holder that are not professional in teaching, but they have good research skills and problems solving. However, the lecturer must be informative and skilled enough to teach our students. Because he guides them to the future turn and build their way of thinking and problems solving. While the PhD holder that has not good research skill it is better to leave teaching areas. The example says an empty handdoes not give. For this, these two cases are not applicable in my personal view for university.  

It is very important because :

"narrow specialist like a flux - the fullness of his one-sided".

(Kozma Prutkov - http://en.wikipedia.org/wiki/Kozma_Prutkov)

Holding PhD is necessary but not enough to do professional teaching and research in university level.

Science without teaching is not important. So, teaching is nessesary. Please read some Albert Szentgyörgyi quotes, who also senteced this. (in the 30's)

Yes, I agree and teaching is an art.

PhD is just a title what you get but the real benefit of knowledge, if you can share it on any level wtih everyone.

Sometimes it is hard to teach (because of hierarchy) but you should try. I start to teach in my 2nd univ year, most of them already finished and I proud to be their teacher. Some of my students become friends, and some wrote his/her thesis by me. Their personal point of view has been improved my research also. 

That is nice interaction dear @Karoly, such relation professor-student is respectable and good for both professors and students!

Ph. D degree ensures that the person concerned had some training in research. I believe a university teacher should also be a researcher such that (s)he remains   informed about the current status of the subject.  However, a teacher should also remember that teaching is her/his major responsibility. I have seen instances where Professors send their Ph.D. students even to the theoretical classes with a plea that they are busy with their important research. Therefore a judicious balance between the two is necessary.