Seoul, June 7 : South Korea's gross domestic product (GDP) growth for the first quarter was revised down to 0.8 percent amid the still fragile consumer spending, central bank data showed Friday.
Real GDP, the broadest measure of economic performance, rose 0.8 percent in the first quarter from three months earlier, down from a preliminary estimate of a 0.9 percent growth unveiled around a month ago, according to the Bank of Korea (BOK).
The figure was downgraded from an earlier forecast, but it was up from a 0.3 percent increase in the prior quarter, marking the highest growth in four quarters, reported Xinhua.
Seoul, June 5 : South Korea's foreign reserves fell last month as the US dollar appreciates, which was caused by expectations for the early end of quantitative easing reduced the conversion value of non-dollar assets, central bank data showed Wednesday.
Foreign reserves were $328.1 billion as of the end of May, down from $328.8 billion in the prior month, according to the Bank of Korea (BOK).
The Authorities in South Korea have said that they have not detected genetically modified wheat during their initial tests of the wheat imported from Oregon State in the US.
Imports of US wheat were concerned after reports emerged that a rogue strain of the crop was detected in the US. Millers in South Korea had also suspended imports of wheat from the US until government tests on shipments from around the United States was released. The government report on the matter is expected to be released on Wednesday.
Seoul, June 3 : Global auto sales by South Korean carmakers increased last month as strong overseas demand offset negative effects from the devaluation of the Japanese yen, industry data showed Monday.
The country's five automakers, including Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong, sold a total of 746,444 vehicles in May, up 7.5 percent from a year earlier. The car sales rose 0.5 percent from the prior month.
Seoul, June 3 : South Korea's consumer prices rose 1 percent in May from a year earlier due to a fall in farm goods and oil product prices, a government report showed Monday.
Consumer prices rose 1 percent on-year in May after gaining 1.2 percent in the prior month, according to a report by Statistics Korea.
The figure was the lowest since September 1999 when the prices increased 0.8 percent, and stayed in the 1-percent range for seven straight months, reported Xinhua.
Seoul, June 1 : South Korea posted a trade surplus of $6.03 billion in May as exports grew at a faster pace than the previous month despite the continued devaluation of the Japanese yen, a government report showed Saturday.
Trade surplus was $6.03 billion in May after logging a surplus of $2.45 billion in April, according to the Ministry of Trade, Industry and Energy. The trade balance maintained its surplus trend for 16 straight months, reported Xinhua.
South Korean electronics giant, Samsung has announced the launch of its new Galaxy Mega smartphone, which is the biggest smartphones so far, in the Indian market.
According to some reports, the Samsung Galaxy Note III, which is expected to be launched in the coming months, will come with a 6.0-inch display.
Media reports indicate that the phablet will feature a 6.0 inch screen and is expected to release in the second quarter of 2013. A report suggests that Samsung has started production of the display in a new line at the company's display production unit. Samsung's Display unit is planning to produce flexible AMOLED panels but the capacity is not likely to meet the requirement for flagship device like the Galaxy Note III.
In a Friday verdict, the Supreme Court invalidated an Orissa High Court order which had annulled the State government's January 2009 recommendations in favour of granting an iron ore mining licence to South Korean steelmaker Posco.
The decision by the Supreme Court may pave the way for Posco to get the necessary go-ahead for a much-awaited preferential access to iron ore for the $12 billion project which the company has planned in Orissa.
South Korean electronics giant, LG has said that it is planning to launch two new smartphones in its L series called, LG Optimus L3 and LG Optimus L5 in the Indian market.
The LG Optimus L3 II features a 3.2-inch QVGA IPS display and is powered by a 1GHz single core processor with 512MB of RAM. It 4GB of internal storage and comes with a powerful 1,540mAh battery. It runs on runs on Android 4.1 (Jelly Bean) and Optimus 3.0 UI.
Seoul, May 8 : South Korea's money supply has continued to grow amid the central bank's accommodative monetary policy, data showed Wednesday.
The country's M2, or broad money, rose 0.5 percent from a month earlier to a seasonally-adjusted 1,862.1 trillion won ($1.71 trillion) in March after increasing 0.7 percent in the prior month, according to the Bank of Korea (BOK).
The reading came amid the persistent mood of accommodative monetary policy created by the central bank that kept its benchmark interest rate on hold at 2.75 percent for six straight months in April, reported Xinhua.
Seoul, April 30 : South Korea's industrial output reduced last month as external uncertainties such as slow growth in major economies weighed on the export-driven economy, a government report showed Tuesday.
Production in all industries, including manufacturing, service, construction and public administration sectors, fell 2.1 percent in March from a month earlier after rising 1.1 percent in the prior month, according to Statistics Korea.
From a year before, the output declined 0.9 percent after reducing 2 percent in the previous month, reported Xinhua.
Seoul, April 26 : Samsung Electronics, the world's largest maker of handsets, memory chips and flat screens, said Friday that its operating profit surged in the first quarter on the back of solid demand for its Galaxy smartphones.
Operating profit rose 54.32 percent from a year earlier to 8.78 trillion won ($7.92 billion) in the first quarter, according to an e-mailed statement. The reading was nearly the same as the previous record high of 8.84 trillion won tallied in the fourth quarter of 2012, reported Xinhua.
The Kerala State Industrial Development Corporation has signed a Memorandum of Understanding (MoU) with Jusung Engineering from South Korea for the production of solar panels in the state.
Seoul, April 25 : Samsung Electronics Thursday said it will roll out its new flagship smartphone model Galaxy S4 in Seoul this Friday for the first time across the globe.
The latest version of Samsung's Galaxy series will be available for sale to South Korean customers from Friday through three local mobile operators, including SK Telecom, KT Corp. and LG Uplus, reported Xinhua citing an e-mailed statement.
The smartphone giant planned to launch the Galaxy smartphone via 327 wireless carriers, including AT&T, Vodafone and Telefonica, in 155 countries during the second quarter.
Seoul, April 25 - Hyundai Motor, South Korea's top automaker, saw its operating profit fall 10.7 percent in the first quarter from a year earlier, a regulatory filing showed Thursday.
Operating profit was 1.87 trillion won ($1.68 billion) in the three months ending March 31, down 10.7 percent from the same period of last year, reported Xinhua.
Sales increased 6 percent from a year before to 21.37 trillion won in the first quarter, while net income declined 14.9 percent to 2.09 trillion won. (IANS)
South Korean electronics giant, Samsung is now offering attractive EMI and cash back offers with tis models including Galaxy S3, Galaxy Note 2, Galaxy Grand in the Indian market in order to attract new customers in the competitive market.
Seoul, April 11 : South Korea Thursday called on North Korea to come to the dialogue table to resolve the deadlock.
"The suspension in operation of the Kaesong Industrial Complex, a symbol of the inter-Korean reconciliation and cooperation, is an act that does not do any good to our nation's future," Unification Minister Ryoo Kihl-jae said in a formal statement.
Ryoo said that "the normalization of the Kaesong complex should be made through dialogue", urging Pyongyang to "come to the dialogue table to discuss what the North wants", reported Xinhua.
Seoul, April 11 : Bank of Korea (BOK), South Korea's central bank, Thursday expressed its concerns over growing geopolitical risks on the Korean Peninsula.
"Stock prices have fallen substantially and the Korean won has depreciated significantly against the US dollar as foreign funds have flowed out in line with the re-emergence of euro and with the increase in geopolitical risk in Korea," the BOK said in a statement unveiled right after the April rate-setting meeting.
The central bank froze its benchmark interest rate at 2.75 percent, keeping its wait-and-see stance for six straight months.
Seoul, April 11: Bank of Korea (BOK), South Korea's central bank, Thursday cut its 2013 growth outlook to 2.6 percent from an earlier forecast of 2.8 percent.
The downgrade came after the finance minister slashed its 2013 growth forecast from 3 percent to 2.3 percent in late March, reported Xinhua.
The BOK froze its benchmark interest rate at 2.75 percent despite the unprecedented government pressure to cut rates to revitalize the sluggish economy in the early period of new presidency under President Park Geun-hye.