South Korea

ING holding talks to sell Korean unit to MBK Partners

ING holding talks to sell Korean unit to MBK PartnersING Group NV has hinted that it is holding exclusive talks with private-equity fund MBK Partners to sell its Korean life-insurance operations, according to people closer to the matter.

MBK Partners have expressed interest in acquiring all of the company’s Life Insurance Korea for about $1.6 billion. The largest financial-services company from the Netherlands said that it is planning to sell the remaining Asian insurance and investment- management businesses including ING Life Insurance Korea.

South Korean automakers's sales rise

South Korean automakers's sales riseSeoul, August 1 : Global car sales of South Korean automakers rose last month due to a rebound in the local sales and continued overseas demand, industry data showed Thursday.

The country's five automakers - Hyundai, Kia, GM Korea, Renault Samsung and SsangYong - sold a total of 642,979 vehicles in July, up by 3.4 percent from last year.

Robust car demand in the domestic market led to an upsurge in car sales in the month of July. Local car sales expanded 2.9 percent from a year earlier to reach this year's high of 124,963 units, Xinhua reported.

South Korea's GDP growth accelerates

South-Korea-GDPSeoul, July 25 : South Korea's gross domestic product (GDP) growth accelerated to 1.1 percent in the second quarter from the prior quarter as a turnaround in private consumption relieved a weak facility investment, central bank data showed Thursday.

Real GDP, the broadest measure of economic performance, expanded 1.1 percent in the second quarter from three months earlier after gaining 0.8 percent in the previous quarter, according to the Bank of Korea (BOK).

South Korean authorities to conclude antitrust probe against Google

South Korean authorities to conclude antitrust probe against GoogleAuthorities in South Korea have decided to drop its anti-trust investiations against american online giant, Google's Android smartphone operations in that country, according to people closer to the matter.

South Korea's corporate bankruptcies fall

korean-currencySeoul, July 19 : Corporate bankruptcies in South Korea fell to a record low last month as local financial institutions eased lending attitude toward small businesses, central bank data showed Friday.

The number of companies that went belly-up decreased 13 from a month earlier to 58 in June, according to the Bank of Korea (BOK). The reading was the lowest since the bank began compiling the data in January
1990, reported Xinhua.

Posco may quit its steel plant project in Karnataka: report

Posco may quit its steel plant project in Karnataka: reportPolitical instability and ongoing opposition from residents have reportedly forced South Korea's Posco to reconsider its decision to build a $5.3 billion steel plant in Karnataka.

Citing an anonymous source, Reuters said in a report that Posco - the world's fifth-largest steel producer by output - is reviewing the plan and a decision on whether or not to drop the plan could be announced later this week.

Samsung misses Q2 earnings forecast

Samsung misses Q2 earnings forecastWorries over Samsung's smartphone business deepen as the South Korea-based electronics giant missed earnings forecast for the second quarter.

Samsung Electronics Co Ltd on Friday announced an increase of 47 per cent in profit for the April to June quarter to 9.5 trillion won (around $8.3 billion). It was the company's record quarterly profit. But it missed analysts' average forecast of 10.16 trillion won.

South Korea's foreign reserves fall

South-Korea-foreign-reservesSeoul, July 3 : South Korea's foreign reserves reduced last month as the government repaid foreign debts that were borrowed to stabilize the local foreign exchange market, central bank data showed Wednesday.

Foreign reserves were $326.44 billion as of the end of June, down $1.66 billion from the prior month, according to the Bank of Korea.

The reduction came after the so-called foreign exchange stabilization bonds worth $1.02 billion were repaid last month on maturity, the central bank said, noting that the bonds were issued 10 years earlier, reported Xinhua.

India invites South Korean president for visit

park-geun-hyeSeoul/New Delhi, July 2 : India Tuesday told South Korea there was "enormous goodwill in India" for that country as India's National Security Advisor Shivshankar Menon called on South Korean President Park Guen-hye in Seoul.

Menon, on an official visit to Seoul, handed over a personal letter from Prime Minister Manmohan Singh to South Korea's first woman president. Manmohan Singh has invited President Park to India, which she has accepted.

The dates are to be worked out through diplomatic channels, said a statement from the Indian embassy at Seoul.

South Korean president visits Indian book pavilion

Park-Geun-hyeSeoul, June 19 : South Korean President Park Geun-hye Wednesday toured the Indian pavilion at an international book fair here in which India is participating as the guest of honour for the first time.

She toured the Indian pavilion at the Seoul International Book Fair, spending close to 10 minutes there, said an embassy press release.

It was followed by a brief interaction when Minister of State for Human Resource Development Jitin Prasada, who is heading the Indian delegation, conveyed greetings of Indian Prime Minister Manmohan Singh and thanked the South Korean president for gracing the Indian pavilion.

South Korea's producer prices fall

Farm-GoodsSeoul, June 18 : Producer prices in South Korea fell for three straight months due to lower prices of farm goods and crude oil, central bank data showed Tuesday.

The producer price index (PPI), a barometer of future consumer price inflation, declined 0.4 percent in May from a month earlier, keeping its downward trend for the third consecutive month, according to the Bank of Korea (BOK).

The continued decline came amid lower prices for agricultural products and global crude oil. Dubai crude, South Korea's benchmark, averaged $100.34 a barrel in May, down 1.3 percent from the prior month, reported Xinhua.

South Korea's GDP growth revised down

South-Korea-GDPSeoul, 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.

South Korea's foreign reserves fall

South-Korea-foreign-reservesSeoul, 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).

South Korean inspection finds no GM wheat in US imports

South Korean inspection finds no GM wheat in US importsThe 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.

Global car sales by South Korean companies rise

Hyundai-Car-SalesSeoul, 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.

South Korea's consumer prices rise

South-Korea-consumerSeoul, 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.

South Korea posts trade surplus

South Korea posts trade surplusSeoul, 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.

Samsung launches Galaxy Mega smartphone in India

Samsung launches Galaxy Mega smartphone in IndiaSouth 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.

Galaxy Note III to feature 6.0-inch display

Galaxy Note III to feature 6.0-inch displayAccording 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.

SC invalidates Orissa HC order on iron ore mining licence to Posco

SC invalidates Orissa HC order on iron ore mining licence to PoscoIn 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.



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