South Korea

Samsung confirms it is working on a smartwatch

Samsung confirms it is working on a smartwatchAccording to news publication Bloomberg’s March 19-dated report, Lee Young Hee - Executive VP of mobile business at Samsung – has confirmed the rumors about Samsung developing on a smartwatch; and has said that the company has been working on the device "for so long."

South Korean banks' computers paralyzed

Shinhan-BankSeoul, March 2 : Computer networks of South Korea's main broadcasters and two banks were completely paralyzed, media reported Wednesday.

The police said it seemed like a cyber attack, the Yonhap News Agency reported.

The computer networks of KBS, MBC and YTN, and those of two banks, Shinhan Bank and Nonghyup, totally stopped at about 2 p. m. local time, reported Xinhua.0 (IANS)

South Korea's corporate bankruptcies fall

Bank-of-KoreaSeoul, March 19 : South Korea's corporate bankruptcies fell to a record low last month as business days declined due to the Lunar New Year's holiday, central bank data showed Tuesday.

The number of companies that went belly-up decreased from a month earlier to 85 in February, according to the Bank of Korea (BOK).  The reading was the lowest since the bank began compiling the data in January 1990, reported Xinhua.

The record low figure came after the Lunar New Year's holiday moved to February this year from January last year, reducing working days last month.

Samsung Electronics appoints new CEOs

Yoon-Boo-keun-Shin-Jong-kyunSeoul, March 15 : Samsung Electronics, South Korea's tech behemoth, Friday appointed new chief executive officers.

Samsung named President Yoon Boo-keun and President Shin Jong-kyun as new CEOs following the company's annual general shareholders' meeting, according to an e-mailed statement.

Yoon, who solidified the company's global leadership in TV business, will continue his role of overseeing the consumer electronics division as new CEO. The division includes TV and appliance products, reported Xinhua.

Samsung unveils Galaxy S4 smartphone

Samsung unveils Galaxy S4 smartphoneSeoul, March 15 - Samsung Electronics, the world's largest maker of memory chips, mobile phones and display panels, Friday unveiled its new flagship smartphone Galaxy S4.

Galaxy S4 features a 5-inch Full HD Super AMOLED display with a resolution of 1920 by 1080. It has a pixel density of 441 pixel per inch (ppi), reported Xinhua.

It comes with a "dual camera" function that allows simultaneous use of both front and rear cameras. Users can select eight different ways to combine the two photos taken by both cameras.

South Korea keeps policy rate on hold

Bank-of-KoreaSeoul, March 14 : South Korea's central bank Thursday kept its policy rate on hold at 2.75 percent, maintaining the wait-and-see stance for five straight months, media reports said.

Bank of Korea (BOK)'s monetary policy board members decided to freeze the seven-day repurchase rate at 2.75 percent after cutting the rate by 25 basis points in July and October last year, reported Xinhua.

The decision was roughly in line with market expectations, as many experts predicted the rate freeze on speculation that the central bank would wait for fiscal stimulus measures to maximize the effect of policy mix.(IANS)

Reliance Games acquires firms in Japan, SK

Reliance Games acquires firms in Japan, SKGlobal mobile gaming business of Reliance Big Entertainment, Reliance Games has acquired tow gaming firms in Japan and South Korea in order to expand its international presence. Reliance Games, which is a part of the ADAG, acquired mobile game development & publishing company in Japan and a mobile game development studio in South Korea.

South Korea warns of retaliation against North Korea

south-korea-flagSeoul, March 6 : The South Korean military warned Wednesday that it will "sternly" retaliate against North Korea if it "pushes ahead with provocation", reported Xinhua.

"If the North pushes ahead with provocation that will threaten life and stability of our nation, our military will strongly and sternly punish the starting point of provocation and supporters for the provocation as well as its leadership," the Ministry of Defense said in a statement read by Kim Yong-hyun, Army Maj. Gen. at the Joint Chiefs of Staff.

LG Electronics' smartphone sales top 10 million

LG-LTE-smartphoneSeoul, March 4 : LG Electronics said Monday that it has sold more than 10 million smartphones based on the high-speed long-term evolution (LTE) technology.

LG's global LTE smartphone sales topped the 10 million mark last week as the company made an aggressive push into the fast- growing fourth-generation (4G) market, according to an e-mailed statement.

The result came as the LTE smartphone market is expected to grow rapidly. According to Strategic Analytics, global shipments of LTE smartphones are forecast to increase to 275 million units this year, reported Xinhua.

LG to launch new Optimus G in India

LG to launch new Optimus G in India South Korean conglomerate, LG might be planning to launch the new Optimus G smartphone in the Indian market today.

Several reports suggest that the company will launch the new smartphone on February 27. The company confirmed reports by announcing that it would launch the "Next Gen Genius" smartphone in Mumbai. Some suggest that the new LG Optimus G is already listed on the official LG India website, which also reveals that the handset will be available in states including Delhi, Maharashtra, Punjab, Tamil Nadu and Uttar Pradesh.

Bank lending rates in South Korea rebound

Bank-of-KoreaSeoul, Feb 27 : Bank lending rates in South Korea rebounded in January from a record low level as demand for mortgage loans reduced amid the end of temporary tax benefits for housing transactions, central bank data showed Wednesday.

Weighted average annual rate for new loans extended by banks to households and companies was 5 percent in January, rebounding from an all-time low of 4.84 percent in the prior month, according to the Bank of Korea (BOK).

South Korea's e-commerce sales grow

e-commerceSeoul, Feb 27 : South Korea's e-commerce sales grew for at least 12 years as cyberspace transactions between companies kept an upward trend, a government report showed Wednesday.

E-commerce sales, gauging transactions in the cyberspace, was 1,144.7 trillion won ($1.06 trillion) in 2012, up 14.5 percent from a year earlier, according to Statistics Korea. The reading maintained a growth trend since at least 2001, reported Xinhua.

Business-to-business (B2B) sales, which account for more than 90 percent of the total, increased 15.1 percent last year, with consumer-to-consumer (C2C) transactions surging 20.6 percent.

South Korea's overseas investment falls

south-korea-currencySeoul, Feb 26 : South Korea's overseas direct investment fell for the first time in three years as people refrained from investing into overseas mining projects amid global uncertainties.

Reported direct investment overseas declined 14.3 percent from a year earlier to $39.01 billion in 2012 after rising 32.5 percent in 2011 and 11.7 percent in 2010, the Ministry of Strategy and Finance said Tuesday.

South Korea's first female president takes office

Park-Geun-hyeSeoul, Feb 25 : Park Geun-hye was sworn in as South Korea's first female president Monday, pledging economic revival and educational system overhaul and urging North Korea to rid itself of its nuclear programme.

"The new administration will usher in a new era of hope premised on a revitalizing economy, the happiness of our people, and the blossoming of our culture," Park said in an inauguration speech delivered to some
70,000 people gathered in front of the country's parliament for the ceremony.

India assures South Korean businessmen hassle-free visas

India assures South Korean businessmen hassle-free visasSeoul, Feb 24 : India has assured the South Korean business community they would continue to get hassle-free visas within three days ordinarily and the same day if business was urgent.

Speaking on the sidelines of a tourism road show in Seoul, organised by the India Tourism office in Tokyo, Indian Ambassador Vishnu Prakash gave the assurance to the Korean industry while explaining bilateral steps taken towards simplified visa procedures.

Global sales of LG's Optimus L smartphones top 15 mn

lg-Optimus-LSeoul, Feb 15 : Sales of LG Electronics' Optimus L Series smartphones topped 15 million units globally since its introduction in February 2012, the company said Friday.

Global sales of Optimus L Series devices breached the 10 million mark in December last year, before adding sales of 5 million units, equal to sell a device every second over the past two months, LG said in an e-mailed statement.

After its launch at Mobile World Congress (MWC) in February 2012, LG rolled out Optimus L3, L7, L5, and L9 in a serial order at around 50 countries in North America, Europe, Asia and Latin America, reported Xinhua.

South Korea on alert after North Korean n-test

Chun-Yung-WooSeoul, Feb 12 : The South Korean government condemned the nuclear test by North Korea Tuesday, calling it a "clear violation" of UN resolutions. The South Korean military was put on high alert.

"North Korea will not be able to avoid being held accountable for (the test)," national security adviser Chun Yung-Woo told reporters after an emergency security meeting presided over by President Lee Myung-bak.

The nuclear test, which North Korea claimed was successful, was carried out at 11.57 a. m. in North Korea's Kilju county, North Hamkyung province.

South Korea successfully launches satellite into orbit

South Korea successfully launches satellite into orbitSouth Korea has joined the elite club of nations with capabilities to launch satellites with the launch of a satellite into orbit on Wednesday.

The Asian country launched satellite into orbit for the first time less than two months after its northern rival North Korea, launched its own satellite. The country developed the 140-ton, 108-feet tall Korea Space Launch Vehicle-1, or KSLV-1 with the help of Russian space technology.

S. Korea successfully launches space rocket

Korea-Space-Launch-Vehicle-1Seoul, Jan 30 : South Korea on Wednesday successfully launched its space rocket in its third attempt to put a satellite into space.

The Korea Space Launch Vehicle-1 (KSVL-1), also known as Naro, blasted off at 4 p. m. local time from the Naro Space Center, located 480 kilometers south of Seoul.

The rocket, with a Russian-built first stage and a South Korean-developed second stage, appears to have reached its target altitude and deployed its payload satellite, local media reported.

Samsung posts record $6.6billion Q4 net profit

Samsung posts record $6.6billion Q4 net profitIn an official substantiation of the fact that 2012 was a good year for Samsung, the recently-released fourth-quarter financial results of the South Korean company have revealed that its net profit figures touched a record high with 7.04 trillion won ($6.6 billion); a figure which was a whopping 76 percent higher than the company's net profit during the same quarter a year back.

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