South Korea

S. Korean President names Kim Byong-joon as new PM

Seoul [South Korea], Nov. 2 : Reshuffling the cabinet on Wednesday, South Korean President Park Geun-hye named Kim Byong-joon as the new Prime Minister and Yim Jong-yong as the deputy minister for economic affairs amid a controversial scandal surrounding her longtime confidante, Park's office said.

Kim, a former senior presidential policy secretary to late President Roh Moo-hyun is currently a professor at the Kookmin University in Seoul and Yim is the chairman of the Financial Services Commission (FSC), the country's financial regulator, reports Xinhua news agency.

Park Seung-joo was named as the new minister of public safety and security.

Samsung launches Tizen-powered TVs in home market

Samsung launches Tizen-powered TVs in home market

Seoul: South Korean electronics giant Samsung Electronics Co has started domestic sales of high-end televisions powered by its Tizen operating system and plans to add washing machines, fridges and other appliances to the range of products that use the software.

Samsung said sales of Tizen-powered ultra-HD TVs began today in South Korea. The new TVs come in four sizes from 55 inches diagonally to 88 inches. The smallest model costs 5.49 million won.

The company's smartphones and tablets rely on Google's Android operating system despite its efforts to develop Tizen as an alternative.

Currently Samsung is focusing on pushing the Tizen OS into living rooms and eventually into kitchens and other corners of the home.

Sushma invites South Korean companies to invest in India

Sushma SwarajSeoul, Dec 29 : External Affairs Minister Sushma Swaraj, who is currently on a two-day official visit to Seoul, on Monday extended an invitation to South Korean companies to participate in the 'Make in India' initiative and make bold investments in India.

Swaraj extended her invitation during her meeting with South Korea President Park Geun-hye at the Blue House here.

Welcoming Swaraj's invitation, President Park agreed to encourage her nation's industry to engage with India even more closely and reiterated her invitation to Prime Minister Narendra Modi for an early official visit of Seoul.

Asian Games: India blank Nepal 3-0 in men's tennis, move into quarters

Yuki BhambriIncheon: India blanked Nepal 3-0 to sail into the quarterfinals of men's tennis team event in the 17th Asian Games here on Sunday.

Yuki Bhambri did not drop a game en route to a crushing straight sets 6-0 6-0 win over Jeetendra Pariyar to seal the issue in India's favour, after Sanam Singh posted a comfortable 6-0 6-1 victory over Abhishek Bastola at the Yeorumul Tennis Courts.

In the inconsequential doubles tie, the Indian duo of Divij Sharan and Saketh Myneni registered a comfortable straight sets 6-0 6-0 win over Santosh Khatri and Sonam Dawa, thrashing their opponents in only 35 minutes.

South Korea ferry disaster: Toll rises to 187

South Korea ferry disaster: Toll rises to 187Seoul, April 26 - The death toll in the South Korea ferry sinking disaster rose to 187 Saturday morning, but search operations slowed amid faster tidal currents and worse weather conditions.

Only two more bodies were recovered from the sunken vessel overnight, raising the death toll to 187. A total of 115 people are still missing, with the number of those rescued remaining unchanged at 174 since the first day of the sinking disaster, Xinhua reported.

North Korea will deepen its isolation with another n-test: Obama

Barack-ObamaSeoul, April 25 : US President Barack Obama Friday warned North Korea that it will only manage to "deepen its isolation" if it conducts another nuclear test.

This statement by Obama comes after intelligence data gave rise to fears of another nuclear test by the communist regime.

"Pyongyang will gain absolutely nothing from another nuclear test except to deepen its own isolation from the global community," Obama said in a written interview to the South Korean newspaper Joongang before his arrival in Seoul Friday.

Lockheed Martin bags key South Korean order

Lockheed Martin bags key South Korean orderDefence aviation major, Lockheed Martin Corp has said that it has bagged a key order from the government of South Korea.

The company said that South Korea has selected its F-35 Lightning II aircraft for its F-X fighter acquisition program. The company said that Lockheed Martin will become the third foreign country to include the F-35 in its fleet after Israel and Japan. Israel had ordered F-35A in 2010 and Japan ahd selected the same in 2011.

South Korea posts trade surplus

South Korea posts trade surplusSeoul, Mar 1 - South Korea posted a trade surplus for 25 straight months as exports managed to grow, though at a slow pace, a government report showed Saturday.

Trade surplus reached $926 million in February, up from $760 million surplus in the previous month, according to the ministry of trade, industry and energy.

Exports increased 1.6 percent from a year earlier to $42.99 billion in February after falling 0.2 percent in the previous month. Imports grew 4 percent to $42.06 billion last month after declining 1 percent in January, reported Xinhua. (IANS)

India, South Korea finance ministers to meet in Delhi today

P ChidambaramNew Delhi, Jan. 8  : The fourth Indo-Korea finance ministerial meeting will be held here today.

The meeting will be attended by Finance Minister P. Chidambaram, Finance Secretary Sumit Bose, Economic Affairs Secretary Dr. Arvind Mayaram, and other senior officials.

The South Korea n side will be represented by Hyun Oh Seok, Deputy Prime Minister and Minister of Strategy and Finance, Yoon Tae Yong, Director General, International Economic Affairs Bureau, Gwak Bum Gook, Director General, Treasury Bureau and Han Myung Jin, Director General, Tax Analysis and International Tax Affairs Bureau, besides others.

Samsung loses patent lawsuit in South Korea against Apple

Samsung loses patent lawsuit in South Korea against AppleSeoul, Dec 12 - Samsung Electronics, the world's top smartphone maker, lost a patent lawsuit in South Korea against its archrival Apple after a Seoul court ruled that the iPhone maker did not violate Samsung's patents.

The Seoul Central District Court ruled Thursday that among three patents Samsung claimed Apple infringed on, two patents cannot be accepted as Samsung's unique, leading-edge technology and the other cannot be viewed as the same technology between Samsung and Apple, reported Xinhua.

Samsung to appeal against US jury's order

Samsung to appeal against US jury's orderSeoul, Nov 22 : Samsung Electronics, the world's largest smartphone maker, said Friday that it is planning to appeal against a US jury's order to pay Apple $290 million in damages.

Samsung said in a statement that it would move forward with its post-trial motions and appeals, reports Xinhua.

The statement came after the US jury issued a verdict Thursday which orders Samsung to pay the US-based company $290 million in damages for copying key features of its iPhone and iPad devices.

Nathan McCullum hits 22 runs off last four balls to seal Kiwi win over SL in 2nd ODI

Nathan McCullumJohannesburg, Nov 13  : Nathan McCullum smashed 22 runs off the final four balls as New Zealand beat Sri Lanka in the rain-hit second one-day international in Hambantota on Tuesday.

According to Sport24, the Black Caps, set a revised Duckworth-Lewis target of 198 in 23 overs, replied with 203-6 as McCullum hit spinner Rangana Herath for three sixes and a four to seal a last-ball win.

Earlier, Sri Lanka made 138-1 from 23 overs in between a rain interruption of more than four hours, the report said.

Volvo develops new light-weight, cheaper nano batteries for electric vehicles

VolvoJohannesburg, Oct. 19 : Automaker Volvo has developed new light-weight and cheaper nano batteries for future electric vehicles that could replace the conventional, heavy car batteries.

The new energy storage components consists of carbon-fibred, nano-structured batteries and super-capacitors, requires less space, is cost effective and eco-friendly, News24 reports.

The project in partnership with Imperial College London was funded by the European Union and is presently under tests in the form of panels within a Volvo S80 test vehicle.

South Korea forex hits new high

Seoul, Oct 4 - South Korea's foreign reserves hit another record high in September due to the depreciation of the US dollar, central bank data showed Friday.

The reserves reached $336.92 billion, up by $5.83 billion compared to August, according to the Bank of Korea, reports Xinhua.

The reserves recorded the highest monthly gain since October 2011 when the figure increased by $7.59 billion.

Sales of foreign currency stabilization bonds by the South Korean government also contributed to the growth in the foreign reserves.

Korean Air launches Airbus A380 service at Atlanta

Korean Air launches Airbus A380 service at AtlantaKorean Air has brought the world's biggest commercial passenger plane to the airport in Atlanta, which is among the busiest airports in the world.

Korean Air launches its Atlanta and Seoul service on its Airbus A380 superjumbo jets this week allowing passengers to comfortably make the journey between the South Korean capital and Atlanta. The first A380 flight from Soul arrived at Atlanta on Sunday of the previous week, the official welcoming even was held on Friday when the Korean Air's A380 received a water-cannon salute and ribbon-cutting ceremony upon arriving in Atlanta.

South Korea's revised GDP remains intact

South-KoreaSeoul, Sep 5 : The revised figure of South Korea's GDP for the April-June second quarter was unchanged at 1.1 percent on an on-quarter basis, 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, unchanged from a preliminary estimate unveiled around a month earlier, Xinhua reported citing Bank of Korea data.

The reading was up from a 0.8 percent growth in the first quarter, marking the highest since a 1.3 percent expansion tallied in the first quarter of

South Korea's industrial output grows

industrail-outputSeoul, Aug 30 : South Korea's industrial output grew last month due to a solid production increase in the construction sector, offsetting declines in the manufacturing and service industries, a government report showed Friday.

Production in all industries, including manufacturing, service, construction and public administration, rose 0.3 percent in July from a month earlier, Xinhua reported citing Statistics Korea.

It was the first growth in three months.

South Korea's terms of trade improve

south-korean-currencySeoul, Aug 23 : South Korea's terms of trade improved last month as import costs fell at a steeper pace than export prices amid lower commodity prices, central bank data showed Friday.

The net terms-of-trade index for goods, rose 1.5 percent in July from a year earlier, according to the Bank of Korea. The index is calculated by dividing export prices by import prices.

The index continued to rise amid faster fall in import prices than export prices. The import price index declined two percent, and the export price index slid 0.5 percent, Xinhua reported.

Retail sales in South Korea fall

Retail-salesSeoul, Aug 22 : Retail sales in South Korea fell last month as the prolonged rainy season has weakened domestic demands, a government report showed Thursday.

Total sales at three major discounted outlets - E-Mart, Lotte Mart and Homeplus - was down by 4.9 percent in July from a year earlier, Xinhua reported citing the country's ministry of trade, industry and energy.

Combined sales at department stores of three brands declined 2.1 percent last month.

The long streak of rainy days and mandatory reduction in the operating days discourage consumers from purchasing goods at retail stores, according to the report.(IANS)

S. Korean city launches wirelessly charged buses

S. Korean city launches wirelessly charged busesSouth Korea has launched a fleet of wireless electric buses in its southeastern city of Gumi, becoming the first in the world to test the technology on public roads.

The fleet of Online Electric Vehicle (OLEV) buses recharge wirelessly while driving on a specially-equipped 15-mile stretch of road.

Just below the surface of the road, there are electrical cables capable of magnetically transferring power to the buses. The buses have special electrical coils underside their chassis. These electrical coils collect power from the road.

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