0408 - Samsung, LG Cut Smartphone Prices over Subsidy Regulations...and more

(1) Samsung, LG Cut Smartphone Prices over Subsidy Regulations

Samsung Electronics and LG Electronics have decided to slash factory prices of their smartphones as the government ramps up regulations on smartphone subsidies.

Samsung Electronics lowered the factory price of its Galaxy Note 2 to 990-thousand won from one-million-89-thousand won. The price of Samsung’s Galaxy S3 was cut from 890-thousand won to 790-thousand won.

LG Electronics lowered its factory price of both the Optimus G and the Optimus View 2 by 150-thousand won to 250-thousand won from one-million won.

Manufacturers say the price cuts were put in place due to the strengthened regulations on government subsidies to consumers that have eroded sales of high-end smartphones. Also, the industry assesses that the prices were adjusted before new smartphone models are released on the market, including Samsung Electronics’ Galaxy S4.

(2) Gas Prices Fall for Fourth Consecutive Week

Gasoline prices have fallen for the fourth straight week in South Korea.

The Korea National Oil Corporation said prices at the pump stood at an average one-thousand-970-point-five won per liter this week, down seven-point-three won compared to a week ago.

Diesel also fell nine-point-six won to an average one-thousand-765-point-four won per liter while kerosene was sold at one-thousand-392 won per liter, down four-point-two won.

The oil corporation said it expected prices to ease further in the coming weeks since local refineries lowered their supply prices after mid-March.