South Korea’s second-quarter GDP growth hits decade high
South Korea’s economy expanded at the fastest annual pace in a decade in the second quarter as the country’s private consumption picked up.
South Korea’s gross domestic product (GDP) grew 0.7% in the second quarter, after rising 1.7% three months earlier, according to data from the Bank of Korea. It matched the 0.7% growth tipped in a survey, Reuters reported.
The economy surged 5.9% year-over-year, the fastest growth in a decade, in part because of the low base effect of last year but also driven by strong exports and imports, the report noted.
According to economists, South Korea’s pace of growth could slow in the third quarter as the government has introduced its toughest COVID-19 restrictions yet to check the worst outbreak in the country, the report added.
Oil prices rise as tight supply, vaccinations offset virus concerns
Oil prices rose on Tuesday as investors bet on tight supply and rising vaccination rates to help outweigh any demand impact as result of rising COVID-19 cases across the globe.
Brent crude futures scaled 34 cents, or 0.46%, to $74.84 a barrel at 0508 GMT (10:38 A.M. IST), while U.S. West Texas Intermediate crude futures climbed 20 cents, or 0.28%, to $72.11 a barrel, Reuters reported.
The Benchmark prices increased even after the U.S. issued travel warnings to Spain and Portugal due to rising COVID-19 cases, the report noted.
Tesla posts record profit in second quarter
Electric Vehicle (EV) maker Tesla reported its second-quarter earnings on Tuesday with profits higher than expected as a result of higher sales of vehicles like the Model 3 and Y, and cost reduction.
Tesla reported revenue of $11.96 billion in the second quarter of 2021 with a growth of 98% year-on-year. Analysts had expected revenue of about $11.3 billion, according to a Reuters report. Tesla posted a profit of $1.45 per share, surpassing analyst expectations for a profit of 98% per share, the report noted.
Tesla delivered 2,01,250 vehicles, including 1,99,360 Model 3 and Model Y’s.
Rupee opens slightly higher
Rupee opened at 74.36 against dollar on Tuesday, slightly higher than its Monday closing of 74.42.
According to forex traders, the rupee is trading in a narrow range as investors await signs from U.S. Federal Reserve’s policy meeting, which will conclude on Wednesday, PTI reported.
Auto parts sector likely to grow 20-23%: ICRA
The Indian auto components industry is expected to witness a 20-23% growth in revenues in the current financial year on the back of strong demand in domestic as well as global markets, aided by the low base, ratings agency ICRA said.
The agency noted that the industry bounced back ‘handsomely’ during the second half of last fiscal (FY21), with many auto components suppliers registering record revenue and profits during the fourth quarter. Exports, which account for 29% of the industry’s turnover, also…
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