SEOUL, Aug. 6 (Korea Bizwire) — South Korea’s finance chief said Wednesday that the country’s Free Trade Agreement (FTA) with the United States remains effective, despite a recent tariff agreement between the two countries. Finance Minister Koo Yun-cheol made the remarks during a parliamentary session, following last week’s last-minute deal between Seoul and Washington. Under [...]
SEOUL, Aug. 6 (Korea Bizwire) — Samsung E&A Co., a plant engineering arm of Samsung Group, said Wednesday it has won a 36 billion-won (US$26 million) order for the initial design and planning of a liquefied natural gas (LNG) project in Indonesia. Under a letter of award, the company will carry out front-end engineering design [...]
SEOUL, Aug. 6 (Korea Bizwire) – South Korea will introduce a temporary visa waiver program for Chinese group tourists starting late September, as part of efforts to boost domestic spending and the tourism market, government officials said Wednesday. The visa-free entry will come into force from Sept. 29 to June 30 next year, following a [...]
SEOUL, Aug. 6 (Korea Bizwire) — South Korea has entered a new era of trade uncertainty as the United States officially begins implementing President Donald Trump’s “reciprocal tariffs” policy, levying a 15% duty on a wide array of Korean exports starting midnight on August 7 Eastern Time. The tariffs, part of Trump’s broader strategy to realign [...]
SEOUL, Aug. 6 (Korea Bizwire) — HD Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, said Wednesday it has secured a maintenance, repair and overhaul (MRO) project for a U.S. Navy cargo ship. The company will carry out the MRO work on the USNS Alan Shepard (T-AKE-3), a 41,000-ton Lewis and Clark-class dry cargo vessel, [...]
SEOUL, Aug. 5 (Korea Bizwire) — North Korea has not responded to South Korea’s move to hand over the body of a North Korean national found on a western island in June, Seoul’s unification ministry said Tuesday. The North has snubbed Seoul’s call to respond to the South’s plan to transfer the body of a [...]
SEOUL, Aug. 4 (Korea Bizwire) — The South Korean military on Monday started removing loudspeakers for propaganda broadcasts toward North Korea installed along the heavily fortified border, the defense ministry said, in Seoul’s latest efforts to reduce inter-Korean tensions. The move comes less than two months after President Lee Jae Myung ordered the suspension of [...]
SEOUL, Aug. 4 (Korea Bizwire) — More than 6 in 10 South Koreans gave a positive assessment of the trade deal reached last week between Seoul and Washington, a poll showed Monday. According to the survey conducted by Realmeter on 1,016 adults aged over 18 on Friday, 63.9 percent said they viewed the deal positively, [...]
National security concerns and U.S. trade pressure shape South Korea’s cautious stance on data sovereignty SEOUL, August 4 (Korea Bizwire) — The South Korean government is deferring a key decision on whether to allow Google to export high-resolution mapping data until after an upcoming summit between President Lee Jae-myung and U.S. President Donald Trump, underscoring [...]
SEOUL, August 4 (Korea Bizwire) — South Korea’s recent breakthrough trade agreement with the United States—touted as a major diplomatic win—may offer temporary relief on tariffs but leaves the door open for further pressure from Washington on sensitive trade issues, experts warn. The deal, struck on July 30, outlines a sweeping $450 billion investment and [...]