SEOUL, June 19 (Korea Bizwire) — South Korea’s internet-only lender Kakao Bank said Thursday it has received approval from the Thai government to operate a “virtual bank,” marking the first reentry of a Korean bank into the Thai market in 25 years. The Thai Ministry of Finance recently selected a consortium formed by Kakao Bank [...]
SEOUL, June 19 (Korea Bizwire) — More than 40 South Korean nationals and their family members have evacuated Iran and Israel via land routes and arrived safely in neighboring countries, the foreign ministry said Thursday, amid escalating tensions between the two nations. Eighteen South Koreans and two Iranian family members crossed the border into Turkmenistan [...]
SEOUL, June 19 (Korea Bizwire) — The chairman of Daewoo Engineering & Construction (E&C) Co. has paid a courtesy call on Mozambican President Daniel Chapo to seek support for potential liquefied natural gas (LNG) construction projects in the African nation, the company said Thursday. During his visit to the presidential office in Maputo on Wednesday [...]
SEOUL, June 18 (Korea Bizwire) — North Korea’s vice foreign minister has reaffirmed the country’s “consistent” stance on advancing friendship with China while attending a reception hosted by the Chinese Embassy in Pyongyang to mark the U.N.-designated International Day for Dialogue among Civilizations. Proposed by China, the U.N. General Assembly adopted a resolution last year [...]
SEOUL, June 18 (Korea Bizwire) — South Korea, the United States and Japan held combined air drills Wednesday in an effort to strengthen their trilateral security cooperation against North Korean threats, the South’s Air Force said. It marked the first joint air exercise among the three countries since President Lee Jae Myung took office earlier [...]
SEOUL, June 18 (Korea Bizwire) — South Korea’s state-run trade promotion agency said Wednesday it is operating a Korean pavilion at a major U.S. biotech exhibition this week, highlighting the country’s bio and pharmaceutical technology. The pavilion, run by the Korea Trade-Investment Promotion Agency (KOTRA), features 58 companies in cooperation with five local industrial associations, [...]
SEOUL, June 18 (Korea Bizwire) — Samsung Heavy Industries Co. said Wednesday it has terminated ship equipment contracts worth 4.85 trillion won (US$3.54 billion) with Zvezda Shipbuilding Complex and plans to seek damages over what it called the Russian shipyard’s unilateral breach of contract. The contracts, signed in 2020 and 2021, covered the supply of [...]
SEOUL, June 17 (Korea Bizwire) — North Korea will send 5,000 military construction workers and 1,000 sappers to Russia’s Kursk region, Russian media reports said Tuesday, while Moscow’s security chief visited Pyongyang for talks with North Korean leader Kim Jong-un. The announcement came as Security Council Secretary Sergei Shoigu visited the North Korean capital on [...]
SEOUL, June 17 (Korea Bizwire) — The American Chamber of Commerce in Korea (AMCHAM) said Tuesday its business delegation has completed a four-day visit to Washington aimed at advancing South Korea-U.S. economic cooperation amid a recent leadership change in Seoul. During the chamber’s annual “Doorknock” program from June 9, the delegation held around 40 meetings [...]
CALGARY, Canada, June 16 (Korea Bizwire) — President Lee Jae Myung’s envisioned meeting with U.S. President Donald Trump in Canada won’t take place as Trump abruptly left the Group of Seven (G7) summit earlier than scheduled, Lee’s office said. Lee’s office had been arranging the first in-person meeting with Trump on the sidelines of the [...]