SEOUL, July 31 (Korea Bizwire) — Two crew members suffered injuries as a Navy warship caught fire while entering a naval port in the southeastern city of Jinhae on Thursday, the Navy said. The fire occurred at an auxiliary engine system on the ROKS Hyang Ro Bong as the landing ship was entering the port [...]
SEOUL, July 31 (Korea Bizwire) — With the tariff deal concluded, South Korea may face the task of resetting key alliance issues with the United States, as the Donald Trump administration is pressing its allies to take on a greater share of defense and security responsibilities. The tariff agreement reached Thursday commits South Korea to [...]
SEOUL, July 31 (Korea Bizwire) — President Lee Jae Myung urged the government Thursday to closely monitor public concerns over the trade deal with the United States and prepare follow-up measures to protect the nation’s core interests. Lee made the call after Seoul clinched a trade deal with Washington to lower the reciprocal and auto-specific [...]
SEOUL, July 31 (Korea Bizwire) — The government on Thursday unveiled a comprehensive tax reform plan aimed at strengthening the national revenue base, which includes raising the top corporate tax rate and tightening capital gains taxation by broadening the definition of large shareholders. The reform marks the first major tax overhaul under President Lee Jae [...]
SEOUL, July 31 (Korea Bizwire) — A total of 16 people have died from heat-related illnesses in South Korea so far this year as the country continues to endure severe heat waves, health authorities said Thursday. A total of 2,900 patients had visited emergency rooms for heat-related conditions as of Wednesday since mid-May, when authorities [...]
SEOUL, July 31 (Korea Bizwire) — South Korea’s tariff deal with the United States has eased trade uncertainty for the export-driven economy, but President Lee Jae Myung now faces a tougher test of navigating complex alliance and security issues when he meets U.S. President Donald Trump in the coming weeks. Lee confronted a significant challenge [...]
SEOUL, July 31 (Korea Bizwire) — The 7th Air Force has begun to relocate more F-16 fighter jets to Osan Air Base as part of its “Super Squadron” formation test aimed at enhancing combat effectiveness, the U.S. Air Force unit stationed in South Korea said Thursday. The relocation marked the first batch among 31 F-16 [...]
SEOUL, July 31 (Korea Bizwire) — A special counsel team said Thursday it will execute a detention warrant for jailed former President Yoon Suk Yeol this week to forcibly bring him in for questioning. Special counsel Min Joong-ki’s team said it plans to send an assistant special counsel, a prosecutor and an investigator to the [...]
SEOUL, July 31 (Korea Bizwire) — South Korea’s offer to help revitalize the United States’ shipbuilding industry was a key to reaching a tariff deal with the Donald Trump administration, Seoul’s trade minister said Thursday, also highlighting a “key role” U.S. Secretary of Commerce Howard Lutnick played in securing the last-minute deal. “I think the [...]
SEOUL, July 31 (Korea Bizwire) — South Korea has agreed to purchase US$100 billion worth of liquefied natural gas (LNG) and other energy products from the United States over the next four years under a tariff deal, U.S. President Donald Trump’s administration announced Thursday. However, the plan does not involve purchasing Alaskan LNG or participation [...]