SEOUL, August 1 (Korea Bizwire) — Poland on Friday signed a deal worth about US$6.5 billion to purchase the second batch of K2 tanks from major South Korean defense contractor Hyundai Rotem Co., Seoul’s defense ministry said. The deal marks the largest-ever arms export contract won by a South Korean company and the first major [...]
SEJONG/ SEOUL, August 1 (Korea Bizwire) — South Korea’s top trade negotiator said Friday that further opening of the Korean rice market was not discussed in the recently concluded trade deal with the United States, refuting Washington’s claim on the politically sensitive issue. Finance Minister Koo Yun-cheol, who doubles as deputy prime minister for economic [...]
SEOUL, August 1 (Korea Bizwire) — A 19-year-old man was sentenced to five years in prison Friday on charges of violence and attempted arson during a riot related to former President Yoon Suk Yeol in January. The Seoul Western District Court handed down the sentence to the man, surnamed Shim, for trespassing at the same [...]
SEOUL, August 1 (Korea Bizwire) — The parliamentary judiciary committee on Friday approved a set of contentious bills vetoed by former President Yoon Suk Yeol, including legislation aimed at reducing the government’s clout over public broadcasters and strengthening labor protections. During the committee’s plenary session, the ruling Democratic Party (DP) lawmakers also unilaterally passed a [...]
SEOUL, August 1 (Korea Bizwire) — Unification Minister Chung Dong-young met with the acting U.S. ambassador in Seoul and emphasized the importance of President Donald Trump’s role in building solid peace on the Korean Peninsula. Chung made the remarks during a meeting with acting U.S. Ambassador to South Korea Joseph Yun, as both the Lee [...]
SEOUL, August 1 (Korea Bizwire) — The Navy held anti-piracy drills with government officials and a local shipping company Friday ahead of a regular rotation of anti-piracy troops in waters off Somalia, officials said. The drills took place in waters off Geoje Island, some 330 kilometers southeast of Seoul, joined by officials from the foreign [...]
SEOUL, August 1 (Korea Bizwire) — Jailed former President Yoon Suk Yeol on Friday resisted a special counsel team’s attempt to detain him by lying on the floor of his prison cell wearing only his underwear, the team said. Assistant special counsel Moon Hong-ju, and a prosecutor and an investigator from special counsel Min Joong-ki’s [...]
SEJONG, Aug. 1 (Korea Bizwire) — The Seoul government held an emergency meeting Friday to devise response measures to the United States’ new 50 percent tariffs on imported copper, the industry ministry said. The Ministry of Trade, Industry and Energy met with officials from Korean companies that export copper-related products, including LS Metal and Poongsan [...]
SEOUL, August 1 (Korea Bizwire) — President Lee Jae Myung on Friday vowed efforts to promote balanced regional development, saying the government will provide more budgetary support for regions outside of the capital area. Lee made the remarks during a meeting with mayors and provincial governors at the presidential office, the first such gathering since [...]
SEOUL, August 1 (Korea Bizwire) — South Korea’s multicultural households are seeing marked improvements in education and living standards, with over 61% of multicultural youth entering higher education institutions in 2023 — a significant rise from 40.5% in 2021. The gap between multicultural and general youth college enrollment rates has narrowed from 31 percentage points [...]