SEOUL, May 28 (Korea Bizwire) – South Korea will this week send to Iran US$500,000 worth of medicine used to treat a hereditary disease, the foreign ministry said Thursday, in the first such humanitarian exports to the country since the United States tightened anti-Tehran sanctions last year. The medicine to treat Gaucher’s disease will be sent by [...]
SEOUL, April 10 (Korea Bizwire) — South Korea has won U.S. approval for the resumption of humanitarian exports to Iran under a special license program, with shipments likely to begin next month, a foreign ministry official said Friday. On Monday, Seoul received the green light for the exports based on the U.S. government’s General License [...]
SEOUL, Jan. 12 (Korea Bizwire) — South Korea’s exports to Iran dropped nearly 90 percent from a year earlier in the first 11 months of last year, the fastest rate among the top 20 export countries, data showed Sunday. In the January-November period, Seoul’s shipments to the Middle East country came to US$259 million, down [...]
SEOUL, Jan. 8 (Korea Bizwire) — South Korean companies are scurrying to gauge the impact of mounting tensions in the Middle East on their businesses, with rising oil prices and heightened uncertainties posing a severe threat, industry sources said Wednesday. Earlier in the day, Iran launched multiple missile attacks on U.S.-led forces in Iraq in [...]
SEOUL, Jan. 6 (Korea Bizwire) — South Korean refiners and petrochemical companies are bracing for potential fallout from the U.S. killing of a top Iranian general, which has already sent global oil prices higher, industry sources said Monday. The fatal drone strike on Gen. Qassem Soleimani, the head of Iran’s elite Quds Force, on Friday [...]
SEOUL, May 7 (Korea Bizwire) — Two South Korean banks have stopped offering settlement services for trade with Iran in line with U.S. economic sanctions on Tehran, industry sources said Tuesday. Last week, Woori Bank and the state-run Industrial Bank of Korea (IBK) suspended won-denominated accounts held by the Central Bank of Iran (CBI) for [...]
SEOUL, Apr. 23 (Korea Bizwire) — South Korea’s petrochemical firms and refiners said Tuesday that the United States’ decision to end its sanctions waivers on Iranian oil imports isn’t likely to cause crisis in the industry, although short-term repercussions on their balance sheets appear to be inevitable. The Donald Trump administration on Monday (local time) [...]
SEOUL, Nov. 29 (Korea Bizwire) — The seventh iteration of Iran’s Korean Film Festival kicked off in Tehran on Wednesday. The festivities will go on for four days to screen eight Korean movies, including “Little Forest”, “Forever the Moment”, “The King of Jokgu”, and “Breathing Underwater”. Lim Soon-rae, the director of “Little Forest” and “Forever [...]
SEOUL, Jul. 4 (Korea Bizwire) –– The South Korean government said Wednesday that it has filed a fresh lawsuit against an earlier international ruling that ordered the country to pay tens of million dollars to an Iranian firm over a failed takeover deal. In 2010, South Korea’s state-run Korea Asset Management Corp. (KAMCO) picked Entekhab [...]
SEOUL, May 17 (Korea Bizwire) — The revival of U.S. sanctions on Iran for its nuclear program is feared to cast a cloud over projects pursued by the state-run Korea Electric Power Corp. (KEPCO) in the Middle Eastern country, the utility firm said Thursday. Defying opposition from its European allies, U.S. President Donald Trump abandoned [...]