Seoul, June 1 (IANS) Four people were killed and two others injured Monday in an explosion at defence company Hanwha Aerospace’s factory in the central city of Daejeon in South Korea, officials have said. Authorities received a report of the explosion at 10:59 a.m., with authorities working to confirm the exact number of casualties.Fire authorities dispatched to the scene were working to put out a blaze at the site, reports Yonhap news agencyPolice and fire officials believe the explosion occurr…
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Seoul, June 1 (IANS) South Korea’s exports surged 53 per cent from a year earlier to a new monthly high of $87.8 billion in May, driven by the semiconductor supercycle, government data showed on Monday.It marked the third consecutive month the country’s outbound shipments surpassed the $80 billion mark, according to the Ministry of Trade, Industry and Resources.Imports rose 20.8 percent on-year to $60.8 billion, resulting in a trade surplus of $26.95 billion, reports Yonhap news agency.The combi…
Seoul, June 1 (IANS) South Korea’s aviation sector output fell at the sharpest pace in 52 months in April, mainly due to a spike in fuel surcharges stemming from the prolonged Middle East conflict, government data showed on Monday.The production index for the aviation sector stood at 468.5 in April, down 13.5 percent from a month earlier, according to data released by the Ministry of Data and Statistics.It marked the largest on-month decline since December 2021, when the index dropped 14.2 perce…
Seoul, June 1 (IANS) Foreign ministers from South Korea and dozens of African countries gathered in Seoul on Monday to discuss ways to strengthen cooperation for shared growth and jointly address supply chain disruptions and other global challenges, Seoul’s foreign ministry said.The Korea-Africa Foreign Ministers’ Meeting, held under the theme of “Partnership for Joint Responses to Global Challenges,” brought together representatives from 50 African countries, out of the 54 invited, and four reg…
Singapore, May 31 (IANS) South Korea has discussed a Japan-proposed bilateral military logistics support pact with Tokyo, although Seoul maintained its reservations over the matter, Defence Minister Ahn Gyu-back said on Sunday. Ahn made the remarks to the press at a defence forum in Singapore, a day after he had bilateral talks with Japanese Defence Minister Shinjiro Koizumi.”There were discussions regarding (a potential) Acquisition and Cross-Servicing Agreement (ACSA),” the South Korean Defenc…
Singapore, May 31 (IANS) US Defence Secretary Pete Hegseth has called on America’s allies in the Indo-Pacific region to increase defence spending and strengthen military preparedness to counter China’s growing influence and military expansion, according to a report. Speaking at the Shangri-La Dialogue in Singapore, Hegseth stressed that maintaining regional stability would require stronger deterrence, deeper security cooperation and greater contributions from US allies.According to a report by M…
New Delhi, May 31 (IANS) Amid concerns surrounding the valuations of AI-related stocks and the concentration risk involved in investing in a few stocks in this segment, FII flows into this segment might decline and India may again start attracting FII flows, according to analysts.Total FII selling stood at Rs 32,963 crore (up to May 30), taking the total selling for 2026, so far, to Rs 224,932 crore. This year, so far, FIIs have invested Rs 15,497 crore through the primary market. Poor earnings …
Seoul, May 31 (IANS) Foreign selling of South Korean stocks listed on the benchmark Korea Composite Stock Price Index (KOSPI) reached a record high in May, while foreign investors poured a record amount into the tech-heavy KOSDAQ market, data showed on Sunday.Offshore investors sold a net 44.71 trillion won (US$29.66 billion) worth of local stocks in May, surpassing the previous record of 35.74 trillion won in net selling set in March, according to data from the Korea Exchange (KRX), reports Yon…
Seoul, May 31 (IANS) Science Minister Bae Kyung-hoon vowed to double down on efforts to support the local artificial intelligence (AI) sector so that South Korea can become a “full stack” supplier of the technology.Bae made the remarks at a press conference held Friday, saying South Korea should now take on the challenge of developing a frontier AI model, on par with competitors from the United States and China, reports Yonhap news agency.The minister’s comments come as government-led efforts to…
Singapore, May 30 (IANS) South Korea and Japan will resume their joint maritime search and rescue exercises (SAREX) starting early next month, Seoul’s defence chief said Saturday, calling it a “symbolic” move that reflects improving bilateral relations.South Korea’s Defence Minister Ahn Gyu-back unveiled the plan in bilateral talks with Japanese Defence Minister Shinjiro Koizumi, held on the margins of the Asia Security Summit, also known as the Shangri-La Dialogue, Yonhap news agency reported…