Seoul, May 10 (IANS) South Korean Industry Minister Kim Jung-kwan met US Commerce Secretary Howard Lutnick and other senior American officials to discuss strategic investment projects and ways to enhance bilateral cooperation in energy, shipbuilding and other key sectors, the industry ministry said on Sunday.During a four-day visit to Washington, Kim met with Lutnick and explained South Korea’s progress in drafting follow-up regulations and establishing an implementation framework following the …
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Seoul, May 9 (IANS) North Korean leader Kim Jong-un sent a congratulatory message to Russian President Vladimir Putin on Russia’s Victory Day celebration, reaffirming Pyongyang’s commitment to prioritising and deepening ties with Moscow, state media reported on Saturday.Kim extended his “sincerest congratulations” on the occasion of the 81st Victory Day and expressed satisfaction with the current “brilliant history of independence, dignity, peace and prosperity” shared by the two countries, acco…
Seoul, May 7 (IANS) Samsung Electronics has decided to withdraw its home appliance and TV sales business in China amid its struggle to shore up its presence in one of the world’s most important markets, industry sources said.But its mobile, semiconductor and medical equipment businesses will remain in place in the neighbouring country, the sources said, reports Yonhap news agency.Samsung has recently notified its vendors in China of its decision to end its home appliance and TV sales business th…
Seoul, May 6 (IANS) South Korean Prime Minister Kim Min-seok has instructed officials to hold discussions on demands that the prosecution’s right to conduct supplementary investigations should be kept intact even under a push to reform the prosecution, but with the stance in mind that its investigative right should be scrapped altogether, officials said Wednesday.Kim issued the instruction to a task force set up under the prime minister’s office to hash out details of the prosecution reform legi…
Seoul, May 5 (IANS) Unionised workers at Samsung Biologics, the biotech arm of Samsung Group, continued their first general strike for a fifth day on Tuesday, demanding higher wages and expanded performance-based compensation.The walkout began on Friday, with about 2,800 members out of the union’s 4,000 members taking part, according to the union.It marks the first strike since the company’s establishment in 2011, reports Yonhap news agency.After wrapping up the five-day strike, the union plans …
London, May 5 (IANS) The International Maritime Organisation (IMO) has said that vessels operating near the Strait of Hormuz should continue to exercise “maximum caution”, following reports of a US operation to “guide” stranded ships out of the area.In a written response to Xinhua news agency, an IMO spokesperson on Monday said: “We are aware of the reports but do not have further details. We continue to urge ships to practice maximum caution in the area.”US President Donald Trump said on Sunday…
Seoul, May 3 (IANS) South Korean Finance Minister Koo Yun-cheol on Sunday called for strengthening regional cooperation in responding to growing external economic uncertainty from the US-Israeli war against Iran, the country’s Finance Ministry said.Koo made the call during the 29th meeting of ASEAN+3 Finance Ministers and Central bank governors held on Sunday in Samarkand, Uzbekistan, according to the Ministry.ASEAN+3 involves member states of the Association of Southeast Asian Nations (ASEAN) a…
Seoul, May 3 (IANS) Almost 900 Air Force pilots have left the armed forces for better-paying jobs with civilian airlines over the past decade, data showed on Sunday.According to a report submitted by the Air Force to People Power Party Rep. Kang Dae-sik, a member of the parliamentary subcommittee on national defense, 896 “skilled” Air Force pilots opted for voluntary discharge from 2017 to March 2026.The Air Force defines skilled pilots as those with between eight and 17 years of experience and …
Seoul, May 3 (IANS) Some 3 trillion won (around $2 billion) worth of loans extended by South Korea’s four major financial groups have been classified as “estimated loss” in the first quarter, financial sector data showed on Sunday.A total of 2.9 trillion won of loans held by these groups were deemed largely unrecoverable as of the end of March, up 5.8 percent from the same period a year earlier, according to a fact book released by the four major lenders.The four financiers are KB Financial Grou…
Seoul, May 2 (IANS) South Korean Foreign Minister Cho Hyun held phone talks with his Iranian counterpart, Abbas Araghchi, on Saturday and called for the resumption of safe navigation of vessels through the Strait of Hormuz, the foreign ministry said.During the talks, Cho noted that South Korean and other international vessels remain anchored in the crucial waterway, stressing the need to ensure their safe resumption of navigation, according to the ministry.He also expressed hope for the swift re…