Because of Russia’s war of aggression in Ukraine, Poland is buying heavy military equipment in South Korea for about $5.8 billion, according to Handelsblatt. Authorities in Seoul said today that Poland has agreed with two South Korean arms companies to deliver K2 Black Panther tanks and K9 self-propelled howitzers, among other things. Because of the […]
Tag: South Korea
Korea: The central bank raised interest rates by 25 basis points
The Bank of Korea raised interest rates by 25 basis points, returning to its usual pace of tightening, as Governor Rhee Chang-yong made it clear that big rate hikes were no longer necessary in the fight against inflation. The central bank raised the seven-day repo rate by 25 basis points to 2.5%, in line with […]
South Korea: Joint military high schools with US amid concern over Pyongyang’s missile tests
South Korea and the United States began their annual joint military drills today, seeking to boost their readiness against North Korea, which it says is ready for new missile tests. The summer military drills, renamed the “Ulchi Freedom Shield” this year and scheduled to last until Sept. 1, come in the wake of a pledge […]
North Korea rejected the South’s proposal for denuclearization
The powerful sister of North Korean leader Kim Jong-un today rejected South Korea’s offer of financial aid in exchange for denuclearization, calling it a “provocative plan”. South Korean President Yun Sukgel this week proposed a plan to help Pyongyang in the food, energy and infrastructure sectors on the condition that it abandon its nuclear weapons […]
South Korea proposes aid plan in exchange for North Korea’s denuclearization
South Korean President Yun Suk-yeol announced today that he is offering Pyongyang a major aid package in exchange for denuclearization, an offer long rejected by North Korea. Calling denuclearization “essential” to a lasting peace on the peninsula, Yun presented his offer, which includes food, energy, and aid to modernize infrastructure such as ports, airports and […]
EU-N. Korea: Potential violation of WTO rules by US tax breaks for the purchase of electric vehicles
The European Union and South Korea have raised concerns over proposed US tax breaks for the electric vehicle market, saying they could discriminate against vehicles made outside the US market and violate World Trade Organization (WTO) rules. . With the $430 billion climate and energy bill passed Sunday by the Senate, Congress will lift the […]
South Korea: The de facto leader of the Samsung group received a presidential pardon
The heir and de facto leader of conglomerate giant Samsung was granted a presidential pardon today, a development that adds to South Korea’s tradition of showing leniency to businessmen convicted of corruption or other financial crimes. Billionaire Lee Jae-yong, who was convicted of corruption and embezzlement in January, will “rejoin” to “contribute to overcoming the […]
Pyongyang decried Pelosi’s visit to South Korea
The Pyongyang regime today decried US House Speaker Nancy Pelosi’s visit to South Korea, decrying her claims of “deterrence” of North Korea during talks with officials in Seoul. The speaker of the US House of Representatives and her South Korean counterpart Kim Jin-pyo pledged on Thursday to achieve the denuclearization of North Korea, during Pelosi’s […]
Inflation in South Korea hits 24-year high in July
Inflation hit a 24-year high in South Korea in July, but other data suggest the pace of price increases may be close to a peak. Meanwhile, signs of an economic slowdown sent bond yields down. Bond yields were driven lower after the central bank commented that a rebound in inflation to 6.3% in July from […]
South Korea: Reported trade deficit for fourth consecutive month
South Korea posted a trade deficit for a fourth straight month in July as energy imports rose and exports to China, its biggest trading partner, fell. Overseas shipments rose 9.4 percent from a year earlier to $60.70 billion after a revised 5.2 percent increase in June, according to preliminary Commerce Department data. Estimates were for […]