South Korea reviewing various options to improve North Korea ties
A visitor takes a picture of the Bridge of Freedom, which connects North Korea and South Korea, at the Imjingak pavilion near the demilitarized zone which separates the two Koreas, in Paju, South Korea, October 16, 2024. REUTERS/Kim Soo-hyeon
SEOUL - South Korea is studying various plans to improve relations with North Korea, a spokesperson for South Korea's Unification Ministry said on Monday, in response to a media report that Seoul is considering allowing individual tours to North Korea.
Koo Byung-sam, a spokesperson for the ministry that handles inter-Korea affairs, refused to comment on a "particular issue".
But, Koo said he understood individual tours were not in violation of international sanctions.
Tourism is one of a narrow range of cash sources for North Korea that are not targeted under United Nations sanctions over its nuclear and weapons programs.
South Korean President Lee Jae Myung has pledged to improve strained relations with Pyongyang that have reached their worst level in years.
In a bid to ease tensions, Lee suspended anti-North Korea loudspeaker broadcasts along the border and ordered a halt to leaflet campaigns criticising the North's leaders by anti-Pyongyang activists.
The president has said he will discuss further plans with top security officials to resume dialogue with North Korea that is technically at war with the South.
Top stories
Swipe. Select. Stay informed.
Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise
Singapore Witness stand not arena for humiliation in sex offence cases, judge reminds lawyers
Asia Japan PM Ishiba under siege after ruling coalition loses Upper House majority
Business Bigger, quieter, greener: High-volume low-speed fans see rising demand in warming Singapore
Singapore New home owners in Singapore find kampung spirit on BTO Telegram groups
World Microsoft alerts businesses, governments to server software attack
Asia Hun Sen calls Thaksin out, reveals historic role in Thai politics
Business Singapore dollar faces downward pressure from US tariffs, expected policy shift
North Korea recently opened a beach resort in the city of Wonsan, a flagship project driven by leader Kim Jong Un to promote tourism.
But, the tourist area is temporarily not accepting foreign visitors, according to a July 16 note by DPR Korea Tour, a website operated by North Korea's National Tourism Administration.
North Korea first needs to open the area to the outside world, the Unification Ministry spokesperson said, asked if South Koreans could travel to Wonsan.
South Korea once ran tours to North Korea's Mount Kumgang area, but suspended them in 2008, when a South Korean tourist was shot dead by a North Korean soldier. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
41 minutes ago
- Straits Times
US, NATO developing novel funding mechanism for Ukraine weapons transfers
FILE PHOTO: Ukrainian service members walk next to a launcher of a Patriot air defence system, amid Russia's attack on Ukraine, in an undisclosed location, Ukraine August 4, 2024. REUTERS/Valentyn Ogirenko/File Photo WASHINGTON - The United States and NATO are working on a novel approach to supply Ukraine with weapons using funds from NATO countries to pay for the purchase or transfer of U.S. arms, according to three sources familiar with the matter. The renewed transatlantic cooperation on Ukraine comes as U.S. President Donald Trump has expressed frustration with Moscow's ongoing attacks on its neighbor. Trump, who initially took a more conciliatory tone toward Russia as he tried to end the more than three-year war in Ukraine, has threatened to start imposing tariffs and other measures if Moscow shows no progress toward ending the conflict by August 8. The president said last month the U.S. would supply weapons to Ukraine, paid for by European allies, but did not indicate how this would be done. NATO countries, Ukraine, and the United States are developing a new mechanism that will focus on getting U.S. weapons to Ukraine from the Priority Ukraine Requirements List, known under the acronym PURL, the sources said. Ukraine would prioritize the weapons it needs in tranches of roughly $500 million, and NATO allies - coordinated by NATO Secretary General Mark Rutte - would then negotiate among themselves who would donate or pay for items on the list. Through this approach, NATO allies hope to provide $10 billion in arms for Ukraine, said a European official, speaking on condition of anonymity. It was unclear over what timeframe they hope to supply the arms. "That is the starting point, and it's an ambitious target that we're working towards. We're currently on that trajectory. We support the ambition. We need that sort of volume," the European official said. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Business ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets Asia Indonesia's Mount Lewotobi Laki-laki erupts Singapore Thundery showers expected on most days in first half of August Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore NATO declined to comment. The White House, Pentagon, and Ukrainian embassy in Washington did not respond to requests for comment. Russian forces are gradually advancing against Ukraine, and control one-fifth of Ukraine's territory. FASTER ARMS RESTOCKING If a NATO country decides to donate weapons to Ukraine, the mechanism would allow that country to effectively bypass lengthy U.S. arms sales procedures to replenish its own stocks, said one U.S. official, speaking on condition of anonymity. But the NATO country would have to pay the U.S. up front for the speedier replenishment. The money would be paid into a U.S.-held account, possibly at the U.S. Treasury Department, or to an escrow fund, although the exact structure remains unclear, the official said. NATO countries also have the option of simply paying the United States to send weapons directly to Ukraine. In that case, the payment could be made via NATO or directly to the U.S. Department of Defense, said a second source, speaking on condition of anonymity. This would be in addition to the United States' own effort to identify arms from U.S. stockpiles to send to Ukraine under the Presidential Drawdown Authority, which allows the U.S. president to draw from current weapons stocks to help allies in an emergency. At least one tranche of weapons for Ukraine is currently being negotiated under the new mechanism, two sources said, though it was unclear if any money has yet been transferred. Trump's fellow Republicans in Congress have introduced legislation, known as the PEACE Act, that aims to create a fund at the U.S. Treasury in which allies can deposit money that would pay to replenish U.S. military equipment donated to Ukraine. Ukraine's needs remain consistent with previous months - air defenses, interceptors, systems, rockets, and artillery. The last statement of need from Ukraine came at the July 21 Ramstein conference led by EU allies, including Britain. REUTERS
Straits Times
44 minutes ago
- Straits Times
UOB to trim deposit rates on flagship account from Sept 1 after OCBC cut; DBS stays unchanged
Sign up now: Get ST's newsletters delivered to your inbox A flagship savings account is a bank's best savings product, which offers bonus interest rates that go up as customers transact more with the bank. SINGAPORE – Interest rates keep falling for savings accounts here with UOB now about to fire the next salvo. The lender said it is cutting rates for its flagship UOB One account from Sept 1 – the third such reduction in the past two years. UOB's move follows on the heels of OCBC, which dropped rates on its 360 account from Aug 1 – the second time this year. DBS remains the last one standing, with rates on the Multiplier account remaining unchanged at between 1.8 per cent and 4.1 per cent. A flagship account is a bank's best savings product, offering bonus interest rates that rise as customers make more transactions, such as credit their salary, spend on their credit card, take up a loan or buy an insurance policy. UOB told customers that it is dropping the bonus rates for two categories by between 0.5 and 0.8 percentage point. The affected categories are: Card spend and the requirement to make three debit transactions via Giro; and card spend and salary credit. UOB One customers will earn between 1 per cent and 3 per cent on their first $125,000 from Sept 1, if they fulfil the criteria for the two categories. The rates are down from between 1.5 per cent and 3.8 per cent. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Business ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets Asia Indonesia's Mount Lewotobi Laki-laki erupts Singapore Thundery showers expected on most days in first half of August Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore The rates for the card spend tier remain at 0.05 per cent to 0.65 per cent. This essentially means that customers can expect between $750 and $1,750 of interest a year if they fulfil the criteria of card spend and three Giro debit transactions. If they credit their salary and spend on their UOB credit card, they can expect between $1,125 and $2,625 a year and between $487.50 and $512.50 if they only use their credit card. The upcoming revision is the third time the bank has trimmed rates for the UOB One account since May 2024. A UOB spokesperson said the revisions align with the longer-term interest rate outlook. The announcement follows the July 30 decision from the US Federal Reserve to keep rates steady there at 4.25 per cent to 4.5 per cent . The spokesperson added that the number of customers who earned bonus interest on their UOB One account has increased by more than 10 per cent year on year as at June 30. Mr Michael Makdad, senior equity analyst at investment research firm Morningstar, said UOB had been the more aggressive in offering higher rates among the three local banks in order to attract deposits. He added that he is not surprised that it is cutting rates again as it seeks to 'normalise its offerings that may have been more attractive than (its) peers for some customers'. Mr Glenn Thum, research manager at Phillip Securities Research, said that UOB may be trying to sustain its net interest margin (NIM) by lowering its funding costs. NIM is the difference between the interest income a bank receives from lending and what interest it pays on customer deposits. A higher NIM means more profit, a lower one indicates it is earning less from its lending and deposit activities. Meanwhile, OCBC 360 customers are now earning lower rates after the bank trimmed the interest it pays on certain bonus categories, such as salary credit, savings and card spend, from Aug 1. The bonus rates for the insurance and investment tiers remain unchanged. This marks the second time OCBC has dropped deposit rates on its 360 account, the first coming on May 1, 2025 . Morningstar's Mr Makdad said OCBC has the buffer to follow up with another cut after its results on Aug 1 showed that deposits in current and savings accounts increased 14 per cent year on year to $203 billion as at June 30. Such deposits are seen as cheaper sources of funding for banks. However, Phillip Securities' Mr Thum does not think OCBC will lower rates on the 360 account in the next few months unless the US Fed cuts rates faster than expected. An OCBC spokesperson said its 360 account remains a competitive product. The spokesperson added that the bank 'regularly reviews its product offerings and interest rates to align them with the competitive landscape and market conditions'. Ms Helen Tran, DBS' head of consumer deposits and transactional payments, said the bank has maintained its rates, an approach that has yielded positive outcomes. The number of DBS Multiplier customers increased by more than 30 per cent from March 2022 to March 2025, she noted, adding that 'growth momentum remains strong'. Ms Tran said that the DBS Multiplier remains the only savings account that recognises retirement payouts from the Central Provident Fund account as part of income in the 'Bank & Earn' space. The initiative means that 900,000 Singaporean or permanent resident customers aged 65 and above automatically qualify for higher interest rates on their Multiplier balances. The flurry of deposit rate cuts has left some depositors, like 57-year old civil engineer Leong Meng Sun, scurrying for another bank. Mr Leong was with Standard Chartered initially but switched after the interest on his account dropped from $20 a month in December 2024 to less than $9 from January 2025, for the same salary. He looked at the OCBC 360 but felt he would struggle to meet the requirement to increase his monthly account balances by $500. He then settled on the DBS Multiplier because it pays 1.8 per cent for smaller account balances of $50,000 like his, given he can meet the salary credit and credit card spend criteria. He also likes that Multiplier customers can continue to earn interest after they retire, but acknowledges that DBS may also follow UOB and OCBC to cut the deposit rates: 'It is a risk I have to take.'
Straits Times
an hour ago
- Straits Times
Colombia ex-president Uribe sentenced to 12 years of house arrest, document shows
Sign up now: Get ST's newsletters delivered to your inbox BOGOTA - Former Colombian President Alvaro Uribe was sentenced on Friday to 12 years of house arrest for abuse of process and bribery of a public official, according to a sentencing document seen by Reuters and a source with knowledge of the matter. Uribe was convicted of the two charges on Monday by Judge Sandra Liliana Heredia in a witness-tampering case that has run for about 13 years. He has always maintained his innocence. The sentencing document, also published by local media, came hours ahead of the hearing where Heredia will read the sentence in court. Uribe will also be fined $578,000, the document showed, and barred from public office for more than eight years. Uribe, whose legal team has said he will appeal the ruling, is to report to authorities in Rionegro, in Antioquia province, where he resides, and then "proceed immediately to his residence where he will comply with house arrest," the document said. The conviction made him the country's first ex-president to ever be found guilty at trial and came less than a year before Colombia's 2026 presidential election, in which several of Uribe's allies and proteges are competing for top office. It could also have implications for Colombia's relationship with the United States. Secretary of State Marco Rubio said this week that Uribe's conviction was a "weaponization of Colombia's judicial branch by radical judges" and analysts have said there could be cuts to U.S. aid in response. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Business ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets Asia Indonesia's Mount Lewotobi Laki-laki erupts Singapore Thundery showers expected on most days in first half of August Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore Uribe, 73, and his supporters have always said the process is a persecution, while his detractors have celebrated it as deserved comeuppance for a man who has been accused for decades of close ties with violent right-wing paramilitaries but never convicted of any crime until now. TESTIMONIES FROM FORMER PARAMILITARIES Uribe, who was president from 2002 to 2010 and oversaw a military offensive against leftist guerrillas, was charged over allegations he ordered a lawyer to bribe jailed paramilitaries to discredit claims he had ties to their organizations. Those claims stemmed from leftist Senator Ivan Cepeda, who collected testimonies from former paramilitaries who said Uribe had supported their organizations in Antioquia, where he once served as governor. Uribe alleged in 2012 that Cepeda orchestrated the testimonies in a plot to tie him to the paramilitaries, but the Supreme Court ruled six years later that Cepeda had not paid or pressured the ex-paramilitaries. Instead, the court said it was Uribe and his allies who pressured the witnesses. Cepeda has been classed as a victim in the case and attended Monday's hearing. Two jailed former paramilitaries testified that Diego Cadena, the lawyer formerly representing Uribe, offered them money to testify in Uribe's favor. Cadena, who is also facing charges, has denied the accusations and testified, along with several other ex-paramilitaries, on Uribe's behalf. Each charge carried a potential sentence of six to 12 years. Uribe, who was placed under house arrest for two months in 2020, is head of the powerful Democratic Center party and was a senator for years both before and after his presidency. He has repeatedly emphasized that he extradited paramilitary leaders to the United States. Colombia's truth commission says paramilitary groups, which demobilized under deals with Uribe's government, killed more than 205,000 people, nearly half of the 450,000 deaths recorded during the ongoing civil conflict. Paramilitaries, along with guerrilla groups and members of the armed forces, also committed forced disappearances, sexual violence, displacement and other crimes. Uribe joins a list of Latin American leaders who have been convicted and sometimes jailed, including Peru's Alberto Fujimori, Brazil's Luiz Inacio Lula da Silva, Ecuador's Rafael Correa, Argentina's Cristina Fernandez and Panama's Ricardo Martinelli. REUTERS
