South Korea's Lee pledges support on trade issues in meeting with top conglomerates
South Korean President Lee Jae-myung (third from right) during a meeting with business leaders at the Presidential Office in Seoul, South Korea, on June 13. PHOTO: REUTERS
South Korea's Lee pledges support on trade issues in meeting with top conglomerates
SEOUL - South Korean President Lee Jae-myung said on June 13 that his government would focus on easing regulations and accelerate working-level tariff talks with Washington as part of its broader support for companies on trade issues.
He made the comments at a meeting with heads of top conglomerates and other business leaders where he sat between Samsung Electronics Chairman Jay Y. Lee and Hyundai Motor Group Executive Chair Euisun Chung.
SK Group Chairman Chey Tae-won also attended the meeting, according to the president's office.
Mr Chey who also leads the Korea Chamber of Commerce told Mr Lee that Korean companies found it difficult to make decisions such as investments amid the uncertainty around US tariffs.
The future of South Korea's export-orientated economy, with key sectors from chips to vehicles and shipbuilding heavily exposed to global trade, may hinge on the kind of deal Mr Lee can strike on tariffs with US President Donald Trump.
Mr Lee, a liberal, was elected on June 3 with promises to become business-friendly.
Mr Lee and Mr Trump last week agreed to work towards a swift deal in their first phone call since Mr Lee took office.
Mr Lee said he would put national interests first based on his 'pragmatic, flexible' trade policy, and accelerate working-level tariff talks with Washington, spokesperson Kang Yu-jung said at a briefing.
'Companies are currently having difficulties in international competition, and we will focus on minimising the difficulties they are experiencing in international competition and expanding their economic territory,' Mr Lee said at the meeting with executives.
'Please tell us what we should do regarding overseas trade situations, and we will do our best to align with those.'
Samsung's Lee said he hoped the government-private partnership could help South Korea weather 'multi-dimensional crisis'. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
42 minutes ago
- Straits Times
Trump reports tens of millions in income from crypto ventures
Mr Donald Trump reported US$57.35 million (S$73 million) from token sales at crypto firm World Liberty Financial. PHOTO: REUTERS Trump reports tens of millions in income from crypto ventures President Donald Trump filed his first public financial disclosure report of his term on June 13, providing what he said was the latest information about his holdings, including income from his family's foray into cryptocurrencies. Mr Trump reported US$57.35 million (S$73 million) from token sales at crypto firm World Liberty Financial. He also reported holding $15.75 billion governance tokens in the venture. The annual report was signed as of June 13, but it was not immediately clear what time period it covered. The disclosure also showed the income from Mr Trump's properties in Florida. Mr Trump's three golf-focused resorts in the state - Jupiter, Doral and West Palm Beach – plus his nearby private members' club at Mar-A-Lago, generated at least $217.7 million in income, according to the filing. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
an hour ago
- Straits Times
Football club investor Eagle files for US IPO, Bloomberg News reports
FILE PHOTO: Soccer Football - Brasileiro Championship - Botafogo v Vasco da Gama - Estadio Nilton Santos, Rio de Janeiro, Brazil - November 5, 2024 Botafogo owner John Textor before the match REUTERS/Ricardo Moraes/File Photo FILE PHOTO: The logo for the New York Stock Exchange (NYSE) is displayed at the NYSE in New York City, U.S., July 6, 2023. REUTERS/Brendan McDermid/File Photo Football club investor Eagle files for US IPO, Bloomberg News reports Eagle Football Holdings, one of the most active investors in global football clubs, has confidentially filed for a U.S. initial public offering, Bloomberg News reported on Friday. Reuters could not immediately confirm the report. The France-based company submitted a draft registration statement to the U.S. Securities and Exchange Commission, the report added, citing a company statement. The firm has been working with UBS Group AG on the potential IPO, the report said. Eagle Football, run by U.S. businessman John Textor, holds stakes in multiple football clubs including Olympique Lyonnais, Crystal Palace and Brazil's Botafogo. The SEC and Eagle Football did not immediately respond to request for comment outside regular business hours. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
an hour ago
- Straits Times
Israel, Iran launch more barrages as Israel aims to wipe out Tehran's nuclear program
Missiles launched from Iran are seen from Jerusalem, June 13, 2025. REUTERS/Ronen Zvulun A building stands damaged in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS Army air defence firing is seen following the Israeli strike in Tehran, Iran, June 13, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS BY A THIRD PARTY Rescue personnel work at an impact site following missile attack from Iran on Israel, in Ramat Gan June 13, 2025 REUTERS/Itai Ron Israel, Iran launch more barrages as Israel aims to wipe out Tehran's nuclear program TEL AVIV/DUBAI/WASHINGTON - Iran and Israel targeted each other with airstrikes early on Saturday after Israel launched its biggest-ever offensive against its longtime foe in a bid to prevent it from developing a nuclear weapon. Air raid sirens sounded in Tel Aviv and Jerusalem, the country's two largest cities before dawn, sending residents rushing into shelters. The military said its air defence systems were operating, seeking to intercept Iranian missiles. "In the last hour, dozens of missiles have been launched at the state of Israel from Iran, some of which were intercepted," the Israeli military said. It said rescue teams were operating at a number of locations across the country where fallen projectiles were reported, without commenting on casualties. Several explosions were heard in the Iranian capital Tehran, the semi-official Tasnim news agency reported. Israeli media said a suspected missile came down in Tel Aviv, and a Reuters witness heard a loud boom in Jerusalem. It was unclear whether Iranian strikes or Israeli defensive measures were behind the activity. Iran's Fars news agency said Tehran launched a third wave of airstrikes on Saturday after two salvos on Friday night. Those were in response to Israel's attacks on Iran early on Friday against commanders, nuclear scientists, military targets and nuclear sites. Israel's ambulance service said 34 people were injured on Friday night in the Tel Aviv area, most with minor injuries. Police later said one person had died. The U.S. military helped shoot down Iranian missiles headed for Israel on Friday, two U.S. officials said. Israel's military said Iran fired fewer than 100 missiles on Friday and that most were intercepted or fell short. Several buildings in and around Tel Aviv were hit. The Israeli strikes on Iran throughout the day and the Iranian retaliation raised fears of a broader regional conflagration, although Iran's allies Hamas in Gaza and Hezbollah in Lebanon have been decimated by Israel. TRUMP SAYS: NOT TOO LATE Iran's state news agency IRNA said Tehran launched hundreds of ballistic missiles at Israel after Israel blasted Iran's huge Natanz underground nuclear site and killed its top military commanders. Iran says its nuclear programme is only for peaceful purposes. Israeli officials said it may be some time before the extent of damage at Natanz was clear. Western countries have long accused Iran of refining uranium there to levels suitable for a bomb rather than civilian use. The above-ground pilot enrichment plant at Natanz has been destroyed, U.N. nuclear watchdog chief Rafael Grossi told the Security Council on Friday. He said the U.N. was still gathering information about Israeli attacks on two other facilities, the Fordow fuel enrichment plant and at Isfahan. Iran's Supreme Leader Ayatollah Ali Khamenei accused Israel of starting a war. A senior Iranian official said nowhere in Israel would be safe and revenge would be painful. Iran's U.N. envoy Amir Saeid Iravani said 78 people, including senior military officials, were killed in Israel's strikes on Iran and more than 320 people were wounded, most of them civilians. He accused the U.S. of being complicit in the attacks and said it shared full responsibility for the consequences. Israel's U.N. envoy Danny Danon said intelligence had confirmed that within days Iran would have produced enough fissile material for multiple bombs. He called Israel's operation "an act of national preservation." Iran has long insisted its nuclear programme is for civilian purposes only. The U.N. nuclear watchdog concluded this week that it was in violation of its obligations under the global non-proliferation treaty. U.S. President Donald Trump said it was not too late for Tehran to halt the Israeli bombing campaign by reaching a deal on its nuclear programme. Tehran had been engaged in talks with the Trump administration on a deal to curb its nuclear programme to replace one that Trump abandoned in 2018. Tehran rejected the last U.S. offer. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
