Latest news with #JackKim
The Star
8 hours ago
- General
- The Star
Fire in building next to South Korea's main Buddhist Jogye temple in Seoul, Reuters witness says
SEOUL (Reuters) -A large building next to one of South Korea's historic main Buddhist temples, the Jogye temple in Seoul, is on fire and firefighters are battling to contain it, news reports and a Reuters witness said. There have been no news reports of people injured or dead. (Reporting by Jack Kim and Josh Smith; Editing by Christopher Cushing)
The Star
14-05-2025
- Business
- The Star
Samsung Electronics to buy FläktGroup for 1.5 billion euro
SEOUL (Reuters) - Samsung Electronics said on Wednesday that it has agreed to acquire all shares of FläktGroup, a German maker of air conditioning and heating systems, for 1.5 billion euro ($1.68 billion) from European investment firm Triton. ($1 = 0.8937 euros) (Reporting by Hyunjoo Jin and Jack Kim; Editing by Ed Davies)
Yahoo
02-05-2025
- Business
- Yahoo
South Korea's third acting president is low-key economist at helm amid deep turmoil
By Jack Kim SEOUL (Reuters) - South Korea's third acting leader in five months, Lee Ju-ho, is an understated labour economist and education bureaucrat thrust into managing high-stakes trade talks with the United States and a country reeling from political knife fights before a crucial election. Education Minister Lee found himself at the helm of Asia's fourth-largest economy on Friday following the resignations of both the prime minister and the finance minister, who had served as acting presidents since the ouster of Yoon Suk Yeol over a failed martial law attempt. Lee plays the role for barely a month before a June 3 snap presidential election, but the Cornell-educated academic faces the challenge of calming financial markets and steering a country in deep political, economic and social turmoil. "We must do our utmost to prepare for financial market volatility and minimize economic uncertainty at a time of grave domestic and international economic conditions," Lee said in a statement at midnight on Thursday. He also called for unwavering alertness against nuclear-armed North Korea and communication with allies to calm questions about the integrity of South Korea's international standing. Lee conceded he faced an uphill battle as he arrived for his first day as acting leader, saying he would work closely with the cabinet and parliament, which had voted to remove three leaders before him. "I believe the government administration operates under a system," the 64-year-old told reporters, suggesting the complicated state machinery cannot be swayed by a single person. Lee, known as a reserved academic who specialized in labour market economics and innovating education, had largely stayed out of the political fray during his two stints in government as education minister. While he served one term as a member of parliament 20 years ago, it was in an uncontested proportional seat, chosen by the conservative party at the time to tap his academic expertise. He then served as education minister under former President Lee Myung-bak. Lee was again named education minister in November 2022 by Yoon. Previously, he worked as a professor at the Korea Development Institute think tank. He has taken a conciliatory approach to resolving strife between the government and medical school students triggered by plans to increase the annual medical school enrolment, trying to bring back thousands of striking trainee doctors and medical students who are boycotting classes in protest. As education minister, he spearheaded a plan to incorporate artificial intelligence technology in classrooms and previously worked to ease the country's infamous cut-throat college entrance culture by introducing a more specialized high school system. But in the process, he faced some criticism for his policies effectively deepening inequity in education and worsening chaos in how admission to university is managed.
Yahoo
30-04-2025
- Business
- Yahoo
South Korea officials heading to Washington for talks over US tariffs
By Jack Kim SEOUL (Reuters) -South Korean Industry Ministry officials will travel to Washington on Wednesday for "technical discussions" with U.S. Trade Representative counterparts hoping to make progress on a potential deal over U.S. tariffs, Seoul's ministry said. The team will seek to minimise the impact of the tariffs announced by the administration of U.S. President Donald Trump on South Korean companies by seeking exemption from reciprocal tariffs and import duties on automobiles and steel products, the ministry said in a statement. The visit by the industry ministry officials follows a trip to Washington by Minister Ahn Duk-geun last week and Finance Minister Choi Sang-mok, where the countries agreed to craft a trade package aimed at removing new U.S. tariffs that are set to take effect on July 8 after a pause. South Korean officials have said the two sides are not yet in formal negotiations but are laying the groundwork for talks that will likely continue after the country holds a presidential election on June 3 and a new government takes office. U.S. Treasury Secretary Scott Bessent said on Tuesday some trade partners are "much more keen to come to the table, get this done, and then go home and campaign on it," when asked about how domestic factors could influence the talks. Faced with questions about Bessent's comments, Choi said South Korea was not rushing to strike a deal and discussions at a working level "are moving very slowly," adding Bessent's comments were likely not specifically about South Korea. South Korea said it has requested exemptions from reciprocal tariffs and import duties on autos and steel and other items, and offered cooperation on shipbuilding and energy and in addressing trade imbalances. Vice Industry Minister Park Sung-taek said this week that there was work to be done on the American side to remove red tape to allow discussions on shipbuilding to move forward, such as resolving the restrictions under the U.S. Jones Act that require goods moved between U.S. ports to be carried by ships built domestically. "So we are conveying this to the U.S. and expect to discuss them intensively going forward," Park told parliament. South Korea was in consultations with Alaska on the feasibility of a $44 billion liquefied natural gas project that Washington wants to fund with investments from countries like South Korea and Japan. The countries also plan to hold talks over what Washington considers are non-tariff barriers including currency policy and regulations on autos, rice and beef imports.
Yahoo
30-04-2025
- Business
- Yahoo
South Korea officials heading to Washington for talks over US tariffs
By Jack Kim SEOUL (Reuters) -South Korean Industry Ministry officials will travel to Washington on Wednesday for "technical discussions" with U.S. Trade Representative counterparts hoping to make progress on a potential deal over U.S. tariffs, Seoul's ministry said. The team will seek to minimise the impact of the tariffs announced by the administration of U.S. President Donald Trump on South Korean companies by seeking exemption from reciprocal tariffs and import duties on automobiles and steel products, the ministry said in a statement. The visit by the industry ministry officials follows a trip to Washington by Minister Ahn Duk-geun last week and Finance Minister Choi Sang-mok, where the countries agreed to craft a trade package aimed at removing new U.S. tariffs that are set to take effect on July 8 after a pause. South Korean officials have said the two sides are not yet in formal negotiations but are laying the groundwork for talks that will likely continue after the country holds a presidential election on June 3 and a new government takes office. U.S. Treasury Secretary Scott Bessent said on Tuesday some trade partners are "much more keen to come to the table, get this done, and then go home and campaign on it," when asked about how domestic factors could influence the talks. Faced with questions about Bessent's comments, Choi said South Korea was not rushing to strike a deal and discussions at a working level "are moving very slowly," adding Bessent's comments were likely not specifically about South Korea. South Korea said it has requested exemptions from reciprocal tariffs and import duties on autos and steel and other items, and offered cooperation on shipbuilding and energy and in addressing trade imbalances. Vice Industry Minister Park Sung-taek said this week that there was work to be done on the American side to remove red tape to allow discussions on shipbuilding to move forward, such as resolving the restrictions under the U.S. Jones Act that require goods moved between U.S. ports to be carried by ships built domestically. "So we are conveying this to the U.S. and expect to discuss them intensively going forward," Park told parliament. South Korea was in consultations with Alaska on the feasibility of a $44 billion liquefied natural gas project that Washington wants to fund with investments from countries like South Korea and Japan. The countries also plan to hold talks over what Washington considers are non-tariff barriers including currency policy and regulations on autos, rice and beef imports. Sign in to access your portfolio
