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Straits Times
21 hours ago
- Business
- Straits Times
South Korea close to $6 billion tank deal with Poland in June, Yonhap reports
FILE PHOTO: A K2 tank, delivered in the first batch of arms from South Korea under contracts signed in recent months, fires during a military drill at a military range in Wierzbiny near Orzysz, Poland, March 30, 2023. REUTERS/Kacper Pempel/File Photo FILE PHOTO: Polish soldiers ride the South Korean-made K2 tank during trial drills prior to annual artillery show 'Autumn Fire 23' at a military range in Bemowo Piskie near Orzysz, Poland, September 16, 2023. REUTERS/Kacper Pempel/File Photo South Korea close to $6 billion tank deal with Poland in June, Yonhap reports SEOUL - South Korea is close to signing a deal worth around $6 billion to supply 180 K2 tanks for Poland, Yonhap News Agency reported on Tuesday. Under the contract, South Korea's Hyundai Rotem, which specialises in industrial and defence contracts, will manufacture 117 tanks, and Poland state-owned Polish Armaments Group will produce the rest locally, Yonhap said. Hyundai Rotem was not immediately available for comment. The signing ceremony will take place in late June in Poland, Yonhap said, citing an anonymous industry source. The two countries in 2022 reached a $13.7 billion arms deal, Seoul's biggest ever, which included supplies of South Korean K2 tanks, rocket launchers and fighter jets to Poland. South Korea used the deal to lay the groundwork for a military-industrial juggernaut that the two nations' defence companies hope would feed Europe's hunger for weapons far into the future. The K2 tank supply contract, part of the broader deal in 2022, was expected to be finalised by the end of last year but appeared to be delayed, partly due to South Korea's political crisis sparked by the short-lived declaration of martial law in December, Yonhap added. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
02-05-2025
- Business
- Straits Times
Jakarta's Bargain Blahniks, Birkins and Bling Spark US Trade Backlash
'Hermes Birkin' handbags cost from just 600,000 rupiah for the PVC version, while cow leather replicas went for up to 2.5 million rupiah. ST PHOTO: ARLINA ARSHAD – A stroll through ITC Mangga Dua, one of Jakarta's largest wholesale markets, felt less like a shopping trip and more like a masterclass in counterfeit couture. Rows of 'Manolo Blahnik' and 'Jimmy Choo' heels glinted behind glass counters. Above them, gleaming 'Rolex' watches sat beside belts stamped with the 'Ferragamo' logo. Floor-to-ceiling shelves brimmed with designer handbags – inspired by brand names such as Louis Vuitton, Hermes, Dior and Balenciaga. Standing in stark contrast, the scruffy walls, cracked tiles and creaky escalators were a clear reminder that this was no luxury mall. A recent check by The Straits Times found a ' Ferragamo ' belt selling for 1.5 million rupiah (S$118), a 'Cartier' watch for 6.5 million, and a pair of faux Chanel stud earrings priced the same as the belt. ' Hermes Birkin ' handbags cost from just 600,000 rupiah for the PVC version, while cow leather replicas went for up to 2.5 million rupiah . Birkin bag prices vary significantly, from about US$10,000 (S$13,000) for an entry-level model to as much as US$2 million for exotic leathers and unusual colours, with a wait time of as long as six years as the bags are handmade and must be ordered in advance. Mangga Dua – which means two mangoes, a nod to the area's once-abundant mango trees – is a sprawling cluster of shopping centres, including ITC Mangga Dua, in North Jakarta. It has openly sold fake luxury goods for decades. Some shops labelled the merchandise as 'original branded imports', but most made little attempt to disguise the truth. From low-grade knock-offs to so-called 'super' fakes that closely resembled genuine items, everything was on offer – at a fraction of the price of the real deal. At one stall, a vendor thrust two 'Goyard' totes into this reporter's hands. 'This one is KW1 – first grade. The canvas is softer and the straps are made of leather, like the real one, 2.5 million rupiah. The other, KW2, is 750,000 rupiah,' she explained, pointing to a version that felt stiffer and less pliant . KW, short for kwalitas or quality, refers to imitation goods that are graded by tiers based on how closely they resemble the originals. 'We shipped one bag to Singapore just last week. No problem with customs. Just buy – nobody can tell it's fake,' she said. Mangga Dua, Jakarta's famous shopping area, wasnamed a global hotspot for fake goods in the US 2024 Review of Notorious Markets for Counterfeiting and Piracy, released in January. ST PHOTO: ARLINA ARSHAD Other sellers offered tips on sourcing. South Korean-made 'Lady Dior' bags fetched several million rupiah, while cheaper Chinese-made versions sold for a third of the price. According to the Global Organised Crime Index website, Indonesia has served as both a transit hub and a local market for fake goods , owing to its proximity to China and strong domestic demand. The rise of e-commerce has worsened the issue, with fake listings often slow to be taken down. A joint report by the Organization for Economic Cooperation and Development and the European Union Intellectual Property Office ranked Indonesia among the world's top sources of counterfeit handbags, clothing, cosmetics, footwear, toys and jewellery between 2017 and 2019. While the counterfeit trade has long flourished, it recently came under renewed international scrutiny. In its 2024 Review of Notorious Markets for Counterfeiting and Piracy, released on Jan 8, the Office of the United States Trade Representative (USTR) named Mangga Dua among 71 global markets – 38 online and 33 physical – that facilitated large-scale trade in fake goods. Other South-east Asian markets flagged were Phnom Penh's Central Market, Kuala Lumpur's Petaling Street, Manila's Greenhills, Bangkok's MBK Centre, and Ho Chi Minh City's Saigon Square. While online platforms were a growing concern, the USTR said physical markets remained key conduits, particularly in places with weak enforcement. Mangga Dua, it noted, was notorious for counterfeit handbags, toys, clothing and leather goods, but saw 'little to no enforcement'. Warning letters had proved ineffective, and stakeholders continued to raise concerns about the lack of criminal prosecutions. Rows of 'Manolo Blahnik' and 'Jimmy Choo' heels glint behind glass counters. ST PHOTO: ARLINA ARSHAD The report came as Washington escalated trade pressure, recently imposing a 32 per cent tariff on Indonesian exports. On April 29, the USTR placed Indonesia on its Priority Watch List for 'serious concerns over weak intellectual property protection or enforcement', noting that counterfeit production had shifted locally and sales were increasingly moving online. Trade Minister Budi Santoso pledged to investigate the USTR's claims. Mr Moga Simatupang, director of consumer protection at the Trade Ministry, reportedly said enforcement efforts were often hampered by the requirement for formal complaints from trademark holders – many of whom are based overseas. Still, Coordinating Minister for Economic Affairs Airlangga Hartarto said on April 23 that trademark violations at Mangga Dua had not been raised during his recent negotiations in Washington DC. Despite the illegality of selling counterfeit goods, demand for affordable luxury, coupled with lax regulation and a public often unaware or indifferent to the legal risks, has allowed the trade to endure. Vendors at Mangga Dua appeared unfazed. Most, however, declined to give their names. 'Crackdowns do happen, but they don't last. This time, it's because of (US President) Donald Trump,' said one shopkeeper. 'If the US is so unhappy, they should go after China – they make the goods, we just sell them.' 'We don't pretend our goods are real,' said another vendor who gave her name as Ita. 'People know they're fakes – the difference is like the sky and the earth. Who can afford the real ones? They cost too much.' Sellers say their customers included tourists from Europe, the Middle East and South-east Asia, some of whom bought in bulk or asked for items to be shipped overseas. German tourist Jen Meier, 53, said she was curious to visit Mangga Dua after watching YouTube videos by other travellers and following recent debates on TikTok, where Chinese manufacturers claimed many goods sold abroad were of similar quality to those made in China. 'I didn't come with the intention to shop, but I ended up buying a small purse as a souvenir. I want to bring one back to show my friends,' she told The Straits Times. Indonesian marketing executive Sari Fitri, 35, who bought a 'Prada' handbag, said that dressing well was important in her line of work, but her salary made it impossible to afford genuine designer goods. 'I'm a bargain hunter. It's easy to find fakes here and there's no penalty for buying them,' she told ST. 'My friends also buy counterfeit items – some of the designs are really cool. It's a guilty pleasure, finding something that looks premium for cheap.' Arlina Arshad is The Straits Times' Indonesia bureau chief. She is a Singaporean who has been living and working in Indonesia as a journalist for more than 15 years. Join ST's Telegram channel and get the latest breaking news delivered to you.
Time of India
24-04-2025
- Business
- Time of India
'Made in South Korea': How Chinese companies are allegedly 'evading' Trump tariffs
Chinese companies are allegedly evading steep US tariffs by fraudulently exporting goods as South Korean products, Japanese news outlet Nikkei Asia news reported. According to Korea Customs Service, exports falsely labeled as made in South Korea amounted to 29.5 billion won for the January-March quarter. In this, the goods exported to the US accounted for 97 per cent. "The total for all of last year was 34.8 billion won", it said. Fraud uncovered so far in 2025 has already reached 85% of the full-year total for 2024. According to the report, in some instances, prices of goods have also been deliberately under declared to lower tariff costs. South Korea's customs service highlighted a number of such schemes, including the case of Chinese-made mattresses—which are subject to anti-dumping duties in the US—being routed through South Korea. These mattresses were stored in warehouses operated by a company registered under a Chinese national's name in South Korea, and then exported to the US falsely labeled as South Korean products. In another example, anode materials used in rechargeable batteries were shipped from China, repackaged in South Korea, and falsely labeled before being exported. Similarly, parts for surveillance cameras were imported into South Korea, assembled domestically, and then exported under the guise of being South Korean-made. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo South Korea's customs agency has now established a special task force to investigate and crack down on these deceptive trade practices. Authorities warned that such tactics could undermine South Korea's trade credibility and harm domestic industries that abide by international regulations. The crackdown comes as South Korea enters a new round of trade talks with the United States this week. Analysts suggest the timing may be strategic, aimed at demonstrating Seoul's commitment to curbing indirect exports of Chinese goods, a key concern for the Trump administration. Earlier, the Wall Street Journal reported that US officials are expected to press their South Korean counterparts during negotiations to prevent such circumvention of tariffs. In response, China's ministry of commerce said that it would reject any trade deal that compromises Chinese interests and vowed to take reciprocal countermeasures if needed. US President Donald Trump's administration has slapped goods from China with tariffs that have soared to 145%. Although South Korean goods have also been hit with "reciprocal" tariffs currently on a 90-day pause, their tariff rate of 10% for now is far more favorable. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Korea Herald
18-03-2025
- Business
- Korea Herald
Arms agency chief discusses defense industry cooperation with Philippine defense chief
The head of the state arms procurement agency held talks with the Philippine defense chief and other officials in Manila this week to discuss expanding arms industry cooperation, officials said Tuesday. Seok Jong-gun, minister of the Defense Acquisition Program Administration, met Philippine Defense Secretary Gilbert Teodoro on Monday, according to DAPA. The Philippines has introduced various South Korean-made weapons systems over the years, including FA-50 light attack aircraft, frigates and corvettes. Seok also held talks with Maj. Gen. Aristotle Gonzalez, vice commander of the Philippine Air Force, DAPA said, noting that the Philippine Air Force said it is reviewing introducing more FA-50s. He also met the Philippines' Navy chief, Vice Adm. Jose Ma Ambrosio Quiatchon Ezpeleta, with the two sides expressing hopes for bilateral cooperation to expand to maintenance, repair and overhaul projects of naval ships, according to DAPA. (Yonhap)
South China Morning Post
07-03-2025
- General
- South China Morning Post
Is the Philippines air force prepared? Crash raises questions on purchase, aircraft type
The aftermath of a fighter jet crash in the Philippines has cast the spotlight on its air force's capabilities and whether the grounding of its remaining FA-50 squadron would leave the country's airspace vulnerable as President Ferdinand Marcos Jnr ordered a swift investigation into the tragedy that killed two pilots. Advertisement The South Korean-made plane, which was dispatched from Mactan Cebu airbase in central Philippines for tactical support in Bukidnon province in the south, went missing on Tuesday. Rescuers found the aircraft's wreckage a day later on Mount Kalatungan, the country's fifth-tallest mountain. The remains of the two crew members were recovered and brought to a funeral parlour on Thursday. 'Our president is expediting the immediate investigation of [what] went wrong and what else can be the remedy for these kinds of incidents,' Presidential Communications Office Undersecretary Claire Castro told reporters on Thursday. Colonel Maria Consuelo Castillo, air force spokeswoman, told reporters investigators were examining multiple factors, including mechanical issues, human error and weather, before drawing any conclusions. Advertisement The air force grounded its 11 remaining FA-50 jets following the incident, a move analysts argue leaves the country's airspace 'defenceless'.
