Yoon, Pence meet for 2nd time in S. Korea

President-elect Yoon Suk-yeol has met with former US Vice President Mike Pence for a second time in Seoul and the first since Yoon's election, and had broad discussions on security and alliance issues, party officials said Saturday. The two-hour breakfast meeting between Yoon and Pence took place at a hotel in Seoul on Friday, according to party officials familiar with the matter. Pence was visiting Seoul to speak at a session on international affairs. The two had their first encounter in F

March 26, 2022

US will introduce new UNSC resolution to strengthen sanctions on N. Korea: US envoy

The United States will introduce a new UN Security Council resolution that will update and strengthen UNSC sanctions against North Korea, the head of the US mission to the UN said Friday. Ambassador to the UN Linda Thomas-Greenfield also called for full implementation of the existing sanctions on North Korea to prevent Pyongyang from engaging in further provocations. "And because of DPRK's increasingly dangerous provocations, the United States will be introducing a chapter seven Security

March 26, 2022

Former S. Korean FM unsuccessful in race for ILO top seat

  Kang Kyung-wha, a former South Korean foreign minister, on Friday lost in her bid to become new chief of the International Labour Organization (ILO). In a five-way competition for director-general of the Geneva-based agency, Kang failed to grab a majority vote of 56 titular members of its governing body, which is composed of 28 governments, 14 employers and 14 workers. The ILO said Gilbert Houngbo, a candidate from Togo who currently serves as president of the International Fund for

March 25, 2022

Expanding communication, cooperation among countries key to security in NE Asia: experts

WASHINGTON -- Expanding and maintaining channels of high-level dialogue between countries, especially in times of crises, is a key to ensuring security in the Northeast Asian region, including the Korean Peninsula, a transnational group of experts and leaders said Wednesday. They also stressed the importance of promoting cooperation between the countries in areas such as disaster relief to build mutual trust. "Numerous crisis mechanisms have been established in Northeast Asia over the past

March 24, 2022

Former US Secretary of State Albright dies at age 84

WASHINGTON -- Former US Secretary of State Madeleine Albright died Wednesday at the age of 84, reports said. The former secretary of state died of cancer, according to reports. Albright was the first female secretary of state and the highest ranking US official to visit North Korea. She served as US ambassador to the United Nations under former President Bill Clinton before she was appointed the secretary of state in 1997. In October 2000, Albright traveled to Pyongyang, becoming the first US se

March 24, 2022

US has no plan to negotiate import quota on S. Korean steel products: Raimondo

WASHINGTON -- The United States has no immediate plan to negotiate its import quota on South Korean steel products, US Commerce Secretary Gina Raimondo said Wednesday, according to a report by Reuters. The remarks come after US Trade Representative Katherine Tai argued South Korea is already in a better position than many others in terms of steel and aluminium exports to the US "They kind of struck their own deal in the last administration, with a quota arrangement, so renegotiating that is

March 24, 2022

Ex-FM Kang competes for top ILO job this week

The election for the next director general of the International Labor Organization is scheduled for Friday, with all eyes on whether former Foreign Minister Kang Kyung-wha has a chance at becoming the first woman and first Asian leader in the organization’s 103-year history. 　 Kang, the country’s first female foreign minister, is competing for the ILO top job along with four other high-profile contenders. They include president of the International Fund for Agricultural Development

March 22, 2022

Biden looks to assess where China’s Xi stands on Russia war

WASHINGTON (AP) -- President Joe Biden and China’s Xi Jinping are set to speak on Friday as the White House warns Beijing that providing military or economic assistance for Russia’s invasion of Ukraine will trigger severe consequences from Washington and beyond. Planning for the call has been in the works since Biden and Xi held a virtual summit in November, but differences between Washington and Beijing over Russian President Vladimir Putin’s prosecution of his three-week old

March 18, 2022

[Newsmaker] Russian strikes hit outskirts of Ukrainian capital and Lviv

LVIV, Ukraine (AP) -- Russian forces pressed their assault on Ukrainian cities Friday, with new missile strikes and shelling on the edges of the capital Kyiv and the western city of Lviv, as world leaders pushed for an investigation of the Kremlin's repeated attacks on civilian targets, including schools, hospitals and residential areas. Outside Lviv, black smoke billowed for hours after the early morning strike by several missiles, which the mayor said hit a facility for repairing military airc

March 18, 2022

S. Korea to open temporary settlement lines for trade financing with Russia

South Korea said Friday it plans to open temporary settlement lines between local banks and their units in Russia in a bid to help local firms facing difficulties in trade financing due to global sanctions against Russia. The government plans to support swift trade financing-related payments for local companies as Woori Bank and Hana Bank are set to open ad hoc settlement accounts with their affiliates in Russia, according to the Financial Services Commission (FSC). The move is aimed at minimizi

March 18, 2022

US Fed begins inflation fight with rate hike, more to come

WASHINGTON (AP) -- The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the early 1980s, raising its benchmark short-term interest rate and signaling up to six additional rate hikes this year. The Fed's quarter-point hike in its key rate, which it had pinned near zero since the pandemic recession struck two years ago, marks the start of its effort to curb the high inflation that followed the recovery from the recession. The rate hikes will eventually mean h

March 17, 2022

Theatre bombed in Ukraine, Biden slams 'war criminal' Putin

KYIV, Ukraine -- Ukraine accused Russia Thursday of bombing a theatre that was sheltering more than 1,000 civilians in the city of Mariupol, after US President Joe Biden branded Vladimir Putin a "war criminal." The latest assaults on civilians across Ukraine came as President Volodymyr Zelensky made a searing appeal for help to the US, which responded by pledging $1 billion in new weapons to fight Russia's invading army. Officials across Ukraine are struggling to count the civilian dea

March 17, 2022

Korea-US FTA helps boost trade, investment, but more should be done: USTR

BAY CITY, Michigan -- The South Korea-US free trade agreement (KORUS FTA) has greatly increased bilateral trade and investment but more can and should be done to further advance the countries' economic ties, US Trade Representative Katherine Tai said Wednesday. Her remarks come as the allies marked the 10th anniversary of the implementation of their bilateral trade pact this week. "In the 10 years since KORUS (FTA) was signed and took effect, the trade relationship between the United States

March 17, 2022

S. Korea already in better place than many others for steel exports to US: USTR

BAY CITY, Michigan -- The United States will continue to discuss with South Korea about concerns over the US import quota on South Korean steel products, but Seoul is already in a better position than many other countries, US Trade Representative Katherine Tai said Wednesday. The remarks come after repeated calls from South Korean officials, including Trade Minister Yeo Han-koo, for the start of negotiations to remove or change the import quota placed by the former US administration. "I'll

March 17, 2022

USTR, S. Korean minister highlight semiconductor cooperation with visit to SK Siltron CSS

AUBURN -- US Trade Representative (USTR) Katherine Tai and South Korean Trade Minister Yeo Han-koo made a joint visit to the factory of a South Korean semiconductor material producer on Wednesday, highlighting their emphasis on cooperation for supply chain resiliency. The rare trip to the SK Siltron CSS factory in Auburn, Michigan, a city with a population of only about 2,100, came on the day after the 10th anniversary of the implementation of the South Korea-US free trade agreement (KORUS FTA).

March 17, 2022

President-elect Yoon has phone conversation with Australian PM

South Korean President-elect Yoon Suk-yeol on Wednesday spoke with Australian Prime Minister Scott Morrison on the phone, Yoon's spokesperson said. The talks last for about 25 minutes from 6 p.m., according to his spokesperson Kim Eun-hye. It was Yoon's fourth call with a foreign leader. He spoke with United States President Joe Biden on Thursday, Japanese Prime Minister Fumio Kishida on Friday and British Prime Minister Boris Johnson on Monday.During the campaign, Yoon expressed his support fo

March 16, 2022

[Newsmaker] Biden to visit Europe for Ukraine talks as refugees surpass 3m

US President Joe Biden will make his first visit to Europe since the invasion of Ukraine to discuss the crisis with NATO allies next week, the White House said on Tuesday as the refugee tally hit 3 million amid more Russian air strikes. Moscow has not captured any of the 10 biggest cities in the country following its incursion that began on Feb. 24, the largest assault on a European state since 1945. Local authorities said Tuesday's bombardments on Kyiv killed at least five people as buildings w

March 16, 2022

[Hwang’s China and the World] Is a new monetary world emerging?

The US dollar has been at the center of the global monetary system for more than seven decades since the end of World War II. The dollar-dominated international monetary system has shaped the postwar world political economy by significantly contributing to US power, both economically and politically, as well as lubricating the wheels of the global economy. However, in recent years there have been some notable growing developments that might shake the dollar’s global supremacy. China has

March 16, 2022

PM to visit Turkey, Qatar this week

Prime Minister Kim Boo-kyum will visit Turkey and Qatar later this week to discuss ways to strengthen diplomatic ties and expand economic cooperation, his office said Wednesday. Kim will be in Turkey from Thursday to Saturday during which he will attend the opening ceremony of the 1915 Canakkale Bridge following an invitation from Turkish President Tayyip Erdogan. The 1915 Canakkale Bridge in northwestern Turkey is the world's longest suspension bridge with a 2,023-meter span between its towers

March 16, 2022

US warns China against helping Russia as sanctions mount

LVIV, Ukraine -- The United States warned China against providing military or financial help to Moscow after its invasion of Ukraine, as sanctions on Russian political and business leaders mounted and civilians sought to flee intense fighting on the ground. Further talks between Ukrainian and Russian negotiators to ease the crisis were expected on Tuesday after discussions on Monday via video ended with no new progress announced. Two powerful explosions rocked the capital Kyiv before dawn, and a

March 15, 2022