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Tag: South Korea

  • Ahead of Trump-Xi Meeting, Taiwan Says Ties With US ‘Very Stable’

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    TAIPEI (Reuters) -Taiwan Foreign Minister Lin Chia-lung said on Tuesday that he was not worried that U.S. President Donald Trump would “abandon” the island at his upcoming meeting this week with Chinese President Xi Jinping in South Korea.

    Since taking office earlier this year, Trump has vacillated on his position towards China-claimed Taiwan as he seeks to strike a trade deal with Beijing. Trump says Xi has told him he will not invade while the Republican leader is in office, but is also yet to approve any new U.S. arms sales to Taipei.

    The fear in Taipei, which has long enjoyed strong unofficial support from Washington, is that the Trump-Xi meeting this week in South Korea on the sidelines of the APEC summit could see some sort of “selling out” of Taiwan’s interests by Trump to Xi.

    Asked whether he was worried Trump would “abandon” Taiwan at the Xi talks, Lin told reporters in Taipei: “No, because our Taiwan-U.S. relations are very stable”.

    “No matter whether on security, trade and business and other areas, there is close cooperation,” he added.

    The United States, like most countries, has no formal diplomatic ties with China, but is bound by law to provide the island with the means to defend itself, and the issue is a frequent irritant in Sino-U.S. relations.

    The Asia Pacific Economic Cooperation forum is one of the few international groupings that Taiwan takes part in, though it does not send its president in order to avoid political problems with China.

    Speaking at the airport before leaving for South Korea, Taiwan’s APEC representative, former economy minister Lin Hsin-i, said the summit was a good opportunity for “equal interactions” with other members attending.

    Beijing has ramped up its military and diplomatic pressure against Taiwan over the past five years, including regularly sending warplanes and warships into the skies and waters near the island.

    On Tuesday, police in the Chinese city of Chongqing said they had opened a probe into Taiwanese lawmaker Puma Shen, from the ruling Democratic Progressive Party, for engaging in “separatist” activity.

    “It does not matter, in any case the people of Taiwan are not scared,” Shen wrote in response on his Threads account.

    The move is mostly symbolic as China’s legal system has no jurisdiction in Taiwan.

    Taiwan’s government says Beijing has no right to claim or speak for the island internationally, and that only the Taiwanese people can decide their own future.

    (Reporting by Ben Blanchard; Editing by Christian Schmollinger, Stephen Coates and Michael Perry)

    Copyright 2025 Thomson Reuters.

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  • Trump’s Big Tariff Task in Asia Is to Close the Deal

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    President Trump’s quest to reorder global trade through personal diplomacy will be tested during his tour of Asia this week, as he faces the tantalizing prospect of a pact with China and the chance to bust through obstacles to completing deals with other key trading partners.

    On Sunday, Trump won some momentum by winning tariff agreements with a handful of Southeast Asian nations. He also sounded an optimistic note on China ahead of a meeting with Chinese leader Xi Jinping planned for later this week. “I think we are going to come away with a deal,” Trump said Monday aboard Air Force One en route to Japan.

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  • China Urges Joint Efforts With Japan, South Korea, ASEAN in Science and Tech

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    BEIJING (Reuters) -China has called on its neighbours Japan, South Korea, and ASEAN countries to make greater efforts in science and technology, including carrying out joint scientific and technological research, according to the official Xinhua.

    Chinese Premier Li Qiang pointed to opportunities in artificial intelligence, robotics, and biomedicine, brought about by scientific and technological revolution and an industrial transformation.

    In remarks at a leaders’ meeting with ASEAN, Japan, and South Korea in Malaysia and published by Xinhua late on Monday, Li said China is willing to continue to cooperating in the digital economy, electric vehicles and clean energy.

    “We must persist in properly resolving differences through dialogue and consultation, oppose external interference, and avoid artificially creating tension and conflict,” he said in a speech at the meeting.

    (Reporting by Liz Lee and Shanghai newsroom; Editing by Michael Perry)

    Copyright 2025 Thomson Reuters.

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  • Trump Heads to Tokyo for Trade, Security Talks Before Xi Summit

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    By John Geddie, Tim Kelly and Trevor Hunnicutt

    TOKYO/KUALA LUMPUR (Reuters) -U.S. President Donald Trump departed for Tokyo on Monday, where he was scheduled to meet Japan’s emperor and newly elected Prime Minister Sanae Takaichi as part of an Asia trip aimed at securing trade deals, investment and increased defence spending.

    Trump, on his longest journey abroad since taking office in January, announced a slew of deals with Southeast Asian countries and oversaw the signing of a ceasefire agreement between Thailand and Cambodia during his first stop in Malaysia.

    His trip is expected to conclude in a summit with Chinese President Xi Jinping in South Korea on Thursday, as negotiators for the world’s top two economies seek to avert rekindling a devastating trade war.

    While Trump has already landed a $550 billion investment pledge from Japan in exchange for respite on punishing import tariffs, Takaichi is hoping to further impress Trump with promises to purchase U.S. pickup trucks, soybeans and gas.

    “Just leaving Malaysia, a great and very vibrant Country. Signed major Trade and Rare Earth Deals, and yesterday, most importantly, signed the Peace Treaty between Thailand and Cambodia. NO WAR! Millions of lives saved,” Trump said in a post on Truth Social shortly before his departure.

    “Such an honor to have gotten this done. Now, off to Japan!!!”

    Takaichi, who became Japan’s first female prime minister last week, told Trump that strengthening their countries’ alliance was her “top priority” in their first phone call on Saturday.

    Thousands of police have been deployed across the Japanese capital for Trump’s arrival, with the arrest of a knife-wielding man outside the U.S. embassy on Friday and an anti-Trump protest planned in downtown Shinjuku adding to the tension.

    Commerce Secretary Howard Lutnick and his Japanese counterpart Ryosei Akazawa, architects of the tariff deal agreed in July, are set to hold a working lunch on Monday. Treasury Secretary Scott Bessent, travelling with Trump alongside Secretary of State Marco Rubio, is also expected to meet with his new counterpart Satsuki Katayama for the first time.

    IMPERIAL WELCOME FOR RETURN OF TRUMP

    Trump’s first engagement in Japan will be to meet Emperor Naruhito at the Imperial Palace in the heart of Tokyo.

    Trump was the first foreign leader to meet Naruhito after he came to the throne in 2019, continuing an imperial line that some claim is the world’s oldest hereditary monarchy. Naruhito’s role, however, is purely symbolic and it will be with Takaichi on Tuesday that the meaty diplomacy will take place.

    Takaichi was a close ally of assassinated Japanese premier Shinzo Abe, who formed a bond with Trump over hours spent on the golf course during his first term, and appears to have already impressed the U.S. president.

    “She’s great… we’re going to be seeing her very soon. She’s very friendly,” Trump told reporters on Saturday after their call. “She was a very, very close ally and friend of Prime Minister Abe and you know he was one of my favourites.”

    The two are due to meet at the nearby Akasaka Palace, the same venue that Trump met Abe six years ago, where Trump will be welcomed by a military honour guard.

    As well as investment pledges, Takaichi is expected to reassure Trump that Tokyo is willing to do more on security after telling lawmakers on Friday that she will accelerate Japan’s biggest defence build-up since World War Two.

    Japan plays host to the biggest concentration of U.S. forces abroad and Trump has previously complained that Tokyo is not spending enough towards defending its islands from an increasingly assertive China.

    “Some kind of statement on standing shoulder-to-shoulder together to deter and respond to attempts to change the status quo in the region by force or coercion would be useful,” said Kevin Maher, a Japan expert at NMV Consulting in Washington and former U.S. diplomat.

    While Takaichi has said she will accelerate a plan to increase defence spending to 2% of GDP, she will struggle to commit Japan to any further increases that Trump asks for due to her weak political standing, sources told Reuters earlier.

    To do that she would need to win approval from parliament. Her coalition government is two seats short of a majority in the decision-making lower house.

    (Reporting by Tim Kelly and John Geddie in Tokyo and Trevor Hunnicut in Kuala Lumpur; Editing by Lincoln Feast.)

    Copyright 2025 Thomson Reuters.

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  • Trump Pitches Meeting With Kim Jong Un During Asia Tour: ‘Put Out the Word’

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    Departing for his first Asia trip of his second term, President Trump publicly called for a meeting with a regional leader not on his diplomatic itinerary: North Korea’s Kim Jong Un.

    Trump, speaking to reporters on Air Force One en route to Malaysia, reiterated his openness to meeting Kim, asking the media to “put out the word.” Trump concludes his multi-stop trip to Asia in South Korea, where the president would be within roughly 250 miles from the Korean Demilitarized Zone—site of the two leaders’ last face-to-face encounter in 2019.

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  • Governor Tina Kotek Leading Oregon Delegation On Trade Mission To South Korea And Japan – KXL

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    SALEM, Ore. – Governor Tina Kotek is leading an Oregon delegation to South Korea and Japan this week to promote the state’s economic strengths, deepen cultural ties and expand trade, investment and tourism opportunities.

    The weeklong mission, which runs from Oct. 23–30, includes First Lady Aimee Kotek Wilson and representatives from Business Oregon, the Port of Portland, the Oregon Department of Agriculture, Travel Oregon, economic development groups and about a dozen Oregon small businesses pursuing export opportunities in agriculture and advanced technology.

    The governor said she will continue to monitor state business while abroad.

    Japan and South Korea consistently rank among Oregon’s top five agricultural trade partners, purchasing more than $758 million in goods combined, according to the Oregon Department of Agriculture.

    Governor Kotek’s schedule includes meetings with Korean Air and Delta Air Lines to advocate for the return of nonstop passenger flights between Portland and Asia, a top priority for state tourism and business leaders.

    The delegation will also host “Friends of Oregon” receptions in Seoul and Tokyo to celebrate long-standing cultural and economic relationships.

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  • Why North Korea Has Scaled Back Its Missile Tests This Year

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    SEOUL—Kim Jong Un is growing his nuclear arsenal but curbing his missile tests.

    The 41-year-old dictator has sharply reduced the number of missile tests but signaled a more confident era for North Korea. Now an increasingly prominent actor alongside Russia and China, Pyongyang’s focus is on solidifying its nuclear status, shifting away from seeking global attention with a flurry of missile launches.

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  • As China’s 996 culture spreads, South Korea’s tech sector grapples with 52-hour limit | TechCrunch

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    As the world races to stay ahead in the deep tech revolution — from AI and semiconductors to quantum computing — innovation has become the new currency of power. For many companies, that pressure has translated into heavier workloads and more intense work cultures. Yet they face a real dilemma: they can’t simply ease up while competitors across the globe push harder to win.

    When I came across news about the intense “996” work culture — working 9 am to 9 pm, six days a week, a 72-hour work week — spreading from China to Silicon Valley, it made me wonder how different countries approach work hours and workplace cultures in the tech industry. I was especially curious about how things compare here in South Korea, where I’m currently based.

    In South Korea, the standard workweek is 40 hours, with up to 12 hours of overtime, usually paid at 1.5 times the regular rate or more. Employers who violate these rules risk fines, executive imprisonment, and civil liability.

    The 52-hour workweek, introduced in 2018 for large companies with over 300 employees and public institutions, was gradually extended to all businesses and fully took effect on January 1, 2025.

    Earlier this year, South Korea rolled out a special extended work program that lets employees work beyond the 52-hour weekly limit, with both worker consent and government approval, up to 64 hours. For deep tech sectors like semiconductors, approval periods were temporarily extended from three to six months, though local media reports suggest that only a few companies actually took advantage of it. Looking ahead, the South Korean government plans to scale back these special exemptions and tighten working-hour regulations, even as some lawmakers argue that the current guidelines are sufficient, per the report.

    TechCrunch spoke with several tech investors and founders based in South Korea about how the 52-hour workweek limit affects their businesses and their R&D projects as they try to compete with global companies.

    “The 52-hour workweek is indeed a challenging factor when making investment decisions in deep tech sectors,” Yongkwan Lee, CEO of South Korea-based venture capital firm Bluepoint Partners, told TechCrunch. “This is particularly relevant when investing in globally competitive sectors like semiconductors, artificial intelligence, and quantum computing. Labor challenges are particularly complex in these sectors, where founders and teams often face intense workloads and long hours during critical growth phases.”

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    At Bluepoint, early-stage investments are often made before the underlying technologies are fully developed or products are ready for market. In this context, Lee noted that strict limits on working hours could potentially impact the pace at which key business milestones are reached.

    In South Korea, 70.4% of employees at startup companies responded that they would be willing to work an additional 52 hours per week if adequate compensation is provided, per local reports.

    Bohyung Kim, CTO of LeMong, a South Korean startup backed by LG Uplus that delivers agentic AI solutions to more than 13,000 small and medium-sized enterprises in the food and beverage sector, said the country’s 52-hour workweek system often feels more like a restriction than a protection.

    “Engineers work to find practical solutions to complex problems,” Kim said. “Our work isn’t about completing predefined tasks within fixed hours. It’s about using creativity and deep focus to solve challenges and create new value. When an idea strikes or a technical breakthrough happens, the concept of time disappears. If a system forces you to stop at that moment, it breaks the flow and can actually reduce efficiency.”

    Kim added that while short-term, intense focus is crucial as project deadlines approach or when refining key algorithms, rigid legal limits can sometimes get in the way, including depending on the kind of engineering role someone holds. “Even among engineers, production roles in manufacturing differ from R&D positions,” Kim explained. “In manufacturing, productivity is directly linked to working hours, so schedules need to account for industrial safety. Overtime should also be fairly compensated.”

    When asked about workplace flexibility, Huiyong Lee, co-founder of LeMong, which makes comment management software, said he thinks figuring out a monthly average would be more practical than adhering strictly to the country’s 52-hour weekly limit. He noted that work intensity often varies depending on the stage of R&D and project timelines in deep tech companies.

    “For companies like ours, intensive development efforts are often required for approximately two weeks prior to a product launch, after which the workload eases once the product stabilizes,” Lee said. “A system with monthly flexibility would allow us to work around 60 hours per week before a launch and 40 hours per week afterward, maintaining an average of 52 hours while ensuring operational efficiency,” Lee continued. “I also believe it is worth considering differentiated standards for deep tech and R&D-focused companies. At the same time, for startups with fewer than 10–20 employees, it is essential to establish more flexible criteria to accommodate their unique operational needs.”

    Kim also noted that there is a clear link between performance and hours worked. High-performing team members often tend to put in longer hours, he said. But rather than seeking rewards for the extra time, these top performers focus on achieving results and advancing quickly within the company.

    “Engineers are far more motivated to dive in when their efforts are recognized, whether through performance bonuses, stock options, or acknowledgment of technical contributions,” Kim said. “In high-tech, R&D, and IT industries, as well as in globally competitive firms where technical expertise is key, decisions about flexible work hours should be driven by market logic.”

    Another Seoul-based venture capitalist, who invests in startups, downplayed the impact of the 52-hour workweek limit on investment decisions.

    “At the moment, there don’t appear to be any major concerns. While it’s always difficult to predict how labor regulations or monitoring practices might evolve, many venture companies today do not strictly track employees’ working hours. To my understanding, there’s currently no requirement for companies to submit formal evidence proving that employees stay within the 52-hour weekly limit.”

    If an employee were to file a complaint, the VC noted, “the absence of detailed time records could raise compliance questions. That said, most R&D or deeptech firms typically employee highly self-motivated professionals who manage their own schedules responsibly, so such cases seem relatively uncommon.”

    The greater challenge likely lies in more labor-intensive industries, such as logistics, delivery, or manufacturing, where a large portion of workers earn close to the minimum wage. “In those sectors, the 52-hour workweek regulation can significantly increase labor costs due to mandatory overtime pay and paid leave. As a result, maintaining productivity and achieving economies of scale can become more difficult for businesses operating under tight margins,” this investor said.

    How other countries work

    To understand where South Korea’s 52-hour limit fits in the global landscape — and why its deep tech companies feel squeezed between competing pressures — it’s worth examining how other major tech hubs regulate working hours.

    In Germany, the UK, and France, standard workweeks typically range from 33 to 48 hours. In Australia and Canada, the standard workweek is 38 and 40 hours, respectively, with mandatory overtime pay, offering a balance between labor rights and workplace flexibility.

    In the U.S., the Fair Labor Standards Act (FLSA) sets a standard 40-hour workweek. Non-exempt employees earn time-and-a-half for any overtime, and there’s no limit on total hours. (In California, the rules only require double-time pay for certain overtime.)

    In China, the standard work schedule is also 40 hours per week, or 8 hours a day. Overtime is paid at higher rates: roughly 150% of regular pay on weekdays, 200% on weekends, and 300% on public holidays. In Japan, the standard workweek is 40 hours, with limits of 45 hours of overtime per month and 370 hours per year under normal circumstances. Employers who exceed these limits can face fines and administrative penalties, as in other countries.

    Singapore’s workweek is slightly longer at 44 hours, with a maximum of 72 overtime hours per month. If spread evenly, that’s roughly 62 hours per week. Overtime pay rates are similar: 1.5 times for weekdays, 2 times for rest days, and 3 times for public holidays.

    South Korea’s 52-hour cap sits in the middle of this spectrum, stricter than the U.S. and Singapore but more flexible than much of Europe. Either way, for deep tech founders competing globally, the question isn’t just about the number — it’s about whether rigid weekly limits can accommodate the intense, uneven workflows that characterize early-stage R&D.

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  • Analysis-Hopes for Xi-Trump Summit Dampened by Tough Beijing Moves, Rising Tension

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    By Laurie Chen, Michael Martina and Karen Freifeld

    BEIJING/WASHINGTON/NEW YORK (Reuters) -Just a month after U.S. President Donald Trump hailed “progress” in talks with China, the world’s two most powerful nations are scrambling to salvage a planned summit of their leaders, now just a week away, while trading blame for a spike in tension.

    Even if the talks between Trump and President Xi Jinping can be put back on track, experts say each side’s belief that it has the upper hand, coupled with China’s tougher posture, makes a narrow deal on a few issues the most likely outcome.

    “China believes negotiations alone are insufficient and that effective countermeasures against the United States are necessary to prevent the U.S. from exerting pressure,” said Wu Xinbo, an expert on ties between the two biggest economies.

    At risk are a fragile truce negotiated over months and the world’s most important trade relationship, worth $660 billion a year.

    “China’s recent measures actually reflect a shift in its approach to economic and trade negotiations with the United States during Trump’s second term,” added Wu, director of the American Studies Center at Shanghai’s Fudan University.

    A trade war simmering for months exploded into full view in early October, after Beijing dramatically expanded curbs on exports of rare earths, in response to a U.S. hike in the number of firms blocked from purchases of its technology.

    China’s move to tighten control over critical minerals, even beyond its borders, were a vast expansion of its toolkit for tackling trade disputes, underscoring Beijing’s intent to wield its dominance over vital supply chains, experts say.

    “This is a huge expansion of extraterritorial jurisdiction,” said Cory Combs, an expert at consultancy Trivium China. “There is surprisingly explicit language in the controls about this, specifically targeting a number of chips.”

    China, which turns out more than 90% of the world’s processed rare earths, modelled its curbs on U.S. rules aimed at limiting other countries’ exports of semiconductor-related products to the Asian nation.

    The Trump administration was surprised by China’s salvo, said two sources familiar with its internal deliberations. Another source said officials were canvassing U.S. companies to see how China’s measures would affect them.

    Experts say that while Beijing subsequently sought to portray its controls as targeted, the framework had been prepared for a long time and would almost certainly remain.

    Officials in Washington accuse China of waging “economic war”, Trump has warned the meeting might not happen, and each side blames the other for a sudden escalation.

    It is a far cry from Trump’s comments hailing “progress” on issues ranging from trade and TikTok to fentanyl smuggling and the Ukraine war, made after the latest round of talks in Madrid and a September telephone call with Xi.

    Trump has said he continues to plan on meeting Xi in South Korea at the end of October on the sidelines of the Asia-Pacific Economic Cooperation gathering and expects to reach a deal, but reiterated his threat of 100% tariffs if it was not successful.

    Seeking a last-minute off-ramp, U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will meet in Malaysia just days before.

    The meetings follow tough negotiations in European capitals from Geneva to Stockholm over trade, fentanyl, market access, and other aspects of ties, after which both sides traded accusations that the other did not stick to its promises.

    Trump’s cabinet secretaries view China’s move on rare earths as “full-blown economic war”, said a person familiar with the Trump administration’s thinking.

    “The prospect for escalation is severe,” the person added. “There isn’t an easy fix, like another 90-day pause.”

    The White House and U.S. Treasury Department did not respond to Reuters’ requests for comment. China’s foreign and commerce ministries did not immediately respond to a request for comment.

    Part of the challenge is that each side believes it has the upper hand, said Michael Hart, the president of the American Chamber of Commerce in China.

    “In our discussions with Chinese officials, they express confidence in their economy and believe the U.S. economy and political system are in turmoil. As a result, they feel they are in a strong bargaining position,” said Hart.

    Negotiations are challenging, he added, because U.S. officials in turn feel confident about their own economy and believe the Chinese economy is weak.

    Washington’s lack of a unified China policy complicates matters, said people familiar with the administration’s thinking, citing the mix of punitive measures but also easing on some chip sales and the deal on social media app TikTok.

    “People I have met in D.C. made it clear the Trump administration’s policies on China are fairly hawkish,” said Hart. “However, they also acknowledged the president himself can sometimes be more flexible and pragmatic.”

    While both sides prepare for talks, they are also diversifying their economies and developing new measures.

    Trump signed a critical minerals pact with Australia on Monday that aims to offset Beijing’s role, while Reuters reported on Wednesday that the United States is considering targeting software-powered exports.

    Officials say extensive sectoral tariffs are also being drawn up for semiconductors, pharmaceuticals and other key industries.

    China, for its part, could resort to aggressive enforcement of its new rare earths controls, launch fresh antitrust investigations into U.S. companies, or beef up tariffs, as it did in April.

    Amid the mistrust, an optimistic scenario would be a follow-up to the Phase One deal of 2020, said one person familiar with the administration’s thinking, though deals to buy soybeans or other farm products could be within easier reach.

    “The best-case scenario is confidence-building measures and more directives to negotiate a deal that could be launched in the first half of next year,” said Peter Harrell, an international economics official in the Biden administration.

    (Additional reporting by Trevor Hunnicut and David Brunnstrom in Washington; Editing by Antoni Slodkowski and Clarence Fernandez)

    Copyright 2025 Thomson Reuters.

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  • Opinion | About Trump’s Foreign Investment Funds

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    President Trump moves so fast and announces so much that it’s hard to sort the real from the hype. Cases in point are the invest-in-America promises that foreign governments have made as part of Mr. Trump’s trade deals. They’re so large they’re unlikely to happen, and they raise serious questions about American governance and the power of the purse.

    Mr. Trump heads to South Korea later this month for the annual APEC meetings, and Treasury Secretary Scott Bessent says the Administration is “about to finish up” negotiations over Seoul’s promise to invest some $350 billion in the U.S. In return Mr. Trump cut his tariff on South Korea to 15% from 25%. Japan has also agreed to cut the U.S. a $550 billion check in return for a tariff reduction.

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  • South Korea in Talks With Japan to Hold Summit at APEC, Korea’s Presidential Office Says

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    SEOUL (Reuters) -South Korea is in working-level talks with Japan to hold a bilateral summit between the two countries, Kang Yu-jung, spokesperson for Korea’s presidential office, told a press briefing on Tuesday.

    The potential meeting could take place on the sidelines of the Asia-Pacific Economic Cooperation summit scheduled for the end of October in South Korea, Kang said.

    In Tokyo, hardline conservative Sanae Takaichi was elected as Japan’s first female prime minister on Tuesday.

    (Reporting by Heejin Kim and Hyunjoo Jin; Editing by Kirsten Donovan)

    Copyright 2025 Thomson Reuters.

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  • South Korea Sees Higher Chance of US Trade Deal by APEC Summit

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    SEOUL (Reuters) -South Korea has a higher chance of reaching a trade deal with the U.S. by the time of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea later this month, the country’s chief policy advisor said on Sunday.

    While the two sides have made concrete progress in most issues, they need to iron out a couple of remaining issues, advisor Kim Yong-beom told reporters, after returning from a trip to Washington where he met with U.S. Commerce Secretary Howard Lutnick.

    Kim said the U.S. understands the impact South Korea’s $350 billion financial package would have on Seoul’s foreign exchange market and that the deal must be “within South Korea’s tolerance.”

    (Reporting by Hyunjoo Jin; Editing by Christian Schmollinger)

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  • South Koreans Return From Cambodia Facing Investigation Over Online Scams

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    SEOUL (Reuters) -A group of 64 South Koreans detained in Cambodia over alleged online scam operations returned home on Saturday with most expected to face investigation, South Korean authorities said.

    Their return followed the alleged murder of a South Korean college student who was tortured in Cambodia in August in a case linked to an employment scam, according to South Korean media. 

    Some returnees wore caps and masks and were escorted by police after their arrival at Incheon Airport in Seoul, their hands appearing to be cuffed but covered with cloth. 

    South Korea this week issued a “code-black” travel ban for parts of Cambodia and dispatched a team of high-level officials to help nationals lured into working in scam compounds and secure the release of those held against their will.

    More than 1,000 South Koreans are believed to be among about 200,000 people of various nationalities involved in the scam compounds in Cambodia, South Korea’s National Security Adviser Wi Sung-lac said on Wednesday.

    South Korean President Lee Jae Myung on Friday ordered an urgent removal of online illegal job advertisements – not only for Cambodia but also for Southeast Asia as a whole – to stem the flow of nationals being lured in the first place.

    Second Vice Foreign Minister Kim Jina told reporters at the airport that the repatriation “confirmed the Cambodian government’s continued crackdown” on scam operations and its close cooperation with Seoul on the matter.

    “Our government will build and actively use an effective system to eradicate scams targeting South Koreans in Cambodia,” she said.

    A senior police official said Cambodian authorities had agreed to notify Seoul of arrests of South Koreans and send them to South Korea to face justice under South Korean law.

    The official added that authorities would focus on uncovering the structure, scale, and networks behind the scams, often involving voice-phishing operations.

    The United Nations estimates the scam centres which have emerged in Southeast Asia since the COVID-19 pandemic, generate billions of dollars in revenue for criminal networks every year, targeting victims around the world through phone and online scams.

    (Reporting by Do Gyun Kim, Sebin Choi; Additional reporting by Heekyong Yang;)

    Copyright 2025 Thomson Reuters.

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  • Not Everyone in Cambodia Scam Centres Is an Angel, South Korean Missionary Says

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    SEOUL (Reuters) -The death of a South Korean student lured into working in a scam centre in Cambodia with the promise of a good wage prompted Seoul this week to send officials to Phnom Penh to seek the release of people held against their will.

    But not all those who end up in Cambodia are upstanding citizens, according to a South Korean missionary who works with people in a similar plight.

    South Korean media said the college student, who was found dead in August, was tortured to death in a case linked to an employment scam. Cambodia’s embassy did not comment to Reuters about the case.

    MOST WHO CAME ‘JUST WANTED TO MAKE MONEY, MISSIONARY SAYS

    More than 1,000 South Koreans are believed to be among about 200,000 people of various nationalities involved in the scam compounds in Cambodia, South Korea’s National Security Adviser Wi Sung-lac said this week.

    “Rarely did young people come with a good heart to be good to their parents,” Ok Hae-shil, a missionary living in Cambodia for 14 years who helped some South Koreans return home from scam compounds, told Reuters.

    “Most of the people… just wanted to make money, thinking ‘whoever is harmed by this has nothing to do with me’.”

    Ok said Cambodia was a country “where visas are very simple, so those in nearby countries who have visa difficulties or living issues think Cambodia is easy for them to come live and smooth over issues with bribes.”

    The United Nations estimates the scam centres, which have emerged in Southeast Asia since the COVID-19 pandemic, generate billions of dollars in revenue for criminal networks every year, targeting victims through phone and online scams.

    BAN ON TRAVEL TO SOME PARTS OF CAMBODIA

    South Korea issued a “code-black” travel ban for parts of Cambodia on Wednesday, and dispatched a team of high-level officials to help other nationals lured into working in scam compounds.

    About 60 South Korean nationals will be flown back to Seoul on Saturday, but Wi said these were people suspected of committing crimes who were being expelled from Cambodia with police escorts and would be arrested in South Korea.

    “Those people would have had their own position (in scam centres) and played roles like a manager,” said Ok.

    Ok said he and his peers had paid several million won for some young people to obtain new passports and plane tickets to return from Cambodia to Seoul, but that some of those individuals had returned with friends and sold them off.

    Wi said Cambodia had the right to respond to crimes on its own soil, and that the best course of action for South Korea was to cooperate.

    “After this week, everyone (operating the scam centres) will settle down and hide, move to other countries… but there’s nothing we can do at this time,” Ok said.

    PRESIDENT ORDERS BAN ON ONLINE ILLEGAL JOB ADS

    Other moves by South Korea include an order by President Lee Jae Myung on Friday for the urgent removal of online illegal job advertisements – not only for Cambodia but also for Southeast Asia as a whole – to stem the flow of nationals being lured in the first place.

    But Ok said he believed the underlying issue was more systemic.

    “If South Korea had a situation where young people could find jobs and live while being rewarded for their work… they wouldn’t have done this,” said Ok.

    “But education has focused only on successful high salaries at large corporations and public enterprises for so long.”

    The South Korean government did not immediately respond to his remarks.

    (Additional reporting by Yunji Ha and Jungmin Ryu, Writing by Joyce Lee, Editing by Timothy Heritage)

    Copyright 2025 Thomson Reuters.

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  • Trump says the US has secured $17 trillion in new investments. The real number is likely much less

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    WASHINGTON (AP) — The economic boom promised by President Donald Trump centers on a single number: $17 trillion.

    That’s the sum of new investments that Trump claims to have generated with his tariffs, income tax cuts and aggressive salesmanship of CEOs, financiers, tech titans, prime ministers, presidents and other rulers. The $17 trillion is supposed to fund new factories, new technologies, more jobs, higher incomes and faster economic growth.

    “Under eight months of Trump, we’ve already secured commitments of $17 trillion coming in,” the president said in a speech last month. “There’s never been any country that’s done anything like that.”

    But based on statements from various companies, foreign countries and the White House’s own website, that figure appears to be exaggerated, highly speculative and far higher than the actual sum. The White House website lists total investments at $8.8 trillion, though that figure appears to be padded with some investment commitments made during Joe Biden’s presidency.

    The White House didn’t lay out the math after multiple requests as to how Trump calculated $17 trillion in investment commitments. But the issue goes beyond Trump’s hyperbolic talk to his belief that the brute force of tariffs and shaming of companies can deliver economic results, a strategy that could go sideways for him politically if the tough talk fails to translate into more jobs and higher incomes.

    Just 37% of U.S. adults approve of Trump’s handling of the economy, according to a September poll by The Associated Press-NORC Center for Public Affairs. That’s down from a peak of 56% in early 2020 during Trump’s first term — a memory he relied upon when courting voters in last year’s election.

    Adam Posen, president of the Peterson Institute of International Economics, said the public commitments announced by Trump do represent a “meaningful increase” — but one that amounts to hundreds of billions of dollars, not trillions. Even then, that comes with long-term costs as countries might be less inclined to invest with the U.S. after being threatened to do so.

    “It is a national security mistake because you’re turning allies into colonies of a sort — you’re forcibly extracting from them things that they don’t see as entirely in their interest,” Posen said. “Twisting the arms of governments to then twist the arms of their own businesses is not going to get you the payoff you want.”

    Trump banking on foreign countries making good on promises

    The Trump administration is betting that tariffs are an effective tool to prod other countries and international companies to invest in the United States, a big stick that other administrations failed to wield. Trump’s pitch to voters is that he will play a role in directly managing the investment commitments made by foreign countries — and that the allocation of that money starting next year will revive what has been a flagging job market.

    “The difference between hypothetical investments and ground being broken on new factories and facilities is good leadership and sound policy,” said White House spokesman Kush Desai.

    The White House said that Japan will invest $1 trillion, largely at Trump’s direction. The European Union will commit $600 billion. The United Arab Emirates made commitments of $1.4 trillion over 10 years. Qatar pledged $1.2 trillion. Saudi Arabia intends to pony up $600 billion, India $500 billion and South Korea $450 billion, among others.

    The challenge is the precise terms of those investments have yet to be fully codified and released to the public, and some numbers are under dispute, potentially fuzzy math or, in the case of Qatar, more than five times the annual gross domestic product of the entire country. The White House maintains that Qatar is good for the money because it produces oil.

    South Korea already has misgivings about its investment commitment, which is $100 billion lower than what the White House claims, after immigration agents raided a Hyundai plant under construction in Georgia and arrested Korean citizens. There are also concerns that an investment that large without a better way to exchange currencies with the U.S. could hurt South Korea’s economy.

    “From what I’ve seen, these commitments are worth about as much as the paper they’re not written down on,” said Jared Bernstein, who was the chairman of the Council of Economic Advisers in the Biden White House.

    As for the $600 billion committed by European companies, that’s based on those businesses having “expressed interest” and having stated “intentions” to do so through 2029 rather than an overt concession, according to European Union documents.

    Still too soon to see any investment impact in overall economy

    So far, there has yet to be a notable boost in business investment as a percentage of U.S. gross domestic product. As a share of the overall economy, business investment during the first six months of Trump’s presidency has been consistently bouncing around 14%, just as it was before the pandemic.

    But economists also note that Trump is double-counting and relying on investments that were initially announced during the Biden administration or investments that were already likely to occur because of the artificial intelligence build out.

    For example, the White House lists a $16 billion investment by computer chipmaker Global Foundries. But of that sum, more than $13 billion was announced during the Biden administration and supported by $1.6 billion in grants by the 2022 CHIPS and Science Act, as well as other state and federal incentives.

    Similarly, the White House is banking on $200 billion being invested by the chipmaker Micron, but at least $120 billion of that was announced during the Biden era.

    ‘The tariffs played a big role’

    For their part, White House officials largely credit Trump’s tariffs — like those imposed on Oct. 1 on kitchen cabinets, large trucks and pharmaceutical drugs — for forcing companies to make investments in the U.S., saying that the risk of additional import taxes if countries and companies fail to deliver on their promises will ensure that the promised cash comes into the economy.

    On Tuesday, Pfizer CEO Albert Bourla endorsed this approach after his pharmaceutical drug company received a three-year grace period on tariffs and announced $70 billion in investments in the U.S.

    “The president was absolutely right,” Bourla said. “Tariffs is the most powerful tool to motivate behaviors.”

    “The tariffs played a big role,” Trump added.

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  • Beyond misperception: A renewed Korean democracy and a renewed alliance

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    It has been a turbulent yet inspiring year for Koreans. A declaration of martial law last winter plunged the nation into uncertainty, but what followed was not chaos – it was the reaffirmation of a people’s unshakable faith in democracy. 

    The “Revolution of Light,” culminating in the peaceful election of a new government, reminded the world that the Republic of Korea’s constitutional order rests not on the will of any ruler, but on the collective conscience of its citizens. 

    Some observers abroad have mistaken the intensity of Korea’s political transition for fragility or deviation from democratic norms. In truth, such intensity is the very pulse of democracy itself. Our debates are often fierce, our elections passionately contested, yet our institutions endure. That resilience – born of experience, sacrifice, and civic discipline – is Korea’s greatest democratic asset.

    President Donald Trump greets South Korean President Lee Jae Myung upon his arrival at the White House on Aug. 25, 2025, in Washington, D.C. (Chen Mengtong/China News Service/VCG via Getty Images)

    Since taking office, President Lee Jae Myung has acted swiftly to reinforce the foundations of democracy at home and to renew the Republic of Korea’s partnership with the United States. In word and deed, President Lee has recognized the vital importance of the ROK-U.S. alliance and strengthened pragmatic cooperation with President Donald Trump, and put our interlocking security and economic objectives, and shared values at the heart of his agenda. 

    TRUMP DELIVERED PEACE AND A FUTURE WHERE OTHERS ONLY TALKED

    This approach reflects Korea’s confidence as a mature democracy and responsible global partner. President Lee views the alliance not merely as a legacy of the past, but as a living partnership, adapting to new challenges – from regional security and economic cooperation to advanced future technology.

    This vision was clear at their August summit, where the two leaders spoke with candor and mutual respect, underscoring their shared determination to build what they called a “Future-Oriented Comprehensive Strategic Alliance.” President Trump’s remark, “We’ve gotten along very well,” captured the new tone of trust shaping this alliance. 

    President Lee and the whole of the Korean government have meticulously ensured that even as we focus on restoring our democratic system, we not flail for one second in our responsibilities as friend and ally.  This makes certain commentaries – portraying Korea’s new leadership as undemocratic, illegitimate or even hostile to religion – so bewildering and saddening. Such claims, often repeated in online forums and even on opinion pages, bear little resemblance to facts and hinder our joint efforts for real solutions. 

    HOW TRUMP’S RELENTLESS MIDDLE EAST GAMBLE FINALLY FLIPPED THE SCRIPT

    Let’s set the record straight: The government of the Republic of Korea was democratically elected. President Lee prevailed in a fair and transparent vote recognized around the world for meeting the highest election standards. Neither Korea’s independent judiciary nor its opposition parties objected to the result. 

    Since then, the principles of the rule of law have been scrupulously observed. Ongoing legal proceedings concerning the previous administration’s declaration of martial law and other alleged abuses of power are being conducted by independent prosecutors appointed by the National Assembly – not by the Presidential Office. These legal proceedings demonstrate the rule of law, not the erosion of it.

    Equally unfounded are recent claims that the new government is “anti-Christian.” Such narratives appear to arise from ongoing investigations into bribery allegations involving church funds, but for people familiar with Korea, the notion of prejudice is demonstrably absurd.

    Christianity, along with Buddhism and other faiths, has played an integral role in Korea’s social and cultural life. Christian missionaries helped establish many of the nation’s leading educational and medical institutions, countless Christians sacrificed their lives for Korea’s independence from Japanese colonial rule. 

    THATCHER AT 100: LESSONS IN CIVILITY, STRENGTH AND ENDURING ALLIANCES

    Today, a large share of Korean population identifies as Christian, with millions of both Protestants and Catholics contributing to the fabric of Korean society. These individuals, like people of all faiths, continue to play a vital role in civic life, community service and the pursuit of national unity.

    President Lee himself is a man of Christian faith. He and his administration have the deepest respect for freedom of religion and expression, which our Constitution enshrines. They, like all Koreans, are unambiguously proud of the legacy of Christianity and believe freedom of religion in the Republic of Korea rivals that of any place in the world.

    To portray legitimate, lawful efforts to restore democratic order as a campaign against Christianity is not only misleading, but it undermines Christian legacy and respect for religious freedoms that are central to Korea’s democratic values.

    As Koreans committed to democracy, vigorous debate and even disagreement are more than welcomed. It is what the new Korean government strove so vigorously to safeguard these past four months. But mischaracterizing all that has occurred does nothing to advance mutual understanding or produce real solutions for the Koreans and Americans alike.

    CLICK HERE FOR MORE FOX NEWS OPINION

    The Republic of Korea and the United States have sustained our alliance through eight decades of bravery and sacrifice. Today’s challenges require nothing less. Under President Lee’s government, Americans can be assured that they have a friend and partner who shares core values and is committed to the success of both of our nations. 

    Look no further than their summit on Aug. 25 where the two leaders ushered in the era of a “Future-oriented Comprehensive Strategic Alliance” – one that looks confidently toward a more secure, democratic and prosperous future for both nations. Korea’s story is not one of uncertainty but of conviction: that a free people, tested by history, can renew both their democracy and their alliance with courage and grace. 

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  • New Bid to Stop Scammers After Student Killed in Cambodia

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    A South Korean government team is in Cambodia seeking to stop South Korean citizens from being kidnapped, violently abused and in at least one case killed by gangs running online scam centers in the Southeast Asian country.

    The task force is part of the urgent measures taken by Seoul following the death in August of a South Korean student at the hands of alleged scammers, who had lured him to the country under the promise of work.

    Why It Matters

    Online scam centers, many of which force people to work in defrauding people online, have mushroomed in some of the more lawless corners of Southeast Asia over recent years and are behind multibillion dollar fraud around the world, as well as human trafficking, kidnapping and violent crime.

    This week, the United States and Britain imposed sweeping sanctions on a Cambodia-based network that they said was responsible for kidnapping and abuse in Cambodia and extensive fraud, in their countries and around the world.

    What To Know

    The South Korean government team arrived in Cambodia late on Wednesday and hopes to meet Prime Minister Hun Manet in their bid to keep South Koreans out of Cambodian scam centers, the Yonhap news agency reported.

    South Korea has become particularly alarmed by the problem in the weeks after the student’s killing in the southern Cambodian province of Kambpot, where scam centers are known to operate. He was said to have been tortured by members of a scam center gang.

    Cambodia says it is cooperating with international efforts to tackle the scam centers and it ordered a crackdown in July.

    The young South Korean man, who authorities have not identified, left home in July, telling his family he was traveling to Cambodia for an exhibition. Cambodian police listed his cause of death as cardiac arrest resulting from torture and pain, Yonhap reported.

    South Korea also wants an investigation into the death of a South Korean woman in her 30s, whose body was found on the Cambodian-Vietnamese border last week, on suspicion she, too, might have run afoul of scam center gangs, Yonhap said.

    South Korea estimates that 1,000 of its citizens are working in scam centers in Cambodia and on Wednesday banned citizens from traveling to parts of that country where the scammers operate.

    South Korea’s action comes as international efforts to stop the scam centers are increasing.

    The U.S. Treasury Department said this week it had taken what it described as the largest action ever in Southeast Asia, targeting 146 people linked to the Cambodia-based Prince Group conglomerate, which it designated a transnational criminal organization.

    Britain also sanctioned six entities and six individuals, including Prince Group’s chairman, Chinese-Cambodian tycoon Chen Zhi, who U.S. prosecutors accused of running forced-labor camps in Cambodia, where people carry out cryptocurrency investment fraud schemes. 

    Chen was indicted on October 8 in a Brooklyn federal court on charges of wire fraud conspiracy and money laundering conspiracy, according to court papers made public on Tuesday.

    U.S. prosecutors also said they had seized around 127,271 bitcoin, worth about  $14.2 billion, in funds traceable from the crimes. 

    The Prince Group did not respond to a request for comment.

    What People Are Saying

    U.S. Attorney General Pamela Bondi and Deputy Attorney General Todd Blanche said in a statement on Tuesday: “Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud. By dismantling a criminal empire built on forced labor and deception, we are sending a clear message that the United States will use every tool at its disposal to defend victims, recover stolen assets, and bring to justice those who exploit the vulnerable for profit.”

    U.S. Treasury Secretary Scott Bessent said in a statement this week: “The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes. Treasury is taking action to protect Americans by cracking down on foreign scammers.”

    What Happens Next

    During previous crackdowns, scam center operators have often gone to ground only to reappear and resume operations elsewhere.

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  • Seoul weighs approval for Google, Apple high-resolution map requests | TechCrunch

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    South Korea is nearing a decision on whether to allow Google and Apple to export high-resolution geographic map data to servers outside the country. The detailed maps, which use a 1:5,000 scale, would show streets, buildings, and alleyways in far greater detail than currently available on these platforms. However, several regulatory and security hurdles remain unresolved.

    Earlier this week, South Korea’s National Assembly Defense Committee held a parliamentary audit of Google Korea. Lawmakers questioned the company’s requests for local map data, raising concerns over national security and digital sovereignty. The session comes two months after Seoul postponed its decision on Google’s request to export high-resolution map data in August, following an earlier delay in May.

    A policymaker has warned that Google’s satellite maps could endanger national security by exposing sensitive military sites when combined with commercial imagery and online data. The lawmaker is urging the government to gain authority to monitor and regulate the export of high-resolution geographic information. Given that South Korea remains technically at war with North Korea, the government is cautious about exposing such locations.

    The government’s final decision on Google Maps is expected around November 11, or possibly even earlier, a South Korean government official told TechCrunch. Last month, the Ministry of Land, Infrastructure and Transport announced it would extend the review period by an additional 60 days.

    In February, Google requested, for the third time in South Korea, permission from the Korean National Geographic Information Institute to use a 1:5,000 scale map, which provides much greater details, in its app and to transfer the map data to servers outside of South Korea. Currently, Google uses a 1:25,000 scale map that includes points of interest and satellite imagery. Local navigation apps such as Naver Map, T Map, and Kakao Map are the most popular among local users. These apps offer map data at a scale of 1:5,000, and therefore, much more information and detail, giving them a significant competitive advantage.

    In 2011 and again in 2016, South Korean authorities turned down Google’s request for access to the country’s map data. Officials made clear that approval would hinge on the company opening a local data center and obscuring sensitive locations, including national security sites, citing security concerns. Google declined to meet these conditions.

    After South Korea rejected approval in August, Google reportedly agreed to obscure the locations of the country’s security sites on Google Maps and Google Earth. The company is blurring sensitive installations to address government concerns over satellite imagery and is reportedly exploring the purchase of government-approved satellite data from local providers, including T Map.

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    Google did not immediately respond to a TechCrunch request for comment.

    Under South Korea’s Geospatial Information Management Act (Article 16), government survey data — such as maps and satellite images — cannot be sent abroad without approval from the entire Cabinet. Passed in the 1970s, the law continues to underpin the country’s strict control over geospatial data.

    Map data has become a sensitive national security issue in conflict zones worldwide. The Israeli army asked Google Maps to turn off real-time traffic data in Israel and Gaza in 2023, just as it did in Ukraine after Russia’s 2022 invasion. And in 2009, European regulators had urged Google to delete original Street View images over privacy concerns.

    Apple follows Google in seeking South Korea map data

    It’s not just Google making moves. Apple also requested in June to export high-resolution map data from South Korea at a 1:5,000 scale. That came after its initial request in 2023 was turned down.

    While Google keeps its map servers outside Korea, Apple operates local servers, a distinction the government weighs when reviewing requests. Local servers allow authorities to respond swiftly to security concerns at sensitive sites.

    Last month, South Korea postponed its decision on allowing Apple to export high-precision digital map data, pushing the review to December.

    Reports suggest Apple may show more flexibility than Google in adhering to government-imposed restrictions, including blurring, masking, or lowering the resolution of sensitive sites. The company is also said to plan to use SK Telecom’s T Map as its primary base map data source.

    Apple did not respond to TechCrunch’s requests for comment.

    Google and Apple are upgrading their maps with detailed building footprints, alleyways, and precise street-level data to enhance navigation, which could also support advanced technologies like self-driving cars and drone deliveries. For South Korea, exporting high-resolution map data could boost tourism, promote local businesses, and drive smart city innovation, while giving the government leverage to enforce security safeguards. Critics, however, warn that the move may primarily benefit U.S. tech giants rather than domestic users.

    Google Maps has a broader global reach, covering 250 countries and territories, while Apple Maps is available in just over 200 regions, per a report.

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  • North Korea’s Kim Flaunts New ICBM Able to Reach U.S.

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    SEOUL—North Korean leader Kim Jong Un, armed with nuclear weapons and powerful friends, signaled his determination to stand up to Washington with an elaborate military parade Friday night that featured advancements in an arsenal capable of striking the U.S.

    Fresh from staking his place on the global stage at Chinese leader Xi Jinping’s parade of military firepower in Beijing last month, Kim oversaw a display starring his new solid-fuel intercontinental ballistic missile Friday at Pyongyang’s Kim Il Sung Square on the occasion of the 80th anniversary of the ruling Workers’ Party. The ICBM was called the “Hwasong-20.”

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • China imposes retaliatory port fees on American-owned ships docking in country

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    China has hit U.S.-owned vessels docking in the country with tit-for-tat port fees, in response to the American government’s planned port fees on Chinese ships, expanding a string of retaliatory measures before trade talks between U.S. President Donald Trump and Chinese leader Xi Jinping.

    Vessels owned or operated by American companies or individuals, and ships built in the U.S. or flying the American flag, would be subjected to a 400 yuan ($56) per net ton fee per voyage if they dock in China, China’s Ministry of Transport said on Friday.

    The fees would be applied on the same ship for a maximum of five voyages each year, and would rise every year until 2028, when it would hike to 1,120 yuan ($157) per net ton, the ministry said. They would take effect on Oct. 14, the same day when the United States is due to start imposing port fees on Chinese vessels.

    China’s Ministry of Transport said on Friday in a statement that its special fees on American vessels are “countermeasures” in response to “wrongful” U.S. practices, referring to the planned U.S. port fees on Chinese vessels.

    The ministry also slammed the United States’ port fees as “discriminatory” that would “severely damage the legitimate interests of China’s shipping industry” and “seriously undermine” international economic and trade order.

    China has announced a string of trade measures and restrictions before an expected meeting between Trump and Xi on the sidelines of the Asia-Pacific Economic Cooperation forum in South Korea that begins at the end of October. On Thursday, Beijing unveiled new curbs on exports of rare earths and related technologies, as well as new restrictions on the export of some lithium battery and related production equipment.

    The port fees announced by Beijing on Friday mirrors many aspects of the U.S. port fees on Chinese ships docking in American ports. Under Washington’s plans, Chinese-owned or -operated ships will be charged $50 per net ton for each voyage to the U.S., which would then rise by $30 per net ton each year until 2028. Each vessel would be charged no more than five times per year.

    China’s new port fee is “not just a symbolic move,” said Kun Cao, deputy chief executive at consulting firm Reddal. “It explicitly targets any ship with meaningful U.S. links — ownership, operation, flag, or build — and scales steeply with ship size.”

    The “real bite is on U.S.-owned and operated vessels,” he said, adding that North America accounts for roughly 5% of the world fleet by beneficial ownership, which is still a meaningful figure although not as huge as compared to Greek, Chinese and Japanese ship owners.

    However, the United States has only about 0.1% of global commercial shipbuilding market share in recent years and built fewer than 10 commercial ships last year, Reddal added.

    While shipping analysts have said that the U.S. port fees on Chinese vessels would likely have limited impact on trade and freight rates as some shipping companies have been redeploying their fleets to avoid the extra charge, shipping data provider Alphaliner warned last month in a report that the U.S. port fees could still cost up to $3.2 billion next year for the world’s top 10 carriers.

    ___

    This story has been corrected to show that the Alphaliner report was from last month, not this month.

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