South Korea's disgraced former president Park Geun-hye was jailed for 24 years Friday for corruption, closing out a dramatic fall from grace for the country's first woman leader who became a figure of public fury and ridicule. A trial which lasted more than 10 months ended with Park being found guilty on multiple criminal charges, including bribery and abuse of power. Park's successor described the sentencing as a "heartbreaking event" for both the nation and the ex-leader herself. "The accused abused the power bestowed by the people - the true ruler of this country - to cause chaos in national administration," said Judge Kim Se-yoon. "Despite all these crimes the accused denied all the charges against her, displayed no remorse and showed an incomprehensible attitude by blaming Choi and other ... officials," he said, referring to Park's secret confidante and long-time friend Choi Soon-sil. Park, 66, was convicted of receiving or demanding more than $20 million from conglomerates, … [Read more...] about South Korea’s Park jailed for 24 years for corruption
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Trump ties South Korea trade deal to North Korea talks
US President Donald Trump warned on Thursday (Mar 29) that he may delay implementation of a renegotiated trade deal with South Korea until after planned nuclear talks with North Korea. US President-elect Donald Trump. (Photo: AFP) Trump offered no explanation for the apparent threat, which came just a day after he hailed the US-Korea Free Trade Agreement (KORUS) as a victory for his get-tough stance on commerce. "I may hold it up until after a deal is made with North Korea, does everybody understand that? You know why? Because it's a very strong card," Trump said in a speech in Ohio. "South Korea has been wonderful, but we'll probably hold that deal up for a little while, see how it plays out." On Wednesday, Trump had seemed to be firmly behind the renegotiated trade deal, which should now give US carmakers greater access to South Korean markets. "@USTradeRep just announced an agreement in principle with South Korea on KORUS!" he said. "A great deal for American and Korean … [Read more...] about Trump ties South Korea trade deal to North Korea talks
South Korea largest foreign investor in Viet Nam
South Korea has retained its position as Viet Nam’s leading source of foreign direct investment (FDI) in the first quarter of this year. This was mainly attributed to the additional US$500 million plus invested by LG Innotek Co in a project in the northern port city of Hai Phong. During the reviewed period, South Korean firms invested $1.84 billion in Viet Nam, accounting for 31.6 per cent of the country’s total registered FDI, according to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA). Besides South Korea, businesses from Hong Kong poured $689 million into Viet Nam, making up 11.9 per cent of the country’s total FDI, while those from Singapore injected $649 million, equivalent to 11.2 per cent of the total FDI. During January-March, FDI witnessed a significant yearly decline of 25 per cent to $5.8 billion, but disbursement rose by 7.2 per cent year-on-year to $3.88 billion, FIA said. Manufacturing remained the most attractive sector … [Read more...] about South Korea largest foreign investor in Viet Nam
SBV, South Korea’s FSC tighten their co-operation
State Bank of Viet Nam (SBV) and South Korea’s Financial Services Commission (FSC) signed a memorandum of understanding on cooperation in the field of financial innovation in Ha Noi on Thursday. — Photo tinnhanhchungkhoan.vn State Bank of Viet Nam (SBV) and South Korea’s Financial Services Commission (FSC) signed a memorandum of understanding on cooperation in the field of financial innovation in Ha Noi on Thursday. The signing is part of the Viet Nam-Korea Financial Cooperation Forum, which was jointly organised by the Vietnam Banks’ Association and Korea Federation of Banks. This is the first agreement in this area that SBV has signed with a foreign partner, marking an important milestone to perfect the legal framework for comprehensive co-operation between the central bank and FSC. The agreement is seen as a legal basis for the two sides to enhance exchange, share information and conduct co-operations contents related to the modernisation of the banking and … [Read more...] about SBV, South Korea’s FSC tighten their co-operation
Vietnam, South Korea agree to do $100 billion in bilateral trade by 2020
By Reuters  March 24, 2018 | 09:17 am GMT+7 South Korea's President Moon Jae-in (L) shakes hands with Vietnam's President Tran Dai Quang as they meet at the Presidential Palace in Hanoi on March 23, 2018. Photo by Stringer/Pool via Reuters In 2017, South Korea replaced the United States as Vietnam’s second largest trading partner, after China. Vietnam and South Korea agreed on Friday to seek to boost their bilateral trade to $100 billion by 2020, or 50 percent more than last year’s total. A memorandum of understanding, signed in Hanoi during a visit by South Korean President Moon Jae-in, also lays out guidelines for aiming to reduce Vietnam’s deficit in bilateral trade. After meeting Vietnamese President Tran Dai Quang and signing the MOU, Moon said South Korea will “contribute” to Vietnam’s goal of becoming an industrialized economy by lifting bilateral trade to $100 billion by 2020. Trade between Vietnam and South … [Read more...] about Vietnam, South Korea agree to do $100 billion in bilateral trade by 2020