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South Korea and the United States have formally selected a gas-fired power plant project in Texas as the first project under Seoul's US$350 billion investment commitment to the U.S., the industry ministry said Thursday. The Ministry of Trade, Industry and Resources announced the three projects, including the Texas plant, after the two sides signed a memorandum of understanding in November last year, under which South Korea pledged to invest in the U.S. in return for lower U.S. tariffs on Korean imports. The formal announcement comes after U.S. President Donald Trump on Wednesday (U.S. time) announced South Korea's investment plans at the White House. The investment will comprise $150 billion for shipbuilding cooperation and $200 billion for projects in various strategic sectors. "As taxpayers' money will be injected into the initiative, we have placed top priority on the commercial viability of the projects and the national interest to ensure that not a penny goes to waste," Industry Minister Kim Jung-kwan told reporters during a briefing. "We held consultations with the U.S. side while c

Korean companies are advised to expand their operations in the United States, as bilateral economic ties increasingly extend beyond trade to investment, technology and supply-chain resilience, the American Chamber of Commerce in Korea (AMCHAM) said Wednesday. The U.S. business lobby and the Korea Chamber of Commerce and Industry (KCCI) discussed opportunities and challenges of Korean firms when they expand investment and operations in America during the eighth annual Doing Business in the U.S. Seminar. The seminar was held as part of a special program marking the 250th anniversary of U.S. independence. AMCHAM Chairman James Kim said the economic relationship between the two countries is increasingly driven by the aforementioned sectors, rather than trade alone. “The next chapter of the U.S.-Korea economic partnership will be defined not simply by how much we trade, but by how much we build, invest, innovate and grow together,” Kim said. KCCI Executive Vice Chairman Kim Jeong-il emphasized the need for Korean companies to understand local regulations and business conditions, while buil

President Lee Jae Myung on Thursday pledged to persistently seek practical ways to reduce military tensions with North Korea, even as the two Koreas are at odds over the recent blast of North Korean mines along the border. The president made the remarks on North Korea at a ceremony marking the 78th Armed Forces Day at the military headquarters in Gyeryongdae, South Chungcheong Province, following last week's explosions of two North Korean mines in the Demilitarized Zone (DMZ) that left three South Korean soldiers wounded. "My administration will consistently pursue practical measures to reduce military tensions between the two Koreas," Lee said. "The knots in inter-Korean relations are extremely complex, but we will steadily, patiently strive to untie them, one by one," the president said.

Korea on Thursday celebrated the 78th anniversary of the founding of its armed forces, unveiling a range of advanced military equipment, including its laser-based anti-drone system, to the public for the first time. The Armed Forces Day event kicked off on the runway of the military headquarters in Gyeryong, some 145 kilometers south of Seoul, involving some 3,600 personnel and around 70 pieces of military equipment, according to the defense ministry. This year, the military will showcase two laser-based anti-drone air defense systems, dubbed Cheongwang, in a demonstration of their ability to intercept drones. The anti-drone systems, which are capable of precisely striking small unmanned aerial vehicles (UAVs), will be unveiled to the public for the first time. Other assets being displayed for the first time include drone swarms powered by artificial intelligence (AI), multipurpose unmanned ground vehicles and counter-drone interceptor UAVs. During the event, the government plans to award the Chungmu Order of Military Merit to late Lt. Col. Kim Oh-rang and late Ssg. Jung Seon-yeop for the

Lindian Resources has switched on grid power at its Malawian rare earths project, hitting a key milestone ahead of schedule and under budget.

Federal and state governments have forked out $200m to keep the Bell Bay aluminium smelter open until 2031.

The US president’s latest attempt to create a global tariff regime is being tested by the same panel of judges that deemed his previous attempts illegal. He may have to start again.

The two pledges come as foot traffic to branches and cash usage by Australians continues to fall.

The new RS5 is the first Audi RS car to feature a hybrid powertrain.

Australia’s top petrol and diesel supplier has raised its bet on the shift to EVs with a deal to triple its fast-charging network.

A day after The Times reported on the dispute, Santa Fe Springs said it was reinstating its previous agreement with the Metropolitan Little League, allowing children to return to city baseball fields.

Word on the street is that Apple could announce its new smart home hub on 13 October.