Day: April 14, 2024

North Korea’s health minister left for Russia to bolster cooperation in the fields of science and medicine, the North’s state media reported Sunday.

The North’s delegation, led by Public Health Minister Jong Mu-rim, headed for Russia on Saturday, the North’s Korean Central News Agency said, without elaborating further.

After holding their first summit in the Russian Far East city of Vladivostok in April 2019, North Korean leader Kim Jong-un and Russian President Vladimir Putin held another summit at Russia’s Vostochny spaceport in September last year.

The two nations have since been strengthening cooperation in various fields amid growing concerns that Pyongyang has provided weapons to Moscow for its use in Russia’s war against Ukraine.

Source: Yonhap News Agency

Refiners, shippers and other South Korean industries on Sunday remained vigilant against the possible fallout from heightened tensions in the Middle East following Iran’s recent missile and drone strikes against Israel.

Oil refining industry observers said they expected oil prices to rise in the foreseeable future due to the renewed conflict, which would lead to increases in domestic petroleum product prices.

Experts said the situation could result in adverse effects if such geopolitical risks persist in the long term.

An official at the Korea Petroleum Association said countries like South Korea, which do not produce oil but import crude oil for refining and retail distribution, are at risk of experiencing significant decreases in margins and demand from related products.

The petrochemical industry expert said the sector may not see immediate visible impacts, as it has been facing sluggish demand due to oversupply from China.

Market players, however, are closely monitoring whether the situation could le
ad to an increase in prices of basic raw materials, such as naphtha, the expert added.

Container shippers, such as industry leader HMM Co., are concerned about the possibility of the Strait of Hormuz being blocked following attacks. The strait is a frequent route for HMM’s expanding bulk carrier operations.

“As of now, there are currently no immediate actions being taken, but we are closely monitoring the situation as it could inevitably have a significant impact on the shipping industry,” an official at the Korea Shipowners’ Association said.

A representative in the shipbuilding industry said the sector anticipates impacts from rising oil prices and increased shipping freight rates.

The airline industry, meanwhile, expected to remain largely unaffected.

Korean Air Co., which operates flights between Incheon and Tel Aviv, the only direct route from South Korea to the Middle East provided by the domestic aviation industry, has suspended the route for over six months since the outbreak of the Israel-Hamas
conflict in October of last year.

Hyundai Motor Co. and Kia Corp., market leaders in Israel in terms of sales, also reportedly expect a limited impact, as they do not have manufacturing or research facilities there.

The automakers are, however, closely monitoring the situation due to possible disruption in sales if tensions persist.

Source: Yonhap News Agency

Defense Minister Shin Won-sik said Sunday that North Korea’s hypersonic missile launched earlier this month was “unsuccessful in its last glide flight” but predicted that the North’s hypersonic missile with an intermediate range could be “successful one day.”

Shin made the assessment during an interview with public broadcaster KBS after the North claimed it successfully test-fired the Hwasongpho-16B, a new intermediate-range ballistic missile tipped with a hypersonic warhead.

“Based on a detailed analysis by the U.S. and South Korea, we assess (North Korea’s hypersonic missile) to be unsuccessful in its last-stage glide flight,” he said.

He described that a hypersonic missile has to maneuver at a speed of at least Mach 5 in its final diving stage.

“(The hypersonic missile) is still in its incomplete stages but since the North is focusing on its development, we predict that they will be successful one day,” he added.

On April 3, North Korea’s state media announced that the “hypersonic glide warhead reache
d its first peak at a height of 101.1 kilometers and the second at 72.3 kilometers while making a 1,000-km-long flight as planned to accurately hit waters in the East Sea.”

The South Korean military said the missile flew about 600 kilometers before falling into the East Sea and called the North’s claims partially “exaggerated,” although it said Pyongyang appears to have made some technological progress in its hypersonic weapons program.

A hypersonic missile is usually hard to intercept with existing missile defense shields. It travels at a speed of at least Mach 5 — five times the speed of sound — and is designed to be maneuverable on unpredictable flight paths and fly at low altitudes.

North Korea has been ramping up its weapons tests this year, including the launches of cruise missiles from sea and land and firing drills involving super-large multiple rocket launchers.

Source: Yonhap News Agency

The finance ministry held an emergency meeting on Sunday to discuss the possible economic impact caused by Iran’s drone strike against Israel.

Finance Minister Choi Sang-mok presided over the meeting with senior ministry officials in Seoul, stressing that the impact of the Mideast tensions on the South Korean economy can grow further depending on how the crisis plays out.

Choi said his ministry will operate a joint emergency response team of related agencies to closely monitor the financial market in South Korea and abroad 24 hours a day.

He also emphasized the need to examine the ministry’s “contingency plan” to respond swiftly to any urgent situation that can shock the South Korean economy and market concerning the escalating crisis in the Middle East.

Source: Yonhap News Agency

President Yoon Suk Yeol on Sunday presided over an emergency meeting to discuss the economic and security impact of heightened tensions in the Middle East following Iran’s recent missile and drone strikes against Israel, his office said.

The meeting was held to discuss the global security and economic situation following the latest Mideast crisis and its impact on South Korea’s economy and security, it added.

Noting the growing uncertainty of the global economy arising from the geopolitical instability in the Middle East, the participants agreed to keep close tabs on the impact on the international oil prices and exchange rate movements and to respond quickly to its effect on the economy, including supply chains.

Source: Yonhap News Agency

Land Minister Park Sang-woo recently visited Rwanda as a special envoy for the president to discuss bilateral cooperation in construction and infrastructure, Park’s office said Sunday.

The two-day visit from Thursday was arranged as part of efforts to strengthen South Korea’s construction and infrastructure ties with the African region at large, and for preparations for the successful hosting of the upcoming South Korea-Africa summit set to be held in Seoul in June, the ministry said.

During the trip, Park paid a courtesy call on Rwandan Prime Minister Edouard Ngirente and relayed Seoul’s invitation for President Paul Kagame to attend the summit.

Park also met with Jimmy Gasore, Rwanda’s minister of infrastructure. According to the Seoul ministry, Gasore asked for the interest and participation of South Korean companies in various development projects in Rwanda.

The South Korean minister pledged to actively share Seoul’s experiences in laws and regulations involving smooth housing supply, and to support R
wanda’s housing and urban development projects through the dispatch of a joint public-private expert team.

Source: Yonhap News Agency

President Yoon Suk Yeol on Sunday presided over an emergency meeting to discuss the economic and security impact of heightened tensions in the Middle East following Iran’s recent missile and drone strikes against Israel, his office said.

The meeting was held to discuss the global security and economic situation following the latest Mideast crisis and its impact on South Korea’s economy and security, it added.

Noting the growing uncertainty of the global economy arising from the geopolitical instability in the Middle East, the participants agreed to keep close tabs on the impact on the international oil prices and exchange rate movements and to respond quickly to its effect on the economy, including supply chains.

Yoon also instructed officials to thoroughly prepare safety measures for South Korean residents, travelers and vessels in the region.

Earlier in the day, Finance Minister Choi Sang-mok presided over a meeting with senior ministry officials in Seoul, to discuss the possible economic impact caused
by Iran’s strike.

Choi said his ministry will operate a joint emergency response team of related agencies to closely monitor the financial market, and to examine its “contingency plan” to better prepare for any urgent situations.

The Bank of Korea (BOK) also said it will keep a close watch on the market situation, voicing concerns that the foreign exchange market could see heightened volatility.

“We are keeping a close watch on exchange rate movements, and we may take measures to stabilize the market, if necessary,” a senior official at the BOK told Yonhap News Agency.

The foreign ministry said it “strongly condemns” Iran’s attacks on Israel.

“The government is closely monitoring the situation with deep concern and urges all parties to exercise restraint to prevent further escalation,” the ministry said in a release.

Source: Yonhap News Agency