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Tag: South Korea

U.S. VP Harris Pledges to Consult S.Korea Over EV Subsidy Concerns
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U.S. VP Harris Pledges to Consult S.Korea Over EV Subsidy Concerns

By Trevor Hunnicutt, Soo-hyang Choi and Joyce LeeTOKYO/SEOUL (Reuters) -U.S. Vice President Kamala Harris told South Korea's prime minister on Tuesday that Washington will work to address Seoul's concerns over recently enacted electric vehicle (EV) subsidies that could disadvantage Asian automakers.The $430 billion "Inflation Reduction Act" bill enacted in August includes a host of U.S. President Joe Biden's priorities, including investments to roll back climate change and make Washington a world leader in the EV market.Among the law's provisions are requirements that EVs be assembled in North America to qualify for tax credits. The law also ends subsidies for other EV models and requires that a percentage of critical minerals used in those cars' batteries come from the United States or...
U.S. Aircraft Carrier Arrives in South Korea as Warning to North Korea
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U.S. Aircraft Carrier Arrives in South Korea as Warning to North Korea

BUSAN, South Korea (Reuters) - A U.S. aircraft carrier arrived in South Korea on Friday for the first time in about four years, due to join South Korean ships in a military show of force aimed at sending North Korea a message, officials said.USS Ronald Reagan and ships from its accompanying strike force docked at a naval base in the southern port city of Busan.Its arrival marks the most significant deployment yet under a new push to have more U.S. nuclear-capable "strategic assets" operate in the area to deter North Korea.South Korean President Yoon Suk-yeol has pushed for more joint exercises and other displays of military power as a warning to North Korea, which earlier this year conducted a record number of missile tests after talks failed to persuade it to end its nuclear weapons an...
Best hotels for business travelers in Asia-Pacific
Business

Best hotels for business travelers in Asia-Pacific

Business travelers are on the road again. So there's no better time for CNBC Travel to name the best hotels for business travel across Asia-Pacific.CNBC joined with the market and consumer data firm Statista to produce rankings of the "Best Hotels for Business Travelers." A second list of rankings for hotels in Europe and the Middle East will be published next month.In total, we analyzed more than 10,000 four- and five-star hotels in 117 locations to produce a list corporate travelers can trust. We did this using a three-step process:Asking business travelers and hotel industry professionals to answer a CNBC reader survey which ran from May 3 to June 7, 2022.Reviewing more than 1 million hotel data points, which included objective information (location, business facilities, food, leisur...
Korean Cosmetic Giant Amorepacific to Buy U.S. Luxury Skincare Brand Tata Harper
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Korean Cosmetic Giant Amorepacific to Buy U.S. Luxury Skincare Brand Tata Harper

By Manya Saini and Anirban Sen(Reuters) - South Korea-based personal products maker Amorepacific Corp will buy Natural Alchemy LLC, which operates the luxury beauty brand Tata Harper, as part of a strategic push to tap into the growing North American market.Vermont-based Tata Harper, which was launched in 2010 by Tata Harper and her former husband Henry Harper, currently sells its products in 25 online stores and over 800 brick-and-mortar retailers such as Sephora, Bluemercury and Neiman Marcus.It has grown in popularity in the United States over the past decade driven by a growing base of affluent, health-conscious consumers who are increasingly turning to environment-friendly, natural cosmetic products.Tata Harper, which is a fast-growing and profitable business, sources farm-grown he...
In a First, South Korean General Commands Joint Drills With U.S. Troops
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In a First, South Korean General Commands Joint Drills With U.S. Troops

SEOUL (Reuters) - For the first time a South Korean general is commanding annual joint drills with American forces, the U.S. military said on Wednesday, a step toward Seoul's long-delayed goal of gaining command of allied forces in the event of a war.The allies began on Monday their largest joint military drills in years, known as Ulchi Freedom Shield, with a resumption of field training, aiming to strengthen readiness for potential weapons tests by North Korea.The exercises include an 11-day "computer simulated, defensc-oriented training event" to improve allied readiness, U.S. Forces Korea (USFK) said in a statement.In the exercise, U.S. Army Gen. Paul LaCamera, who commands USFK troops, the U.S.-South Korea Combined Forces Command (CFC), and the United Nations Command (UNC), switched...
Asian Shares Track Wall Street Losses Ahead of U.S. Inflation Data
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Asian Shares Track Wall Street Losses Ahead of U.S. Inflation Data

(Reuters) - Asian shares fell and the dollar steadied on Wednesday as investors waited for a key U.S. report on inflation to provide hints to the Federal Reserve's plans for future monetary tightening.The Consumer Price Index (CPI) report will be released later today, with markets watching for signs that inflation eased in July despite last week's unexpectedly strong U.S. jobs numbers.MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.51%, while Japan's Nikkei extended losses from the previous day and was down 0.65%.South Korea's KOSPI lost 0.64%, Australia's AXJO dropped 0.12%, and Taiwan's TAIEX fell 0.70%."I don’t think that we are through the bear market woods yet – recession risks loom and I don’t think the Fed is done with its aggressive belt tightening," said David...
Stocks fall Tuesday after House Speaker Nancy Pelosi lands in Taiwan
Business

Stocks fall Tuesday after House Speaker Nancy Pelosi lands in Taiwan

Stocks declined Tuesday after House Speaker Nancy Pelosi landed in Taiwan's capital of Taipei amid a high-pressure standoff with China. She and other members of Congress were greeted by a contingent of Taiwanese officials on the tarmac.  In a statement shortly after the plane landed, Pelosi said her visit was meant to honor "America's unwavering commitment to supporting Taiwan's vibrant Democracy."The S&P 500 fell 27 points, or 0.7%, to close at 4,091. The Dow Jones industrials declined 1.2% and the Nasdaq lost 0.2%.  "Speaker Pelosi's visit to Taiwan opens a dangerous period for U.S.-China-Taiwan tensions that will add to and elevate market risk as events unfold," Raymond James Equity Research analysts and Alex Anderson said in a report. ...