South Korea's September Exports Hit Record $120.9 Bln on Chip Surge as Trump Unveils Korean Investment Projects
South Korea's September exports rose 83.5 percent to a record $120.9 billion as chip shipments passed $60 billion, while President Trump announced Korean investment projects in Texas, Alaska and eight nuclear reactors, and Seoul was ordered to pay Elliott $48.49 million.
The ministry said in a press release that the surge in chip shipments drove the overall export figures. Semiconductor exports passed the US$60 billion mark last month, a first for the country.
In Washington, U.S. President Donald Trump on Wednesday unveiled South Korea's investment projects in the United States under last year's bilateral trade agreement: the construction of a gas-fired power plant in Texas, eight large-scale nuclear power plants and a liquefied natural gas project in Alaska. The announcement followed protracted negotiations over major energy infrastructure projects under the agreement, which committed South Korea to investing US$350 billion in the United States -- US$150 billion for the shipbuilding sector and the remainder for strategic investments -- in return for lower U.S. tariffs on Korean goods.
President Lee Jae Myung said Thursday that his government would persistently seek practical ways to reduce military tensions with North Korea. He made the remarks at a ceremony marking the 78th Armed Forces Day at the military headquarters in Gyeryongdae, South Chungcheong Province. The two Koreas remain at odds over the explosions of two North Korean mines in the Demilitarized Zone last week, which left three South Korean soldiers wounded.
The justice ministry said Thursday that South Korea has been ordered to pay nearly US$50 million in compensation to U.S. hedge fund Elliott Investment Management over the 2015 merger of two Samsung affiliates. According to the ministry, an international tribunal issued the order Wednesday, requiring the South Korean government to pay US$48.49 million in damages to Elliott in a dispute stemming from the merger.
At the Aichi-Nagoya Asian Games in Japan, 14-year-old Kang Yeon-seo won bronze in the women's individual compound archery event Thursday, defeating fellow South Korean Park Jung-yoon 145-143 in the bronze medal match at Okazaki Chuo Sogo Park Multipurpose Square in Okazaki, about 50 kilometers southeast of the main host city, Nagoya. It was Kang's second medal of the competition.