South Korea wraps up talks toward potentially biggest-ever defense deal
STEVEN BOROWIEC
SEOUL -- South Korea's weapons development authority announced the completion of negotiations for what is said to be the biggest deal in the history of the country's arms industry, marking a step forward for the ascending weapons manufacturer.
The Defense Acquisition Program Administration said in a news release on Wednesday that Hyundai Rotem, a privately owned South Korean company, had concluded talks with Poland to supply K2 tanks. The agency did not disclose the size of the contract, but in a research report, Mirae Asset Securities valued it at $6.7 billion for the provision of 261 tanks.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Nikkei Asia
2 hours ago
- Nikkei Asia
OPEC+ speeds up oil output hikes in August
LONDON (Reuters) -- OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped - and then retreated - following Israeli and U.S. attacks on Iran. The group, which pumps about half of the world's oil, has been curtailing production since 2022 to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep gasoline prices lower. The production boost will come from eight members of the group - Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria. The eight started to unwind their most recent layer of cuts of 2.2 million bpd in April. The August increase represents a jump from monthly increases of 411,000 bpd OPEC+ had approved for May, June and July, and 138,000 bpd in April. OPEC+ cited a steady global economic outlook and healthy market fundamentals, including low oil inventories, as reasons for releasing more oil. The acceleration came after some OPEC+ members, such as Kazakhstan and Iraq, produced above their targets, angering other members that were sticking to cuts, sources have said. Kazakh output returned to growth last month and matched an all-time high. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, wants to expand market share amid growing supplies from rival producers like the United States, sources have said. With the August increase, OPEC+ will have released 1.918 million bpd since April, which leaves just 280,000 bpd to be released from the 2.2 million bpd cut. On top of that, OPEC+ allowed the UAE to increase output by 300,000 bpd. The group still has in place other layers of cuts amounting to 3.66 million bpd. The group of eight OPEC+ members will next meet on August 3.
Nikkei Asia
6 hours ago
- Nikkei Asia
Trump says US will start talks with China on TikTok deal Monday or Tuesday
In June, Trump extended to Sept. 17 a deadline for China-based ByteDance to divest the U.S. assets of TikTok. © Reuters (Reuters) -- U.S. President Donald Trump said on Friday he will start talking to China on Monday or Tuesday about a possible TikTok deal. He said the United States "pretty much" has a deal on the sale of the TikTok short-video app. "I think we're gonna start Monday or Tuesday ... talking to China, perhaps President Xi [Jinping] or one of his representatives, but we would pretty much have a deal," Trump told reporters on Air Force One. Last month, Trump extended to Sept. 17 a deadline for China-based ByteDance to divest the U.S. assets of TikTok. A deal had been in the works this spring to spin off TikTok's U.S. operations into a new U.S.-based company, majority owned and operated by U.S. investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump said the U.S. will probably have to get a deal approved by China. When asked how confident he was that China would agree to a deal, he said: "I'm not confident, but I think so. President Xi and I have a great relationship, and I think it's good for them. I think the deal is good for China and it's good for us."
Asahi Shimbun
6 hours ago
- Asahi Shimbun
Trump says tariff letters to 12 countries signed, going out Monday
U.S. President Donald Trump speaks to members of the media on board Air Force One on the way to New Jersey on July 4. (REUTERS) U.S. President Donald Trump said he had signed letters to 12 countries outlining the various tariff levels they would face on goods they export to the United States, with the "take it or leave it" offers to be sent out on Monday. Trump, speaking to reporters aboard Air Force One as he traveled to New Jersey, declined to name the countries involved, saying that would be made public on Monday. Trump had earlier on Thursday told reporters that he expected a first batch of letters to go out on Friday, a national holiday in the United States, though the date has now shifted. In a global trade war that has upended financial markets and set off a scramble among policymakers to guard their economies, Trump in April announced a 10% base tariff rate and additional amounts for most countries, some ranging as high as 50%. However, all but the 10% base rate were subsequently suspended for 90 days to allow more time for negotiations to secure deals. That period ends on July 9, although Trump early on Friday said the tariffs could be even higher - ranging up to 70% - with most set to go into effect August 1. "I signed some letters and they'll go out on Monday, probably twelve," Trump said, when asked about his plans on the tariff front. "Different amounts of money, different amounts of tariffs." Trump and his top aides initially said they would launch negotiations with scores of countries on tariff rates, but the U.S. president has soured on that process after repeated setbacks with major trading partners, including Japan and the European Union. He touched on that briefly late on Friday, telling reporters: "The letters are better ... much easier to send a letter." He did not address his prediction that some broader trade agreements could be reached before the July 9 deadline. The shift in the White House's strategy reflects the challenges of completing trade agreements on everything from tariffs to non-tariff barriers such as bans on agricultural imports, and especially on an accelerated timeline. Most past trade agreements have taken years of negotiations to complete. The only trade agreements reached to date are with Britain, which reached a deal in May to keep a 10% rate and won preferential treatment for some sectors including autos and aircraft engines, and with Vietnam, cutting tariffs on many Vietnamese goods to 20% from his previously threatened 46%. Many U.S. products would be allowed to enter Vietnam duty free. A deal expected with India has failed to materialize, and EU diplomats on Friday said they have failed to achieve a breakthrough in trade negotiations with the Trump administration, and may now seek to extend the status quo to avoid tariff hikes.
