The United Arab Emirates said Tuesday that it will buy mid-range missiles from South Korea in what would be Seoul’s largest arms sale worth nearly 4 trillion won ($3.5 billion). “We have reached very advanced stages in negotiations with the Korean side and are close to concluding a final agreement in this regard,” said Tariq Abdul Rahim Al Hosani, CEO of Tawazun Economic Council. The body is the chief weapons buyer for Abu Dhabi. The Middle East country would be the first to

NCT dropped teaser photos for its third studio album, “Universe,” Wednesday. 　 Taeil, Taeyong, Doyoung, Jaemin, Yangyang and Jisung were featured in the first batch of photographs, which were imbued with a futuristic and sophisticated ambience. The phrase “New Axis” is shone onto the face of the youngest member. 　 It has been about 14 months since the band put out a full-group album. The second album “Resonance” sold over 2 million copies. Subunits NCT 127 a

Peter Schreyer, the renowned car designer now leading Hyundai Motor Group’s design management, is featured in a new book “Roots and Wings,” a Korean edition of which is to hit local shelves soon. Originally published in English last month, the book explores Schreyer’s life and legacy as one of the most influential automotive designers, the Korean business group behind Hyundai Motor and Kia said Wednesday, announcing the Nov. 25 release of the Korean edition. Schreyer,

Prosecutors push on with probe into alleged bribery, corruption as clock is ticking

Some say Lee’s proposal would reduce wealth disparities; others say it goes too far

  Real estate investment firm D&C Mineun has signed a business partnership with Shanghai-based Wanfeng Property to take part in the company’s development project in the Thatluang Lake Special Economic Zone in Laos, supported by the Laotian government, officials said Wednesday.  Chairmen of the two companies held the signing ceremony with Sinlavong Khoutphaythoune, president of the Lao Front for National Construction, who also serves as a politburo member of the Central Com

With Lee Jae-yong, the de facto leader of Samsung Electronics, currently in the US, industry observers expect the company to decide on the final location for its second foundry plant in the US, according to news reports Wednesday. Some US media based in Texas reported Tuesday that the South Korean chipmaker appeared to have narrowed down its list of candidate sites for the new foundry fab believed to be worth $17 billion. It was found that Samsung has withdrawn its application filed in Ja

The Korea-US alliance has been estimated to possibly be worth over 3,000 trillion won ($2.53 trillion) for South Korea, according to a new study by the Korea Economic Research Institute. 　 The Seoul-based think tank estimated in a report that the bilateral alliance has generated an economic value of between 923.82 trillion and 3,041 trillion won during the 21 years since 2000. “For the stability and continued prosperity of South Korea, maintaining a strong alliance with the US is critic

As the wave of electrification reaches sports cars, the race is heating up among global brands to push the performance boundaries of the relatively new powertrain. In Korea, the competition is to intensify with Audi set to challenge the Porsche Taycan with its e-tron GT and RS e-tron GT. Before the official launch of the two cars, The Korea Herald had the chance to take them for a short test drive on a course involving substantial speed and a slalom test at Seoul Grand Park in Gwacheon, Gyeo

North Korea has expressed concerns over the spread of the coronavirus and a "catastrophic public health crisis," after countries across the globe eased a set of antivirus rules as part of efforts to gradually get back to pre-pandemic normalcy. The North's official radio broadcaster Korean Central Broadcasting Station reported Tuesday the virus situation is at a serious stage, citing "premature" decisions to lift social distancing measures against COVID-19. "Countries

Yoon Seok-youl, the presidential candidate of the main opposition People Power Party (PPP), said Wednesday that the deadly sinking of a South Korean warship in 2010 was clearly the act of North Korea. Yoon made the remarks during a meeting with Choi Won-il, the retired captain of the sunken naval ship Cheonan, and Lee Seong-woo, who represents family members of the fallen soldiers, saying that questioning the scientifically proven investigation outcome comes from a "submissive" attitu

South Korean stocks retreated more than 1 percent Wednesday, as strong US economic data raised concerns about an earlier than expected rate hike by the US Federal Reserve amid rising inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 34.79 points, or 1.16 percent, to close at 2,962.42 points. Trading volume was moderate at about 533 million shares worth some 10.5 trillion won ($8.9 billion), with losers outnumbering gainers 730 to