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Posts Tagged ‘South Korea’

Gold Prices Spike on Safe-Haven Appeal, South Korea Buy to $1660.10

August 2, 2011 Comments off

thestreet.com

Most Recent Quotes from www.kitco.comNEW YORK (TheStreet ) — Gold prices hit record highs Tuesday as the Bank of Korea bought more gold and as the Senate passed the debt ceiling deal.

Gold for December delivery popped $22.80 to close at $1,644.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,646.80 and as low as $1,618.80 while the spot gold price was skyrocketing almost $30, according to Kitco’s gold index.

Silver prices added 78 cents to close at $40.09 an ounce. The U.S. dollar index was up 0.22% at $74.48 while the euro was down 0.36% vs. the dollar.

With the debt-ceiling issue basically behind U.S. markets, investors are now looking at the health of the economy and the picture isn’t bright. Worries of slowing global growth were the main factors boosting gold prices.

Not only have quarterly growth numbers been anemic and July’s manufacturing index was barely above the critical 50 growth-mark, but the debt plan aims to Read more…

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Indonesia, South Korea Launch Stealth Jet Project

August 2, 2011 1 comment

thejakartaglobe

Seoul. South Korea and Indonesia are launching a partnership today to develop a new stealth fighter jet which has been delayed for years by technical and budget problems.

Defense and procurement officials from the two countries will mark the beginning of their partnership with the opening today of a new joint research center in Daejeon, about 160km south of Seoul, reported Yonhap news agency yesterday.

Noh Dae Rae, head of the Defense Acquisition Program Administration (Dapa), and Eris Herryanto, secretary-general of the Indonesian defense ministry, will attend the event, said the administration.

Referring to the so-called KF-X project, Mr Noh said in a statement: ‘It will be a strategic project that will be responsible for the development of defense industries and national security in both countries.’

He said the KF-X project has been made possible because of ‘consistent exchange and cooperation in the defense industry and defense procurement’ by both sides.

South Korea launched the Read more…

South Korea landslides kill 18

July 27, 2011 Comments off

hindustantimes

 

A South Korean driver pushes his truck through flooded street in southern Seoul on July 27, 2011. Heavy rain hit the central part of the Korean peninsula, triggering landslides that killed 18 people. – AFP Photo

Landslides triggered by torrential rain in South Korea have killed a total of 18 people, police and a rescue agency said Wednesday.

They said 12 people died when a mudslide hit an inn and three homes in the mountainous Chuncheon area 100 kilometres (60 miles) east ofSeoul. Five people were killed in a mudslide in southern Seoul and one elsewhere in the city.

Wild weather has battered the peninsula since late Tuesday, causing Read more…

China discloses J-10 fighter jet base to S. Korean defense chief

July 18, 2011 Comments off

yonhapnews

SEOUL, July 17 (Yonhap) — China disclosed a J-10 fighter jet base to the visiting South Korean defense minister last week, a defense official in Seoul said Sunday, a move signaling Beijing’s intent to further strengthen bilateral defense and military exchanges.

South Korean Defense Minister Kim Kwan-jin visited a Chinese air force training base in Changzhou, Jiangsu province, on Saturday, the last day of his three-day visit to China for talks with his Chinese counterpart, Liang Guanglie, the official said.

South Korean Defense Minister Kim Kwan-jin (third from R) visits China’s J-10 fighter jet base in Changzhou, south of Beijing, on July 16. (Yonhap)

During his visit to the base, about 200 kilometers south of Beijing, Kim watched the takeoff and landing of a J-10 jet, a China-developed fighter with an operational radius of 1,250 km, before having lunch with Chinese military officers there.

Liang said during his dinner with Kim on Friday that the J-10 jet base has never Read more…

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China, Russia ties on sound base

June 14, 2011 Comments off

chinadaily

Sino-Russian relations are usually wrapped in high-sounding rhetoric, but they are essentially very pragmatic. For China, Russia is a geopolitical “safe rear” and, in economic terms, a major resource base. For Russia, China is a huge market just across the border and a valuable geopolitical partner. The fundamentals of the relationship are solid and not likely to change in the short or medium term.

When President Hu Jintao visits Russia on Wednesday, he and Russian President Dmitry Medvedev will duly celebrate the 10th anniversary of the Treaty of Good-Neighborliness and Friendly Cooperation between the two countries. But the main expectation this time will be the finalization of the 30-year agreement, under which Russia will supply China with 68 billion cubic meters of gas annually over the next 30 years from 2015.

When finalized, the agreement will strengthen China’s energy security and diversify Russia’s gas exports. Until now, the principal issue between the two countries has been the price of Russian gas for China. Gazprom wanted it to be as close to the lucrative European Read more…

China defends naval actions

June 6, 2011 1 comment

General Liang Guanglie, China’s defence minister, has rejected criticism that his country was acting belligerently in the South China Sea, saying China was pursuing a “peaceful rise”.

“You say our actions do not match our words. I certainly do not agree,” Gen Liang replied to critics at the Shangri-La Dialogue, a high-profile Asia defence forum in Singapore.

Speaking days after Vietnam and the Philippines accused China of aggressive behaviour in the South China Sea, Gen Liang denied that China was threatening security in the strategically important and energy-rich disputed waters, saying “freedom of navigation has never been impeded”.

He was the first Chinese defence minister to participate in the forum, which was attended by Robert Gates, US defence secretary, and other Asian defence ministers. It was Gen Liang’s first big international speech.

Mr Gates expressed “increasing concerns” about China’s recent maritime behaviour. But when asked if Beijing was undermining its “peaceful rise” claim, he replied: Read more…

China denies Gmail hacking accusations

June 2, 2011 Comments off

guardian

Google China's former headquarters in Beijing

Gmail account passwords were stolen by hackers suspected to be based in Jinan, capital of Shandong province. Photograph: Jason Lee/Reuters

China has rejected Google’s accusations that it is behind a wave of high-level hacking attacks and said its critics had “ulterior motives” in trying to blame the government in Beijing.

The rebuttal follows revelations that Chinese hackers have stolen the Gmail login details of hundreds of senior US and South Korean government officials as well as Chinese political activists.

Google has warned the victims of the “phishing” scam and made a public statement about the threat. The US company said it could not say for sure who was responsible, but it traced many of the attacks to Jinan, the capital of Read more…