South Korea police impose foreign travel ban on ex-PM Han and ex-finance minister Choi

SEOUL (Reuters) -South Korean police have imposed a ban on foreign travel for former Prime Minister Han Duck-soo and ex-finance minister Choi Sang-mok as part of an investigation into alleged insurrection, a police official said on Tuesday.

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• Yahoo

South Korea industry ministry flags concerns over US strike on Iran

SEOUL (Reuters) -A South Korean vice industry minister expressed concern on Monday over the potential impact on the country's trade from recent U.S. strikes on Iran. "As the Middle East situation enters a new phase due to the U.S. airstrike on Iran's nuclear facilities, there are concerns about the impact on our exports and imports," first vice industry minister Moon Shin-hak said at a meeting to monitor monthly exports, according to the ministry. South Korea is Asia's fourth-largest economy and depends heavily on exports. Officials on Sunday held an emergency security meeting to assess the potential economic impact of the U.S. military action. Seoul has deepened its reliance on crude oil imports from the Middle East, which accounted for 72% of total imports in 2023. Oil prices jumped on Monday to their highest since January and market participants are bracing for further price gains amid fears that an Iranian retaliation may include a closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows. South Korean President Lee Jae Myung will not attend the NATO summit this week, citing uncertainties caused by the Middle East situation, his office said earlier. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

CNN

2 hours ago

• CNN

Recovered Bayesian superyacht transferred to Sicilian port after being raised from seabed

A British-flagged luxury superyacht that sank off Sicily last year, killing UK tech magnate Mike Lynch and six others, completed its final trip to the Sicilian port of Termini Imerese Sunday, a day after recovery crews finalized the complex operation to lift it out of the water. The white top and blue hull of the 56-meter (184-foot) Bayesian, covered with algae and mud, was kept elevated by the yellow floating crane barge off the port of Porticello, before being transferred to Termini Imerese, where it docked in the early afternoon. On Monday, the delicate recovery operation will be concluded, as the vessel will be transported to shore and settled in a specially built steel cradle. Then it will be made available for investigators for further examinations to help determine the cause of the sinking. The Bayesian sank Aug. 19 off Porticello, near Palermo, during a violent storm as Lynch was treating friends to a cruise to celebrate his acquittal two months earlier in the US on fraud charges. Lynch, his daughter and five others died. Fifteen people survived, including the captain and all crew members except the chef. Italian authorities are conducting a full criminal investigation. The vessel was slowly raised from the seabed 50 meters (165 feet) deep over three days to allow the steel lifting straps, slings and harnesses to be secured under the keel. The Bayesian is missing its 72-meter (236-foot) mast, which was cut off and left on the seabed for future removal. The mast had to be detached to allow the hull to be brought to a nearly upright position that would allow the craft to be raised. British investigators said in an interim report issued last month that the yacht was knocked over by 'extreme wind' and couldn't recover. The report said the crew of the Bayesian had chosen the site where it sank as shelter from forecast thunderstorms. Wind speeds exceeded 70 knots (81 mph) at the time of the sinking and 'violently' knocked the vessel over to a 90-degree angle in under 15 seconds.

Bloomberg

2 hours ago

• Bloomberg

China 'Strongly' Condemns US Strike on Iran's Nuclear Program

China has criticized the US strike on Iranian nuclear facilities and reiterated that it's willing to join international efforts to restore peace in the Middle East. Bloomberg's Minmin Low reports on the latest. (Source: Bloomberg)