North Korea fires two ballistic missiles, flew 250 km: Seoul
Seoul: Pyongyang fired two ballistic missiles on Wednesday, Seoul said, days after a similar launch that the nuclear-armed North described as a warning to the South over planned joint military drills with the United States.
The two devices were fired from the Wonsan area on the east coast at dawn and flew around 250 kilometres (155 miles), said South Korea's Joint Chiefs of Staff.
"We stress a series of missile launches do not help ease tensions in the Korean Peninsula and urge the North to refrain from such acts," they said in a statement.
The North is banned from ballistic missile launches under UN Security Council resolutions but it was the second such firing in less than a week, despite a meeting between leader Kim Jong Un and US President Donald Trump last month.
Pyongyang and Washington are engaged in a long-running diplomatic process over the North's nuclear and missile programmes that has seen three high-profile encounters between their leaders in the space of a year.
They agreed to resume talks during their impromptu June encounter in the Demilitarized Zone that divides the peninsula, but that working-level dialogue has yet to begin.
Pyongyang has warned the negotiations could be derailed by Washington and Seoul's refusal to scrap the annual manoeuvres between their forces.
The North has defied years of isolation and sanctions to develop its arsenal and has not given up any of its weapons, while proving itself adept at dragging out discussions.
US Secretary of State Mike Pompeo told reporters that the talks were taking "a little bit longer" than expected to start.
There was no immediate comment from Pyongyang on the latest launch, but Harry Kazianis of the Center for the National Interest in Washington said it was a warning to the two security allies to stop the exercises "or we will continue to show off our own offensive military capabilities and raise tensions to a slow boil over time".
The North will carry out more launches before the drills begin next week and again afterwards, he predicted. "The only question is: would the Kim regime dare test an ICBM, or a long-range missile, that could hit the US homeland?"
Pyongyang said last Thursday's launches were of newly designed "tactical guided weapons" that were a "solemn warning to the South Korean warmongers" over the planned military drills with the US.
Washington stations nearly 30,000 troops in the South to defend it from its neighbour, which invaded in 1950.
The devices were widely described as ballistic missiles, including by the US-South Korean Combined Forces Command and the government in Seoul.
But Trump -- who has repeatedly touted his relationship with Kim, whose regime is widely accused of human rights abuses -- brushed off the North's bellicose language, saying it was warning Seoul rather than Washington.
"He didn't send a warning to the United States," Trump said. "They have their disputes, the two of them have their disputes." The Korea Times condemned what it called the US president's "willful ignorance" in an editorial Tuesday, before the latest launches.
Trump "gives the impression that he doesn't mind its missile launches as long as they are short-range, and not threatening the US", it said.
"Such a way of thinking is frustrating -- and dangerous," it added. "Most of all, he can give the wrong signal to the North that the US will not step in as long as it does not target the US mainland. What about US allies in Asia?"
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Iran unrest hits basmati rice exports, prices fall sharply as payment delays mount: Industry body
New Delhi (PTI): Civil unrest in Iran has started impacting India's basmati rice exports to the country, leading to a sharp fall in domestic prices, as exporters face payment delays and mounting uncertainties, an industry body said on Tuesday.
The Indian Rice Exporters Federation (IREF) urged exporters to reassess risks on Iranian contracts and adopt secured payment mechanisms, warning against over-leveraging inventories meant for the Iranian market.
India exported USD 468.10 million worth of basmati rice to Iran during April-November of 2025-26 fiscal, totalling 5.99 lakh tonnes, trade data showed.
Iran is India's top basmati rice export destination, but the current financial year has seen growing stress on order flows, payment cycles, and shipment schedules due to the prevailing instability.
The impact is now clearly visible in domestic mandis. Over the past week alone, prices of key basmati varieties have registered a steep decline, reflecting buyer hesitation, delayed contracts and heightened risk perception among exporters.
The domestic price of basmati rice variety 1121 has come down to Rs 80 per kg from Rs 85 per kg last week, while varieties 1509 and 1718 declined to Rs 65 per kg from Rs 70 per kg.
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"Iran has historically been a pillar market for Indian basmati. However, the current internal turmoil has disrupted trade channels, slowed payments and dented buyer confidence," IREF National President Prem Garg said in a statement.
He said exporters must exercise heightened caution, particularly with respect to credit exposure and shipment timelines.
Importers have conveyed their inability to honour existing commitments and remit payments to India, creating uncertainty for exporters, the federation said.
IREF has issued an advisory and appealed to stakeholders to diversify into alternative markets across West Asia, Africa and Europe to cushion any prolonged slowdown in Iran-bound shipments.
"We are not sounding an alarm, but urging prudence. In periods of geopolitical and internal instability, trade is often the first casualty. A calibrated approach is essential to protect both exporters and farmers," Garg noted.
US Tariff Concerns
The federation also addressed concerns over the recent remarks by US President Donald Trump, indicating that countries continuing trade with Iran may face a 25 per cent tariff.
IREF clarified that Indian rice exports to the US are already subject to a 50 per cent tariff, up from 10 per cent earlier.
Despite this, Indian rice exports to the US have remained resilient. India exported 2,40,518 tonnes of Basmati and non-Basmati rice to the US during April-November 2025-26, compared to 2,35,554 tonnes in the entire 2024-25 fiscal.
The US is the 10th largest market for Indian rice globally and the fourth largest for Basmat rice.
"There is limited clarity on whether the proposed 25 per cent tariff would be levied over and above the existing 50 per cent duty," the federation noted, adding that it does not foresee a significant decline in exports even if tariffs rise further, given the unique position of Indian Basmati in global markets.
However, IREF expressed greater concern over developments in Iran, where disruptions in local markets have affected trade settlements. Importers have conveyed their inability to honour commitments and remit payments to India, creating heightened uncertainty.
While similar crises have occurred in the past, the trajectory of the current situation remains unclear and is expected to cause further disturbances in prices, liquidity, and trade sentiment in the weeks ahead, the federation added.
