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KEPCO mulling solar power business in Jordan

IndustryJun 16, 2016

Korea Electric Power Corp., South Korea's state-run power utility firm, is considering a solar energy business in Jordan, a source said Thursday, as part of its efforts to tap into a new growth engine.KEPCO officials met with their Jordanian counterparts in Amman earlier this month, the source said, without elaborating.Separately, KEPCO has formed a consortium with GS Engineering & Construction Co., a major South Korean construction firm, and Hanwha Q Cells Co., the world's leading solar cell ma
Hyundai to recall 62,319 Tucson SUVs for hood lock problems

TransportJun 16, 2016

Hyundai Motor Co., South Korea's largest carmaker, will recall 62,319 units of its Tucson sports utility vehicle for problems with its hood lock system, the transport ministry said Thursday.The model's secondary hood latch remains in the wrong position when the hood is closed, and, as a result, the hood may unexpectedly open while driving, according to the Ministry of Land, Infrastructure and Transport.The problem has been detected in 62,319 Tucson SUVs produced between March 15, 2015, and March
Navy kicks off exercise to defend western sea border

DefenseJun 16, 2016

The South Korean Navy on Thursday kicked off a three-day maritime exercise to defend the western sea border from possible North Korean provocations, the military said.The exercise will be conducted in a bid to deter North Korean patrol vessels from crossing the western maritime border, widely known as the Northern Limit Line, it said. The two Koreas fought several bloody sea battles along the NLL in 1999, 2002 and 2009.Pyongyang does not acknowledge the de facto demarcation line drawn unilateral
Korean Olympic body keeps Rio ban on swimmer Park Tae-hwan

Olympic GamesJun 16, 2016

The top national sports body decided Thursday to keep its Summer Games ban on swimmer Park Tae-hwan, dealing what may be the final blow to his fading Olympic hopes.In a board of directors meeting, the Korean Olympic Committee said it wouldn't amend its rule blocking Park from competing in this year's Rio de Janeiro Summer Games because of his doping history.The KOC bans athletes who've served doping suspensions from representing the country for three years, starting on the day that their suspens
Samsung dominates global AMOLED market: data

IndustryJun 16, 2016

Samsung Display Co., an affiliate of tech giant Samsung Electronics Co., dominated the global small and mid-size active mode organic light-emitting diode display market in the first quarter of the year, industry data showed Thursday.The South Korean panel cemented its supremacy with a 30.6 percent presence in terms of sales, followed by Japan Display Co. with a 17.1 percent share and LG Display Co. of South Korea with 12.9 percent during the January-March period, according to the data by market
Park to host luncheon to acknowledge national honorees

PoliticsJun 16, 2016

President Park Geun-hye will host a luncheon to honor those that have sacrificed in service to the country and contributed to South Korea's wellbeing and development, her office Cheong Wa Dae said.President Park arrives at the luncheon to honor those that have sacrificed in service to the country. (Yonhap)Some 250 national honorees and their families have been invited to the presidential office in Seoul, it said. Those being recognized include people who fought in the country's military in time
Seoul to introduce tighter FX liquidity guidelines in 2017

Jun 16, 2016

South Korea said Thursday that it will apply tighter liquidity regulations on foreign exchange reserves to its banking operations starting next year to strengthen the liquidity positions of local financial institutions.The Ministry of Strategy and Finance said that it will introduce the foreign exchange liquidity coverage ratio to the South Korean banking industry from 2017, with other minor liquidity regulations abolished. Ministry of Strategy and Finance in Sejong City (Yonhap)The LCR is one o
Trump says he would accept N. Korean leader to U.S. for negotiations

North KoreaJun 16, 2016

Republican presidential candidate Donald Trump said Wednesday he would "accept" North Korean leader Kim Jong-un to the United States and hold nuclear negotiations with him while eating hamburgers, according to news reports."If he came here, I'd accept him," Trump said during campaigning in Atlanta, reaffirming his willingness to meet with the North's leader, according to reports. "Who the hell cares? I'll talk to anybody."Trump first expressed his willingness to meet with Kim in an interview las
Senate defense budget bill fails to include amendment calling for THAAD deployment in S. Korea

DefenseJun 16, 2016

The recently approved Senate defense budget bill for next year has failed to include a proposed amendment calling for deployment of the U.S. THAAD missile defense system in South Korea, a congressional source said Wednesday.The Senate passed the National Defense Authorization Act for Fiscal Year 2017 in a 85-13 vote Tuesday, authorizing $602 billion in defense spending. The legislation will later be combined with a House version before being sent to President Barack Obama.Late last month, Sen. C
S. Korea, France agree to jointly consider additional sanctions on N. Korea

North KoreaJun 16, 2016

South Korea and France agreed Wednesday to jointly consider additional sanctions on North Korea while increasing military exchanges and defense technology cooperation between the two countries, officials said.South Korean Defense Minister Han Min-koo and his French counterpart, Jean-Yves Le Drian, reached the agreement during talks in Paris, sharing a view that nuclear and missile threats from the communist nation are serious, officials said.The two sides will use their regular defense informati
Korea says its FTA with Colombia to enter into force next month

Jun 16, 2016

South Korea said Wednesday that its free trade agreement with Colombia will take effect next month, a move expected to further boost bilateral trade.Colombia informed South Korea earlier in the day that it has completed the ratification process of the deal clinched in 2013, the Ministry of Trade, Industry and Energy said, adding that the deal is set to go into effect on July 15.Trade volume between the two countries stood at $2.1 billion in 2014, up 36 percent from a year earlier.The sides are s
THAAD was not issue during S. Korea-Russia talks: official

DefenseJun 16, 2016

The top diplomats of South Korea and Russia barely discussed the controversial issue of deploying an advanced U.S. missile defense system on Korean soil during their talks earlier this week, a Seoul official said.The senior official told South Korean reporters during a luncheon in St. Petersburg on Tuesday that the topic of the Terminal High Altitude Area Defense system was raised in the meeting between South Korean Foreign Minister Yun Byung-se and his Russian counterpart, Sergey Lavrov, but on
N. Korea vows to bolster nuclear deterrent to cope with U.S. threat

North KoreaJun 16, 2016

North Korea threatened Wednesday to strengthen its nuclear deterrent as it accused the United States of plotting a preemptive strike against Pyongyang."We will further bolster up in quality and quantity the nuclear deterrence for self-defense in face of the U.S. reckless war moves," an unidentified spokesman of North Korea's Foreign Ministry said in English-language comments carried by the North's official Korean Central News Agency.He also warned that North Korea will "foil any slightest milita
Taxi-driving, most coveted job in N.K.:RFA

North KoreaJun 15, 2016

North Koreans are paying bribes to become taxi drivers, Washington-based Radio Free Asia said Monday.RFA reported that driving taxi is one of the most sought-after jobs now in the reclusive regime pinched under global financial sanctions, as the job brings in foreign currency and provides privileged working condition.The media quoted a North Korean informant who was available for an interview during a brief trip to China, that taxi passengers in North Korea often pay in U.S. dollars or Chinese y
Watchdog finds 1.5 tln in accounting fraud in Daewoo Shipbuilding

IndustryJun 15, 2016

South Korea's state audit agency said Wednesday it has detected accounting fraud worth 1.5 trillion won ($1.27 billion) at Daewoo Shipbuilding & Marine Engineering Co., adding that its main creditor also failed to provide appropriate surveillance and management of the firm.South Korea's Board of Audit and Inspection said Daewoo Shipbuilding's management also carried out business projects without legitimate procedures, which caused its financial losses to snowball. The shipbuilder posted an opera