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[GLOBAL PHOTO] US Secretary of Defense and Lithuania President meet at Palace U.S. Secretary of Defense Jim Mattis, left, speaks with Lithuania's President Dalia Grybauskaite prior to their meeting at the president's palace in Vilnius, Lithuania, Wednesday, May 10, 2017. May 10, 2017
Hyundai Motor Q1 net plunges 21% on weak China sales: Yonhap Hyundai Motor Co., South Korea's biggest carmaker by sales, on Wednesday posted a 21 percent drop in first-quarter net profit due to weak sales in China and emerging markets. For the three months that ended March 31, the company's net stood at 1.4 trillion won (1.3 billion US dollars) from 1.77 trillion won a year earlier, the company said in a regulatory filing. "Sharp sales declines in China and some Asian and Middle Eastern markets had an impact on the qu April 26, 2017
Pension fund accepts controversial rescue package for ailing Daewoo shipyard South Korea's ailing Daewoo shipyard will be able to keep alive with extra loans after the state pension fund agreed on a debt-for-equity swap despite concerns about worsening profitability and mismanagement. In a statement issued shortly after midnight Sunday, the National Pension Service (NPS) cited the "interests" of subscribers as a top priority in accepting a fresh rescue package for Daewoo Shipbuilding & Marine Engineeri April 17, 2017
S. Korea nuclear power industry faces tough challenge after election South Korea's nuclear power industry faces a tough challenge this year as two strong presidential candidates side with environmental activists supporting a fast policy shift from fossil fuels to renewable energy sources such as solar and wind power generators. Two state-run firms -- Korea Electric Power Corp. (KEPCO) and Korea Hydro and Nuclear Power Co. (KHNP) -- has become the subject of debate in the run-up to South Korea's presidential election on May 9. KEPCO prod April 12, 2017
Nuclear reactor shut down manually due to coolant problem A nuclear reactor at South Korea's largest nuclear power complex near the southern port city of Busan was shut down manually Tuesday due to a coolant problem, operators said, reporting no radiation leaks. The reactor in the Gori complex stopped due to an abnormal rise in the level of coolant at a collection tank, Korea Hydro and Nuclear Power Co. (KHNP) said, adding it was carrying a close examination to find the exact cause. South Korea, which has almost no reserve March 28, 2017
State-controlled lenders propose $5.99 bln new bailout for Daewoo shipyard South Korea's state-controlled banks proposed a fresh rescue package worth 5.99 billion US dollars Thursday to keep an ailing shipyard afloat despite criticism that they are wasting taxpayers' money. The 6.7 trillion won package mapped out by the Korea Development Bank (KDB) and Export-Import Bank of Korea included 2.9 trillion won in new loans to Daewoo Shipbuilding & Marine Engineering. Some 3.8 trillion won of debt will be rescheduled or swapped for new March 23, 2017
Hanwha consortium wins major solar power project in Turkey A consortium led by Hanwha Q Cells, a subsidiary of South Korea's Hanwha Group, has won a major project to build the biggest solar power plant in Turkey. The consortium involving Hanwha Q Cells and its Turkish partner Kalyon consortium will build the one-gigawatt plant in the Konya province, the South Korean company said. Terms of the deal were not disclosed, but news reports said it would be worth some 1.3 billion US dollars. It will be the biggest solar p March 22, 2017
Taxpayers under pressure again to bear burden of bailing out Daewoo shipyard South Korean taxpayers are required again to bear the burden of spending their money on keeping a troubled shipyard afloat under a fresh bailout led by state-controlled banks which have already injected a huge amount of liquidity at the expense of their red balance sheet. Financial officials believe there is no other option to rescue Daewoo Shipbuilding & Marine Engineering with fresh loans, citing an aggravated liquidity crisis caused by dwindling o March 16, 2017
Creditors consider $2.6 bln cash injection into Daewoo shipyard: Yonhap Creditors of Daewoo Shipbuilding & Marine Engineering Co. are looking at an option to map out another rescue package worth up to 3 trillion won (2.6 billion US dollars) for the cash-strapped shipbuilder, as the company is feared to face a deepening liquidity shortage amid a plunge in new orders, industry sources said Wednesday. In late 2015, the creditors, led by the state-run Korea Development Bank, announced a rescue package worth 4.2 trillion won, a March 15, 2017
Researchers build new lab for eco-friendly community based on energy from human excrement A perspective drawing of UNIST's experimental living lab. Buoyed by the successful operation of its waterless loo, a research team at a prominent South Korean science school will build an experimental living lab that would use energy from human excrement in actual life. The "Science Walden" lab will be erected on the campus of the Ulsan National Institute of Science and Technology (UNIST) in the southeastern industry city of Ulsan. It will have three livin March 9, 2017