VinFast secures $1 billion investment from UAE consortium

SEOUL, November 1 (AJP) - Vietnamese electric vehicle maker VinFast has secured a minimum $1 billion investment from UAE investors led by Emirates Driving Company (EDC), sources said Thursday. The non-binding agreement follows VinFast's MOU with EDC on Tuesday for collaboration on EV development and driver training, as the automaker seeks to improve its financial position after reporting a 27 percent increase in quarterly losses to 18.76 trillion dong ($442 million). The comp

November 1, 2024

At least 14 killed in Philippines Muslim rebel group infighting

SEOUL, November 01 (AJP) - At least 14 people were killed when commanders of the Moro Islamic Liberation Front (MILF) clashed in Pagalungan city in southern Philippines' Maguindanao del Sur province on Wednesday, military officials said. Army Lt. Col. Roden Auburn told AP that authorities were working with both faction leaders to identify bodies, while Vice Mayor Abdilla Mamasabulod said up to 19 people may have died in the conflict that erupted over a 2.9-square-kilometer farml

November 1, 2024

Large-scale energy project begins in northern China

SEOUL, November 1 (AJP) - A mega energy project began operations on Thursday, connecting northern China's clean energy resources to economically active regions. The 1,000-kilovolt Zhangbei-Shengli UHV AC project is set to transmit more than 70 billion kilowatt hours of electricity annually, enough to power 19 million households each year, from Xilin Gol League, Inner Mongolia, and Zhangjiakou, Hebei, to Beijing-Tianjin-Hebei, Shandong, and Jiangsu provinces, among others. Thi

November 1, 2024

China's Xi calls for cooperation with Finland in emerging industries

SEOUL, November 1 (AJP) - Chinese President Xi Jinping welcomed Finnish President Alexander Stubb, who is on a state visit to China, early this week. During their talks on Tuesday, Xi invited Finland to engage in China's modernization initiatives and expand cooperation in emerging sectors. Xi emphasized the importance of collaboration in areas like green transformation, information technology, digital economy, artificial intelligence, and new energy, with a view to establishing

November 1, 2024

Korea to hold mega shopping festival next month

SEOUL, November 1 (AJP) - South Korea will kick off its largest nationwide shopping event, Korea Sale Festa, on Nov. 9 for a 22-day run, with a record 2,600 companies participating, the Ministry of Trade, Industry and Energy said Friday. The event includes participation from major retailers like Shinsegae and Lotte, and various online platforms such as SSG.com, Coupang and Naver, all offering additional discounts on products ranging from daily necessities to cultural activities and

November 1, 2024

Tensions escalate for UN peacekeepers in Lebanon as ceasefire efforts continue

SEOUL, November 1 (AJP) - The United Nations Interim Force in Lebanon (UNIFIL) said that there were over 30 incidents in October that resulted in property damage or injuries to its soldiers, amid Israel's calls for peacekeepers to leave their posts. UNIFIL spokesperson Andrea Tenenti said that about 20 of these incidents could be linked to Israeli military actions, with seven confirmed as deliberate, while the source of other incidents remains unclear. Tenenti expressed conce

November 1, 2024

Korean energy giant SK Innovation completes merger with affiliate

SEOUL, November 1 (AJP) - The merged entity of Korea’s top refiner SK Innovation Co. and its affiliate SK E&S officially launched Friday, becoming Asia-Pacific's largest private energy company with assets worth about 105 trillion won ($78.5 billion). The company will retain the SK Innovation name and combines its petrochemical and battery operations with SK E&S's liquefied natural gas and renewable energy businesses. As part of a groupwide restructuring, the

November 1, 2024

North Korea hails 'successful' test launch of new ICBM

SEOUL, November 1 (AJP) - North Korea said Friday it successfully test-fired its new intercontinental ballistic missile (ICBM) the previous day, praising it as an "ultimate" version of its long-range missiles. The missile, dubbed Hwasong-19, reportedly reached an altitude of 7,688 kilometers, traveling approximately 1,000 kilometers for about 86 minutes before landing in its targeted area in the East Sea, according to Pyongyang's state-run Korean Central News Agency (K

November 1, 2024

Japan warns against North Korean military support to Russia

SEOUL, November 1 (AJP) - Japan's Foreign Minister Takeshi Iwaya expressed concern that North Korea's alleged dispatch of troops to support Russia's military operations in Ukraine poses a significant threat to international stability. Speaking at a media briefing in Tokyo on Thursday, Iwaya voiced deep concerns about reports from South Korea, the United States, and Ukraine that Pyongyang has sent military personnel to assist Russian forces. "If North Korea joins

November 1, 2024

Japan imposes tough penalties on dangerous cycling

SEOUL, November 1 (AJP) - Japan toughened regulations on hazardous cycling behavior on Friday, imposing heavy fines and potential imprisonment for cyclists caught using mobile phones or riding under the influence of alcohol. Under the amended traffic law, cyclists caught using phones face up to six months in prison or fines of 100,000 yen ($656). Those caught cycling with breath alcohol levels above 0.15 milligrams per liter could face up to three years in prison or fines of 500,000

November 1, 2024