Young Poong calls for extraordinary shareholders' meeting amid Korea Zinc control battle

SEOUL, October 28 (AJP) - Young Poong, the largest shareholder of Korea Zinc, and MBK Partners requested on Monday to hold an extraordinary shareholders' meeting amid a battle for management control over the world's largest zinc smelter. The two companies said they sent a document to the Korea Zinc board calling for the meeting to discuss the appointment of 12 outside directors and two non-executive directors, as well as the introduction of a new management system. Earlie

October 28, 2024

Trade between Saudi Arabia and UAE surges to $30 billion as economic ties deepen

SEOUL, October 28 (AJP) - Saudi Arabia and the UAE have strengthened economic ties, with trade between the two nations increasing by 25 percent since 2019, reaching SR113 billion ($30 billion) by the end of 2023. At the third Saudi-Emirati Economic Forum in Riyadh, Saudi Arabia's Minister of Economy and Planning, Faisal Al-Ibrahim, reported a 15 percent growth in direct UAE investments in Saudi Arabia, totaling SR111 billion in 2023. UAE Minister of Economy Abdullah Al-Marri

October 28, 2024

North Korea renews drone accusations against Seoul

SEOUL, October 28 (AJP) - North Korea reiterated its accusations against South Korea on Monday, claiming that the South had infiltrated its airspace with a drone incursion. According to Pyongyang's state-run Korean Central News Agency (KCNA), North Korean military found that the drone carrying propaganda leaflets, which crashed in Pyongyang earlier this month, took off from South Korea's westernmost island of Baeknyeong Island. It said its assessment came after analyzing the

October 28, 2024

Korea, US, Japan to cooperate for India digital infrastructure

SEOUL, October 28 (AJP) - The U.S. International Development Finance Corporation (DFC) has embarked on an initiative to enhance cooperation in India's digital infrastructure sector with the Export-Import Bank of Korea (Korea Eximbank) and the Japan Bank for International Cooperation (JBIC). The three entities signed the Digital Infrastructure Growth Initiative for India Framework (DiGi Framework), the Korea Eximbank announced on Sunday. Through this joint initiative, the thr

October 28, 2024

Indonesia's forest under threat from biomass export push to Korea, Japan

SEOUL, October 28 (AJP) - Indonesia is accelerating deforestation of its pristine forests to produce biomass fuel, primarily wood pellets, for export to South Korea and Japan, raising environmental concerns over the impact on wildlife habitats, AP reported on Friday. Environmental group Auriga Nusantara revealed that over 14,000 square kilometers have been licensed for biomass production, with 97.4 square kilometers already cleared -- much of which serves as critical habitat for end

October 28, 2024

Storm Trami forces Vietnam to close airports, Philippines death toll hits 130

SEOUL, October 28 (AJP) - Viet Nam shuttered four major airports and halted maritime traffic as tropical storm Trami made landfall in the central region on Monday, with forecasts predicting up to 700mm of rainfall in Quang Binh and Quang Nam provinces. The Civil Aviation Authority closed airports in popular tourist destinations including Da Nang International Airport, Phu Bai, Dong Hoi, and Chu Lai, while authorities evacuated residents from low-lying areas and suspended tourism act

October 28, 2024

Japan's Onagawa nuclear reactor resumes operation after 13-year hiatus

SEOUL, October 28 (AJP) - Japan's Tohoku Electric Power is set to restart its Onagawa No. 2 nuclear reactor on Tuesday, marking the first reactor reactivation in eastern Japan since the devastating 2011 earthquake and tsunami that triggered the Fukushima nuclear disaster. The utility company invested about 570 billion yen ($3.7 billion) in safety enhancements, including raising seawalls to 29 meters and reinforcing earthquake resistance measures. The boiling water reactor, wh

October 28, 2024

Korea Zinc, Bain acquire 11.26% of company shares amid battle over control

SEOUL, October 28 (AJP) - Korea Zinc and U.S. investment firm Bain Capital have acquired a combined 11.26 percent of company shares through a tender offer in a battle over control of the world's largest smelter. In a regulatory filing Monday, Korea Zinc announced that it had secured 9.85 percent through a buyback program that closed on Wednesday, while Bain Capital acquired 1.41 percent. Korea Zinc Chairman Choi Yun-beom and Bain Capital aimed to acquire up to 17.5 percent an

October 28, 2024

Hong Kong delegation to visit Saudi Arabia to enhance financial cooperation

SEOUL, October 28 (AJP) - Paul Chan, the financial secretary of the Hong Kong Special Administrative Region (HKSAR), will lead a delegation from the financial, innovation, and technology sectors to Saudi Arabia on Monday. Analysts believe this visit will strengthen cooperation between the HKSAR and the Middle East across various areas, reinforcing Hong Kong's role as a global financial and commercial hub. The delegation includes over 110 members, consisting of leaders or repr

October 28, 2024

China's industrial profits exceed 5 trillion yuan in first three quarters  

SEOUL, October 28 (AJP) - Major industrial enterprises in China posted combined profits of 5.23 trillion yuan (735.41 billion U.S. dollars) from January to September, marking a 3.5 percent decrease compared to the same period last year, according to the National Bureau of Statistics (NBS) on Sunday. Sectors driven by high-tech manufacturing have seen rapid growth, demonstrating resilience in the industrial economy, noted NBS statistician Yu Weining. Several factors have influence

October 28, 2024