S. Korea ordered to pay Lone Star $216.5m in investor-state suit

  An international tribunal ordered South Korea to pay the US private equity firm Lone Star Funds $216.5 million, officials said Wednesday, bringing an end to a decadelong legal battle surrounding its sell-off of a local bank. The Washington, DC-based International Centre for Settlement of Investment Disputes (ICSID) delivered the verdict in the investor-state dispute settlement suit that Lone Star filed in 2012 to demand $4.68 billion in compensation from South Korea's government, accordin

Aug. 31, 2022

National security advisers of S. Korea, US, Japan to meet in Hawaii

The national security advisers of South Korea, the United States and Japan will meet in Hawaii this week to discuss North Korea's nuclear program and other areas of cooperation, the presidential office said Wednesday. National Security Adviser Kim Sung-han will meet with his US and Japanese counterparts, Jake Sullivan and Takeo Akiba, respectively, on Wednesday and Thursday in the first such meeting since the launch of the Yoon Suk-yeol administration in May. The three will have "in-de

Aug. 31, 2022

S. Korean, Polish leaders agree to boost cooperation in nuclear power, defense industries

South Korean President Yoon Suk-yeol held a phone conversation with Polish Prime Minister Mateusz Morawiecki on Tuesday, and discussed ways to develop the bilateral ties between the two countries and strengthen their cooperation in defense and nuclear power industries, the presidential office said. The two leaders recognized the two countries have been actively cooperating in economic security areas, particularly in energy, energy infrastructure and defense sectors. In particular, they agreed t

Aug. 30, 2022

Foreign Ministry, KOICA to launch Seoul ODA International Conference

South Korean Ministry of Foreign Affairs and Korea International Cooperation Agency will hold the 15th Seoul ODA International Conference on Thursday to discuss the expansion of global development partnership. Held under the theme of “Expanding Horizons for Global Development Partnership,” this year‘s conference will address various aspects of ODA amid rising challenges ranging from the COVID-19 pandemic and climate change to increasing regional conflicts. The conference will

Aug. 30, 2022

Seoul, Washington to hold formal talks on impact of US IRA: ambassador

As South Korea scrambles to respond to the potential impact of the US Inflation Reduction Act to Korean industries, Seoul agreed to hold formal talks with Washington over the issue. South Korean Ambassador to the United States Cho Tae-yong said Monday (US time) the government has delivered strong concerns to the US that the IRA, which excludes electric vehicles built outside of North America from tax benefits, brings "unfair treatment" to Korean electric vehicle makers. "We stres

Aug. 30, 2022

S. Korea, US agree to launch formal talks on US Inflation Reduction Act: Amb. Cho

WASHINGTON -- The US government has agreed to launch formal talks with South Korea on ways to minimize the adverse effects of the recently enacted Inflation Reduction Act (IRA) on South Korean electric vehicles, Seoul's ambassador to the US said Monday. Amb. Cho Tae-yong also said the US understands the reasons behind South Korea's concerns and that they are justified. "We have especially stressed that the discriminative measures against electric vehicles from South Korea, an ally

Aug. 30, 2022

Korea, Mongolia to strengthen strategic partnership, cooperate on rare earth supply

South Korea and Mongolia vowed to join efforts for peace in the region and agreed to bolster their strategic partnership in their first bilateral foreign ministers’ meeting held in eight years in Ulaanbaatar on Monday. 　 South Korean Foreign Minister Park Jin met with his Mongolian counterpart, Batmunkh Battsetseg, to agree on establishing a joint center on rare earth metals, aimed at boosting their bilateral ties in regards to economic security field. They also discussed on a range of i

Aug. 29, 2022

Korean delegation travels to Washington to negotiate US IRA

The South Korean government is sending a delegation of negotiators to Washington to discuss the US Inflation Reduction Act, which excludes electric vehicles built outside of North America from tax benefits, Seoul’s Foreign Ministry said Monday. The move comes as the US inflation law signed last week sparked concerns among EV makers, as it would get rid of tax subsidies given to EVs assembled in Korea. The act, signed into law by US President Joe Biden last week, also requires the batteri

Aug. 29, 2022

Youths of Korea, ASEAN, US discuss peace, prosperity of Indo-Pacific region at camp

South Korea’s Foreign Ministry and the Asia Exchange Association launched a youth exchange program to bring together young people of Korea, the United States and countries of the Association of Southeast Asian Nations to discuss peace and prosperity of the Indo-Pacific region. According to the ministry, it held the opening ceremony of the Youth Camp for ASEAN and Friends’ Engagement (YCAFE) inviting 43 students of different nationalities, kicking off the five-day camp program in S

Aug. 29, 2022

Top US diplomat for East Asia policy discusses denuclearization, trade with Seoul officials

The top US diplomat for East Asia policy and South Korean officials, including Seoul’s chief nuclear envoy, reaffirmed the allies’ commitment to the denuclearization of North Korea in meetings held in Seoul. The two sides also discussed a wide range of topics, including trade issues, during the US diplomat’s three-day trip. Daniel Kritenbrink, the assistant secretary of state for East Asian and Pacific affairs of the US Department of State, reaffirmed the commitment on den

Aug. 28, 2022

S. Korea's foreign minister arrives in Mongolia on trip to deepen bilateral ties

ULAANBAATAR/SEOUL -- South Korean Foreign Minister Park Jin arrived in Mongolia on Sunday for talks with his Mongolian counterpart on bilateral relations, and regional and global issues. His trip -- the first visit to Mongolia by a South Korean foreign minister on a bilateral basis since 2014 -- comes as the country has recently gained keen attention for its rich resources amid international efforts to secure global supply chains. Shortly after arriving in Ulaanbaatar, Park visited a commemorati

Aug. 28, 2022

Senior S. Korean, U.S. diplomats discuss N. Korea, reaffirm commitment to denuclearization

The top U.S. diplomat for East Asia policy met in Seoul with South Korea's chief nuclear envoy Saturday for discussions on a range of pending issues, including North Korea, the foreign ministry said. Daniel Kritenbrink, the assistant secretary of state for East Asian and Pacific affairs, held the talks with Kim Gunn, special representative for Korean Peninsula peace and security affairs, and reaffirmed their commitment toward the denuclearization of North Korea. Kritenbrink also reaffirmed Wa

Aug. 27, 2022

[Newsmaker] 'The cultural front': Ukraine theatre goes underground

Mykolaiv -- It's an opening night like no other at Mykolaiv's theatre, with the audience ushered down into an underground shelter this week for the first performance since war broke out. "We need this place to fight on the cultural front too," says artistic director Artiom Svytsoun. The tiny underground stage and the minimalist set provide "a form of 'art therapy'" for the people who have stayed in Mykolaiv and need something other than the grinding fear of war. Welcoming aud

Aug. 26, 2022

Yoon expected to meet Biden next month at UN General Assembly

President Yoon Suk-yeol is expected to meet with US President Joe Biden next month in New York on the occasion of 77th session of the United Nations General Assembly. The White House said on Thursday (local time) that Biden plans to visit New York for three days from Sept. 18 to attend the UN General Assembly. He is expected to attend the conference during Sept. 19-20 and meet with leaders of the major nations. As President Yoon is also expected to attend the UN General Assembly for the fir

Aug. 26, 2022

Senior US official on East Asia policy arrives in Seoul

A senior US State Department official in charge of East Asia policy arrived in South Korea Thursday for consultations on North Korea and pending alliance issues. The three-day visit to Seoul by Daniel Kritenbrink, assistant secretary for East Asian and Pacific affairs, is the second and final leg of his six-day regional trip that also took him to Mongolia. On Friday, Kritenbrink plans to meet with Deputy Foreign Minister for Political Affairs Yeo Seung-bae and pay a courtesy call on Foreign M

Aug. 25, 2022

Korea wins masssive nuclear power project in Egypt

South Korea’s state-run nuclear power company Korea Hydro & Nuclear Power won a project to build a nuclear power plant in Egypt, the presidential office confirmed on Thursday. Korea Hydro & Nuclear Power signed a contract with Russian nuclear technology company Atomstroyexport, or ASE, over the field of nuclear power plant equipment and turbine construction of the El Dabaa Nuclear Power Plant in Cairo on Thursday at 11:00 a.m. (local time). The El Dabaa Nuclear Power Plant is

Aug. 25, 2022

[Newsmaker] Biden forgives millions of student loans; critics fear inflation

WASHINGTON- President Joe Biden said on Wednesday the US government will forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in the 2020 campaign for the WhiteHouse. The move could boost support for his fellow Democrats in the November congressional elections, but some economists said it may fuel inflation, and some Republicans in the US Congress questioned whether the president had the legal authority to cancel the debt. Debt forgivene

Aug. 25, 2022

US continues to coordinate efforts to denuclearize N. Korea with allies: State Dept.

WASHINGTON -- The United States remains committed to coordinating efforts with its allies to denuclearize the Korean Peninsula, a state department spokesperson said Wednesday. Vedant Patel, principal deputy spokesperson for the department, also reaffirmed US commitment to the defense of South Korea and Japan. "The United States remains focused on coordinating closely with our allies and partners to address the threats posed by the DPRK which includes advancing our shared objective of the co

Aug. 25, 2022

Seoul, Beijing celebrate 30th year of diplomatic ties

South Korea and China marked the 30th anniversary of diplomatic ties on Wednesday, holding separate celebratory events in their respective capitals. In the wake of the COVID-19 pandemic, the two countries could not hold a joint celebration, but they ran the events simultaneously, with their respective foreign ministers taking part as principal guests in the events, according to Seoul’s Foreign Ministry. During the events, South Korean Foreign Minister Park Jin and his Chinese counterpa

Aug. 24, 2022

[Hwang’s China and the World] 30 years of Korea-China diplomatic relations: More gains than losses

Wednesday marks the 30th anniversary of the establishment of diplomatic relations between Korea and China. Both Seoul and Beijing opened a new era by establishing a good, neighborly friendship based on the principle of reciprocal equality and peaceful coexistence and by signing a joint statement supporting “One China” and “Peaceful Unification of the Korean Peninsula” in Beijing. The establishment of Korea-China diplomatic relations was meaningful in terms of history an

Aug. 24, 2022