North Korea‘s top diplomat has claimed that economic sanctions could hinder development goals as he accused the United States of harboring a hostile policy against the communist country.Foreign Minister Ri Su-yong said in a U.N. summit Sunday that the adoption of the sustainable development agenda at the U.N. is a meaningful event, but he warned that development goals “will not be attained” if economic sanctions imposed on some countries are left intact.　On Friday, member states of the U.N. adop

North Korea Sept. 28, 2015

Royal Dutch Shell will cease exploration in Arctic waters off Alaska‘s coast following disappointing results from an exploratory well backed by billions in investment and years of work. 　The announcement was a huge blow to Shell, which was counting on offshore drilling in Alaska to help it drive future revenue. Environmentalists, however, had tried repeatedly to block the project and welcomed the news.　 　Shell has spent upward of $7 billion on Arctic offshore exploration, including $2.1 billion

World Business Sept. 28, 2015

A Chinese envoy has urged more Chinese companies to make inroads into the North Korean market, while calling for deepening economic and trade ties with North Korea. 　Li Jinjun, China‘s ambassador to North Korea, made the remarks on Thursday as he visited an annual trade fair in Pyongyang, in which about 110 Chinese firms took part, according to the Chinese Embassy in the North on Monday. 　Li urged the Chinese companies to “better understand and enter into the North Korean market.” 　The Chinese a

North Korea Sept. 28, 2015

Heads of the ruling and major opposition parties in South Korea said Monday that they made some headway in their negotiations on election rules and other details ahead of next year‘s general election.　Earlier in the day, Kim Moo-sung, chairman of the ruling Saenuri Party, and Moon Jae-in, head of the opposition New Politics Alliance for Democracy (NPAD), held a meeting in the southeastern port city of Busan and announced a series of agreements related to election rules before the general electio

Politics Sept. 28, 2015

Nigerian President Muhammadu Buhari has vowed to make efforts to quickly resolve the issue of double taxation avoidance with South Korea.　South Korea and Nigeria signed a double taxation avoidance agreement in 2006 to help boost two-way investment and trade, though the West African country has yet to complete its domestic procedures.　Buhari made the pledge during summit talks with South Korean President Park Geun-hye on Sunday on the sidelines of the U.N. General Assembly in New York, according

Foreign Affairs Sept. 28, 2015

Pakistani Prime Minister Nawaz Sharif has said he is willing to set up an industrial complex exclusively for South Korean companies to help facilitate their investment in Pakistan.He also said he is pleased with increased investments by South Korean companies. South Korean investment in Pakistan reached an accumulated US$100 million as of last year. Two-way trade amounted to $1.17 billion for last year alone.　Sharif made the comment in summit talks with South Korean President Park Geun-hye on Su

Foreign Affairs Sept. 28, 2015

President Park Geun-hye on Sunday stressed the importance of education in setting up an effective and inclusive system to achieve sustainable development.　Park said South Korea drastically expanded investment in education as it was pushing for industrialization in the 1970s, which in turn created decent jobs and resulted in inclusive growth.　South Korea‘s education fervor helped transform the country into Asia’s fourth-largest economy from the ashes of the 1950-53 Korean War.　Park made the comme

Foreign Affairs Sept. 28, 2015

Hyundai Motor Co. saw its market share in Brazil, Russia and other emerging markets grow in August from a year earlier, industry data showed Monday, raising hopes that demand might be recovering from a protracted slump.　According to the data made available by each country, Hyundai Motor sold a combined 72,302 cars in four emerging markets -- Brazil, Russia, India and Mexico. The sales are up 8.1 percent from a year earlier.　Hyundai Motor’s car sales accounted for 10.8 percent of the　672,254 cars

Mobility Sept. 28, 2015