North Korea demanded Thursday that South Korea apologise for what it called insults during major anniversary festivities, or face a “sacred war”, as Seoul unveiled a new missile to deter its neighbour. Regional tensions have risen since Pyongyang went ahead with a long-range rocket launch last Friday, defying international calls to desist. The event was to have been a centrepiece of celebrations marking the 100th anniversary Sunday of the “Day of the Sun”, the birthday of Kim Il-Sung who founded the communist nation and the dynasty which still rules it. But the rocket,
NKorea threatens war as Seoul unveils missile
South Korean group signs $2 bln oil deal with UAE
South Korean energy group is to invest $2 billion as part of a project to develop three oil fields in the United Arab Emirates, officials said Monday. The state-run Korea National Oil Corp. and energy firm GS Energy will hold a combined 40 percent stake in the $5 billion project,
China to unveil military budget after US Asia pivot
Beijing China is likely to unveil its military spending for 2012 on the weekend, flagging the direction that Beijing will take after President Barack Obama launched a new “pivot” to reinforce US influence across Asia. Beijing has not set a time to announce the yearly budget for the People’s Liberation Army (PLA), but it has made a habit of releasing the number at a news conference proceeding the annual parliament session, which this year opens on Monday.
Japan S Korea report production gains
TOKYO – Japan and South Korea reported larger-than-forecast industrial production in January amid signs that Europe’s sovereign-debt crisis may be contained. Japanese output rose 2 percent from the previous month, the Trade Ministry said in Tokyo on Wednesday. That exceeded the median estimate of 1.5 percent in a Bloomberg News survey of analysts. South Korean production climbed 3.3 percent,
Japan Weighed Evacuating Tokyo in Nuclear Crisis
TOKYO — In the darkest moments of last year’s nuclear accident, Japanese leaders did not know the actual extent of damage at the plant and secretly considered the possibility of evacuating Tokyo of Japan, even as they tried to play down the risks in public, an independent investigation into the accident disclosed on Monday. The investigation by the Rebuild Japan Initiative Foundation, a new private policy organization, offers one of the most vivid accounts yet of how Japan teetered on the edge of an even larger nuclear crisis than the one that engulfed the Fukushima Daiichi Nuclear Power Plant.
Kim Jong un Joins War of Words Against SKorea US Drills
New North Korean leader Kim Jong-un has personally joined Pyongyang’s rhetorical war against joint South Korea-U.S. military exercises that kick off Monday. According to the North’s official KCNA news agency, Kim on Sunday visited four units under the 4th Army Corps, which shelled Yeonpyeong Island in October 2010, and was quoted as parroting earlier calls in the official media for “a powerful retaliatory strike” at South Korea,
Navy buys Korean to keep its ships fuelled £452m contract for four tankers goes to the Far East
Defence Minister Peter Luff announced yesterday that a £452million contract for the support tankers had been awarded to Daewoo Shipbuilding and Marine Engineering. Critics said the decision was a blow to Britain’s declining shipbuilding industry and to the proud naval tradition of what was once the world’s greatest seafaring nation.
Asian Shares Mixed China PMI Still Shows Contraction
SINGAPORE (Dow Jones)–Asian stock markets were mixed Wednesday as hopes China will further ease policy following soft manufacturing data were offset by general caution about Greece’s future despite an 11th hour rescue package to ease its debt burden. Trading in regional bourses was characterized by a lack of conviction as the absence of positive catalysts sidelined many buyers. China gave investors something to ponder after the preliminary
Japan Posts Largest Trade Deficit on Record
TOKYO—Japan’s economy got off to a bad start this year, posting a record ¥1.475 trillion (US$18.5 billion) merchandise trade deficit in January as a global economic slowdown and the strong yen hurt exports and fuel imports continued to increase.
Chinese leader Xi Biden promote trade in LA
LOS ANGELES—Chinese Vice President Xi Jinping began the last day of his U.S. visit Friday by urging closer ties and arguing that Americans benefit from their trade relationship with China. “A prosperous and stable China will not be a threat to any country,” Xi said.
