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[Photo News] Czech president at Doosan's steam turbine plant
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Korea Herald
5 hours ago
- Korea Herald
KHNP denied access to power plant projects in N. America, Europe under Westinghouse deal: sources
The state-run Korea Hydro & Nuclear Power (KHNP) has been prohibited from bidding for new power plant projects in North America and the European Union (EU), excluding the Czech Republic, and other countries under its agreement with US energy firm Westinghouse over an intellectual property (IP) dispute, industry sources said Tuesday. Under the agreement signed in January, the KHNP is only allowed to sign fresh deals in the Philippines, Vietnam, Kazakhstan, Morocco, Egypt, Brazil, Argentina, Jordan, Turkey, the United Arab Emirates, Saudi Arabia and South Africa, according to the sources. But the Korean company is banned from bidding for new nuclear power plant deals in North America and Britain, Japan, Ukraine and EU nations, except for the Czech Republic. The KHNP and Westinghouse signed the settlement deal in January this year after the latter accused the Korean firm of infringing on its IP, claiming the KHNP's APR 1000 and APR1400 plant designs utilize its licensed technology. The deal removed a major hurdle for the KHNP-led Korean consortium to sign a final contract in June, with an estimated value of 26 trillion won, to build two nuclear power units in the Czech Republic. The Czech deal, which marked South Korea's first overseas nuclear power plant contract since 2009, was initially expected to open new doors for Korean firms seeking business opportunities in Europe. Earlier in the day, KHNP President Whang Joo-ho confirmed his company has closed operations in Poland amid speculations that its deal with Westinghouse influenced the decision. Poland is the fourth European country where the KHNP confirmed its business closure, following Sweden, Slovenia and the Netherlands. "After the new Polish administration took office ... the country decided to drop the state-owned enterprise projects (in the nuclear power sector) ... and that is why we withdrew our business there," Whang said during a meeting with the parliamentary industry committee. It also reportedly includes a condition requiring Korean companies to pass the latter's technology independence verification when independently developing and exporting next-generation nuclear reactors. The 50-year deal is also said to include provisions requiring the KHNP to sign a goods and services purchase contract worth about $650 million with Westinghouse per export of a single nuclear reactor, and to pay $175 million per reactor in technology licensing fees. Asked whether the KHNP believes the deal with Westinghouse was fair, Whang said, "As the party accepting the terms, I cannot say it was fair," but added, "I believe it is something we can endure and still make a profit from." Whang refused to confirm the details of the deal, citing a nondisclosure agreement. Earlier in the day, the presidential office said it has ordered the Ministry of Trade, Industry and Energy to review whether the deal was signed under due process. (Yonhap)
Korea Herald
11 hours ago
- Korea Herald
Seoul stocks end lower for 2nd day as cautious investors eye key global events
South Korean stocks closed lower for the second consecutive session Tuesday as investors remained cautious ahead of key global events, including a policy outlook on the US Federal Reserve's potential rate cuts. The Korean won lost ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 25.72 points, or 0.81 percent, to close at 3,151.56. Trade volume was light at 281.47 million shares worth 8.54 trillion won ($6.14 billion), with decliners sharply beating gainers 610 to 270. Foreigners sold a net 453.5 billion won worth of local shares, while individual and institutional investors purchased a net 88.7 billion won and 252.9 billion won, respectively. The index had opened in negative territory and traded within a narrow range during the morning session, but extended losses in the afternoon on heavy foreign selling. Investors remained cautious as attention turned to the Fed's annual symposium later this week, where Fed Chair Jerome Powell is expected to speak on the central bank's policy direction. Also in focus is the upcoming summit among US President Donald Trump, Russian President Vladimir Putin and Ukraine President Volodymyr Zelenskyy, which investors hope may lead to progress toward ending the prolonged Russia-Ukraine war. Lee Kyung-min, an analyst at Daishin Securities, noted that there is heightened global caution ahead of the Jackson Hole meeting, along with growing interest in the potential outcomes of meetings related to the Russia-Ukraine conflict. "With both issues unlikely to produce meaningful results in the short term, and with the absence of other major macroeconomic developments, markets are likely to remain in a wait-and-see mode," he said. In Seoul, market heavyweights closed mixed. Among tech shares, chip giant Samsung Electronics remained unchanged at 70,000 won, while its rival SK hynix retreated 1.68 percent to 263,000 won. Leading battery maker LG Energy Solution went up 0.26 percent to close at 384,000 won. Bio shares were also mixed. Major pharmaceutical firm Samsung Biologics declined 0.39 percent to 1,024,000 won, while Celltrion remained the same at 172,900 won. Defense giant Hanwha Aerospace dropped 6.87 percent to close at 827,000 won. The local currency was quoted at 1,390.7 won against the greenback at 3:30 p.m., down 5.7 won from the previous session. (Yonhap)
Korea Herald
12 hours ago
- Korea Herald
PM says MASGA to be framework for advanced S. Korea-US partnership
Kim to meet Bill Gates to discuss global health issues, potential cooperation with Korean government Prime Minister Kim Min-seok said Tuesday that the large-scale shipbuilding cooperation projects with the US proposed by Seoul, a key factor in the recent tariff deal, will serve as a framework for a more equal partnership between the two countries. '(Make American Shipbuilding Great Again) may become a typical and representative model of South Korea–US relations in the future, unlike in the past,' Kim said in a press conference. 'It is not a case of South Korea receiving one-sided help from the US, but rather South Korea playing a decisive role for the (benefit) of the US in many aspects, in the form of providing new grounds for cooperation,' he added. The Seoul-proposed initiative, dubbed "Make American Shipbuilding Great Again,' or MASGA, refers to a $150 billion investment pledge by South Korea in the US shipbuilding industry, which played a key role in the tariff agreement reached between the two allies in late July. It is part of a $350 billion investment package Seoul pledged in exchange for the US reducing its reciprocal tariff rate on South Korea to 15 percent from the initial 25 percent. Kim also highlighted the need for South Korea to showcase its position as an equal partner to the US in the upcoming summit between President Lee Jae Myung and US President Donald Trump scheduled to be held in Washington on Aug. 25. 'I believe it is better now to confidently explain that South Korea is no longer the United States' 'little brother,' but a partner,' he said when asked about the summit. Regarding the issue of the modernization of the alliance between South Korea and the US, Kim said the discussions can start 'step by step,' while considering Seoul's new position as a world-class military power and the need for South Korea to build more self-reliance in defense. Observers say that the Trump administration may seek to 'advance' the decadesold alliance, which includes adjusting the role of US Forces Korea. The purpose of the alliance would be aligned with Washington's goal of deterring threats from China. Kim said he plans to meet with Bill Gates, the chair of the Gates Foundation, during his visit to South Korea later this week. Gates is set to hold a press conference at the National Assembly on Thursday. "I will be meeting with Bill Gates -- he has important stakes in global health initiatives and has been at the forefront of various international issues," Kim said.
