China will run Gwadar port after deal agreed
ISLAMABAD - Pakistan has approved a deal transferring from Singapore to China the management of the strategically located deep-sea Gwadar port on the Arabian Sea. China financed more than 80 per cent of the US$248 million cost of developing the port, as part of a plan to open an energy and trade corridor from the Gulf to Pakistan and western China. AFP
All systems go for South Korean satellite
SEOUL - The first satellite launched from South Korean soil is working normally, officials said, a day after Seoul achieved its space milestone amid high tensions over arch-rival North Korea's recent threat to test a third nuclear device. Meanwhile South Korean President Lee Myung-Bak held an emergency security meeting yesterday, warning the North of "serious consequences" if it went ahead with an expected nuclear test. AP
SK Group chief jailed for embezzlement
SEOUL - A South Korean court sentenced Chey Tae-won, chairman of SK Group, to four years' jail for embezzling millions of dollars of the firm's money for investments in stock futures and options for himself. Seoul Central District Court found Chey guilty of embezzling 46.5 billion won (HK$332 million) from two firms in the group. SK Group said it was preparing an appeal. AP