Word: nuclearism
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...megawatt Son La dam now under construction is the last feasible major project, EVN spokesman Nguyen Duc Long says. Prices for natural gas, another fuel source for electrical generators, are up 15-20% over last year, and domestic gas reserves are too small to meet demand. Vietnam is planning nuclear power plants, but the first won't be ready until 2020. Coal, on the other hand, is readily available. The country's northern Red River delta has some 30 billion tons of coal reserves - enough to generate electricity for 100 years. "If we could have the same economic development...
Such is the parlous state of commerce in the world's last Stalinist holdout. On Oct. 2, North Korea's dictator, Kim Jong Il, held a historic meeting with South Korea's President, raising hopes that diplomatic progress in the effort to get Kim to abandon nuclear weapons, along with an easing of the country's self-imposed isolation, might ultimately lead to economic reforms. And for foreign investors lured by what Devonshire-Ellis calls the "barren romance" of the place, North Korea holds obvious, if modest, attractions: a highly literate workforce with average daily wages that are about half...
...example, a Thai telecom's plan to develop a mobile-phone network faltered after Kim's regime banned cell phones in 2004. Kelvin Chia, a Singapore-based lawyer who has worked with North Korean joint ventures since 2004, says many investors were spooked by the country's October 2006 nuclear test and the international fallout. "One of my clients was looking at going ahead with a substantial investment in a mineral-processing project," Chia says. "Before he went in, he had an indication from financiers it was doable. But then the nuclear issue blew up, and it became impossible...
...party talks in Beijing in late September, North Korea agreed to dismantle all its nuclear facilities and disclose the scope of its nuclear program by the end of the year in exchange for 950,000 tons of fuel oil or the equivalent in economic aid. And at this month's summit in Pyongyang between Kim and South Korean President Roh Moo Hyun, the two nations agreed to pursue a formal peace treaty to officially end the Korean War and made broad, if vague, plans for increased economic cooperation...
...there are no certainties on the Korean peninsula. Should Pyongyang renege on its promise to dismantle its nuclear program, crippling U.S. sanctions will almost certainly continue. And South Korean presidential elections in December could usher in a new government with a less conciliatory stance toward its deadbeat neighbor. To see just how far North Korea still has to go, you need only visit the Sino-Korean Friendship Bridge linking the booming Chinese metropolis of Dandong with the sooty failed economic zone of Sinuiju. Commerce between the two nations is limited to a trickle of trucks on the bridge's single...