North Korea accepted a proposal to hold talks with South Korea on January 9 aimed at reducing tensions ahead of the Winter Olympics next month.
The agenda would include North Korea’s offer to send a delegation to the Games as well as overall inter-Korean relations, South Korea’s Unification Ministry spokesman, Baik Tae Hyun, told reporters Friday. Preparations for what would be the first formal gathering between the two sides since 2015 would be done via letters, he said.
US President Donald Trump endorsed the talks Thursday, calling them a “good thing” while agreeing to delay military exercises until after the event. During a 30-minute phone call, South Korean President Moon Jae-in assured Trump that his government would coordinate with the US on the talks.
Tensions over North Korea’s nuclear program had threatened to hang over the Games in Pyeongchang, a city about 50 miles (80 kilometers) from the border dividing the Korean Peninsula.
The developments have raised hopes that progress can be made toward broader negotiations with North Korea, although significant barriers remain. Both North Korea and the US have continued to threaten each other, with Kim Jong Un ramping up production of nuclear warheads and Trump vowing to keep up his pressure campaign.
South Korea expects more talks over the weekend with North Korea via a hotline reopened earlier this week, Baik said. The two sides would discuss leadership and composition of each delegation participating in the talks, he said.
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE