Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Russia sees recession if oil price falls to $60
Russia’s economy will sink into a recession next year if the price of oil slumps to $60 a barrel and the U.S. and its allies tighten sanctions over the conflict in Ukraine, Finance Minister Anton Siluanov said. The economy of the world’s largest energy exporter won’t grow faster than 1 percent in 2015 even if oil prices hold steady and the severity of sanctions remains unchanged, Siluanov said in an interview in Singapore. The price of Brent has slumped by almost a third this year to below $80 a
Nov. 19, 2014
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U.S. Senate rejects Canada-Texas oil pipeline
WASHINGTON (AP) ― The Democratic-controlled Senate rejected legislation Tuesday aimed at forcing completion of a Canada-to Texas oil pipeline, a massive project at the center of a fierce environmental dispute.Republicans, fresh from sweeping midterm election victories, vowed resurrect the controversial issue next year, when they will control both chambers of the new Congress that takes office in January. The Keystone XL pipeline has divided Democrats, with President Barack Obama opposing the mea
Nov. 19, 2014
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[Newsmaker] Surprise recession threatens Abenomics
With Japan’s slump into its fourth recession since 2008 threatening the failure of the Abenomics reflation program, Prime Minister Shinzo Abe’s administration is taking steps to shore up growth for the coming year.Economy Minister Akira Amari told reporters Monday in Tokyo there is a high chance of a stimulus package. Etsuro Honda, an adviser to Abe, said a 3 trillion yen ($26 billion) program was appropriate and should go toward measures that directly help households, such as child care support
Nov. 18, 2014
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Halliburton pounces on Baker Hughes
NEW YORK (AP) ― In a deal that shows just how quickly falling prices can upend the energy industry, Halliburton is buying rival oilfield services company Baker Hughes for cash and stock worth $34.6 billion.Global oil prices have tumbled 31 percent over the past five months to levels not seen in four years. That has forced the industry to cut costs by delaying or scaling back drilling ― which means less work for Halliburton and Baker Hughes, companies that manage oil and gas fields for energy com
Nov. 18, 2014
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Actavis to spend $66b on Botox-maker Allergan
Actavis, which is buying Botox-maker Allergan for $66 billion in one of the biggest acquisitions announced so far this year, plans to stay committed to developing new products. CEO Brent Saunders said Monday that the combined company will have more than two dozen products in late-stage clinical testing, which is usually the last and most expensive development phase, and it will work to support research. “It is the lifeblood of our company,” he told analysts. Actavis and the company it outbid for
Nov. 18, 2014
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Fed meets with big banks on LIBOR alternatives
The Federal Reserve is meeting with lenders including Barclays Plc, JPMorgan Chase & Co., Bank of America Corp. and Goldman Sachs Group Inc., in addition to the Japanese and U.K. central banks, to discuss alternatives to the London interbank offered rate. The discussion at the Federal Reserve Bank of New York is aimed at developing reference rates based on risk-free or near risk-free rates, the Fed said in a statement. It follows recommendations made in a July report by the Financial Stability B
Nov. 18, 2014
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Government bond purchases possible, ECB’s Draghi says
LONDON (AP) ― The European Central Bank stands ready to buy government bonds if inflation in the 18-country eurozone fails to rise as anticipated, its president said Monday in a hint that helped shore up the region’s stock markets and put pressure on the euro.Addressing lawmakers of the European Parliament, Mario Draghi said the bank’s governing council remains unanimous in its commitment to using additional unconventional instruments within its mandate.“Other unconventional measures might entai
Nov. 18, 2014
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‘Red warning lights’ flashing for global economy
LONDON (AP) ― The global economy’s problems seem to be multiplying.Hours after the leaders of the world’s 20 most developed economies sought to boost confidence by promising to increase global output by $2 trillion over five years, Japan said it had fallen into recession.That leaves the country ― the world’s third-largest economy ― on a long and growing list of troubled economies. China is slowing as well, and Europe can’t seem to take off.Among major economies, only the United States and Britai
Nov. 18, 2014
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Japan’s economy enters recession
TOKYO (AFP) ― Japan’s economy sank into recession in the third quarter, making it almost inevitable that Prime Minister Shinzo Abe will delay a fresh sales tax hike and call snap elections to reinvigorate his power against party rivals, analysts said Monday.Abe’s two-year premiership has been largely focused on breathing life into Japan’s deflation-plagued economy, and getting a handle on its soaring national debt by tapping into new revenue through raising duties.But a sales levy hike in April
Nov. 17, 2014
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Landmark H.K.-Shanghai stock link opens
HONG KONG (AFP) ― A landmark trading link that is expected to see billions of dollars in cross-border transactions between Hong Kong and Shanghai’s stock exchanges officially launched Monday, but figures show mainlanders are holding back from piling into Hong Kong.The Shanghai-Hong Kong Stock Connect is expected to allow the equivalent of $3.8 billion a day in cross-border transactions and open up the mainland’s closeted equities markets to the world.At the opening ceremony Charles Li, chief exe
Nov. 17, 2014
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Kuwait says OPEC talks needed to support oil price
KUWAIT CITY (AFP) ― Kuwait warned Sunday that action was needed from OPEC members to halt the “sharp decline” in oil prices after the value of global crude hit a four-year low. A joint meeting by the oil-rich emirate‘s cabinet and its Supreme Petroleum Council ― the highest decision-making body on energy ― chaired by Prime Minister Sheikh Jaber Mubarak al-Sabah reviewed “necessary steps that need to be taken” to halt the price slide, said a statement cited by the official KUNA news agency.The me
Nov. 17, 2014
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Facebook eyes new SNS site for office use
LONDON (AFP) ― Facebook is preparing a new office version of its social networking site to compete with other sites like LinkedIn, the Financial Times reported on Monday citing sources familiar with the matter.“Facebook is secretly working on a new website called ‘Facebook at Work’” that would allow users to “chat with colleagues, connect with professional contacts and collaborate over documents,” it said.Facebook last month reported its quarterly profit nearly doubled to $802 million but saw it
Nov. 17, 2014
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France, a tax haven? Yes, for companies from MS to Huawei
Companies from Microsoft Corp. to China’s Huawei Technologies Co. scouring Europe for fiscally attractive shores are turning to an unlikely country: France. As a base for research and development teams, that is. Tax breaks for R&D, 5.6 billion euros ($7 billion) this year alone, combined with world-class scientists are making France a honey pot for technology companies. As the French parliament debates how to shrink the country’s budget deficit this month some lawmakers are demanding reining in
Nov. 17, 2014
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Botox-maker Allergan nears deal with Actavis: report
NEW YORK (AFP) ― Botox-maker Allergan is nearing a deal to be purchased by Actavis that could produce one of the world’s top pharmaceutical companies, The Wall Street Journal reported Sunday.Long sought by Canadian rival Valeant, Allergan appears to have reached an outline of an agreement with Actavis, the Journal reported. The agreement, also confirmed by the Financial Times, is due to be formalized Monday before the opening of the New York Stock Exchange.According to the Times, Actavis is offe
Nov. 17, 2014
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Ruble rebounds from brink but Russians wary
MOSCOW (AFP) ― Russians sighed with relief when the ruble rebounded in recent days, but with painful memories of the financial crisis still fresh, many are rattled and fear the respite could prove short-lived.The ruble has been sliding for months, but it turned into a plunge at the beginning of the month, with the currency losing nearly 10 percent of its value in the space of just a few days amid renewed tensions over Ukraine and a fall in global oil prices that threatens Russia’s finances.“I wa
Nov. 17, 2014
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Russia seen as greatest threat in poll
Russia poses the biggest security risk to world markets and will be the biggest loser from the drop in oil prices, according to a Bloomberg Global Poll of international investors. Asked which of five possibilities posed the greatest risk to global financial markets, 52 percent of participants chose the Russia-Ukraine conflict. Twenty-six percent cited Islamic State, while Ebola barely registered with 5 percent. The U.S. was seen as the most likely beneficiary from lower crude prices. Russia is b
Nov. 17, 2014
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Cameron warns Britain’s recovery faces ‘real risk’
LONDON (AFP) ― Prime Minister David Cameron on Sunday warned Britain’s economic recovery faced a “real risk” from instability in the world economy fuelled by Middle East unrest, Ebola, Ukraine and stalled trade talks.In an article on The Guardian website that will appear in Monday’s edition of the newspaper after the G20 summit, Cameron said that “red warning lights are once again flashing on the dashboard of the global economy.”He also said the eurozone was “teetering on the brink of a possible
Nov. 17, 2014
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MS value 2nd after Apple
SAN FRANCISCO (AP) ― The bull run in Microsoft’s stock this past year has helped the tech giant surpass Exxon Mobil and seize the rank of the second most valuable company, behind Apple Inc. Under new CEO Satya Nadella, Microsoft has worked to overcome its reputation as a clumsy behemoth struggling to keep up with new tech trends and consumer habits. Nadella has cut expenses ― and jobs ― while pledging to refocus the company on mobile technology and cloud computing. His efforts have fueled a stoc
Nov. 16, 2014
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IEA says oil ‘price rout’ not over
PARIS (AFP) ― Oil prices are expected to keep sliding well into 2015, held down by weak demand and increased shale production, the International Energy Agency said Friday.Global prices have collapsed by some 30 percent since June, and crude futures slumped on Thursday to lows not seen since September 2010, diving well below the $80-per-barrel mark.The IEA said while there had been speculation that the high cost of shale extraction “might set a new equilibrium for Brent prices in the $80 to $90 r
Nov. 16, 2014
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World economy worst in two years: investor poll
The world economy is in its worst shape in two years, with the euro area and emerging markets deteriorating and the danger of deflation rising, according to a Bloomberg Global Poll of international investors. A plurality of 38 percent of those surveyed last week described the global economy as worsening, more than double the number who said that in the last poll in July and the most since September 2012, when Europe was mired in a recession. Much of the concern is again focused on the euro area:
Nov. 16, 2014