Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Korea enters full election mode
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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Asian stocks post first advance this week on stimulus outlook
Asian stocks climbed for the first day this week amid speculation central banks will provide additional stimulus to bolster global economic growth.The MSCI Asia Pacific Index gained 0.5 percent to 125.57 as of 8:01 p.m. in Hong Kong, halting three days of losses. U.S. shares rebounded with crude oil on Wednesday ahead of Thursday’s European Central Bank meeting that may provide more insight on the potential for further steps to loosen policy and the trajectory of interest rates. The Reserve Bank
March 10, 2016
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ECB cuts main interest rate to zero percent
FRANKFURT, Germany (AP) – The European Central Bank has cut all its main interest rates including a surprise reduction in the main refinancing rate to zero percent from 0.05 percent.It also reduced the interest rate on deposits held by banks at the central bank to minus 0.4 percent from minus 0.3 percent.And it expanded its monthly bond-buying program to 80 billion euros ($85 billion) a month from the previous 60 billion.
March 10, 2016
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Asia markets rally as ECB meeting comes into focus
HONG KONG (AFP) -- Asian investors turned positive again Thursday, extending a global advance, as they turn their attention to a European Central Bank policy meeting later in the day that is expected to see another stimulus push.But while most regional markets are in the ascendancy, Shanghai -- which analysts say has been supported in the past few days by state-backed buying -- was in retreat despite a strong Chinese inflation reading.Confidence across trading floors is broadly upbeat this month
March 10, 2016
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China consumer inflation jumps in February
BEIJING (AFP) -- China's consumer inflation jumped to 2.3 percent in February, its highest in nearly two years, official data showed Thursday, in a positive sign for demand in the world’s second-largest economy.Food prices surged during the annual Lunar New Year holiday, with pork prices jumping 25.4 percent year-on-year, and vegetables up a hefty 30.6 percent.The rise in the consumer price index released by the National Bureau of Statistics was the largest since July 2014, and came in ahead of
March 10, 2016
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US likely to report another month of solid hiring for Feb.
U.S. workers have been largely insulated from a global slowdown. Job growth remains steady and wages are finally picking up _ trends that will be put to the test in Friday's employment report for February. Economists have forecast that employers added a solid 195,000 jobs last month, up from the 151,000 added in January, according to data firm FactSet. And the unemployment rate is expected to remain at a low 4.9 percent. Hiring by construction companies, retailers and health care providers have
March 4, 2016
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Moody's cuts China's rating outlook to 'negative'
Moody's Investors Service on Wednesday downgraded the credit-rating outlook of China to "negative" from "stable," citing rising government debts, declining foreign-currency reserves and uncertainty about Beijing's reform drive. Weakening trade and manufacturing have fueled concerns about the Chinese economy, which has been struggling with stock market routs and mounting local government debt."China's foreign exchange reserves have fallen markedly over the last 18 months, to US$3.2 trillion in Ja
March 2, 2016
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London Developers Finding Costliest Apartments Harder to Sell
Derwent London Plc has shelved plans to turn an office building on Savile Row in London’s Mayfair district into 29 luxury apartments after demand was damped when the government raised the sales tax on the most expensive properties.Soaring prices for luxury homes encouraged developers to seek to turn office space into 16,600 new homes in greater London in the two years through May 2015. The higher sales tax has made it more difficult for developers to sell the costliest apartments and is causing
Feb. 29, 2016
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G20 nations pledge all tools to lift growth
SHANGHAI (AFP) -- The world‘s 20 top economies will use all policy tools available to lift sluggish global growth, they said Saturday, despite German disquiet over fiscal and monetary stimulus.The global recovery was continuing but “remains uneven and falls short of our ambition for strong, sustainable and balanced growth”, the G20 finance ministers and central bank chiefs said in a communique in Shanghai.They met amid fears driven by slowing growth in host nation China, steep falls in world fin
Feb. 28, 2016
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Russia, Saudis tentatively offer to freeze oil output levels
DUBAI (AP) -- Oil powerhouses Russia and Saudi Arabia joined Qatar and Venezuela in pledging Tuesday to cap their crude output if other producers do the same, aiming to halt a slide that has pushed oil prices to their lowest point in more than a decade. The decision followed an unexpected closed-door meeting involving the four countries in the Qatari capital, Doha, and reflects growing concern among big producers about the effects the slump poses to their domestic economies. Russian Energy Minis
Feb. 17, 2016
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Japan overnight call rate falls to zero as BOJ policy kicks in
As the Bank of Japan began charging interest Tuesday on some deposits it holds, rates in the nation’s overnight interbank market are hovering around zero while banks try to catch up in setting negative interest rates on their systems.The unsecured overnight call rate fell to zero from the weighted average overnight call rate of 0.074 percent on Monday, according to Central Tanshi Co. “Trading in the unsecured overnight call market is centered around 0.001 percent with some at zero percent,” said
Feb. 16, 2016
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Soaring Tokyo leads Asia rebound, Shanghai down on return
HONG KONG (AFP) -- Japanese investors shrugged off an economic contraction to propel stocks more than 5 percent Monday, leading an Asia recovery after last week's horror show.But Shanghai tumbled on its first day back from the Lunar New Year holiday and after data showed another fall in Chinese exports and imports last month, yet another sign of trouble in the world’s No. 2 economy.The broad gains across the region came after a surge in New York and Europe on Friday fuelled by a rally in oil pri
Feb. 15, 2016
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Japan economy shrinks during Q4
Japan economy shrinks during Q4TOKYO (AFP) -- Japan’s economy contracted in the last quarter of 2015, official data showed Monday, dealing another blow to Prime Minister Shinzo Abe’s faltering bid to kick-start the world’s No. 3 economy.Weak consumer spending weighed on the vast economy, which shrank 0.4 percent in the October-December quarter -- or an annualized 1.4 percent drop.That was Japan’s second quarterly contraction in 2015, although gross domestic product ticked up a tepid 0.4 percent
Feb. 15, 2016
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China exports drop in January
BEIJING (AFP) -- China's exports tumbled 6.6 percent year-on-year to 1.14 trillion yuan ($174 billion) in January, authorities said Monday, as the struggling manufacturing sector remained a drag on the world’s second-largest economy.Tremors in overseas markets and weakness in partner economies have weighed on the Asian giant, a main driver of the world's economic growth, and the globe’s largest trader in goods.Rock-bottom prices for commodities such as oil and the slowdown in infrastructure have
Feb. 15, 2016
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Tokyo stocks dive more than 5% by break on strong yen
Tokyo stocks dived more than five percent on Friday morning as a strong yen battered exporters, with the market tracking a worldwide sell-off fuelled by worries about the global economy.The benchmark Nikkei 225 index at the Tokyo Stock Exchange plunged 5.34 percent, or 838.74 points, to 14,874.65 at the lunch break, after a one-day trading holiday on Thursday.The broader Topix index of all first-section shares declined 5.55 percent, or 70.25 points, to 1,194.71, putting it on track for its bigge
Feb. 12, 2016
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Yen surge sparks central bank intervention talk
Japanese government officials on Friday pledged to take "appropriate measures" as the surging yen fuels speculation that the central bank will intervene in currency markets to arrest its ascent.The unit has soared to levels last seen when the Bank of Japan unleashed a second wave of stimulus in late 2014, as part of Tokyo's attempts to stimulate the laggard economy.But plunging equity markets fuelled by fears about the world economy have sent the yen skyward as traders buy investments seen as a
Feb. 12, 2016
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Tokyo stocks down more than 3% by break, extending global slump
TOKYO (AFP) - Tokyo stocks slumped more than three percent Wednesday morning, extending a drop on global markets as a stronger yen hit exporters and falling oil prices reignited worries about the world economy.As the euphoria of Friday's Bank of Japan stimulus faded, oil's fresh collapse below $30 a barrel hammered energy shares and investor confidence."Since the BoJ cut last week, markets have been on edge, concerned that the global situation is considerably worse than initially envisaged and t
Feb. 3, 2016
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Oil prices could jump 50% by end of 2016
Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year.Analysts are projecting prices will climb more than $15 by the end of 2016. New York crude will reach $46 a barrel during the fourth quarter, while Brent in London will trade at $48 in the same period, the median of 17 estimates compiled by Bloomberg this year show. A global surplus that fueled oil’s decline to a 12-year low will shift to deficit as U.S. s
Feb. 3, 2016
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Oil prices rally more than 4%
Oil prices leaped from 12-year lows Thursday, lifted by a swing to optimism on equity markets after steep losses since the beginning of the year.US benchmark West Texas Intermediate for March jumped $1.18 (4.2 percent) to $29.53 a barrel on the contract's first day of trade on the New York Mercantile Exchange.Brent North Sea crude for delivery in March, the European benchmark, finished at $29.25 a barrel in London, a gain of $1.37 (4.9 percent) from Wednesday's settlement.On Wednesday, both cont
Jan. 22, 2016
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Russia volatility soars as oil below $30 dims investor outlook
The largest exchange-traded fund tracking Russian equities has made the worst start to a year on record with over 50 percent of the stocks the ETF holds losing more than 10 percent so far in 2016.The Market Vectors Russia ETF advanced 1.9 percent to $12.42 on Thursday, narrowing its loss this year to 15 percent. The ETF’s price swings, with daily losses reaching as much as 7 percent, have pushed its historical volatility to levels unseen since the global equity rout in late August.“Selloffs are
Jan. 22, 2016
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Anxiety in the air as Davos World Economic Forum kicks off
DAVOS, Switzerland (AP) -- A prevailing sense of anxiety was in the air in the Swiss ski resort of Davos as the World Economic Forum kicked off Wednesday with delegates fretting about the turbulence in financial markets, slowdown in China and plunging oil prices. As global stock markets suffered another day of hefty losses and oil prices sank to fresh 12-year lows, there was a high degree of concern about the outlook for the global economy this year. High on the agenda was plunging oil price
Jan. 20, 2016