Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Official campaigning kicks off for April 10 elections
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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China insurance mogul said unable to work, reported detained
BEIJING (AP) -- The Chinese insurer that owns New York City's Waldorf Astoria Hotel said Wednesday its chairman has turned over his duties to other executives following a report he was detained by regulators amid accusations of possible financial misconduct.Anbang Insurance Group Ltd. Chairman Wu Xiaohui was "temporarily unable to perform his duties due to personal reasons,'' said a one-sentence statement on the company website. It said Wu had authorized other executives to do his work and gave
June 14, 2017
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Trump sued over business benefits
WASHINGTON (AFP) -- Maryland and Washington sued President Donald Trump Monday, saying he is violating laws by raking in money from foreign governments and businesses at his luxury hotels and office towers.The lawsuit said heavy spending by foreign diplomats and embassies at the Trump International Hotel just a few blocks from the White House, payments made by foreign entities at his Trump Tower and Trump International Tower in New York, and other business operations effectively violate the US C
June 13, 2017
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[Graphic News] China top Asian country in hydropower production
Hydroelectric power is China’s largest renewable energy source and its second overall, trailing only coal. The country is adding more new installed hydropower capacity than the rest of the Asia combined.China has added 331,110 megawatts of hydroelectricity generating capacity, far outpacing other Asian countries like India with 51,975 MW, Japan with 49,905 MW and Vietnam with 16,306 MW.On the other hand, Bangladesh, Nepal, Cambodia and Bhutan are the Asian countries with the least hydroelectric
June 11, 2017
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ECB hints at end to easy money policy
The European Central Bank on Thursday signalled greater confidence in the eurozone economy, as it took what analysts describe as a tentative step towards an exit from its easy-money policy.Policymakers meeting in Estonian capital Tallinn decided to keep the bank's main refinancing rate at 0.0 percent, the marginal lending rate at 0.25 percent, and the deposit rate at -0.4 percent -- meaning lenders have to pay to park cash with the central bank -- a spokesman said.But they also dropped a long-st
June 8, 2017
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Japan’s ultralow jobless rate masks grim reality
TOKYO (AFP) -- Japanese employers are scrambling to find staff, unemployment is at its lowest level in more than two decades and the labor market is tighter than it was during Japan’s booming bubble economy years.This should be great news for the world’s No. 3 economy, but analysts are warning not to pop the champagne quite yet because it is mostly due to a shrinking labor force. And many jobs are temporary and pay very little.Japan tied with Iceland in 2016 for the lowest annual unemployment ra
May 31, 2017
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China says considering tighter controls on yuan currency
SHANGHAI (AFP) - China said Friday it is considering a change to its mechanism for managing its currency to buffer it against market forces, in an apparent step back from liberalisation pledges.The potential new system would introduce a "counter-cyclical factor" to China's current system of allowing the yuan to trade within a government-set band, according to a statement on the website of the Foreign Exchange Trade System, an agency under the People's Bank of China.The statement did not explain
May 26, 2017
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US growth in Q1 revised up to 1.2 pct. but still weak
WASHINGTON (AP) -- The U.S. economy started 2017 out with a whimper, but it wasn't quite as weak as first thought. The government revised up its January-March growth reading to a rate of 1.2 percent -- better than an earlier estimate of 0.7 percent but well below President Donald Trump's ambitious growth targets.The Commerce Department says the gross domestic product, the broadest measure of economic health, is down from 2.1 percent growth in the fourth quarter and marks the weakest result in a
May 26, 2017
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With Macron win confirmed, European market rally hits pause
LONDON (AP) -- When Emmanuel Macron topped the first round of voting in the French presidential election two weeks ago, French stocks soared to near-decade highs. On Monday, the reaction to his victory in the runoff was decidedly subdued: investors had been fully expecting it and seem wary of the difficulties he'll face governing a divided country.In midday trading, the CAC 40 index of leading French shares was down 1 percent at 5,379. Other indexes across Europe were also trading lower, while t
May 8, 2017
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[Graphic News] Tablet market extends slide as consumer habits shift
IDC reported an 8.5 percent drop in global tablet shipments to 36.2 million. This was the 10th straight quarterly decline for tablets.Apple led the market with a 24.6 percent share in the first quarter, despite a 13 percent sales drop. Samsung sales fell 1.1 percent but retained the number two spot at 16.5 percent, data showed. China’s Huawei was the only major vendor to show growth -- reporting a 31.7 percent jump, garnering a 7.4 percent share, after introducing new “detachable” tablets powere
May 8, 2017
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Fitch cuts S. Africa's credit rating to 'junk'
JOHANNESBURG (AFP) -- Ratings agency Fitch said Friday it had cut South Africa's credit rating to junk status, citing the recent political instability prompted by a controversial cabinet reshuffle.The agency downgraded the country's sovereign debt rating from 'BBB-' to 'BB+' but kept the outlook stable.It said the downgrade reflected the view that "recent political events, including a major cabinet reshuffle, will weaken standards of governance and public finances."Already earlier this week, ano
April 7, 2017
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China to create new economic zone outside Beijing
BEIJING -- China will create a new special economic zone outside Beijing similar to those established in Shenzhen and Shanghai, the government said, in a bid to boost flagging growth and reduce the strain on the capital.The Xiongan New Area, located some 100 kilometres (62 miles) southwest of downtown Beijing in Hebei province, will rival south China's Shenzhen Special Economic Zone, established in the 1980s, and Shanghai's Pudong New Area, set up in the 1990s. The move was a "major historic and
April 2, 2017
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Stock markets, pound subdued as UK triggers Brexit request
World stock markets were subdued Wednesday as Britain triggered the start of its exit from the European Union, a formal step that kicks off two years of negotiations that will have wide-ranging consequences for business in the region.Britain's FTSE 100 was faring worst in Europe, dropping 0.4 percent to 7,317. Germany's DAX climbed 0.4 percent to 12,200 and France's CAC 40 added 0.1 percent to 5,050. U.S. stocks were poised to open higher. Dow and S&P 500 futures were flat.British Prime Minister
March 29, 2017
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ECB says 'optimistic' for global deal on bank rules
FRANKFURT (AFP) - Regulators at the European Central Bank said Monday they are "optimistic" that talks on harmonising rules for banks around the world will soon end in a deal.The so-called "Basel III" round of banking talks has stalled in recent months as negotiators battle over questions like how big banks' capital reserves should be and how they should judge risk.Observers feared that Donald Trump's incoming adminstration -- seen as favouring looser regulation of banks and distrustful of multi
March 27, 2017
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European regulators clear Dow Chemical-DuPont merger
BRUSSELS (AFP) -- The EU on Monday approved a $130 billion mega-merger of US agri-chemicals giants Dow Chemical and DuPont, paving the way for major consolidation in a sensitive sector for farmers and the environment.The decision by antitrust regulators was subject to Dupont selling "major parts" of its global pesticide business, said the European Commission, the EU's executive arm."Due to significant commitments on products and the worldwide research and development organisation, the merger of
March 27, 2017
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Fed rate hike is likely after a robust February jobs report
WASHINGTON (AP) -- A second straight month of robust hiring pointed on Friday to a US economy healthy enough for the Federal Reserve to raise interest rates next week and to signal the likelihood of additional rate hikes ahead.US employers added 235,000 jobs in February, average paychecks rose and the unemployment rate dipped to a low 4.7 percent from 4.8 percent, the Labor Department said. February's jobs report was the first to cover a full month under President Donald Trump. During the presid
March 11, 2017
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Lego stacks up 'supernatural' record sales
STOCKHOLM -- Lego on Thursday announced record revenues for 2016, but slow profit growth marked the end of years of boost for the inventor of the famous multi-coloured plastic bricks.Revenues jumped by six percent last year compared to 2015, to 37.9 billion kroner (5 billion euros, $5.2 billion), for a net profit up two percent to 9.4 billion. This is the smallest annual rise since 2007 for both figures. "We have had an almost supernatural growth in recent years. Now we have more sustainable gr
March 9, 2017
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IMF's Lagarde 'optimistic' about US economy
International Monetary Fund chief Christine Lagarde on Sunday voiced optimism for US economic growth under President Donald Trump but warned it could herald trouble for the rest of the world."From the little we know, and I will insist on the little we know, because this is really work in progress... but from the little we hear, we have reasons to be optimistic about economic growth in the United States," Lagarde said at the annual World Government Summit in Dubai. International Monetary Fund (IM
Feb. 12, 2017
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Twitter woes deepen as loss widens, user growth sputters
WASHINGTON (AFP) -- Twitter came under fresh pressure Thursday as the social network reported sluggish revenue and user growth, and widening losses in the past quarter.Pre-market trades showed Twitter shares slumping 10.8 percent as hopes faded for a rekindling of growth at the messaging platform, which has lagged its rivals in the fast-moving social media segment.Twitter reported a net loss in the fourth quarter of $167 million, after a $90 million deficit in the same period a year ago.Revenue
Feb. 9, 2017
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India to remove cash withdrawal limits
MUMBAI (AFP) -- Limits on cash withdrawals will be removed entirely from March 13, India's central bank said Wednesday, as it left interest rates on hold for the second time since a ban on high-value rupee notes.The Reserve Bank of India capped cash withdrawals after Prime Minister Narendra Modi's shock decision in November to take all 500 ($7.40) and 1,000 rupee notes out of circulation to deter tax-dodging -- 86 percent of the currency in the cash-reliant nation.The ensuing cash crunch saw lon
Feb. 8, 2017
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China reserves edge below $3 tril. as yuan pressure rises
China’s foreign-currency reserves edged just below $3 trillion in January, falling to the lowest since early 2011 after the yuan capped its steepest annual decline in two decades.Reserves decreased $12.3 billion to $2.998 trillion, the People’s Bank of China said Tuesday. That compares with the $3.004 trillion estimate in a Bloomberg survey of economists and added to the $320 billion decrease in the holdings last year.Further erosion of the world’s largest stockpile may prompt policy makers to a
Feb. 7, 2017