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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[Newsmaker] Maduro cracks down with emergency decree
Venezuelan President Nicolas Maduro announced a sweeping crackdown Saturday under a new emergency decree, ordering the seizure of paralyzed factories, the arrest of their owners and military exercises to counter alleged foreign threats.The embattled leftist is struggling to contain a raging economic crisis that has led to food shortages, soaring prices, riots, looting and vigilante justice, pushing Venezuela to the brink of collapse.He accused the United States on Friday of destabilizing the cou
May 15, 2016
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China’s economy grinds down a gear as heavy industry drags
China's economy resumed its grind toward slower growth in April, weighed by overcapacity industries such as steel and coal.Industrial production climbed 6 percent in April from a year earlier, down from 6.8 percent in March and missing economists' estimates for 6.5 percent. Retail sales also missed analyst forecasts, rising 10.1 percent, while fixed-asset investment increased 10.5 percent in the January-April period versus economists' expectation for 11 percent.After a rocky start to 2016 marked
May 14, 2016
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Japan PM to delay tax hike over economy fears: report
Japanese Prime Minister Shinzo Abe plans to postpone a sales tax hike a second time, judging that boosting the tariff could hurt the world's third-largest economy, a newspaper said Saturday.Abe has already informed senior government officials he plans delay the consumption tax hike, scheduled for next April, that would raise levy from eight to 10 percent, the Nikkei business daily said.The last such rise, in April 2014 -- the nation's first in 17 years -- was blamed for pushing Japan into recess
May 14, 2016
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Fed officials signal markets may be wrong to doubt June hike
Two regional Federal Reserve presidents said that an interest rate increase should be on the table next month, pushing back against market expectations that the U.S. central bank will keep policy on hold for a fourth consecutive meeting.Atlanta Fed chief Dennis Lockhart and San Francisco’s John Williams both signaled on Tuesday that the U.S. economy could warrant a rate hike when the policy setting Federal Open Market Committee gathers on June 14-15. Investors currently only see a 12 percent cha
May 4, 2016
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Xi's Silk Road dream hits a speed-bump in Thailand
President Xi Jinping is so devoted to his Silk Road project for China to deepen economic ties across Asia that he recently had top Communist officials attend a "study" session on the millennia-old history of the route.References to the initiative, launched by Xi in 2013 and known as the "belt and road" plan, have become ubiquitous in China, down to even in-flight magazines on its aircraft. As part of the Communist party boss’s vision of moving China beyond a century of humiliation at the hands o
May 4, 2016
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Yen rally eases after Tokyo hints at intervention
The yen's soaring rally took a breather in Asian trading Monday after Japanese finance minister Taro Aso warned over the surge, vowing to take action "when necessary".The weekend remarks hinted at a possible market intervention in the wake of the Bank of Japan's shock policy decision last week that caused the yen to surge to an 18-month high against the dollar.On Monday, the greenback edged up to 106.56 yen from 106.31 yen in New York Friday, its lowest level since October 2014.But the unit was
May 2, 2016
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Aso says Japan will take action with currency if needed: Nikkei
Japanese Finance Minister Taro Aso said that one-sided speculative movements in the dollar-yen rate are “extremely concerning,” the Nikkei newspaper reported Sunday.Japan will carefully watch currency markets to ensure speculation doesn’t continue and will take action as may be necessary, Aso told reporters at Haneda Airport late Saturday.The yen surged against the dollar to 106.5 on Friday for an 18-month high after the Bank of Japan didn’t deliver further monetary easing as markets had expecte
May 1, 2016
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Eurozone economic growth rate unexpectedly doubles
The eurozone economy has finally recouped all the ground lost in the recessions of the past eight years after official figures Friday showed that the 19-country single currency bloc expanded by a quarterly rate of 0.6 percent in the first three months of the year. The scale of the increase reported by Eurostat in a preliminary estimate was unexpected -- the consensus in the markets was for a more modest rise to 0.4 percent from the previous quarter's 0.3 percent. (AP Photo)Eurostat said the incr
April 29, 2016
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BoJ surprises as it holds off stimulus, delays inflation target
BoJ surprises as it holds off stimulus, delays inflation targetThe Bank of Japan shocked markets Thursday as it held fire on a fresh round of widely expected stimulus measures, sparking questions about whether it had anything left in its arsenal to kickstart the stuttering economy.Dealers were caught off guard by the decision, especially after another set of weak economic data in the morning had turned up the heat on policymakers to help ignite growth.The yen soared on the decision -- the BoJ al
April 28, 2016
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Saudi to sell less than 5% of Aramco, create $2 trillion fund
RIYADH (AFP) -- Saudi Arabia will sell shares in state oil giant Aramco and set up the world‘s largest wealth fund under a long-term economic reform plan, the deputy crown prince said Monday. Prince Mohammed bin Salman said the plan, dubbed “Saudi Vision 2030”, aimed to end the country’s dependence on oil by 2020. “We have all developed an oil addiction in Saudi Arabia and this is dangerous and has hampered development in many sectors during past years,” Prince Mohammed said in an interview wit
April 25, 2016
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Japan's next generation of farmers could be robots
As the average age of farmers globally creeps higher and retirement looms, Japan has a solution: robots and driver-less tractors.The Group-of-Seven agriculture ministers meet in Japan’s northern prefecture of Niigata this weekend for the first time in seven years to discuss how to meet increasing food demand as aging farmers retire without successors. With the average age of Japanese farmers now 67, Agriculture Minister Hiroshi Moriyama will outline his idea of replacing retiring growers with Ja
April 23, 2016
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China property boost to GDP risks fading after debt-fueled rise
China’s expansion may face stronger headwinds this year should the debt-fueled boost from real estate, a key driver of recent economic growth, prove unsustainable.The economy grew 1.1 percent in the first quarter from the prior quarter, the slowest quarter-to-quarter expansion in data since 2011, the National Bureau of Statistics said. Housing demand helped boost growth, with output of real-estate services adding 9.1 percent from a year earlier while construction activities rose 7.8 percent, NBS
April 18, 2016
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Oil meeting collapses without freeze
DOHA, Qatar (AP) -- A meeting of oil-rich countries in Qatar that had been expected to boost crude prices by freezing production fell apart Sunday as Iran stayed home and vowed to increase its output despite threats by Saudi Arabia.Oil prices, which hit a 12-year low in January by dipping under $30 a barrel, had risen above $40 in recent days, buoyed by the bullish talks surrounding the Doha summit.But instead of a quick approval of a production freeze, the meeting of 18 oil-producing nations sa
April 18, 2016
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IMF sees $1.3 trillion in 'at-risk' Chinese company debt
The International Monetary Fund said Wednesday that corporate China's balance sheets have deteriorated to the point that some $1.3 trillion in borrowings is at risk of default.It said that the financial health of Chinese companies has declined as profitability has sunk amid slower economic growth, and there is clear evidence that more companies are not earning enough to cover the interest owed on borrowings.Such "debt at risk" has risen to 14 percent of all debt at listed Chinese companies, trip
April 14, 2016
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China exports jump 11.5%
BEIJING (AFP) -- China's exports surged 11.5 percent year-on-year in March to $160.8 billion, authorities said Wednesday, in a positive sign for the world’s second-largest economy. Imports fell for the 17th consecutive month, dropping 7.6 percent on-year to $131 billion, Customs said, while the trade surplus leaped to $29.9 billion, nearly 10 times the dollar figure for the same month last year.The data beat expectations, with a Bloomberg poll of economists predicting a 10 percent increase in ex
April 13, 2016
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Asian markets track global surge on oil deal hope
HONG KONG (AFP) -- Energy firms led an Asian stock market rally Wednesday as a strong trade report from China and news of a deal between Russia and Saudi Arabia to limit oil output injected traders with much-needed optimism.The renewed confidence also saw the safe-haven yen retreat against the dollar, having soared more than 5 percent since the start of the month.U.S. and European equities provided a perfect lead with healthy gains after Russian news agency Interfax said that Moscow and Riyadh h
April 13, 2016
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Nomura to close Europe business, cut jobs
Nomura Holdings, Japan’s largest brokerage, said it will close certain businesses in Europe and “nationalize” parts of its operations in the Americas.Operations in Asia won’t be affected by the changes, the Tokyo-based securities firm said Tuesday in a statement. The firm will release a full strategic plan outlining the changes when it reports earnings on April 27, it said.Nomura will shutter equity research, sales, trading and underwriting for European stocks, a person with knowledge of the mat
April 13, 2016
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World Bank: China’s growth to ease to 6.7% in 2016
MANILA, Philippines (AP) -- China will remain the main driver of growth in Asia this year despite its prolonged slowdown, helped by sustained expansions in other developing countries in the region, the World Bank said Monday.The U.S.-led development bank forecasts that developing East Asia will grow at a still robust pace of 6.3 percent this year, down from 6.5 percent in 2015. It said the Philippines and Vietnam will lead growth, with economies expanding by more than 6 percent.Indonesia, the bi
April 11, 2016
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Fed policymakers worried about slow global growth: minutes
Federal Reserve policymakers were broadly worried about the threat of slower global growth to the US economy, the minutes from their March 15-16 meeting showed Wednesday.As they decided against an interest rate hike at that meeting, several also cautioned against an increase in April, saying it would signal a sense of urgency over US monetary conditions that "they did not think appropriate," the minutes said.The minutes showed most of 17 participants in the Federal Open Market Committee policy r
April 7, 2016
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New inversion rules will kill Pfizer-Allergan deal
Drugmakers Pfizer Inc. and Allergan Plc are scrambling to determine whether to proceed with their plan to merge and move Pfizer's address _ but not its operations or headquarters _ to lower-tax Ireland. They are taking another look after the U.S. Treasury Department issued new rules to make such ``tax inversion'' deals less profitable. Both companies were mum Tuesday on what they'll do, other than to swat swirling rumors that they're leaning toward dropping the inversion. But analysts and tax ex
April 6, 2016