Finance

Finance

Founder of South Korea’s Daewoo, a symbol of its rise and fall, dies

December 10, 2019 By Joyce Lee SEOUL (Reuters) – The founder of the defunct Daewoo Group, Kim Woo-choong, has died after watching the conglomerate he built into a symbol of South Korea’s manufacturing prowess become one of its biggest corporate failures, crushed by debt. Kim, who died on Monday at 83 after battling chronic illness, […]

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Finance

Major currencies mark time as investors brace for key risk events

December 10, 2019 By Tom Westbrook SINGAPORE (Reuters) – The dollar and yen mostly held the safe-haven high ground on Tuesday, with investors wary of a looming deadline for U.S. tariffs on China, the British election and upcoming Federal Reserve and European Central Bank meetings. Front of mind is whether Washington will go ahead with […]

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Finance

China’s consumer inflation at eight-year high, but PPI stuck in the red

December 10, 2019 By Lusha Zhang and Huizhong Wu BEIJING (Reuters) – China’s consumer inflation climbed to nearly eight-year peaks in November as pork prices doubled, but factory-gate prices remained in the red, adding to uncertainty over whether the manufacturing sector is bottoming out as trade risks persist. Beijing is under pressure to unleash more […]

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Finance

Postal Savings Bank shares mark tepid Shanghai debut, add to sector capital woes

December 10, 2019 By Cheng Leng and Sumeet Chatterjee BEIJING/HONG KONG (Reuters) – Shares of Postal Savings Bank of China (PSBC) marked a subdued Shanghai debut on Tuesday after a $4-billion share sale, underlining worries about dwindling options for lenders in the country to replenish balance sheets in a slowing economy. The shares of the […]

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Finance

Indonesia October retail sales grow at fastest pace in five months

December 10, 2019 JAKARTA (Reuters) – Growth in retail sales in Indonesia accelerated to 3.6% in October from a year earlier, the fastest pace in five months and picking up strongly from September’s 0.7%, a central bank survey showed on Tuesday. Growth was mainly driven by increased sales of food and auto parts, although sales […]

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Finance

Explainer: South African Airways is in ‘business rescue’. What does that mean?

December 10, 2019 JOHANNESBURG (Reuters) – Plagued by debt and years of mismanagement, state-owned South African Airways (SAA) has been placed into business rescue – South Africa’s bankruptcy protection process – in a last-ditch attempt to save the national carrier. South Africa’s business rescue process, which will shield SAA from the demands of its creditors […]

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Finance

Ford to nearly halve its 2018 before interest and taxes loss in China

December 10, 2019 (Reuters) – U.S. automaker Ford Motor Co. said on Monday it expects its full year 2019 loss, before interest and taxes, from China to be nearly halved from the year ago. For 2020, the company expects to further cut down its China losses, before interest and taxes, by nearly half that of […]

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Finance

Australia cartel case against Citi, Deutsche delayed by late night witness statement

December 10, 2019 SYDNEY (Reuters) – An Australian criminal cartel lawsuit against Citigroup Inc and Deutsche Bank AG was postponed on Tuesday after defense lawyers complained the prosecution had given them a redacted statement for a key witness late on the previous day. Though for just one day, the delay raises the chance of pre-trial […]

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Finance

Trump says doing well with China in putting together trade deal

December 9, 2019 WASHINGTON (Reuters) – President Donald Trump on Monday said the United States is doing well with China in hammering out a trade deal, as the clock ticks toward the levying of possible new tariffs on Chinese imports. U.S. tariffs on several consumer products, including mobile phones and toys, are set to kick […]

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Finance

U.S. seals demise of WTO appeals bench: trade officials

December 9, 2019 By Stephanie Nebehay GENEVA (Reuters) – The fate of the World Trade Organization’s top court was effectively sealed on Monday after the United States said it would not back a proposal to allow it to continue, trade officials said, although the WTO chief vowed to find a solution. The Trump administration has […]

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