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Dollar edges lower ahead of U.S. inflation data
  + stars: | 2021-06-25 | by ( Ritvik Carvalho | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - The dollar drifted lower in Europe on Friday as an agreement on U.S. infrastructure spending underpinned appetite for riskier currencies, but caution ahead of key U.S. inflation data kept losses to a minimum. FILE PHOTO: An employee counts U.S. dollar bills at a money exchange in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El GhanyThe risk-sensitive Antipodean currencies rose, as did the euro, gaining 0.1% to $1.1943, and the Japanese yen, which rose by about the same margin to 110.77 per dollar. “...The consensus is already expecting quite a large increase in the May PCE inflation data - looking for 3.9% YoY headline and 3.4% YoY core,” said strategists at ING in a note to clients. The Australian dollar rose 0.2% to $0.7595.
Persons: Mohamed Abd El Ghany, , John Williams, Khoon Goh, ” Goh, it’s, Bitcoin Organizations: REUTERS, Federal Reserve, Reuters, ING, New York Federal Reserve Bank, New Zealand, South Korean, ANZ, Bank of England, of England Locations: Europe, Cairo, Egypt, New, Asia, U.S, Mexico
A broader dollar retreat and a bipartisan U.S. Senate deal on infrastructure spending also boosted emerging assets, with the Thai baht strengthening from a 13-month low hit on Thursday. The country has also approved the emergency use of the COVID-19 vaccine developed by Indian vaccine developer Bharat Biotech, and will receive a million doses of AstraZeneca Plc's COVID-19 vaccine from Japan. The baht had skidded lower after Thailand's central bank on Wednesday downgraded annual growth forecasts and pledged an accommodative policy stance Political uncertainty is also weighing. Hundreds of pro-democracy protesters took to the streets on Thursday, calling for the prime minister to resign. Jakarta stocks rose nearly 1% to snap two sessions of losses, while Malaysian shares registered their best session in a week.
Persons: Soumyajit Saha, Ruben Carlo O, AstraZeneca Plc's, South Korea's, Joe Biden, Rashmi Aich Organizations: Senate, ng Pilipinas, The Union Bank of, Bharat Biotech, AstraZeneca, AstraZeneca Plc's COVID, South, Malaysian Locations: Malaysia, U.S, Manila, Asuncion, Philippines, Japan, Asia, Jakarta, China, India, Indonesia, Singapore, Taiwan, Thailand, Bengaluru
FOREX-Dollar dips, but with a wary eye on U.S. inflation data
  + stars: | 2021-06-25 | by ( Tom Westbrook | ) www.reuters.com + 0.00   time to read: +3 min
The risk-sensitive Antipodean currencies rose very slightly, while the euro gained 0.1% to $1.1940 and the yen rose by about the same margin to 110.80 per dollar. “The dollar can jump if inflation surprises to the upside,” said Joe Capurso, head of international economics at the Commonwealth Bank of Australia in Sydney. “Upside inflation surprises have been the trend in the U.S. recently,” he added. The Australian dollar rose 0.1% to $0.7591. Bank of England policymakers even warned against “premature tightening” and the pound was the worst performing G10 currency on Thursday.
Persons: , Joe Capurso, John Williams, Khoon Goh, ” Goh, it’s, Bitcoin Organizations: Federal Reserve, Commonwealth Bank of Australia, U.S ., Reuters, New York Federal Reserve Bank, New Zealand, South Korean, ANZ, Bank of England, of England Locations: 2RBWI5E SINGAPORE, Asia, Sydney, U.S, New, Mexico
The Thai baht strengthened slightly after hitting 13-month lows this week after the central bank downgraded its annual growth forecasts. But the baht was still on track to shed more than 1% for the second consecutive week, while Thai stocks rose marginally after six straight sessions of losses. Elsewhere in Asia, stocks rose in Indonesia and Manila, tracking U.S. indexes which hit record highs overnight after President Joe Biden embraced a bipartisan Senate infrastructure deal. Taiwan stocks rose over 1% to their highest in more than a month, while the Taiwan dollar also strengthened to register its best session in two weeks. The won was set for a modest weekly gain after weakening nearly 2% last week.
Persons: Soumyajit Saha, Phillip, Joe Biden, South Korea's, Ana Nicolaci da Organizations: Taiwan, ng Pilipinas, ING, U.S . Federal, Phillip Securities, South Locations: Philippine, Thailand, Asia, Indonesia, Manila, Taiwan, Japan, China, India, Malaysia, Philippines, Singapore, Bengaluru, Ana Nicolaci da Costa
LOS ANGELES — Conan O'Brien ended his 11-year run on TBS' "Conan" by touting the "intersection between smart and stupid." Conan O'Brien of TBS's CONAN speaks onstage during the WarnerMedia Upfront 2019 show at The Theater at Madison Square Garden in New York on May 15, 2019. Black also reminded O'Brien that his first-ever talk show appearance was on "Late Night with Conan O'Brien." "It's been a great way for me to hide my money in banks all around the world," O'Brien said. I think when smart and stupid come together, it's very difficult.
Persons: Conan O'Brien, Jack Black, Black, , gurney, TBS's CONAN, Dimitrios Kambouris, O'Brien, Carson, Letterman, Jack, Andy Richter, Johnny, Will Ferrell, Martin Short, Zack Galifianakis, Nicole Byer, Andy Samberg, Lea Delaria, Mary Kay, It's, O'Brien's, Liza, Sona Mouvsesian, Conan, Homer Simpson, O'Brien — Organizations: TBS, Madison, Largo Locations: New York, Boston, Cuba, South Korea, Armenia, Israel, Australia, Mexico, Ghana, Germany, Japan, Greenland, Italy
Dollar dips ahead of U.S. inflation data
  + stars: | 2021-06-25 | by ( Ritvik Carvalho | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - The dollar drifted lower in Europe on Friday as an agreement on U.S. infrastructure spending underpinned appetite for riskier currencies, but caution ahead of key U.S. inflation data kept losses to a minimum. FILE PHOTO: A U.S. five dollar note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File PhotoThe risk-sensitive Antipodean currencies rose, as did the euro, gaining 0.1% to $1.1943, and the Japanese yen, which rose by about the same margin to 110.77 per dollar. “...The consensus is already expecting quite a large increase in the May PCE inflation data - looking for 3.9% YoY headline and 3.4% YoY core,” said strategists at ING in a note to clients. The Australian dollar rose 0.2% to $0.7595.
Persons: Thomas White, , John Williams, Khoon Goh, ” Goh, it’s, Bitcoin Organizations: REUTERS, Federal Reserve, Reuters, ING, New York Federal Reserve Bank, New Zealand, South Korean, ANZ, Bank of England, of England Locations: Europe, New, Asia, U.S, Mexico
But there has never been a peace treaty, meaning the Korean War is still technically being fought. There are those that refer to the Korean War as, "the forgotten war" as it did not receive the same kind of attention as did World War II or the Vietnam War. Even now, 70 years later, the Korean War is given less notice than other conflicts and wars in history. The Korean War was the first military action following the end of WWII and the beginning of the Cold War. These numbers made the Korean War known as an exceptionally bloody war, despite the fact that it was relatively short.
Persons: Harry Truman, Truman, MacArthur, Douglas MacArthur, Joseph Martin Organizations: Business, Service, Democratic People's, Western, UN, South Korea, War US Army, Keystone, Getty, Soviet, North, North Korea Wikimedia Commons, American, Republican Locations: Korean, South Korea, North Korea, Vietnam, Korea, Democratic People's Republic of Korea, Western Republic of Korea, Masan, Soviet Union, United States, China, Yalu, Europe, Gen, Indong
TOKYO (Reuters) -Panasonic Corp sold its stake in electric car maker Tesla Inc for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday. REUTERS/Toru Hanai/File PhotoThe sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for investing in growth. Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. While Panasonic gave financial backing to Tesla when it was smaller, the automaker’s expansion means there’s no need for capital ties, Yasuda added. The stake sale will not affect the partnership with Tesla, the Panasonic spokesperson said, but comes as the automaker is diversifying its own battery supply chain.
Persons: Toru Hanai, Elon Musk’s Tesla, , Hideki Yasuda, Musk, Tesla, Yasuda, China’s Organizations: Panasonic Corp, Tesla, Technologies, Makuhari, REUTERS, Elon, Panasonic, Ace Research Institute, South Korea’s LG, LG Chem, Reuters Locations: TOKYO, Chiba, Japan, Shanghai, U.S
Panasonic sells Tesla stake for $3.6 billion
  + stars: | 2021-06-24 | by ( Sam Nussey | Shinji Kitamura | ) www.reuters.com + 0.00   time to read: +2 min
TOKYO (Reuters) - Panasonic Corp sold its stake in electric car maker Tesla Inc for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday. REUTERS/Toru Hanai/File PhotoThe sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for investments. Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. While Panasonic gave financial backing to Tesla when it was smaller, the automaker’s expansion means there’s no need for capital ties, Yasuda added. The stake sale will not affect the partnership with Tesla, the Panasonic spokesperson said, and was made as part of a review of shareholdings in line with corporate governance guidelines.
Persons: Toru Hanai, Elon Musk’s Tesla, , Hideki Yasuda, Musk, Tesla, Yasuda, China’s Organizations: Panasonic Corp, Tesla, Technologies, Makuhari, REUTERS, Elon, Panasonic, Ace Research Institute, South Korea’s LG, LG Chem, Reuters Locations: TOKYO, Chiba, Japan, Shanghai, U.S
The peso can be expected to "remain pressured in the near term on anxiety over the timing of the Fed taper," he added. Thailand's baht extended losses for a second session in a row, after the central bank downgraded the tourism-reliant country's 2021 economic growth forecast on Wednesday, while sharply lowering its previous tourist estimates for this year. Thai stocks dropped more than 1% in their biggest fall in more than a month and the index's sixth consecutive session of losses. A return of thousands of pro-democracy protesters to the streets calling for the resignation of Prime Minister Prayuth Chan-ocha also added to the political uncertainty. Bucking the overall gloom, the South Korean won firmed 0.25% after the central bank said it expected upward inflationary pressure on both demand and supply fronts, reinforcing views that it was shifting to a less accommodative monetary policy.
Persons: Soumyajit Saha, Nicholas Mapa, Prayuth Chan, ocha, Rashmi Aich Organizations: Bank of, ng Pilipinas, ING, U.S, Federal Reserve, South Korean Locations: Malaysia, Bank of Thailand, Philippine, Hong Kong, Asia, Japan, China, India, Indonesia, Philippines, Singapore, Taiwan, Thailand, Bengaluru
The peso weakened as much as 0.4% to its lowest level since April 7, while stocks in Manila traded slightly lower. "Despite cases dipping recently in the Philippines, participants remain wary of the possible spread of the so-called Delta variant which could spark a renewed surge in cases." The Thai baht was rooted to its lowest level since May 2020, a day after the country's central bank left its interest rates unchanged at a record low and cut its 2021 economic growth forecast. Thai stocks dropped to their lowest level in nearly a month. Providing minor respite was data that showed a bigger than expected surge in Thai exports for May as global demand improved.
Persons: Soumyajit Saha, Nicholas Mapa, Goldman Sachs, Malaysia's, Stephen Coates Organizations: ng Pilipinas, ING, Bank, Nasdaq, South Korea's, U.S . Federal, Hong, Delta Electronics Locations: Philippine, Manila, Philippines, Thailand, South, Taiwan, Korea, Hong Kong, Delta Electronics Thailand, Thai, Asia, Japan, China, Indonesia, Malaysia, Singapore, Bengaluru
REUTERS/Beck Diefenbach/File PhotoSEOUL, June 24 (Reuters) - South Korean retailer Shinsegae Group's E-Mart Inc (139480.KS) said on Thursday it plans to acquire an 80% stake in eBay Inc's (EBAY.O) South Korean business for 3.4 trillion won ($3 billion). With the deal, traditional retail giant Shinsegae gets a much-needed boost in the Korean e-commerce sector, where it has lagged after competitors such as No. EBay will retain a 20% interest in the Korean business, whose implied value is approximately $3.8 billion, eBay said in a statement. Naver Corp (035420.KS), which had teamed up with E-Mart in the bidding process for eBay's South Korean business, said earlier this week it had pulled out of the acquisition. "But whether the price is competitive or not is expected to be judged in the short-term by improvement in eBay Korea's performance, as eBay Korea's recent efforts at direct-sourcing and rapid shipping can be helped by E-Mart's buying power and cost control," she said.
Persons: Beck, 1,131.6800, Heekyong Yang, Jason Neely Organizations: eBay, REUTERS, Mart, eBay Korea, EBay, Naver Corp, South, Samsung Securities, eBay Inc, EBay Korea, Thomson Locations: San Jose , California, SEOUL, KS, EBay Korea, South Korea
Samsung Elec, affiliates fined $207 mln over cafeteria contracts
  + stars: | 2021-06-24 | by ( ) www.reuters.com sentiment -0.98   time to read: +1 min
The logo of Samsung Electronics is seen at its office building in Seoul, South Korea South Korea, October 11, 2017. REUTERS/Kim Hong-Ji/File PhotoSEOUL, June 24 (Reuters) - Samsung Electronics (005930.KS) and four affiliates have been fined 234.9 billion won ($207 million) for giving affiliate Samsung Welstory in-house cafeteria contracts since 2013 and ensuring a high profit margin, the Korea Fair Trade Commission (KFTC) watchdog said on Thursday. Samsung Welstory, a meal provider for cafeterias, is wholly owned by Samsung C&T (028260.KS), of which Samsung Electronics vice chairman Jay Y. Lee held a 18.1% stake as of May. KFTC said in a statement that Samsung Electronics and affiliates unfairly supported Samsung Welstory by entering into private contracts with it since 2013, without opening up the cafeteria operations to competition from other providers and on terms favouring Welstory. ($1 = 1,134.1700 won)Reporting by Joyce Lee; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
Persons: Kim Hong, Jay Y, Lee, KFTC, 1,134.1700, Joyce Lee, Jason Neely Organizations: Samsung Electronics, REUTERS, Samsung Welstory, Korea Fair Trade Commission, Samsung, Thomson Locations: Seoul, South Korea South Korea, SEOUL, Korea
Naver Pay is the leading mobile easy payment app in South Korea. Viva Republica is the parent company of super app Toss, which offers a wide range of financial services to 20 million users—over a third of South Korea's population. Viva Republica boasts strong user acquisition and revenue-generating opportunities and offers backers a potentially lucrative exit. The bigger picture: The significant raise highlights the scaling potential in South Korea for fintechs. For context, the UK, the most advanced open banking country in Europe, has just 3 million users.
Persons: SG Lee Organizations: Viva, Intelligence, Republica, fintechs, Viva Republica Locations: South Korea, Korea's, Vietnam, Malaysia, Europe, Viva, South Korea's, Korea
A logo of Panasonic Corp is pictured at the Combined Exhibition of Advanced Technologies at the Makuhari Messe in Chiba, Japan, October 2, 2017. The sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for investing in growth. Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. While Panasonic gave financial backing to Tesla when it was smaller, the automaker's expansion means there's no need for capital ties, Yasuda added. The stake sale will not affect the partnership with Tesla, the Panasonic spokesperson said, but comes as the automaker is diversifying its own battery supply chain.
Persons: Toru Hanai, Elon Musk's Tesla, Hideki Yasuda, Musk, Tesla, Yasuda, China's, Chang, Ran Kim, Jacqueline Wong Organizations: Panasonic Corp, Technologies, Makuhari, REUTERS, Panasonic, TOKYO, Tesla Inc, Elon, Ace Research Institute, South Korea's LG, LG Chem, Reuters, Thomson Locations: Chiba, Japan, Shanghai, U.S
REUTERS/John Gress/File PhotoWASHINGTON, June 23 (Reuters) - The United States International Trade Commission (ITC) said on Wednesday that U.S. manufacturers are "materially injured" by imports of passenger vehicle and light truck tires from Korea, Taiwan and Thailand. In 2020, the U.S. Commerce Department opened investigations into vehicle tire imports from South Korea, Taiwan, Thailand and Vietnam in response to petitions filed by the United Steelworkers (USW) representing workers at U.S. tire plants. The union won orders on imported vehicle tires from China in 2015, and Chinese imports have since shrunk dramatically, allowing the domestic industry to invest in new capacity, the union said last year. The United States imported $4.4 billion in tires from the four nations in 2020. The USW said previously tire imports from the four countries had risen nearly 20% since 2017, reaching 85.3 million tires in 2019.
Persons: John Gress, USW, Cooper, David Shepardson, Chris Reese Organizations: Michelin, Indianapolis Motor Speedway, REUTERS, WASHINGTON, United States International Trade Commission, ITC, Commerce Department, U.S . Commerce Department, United Steelworkers, United, Goodyear, Sumitomo, Thomson Locations: Korea, Taiwan, Thailand, Vietnam, United States, U.S, South Korea, China, Yokohama, Ohio , Arkansas, North Carolina , Kansas , Indiana, Virginia , New York, Alabama
USITC says tires from Korea, Taiwan, Thailand, Vietnam hurt U.S. industry
  + stars: | 2021-06-23 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
FILE PHOTO: Signage is seen outside of the U.S. International Trade Commission in Washington, D.C., U.S., August 31, 2020. REUTERS/Andrew KellyWASHINGTON (Reuters) - Passenger vehicle and light truck tires from South Korea, Taiwan, and Thailand, and subsidized passenger vehicle and light truck tires from Vietnam hurt U.S. industry, the U.S. International Trade Commission said on Wednesday. “The commission made affirmative determinations with respect to its antidumping duty investigations concerning imports of these products from Korea, Taiwan, and Thailand, and its countervailing duty investigation concerning imports of these products from Vietnam,” it said in a statement. “The Commission further made a finding of negligibility and voted to terminate the antidumping duty investigation concerning imports of these products from Vietnam.”
Persons: Andrew Kelly WASHINGTON, , negligibility, Organizations: U.S . International Trade Commission, Washington , D.C, REUTERS Locations: Washington ,, South Korea, Taiwan, Thailand, Vietnam, U.S, Korea
FILE PHOTO: Turkey's Central Bank headquarters is seen in Ankara, Turkey in this January 24, 2014 file photo. REUTERS/Umit BektasANKARA (Reuters) - Turkey has ramped up talks with other countries over securing a currency swap agreement and a deal with Azerbaijan looks likely to be the first achieved, four Turkish sources with knowledge on the matter told Reuters on Wednesday. On Tuesday, Turkish Central Bank Governor Sahap Kavcioglu told a meeting with bank managers that Turkey was in talks with four countries on FX swap deals and at “a very good point” with two of those, according to two participants. The sources, speaking on condition of anonymity, said that talks were underway with Malaysia, South Korea, Russia, Britain and other countries in Asia on securing swap agreements, with a senior source saying Ankara may also further expand an existing swap agreement with Qatar that it tripled to $15 billion last year.
Persons: Umit Bektas, Turkish Central Bank Governor Sahap Kavcioglu Organizations: Turkey's Central Bank, Reuters, Turkish Central Bank Governor, FX Locations: Ankara, Turkey, Umit, Umit Bektas ANKARA, Azerbaijan, , Malaysia, South Korea, Russia, Britain, Asia, Qatar
FILE PHOTO: Turkey's Central Bank headquarters is seen in Ankara, Turkey in this January 24, 2014 file photo. Last year, Turkey also tripled its swap agreement with Qatar to $15 billion. “There may be a swap agreement with one or more of these,” the person said. Another source said that of the countries Turkey was holding talks with to secure a currency-swap agreement, Azerbaijan was “the closest to a deal”. The Turkish central bank did not respond to questions on the matter by Reuters.
Persons: Turkish Central Bank Governor Sahap Kavcioglu, Tayyip Erdogan Organizations: Reuters, Turkey's Central Bank, Turkish Central Bank Governor, FX, South, Reserves, People’s Bank of China, U.S Locations: ANKARA, Turkey, Azerbaijan, Ankara, , China, Qatar, Malaysia, South Korea, Russia, Britain, Asia, Turkish
The baht firmed 0.4% and Thai stocks inched higher, as investors also awaited a Bank of Thailand meeting where the central bank is expected to leave interest rates at a record low and cut its growth forecast. Among currencies, the South Korean won rose 0.5%, while Indonesia’s rupiah and Malaysia’s ringgit also advanced modestly. Emerging market assets, generally considered riskier investments, suffered broad losses since last week after the dollar rose when the Fed indicated it may raise rates earlier than expected and signalled tapering its bond buying programme. “Markets may have assessed Powell’s testimony as reassuring,” said Yeap Jun Rong, a strategist at IG Markets. Philippines’ central bank is also widely expected to maintain record low rates in its meeting on Thursday.
Persons: Jerome Powell, Prayuth Chan, ocha, , Sunthorn Thongthip, Powell, ringgit, Yeap Jun Rong, Soumyajit Saha, Muralikumar Anantharaman Organizations: Yahoo Finance, Philippine, U.S, Federal, Kasikorn Securities, South Korean, IG Markets Locations: Thailand, Philippines, Singapore, Manila, Bengaluru
Opinion | Do Falling Birthrates Spell Doom?
  + stars: | 2021-06-23 | by ( The Argument | ) www.nytimes.com sentiment -0.98   time to read: +1 min
And it’s not just America — people around the world are having fewer children, from South Korea to South America. What might be troubling are the consequences on our future economy and what an older population might mean for Social Security. [You can listen to this episode of “The Argument” on Apple, Spotify or Google or wherever you get your podcasts.] This week, Jane Coaston talks to two demographers who have differing levels of worry about the news of our falling birthrate. Caroline Hartnett is a demographer and an associate professor of sociology at the University of South Carolina.
Persons: Jane Coaston, Lyman Stone, Robert Novak, Caroline Hartnett Organizations: Social Security, Apple, Demographic Intelligence, American Enterprise Institute, Institute for Family Studies, Robert Novak Journalism, McGill University, University of South Locations: America, South Korea, South America, University of South Carolina
Russia and China's growing ties and military cooperation have worried Western leaders. The 14,400-word, 79-paragraph communique released at the end of the summit expressed concern about Russia's and China's military build-ups and "assertive" behavior. 'A functional non-aggression pact'Putin at a parade during Russia's Vostok 2018 military exercises, in which China participated for the first time, September 13, 2018. They normalized ties in 1989, and security cooperation has been the most important part of the relationship between Russian and Chinese leaders since then. China still seeks advanced technologies, some of which, like jet engines, Russia has been reluctant to sell, said Fravel, an expert on the Chinese military.
Persons: Tod Wolters, Philip Davidson, Davidson, Matthew Rojansky, Rojansky, Putin, Alexei Nikolsky, Taylor Fravel, Lyle Goldstein, Goldstein, China's, Alexey Muraviev, Muraviev, Vadim Savitsky, Scott Berrier, Wolters, Michael Kofman, Kofman, Fravel, Xi, Sergei Bobylev, Xi Jinping, Vladimir Putin, Elizabeth Wishnick, Christopher Bort, Bort, Tim Brakemeier, Wishnick, Nixon Organizations: Western, NATO, US European Command, Senate Armed Services Committee, Navy, Reuters, Pacific Command, Biden, Politico, Ukraine, Kennan, Wilson, Getty, MIT, US Naval War, Russian, Russian Defense Ministry Press Service, AP, Australia's Curtain University, Defense Intelligence Agency, CNA, Montclair State University, stoke, US's National Intelligence Council, Getty Images Locations: Russia, China, Baltic, St . Petersburg, US, South China, East Asia, Soviet, , Ukraine, Pacific, Japan, East, South Korea, United States, Moscow, Vladivostok, Central Asia, Beijing, Eurasia, Getty Images Russia, West
Kim Jong Un's sister derides U.S. official, dismisses chances for talks
  + stars: | 2021-06-22 | by ( ) www.nbcnews.com + 0.00   time to read: +5 min
U.S. National Security adviser Jake Sullivan called Kim’s comments an “interesting signal.”On Tuesday, Kim Yo Jong derided Sullivan’s response. Sung Kim later met South Korean President Moon Jae-in, and the two said they would strive to resume U.S.-North Korea talks, Moon’s office said. North Korea may only ease its stance if it can no longer endure its ongoing economic hardship, some experts said. Analyst Cheong Seong-Chang at the private Sejong Institute in South Korea said Kim Yo Jong’s statement suggested North Korea isn’t ready to rejoin talks anytime soon. Even if the U.S. and North Korea meet, it’ll never be easy to find common ground,” Cheong said.
Persons: Kim Jong Un, ” Kim Yo, Hope, Jake Sullivan, Kim Yo Jong, ” Shin Beomchul, Biden, , ” Shin, Sung Kim, Washington, Kim Yo, Lee, Moon Jae, didn’t, Cheong, Chang, it’ll, ” Cheong, Sullivan, Donald Trump’s, Kim, Barack Obama’s, haven’t, Trump Organizations: . National Security, Korean Central News Agency, Korea Research Institute, National Strategy, United States, South Korean Unification, South, North, Sejong Institute, ABC News Locations: SEOUL, South Korea, United States, U.S, Seoul, North Korea, Korea, Washington, denuclearization . North Korea, Korean, Kim
A South Korean company whose app lets users transfer money, take out loans, trade stocks and check their credit scores has raised funds at a valuation of more than $7 billion, making it one of the world’s most valuable financial-technology startups. Viva Republica Inc., which operates the multifunction app Toss, said Wednesday it completed a round of fundraising worth 460 billion Korean won, the equivalent of $406 million, with investors including Alkeon Capital Management, Altos Ventures and Greyhound Capital. The deal highlights how South Korea has incubated numerous unicorns, or private companies worth more than $1 billion, despite a domestic market of fewer than 52 million consumers. Toss has also benefited from a supportive government stance—in contrast with China where fintech giant Ant Group Co. and smaller rivals have faced intensifying regulatory scrutiny. In a statement, Viva Republica said it is valued at 8.2 trillion won, or about $7.2 billion, including the new money, which is more than twice its worth a year ago.
Organizations: Korean, Viva Republica Inc, Alkeon Capital Management, Altos Ventures, Greyhound Capital, Ant, Viva, Viva Republica Locations: Korea, China
Equity markets across Asia tracked a global overnight rebound on Wall Street, as market participants turned their attention to economic growth. The baht, which has come under pressure along with its regional peers after the Fed last week indicated earlier than expected policy tightening, dipped to its lowest since Sept. 30, 2020. While strict entry requirements and quarantine measures initially helped keep Thailand's coronavirus outbreaks under control, the curbs saw revenue from its key tourism sector plummet. "However if there is none...and instead more hawkish talk, then USD rise could weigh on AxJs (Asia except Japan)." Stocks in the Philippines and South Korea rose 0.7% and 0.6%, respectively, while Thai shares eyed their best session in nearly two weeks.
Persons: Jerome Powell, Harish Sridharan, Thailand's, Dhiraj Nim, Christopher Wong, Abadi, ines, Jacqueline Wong Organizations: U.S, U.S . Federal, Equity, Fed, ANZ Research, Bank, Federal, Singapore STI, Venture Corporation, JK, TI Locations: Taiwan, Indonesia, U.S ., Asia, Thailand, Japan, Philippines, South Korea, Jakarta, China, India, Bengaluru
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