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People gather outside the National Assembly, after South Korean President Yoon Suk Yeol declared martial law, in Seoul, South Korea, December 4, 2024. South Korean markets opened down on Wednesday, after a day of political upheaval in South Korea that saw President Yoon Suk Yeol impose and then lift a martial law decree within hours. Amid fears of financial instability, a Bank of Korea official reportedly said the bank's monetary policy board will convene an extraordinary board meeting at around 9 a.m KST. According to Reuters, the South Korea government has announced that it will inject unlimited liquidity into financial markets for long as necessary in an attempt to calm sentiment. The Korea Exchange has announced that the country's stock markets will open normally at 9 a.m.
Persons: Yoon Suk Yeol, Yoon Suk, Kospi Organizations: National Assembly, South, Bank, Korea, Reuters, Korea Exchange Locations: Seoul, South Korea
How Bangladesh’s Economy Was Siphoned Dry
  + stars: | 2024-12-04 | by ( Alex Travelli | Shayeza Walid | ) www.nytimes.com   time to read: +1 min
The new governor of Bangladesh’s central bank, Ahsan Mansur, calculates that about $17 billion was siphoned from the country’s financial system in the 15 years before the government of Sheikh Hasina collapsed in August. Other economists guess that the true value looted during Ms. Hasina’s rule, before she fled the country, could exceed $30 billion. And they did incalculable damage to Bangladesh’s economy. “The highest level of political authority realized that the banks are the best place to rob,” said Mr. Mansur, an appointee of an interim government in Bangladesh. For an inside job, that meant taking control of the central bank and the ownership of a clutch of private banks and their boards of directors.
Persons: Ahsan Mansur, Sheikh Hasina, Hasina’s, Mansur, Locations: Bangladesh’s, Bangladesh
Yoon was forced to back down and lifted the martial law order just hours later, after lawmakers unanimously voted to block the decree amid a fierce national outcry. That was the last time martial law was declared in South Korea. Seoul citizens walk beside an army tank on Saturday, Oct. 27, 1979, after martial law was declared following the death of President Park Chung-Hee. Outsted South Korean leader Park Geun-hye arrives at a court in Seoul, South Korea, August 25, 2017. Yoon also faces rising discord within his party, which has opposed his move to introduce martial law and called it unconstitutional.
Persons: Park Chung, Yoon Suk Yeol, Yoon, , , Yoon’s, Chun, Hee, Kim Chon, Roh Moo, Lee Myung, Chung, Park, hye, Kim Hong, Leif, Eric Easley, Yonhap Organizations: CNN, Yonhap News Agency, Min Consulting, National Assembly, Ewha University, Democracy Party, People Power Party Locations: South Korea, South, Seoul, Japan, Gwangju, Korean
'This is the end of President Yoon's presidency': Analyst
  + stars: | 2024-12-04 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'This is the end of President Yoon's presidency': AnalystKarl Friedhoff from Chicago Council on Global Affairs talks about the future of South Korea's political leadership after the short-lived martial law in the country.
Persons: Yoon's, Karl Friedhoff Organizations: Chicago Council, Global Affairs
In this article .AXJO.SPX.DJI.IXICAAPL Follow your favorite stocks CREATE FREE ACCOUNTThe Fearless Girl statue outside the New York Stock Exchange on December 18, 2020 in New York City. Noam Galai | Getty Images Entertainment | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineDecember may have triggered the thawing of Mariah Carey, but stocks are beginning the month chilly. Moreover, in presidential election years, December typically moves up one notch to become the second-best month for stocks.
Persons: Noam Galai, Mariah Carey, Bob Pisani, George Smith, Ken Mahoney, Sarah Min, Hakyung Kim, Sean Conlon, Lisa Kailai Han, Alex Harring Organizations: New York Stock Exchange, Getty, CNBC, Dow Jones, Nasdaq, Apple, LPL, Asset Management, U.S . Federal Locations: New York City, U.S .
Erik Mcgregor | Lightrocket | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineDecember may have triggered the thawing of Mariah Carey, but stocks are beginning the month chilly. Moreover, in presidential election years, December typically moves up one notch to become the second-best month for stocks. If the Fed does cut rates, that incision will probably scrape off any lingering frostbite on the stock market as well, in time for them to hear sleigh bells ringing.
Persons: STOXX, Erik Mcgregor, Mariah Carey, Bob Pisani, George Smith, Ken Mahoney, Sarah Min, Hakyung Kim, Sean Conlon, Lisa Kailai Han, Alex Harring Organizations: Lightrocket, CNBC, Dow Jones, Nasdaq, Apple, LPL, Asset Management, U.S . Federal Locations: York City, U.S .
Signage for Bank of Korea is displayed atop the central bank's headquarters building in Seoul, South Korea, on Thursday, Aug. 16, 2018. The Bank of Korea is set to hold an emergency meeting Wednesday after South Korean President Yoon Suk Yeol lifted a surprise martial law declaration overnight. Late Tuesday night, Yoon declared an emergency martial law and mobilized the army. Within hours, the National Assembly voted to overturn the emergency order, forcing Yoon to lift martial law early Wednesday morning. The iShares MSCI South Korea ETF (EWY), which tracks more than 90 large and mid-sized companies in South Korea, tumbled as much as 7% to hit a 52-week low before cutting losses to close 1.6% lower.
Persons: Yoon Suk, BOK, Yoon, Choi Sang, mok Organizations: Bank of, The Bank of, South, National Assembly, Citi, South Korea's Finance, Korea ETF Locations: Bank of Korea, Seoul, South Korea, South Korea's, The Bank of Korea, U.S, Korea, KST
On Tuesday, Salesforce CEO Marc Benioff described a painful injury he sustained recently while visiting Fakarava, a remote atoll in the Pacific Ocean. More importantly, Benioff shared some early signs of positive traction for Salesforce's latest AI product, called Agentforce, which helps customers design AI agents. AdvertisementThe CEO said Salesforce "delivered" 200 deals for this new generative AI offering after it became generally available in the last week of the quarter. AdvertisementBenioff touted what he called Salesforce's "unfair advantage" over other generative AI tools because Agentforce is grounded on customer data, such as purchases and returns. Advertisement"Despite Salesforce making AI its defining narrative, the true turning point hinges on Agentforce execution and adoption," Miner wrote.
Persons: Benioff, Marc Benioff, Fakarava, I've, Salesforce, Bret Taylor, It's, Agentforce, Copilot, OpenAI's, Charlie Miner, Miner Organizations: Microsoft Locations: Fakarava, Polynesia
South Korean 10,000 won note is seen on U.S. 100 dollar notes in this picture illustration taken in Seoul, South Korea, December 15, 2015. Dealers said the country's central bank may have supported the won at Wednesday's open by selling dollars. Australia's dollar weakened after data showed the economy expanded by less than economists estimated. The dollar added 0.18% to 149.90 yen , continuing its recovery after dipping to 148.65 yen in the previous session for the first time since Oct. 11. The offshore yuan edged down to 7.2948 per dollar, inching back towards the previous day's low of 7.3145, the weakest since November of last year.
Persons: Yoon Suk Yeol, Donald Trump, CME's, Marc Chandler, Barnier, Sterling Organizations: U.S, South Korea's, Dealers, Federal, Traders Locations: Seoul, South Korea, Beijing, France, Bannockburn, New York
While browsing online, he came across a retirement village for young people and booked a two-month visit. Ren spent almost two months at a youth retirement village. I came across Guanye, a youth retirement village, on Xiaohongshu, China's Instagram-like platform. AdvertisementA courtyard at Guanye, a youth retirement village in China. Mountain views from Guanye, a youth retirement village in China.
Persons: Ren Binglin, Ren, China's, I'd, Zers, Cui Kai, Binglin, I've Locations: China, Beijing, Henan —, Dali, Shaoxing, Yangshuo, Shanghai, Guanye, Xiaohongshu, Hebei
Pure Storage teams up with Kioxia
  + stars: | 2024-12-04 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPure Storage teams up with KioxiaPure Storage's APAC VP Nathan Hall talks about the company's hyperscaler deal with Japan's Kioxia, and how it's addressing the needs of the booming AI market.
Persons: APAC, Nathan Hall, Japan's Kioxia
The administration is widely seen as likely to be ousted, just three months after it was formed. Greece had briefly lost its investment grade credit rating status amid the euro area debt crisis, which led to the nation's sovereign default. "Beyond economic growth and stability, this will send debt in a non-sustainable direction in France." Analysts at Dutch bank ING, who previously forecast French growth slowing from 1.1% in 2024 to 0.6% in 2025, said Tuesday that the fall of Barnier's government "would be bad news for the French economy." Loading chart..."At a time when economic growth in France is slowing markedly, this is bad news.
Persons: Joel Saget, Michel Barnier, Barnier —, Emmanuel Macron, Macron, Barnier, Carsten Nickel, Nickel, Maybank, Javier Díaz, Giménez, Gilles Moëc, Moëc Organizations: Afp, Getty Images, Assembly, Spain's IESE Business School, CNBC, ING, AXA Locations: Paris, Germany, France, Greece
AdvertisementThis year brought us another slate of words to butcher in the popular discourse. Fast-fashion company Shein and Ozempic's active ingredient, semaglutide, both made the list. Here are the top 10 most mispronounced words that dominated conversations this year, according to Babbel. 2024 brought us another year of mispronounced names and words in the popular discourse, from brands to popular medicine to politicians and high-profile celebrities. AdvertisementIn no particular order, here are the top 10 most mispronounced words of the year, according to Babbel's report.
Persons: Esteban Touma
AdvertisementKyle Leahy, the CEO of Glossier, took over the beauty company amid weak sales and layoffs. Leahy told Inc. Magazine listening to customers on three key issues helped her turn the brand around. The transition came as the billion-dollar beauty brand's sales were plunging, forcing staff cuts. Leahy explained why listening to the brand's customers on three key issues has been key to her success. In the last three years, the brand's sales have increased by 80%, the chief executive said, and brought the company back from what Redditors once described as its "flop era."
Persons: Kyle Leahy, Leahy, Emily Weiss, Weiss, Glossier, it's, , Redditors Organizations: Glossier, Inc, Magazine, Brands, National Retail Federation, Business Locations: North America
Here's how investors are trading France’s political chaos
  + stars: | 2024-12-04 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +5 min
The French government is on the brink of collapse and investors are gearing up for a volatile week of trading, with some eyeing opportunities amid the chaos. The Oat - Bund spread, as the two respective sovereign bonds are known, shows the negative sentiment investors have toward French government bonds relative to German government bonds. It comes after Barnier said he would force through cuts in social security, to lower the government's 6% budget deficit, without a vote. If the recently appointed government is toppled, Barnier would be the shortest-serving prime minister in France's modern history. "They're agents of chaos for little political end," Everett added.
Persons: Michel Barnier, Barnier, France don't bode, Vassili Serebriakov, Alex Everett, abrdn, Emmanuel Macron, Macron's, Macron, Everett, Leon Ferdinand Bost, Abrdn's Everett Organizations: European Central Bank, UBS, CNBC, Government Bond Fund, Metzler Research, Metzler Bank, Rassemblement, France Locations: Paris, France, ECB, Everett, Netherlands, Spain
That’s an unnerving reality for the United States military, which has nearly 30,000 troops and its largest overseas base in South Korea, serving as a check against a belligerent North Korea and counterweight to an aggressive China in a strategically critical region. ‘Major ramifications’The US-South Korea alliance has long been seen by both countries as a cornerstone of peace in the region, where North Korea continues to threaten South Korea and the US with its illegal weapons program. “Any instability in South Korea has major ramifications for our Indo-Pacific policies,” retired US Col. Cedric Leighton told CNN’s Wolf Blitzer, pointing to how US troops in the country are geared for a “fight tonight” scenario against North Korea. “We should not be surprised if Pyongyang exploits the domestic crisis in South Korea to its advantage, either rhetorically or otherwise,” he said. And Yoon, who’s taken a harder line on North Korea than many of his predecessors, has been a willingly staunch partner of the US.
Persons: Yoon Suk Yeol, Yoon, , That’s, Cedric Leighton, CNN’s Wolf, Joe Biden, Democracy ”, Yoon Suk, Evelyn Hockstein, Donald Trump, , Rachel Minyoung Lee, Kim Jong, Edward Howell, hyeon Kim, Xi Jinping, who’s, Howell Organizations: CNN, United States, Leaders, Ukraine, North, South, Democracy, Korean, White, Reuters, Camp David, US National Security, Stimson, University of Oxford, National Assembly Locations: South Korea, Washington, Seoul, North Korea, China, Asia, Russia, Ukraine, Pyongyang, Beijing, Moscow, Korea, Camp, Japan, United States, United Kingdom
Adam Gray, a Democratic former state lawmaker in California, defeated U.S. Representative John Duarte, the Republican incumbent, in a House contest finally decided on Tuesday, nearly a month after Election Day. The contest in California’s vast agricultural heartland, the Central Valley, was the last House race to be determined, giving Democrats 215 seats compared with 220 for Republicans. Though Republicans won more than the 218 seats necessary to control the House, President-elect Trump wants two House members to serve in his administration, and a third, Matt Gaetz, resigned his seat this month. Mr. Gray declared victory on Tuesday evening, two days before counties in California were required to certify their results. The Associated Press had not yet called the race.
Persons: Adam Gray, John Duarte, Trump, Matt Gaetz, Duarte, Duane Dichiara, Gray Organizations: Democratic, U.S, Republican, Republicans, Associated Press Locations: California, Central
Who Would Replace South Korea’s President Yoon?
  + stars: | 2024-12-04 | by ( Qasim Nauman | ) www.nytimes.com   time to read: 1 min
South Korea’s opposition, which controls the National Assembly, has threatened to impeach President Yoon Suk Yeol if he does not resign after his ill-fated decision to impose martial law. If Mr. Yoon quits or is removed from office then, under the constitution, Prime Minister Han Duck-soo will step in to perform presidential duties. Mr. Yoon, a conservative, came into office after winning the 2022 presidential election by a threadbare margin, and appointed Mr. Han as the prime minister that year. Mr. Han began his career as a civil servant in the early 1970s, working on trade and industrial policy for decades. From 2009 to 2012, Mr. Han was South Korea’s ambassador to the United States.
Persons: Yoon Suk, Yoon, Han Duck, Han, Han’s, Roh Moo Organizations: National Assembly, Harvard Locations: South, United States
A man holds the South Korea flag outside the National Assembly in Seoul on December 4, 2024, after President Yoon Suk Yeol declared emergency martial law. South Korean heavyweight stocks fell in a volatile trading session Wednesday amid political upheaval that saw President Yoon Suk Yeol reverse a surprise martial law decree that he imposed hours earlier. The South Korean won depreciated further by 0.05% to trade at 1,415.78 against the greenback. South Korean stocks experienced significant fluctuations in the U.S. overnight. The iShares MSCI South Korea ETF, which tracks more than 90 large and mid-sized companies in South Korea, tumbled as much as 7% to hit a 52-week low before trimming losses to close 1.6% down.
Persons: Yoon Suk Yeol, Yoon Suk, Kim Byung, Yoon, Chong Koon Organizations: South, National Assembly, South Korean, Samsung Electronics, LG Energy, Hyundai Motor, SK Hynix, Naver Corp, Samsung SDI, Korea Gas Corporation, greenback, Standard Chartered Bank, CNBC, Bank of, Korea ETF Locations: South Korea, Seoul, Korean, Korea, Japan, Bank of Korea, U.S
Consider non-US small cap stocks, says strategist
  + stars: | 2024-12-04 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsider non-US small cap stocks, says strategistScott Welch from Certuity says it's hard not to be overweight US equities – but that smaller-cap stocks in other regions are also worth picking up.
Persons: Scott Welch, Certuity
During Monday's episode of "Today with Hoda and Jenna," Kotb recalled how her former boss had made comments about her weight when she was younger. And I played basketball in high school, so I always assumed I was in shape even though, literally, after college and stuff, I wasn't," Kotb told her cohost, Jenna Bush Hager. There are no federal laws that prohibit weight discrimination, although some cities in the US — such as San Francisco and Washington DC — have passed local laws banning weight discrimination. In 2023, New York City passed a law making weight discrimination illegal . AdvertisementMichigan was the first state to pass a law that prevents weight discrimination.
Persons: Kotb, Hoda Kotb, Hoda, Jenna, Jenna Bush Hager, they'll, Emily Capelli, Capelli Organizations: Society for Human Resource Management, Washington DC, Business Locations: San Francisco, New York City, Michigan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSouth Korea's political turmoil adds to 'troublesome' long-term trajectory, says Eurasia analystJeremy Chan, senior analyst for China and Northeast Asia at Eurasia Group, says that South Korean President Yoon's term is in peril, and the long-term trajectory of South Korea looks troublesome.
Persons: Jeremy Chan, Yoon's Organizations: Eurasia Group, South Locations: Eurasia, China, Northeast Asia, Korea
AdvertisementIntel is reportedly considering Lip-Bu Tan and Matt Murphy for CEO after Pat Gelsinger's exit. Murphy leads Marvell, while Tan is a former Intel board member. Cadence Design CEO Lip-Bu Tan is reportedly one of the people being considered to become Intel's CEO. Semiconductor veteran Tan served on Intel's board between 2022 and this year, where he was on the mergers and acquisitions committee. Representatives of Intel, Murphy, and Tan did not respond to requests sent outside business hours.
Persons: Tan, Matt Murphy, Pat Gelsinger's, Intel's, Murphy, Marvell, Pat Gelsinger, Gelsinger, David Zinsner, Michelle Johnston Holthaus, Gaudi, Dibyanshu Sarkar Organizations: Intel, Marvell Technology, Bloomberg, Reuters, Nvidia, Gaudi, Cadence, AFP, Getty, Semiconductor, Walden International, SoftBank, Hewlett Packard Enterprise, Marvell, eBay, Global Semiconductor Alliance Locations: Europe, American
Chad Chronister, President-elect Donald Trump's selection to lead the Drug Enforcement Administration, said Tuesday that he would withdraw from consideration for the post. "Over the past several days, as the gravity of this very important responsibility set in, I’ve concluded that I must respectfully withdraw from consideration." Trump had tapped Chronister to be DEA administrator, a role within the Department of Justice that requires Senate confirmation, over the weekend. While Scott called Chronister an "incredible pick," some Republicans bristled at his selection for the top DEA role and welcomed his withdrawal. In November, Gaetz, R-Fla. withdrew his name from consideration to serve as attorney general amid sexual misconduct allegations, which he denied.
Persons: Chad Chronister, Donald Trump's, Trump's, Matt Gaetz, Chronister, I’ve, Trump, Pam Bondi, , Rick Scott, Scott, bristled, Thomas Massie, Rodney Howard, Browne, Massie, Organizations: Drug Enforcement Administration, Drug, Department of Justice, U.S . Senate, NBC Locations: Hillsborough County , Florida, Hillsborough County, U.S, Ky, Florida, Gaetz
A measure to bar Montana Rep. Zooey Zephyr, the state’s first transgender legislator, from using the women’s restroom at the State Capitol failed to pass the House Rules Committee on Tuesday, with several Republicans voting against it. The measure, introduced by Republican Rep. Jerry Schillinger, would have required state legislators to use the restrooms of their birth sexes. Montana state Rep. Zooey Zephyr on June 1. He added that restroom access wasn’t an issue for the female legislators he spoke with in the last legislative session. Like all members, I will follow the rules as outlined by Speaker Johnson, even if I disagree with them.
Persons: Jerry Schillinger, ” Schillinger, Lou Rocco, Montana Legislature —, , , David Bedey, ” Bedey, Brad Barker, Bedey, Jedediah Hinkle, , ” Hinkle, Sarah McBride, Nancy Mace, misgendered, Mace, McBride, Mike Johnson, doesn’t, Speaker Johnson, I’ve, Zephyr Organizations: Montana, Zooey, State Capitol, Republican Rep, Joint, Zephyr, ABC, Getty, Montana Legislature, , Republican, U.S, Capitol, Scripps News Locations: Montana’s, Montana
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