SEOUL, South Korea (AP) — Samsung Electronics has officially appointed third-generation heir Lee Jae-yong as executive chairman, two months after he secured a pardon of his conviction for bribing a former president in a corruption scandal that toppled a previous South Korean government. Lee’s promotion is partially symbolic as he has headed the Samsung group…
TOKYO (AP) — Even as the Federal Reserve and the world’s other central banks raise interest rates to try to curb inflation, the Bank of Japan has stood firm. Since 2016, Japan’s key interest rate has been minus 0.1%. The world’s third-largest economy has been battling deflation, or a continuous downward spiraling of prices, for…
By Noah Browning LONDON (Reuters) – The drop in Russian fossil fuel exports after its Ukraine invasion this year will transform the global energy landscape for decades and can help to hasten a green energy transition, the International Energy Agency (IEA) said on Thursday. The IEA’s annual World Energy Outlook acknowledges the economic hit from…
(Refiles to remove extraneous word in paragraph 2.) MEXICO CITY (Reuters) – Mexico City’s mayor said on Wednesday she wants to boost the number of ‘digital nomads’ in the capital after signing an agreement with short-term rental platform Airbnb, despite fears the influx is pricing residents out of the rental market. Asked about complaints over…
SEATTLE (AP) — A Washington state judge on Wednesday fined Facebook parent company Meta nearly $25 million for repeatedly and intentionally violating campaign finance disclosure law, in what is believed to be the largest campaign finance penalty in U.S. history. The penalty issued by King County Superior Court Judge Douglass North was the maximum allowed…
By Ankur Banerjee SINGAPORE (Reuters) – Asian shares rose on Thursday on growing expectations that major central banks could start slowing th pace of interest rate hikes in coming months, while the dollar’s retreat lifted commodities and pushed treasury yields lower. MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.59% higher and set for…
By Joyce Lee and Heekyong Yang SEOUL (Reuters) -Samsung Electronics Co Ltd reported a 31% drop in third-quarter profit on Thursday and said geopolitical uncertainties are likely to dampen demand until early 2023, as the global economic downturn slashed appetite for electronic devices. The world’s top maker of memory chips and smartphones said that despite…
By Laura Sanicola (Reuters) – Oil prices continued to rise in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports and a weaker U.S. dollar. Brent crude futures rose 25 cents, or 0.3%, to $95.94 a barrel by 0015 GMT. U.S. West Texas Intermediate…
PARIS (AP) — French President Emmanuel Macron vowed Wednesday to implement a pension reform that would eventually push up the retirement age by three years to 65, making younger generations work longer. In an interview on France 2 television, Macron said the changes would start being applied next year. “There’s only one way to do…
TOKYO (Reuters) -Japan’s upcoming economic stimulus package is expected to include an extra budget of more than 29 trillion yen ($198 billion), far exceeding a previous estimate, national broadcaster NHK reported on Thursday. Only a day earlier, Japanese media had reported that the government was set to spend about 25 trillion yen on the stimulus…
