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Hyundai Motor Q2 profit buffeted by strong won SEOUL: South Korea's largest automaker, Hyundai Motor Co. said Thursday its second-quarter net profit slumped 6.9 percent from a year earlier, mainly due to a stronger won.The April-June figure came to 2.35 trillion won (2.29 billion dollars), on sales of 22.75 trillion won, down 1.9 percent year-on-year.It sold 2.5 million cars in the first six months to June, up 4.4 percent from the previous year.Operating profit for the three-month period plunged 13.3 percent from the previous year to 2.09 trillion won."More cars were sold this year as new models were rolled out. We also made persistent efforts to cut costs," a company official said."Despite all these, however, the bottom line was weakened, mainly due to a strong won," he added.The won has been on a steady rise against major currencies and earlier this month posted a six-year high against the greenback.Copyright AFP (Agence France-Presse), 2014

BoJ aims to stabilise inflation expectations at 2pc TOKYO: Bank of Japan board member Sayuri Shirai said the central bank's goal of achieving 2 percent inflation and sustaining the price level in a "stable manner" is equivalent to stabilising Japan's long-term inflation expectations at 2 percent. "Transforming the public's deflation-oriented mindsets and their resultant risk-averse economic behavior will take some time, but positive developments are gradually but steadily spreading in the economy," Shirai said in a speech delivered at a conference in Singapore ...

PBOC skips open market operations, injects 18bn yuan for week SHANGHAI: China's central bank refrained from conducting open market operations on Thursday, traders said, meaning it will inject a net 18 billion yuan ($2.90 billion) into the market this week.The People's Bank of China (PBOC) conducted a net injection of 17 billion yuan into the market last week. Copyright Reuters, 2014

SK Hynix posts near 30pc drop in Q2 net profit SEOUL: South Korea's SK Hynix said Thursday its second-quarter net profit tumbled nearly 30 percent from a year ago on falling memory chip prices.Net profit for the world's second-largest chipmaker amounted to 674 billion won ($658 million) for April to June, down 29 percent from a year ago. Operating profit inched down three percent to 1.08 trillion won during the same period, the Icheon-based company said in a statement. Sales remained nearly unchanged at 3.92 ...

New Zealand to take breather after another rate hike WELLINGTON: New Zealand's central bank lifted interest rates for the fourth time this year on Thursday but signalled a pause in further tightening, sending the local currency to a six-week low.The Reserve Bank of New Zealand raised the official cash rate (OCR) 0.25 points to 3.50 percent in a move that was widely expected in financial markets.The OCR has gone up 100 basis points since March, when New Zealand became the first advanced economy to ...

Drugmaker GSK slashes annual profits forecast LONDON: British drugmaker GlaxoSmithKline on Wednesday slashed its 2014 profits forecast as second-quarter earnings sank on the back of weak US trade, adverse currency moves and a Chinese bribery probe.In a gloomy results statement, GSK said it now expected its earnings per share a key measure of performance to be "broadly flat" this year. That compared with the previous forecast for growth of 4.0-8.0 percent.Net profit, or profit after tax, dived 37 percent to £654 ...

GM recalls 718,000 more vehicles in US NEW YORK: General Motors on Wednesday announced six recalls covering nearly 718,000 vehicles in the US, adding to its recall tally after an ignition-switch auto safety scandal.The largest recall announced Wednesday, affecting 414,333 vehicles, will address a problem with the bolt that secures the height adjustor for driver and passenger seat structures in the 2010-2012 Chevrolet Camaro, the 2011-12 Buick Regal and some other models.If the bolt falls out, the seat will move up and ...


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Foreign Debt $60.9bn
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