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Global Business & Economy

World - Global Business & Economy

South Korea Sept exports down, as expected due to Hyundai strikes SEOUL: South Korean exports in September fell, as expected, after posting the first rise in 20 months in August, as slightly fewer working days and a strike at the biggest automaker hit shipments, data showed on Saturday.Exports fell 5.9 percent on-year to $40.86 billion in September while imports slipped 2.3 percent to $33.76 billion, trade ministry data showed, resulting in a trade surplus of $7.11 billion in September, up from a revised $5.11 billion surplus in August.In August, exports and imports rose 2.6 percent and 0.7 percent, respectively.The rebound in August was widely expected not to continue as policymakers expressed concerns over major strikes at Hyundai Motor. Its labour union staged its first full nationwide strike in 12 years on Monday over stalled wage talks, putting the automaker's earnings and sales targets at risk.The strikes, ongoing since July, have accumulated losses of nearly 2.5 billion won ($2.27 million), the finance ...

World - Global Business & Economy

S&P cuts Illinois' credit rating on state's ‘weak’ management CHICAGO: S&P Global Ratings dropped Illinois' credit rating one notch to BBB on Friday and warned it could fall further absent a long-term solution that deals with the state's chronic structural budget deficit and pension woes."The downgrade reflects our view of continued weak financial management and increased long-term and short-term pressures tied to declining pension funded levels," said S&P analyst John Sugden in a statement.Illinois, the lowest-rated U.S. state, is in its second straight fiscal ...

World - Global Business & Economy

Turkey's September exports fall 0.8 percent: exporters ANKARA: Turkish exports fell 0.8 percent year-on-year in September to $10.45 billion, the Turkish Exporters' Assembly (TIM) said on Saturday.In the first three quarters of the year, exports fell 2.7 percent to $95.75 billion, TIM said. TIM releases its figures almost a month before official data from the Turkish Statistics Institute.Copyright Reuters, 2016 ...

World - Global Business & Economy

China manufacturing continues rebound in September BEIJING: Manufacturing activity in China continued its rebound in September on improving production and demand, government data showed Saturday -- a positive sign for the world's second-largest economy.The official purchasing managers' index (PMI) came in at 50.4 for September -- exactly the same level as in August, which was its highest since October 2014 -- figures from the National Bureau of Statistics (NBS) showed.A figure above 50 signals expanding activity, while anything below demonstrates shrinkage. ...

World - Global Business & Economy

US Fed awards most reverse repos since December NEW YORK: The Federal Reserve on Friday awarded $412.52 billion of three-day, fixed-rate reverse repurchase agreements to 83 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. Friday's award was the highest since the record high of $474.59 billion to 109 bidders on Dec. 31. On Thursday, the US central bank allotted $271.847 billion in one-day reverse repos to 57 bidders, including Wall Street dealers, money market mutual ...

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Stocks rebound in Deutsche Bank-led volatile trading LONDON: US and eurozone shares pushed higher Friday in volatile trading buffeted by Deutsche Bank's woes whose shares also rallied off historic lows that had sent ripples of fear across the global finance sector. The troubled German lender found itself again in the spotlight, setting the tone for markets across the world, with its shares rounding off a turbulent week 6.4 percent higher.The surprise rally in the last minutes of Frankfurt trading came after a ...

World - Global Business & Economy

Spain's Abengoa posts 3.7-bn-euro first half loss MADRID: Spain's debt-laden energy giant Abengoa on Friday posted a 3.7-billion-euro ($4.2-billion) net loss in the first half of 2016, as it seeks to seal a deal with creditors to ward off bankruptcy.A "general slowdown in business" contributed to the result, the Seville-based group said in a statement.It had only posted a loss of 340 million euros in the first quarter, while in the first six months of 2015, the group made a 72-million-euro profit.The ...