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  • SHANGHAI, Oct 24- Australia, Indonesia and South Korea skipped the launch of a China- backed Asian infrastructure bank on Friday as the United States said it had concerns about the new rival to Western-dominated multilateral lenders. China's $50 billion Asian Infrastructure Investment Bank is seen as a challenge to the World Bank and Asian Development Bank,...

  • Stronger won hits Kia Motors 3Q profit Friday, 24 Oct 2014 | 12:23 AM ET

    SEOUL, South Korea— South Korea's second-largest car maker Kia Motors Corp. said Friday its third-quarter income plunged 27 percent from a year earlier as a stronger won dented profit. The earnings come a day after Kia's bigger affiliate Hyundai Motor Co. also said the stronger local currency hurt its last quarter's earnings while Japanese rivals including...

  • South Korea economic growth weakest in 5 quarters Friday, 24 Oct 2014 | 12:20 AM ET

    SEOUL, South Korea— South Korea's economic growth slowed to 3.2 percent in the third quarter, the lowest in five quarters, as weakness in exports and spending by companies offset the boost from government stimulus. On a quarter-to-quarter basis, South Korea's economy grew 0.9 percent, a slight pickup from the second quarter's 0.5 percent growth when the shock...

  • SHANGHAI, Oct 24- Australia, Indonesia and South Korea skipped the launch of a China- backed Asian infrastructure bank on Friday as the United States said it had concerns about the new rival to Western-dominated multilateral lenders. China's proposed $50 billion Asian Infrastructure Investment Bank is seen as a challenge to the World Bank and Asian...

  • South Korea's economy expands 3.2 percent in 3Q Thursday, 23 Oct 2014 | 11:33 PM ET

    SEOUL, South Korea— South Korea's economic growth slowed to 3.2 percent in the third quarter, the lowest in five quarters, as weakness in exports and spending by companies offset the boost from government stimulus. The Bank of Korea said Friday that Asia's fourth-largest economy slowed from 3.5 percent growth in the April-June quarter. Capital expenditure...

  • SEOUL, Oct 24- South Korea's economic growth quickened in the third quarter as government and consumer spending rebounded, but exports were knocked by cooling global growth, a sign that more monetary easing may be required to sustain a fragile recovery. Underscoring the tenuous economic momentum, the Bank of Korea said a large part of the consumption uptick was...

  • DIARY - Emerging Markets Economic Events to Nov 4 Thursday, 23 Oct 2014 | 8:02 PM ET

    Oct 24- For other related diaries, please. COLOMBO- Sri Lankan President and Finance Minister Mahinda Rajapaksa presents 2015 budget in the parliament. SEOUL- South Korea's Central Bank Governor Lee Ju- yeol and Finance Minister Choi Kyung- hwan will appear before lawmakers.

  • SEOUL, Oct 24- South Korea's economic growth quickened in the third quarter led by private consumption and construction spending, but quarterly exports declined for the first time in a year in a sign of cooling global growth that should keep the door open for more monetary easing. The economy grew a seasonally adjusted 0.9 percent in the July-September quarter...

  • *Hyundai considers sharply raising dividend, weighs interim div. SEOUL, Oct 23- Hyundai Motor is considering paying its first ever interim dividend next year, its president said on Thursday, in an apparent bid to appease investors angered by its involvement in a $10 billion purchase of a trophy property in Seoul. The possibility of a larger payout, which President...

  • Hyundai Motor's 3Q profit falls 28 percent Thursday, 23 Oct 2014 | 1:52 AM ET

    SEOUL, South Korea— Hyundai Motor Co. said Thursday its profit sank nearly 30 percent for the July-September quarter, hurt by a stronger South Korean currency and weak sales growth in its home market. Hyundai said it sold 3.62 million vehicles during the first nine months of the year, 4 percent higher from a year earlier. Hyundai said the local currency's average...

  • SEOUL, Oct 23- Hyundai Motor is considering raising its dividend sharply and introducing an interim dividend, President Lee Won- hee said on Thursday, in an apparent bid to appease investors angered by its recent $10 billion deal to buy a Seoul property. Last month, a consortium led by Hyundai Motor bid $10 billion for a plot of land in Seoul's high-end Gangnam...

  • SEOUL, Oct 23- South Korean automaker Hyundai Motor posted a 29 percent fall in its third-quarter net profit, the steepest decline in at least six quarters, hit by slowing sales growth and a stronger local currency. The stock has lost 32 percent of its value so far this year, making it the worst performer among major global automakers, hit by last month's $10 billion...

  • Hyundai Motor Q3 profit down 29 pct, misses forecasts Thursday, 23 Oct 2014 | 1:08 AM ET

    SEOUL, Oct 23- Hyundai Motor Co posted a 29 percent year-on-year fall in its quarterly net profit, missing analysts' estimates, hit by a strong local currency and slowing sales growth in its key U.S. and South Korean markets. Hyundai Motor, which along with its affiliate Kia Motors is the world's fifth-biggest automaker, on Thursday reported a 1.52 trillion Korean...

  • DIARY - Top economic Events to Nov 4 Wednesday, 22 Oct 2014 | 8:01 PM ET

    Treasury Under Secretary David Cohen speaks on "Disrupting ISIL's Money Trail" before the Carnegie Endowment for International Peace in Washington- 1400 GMT. LONDON- Bank of England Deputy Governor Ben Broadbent gives a speech on monetary policy outlook to Society of Business Economists- 0805 GMT. OTTAWA- Bank of Canada Governor Stephen Poloz and Senior...

  • Hyundai's revamped Sonata yet to rev up key U.S. market Wednesday, 22 Oct 2014 | 5:14 AM ET

    Hyundai is expected to post a 9 percent fall in its third-quarter net profit when it releases its quarterly earnings on Thursday. In contrast, the Sonata's predecessor helped Hyundai expand its U.S. market share after it was launched there in 2010.. But consumers are very much driven by what the vehicle looks like, "said Scott Fink, chief executive of Hyundai of New...

  • Samsung phones cleared for US government use Tuesday, 21 Oct 2014 | 3:33 AM ET

    SEOUL, South Korea— Samsung Electronics Co. said Tuesday some of its Galaxy mobile devices were approved by the National Security Agency for use with classified U.S. government networks and data, a boost to the company's efforts to expand in the security-conscious business market. The South Korean company said the Galaxy S5, the Galaxy Note 4 and seven other...

  • Samsung seeks boost from redesigned Note Tuesday, 21 Oct 2014 | 2:37 AM ET

    Even though reviews for the Galaxy Note 4 have been favorable, analysts said its redesign may not be enough as Apple Inc. has entered the large-screen smartphone category with the iPhone 6 Plus. "It will not be easy," said Lee Sei- chul, an analyst at Woori Investment& Securities. Samsung estimated earlier this month that its July-September quarterly profit shrank...

  • SEOUL/ WASHINGTON, Oct 21- South Korea said it could cancel a planned $1 billion- plus deal for BAE Systems Plc to upgrade its F-16 fighter jets and seek a new different contractor if talks with the British company do not proceed smoothly. While BAE has been on cost and schedule with an initial $140 million development contract for the upgrades of the 134 jets, the U.S....

  • SEOUL, Oct 20- For a country trying to avoid the menace of deflation, South Korea is receiving timely help from unusual quarters- the country's landlord and their tenants. Nomura estimates that there was some $400 billion tied up in jeonse deposits in 2012, equal to one-third of South Korea's annual economic output. "The sharp drop in interest rates is the most...

  • Falling oil prices shake up global economies Thursday, 16 Oct 2014 | 3:02 AM ET

    The global price of oil closed at $84.47 per barrel Thursday, down about $31, or 27 percent, from its high point for the year. "The problem is that countries get accustomed to a certain level of income, and then spend," says Edward Chow, a senior fellow at the Center for Strategic and International Studies. Increased production in the U.S., Canada, Iraq and elsewhere made up...