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Asia Top News and Analysis South Korea

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  • SEJONG, South Korea, July 3- South Korea proposed on Friday a stimulus package worth 16.1 trillion won to jump-start Asia's fourth-largest economy as it fights to overcome the twin challenges of weak domestic and global demand. The government set an 11.8 trillion won supplementary budget, which included new spending plans of 6.2 trillion won, and 5.6 trillion...

  • SEOUL/ HONG KONG, July 2- Carlyle Group and MBK Partners are among the shortlisted bidders for Tesco PLC's South Korea business which is valued at about $6 billion, people familiar with the matter told Reuters on Thursday. Goldman Sachs' private equity arm and Affinity Equity Partners were also on the list, the people added, declining to be named due to the...

  • South Korea turns to cheap spot crudes as glut grows Thursday, 2 Jul 2015 | 1:05 AM ET

    SEOUL, July 2- Refiners in South Korea, the world's fifth-largest crude oil importer, have stepped up spot purchases this year, buying at prices depressed by an oil glut as they run their plants at high rates to catch strong processing margins. "Refining margins are firm thanks to rising demand triggered by weak oil prices, which has supported higher throughput...

  • Reject Samsung-Cheil merger: Proxy advisor Thursday, 2 Jul 2015 | 12:31 AM ET

    An investor advisor has urged Samsung C&T shareholders to reject a merger with Cheil, boosting a push by activist fund Elliott to stop the deal.

  • Is the Samsung C&T-Cheil merger unfair? Wednesday, 1 Jul 2015 | 6:37 PM ET
    Is the Samsung C&T-Cheil merger unfair?

    Michael Na, Korea strategist for Nomura, says the merger ratio of Samsung C&T and Cheil Industries seems "a bit disadvantageous" for the former's minority shareholders.

  • July 1- Asia's largest economies showed hints of healing last month but euro zone factory growth remained tepid as Greek debt talks, and the country's possible departure from the bloc, dominated debate in Europe. Speculation Athens would fail to make June 30' s 1.6 billion euro repayment to the International Monetary Fund, heightening expectations Greece...

  • *Exports to U.S., China up, those to EU fall. SEOUL, July 1- South Korean exports declined for a sixth straight month in June, keeping policymakers under pressure as they sought to inject billions of dollars of fresh stimulus into an economy reeling from a one-two punch of weak domestic and global demand. "We'll keep seeing falls in exports throughout the third quarter...

  • *China activity surveys hint at some leveling out, no rebound. SYDNEY, July 1- Growth in China's services sector picked up in June while big Japanese companies planned to ramp up spending at the fastest pace in a decade, offering hope that prospects are improving for Asia's largest economies despite sluggish factory growth. Wednesday's data fueled expectations...

  • *Jan-May imports from Iran slightly over 1 mln bpd. A deal between Iran and six world powers would resolve a 12- year standoff over the Islamic nation's nuclear work in exchange for relief from sanctions, which could eventually send millions of barrels flooding into an already saturated market. Iran, the United States, Britain, France, Germany, Russia and China...

  • SEOUL, June 30- U.S. chipmaker Qualcomm Inc has no plans to spin off its chips business at present, Executive Chairman Paul Jacobs said on Tuesday, despite recent investor pressure to do so amid intensifying industry competition. Hedge fund Jana Partners said in April Qualcomm should spin off the chip business from its patent-licensing business to improve...

  • POLL-Asia stock rally hopes rest on more rate cuts Monday, 29 Jun 2015 | 1:00 AM ET

    *Shanghai, Seoul shares to rise in 2015. Still, China's stock market has more than doubled over the past year. The People's Bank of China cut interest rates and reserve requirements for some banks simultaneously over the weekend, after the poll data were finalized on Friday.

  • South Korea plans $13B stimulus package Thursday, 25 Jun 2015 | 2:04 AM ET
    Tourists wear masks as a precaution against the MERS virus at the Incheon International Airport in South Korea.

    South Korea plans a more than $13 billion stimulus package to counter the economic hit from MERS as it lowered its growth forecasts.

  • *Supplementary budget to be handed to parliament early July. SEOUL, June 25- South Korea announced a financial package of more than 15 trillion won on Thursday, including a supplementary budget, designed to boost growth as a deadly outbreak of the MERS virus adds pressure on the already shaky economy. Finance Minister Choi Kyung- hwan said although there were...

  • SEOUL, June 25- South Korea announced a stimulus package of more than 15 trillion won on Thursday, including a supplementary budget, and slashed its economic growth forecast for the year as a deadly outbreak of the MERS virus added to pressure on the already shaky economy. "I am concerned growth will lag below 1 percent for a fifth straight quarter into the second...

  • SEOUL, June 25- South Korea's finance minister said on Thursday he was worried quarterly growth would be lower than 1 percent over the April-June period, against a backdrop of an outbreak of Middle East Respiratory Syndrome and an economic slump. "I am concerned growth will lag below 1 percent for a fifth straight quarter into the second quarter, and the current...

  • Marriott: Hotel occupancy drops in South Korea Monday, 22 Jun 2015 | 7:47 PM ET
    Marriott: Hotel occupancy drops in South Korea

    Following the MERS outbreak in South Korea, hotel occupancy rates fell to 50 percent, from 70-80 percent in the same period a year earlier, says Craig Smith, president of APAC at Marriott International.

  • And the rebound "is going to be capped," says HSBC economist Fred Neumann, because of changes in the world economy, including how American consumers are "much more frugal" than a decade ago. Asian exports to the United States have risen this year, but Neumann says such growth now is more driven by investment in software development and shale-oil drilling than by...

  • *Greece concerns boost dollar, weaken oil. *Coming Up: Baker Hughes oil rigs report at 1700 GMT. Market participants will be looking out for oil services firm Baker Hughes' latest weekly reading on the U.S. oil rig count at 1:00 p.m. Eastern time to decide on further direction.

  • *Greece concerns could weigh, analysts say. LONDON, June 19- Oil fell to around $63 a barrel on Friday as concern over Greece and a forecast that U.S. shale oil output would keep growing this year countered signs of a pickup in demand. Greece has been less of a driver for oil than other markets such as equities, but analysts said the situation represented a bearish risk...

  • *Greece concerns could weigh, analysts say. LONDON, June 19- Oil eased below $64 a barrel on Friday as concern over Greece and a forecast that U.S. shale oil output would keep growing this year countered signs of a pickup in demand. Greece has been less of a driver for oil than other markets such as equities, but analysts said the situation represented a bearish risk...