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As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared with the 25 basis point reduction for the benchmark funds rate.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Powell said on Wednesday that the Fed may have to resume regular balance sheet growth to help ease money markets.The Fedread more
The Dow Jones Industrial Average erased a 211-point drop as investors digested the latest monetary policy announcement by the Federal Reserve.US Marketsread more
A New York-based blockchain consulting firm allegedly extorted a Seattle-based crypto start-up with threats to hijack its initial coin offering, in a case announced Wednesday...Technologyread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Amazon is launching a new feature that allows presidential candidates to receive campaign contributions through the Alexa voice assistant.Technologyread more
The woman says the abuse by Jeffrey Epstein, a former friend of Presidents Donald Trump and Bill Clinton, began when she was just age 14 or younger.Politicsread more
Federal Reserve Chairman Jerome Powell pledged that the central bank would engage in a "sequence" of interest rate cuts if conditions warrant, but he doesn't see that as...The Fedread more
Nam previously oversaw Samsung Heavy's shipyard in Geoje, South Korea.
The shipbuilder last Wednesday forecast a fourth straight year of operating losses and announced a rights issue to lessen the risk of tighter credit conditions, prompting a near 30 percent slide in its shares after the announcement.
The company's $1.4 billion new share issue, which follows a $1 billion issue in 2016, will be used to pay debt as well as to reduce the risk of banks curtailing lending due to its weak earnings prospects, Samsung Heavy said in a statement last week.
South Korea's three shipbuilders — the world's biggest — have racked up billions of dollars in losses and embarked on major restructuring as customers slashed orders amid a commodities downturn and a drop-off in shipping trade. They also have to fend off stiff competition from Chinese and Japanese rivals.
Samsung Heavy — the smallest of the three — said in a filing it expected an operating loss of 240 billion won ($220 million) in the next financial year, after an expected loss of 490 billion won this year — the result of weak orders and a failure to reach its targets to cut headcount and other costs.
Shares of Samsung Heavy have since recovered, inching by around 2 percent on Monday at 9:45am HK/SIN.