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UPDATE 1-Japan's Kono wants progress in resolving wartime labour feud with Seoul
News ImageJapanese Foreign Minister Taro Kono on Wednesday said he wanted to see progress toward resolving a feud with South Korea over compensating Korean wartime workers that has put a deep chill on ties between Washington's two Asian allies. Kono, speaking outside Beijing after talks with South Korean Foreign Minister Kang Kyung-wha, also said Japan wanted Seoul and Tokyo to maintain a military intelligence-sharing pact that could expire if South Korea decides not to roll it over this month. "This is an important framework for the United States, Japan and South Korea and ... should be maintained," Kono said, adding that he had discussed the intelligence pact with Kang, but declining to give details.
Wed, 21 Aug 2019 03:58:45 -0400
Akili McDowell talks new Oprah and Michael B. Jordan-backed show, 'David Makes Man'
News ImageAkili McDowell stars in the new series "David Makes Man" that's moving audiences and shining a light on the childhood of many young black boys growing up in the U.S. In the Oprah Winfrey Network (OWN) series, McDowell portrays David, a young, extremely gifted black boy living in the projects in South Florida who struggles between balancing life caring for his family and achieving success in school as his ticket out. The show's creator, Academy Award-winning screenwriter Tarell Alvin McCraney, known for 2016 drama "Moonlight," has said that the show is based off of elements of his own childhood.
Wed, 21 Aug 2019 03:54:52 -0400
FOREX-Euro struggles vs dollar as attention turns to Fed
FOREX-Euro struggles vs dollar as attention turns to FedThe euro struggled to make headway against a resilient dollar on Wednesday and was stuck near $1.11, with forex markets mostly calm ahead of a crucial meeting of central bankers later this week. With markets rushing to price significant easing from central banks in the United States and Europe, the outlook for euro/dollar will depend largely on whether or not policymakers live up to those expectations. Officials from major central banks will gather at Jackson Hole, Wyoming, on Friday with markets focused on a scheduled speech by Federal Reserve Chair Jerome Powell.
Wed, 21 Aug 2019 03:51:40 -0400
WRAPUP 1-Hong Kong protests spread to subway as bank warns of economic fallout
News ImageA major bank warned on Wednesday that weeks of protests in Hong Kong could hit the economies of the Chinese-ruled city and mainland China itself as demonstrators prepared a sit-in at a subway and site of a mid-summer mob attack. Hong Kong-based Bank of East Asia Ltd (BEA) posted a 75% slump in first-half net profit after it wrote down loans in China because of a downturn in commercial property markets outside China's top cities. It also warned that social unrest in Hong Kong and a trade dispute between China and the United States could affect the economies of China and the former British colony.
Wed, 21 Aug 2019 03:51:35 -0400
Goldman moves to take majority control of China joint venture
News ImageGoldman Sachs has applied for majority control of its Chinese joint venture, the bank confirmed on Wednesday, the latest international bank to do so ahead of Chinese plans to eventually allow foreigners full control. The bank submitted an application with the China Securities Regulatory Commission (CSRC) on Monday to take its stake in Goldman Sachs Gao Hua Securities to 51% - the maximum permitted - from its current 33% holding. Western banks' lack of control over the JVs, along with their limited contribution to revenues, have long been a source of frustration for foreign banks in China.
Wed, 21 Aug 2019 03:42:42 -0400
Germany's BDI: British PM irresponsible to call for Withdrawal Agreement to be reopened
News ImageGermany's BDI industry association said on Wednesday that British Prime Minister Boris Johnson's call to re-open the Withdrawal Agreement was irresponsible and said German firms had no choice but to prepare for a hard Brexit on October 31. "German businesses support the German government and the European Commission in standing by the negotiated treaty.
Wed, 21 Aug 2019 03:41:56 -0400
China stocks dither ahead of central bank signals
China stocks dither ahead of central bank signals** At the close, the Shanghai Composite index was flat at 2,880.33 points. ** The smaller Shenzhen index and the start-up board ChiNext Composite index were weaker by 0.1% each. ** U.S. President Donald Trump toughened his trade rhetoric on Tuesday, saying he had to confront China even if it caused short-term harm to the U.S. economy because Beijing had been cheating Washington for decades.
Wed, 21 Aug 2019 03:37:40 -0400
British PM Johnson urges Merkel to budge on Brexit
British PM Johnson urges Merkel to budge on BrexitPrime Minister Boris Johnson is set to tell German Chancellor Angela Merkel on Wednesday that unless she agrees to change the Brexit deal, Britain will leave the European Union on Oct. 31 without a deal. More than three years after the United Kingdom voted to leave the EU, it is still unclear on what terms - or indeed whether - the bloc's second largest economy will leave the club it joined in 1973. Johnson, a Brexiteer who won the premiership a month ago, is betting that the threat of 'no-deal' Brexit turmoil will convince Merkel and French President Emmanuel Macron that the EU should do a last-minute divorce deal to suit his demands.
Wed, 21 Aug 2019 03:36:45 -0400
UPDATE 1-Italy president begins talks to seek way out of government crisis
UPDATE 1-Italy president begins talks to seek way out of government crisisItalian President Sergio Mattarella begins two days of talks with parties on Wednesday to seek a way out of a political crisis that will lead to the formation of the country's 67th government since World War Two or to early elections. Prime Minister Giuseppe Conte resigned on Tuesday after launching a blistering attack on his own interior minister, Matteo Salvini, accusing him of sinking the coalition and endangering the economy for personal and political gain. In a shock move on Aug. 8, Salvini, leader of the far-right League party, declared that his alliance with the anti-establishment 5-Star Movement was dead and called for elections.
Wed, 21 Aug 2019 03:35:43 -0400
UPDATE 1-Death toll from Afghan wedding blast rises to 80 - officials
News ImageThe death toll from a suicide bomb attack on a wedding reception in Afghanistan's capital, Kabul, has risen to 80, two senior officials said on Wednesday. The initial death toll after the Saturday night blast was 63, but some of the wounded had died in hospital, said Nasrat Rahimi, a spokesman at the interior ministry. Among the 160 people wounded at the wedding blast, many are in critical condition, some not well enough to undergo surgery, said a second senior interior ministry official.
Wed, 21 Aug 2019 03:32:16 -0400
Citigroup, BNP caught up in U.S. case against Huawei CFO - documents
News ImageU.S.-based Citigroup and French bank BNP Paribas are caught up in the U.S. criminal case against the chief financial officer of China's Huawei Technologies, according to newly available documents. The banks were named in documents released on Tuesday after a hearing in British Columbia Supreme Court where Huawei CFO Meng Wanzhou is fighting extradition to the United States on bank fraud charges. The two are among at least four financial institutions that had banking relationships with Huawei when Meng and others allegedly misled them about its business dealings in Iran despite U.S. sanctions.
Wed, 21 Aug 2019 03:26:43 -0400
German 30-year Bund auction to test demand for sub-zero yields
News ImageGermany's borrowing costs edged higher on Wednesday before the sale of new 30-year government bonds that could test investor demand for deeply negative bond yields. Germany, the euro zone's benchmark bond issuer, plans to sell 2 billion euros of the new bond, with a 0% coupon. Analysts say the 30-year bond will probably be the first issued with a negative yield.
Wed, 21 Aug 2019 03:18:50 -0400
CORRECTED (OFFICIAL)-Iranian news agency says Adrian Darya tanker leased to shipping firm
CORRECTED (OFFICIAL)-Iranian news agency says Adrian Darya tanker leased to shipping firmIran's semi-official ILNA news agency said on Wednesday the Adrian Darya 1 tanker, which was released after being detained in Gibraltar, is currently leased to an Iranian shipping company. The United States has issued a warrant to seize the tanker on the grounds that it had links to the Revolutionary Guards C (IRGC), which it designates as a terrorist organisation.
Wed, 21 Aug 2019 03:17:28 -0400
Danish royal household 'surprised' by Trump canceling trip
News ImageLene Balleby told The Associated Press Wednesday that the household, which formally had invited Trump to visit Denmark Sep. 2 and 3 as part of a European trip, had no further comments. "Denmark is a very special country with incredible people, but based on Prime Minister Mette Frederiksen's comments, that she would have no interest in discussing the purchase of Greenland, I will be postponing our meeting scheduled in two weeks for another time," Trump said.
Wed, 21 Aug 2019 03:14:03 -0400
EXCLUSIVE-China's Tianjin govt orders Bohai Steel restructuring start by Sept -sources
News ImageSINGAPORE/BEIJING, Aug 21 (Reuters) - The government of the Chinese city of Tianjin, the only shareholder of bankrupt Bohai Steel Group Ltd, is demanding that Bohai's creditors and strategic investor implement a bankruptcy restructuring plan by the end of September, two creditor sources with direct knowledge of the matter said. Bohai Steel, a former Fortune Global 500 company that was founded by the Tianjin municipal government in 2010 by merging four local steelmakers, collapsed in 2016 with more than 200 billion yuan ($28.4 billion) in unpaid debt, the biggest bankruptcy restructuring in China's history.
Wed, 21 Aug 2019 03:13:17 -0400
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