MONEY

SKorea’s ICT export hits record high

South Korea’s export of information and communications technology (ICT) products hit a record high last year thanks to robust demand for semiconductors, a government report showed on Thursday.

Jan 18 2019

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New Zealand dairy cattle numbers dip

The number of dairy cattle in New Zealand has dipped for the second year, while beef cattle numbers increased strongly in 2018, the country’s statistics department Stats NZ said on Thursday.

Jan 18 2019

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UK inflation touches two-year low

British annual inflation slowed in December to a two-year low on falling motor fuel and oil prices, sitting just above the Bank of England’s target, official data showed on Wednesday.

Jan 18 2019

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New York breaks tourism record in 2018

A record-breaking 65.2 million tourists visited New York in 2018, its tourist board said on Wednesday, with British people particularly keen to visit the Big Apple from overseas.

Jan 18 2019

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BOJ warns Japan faces new risks amid shrinking population

Japan faces unforeseen risks in guiding economic policy as its population of about 126 million ages and declines, the governor of its central bank said on Thursday.

Associated Press, Jan 18 2019

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British Lotus cars set to be ‘Made in China’

The Chinese owner of Lotus plans to start producing the British sports car brand in China for the first time with the opening of a new 9 billion yuan ($1.3 billion) factory in Wuhan city, company job advertisements and government documents showed.

Reuters, Jan 18 2019

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Shopko files for bankruptcy protection

Wisconsin-based retail chain Shopko Stores has filed for bankruptcy protection as it makes plans to close more stores. The company says excessive debt and ongoing competitive pressure are forcing it to seek protection from creditors.

Jan 18 2019

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Tunisia’s largest union starts nationwide strike over pay

Rail, bus and air traffic stopped in Tunisia on Thursday after the powerful UGTT union staged a one-day nationwide strike to protest against the government’s refusal to raise the salaries of 670,000 public servants.

Jan 18 2019

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India’s e-commerce curbs could reduce online sales by $46 billion

India’s new foreign investment restrictions for its e-commerce sector, which includes giants such as Amazon.com Inc and Walmart-owned Flipkart, could reduce online sales by $46 billion by 2022, according to a draft analysis from global consultants PwC seen by Reuters.

Reuters, Jan 18 2019

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Trump tariffs force tough choices at US auto suppliers

Bob Roth makes no bones about his feelings towards US manufacturing. The co-owner and chief executive of RoMan Manufacturing Inc, which makes transformers and glass-molding equipment for automakers and other industries, asks callers on his voicemail: “What have you done today to support US manufacturing?”

Reuters, Jan 18 2019

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French government seeks new Renault boss, ditches Ghosn

The French government on Wednesday called for former Nissan chief Carlos Ghosn, who has spent the last two months in Japanese custody, to be replaced as chief executive of carmaker Renault.

Agence France-Presse, Jan 18 2019

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Booming Qatar-Turkey trade to hit $2 billion

Trade between Qatar and Turkey is expected to have hit $2 billion in 2018, a Turkish official said, up 54 percent from the previous year and underscoring Ankara’s solidified role as a top ally to Qatar amid a political rift in the Gulf region.

Reuters, Jan 18 2019

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India gives Volkswagen 24 hours to pay $14m fine

India’s environmental court on Thursday threatened Volkswagen executiveswith arrest and gave the German automaker a day to pay $14 million for violating pollution norms by fudging emission tests.

Agence France-Presse, Jan 18 2019

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South Korea to foster ‘hydrogen economy’ as new growth engine

South Korean President Moon Jae-in on Thursday vowed to foster a so-called “hydrogen economy” as a new growth engine to create jobs and pursue an eco-friendly society.

Xinhua, Jan 18 2019

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Hyundai, Kia recall vehicles due to increased fire risk

Despite a government shutdown, Hyundai and Kia are moving ahead with a recall of about 168,000 vehicles to fix a fuel pipe problem that can cause engine fires. The problem stems from improper repairs during previous recalls for engine failures.

Associated Press, Jan 18 2019

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Sri Lanka to get $1b China loan

Sri Lanka will receive a loan of $1 billion from Bank of China before the end of the January-March quarter, the chief of the central bank said on Thursday, to help the country meet repayments in the coming months.

Reuters, Jan 18 2019

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Hotel Vivanta Kathmandu opens

The Vivanta Kathmandu has thrown open the doors of its new downtown hotel in Jhamsikhel, Lalitpur on Thursday.

Post Report, Jan 18 2019

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Demand for electric vehicles on the rise

Electric vehicles still make up a tiny percentage of total vehicle sales in Nepal, but its demand has been increasing rapidly largely due to falling battery prices, which has made such vehicles affordable.

KRISHANA PRASAIN, Jan 18 2019

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China roped in for oil and gas drilling

The government has decided to allow China to carry out exploration of natural gas and petroleum in different parts of the country, 

Rajesh Khanal, Jan 18 2019

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More than Rs50b mopped out of financial system

At a time when the banking industry of the country is reeling under acute shortage of loanable fund, more than Rs50 billion has been mopped out from the total deposits of the banks and financial system as advance payment of the income tax owed by the businesses to the government. By the end of this fiscal year’s second quarter, businesses have to make an advance payment of tax to the government. 

BIBEK SUBEDI, Jan 18 2019

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