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Business
EU leaders at G20 vow to restore stability
EU leaders at the G20 summit say they are committed to providing a detailed plan for stabilizing the eurozone. The G20 summit opened in the Mexican resort of Los Cabos on Monday with leaders of industrialized and developing countries discussing the global economy. Eurozone leaders said various measures have been…
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Business
IMF ready to lend economic support to Greece
WASHINGTON, June 17 (Xinhua) — The Washington-based International Monetary Fund (IMF) said on Sunday that it was ready to continue lending support to Greece’s economic growth and job creation efforts. “We take note of the election results in Greece and stand ready to engage with the new government on the…
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Korean cosmetics popular at duty free
Amore Pacific and other cosmetics makers here have been enjoying booming business over the past few years in line with the soaring number of Chinese, Japanese and other foreign visitors. Many non-Korean travelers go on a buying spree for skincare, makeup and other beauty-related goods produced here, with Korean actors…
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Business
‘Don’t blame FTA for Korean cars’ popularity in EU’
Korea’s auto trade group refuted Wednesday European carmakers’ allegation that the free trade agreement (FTA) between Korea and the European Union solely contributed to a sharp rise in Korean car sales in Europe. The Korea Automobile Manufacturers Association (KAMA) said the allegation is “misleading” on the positive effects of FTA…
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Business
Moody’s downgrades Spain’s sovereign debt three notches
MADRID, June 13 (Xinhua) — International rating agency Moody’s downgraded on Wednesday the Spanish sovereign debt from A3 to Baa3 with a negative outlook. Moody’s explained that the bailout the Spanish government is intended to ask is one of the main reasons of this decision as the move will increase…
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Business
‘Cool-biz’ dress code in vogue
Japan initiated the current global trend for the “cool-biz’’ dress code as part of its efforts to reduce electricity consumption, following an explosion at the Fukushima nuclear power plant early last year after an earthquake triggered a tsunami. Since the incident, the Japanese government has shut down all nuclear power…
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Samsung to offer Facebook-like service
Samsung Electronics is expected to make a foray into the social network service (SNS) market early next year by introducing a Facebook-like service, according to Samsung officials, Tuesday. They said that the electronics giant is developing a social networking service it hopes could eventually compete with Facebook. The new website…
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Business
Difficlties go on despite financial assistance to Spain
<Nikkei Editorial on June 12> Member nations of European Union(EU) has decided to give Spanish Bank financial assistance of 100 billion Euro (about 10 trillion yen) at maxium. We welcome the decision, though belated, of removing the cause for concern on the part of the regional market. Despite the decision,…
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Business
Legislature to vote on US beef amendments
The Legislative Yuan is scheduled to vote on the so-called beef amendments today. The Democratic Progressive Party (DPP) caucus said yesterday it’s staging an unprecedented 120-hour filibuster that could kill the package. If passed, amendments to Act Governing Food Sanitation would relax Taiwan’s zero-tolerance policy against U.S. beef imports containing…
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Business
Roundup: Wall Street unimpressed by Spain bailout
NEW YORK, June 11 (Xinhua) — U.S. stocks retreated on Monday and closed at session lows following a short rally as enthusiasm about the Spanish bank aid package faded. When the market closed, the Dow Jones industrial average fell 142.97 points, or 1.14 percent, to 12,411.23. The Standard & Poor’…
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