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East Asia
China’s central bank cuts RP rate to spur growth
By Joel Lee China’s central bank cut its repurchase agreement rate to the lowest level since Jan 2011 in a bid to counter the slower-than-expected growth. The People’s Bank of China (PBOC) announced Thursday it has sold 10 billion yuan ($1.6 billion) of 14-day contracts at 3.5 percent – a…
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East Asia
South Koreans more unhappy and unhealthy than other Asians
By Joel Lee South Koreans are unhappier and unhealthier than other less wealthy Asian neighbors, a public opinion poll showed Tuesday, reflecting depressing levels of sentiments on people’s lives in Asia’s fourth-largest economy nation. According to a joint survey – 2014 Well-being Index – by public opinion research company…
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East Asia
North Korea’s failing diplomacy in Europe, Russia and Japan
By Andrei Lankov Kang Sok-ju, Korean Workers’ Party secretary for international issues, has departed for a trip to a number of European countries. He visits Italy, Switzerland, Belgium and Germany where he meets local politicians from assorted political parties. There is little doubt that the expected visit of a high…
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East Asia
The politics of art in the art of politics: South Korean art festival marred by censorship scandal
By Joel Lee A South Korean art exhibition is embroiled in a storm of international controversy after an art work was pulled under political pressure, raising the issue of freedom of expression and censorship. The Gwangju Biennale, an art festival dedicated to the spirit of democracy, is held in the…
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East Asia
[AJA Global Report] Movie Star Jackie Chan’s son detained in Beijing over drugs
The son of movie star Jackie Chan, Jaycee Chan, also known as Fang Zuming, and an award-winning Taiwanese actor, Ko Chen-tung, were detained by Beijing police for drug-related offences. Over 100 grams of marijuana were found and both Chan and Ko confessed to using drugs. The police put Chan under…
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East Asia
S. Korean economy strong against global risks
By Joel Lee South Korea’s economy will stay firm against global financial risk factors with strong fundamentals in foreign currency loan and liquidity position, the nation’s integrated financial regulator Financial Supervisory Service (FSS) projected Thursday. Korea’s foreign exchange reserves is the world’s 7th largest, with a 29-months record streak of…
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East Asia
S. Korean economy up 0.5 pct in Q2: BOK
By Joel Lee South Korea’s economy expanded a seasonally adjusted 0.5 percent in the second quarter (Q2) from the first (Q1), supported by manufacturing growth, revised data by the Bank of Korea (BOK) showed Thursday. The figure is slightly lower than the July estimate of 0.6 percent growth. Korea’s gross…
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East Asia
S. Korean conglomerates boost R&D spending, cut facility
By Joel Lee South Korea’s top conglomerates boosted spending on research and development (R&D) as a future growth strategy, while trimming down on capital investments in first half characterized by low consumer spending and exports. 167 listed non-financial firms belonging to the country’s 30 largest business groups poured 16.2 trillion…
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East Asia
S. Korea imports more European oil after EU-Korea FTA
By Joel Lee The amount of European crude oil shipments to South Korea has swelled over the last five years after the EU-Korea Free Trade Agreement (FTA), diversifying the channel of supplies to the country that survives on energy imports to cover its high industrial needs. European oil, near nil…
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East Asia
S. Korea dominates Vietnam’s foreign investment in Q2
By Joel Lee South Korea topped the FDI in Vietnam in first (Q1) and second (Q2) quarter of this year, with the number of relocating firms soaring in recent months, General Statistics Office of Vietnam (GSO) reports. Korea came on top at 31.23% with near $2.5 billion investment. Hong Kong…
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