(CNN) – South Korea on Thursday cut its benchmark interest rate for the first time in more than three years, fueling concerns that the global economic downturn is taking its toll on one of Asia's largest economies.
Seoul's move followed similar cuts in Europe, China and Brazil last week.
After lowering its rate by 25 basis point down to 3%, the Bank of Korea pointed to a slower-than-expected growth rate in trade and domestic consumption. FULL POST
(CNN) – Just days after Facebook took the plunge with a multi-billion dollar shares sale in the U.S., another high-profile brand, Formula One, appears to have accelerated its own plans for a public listing in Singapore.
The Asian city-state is also one of the more unique stops on the 20-race Grand Prix calendar, as the race is staged at night under floodlights. FULL POST
Toyota says profits for the last year stalled due to a strong yen and the effects of the devastating earthquake and tsunami on its supply chain.
(Image credit: Getty Images)
(CNN) – Troubled Japanese electronics giant Sony says expected losses for the year ended March 31 will be more than double earlier forecasts.
(Image credit: AFP/Getty Images)
(CNN) – India will overtake China as the world’s biggest economy by 2050, a new report says.
This follows China’s rise to the top spot in 2020 at the expense of the United States, according to the 2012 Wealth Report by Knight Frank and Citi Private Bank.
The survey was published as India hosts the BRICS summit of emerging economies, which also includes China, Russia, Brazil and South Africa. FULL POST
HONG KONG (CNN) - Hong Kong has leapfrogged the United States and the United Kingdom to take top spot in the World Economic Forum’s 2011 index of financial market development - the first Asian financial center to do so.
According to the forum’s fourth annual Financial Development Report, Hong Kong’s position was bolstered by strong scores in non-banking financial services such as IPO activity - the first public sale of stock by a company - and insurance. FULL POST
Paris (CNN) – Clearly, it takes a lot to dampen the spirits of Silicon Valley tech types, and neither rain nor economic uncertainty could do that at the Le Web conference.
For the past three days, the world’s digerati have converged upon Paris to exchange apps and ideas - and, if their fancy takes it, invest a few million dollars or two, give or take.
As Hal Bringman, president of digital media consultancy NVPR in Los Angeles puts it: “I think at least half of Silicon Valley is here in Paris sipping champagne while we debate the future of digital media. Overall, in our meetings we detected remarkable optimism, which just underscores the fact that nothing can slow down the pulse of innovation."
New Delhi, India (CNN) – Traders shuttered shops and markets through India Thursday to protest the federal announcement to open the country's $450 billion retail market to foreign competition.
The move came as lawmakers opposed to the plan paralyzed the national parliament for yet another day.
"Our strike shows how angry indigenous traders are," said Praveen Khandelwal, secretary general of the Confederation of All India Traders (CAIT), which led slogan-shouting demonstrations in New Delhi.
New Delhi, India (CNN) - India's federal government is facing ongoing disruption as the battle continues over its decision to allow foreign supermarkets into the nation's $450 billion retail market.
The uproar by lawmakers forced an abrupt adjournment of India's parliament for another day Tuesday. The impasse has also been stalling key legislative business, including the passage of an anti-corruption bill. An all-party meeting to end the deadlock has also failed.
Prime Minister Manmohan Singh, meanwhile, is defending last week’s decision to allow international supermarket chains into the country’s retail sector, saying it was “well considered.”
(CNN) – The city of Freud, Klimt and the famed Spanish riding school is top of the pops when it comes to the world’s best cities to live in, according to a new survey.
For the third successive year, Vienna was ranked number one as European cities claimed more than half of the top 25 positions in Mercer's 2011 Quality of Living index, which awards points for a range of criteria, including political and economic stability, culture, health and sanitation, quality of schools, public services and housing. FULL POST
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