The Korea Herald

Asian stocks sink on China sell-off

Jul 8, 2015

HONG KONG (AFP) ― Asian equities tumbled Wednesday as a collapse in Chinese shares began to contaminate other markets, and after European leaders slapped Greece with a deadline to submit fresh bailout reform proposals. A man speaks in front of monitors showing market movements at the Taiwan Stock Exchange in Taipei on Wednesday. (AFP-Yonhap)With markets buffeted by two global crises, traders ran for the cover of investments considered safe in times of upheaval such as the yen.Shanghai plunged 5
[Newsmaker] Greece’s discreet new finance minister

Jul 7, 2015

ATHENS ― Greece’s new finance minister Euclid Tsakalotos is as discreet and tight-lipped as his predecessor Yanis Varoufakis was flamboyant and confrontational. Tsakalotos, a 55-year-old leftist economist who had been a pointman in Greece’s bailout talks, was named as Varoufakis’ replacement hours after his resignation on Monday.He is far less likely to irritate Athens’ exasperated creditors.Euclid Tsakalotos, Greece’s finance minister, addresses journalists during a handover ceremony in Athens,
EU summit should discuss humanitarian aid for Greece: Germany

Jul 6, 2015

BERLIN (AFP) -- Eurozone leaders gathering for an emergency summit Tuesday should discuss humanitarian aid for the debt-mired country, German Economy Minister Sigmar Gabriel said."We must now cover their needs very quickly, the people there need help and we should not refuse it just because we're unhappy with the result of the referendum (Sunday on creditors' bailout terms)," Gabriel, who is also Germany's vice chancellor, told reporters Monday. "I hope this can happen quickly. I assume it will
All eyes on ECB after Greek 'No' vote

Jul 6, 2015

FRANKFURT (AFP) -- All eyes turned to the European Central Bank Monday following the resounding 'No' in Greece's referendum, as it is seen as the only institution capable of stemming market panic and preventing the Greek economy from collapsing.In Sunday's referendum, more than 61 percent of Greeks rejected creditor demands for further austerity in return for more bailout funds, sending Greece's eurozone partners scrambling to respond. Until now, the ECB has agreed to keep Greek banks -- and, by
Merkel says unaware of new EU proposal on Greece

Jun 30, 2015

BERLIN (AFP) - German Chancellor Angela Merkel said Tuesday she was not aware of any new EU debt deal proposal to Greece after European Commission chief Jean-Claude Juncker raised the prospect of a last-minute solution.Asked about an 11th-hour offer to Athens, Merkel told reporters: "The only thing I know is that the last offer I am aware of is the one from last Friday. There is nothing more I can say."Juncker revealed his surprise proposal just hours before Greece's bailout program expires at 2
Greece to miss IMF debt payment and bailout to expire

Jun 30, 2015

ATHENS (AP) - Greece is set to become the first developed nation to not pay its debts to the International Monetary Fund on time, as the country sinks deeper into a financial emergency that has forced it put a nationwide lockdown on money withdrawals.Greece owes the IMF about 1.6 billion euros ($1.9 billion) by the end of Tuesday but has run out of money and after five months of talks with creditors, has no prospect of getting new rescue loans. Finance Minister Yanis Varoufakis, asked whether Gr
EU leaders urge Greeks to vote 'yes' to stay in euro as default nears

Jun 30, 2015

European leaders Monday pleaded with Greek voters to back hotly disputed bailout proposals in a crunch referendum or face leaving the euro as bank closures left many in Greece scrambling to find cash. On the eve of an expected debt default that could set Greece on the path to a euro exit, Prime Minister Alexis Tsipras sought to calm nerves by leaving the door open to talks, saying the July 5 plebiscite on creditors' latest cash-for-reform plans would leave the country "better armed" in the figh
EU to make latest proposals on Greek crisis on Monday

Jun 29, 2015

The president of the European Commission will make his latest proposals later on Monday to try to avoid a Greek default, the EU commissioner of economic affairs said, adding that there was still room to negotiate over the crisis. Jean-Claude Juncker "will indicate the route to follow, I hope everyone will commit themselves to a way of compromise," Pierre Moscovici told French radio, adding there was still "room for negotiation" between Athens and its international creditors. (AFP)
57 countries hold signing ceremony to set up China-led bank

Jun 29, 2015

The 57 countries who are founding members of the China-led Asian Infrastructure Investment Bank began signing the articles of association setting up the new institution on Monday. Australia became the first country to sign the document in the Great Hall of the People in Beijing, an AFP journalist at the ceremony saw. (AFP)
Greek banks shut until July 6, ATM withdrawal limit 60 euros a day

Jun 29, 2015

Greek banks will remain closed until July 6 -- the day after a referendum on bailout proposals -- and ATM withdrawals will be limited to 60 euros ($65) a day in the same period, according to an official decree published early Monday. The decree on capital controls, published in the official government gazette and entitled "Bank Holiday break", lists the measures imposed on financial institutions lasting from June 28 to July 6 and was signed by President Prokopis Pavlopoulos and Prime Minister A
Greece awaits European Central Bank decision on liquidity

Jun 28, 2015

ATHENS, Greece ― Greece was anxiously awaiting a decision Sunday by the European Central Bank on whether it will increase the emergency liquidity assistance that Greek banks can draw upon. Worried Greeks continued lining up at ATM machines Sunday morning, the day after the Prime Minister Alexis Tsipras called for a referendum on creditors' financial proposals in return for rescue loans. While some machines were running out of cash, others were being replenished. Tsipras' move for a national vote
Elliott 'firmly' believes Samsung merger plan unfair

Jun 26, 2015

U.S. hedge fund Elliott Management said Friday it still "firmly" believes a planned merger between two key Samsung Group units is not in the best interests of shareholders, continuing its tense war of nerves ahead of a crucial shareholder meeting next month. Samsung C&T shareholders are scheduled to meet on July 17 to vote on the firm's proposed merger with Cheil Industries Co., the de facto holding company of South Korea's top family-controlled conglomerate. Strongly opposing the move, Elliot
Samsung, Elliott all out to win support ahead of showdown

Jun 21, 2015

Samsung Group, South Korea's top conglomerate, and a U.S. hedge fund opposing the group's plan to merge its key units, are expected to ramp up their efforts to gain more support from shareholders ahead of a showdown slated for next month, industry source said Sunday. In a court battle with Samsung Group over the proposed merger between Samsung C&T and Cheil Industries Inc., U.S. activist hedge fund Elliott claimed last week that the merger deal is designed to help the group's owner family facili
Greek leader takes tough stance on bailout despite warnings

Jun 17, 2015

Greek Prime Minister Alexis Tsipras says demands by the country's rescue lenders to slash pensions are “incomprehensible” and warned that a failure in bailout talks would hurt all of Europe.His comments were made as the country's central bank warned of “dramatic” economic consequences of not reaching a deal this week, and a day before a meeting of eurozone finance ministers.Creditors had until last week pegged Thursday's meeting as a key date by which a breakthrough in the talks would have to be
[News Focus] Out of patience, IMF flexes muscles in Greek crisis

Jun 17, 2015

WASHINGTON (AFP) ― The International Monetary Fund has lost patience over Greece and is making it known.The crisis lender over the past few days has publicly laid out its demands for Greece in the long-running fight over bailout funding, but also did the same with the Europeans, showing a new frustration with their hard line. Until now, the IMF had left it to its European partners to lead “constructive talks” with Athens over what the country should be required to do to get another 7.2 billion e