South Korean shares will likely take a breather next week ahead of the Federal Reserve's rate-setting meeting early next month, local analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1974.46 on Friday, only slightly down from 1,974.58 a week earlier.Investors were mostly swayed by increased volatility in the won-dollar exchange rate amid what the analysts called a lack of any apparent leads this week.Foreigners purchased a net 446 billion won (US$379 milli

FRANKFURT (Bloomberg) -- The European Central Bank warned that the risk of an abrupt global market correction on the back of rising political uncertainty has intensified, posing a threat to banks, stability and economic growth.“More volatility in the near future is likely and the potential for an abrupt reversal remains significant,” the central bank said in its twice-yearly Financial Stability Review published on Thursday.“Elevated geopolitical tensions and heightened political uncertainty amid

MANILA (AP) -- Continued engagement by the United States with Asia under President-elect Donald Trump would be good for both the region and America, the head of the Asian Development Bank said Thursday.Takehiko Nakao, who began his second term as president of the Manila-based development bank on Thursday, also said there is a strong case for regional agreements to liberalize trade and investment despite Trump's threat to withdraw from the 12-nation Trans-Pacific Partnership. Nakao made the comme

BEIJING (AFP) -- Coca-Cola workers in three Chinese cities have gone on strike after the US soft drinks giant announced it was selling its bottling interests in the country. Strikes and other labour protests have surged in recent years in China, where growth is slowing and parts of the economy are moribund.The beverage giant announced last week it was selling all its bottling assets in mainland China to Hong Kong conglomerate Swire Pacific and COFCO Corporation, one of China's state-owned food g

BEIJING (AFP) -- At least 67 people were killed when part of a power station under construction in China collapsed Thursday, state media reported, the latest industrial accident in a country with a dismal safety record. A cooling tower platform plunged to the ground in the early hours, trapping an unknown number of people beneath it, the official Xinhua news agency said.State broadcaster CCTV put the toll at 67, with local reports saying one person was still missing and two others injured.Pictur

In yet another spillover effect of the Choi Soon-sil scandal, the financial sector is paying close attention to who will replace some of the outgoing heads of major financial institutions, many of which have often been criticized for being a hotbed for revolving-door practices.Starting with Woori Bank and Industrial Bank of Korea in December, a handful of public and private financial institutions have outgoing chief executive officers. But they have not yet embarked on the appointment process as