A NORTH Korean missile “blew up almost immediately” on its test launch on Sunday, the US Pacific Command said, hours before US Vice President Mike Pence was due in the South for talks on the North’s increasingly defiant arms program.
The failed launch from the east coast came a day after North Korea held a military parade in its capital, marking the birth anniversary of the state founder, in which what appeared to be new long-range ballistic missiles were on display.
Pence is due in Seoul at the start of a 10-day trip to Asia in what his aides said was a sign of the US commitment to its ally in the face of rising tension over North Korea.
A US nuclear-powered aircraft carrier strike group is also heading for the region
The North has warned of a nuclear strike against the United States if provoked. It has said it has developed and would launch a missile that can strike the mainland United States but officials and experts believe it is some time away from mastering the necessary technology.
Stocks dipped Thursday but finished off early, sharp lows, giving back gains from the day before.
The Nasdaq composite, off 0.3%, snapped a seven-day winning streak and posted its first loss of 2017.
Losing as much as 180 points earlier, the Dow settled for a 63-point loss, 0.3% lower, to 19,891 even. The S&P 500 slipped 0.2%.
Financial, industrial and technology stocks were down the most, while phone company and real estate stocks edged higher. Investors were turning their focus to the next wave of corporate earnings reports in the weeks ahead.
Banks and other financial companies were down as the yield on the 10-year Treasury note fell. Lower yields mean lower interest rates on loans and lower profits for banks. The yield on the 10-year Treasury slipped to 2.35% from 2.37% late Wednesday.
Benchmark crude oil finished up 76 cents, or 1.5%, to $53.01 a barrel in New York.
In Europe, Germany’s DAX ended down 1.1%, while France’s CAC 40 lost 0.5% despite new data showing eurozone industrial production jumped 1.5% in November. Britain’s FTSE 100 ended flat. In Asia, Japan’s benchmark Nikkei 225 dropped 1.2%. Hong Kong’s Hang Seng dipped 0.5%, while Australia’s S&P/ASX 200 slipped 0.1%. South Korea’s Kospi bucked the trend to rise 0.6%.
Less than two weeks after stepping down as U.N. Secretary-General, a move many interpreted as an indication of his intention to run for the Presidency of South Korea, two of Ban Ki-Moon’s relatives have been indicted in the U.S. on charges of bribery. According to the Daily Mail, Ban Ki-Moon’s brother, Ban Ki-sang, and nephew, Joo Hyun “Dennis” Bahn who is a New York real estate broker, have been indicted for an alleged scheme to bribe a Middle Eastern official to use his country’s sovereign wealth fund to purchase a struggling $800 million real estate complex in Vietnam. Joo Hyun Bahn has been arrested in New York City and is expected to appear in court later today according to the office of U.S. Attorney Preet Bharara.
Two relatives of former U.N. Secretary-General Ban Ki-Moon have been indicted on U.S. charges that they engaged in a scheme to bribe a Middle Eastern official in connection with the attempted $800 million sale of a building complex in Vietnam.
Joo Hyun “Dennis” Bahn, a New York real estate broker who is Ban Ki-Moon’s nephew, and his father Ban Ki-sang, Ban Ki-moon’s brother who was a senior executive at South Korean construction firm Keangnam Enterprises Co Ltd, were charged in an indictment unsealed on Tuesday in Manhattan federal court.
Bahn is in custody and expected to appear in court later on Tuesday, a spokeswoman for Manhattan U.S. Attorney Preet Bharara said. Defense lawyers could not immediately be identified.
Addressing the Petroleum Ministry officials, Kardor said that Iran was able to maintain its 14 percent quota in the Organization of the Petroleum Exporting Countries (OPEC), according to the IRNA news agency.
The official also announced further increase of oil production. “Our oil production capacity should reach 5.2 or 5.7 million bpd,” Kardor said. Iran has been re-entering the global oil market after in January the European Union, the United Nations, and partially the United States lifted their sanctions against the Islamic Republic after the International Atomic Energy Agency (IAEA) verified Tehran’s compliance with a nuclear agreement reached in July 2015.
Iran will decide whether to join a production freeze once it has reached its pre-sanction level of output, according to a senior executive from its state-owned oil company.
“We are still below the production but we are close,” said Moshen Ghamsari, director of international affairs for National Iranian Oil Company, adding:
Before sanctions we were over 4m barrels [per day] – 4.1m and 4.2m b/d. Now we are 3.8m b/d. If we have West Karoun available on time then it seems we are going to match previous production. This of course in new production we did not have before.
He was speaking on the sidelines of the Asia Pacific Petroleum Conference in Singapore
West Karoun is a cluster of fields in the southwest of the country that is key to boosting the country’s production capacity and freeing up more crude for exports.
Foreign direct investment into Southeast Asia’s less developed countries surged in the runup to the creation of the ASEAN Economic Community at the end of last year, a new report shows. Cambodia, Laos, Myanmar and Vietnam reaped a 38% increase, as multinationals clearly saw opportunities in the envisioned single AEC market.
The overall picture was less rosy, however. According to the ASEAN Investment Report 2016, overall FDI flows to the Association of Southeast Asian Nations bloc declined by 8% in 2015, to $120 billion. Investment from the EU fell 20% to $20 billion, while the figure from the U.S. dropped 17% to $12.2 billion.
The report was announced on Tuesday by the ASEAN Secretariat and the United Nations Conference on Trade and Development at the ASEAN Business and Investment Summit (ABIS) 2016.
On the brighter side, FDI from Japan increased 11% to $17.4 billion. China’s number rose 17% to $8.2 billion, and India’s swelled 107% to $1.3 billion.
The strongest growth was seen in the so-called CLMV countries, with the 38% jump bringing their figure to $17.4 billion, from $12.6 billion in 2014. Their share of FDI in the region increased to 14%, from 10%.
“Among the sherpas we are still discussing whether to tackle the issue of currencies and if so how”
Maybe the 4-5 Sept meeting won’t be the usual dud after all but I’m not holding my breath. Plenty of conjecture anyhow that behind the scene deals have been struck anyhow this year hence the Japanese lack of intervention but full-on with the rhetoric.
still need to discuss how the issue of Brexit will go in the G20 summit document
“Britain shocked the world by voting on 23 June to leave the EU, and the nature of its future relationship with the bloc is far from clear.”
South Korea may be subject to economic retaliation from China after Seoul ignored Beijing’s repeated objections and agreed with the U.S. to install a missile defense system on the Korean Peninsula.
On July 8, the Korean government said it would work with Washington to deploy the Terminal High Altitude Area Defense system (THAAD) at an American military base in South Korea, to counter an attack from the North.
Chinese Foreign Minister Wang Yi met Sunday with counterpart Yun Byung-se for the first time since the news, while visiting Laos. Wang complained that South Korea’s recent decisions had hurt the foundation of mutual trust between the two countries. China time and again had opposed the THAAD deployment, saying the radar could cover Beijing and hurt its security interests, but South Korea had proceeded regardless.
At the Asia-Europe Meeting held in Mongolia July 15-16, President Park Geun-hye and Chinese Premier Li Keqiang apparently had no meaningful exchanges — perhaps as they tried to avoid discussion of touchy issues such as the South China Sea dispute and THAAD. In one fell swoop, bilateral relations have clearly grown more complicated than in the past few years.
Many had been concerned for some time about the potential fallout. On July 8, stocks of cosmetics maker Amorepacific and LG Household & Health Careplunged, on worries that sales may languish in the key Chinese market.