Finance
Finance ministers of Japan and South Korea agree to resume currency swap agreement as ties warm
TOKYO (AP) — Japan and South Korea agreed Thursday to revive a currency swap agreement for times of crisis, in the latest sign of warming ties as the countries work to smooth over historical antagonisms.
Japanese Finance Minister Shunichi Suzuki announced the agreement after meeting with his South Korean counterpart, Choo Kyungho. It was the first time the two countries have held annual financial talks in seven years, though Suzuki and Choo also met in South Korea in May.
Suzuki told reporters that the 3-year currency swap agreement would help reinforce trust in the financial stability of the two countries as a fallback in an emergency. But he emphasized that Japan is fully prepared to deal with fluctuations in the Japanese yen, which has weakened sharply against the U.S. dollar in the past year.
Japan announced Tuesday a decision to reinstate South Korea as a preferred nation with fast-track trade status from July 21, virtually ending a four-year economic row that was strained during their bitter historic disputes.
Tens of thousands of North Koreans marched in anti-U.S. rallies in the nation’s capital over the weekend, pledging “merciless” revenge against “U.S. imperialists,” as the country marked the 73rd anniversary of the start of the Korean War.
Cities in Saudi Arabia, Italy and South Korea are vying for the chance to host the 2030 World Expo, or world’s fair.
The United States has deployed a nuclear-powered submarine capable of carrying about 150 Tomahawk missiles to South Korea.
The $10 billion swap arrangement expired in 2015 and had not been renewed. Largely symbolic, it allows the South Korean and Japanese central banks to exchange currencies for each country’s reserves of U.S. dollars to provide extra liquidity, or cash supplies, in case of a crisis.
The two major Asian economies, both U.S. allies, have recently mended ties as they contend with challenges posed by China and North Korea, despite tensions over issues left over from Japan’s 35-year occupation of the Korean Peninsula before and during World War II.
From July 21, Japan plans to reinstate South Korea as a preferred nation with fast-track trade status. That will essentially end a four-year trade dispute that began in July 2019 when Japan removed South Korea from its “white list” of countries given fast-track approvals in trade as ties deteriorated over compensation for Japanese wartime actions.
Japan’s tightening of trade controls against Seoul was in apparent retaliation for South Korean court rulings in 2018 that ordered Japanese companies to compensate Korean workers for abusive treatment and forced labor during World War II.
Japan also tightened export controls on key chemicals used by South Korean companies to make semiconductors and displays, prompting South Korea to file a complaint with the World Trade Organization and remove Japan from its own list of countries with preferred trade status.
South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida met in March in the first formal summit between the two countries since 2015.
Japan colonized the Korean Peninsula between 1910 and 1945, imposing Japanese names and language on Koreans and conscripting many into forced labor or prostitution in military brothels before and during World War II. Japan gave $800 million to South Korea’s then-military-backed government under a 1965 accord to normalize relations which was mainly used on economic development projects driven by major South Korean companies. A semi-government fund set up by Tokyo offered compensation to former “comfort women” when the government apologized in 1995, but many South Koreans believe the Japanese government should take more direct responsibility for the occupation.
The two sides also have a longstanding territorial dispute over a group of islands controlled by South Korea but claimed by Japan.
Finance
Fed’s preferred inflation gauge highlights holiday-shortened trading week: What to know this week
Stocks drifted higher leading into the shortened trading week that includes the Thanksgiving holiday.
The Dow Jones Industrial Average (^DJI) gained nearly 2% for the week while the S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) added over 1.5%.
In the week ahead, a fresh reading on the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, will highlight the economic calendar. Updates on third quarter economic growth and housing activity are also on the schedule.
In corporate news, quarterly results from Zoom (ZM), Dell (DELL), Best Buy (BBY), CrowdStrike (CRWD), and Macy’s (M) are likely to catch investor attention.
Markets will be closed on Thursday for Thanksgiving, and Friday’s trading session will end early at 1 p.m. ET.
Recent sticky inflation readings have raised questions about whether the Fed will cut interest rates in December and how much the central bank will lower rates over the next year.
Earlier this month, the “core” Consumer Price Index (CPI), which strips out the more volatile costs of food and gas, showed prices increased 3.3% in October for the third consecutive month. Meanwhile, the “core” Producer Price Index (PPI) revealed prices increased by 3.1% in October, up from 2.8% the month prior and above economist expectations for a 3% increase.
On Wednesday, Federal Reserve governor Michelle Bowman expressed concern that the Fed’s progress toward 2% inflation has “stalled” and the central bank should proceed “cautiously” when lowering interest rates.
“We have seen considerable progress in lowering inflation since early 2023, but progress seems to have stalled in recent months,” Bowman said in a speech at the Forum Club of the Palm Beaches.
Read more: Jobs, inflation, and the Fed: How they’re all related
Economists expect more signs of that stalling in Wednesday’s Personal Consumption Expenditures (PCE) release. Economists expect annual “core” PCE — which excludes the volatile categories of food and energy — to have clocked in at 2.8% in October, up from the 2.7% seen in September. Over the prior month, economists project “core” PCE at 0.3%, unchanged from September.
Bank of America Securities US economist Stephen Juneau wrote in a research note that a print in line with expectations will “certainly lead Fed participants to reassess their inflation and policy outlook.”
“That said,” he added, “we still expect the Fed to cut rates by 25bp in December, but the risk appears to be tilting towards a shallower cutting cycle given resilient activity and stubborn inflation.”
Finance
Weekly finance Horoscope November 24 to November 30, 2024: Aries find success in investments; Cancer sees long-held goals materializing – Times of India
Aries
Though things would get better with time, the first half of the week might not deliver any appreciable cash benefits. Some entrepreneurs could find now to be the perfect time to launch fresh projects. You might pay off a bank loan and even clear outstanding bills. Though be sure to have professional guidance, success is probably in the stock market and speculative projects, so it is a good time to think about major investments.
Taurus
Your financial condition will be strong, which will help you to reach significant targets. This is the right moment to proceed with ideas to buy a new car or house. Some ladies might also buy jewellery. Resolve any money issues with a friend or sibling in early part of the week. It’s also a good time to raise money for your company; entrepreneurs might come across chances to land financial agreements with promoters.
Gemini
Your financial situation will let you make wise selections. You probably will find riches arriving from many different sources. For sound financial management, think about speaking with a professional. Women might inherit land or pay off all outstanding debt. You could also have to budget for your child’s schooling. Before completing any new partnership agreements, business owners should wait one day or two.
Cancer
Today you will find a decent wealth flow. You could realize several long-cherished goals when money pours in. These days you might get a car as well as some electrical appliances. Good time to donate money to a charity is the second part of the day. Investors in stock, trade, and speculative company will make good profits.
Leo
Though there won’t be any major financial issues, you should nevertheless keep careful with your expenditure. Good returns on previous investments will let you employ this money to seize fresh prospects. Some Leos will work out a financial problem with a pal. Talk about money carefully with siblings to avoid possible conflicts. Business owners will be successful in today’s fund raising and clearing of all outstanding debts.
Virgo
You can run with small financial problems that might compromise wise financial decisions. Think of wise trade, stock, or land investments. You can also get an inheritance meant to help with your finances. For money management, speaking with a financial professional could help. A few Virgos will work out a financial dispute with a brother. Later in the day you could perhaps decide to buy a new house or renovate your current one.
Libra
You might have small financial problems, so you should control your expenditure closely. Steer clear of costly goods and be careful while handling money for others. Some Libras can come across family conflicts about land today. You might also donate money for charity, especially in the afternoon. Dealing with assets and investments, be deliberate and patient.
Scorpio
You will not run out of money, which will help you to readily handle daily problems. New commercial alliances will provide consistent financial flow. Your spouse’s family might provide financial help as well as probably approval for a bank loan. Now is a fantastic moment to follow your ideas for trying your luck in stocks or trade.
Sagittarius
Today your financial situation will be strong, which will let you think about purchasing or selling real estate. Donations for charities would be best during the second half of the day. Now is a great time to start trying your luck in stocks, trading, or speculative enterprise. Some women will take care of family finances. Those in business selling technology, fashion accessories, or transportation will find good profits.
Capricorn
Expect financial possibilities today with reasonable returns on past investments. Buying electronic gadgets is best done in the later part of the day. Though you should perform careful study before making any major decisions, think about investing in property or speculative projects. Usually with the aid of their partners, entrepreneurs will find money; clients may pay any outstanding debts, therefore relieving financial burden.
Aquarius
Feel free to buy basics like household appliances. Businesspeople might get money from overseas, and right now real estate is a good investment. Anticipate more costs; so, it would be advisable to see a professional financial advisor. You could also settle a legal matter; the later part of the day is appropriate for giving someone in need cash assistance. Get ready for potential legal issues that can call for a big financial outlay.
Pisces
Today you won’t run across any significant financial problems. Given your means, you could think about looking for jewellery or gadgets. Still, this is hardly the day for speculative business. You could buy or sell real estate; the later part of the day is good for helping a friend financially, provided you make sure the money will be returned right away. Using promoters, business owners will effectively raise money.
This article is written by, Sidhharrth S Kumaar, Registered Pharmacist, Astro Numerologist, Life & Relationship Coach, Vaastu Expert, Energy Healer, Music Therapist, and Founder of NumroVani.
Finance
St. Augustine's says it will eliminate 50% university employees ahead of accreditation meeting
RALEIGH, N.C. (WTVD) — Saint Augustine’s University (SAU) announced Saturday it will eliminate several positions, including non-faculty and vacant, this month ahead of its significant accreditation meeting.
Last December, the Southern Association of Colleges and Schools Commissioner on Colleges (SACSCOC) voted to remove SAU from membership due to its financial status. The university’s appeal was denied in February and then in July, the SACSCOC arbitration committee reversed the decision and reinstated SAU’s accreditation.
The SACSCOC board will vote on the next step for the university in December.
In a news release, SAU said to ensure compliance with the Southern Association of Colleges and Schools Commissioner on Colleges and keep its accreditation, the school has reduced its expenses by approximately $17 million in fiscal year 2024 compared to 2023. Reductions, totaling 50% of university employees, include 67 staff positions (41% reduction); 37 full-time faculty positions (67% reduction); 32 adjunct faculty positions (57% reduction); and stopping several under-enrolled programs.
SEE ALSO | St. Augustine’s alumni hosts celebration amid canceled on-campus homecoming
The university also said it will be actively settling outstanding balances with vendors and adjusting various contrasts.
SAU also reported completing four financial audits for fiscal years 2021, 2022, 2023, and 2024, and restoring employee payroll and health insurance benefits.
The HBCU university — remaining millions of dollars in debt — secured a $7 million loan from Gothiuc Ventures with a high-interest rate. To get the loan, St. Aug’s put up much of the university’s main campus and off-campus properties as collateral.
Gothic Ventures tells ABC11 that the interest rate offered was determined by the financial difficulties faced by the university, which included a recent audit, historical revenue losses, and outstanding debt.
SEE ALSO | Saint Augustine’s University’s high-rate $7 million loan puts HBCU in jeopardy, finance experts say
Many, including SAU alumni and finance experts, are concerned about this loan.
“We are concerned about the partnership between Gothic Ventures and Saint Augustine University because if for any reason Saint Augustine is unable to repay Gothic ventures, the land will be lost and the university as we know it will cease to be,” alum Bishop Clarence Laney said.
The lawsuit against the board of trustees by the SaveSAU Coalition was also recently dismissed.
EDITOR’S NOTE: The featured video is from a previous report.
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