Former Wall Street exec named head of Turkey central bank

ISTANBUL (AFP) -- Turkish President Recep Tayyip Erdogan appointed former Wall Street executive Hafize Gaye Erkan as central bank governor on Friday, signalling a possible shift from his unconventional policies to fight soaring inflation. Erkan -- a former chief executive of US real estate finance firm Greystone, co-CEO of First Republic Bank and managing director at Goldman Sachs -- will be the first woman to head the central bank. She takes over from Sahap Kavcioglu, who lowered rates even tho

June 9, 2023

UBS to retain more than 100 Credit Suisse bankers in Asia: source

UBS Group AG is looking to retain more than 100 Credit Suisse Group AG investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said. Switzerland's biggest bank is in advanced discussions to keep dozens of Credit Suisse's senior dealmakers in countries including South Korea, Thailand, Vietnam and India following its planned takeover, the source told Reuters on Monday, requesting

June 5, 2023

[Graphic News] Nearly half of Americans worry their bank deposits aren’t safe

Almost half of US adults say they’re worried about the safety of their deposits in banks and other financial institutions — levels of concern that are as high or higher than they were during the 2008 financial crisis. A Gallup poll shows 48 percent of Americans are very or moderately worried about their money following the worst spate of bank failures in 15 years. Only 20 percent say they’re not worried at all. Levels of concern break somewhat among party lines, with 55 percent

May 18, 2023

[Graphic News] Global PC shipments plunge 29% in rough economy

Shipments of Apple Macs plunged during the first quarter of this year as the global personal computer market suffered due to tough economic conditions, a market research report said. Weak demand, excess inventory and a worsening macroeconomic climate contributed to a “precipitous drop in shipments of traditional PCs” in the first three months of this year, according to the report from IDC. PC shipments globally tallied 56.9 million, some 29 percent less than the same period a year ea

April 26, 2023

[Graphic News] Ukraine’s GDP fell 29.1% in 2022 during Russia’s invasion

Ukraine’s gross domestic product fell by 29.1 percent in 2022 as Russia’s full-scale invasion battered the economy, the state statistics service said. The final 2022 GDP figure was slightly better than the 30 percent drop previously forecast by the government. Russia’s economy contracted by 2.1 percent last year, shrinking less than expected despite sanctions imposed by European nations and the United States. Moscow’s February 2022 invasion has killed tens of thousands, u

April 20, 2023

[Graphic News] US banks collapses since 2000

The demise of the 16th-largest bank in the US, Silicon Valley Bank, on March 10, followed by that of Signature Bank two days later, sent global banking stocks on a roller-coaster ride as investors feared another Lehman Brothers moment, the Wall Street giant whose failure triggered the global financial crisis more than a decade ago. Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, a

March 20, 2023

[Graphic News] Global smartphone shipments plunge to lowest level in a decade

Global smartphone shipments suffered their worst quarterly drop on record in a clear sign of cooling consumer demand that signals more pain for manufacturing hubs like South Korea and Vietnam. Shipments declined 18.3 percent in the December quarter compared to a year earlier, to a little over 300 million units, Needham, a Massachusetts-based IDC said. For the year, shipments fell 11.3 percent and marked the lowest total for a decade, the researchers said. Turmoil in Apple’s main Chinese pr

Feb. 8, 2023

[Graphic News] S. Koreans become world’s biggest spenders on luxury goods

South Koreans consumed the most luxury goods in the world last year, according to a report. Morgan Stanley estimated that total spending on luxury goods by Koreans on-year grew around 24 percent to $16.8 billion, or $325 per capita, which is much more than the $55 and $280 on luxury goods spent per capita by Chinese and Americans, respectively. Moncler said sales in Korea more than doubled in the second quarter of last year compared to before the COVID-19 pandemic. Cartier owner Richemont Group

Feb. 2, 2023

[Graphic News] Global chip revenue up only 1.1% in 2022: report

Global semiconductor revenue grew only around 1 percent on-year last year, a recent report showed, with the memory chip sector suffering the most. According to tech research firm Gartner, worldwide chip revenue is estimated to have risen 1.1 percent to $601.7 billion in 2022, a significant drop from a 26.3 percent annual growth seen the previous year. While 2022 got off to a relatively good start due to lingering chip shortages, Gartner said “by the second half of 2022, the global economy

Jan. 30, 2023

Musk says he'll be Twitter CEO until a replacement is found

SAN FRANCISCO -- Elon Musk said Tuesday that he plans on remaining as Twitter's CEO until he can find someone willing to replace him in the job. Musk's announcement came after millions of Twitter users asked him to step down in an unscientific poll the billionaire himself created and promised to abide by. "I will resign as CEO as soon as I find someone foolish enough to take the job!" Musk tweeted. "After that, I will just run the software & servers teams."

Dec. 21, 2022

[Newsmaker] Twitter turmoil, staff exodus aggravate security concerns

WASHINGTON -- Twitter's owner Elon Musk has pledged the platform will not become a "hellscape," but experts fear a staff exodus following mass layoffs may have devastated its ability to combat misinformation, impersonation and data theft. Twitter devolved into what campaigners described as a cesspit of falsehoods and hate speech after recent layoffs cut half the company's 7,500 staff and fake accounts proliferated following its botched rollout of a paid verification system. Further thr

Nov. 20, 2022

[Graphic News] Qatar Airways named world’s best airline

　Qatar Airways was named the world’s best airline at the Skytrax World Airline Awards 2022, while Singapore Airlines and Emirates landed in the second and third spots respectively. 　In a strong showing for Asia-Pacific carriers, Japan’s All Nippon Airways and Australia’s Qantas Airways rounded out the top five. Korean Air, South Korea’s largest air carrier, was named the world’s ninth best air carrier. 　The World Airline Awards were determined by an online custom

Nov. 11, 2022

[Graphic News] SK Telecom’s 5G download speed ranks No. 1 among global telecos

　SK Telecom, South Korea’s largest wireless carrier, ranks No. 1 in terms of download speed of 5G networks, an industry report showed. 　According to global mobile industry tracker Opensignal, the average download speed using SK Telecom’s 5G network was recorded at 469.6 megabits per second (Mbps), 2.55 times faster than the 184.2 Mbps average among global mobile carriers. 　LG Uplus, the country's third-largest mobile carrier, ranked second, with 429.6 Mbps, followed by Bulgaria&rs

Oct. 7, 2022

[Graphic News] Samsung, SK hynix lead global NAND flash sales in Q2: report

　South Korean chipmakers Samsung Electronics and SK hynix were the biggest NAND flash sellers in the world in the second quarter, an industry report showed. 　According to Taiwan-based market analyst firm TrendForce, Samsung's NAND flash sales during the April-June period reached $5.98 billion, with its global market share at 33 percent, down 2.3 percentage points from the previous quarter. 　NAND flash is a type of non-volatile storage technology that does not require power to retain data. (Yo

Sept. 26, 2022

[Graphic News] S. Korea ranks 9th among nations with trade surpluses with US in H1: data

　South Korea was ranked ninth among countries with trade surpluses with the United States in the first half of the year, as Asia‘s fourth-largest economy recorded strong on-year growth in shipments to the US during the period, US government data showed. 　According to the Department of Commerce, South Korea’s trade surplus with the US during the January-June period amounted to $21.67 billion, up 86.9 percent from a year ago. 　The trade surplus grew as South Korean shipments to the

Sept. 14, 2022

[Graphic News] Global TV sales slip more than 6% on-year in H1

　Global TV sales fell more than 6 percent from a year prior in the first half of this year on slow demand and macroeconomic woes, research showed, as Samsung Electronics remained the top player in the TV segment. 　Across the globe, 92.6 million TVs were sold, down 6.6 percent from a year earlier. By value, the decrease was sharper at 12.5 percent, according to industry tracker Omdia. 　Consumer electronics companies have been struggling to combat lackluster demand after two years of a pandemic

Sept. 7, 2022

[Graphic News] Foldable smartphone market to grow 73% this year

　Foldable smartphone shipments are expected to hit 16 million units this year, growing 73 percent from 9 million units last year, according to industry tracker Counterpoint Research. 　South Korean tech giant Samsung Electronics continued to lead the foldable category it created with the first Galaxy Fold device. China’s Huawei and Oppo came in a distant second and third. 　Samsung’s share of the foldable market was 62 percent in the first half of this year which is expected to jump

Sept. 1, 2022

[Graphic News] Hyundai ranks 3rd in H1 global vehicle sales

　South Korea’s Hyundai Motor Group said it ranked third in first-half global vehicle sales on the strength of high-end model sales, despite difficulties in the global supply of automotive chips. 　Hyundai Motor, its independent Genesis brand and Hyundai’s smaller affiliate Kia sold a combined 3.299 million vehicles in global markets in the January-June period, trailing only Toyota Motor’s 5.138 million units and Volkswagen’s 4.006 million units, according to their sales

Aug. 31, 2022

[Graphic News] S. Korean battery makers’ H1 market share falls amid Chinese advance

　The global market share of major South Korean battery makers fell in the first half of this year from a year earlier amid strong growth of Chinese rivals, a report showed.  　LG Energy Solution, SK On and Samsung SDI together accounted for a combined 25.8 percent share for the January-June period in terms of the total amount of battery energy registered, according to the report by market tracker SNE Research.  　That marks a 9.1 percentage point decline from the previous year’s

Aug. 18, 2022

Uber courts drivers by letting them pick rides

SAN FRANCISCO (AFP) -- Uber on Friday said it will let drivers in the United States see trip details before deciding whether to accept them -- a new feature long sought by drivers. A common lament by drivers at the app-summoned ride platform has been that they have to accept a request before learning where trips will take them, or how profitable they will be. "Our new trip request screen makes it easier for drivers to decide if a trip is worth their time and effort by providing all the de

July 30, 2022