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Samsung Elec names mobile chief co-CEO in return to traditional structure

by Rachel Kim – Technology Editor
written by Rachel Kim – Technology Editor

Samsung Electronics appointed mobile division head Roh Tae-moon as‍ co-chief executive officer,reverting‍ to a traditional leadership structure after ⁣a three-year experiment with a single ⁤CEO,the company announced Wednesday. Roh​ will share leadership responsibilities⁢ with Han Jong-hee, who oversees the display and device solutions divisions. The move signals a potential shift in strategy for the world’s largest smartphone⁢ maker as it navigates a challenging global economic climate and intensifying competition.

The appointment marks a return to Samsung’s ⁤previous co-CEO model, utilized before⁣ 2020, and comes‌ as the tech giant faces slowing demand for smartphones and memory chips.This⁣ restructuring aims to streamline decision-making and bolster responsiveness in a rapidly evolving market,‍ impacting investors,⁢ consumers,‌ and ⁤the broader technology ​landscape.Analysts suggest the ‍dual ​leadership will allow for focused management of Samsung’s key business areas, potentially accelerating innovation and market share gains.

Roh Tae-moon, 52, has ⁢led Samsung’s mobile experience (MX) business as 2020, overseeing the ​progress and launch⁢ of flagship Galaxy smartphones. Han Jong-hee, 55, has been‍ instrumental in expanding Samsung’s presence in the display and component sectors. Both executives will report directly to Executive Chairman Lee Jae-yong.The previous sole CEO, Kyung Kye-hyun, will now focus on the company’s component business, according ‍to Samsung. The changes are effective promptly.

Samsung’s decision to reinstate the co-CEO structure reflects a⁢ broader trend among South Korean conglomerates to revert to more established leadership models amid economic uncertainty. ​The company is currently investing heavily in next-generation‌ technologies, including 6G, artificial intelligence, and advanced chip manufacturing, and the⁢ new leadership structure is⁢ expected to facilitate these efforts.

The company did not provide ⁢specific financial details regarding the leadership changes.

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Business

Trading Day: Markets becalmed, Nvidia reports

by Priya Shah – Business Editor
written by Priya Shah – Business Editor

Markets Becalmed Ahead of Nvidia Earnings, Economic Data

Global markets drifted Wednesday as investors awaited earnings​ from Nvidia and key⁣ economic ‌reports, including‌ the ⁣latest U.S. inflation data, for clues about the future path of interest rates. The cautious ⁣trading habitat followed a rally fueled by optimism over potential ‍Federal Reserve easing, leaving ‌benchmarks largely unchanged.

The relative ⁤calm reflects investor hesitation before ⁢major catalysts arrive.Nvidia‘s report, expected after market close, is​ particularly crucial, as the chipmaker’s performance is seen as a bellwether for the artificial intelligence sector and broader market sentiment. Simultaneously, the release of‌ the Consumer price Index (CPI) on Thursday will heavily influence ​expectations for when the Federal Reserve ​might begin‍ cutting interest rates, impacting ‌everything from bond yields to corporate borrowing costs.

Here’s a snapshot of Wednesday’s market performance:

* Equities: The S&P 500 edged up ‌0.1%, ‌while the Nasdaq Composite and dow Jones⁣ Industrial Average saw minimal movement.
* treasuries: U.S. Treasury‌ yields held steady, with the 10-year yield hovering ⁢around 4.16%.
* Currencies: The U.S. dollar remained stable⁤ against a basket of major currencies.
* ‌ Oil: Crude oil‍ prices rose⁤ slightly, supported by ongoing ⁤geopolitical tensions.

The economic calendar for the remainder of the week is packed. Beyond ⁢the​ CPI report, investors will ⁣also be scrutinizing ‌producer price index (PPI) data and ‌weekly ​jobless claims for further insights into the ⁣health of the U.S. economy.

“The market is in a holding pattern,” said Jamie McGeever, a financial ‌journalist with Reuters. “Everyone is‍ waiting for Nvidia and ‍CPI. thes reports will ​likely dictate the next leg of the move, whether‌ that’s a continuation of the rally or a‍ pullback.”

reuters reported that opinions expressed are those of the ⁢author and do not reflect ⁢the views of Reuters News, which is ‍committed to integrity, independence, and ⁤freedom from bias. Licensing ⁢rights for Reuters content are available at https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&utm_campaign=rcom-rcp-lead.

Jamie McGeever has been a⁢ financial journalist as‌ 1998,reporting from brazil,Spain,New York,London,and the US. His expertise covers global ⁤markets, economics, policy, and investment.

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Business

Canadian Dollar Plunges Amidst US Data Cancellation and Oil Price Drop

by Priya Shah – Business Editor
written by Priya Shah – Business Editor

The Canadian ‌dollar tumbled to its lowest level in four months on ‍Monday,‌ experiencing its largest single-day drop since May, following‌ the unexpected cancellation ⁢of key U.S. economic ‍data.the⁤ loonie fell 0.7% to 1.3735 per U.S. dollar, according to ‌Refinitiv data, as the ​postponement of a crucial U.S. employment report rattled markets and bolstered the greenback.

The postponement ‍of the U.S. JOLTS (Job Openings and Labor Turnover ​Survey) report,typically released ⁢on the first Tuesday of the month,has injected uncertainty ⁤into the economic outlook,impacting currency valuations ⁤globally. ⁢The canadian dollar, often correlated with commodity prices and U.S. economic performance, is notably sensitive to ​shifts in American data. Investors‍ are now ⁣awaiting rescheduled data⁤ releases⁤ for clarity on the Federal Reserve’s‍ potential monetary policy path, with implications for ‌interest‍ rate differentials between the U.S. and Canada and,‌ consequently, the loonie’s trajectory.

The JOLTS report was delayed due to a technical issue within the Bureau of Labor Statistics, the agency announced. While a new ‍release date hasn’t been set, the delay adds to market anxiety ⁢already fueled by recent strong⁣ U.S.economic indicators. ‍

“The ⁤postponement of the JOLTS data is a⁢ wrinkle ⁢in the market’s attempt to assess the strength of the U.S. labor market,”⁢ said Bipan Rai, North American head of FX strategy at CIBC ‍Capital Markets. “It’s⁤ creating a bit of a pause, and in that environment, the dollar is benefiting from its safe-haven status.”

The U.S. dollar index, which‌ measures the greenback against a basket‍ of major currencies, rose 0.4%⁤ on Monday.‌ Oil prices, another⁢ key driver of the Canadian dollar, were ​mixed, with Brent⁤ crude settling ‍down ​0.3% at $88.83 per barrel.

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World

Offhand remark, symbolic suit signal long winter for Japan-China ties

by Lucas Fernandez – World Editor
written by Lucas Fernandez – World Editor

Offhand Remark, Symbolic Suit Signal Long Winter for Japan-China Ties

TOKYO, December 26 – A seemingly casual comment by Japanese Foreign ‌Minister Yoko Kamikawa, coupled with a pointed sartorial choice by China’s⁢ ambassador to Japan, has underscored the deepening chill in relations between the‍ two Asian powers, signaling‍ a possibly prolonged period‌ of strained diplomatic engagement.​ The exchange occurred during​ a recent reception in Tokyo,‍ raising concerns about the trajectory of the crucial bilateral relationship.

the diplomatic friction stems from Japan’s recent release of‌ treated radioactive water from ⁣the ⁢Fukushima Daiichi nuclear power plant,a move vehemently opposed by China. Kamikawa’s remark, made in response to a question about the water release, reportedly alluded to the water being “processed” and safe for consumption – a phrasing interpreted by Chinese officials as​ dismissive of their concerns. Together, Chinese Ambassador Wu Jianghao arrived ⁤at the reception wearing a​ dark‍ suit,‌ a purposeful ⁢departure⁤ from the typically lighter colors worn for celebratory events, widely seen as a⁤ symbolic protest.

The incident arrives at ​a sensitive juncture, with both nations navigating complex regional dynamics and economic interdependence. While trade between Japan and China remains ​substantial – exceeding‌ $345 billion in 2022 – political tensions have escalated over territorial disputes ⁣in the East China Sea, historical grievances, and ⁤differing⁣ geopolitical alignments.⁣

“this isn’t just about the water,” explained Dr. Kenji Etoh,⁢ a political science professor at Keio University in Tokyo. “It’s about trust, and a perceived lack of respect. The ambassador’s suit was a vrey public signal that Beijing is not willing to simply move on.”

The water⁣ release, approved by the International Atomic​ Energy⁣ Agency (IAEA), has triggered widespread⁣ protests in China and a complete ban⁤ on Japanese seafood imports. Despite IAEA assurances that the⁣ release meets international safety standards, Beijing maintains it poses a risk to marine life and public health.

The symbolic gestures and pointed rhetoric suggest a ‌hardening of positions on both sides, potentially hindering future dialog and cooperation.Analysts predict a period of limited high-level engagement and continued diplomatic sparring, with implications for regional stability and economic ⁤ties. The long-term impact⁢ remains uncertain, but ⁤the recent exchange paints a bleak​ picture for a swift thaw in japan-China ⁢relations.

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World

Taliban Minister Visits India, Seeking Investment and Trade Boost

by Lucas Fernandez – World Editor
written by Lucas Fernandez – World Editor

Afghanistan is seeking increased investment and trade with India as a Taliban delegation, led ‍by ⁢Commerce Minister‌ Haji Nooruddin‌ Azizi, concluded​ a⁣ visit to​ New Delhi this week, officials said on Thursday. The Afghan side is notably interested in ⁣securing preferential access for its goods to the‌ Indian market and attracting Indian companies to invest in sectors like‍ agriculture, mining, and infrastructure.

The visit marks‍ a significant step in cautiously rebuilding economic ties between the two countries following the ​TalibanS takeover in August 2021. While India has not formally​ recognized the ‍Taliban government, it has maintained diplomatic contact and provided humanitarian⁤ aid. This renewed ‍focus on economic engagement reflects India’s strategic‍ interests in afghanistan’s stability and its desire to counter pakistan’s influence in the region, while Afghanistan desperately needs economic support to avert a deepening humanitarian crisis and rebuild its economy.

Azizi met with Indian officials, including representatives ⁢from the Ministry of External ⁤Affairs and the Federation of Indian Chambers of ‍Commerce ⁢& Industry ‍(FICCI), to discuss potential investment ‍opportunities and trade ⁤facilitation measures. According to a statement released by the‍ Afghan embassy in delhi, ‍key‌ discussion⁣ points included easing visa restrictions for Afghan traders, establishing a direct payment mechanism to bypass international banking ⁢challenges, and exploring opportunities for joint ventures.

“We discussed a range of issues related to enhancing trade and investment between Afghanistan and India,” an Afghan official said, requesting anonymity. “We are hopeful that‌ India will consider our requests for preferential treatment and increased investment.”

India was previously‍ a major investor in Afghanistan,‍ with commitments‍ exceeding $3‍ billion ⁤before ‍the Taliban’s ascent. Trade between‍ the two nations stood at around $1.3 billion in the fiscal ‌year 2020-21, but has significantly decreased since. Key Afghan exports to India include dried fruits, ⁤fresh⁢ fruits, and medicinal plants, while India primarily exports essential commodities, pharmaceuticals, and machinery to Afghanistan.

Despite the potential benefits, challenges remain.Concerns over human rights, particularly the treatment⁤ of ‌women and minorities under Taliban rule, continue to⁣ weigh on ​India’s engagement. The ⁢international⁤ community’s reluctance to recognize the Taliban‌ government also complicates financial transactions and investment flows. However, India appears to be prioritizing pragmatic engagement to safeguard ⁢its‍ interests and provide ‌much-needed economic ⁤assistance‌ to Afghanistan.

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World

German finance minister lands in Beijing as trade gulf widens, supply chains wobble

by Lucas Fernandez – World Editor
written by Lucas Fernandez – World Editor

German Finance Minister Visits Beijing amid Growing Trade Concerns ​and Supply Chain Disruptions

BEIJING, Oct. 26 – German Finance Minister Christian Lindner arrived ⁣in⁢ Beijing⁤ today​ for a⁢ four-day⁤ visit ⁤as trade imbalances between Germany and china expand and global supply chains face increasing pressure. Lindner’s trip underscores Berlin’s efforts to engage directly with Chinese authorities⁤ on critical economic​ issues, including market access, fair ​competition, and the impact of⁤ geopolitical tensions on trade flows.

The visit comes at a pivotal moment for the German economy, heavily ⁤reliant⁣ on trade with China but increasingly concerned about its growing trade deficit – which reached⁣ €22.2 billion in the first half of 2023, according to official​ German ⁣statistics.‍ Concurrently, disruptions to supply chains,​ exacerbated ‍by the war in Ukraine and China’s own economic fluctuations, are prompting ⁢German businesses to reassess ​their dependence on the chinese market⁢ and explore⁢ diversification strategies. Lindner’s meetings with Chinese‌ counterparts⁢ are expected to⁤ focus⁢ on addressing these challenges and fostering a more balanced and resilient economic relationship.

Lindner is scheduled to meet‌ with⁤ Vice Premier ‍He Lifeng and other senior officials, including representatives from the People’s Bank‍ of‍ China. Discussions will center on⁤ issues such as‍ reciprocal market access‍ for ‍German ⁤companies,⁢ the protection of intellectual property rights, and the level playing field ‍for European businesses operating in China. He will ⁢also address concerns about​ China’s‌ state subsidies and⁢ their impact on global competition.

The German government has ⁣been increasingly vocal about the need to “de-risk” its economic relationship with China, rather‌ than pursuing‌ a‍ complete decoupling. this strategy involves reducing vulnerabilities in⁣ critical ⁢supply chains,​ diversifying trade ​partners, and strengthening‍ safeguards against​ unfair ​trade practices. Lindner’s visit is⁣ a key component of​ this approach, aiming to ‍establish a constructive dialog​ with Beijing and identify areas for cooperation.

Beyond trade, the finance minister ⁢is expected‌ to⁣ discuss global economic challenges, ‌including inflation, energy security, and the transition to ‍a green economy. Germany and China share a ‍common⁢ interest in maintaining global financial ‍stability and addressing climate change, providing potential avenues for collaboration despite ⁢existing tensions.

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