The second daughter of Samsung chairman Lee Kun-Hee has been made a president at the firm's de-facto holding company, it said Monday, cement his family's hold on the South Korean giant.
Lee Seo-Hyun will lead management planning at the Everland's fashion business, Samsung said in a statement.Full Story
The late President Hugo Chavez's dream of leveraging Venezuela's oil wealth to spread revolution across Latin America is crumbling under the weight of an economic crisis that is forcing his hand-picked successor to cut back on generous foreign aid.
Signs of the country's waning influence are becoming more apparent. In early November, Guatemala withdrew from the Petrocaribe oil alliance launched by Chavez, saying it didn't receive the ultra-low financing rates it had been promised by Venezuela when it first sought to join the 18-nation pact in 2008. Also in recent weeks, representatives of Brazil and Colombia have held meetings with their Venezuelan counterparts to collect overdue payment for food, manufactured goods and other imports.Full Story
British Prime Minister David Cameron stressed his country is open to Chinese investment Monday on his first visit to China since meeting the Dalai Lama, keeping human rights to the sidelines.
Cameron, whose meeting with the exiled Tibetan spiritual leader in 2012 was condemned by Beijing and led to a diplomatic deep-freeze between the two nations, emphasized business ties as he began what embassy officials called the "the largest British trade mission ever to go to China".Full Story
Rebuilding areas devastated by a super typhoon that killed thousands in the Philippines will take up to five years and cost more than two billion dollars, officials said Saturday.
The comments came as the death toll from Haiyan, one of the most powerful typhoons to ever hit the country, continued to rise.Full Story
U.S. shoppers officially kicked off the critical holiday shopping season with annual "Black Friday" promotions as a pressured retail sector competes over precious consumer dollars in the low-growth economy.
The shopping frenzy also triggered some violence. There was a shooting, a stabbing and a number of other disruptions, though no deaths reported as in prior years.Full Story
Venezuelan President Nicolas Maduro vowed Friday to arrest shopkeepers who defy government price controls, the latest salvo in a populist "economic war" ahead of key municipal elections.
Maduro delivered the warning in a nationally televised address that laid the ground for tougher enforcement of a three-week crackdown on actions seen as fueling Venezuela's soaring inflation.Full Story
Ratings agency Moody's late Friday upgraded Greece's credit rating, citing improved results in the crisis-hit country's economic adjustment program.
The agency announced the two-notch upgrade from C to Caa3 — still well below investment grade — in a move seen as a boost for the government that has promised to end a crippling recession and return to international markets next year.Full Story
Eurozone inflation rose to 0.9 percent in November from a four-year low of 0.7 percent in October, easing concerns the bloc risks a damaging cycle of falling prices, official data showed Friday.
Eurostat data showed that energy prices continued to fall in November, down 1.1 percent after a drop of 1.7 percent in October, while food, drinks and alcohol rose 1.6 percent, compared with a gain of 1.9 percent.Full Story
Global rating agency Standard & Poor's upgraded its outlook for Spain's debt on Friday, highlighting the prospects for export-led growth in the eurozone's fourth-largest economy.
The New York-based agency kept Spain's long-term credit rating at "BBB minus", just a notch above junk bond status, but raised the outlook to "stable" from "negative".Full Story
Oil prices were flat in Asian trade Friday after the Thanksgiving holiday in the United States, with investors increasingly concerned over growing U.S. crude stockpiles, analysts said.
New York's main contract, West Texas Intermediate (WTI) for January delivery, was down eight cents at $92.22 in afternoon trade while Brent North Sea crude for January eased one cent to $110.85.Full Story