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World Bank names Tanzanian coordinator as first chief of Korean office

SEJONG, April 22 (Yonhap) -- The World Bank Group (WBG) said Tuesday it has named a regional coordinator as the inaugural chief of its new Korean office slated to open later this year. Joyce Msuya, 46, is currently a regional coordinator for East Asia and the Pacific at the World Bank Institute. She will lead the World Bank's new office in Songdo, west of Seoul, from August.

Former IMF chief's ex 'didn't know' about swinging sex life

The ex-wife of former IMF chief Dominique Strauss-Kahn says she knew nothing about his penchant for sex parties which has left him facing a possible ten-year prison sentence for pimping. Anne Sinclair, a wealthy heiress who was until recently one of France's best-known television news anchors, left Strauss-Kahn after he was forced to resign as head of the International Monetary Fund following his 2011 arrest for an alleged sexual assault on a New York hotel maid.

U.S., Europe top foreign investors in S. Korea last year

SEOUL, April 21 (Yonhap) -- Foreign investment in South Korea rose 3.8 percent last year, led by U.S. and European investors who mostly increased their purchase of local stocks and bonds, the central bank said Monday. Outstanding foreign investment in Asia's fourth-largest economy amounted to a record US$991 billion as of the end of 2013, compared with $954.7 billion the previous year, according to data by the Bank of Korea (BOK). The data covered foreigners' direct investment, portfolios and other types of investment.

Gov't panel proposes corporate tax cut to double foreign investment

A government panel proposed Monday that Japan's corporate tax rate should be cut to achieve the goal of doubling foreign direct investment in the country by 2020. Prime Minister Shinzo Abe's government must also promote deregulation in the labor market to encourage more overseas companies to operate in Japan, the panel said in a report compiled after several meetings between Japanese experts and foreign business leaders.

IMF says Korean currency should be further appreciated

SEOUL, April 18 (Yonhap) -- The South Korean currency is undervalued in the range of 2 percent to 8 percent, the International Monetary Fund said in its latest report, encouraging further appreciation of the won over the medium term. The IMF report dated Thursday said the won remained moderately undervalued by as much as 8 percent, with the upper end of the range seeming more plausible given the current account surplus run.

IMF says Korean currency should be further appreciated

SEOUL, April 18 (Yonhap) -- The South Korean currency is undervalued in the range of 2 percent to 8 percent, the International Monetary Fund said in its latest report, encouraging further appreciation of the won over the medium term. The IMF report dated Thursday said the won remained moderately undervalued by as much as 8 percent, with the upper end of the range seeming more plausible given the current account surplus run.

Portugal gets another IMF bailout payment

The International Monetary Fund released a bailout payment of 851 million euros ($1.18 billion) to Portugal on Thursday as the debt-riddled country gets close to exiting its three-year IMF-European Union rescue. The IMF executive board approved the payment, which brings the total amount disbursed under the program to 25.7 billion euros. The so-called "troika" of international lenders -- the IMF, the European Commission and the European Central Bank -- opened a 78-billion-euro credit lifeline to Portugal on May 20, 2011 that was to end this May 17.

China economy stronger than data suggests: government

By Aileen Wang and Adam Rose BEIJING (Reuters) - China's economy is doing better than official data suggests, the Commerce Ministry said a day after figures showed growth at an 18-month low, adding that targets for exports and imports this year should be met despite some caution over the trade outlook. Ministry spokesman Shen Danyang said a rise in export deliveries, a customs department poll of exporters and growth in trade in individual provinces all showed that the economy was in good shape.

Jan-March foreign direct investment in China up 5.5%

Foreign direct investment (FDI) into China increased 5.5 percent in the first three months of the year despite faltering in March, the government said Thursday, though outbound investment slumped. FDI, which excludes investment in financial sectors, totalled $31.55 billion in the March quarter, the commerce ministry said in a statement. However, investment in March declined 1.47 percent to $12.24 billion, it said. "Major Asian countries' and regions' investment in China generally maintained a steady growth momentum," ministry spokesman Shen Danyang said.

US Treasury warns China over recent yuan fall

The US Treasury said Tuesday that China cannot be ruled a manipulator of its currency despite the yuan's sharp slide since January. But the Treasury warned that the recent fall could "raise particularly serious concerns" if it represents a reversal in Beijing's commitment to a more free-floating yuan.
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