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Galaxy Note recall, Hyundai strike hit South Korea’s growth

South Korea's third-quarter growth slipped to its lowest level in more than a year in the first indication of the growing impact of Samsung Galaxy Note 7 recalls on the broader economy. The Bank of Korea, the central bank, said in a preliminary estimate Tuesday that Asia's fourth-largest economy expanded 2.7 percent during the July-September quarter over a year earlier, the slowest pace since the second quarter of 2015. The economy grew 0.7 percent on a quarterly basis. Quarterly growth has not topped 1 percent during 2016. Manufacturing fell 1 percent from a year earlier in July-September, compared with a 1.2 percent gain in the second quarter. That was the biggest drop in more than five years. The full impact of the recalls of 2.5 million potentially fire-prone Note 7s is likely to be …

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Korean shipbuilder to build 2 frigates for PH navy

Hyundai Heavy Industries Co. said Monday that it won a 370 billion won ($327.1 million or P15.7 billion) deal to build two 2,600-ton frigates for the Philippine Navy. South Korea’s largest shipbuilder signed the deal in a ceremony attended by Chung Ki-sun, executive vice president of corporate planning office of Hyundai Heavy Industries, Delfin Lorenzana, Defense Secretary and Kim Jai- shin, Korean Ambassador to Manila. Under the deal, Hyundai Heavy Industries will build the 2,600-ton ships, each 107 meters long and 12 meters wide, propelled with CODAD (Combined Diesel and Diesel) propulsion system for a maximum speed of 25 knots capable of covering a 4,500-nautical-mile range at cruising speed of 15 knots. The naval vessels must be ensured with stability against volatile sea conditions of the Philippines. The frigates will be armed with missiles, …

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Toyota again leads U.S. auto reliability survey, Buick surprises

Two Toyota Motor Corp (7203.T) brands again led the annual reliability survey from Consumer Reports magazine, and General Motors Co's (GM.N) Buick was the first American brand in at least 35 years to crack the top three, the consumer magazine said on Monday. It was the fourth straight year that Lexus and Toyota finished in the two top spots, and they have had an outstanding performance since Consumer Reports began tracking brand reliability in the early 1980s. Buick, a "near-luxury" brand, does well in the survey because it has few models and none of the pickup trucks or truck-based SUVs that hurt the ratings of GM stablemates Chevrolet and Cadillac, said Jake Fisher, director of automotive testing for Consumer Reports. Asian carmakers still dominate for reliability, with seven of eight brands deemed "more …

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Visa profit, revenue beat analysts’ estimates

Visa Inc (V.N), the world's largest payments network operator, reported better-than-expected quarterly profit and revenue, boosted by the inclusion of Visa Europe's results and as customers spent more using its network. The company said total payments volume increased 47.1 percent to $1.86 trillion on a constant dollar basis in the fourth quarter ended Sept. 30, from a year earlier. "We have begun to see the benefits from our acquisition of Visa Europe and strong cost discipline helped our results," Chief Executive Charles Scharf said in a statement. Scharf last week said he would be stepping down effective Dec. 1. The last big move in his four-year tenure was the consolidation of Visa's position as the world's largest payments processor with the $23 billion deal to buy Visa Europe, a deal that was completed …

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Big US banks unveil consumer payment app

Major US banking groups Monday announced they would join forces for a new person-to-person mobile payment application to counter services like PayPal's Venmo and Square Cash. The new app called Zelle will launch in 2017 and give consumers the ability to instantly send and receive payments using a smartphone. "Zelle will transform how people manage their financial lives, providing them faster, safer, and more convenient payment options with their friends and family," said Paul Finch, chief executive officer of the banking technology firm Early Warning, which made the announcement. "We are pleased to partner with the leading financial institutions and financial service organizations in the country to make our vision for faster payments a reality for millions of consumers nationwide." Zelle will be open to all banks and credit unions in the US and …

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Galaxy Note recall hits South Korea’s 3Q growth

South Korea's third-quarter economic growth has slipped to its lowest level in more than a year, with Samsung's Galaxy Note 7 recall having an impact. The country's central bank said Tuesday that Asia's fourth-largest economy expanded 2.7 percent during the July-September quarter over a year earlier, the slowest pace since the second quarter of 2015. From the previous quarter, the economy eked out a 0.7 percent growth. On a quarter-to-quarter basis, South Korea's economy grew less than 1 percent in the past year. The Bank of Korea said the manufacturing sector declined because handset sales slumped after the Galaxy Note 7 recall. Samsung Electronics recalled 2.5 million smartphones in September over battery defects. It stopped production earlier this month when its replacements for recalled phones also caught fire.

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‘Acute need’ to rebalance oil market — Russian energy minister

Russian Energy Minister Alexander Novak warned Monday there was an "acute need" to rebalance the oil market and help ease price volatility, after talks with the OPEC oil cartel in Vienna. "Probably by winter we will see considerable overkill of supply over demand. Therefore there is an acute and urgent need to speed up the rebalancing," Novak told reporters at the Vienna headquarters of the Organization of the Petroleum Exporting Countries. The meeting highlighted "the impact that recent price volatility and the high level of stocks have had on the industry", the two parties said in a statement. "In addition, deliberations considered scenarios depicting the effects that climate change mitigation policies could have on oil and energy demand, and on investments in the industry," the statement read. OPEC and non-member Russia have held regular …

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US, European stocks up; merger criticism hits AT&T-Time Warner

US and European stocks moved higher Monday, but criticism of the proposed mega-merger of AT&T and Time Warner prompted a decline in the firms' share prices. The deal, worth $108 billion, became a political issue after it was sharply criticized by Republican presidential nominee Donald Trump, and drew skepticism from several leading Democrats, including vice presidential candidate Tim Kaine. Time Warner and AT&T dropped 3.0 percent and 1.7 percent, respectively, as the companies girded for tough scrutiny over their merger. But other technology shares moved higher in US trading: Amazon jumped 2.3 percent and Google parent Alphabet 1.7 percent ahead of earnings reports later this week. Apple, which reports Tuesday, climbed 0.9 percent. Wall Street action also focused on a series of smaller merger and acquisition announcements and quarterly earnings reports. "Certainly the earnings season …

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Asian stocks advance amid earnings as Dollar gains; Oil steady

Asian stocks rose to a two-week high after U.S. shares rallied amid a flurry of takeovers and better-than-expected corporate earnings. The dollar strengthened versus most peers. Almost three shares advanced for every one that fell on the MSCI Asia Pacific Index in early Asian trading and U.S. equity index futures edged higher following the S&P 500 Index’s best close in two weeks. Benchmarks gained in Australia, Japan and New Zealand, while South Korea’s declined. Crude oil was little changed, having lost ground on Monday after Iraq threatened to derail OPEC’s planned output cuts by saying it should be exempt. The U.S. earnings season has so far given a lift to investor sentiment, with about 80 percent of the companies to have reported so far beating estimates, and the pace of announcements picks …

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Government tells dairy farmers to improve milk quality

The Philippine Carabao Center (PCC), an attached agency of the Department of Agriculture (DA), said it is ready to provide assistance to improve the quality and quantity of the farmers’ milk output. PCC Acting Executive Director Arnel Del Barrio said the agency is now implementing some interventions to address the problem of dairy farmers in marketing and distribution of milk, in line with Agriculture Secretary Emmanuel Piñol's plan to improve the country's dairy production. “With good feeding, management, and breeding, you are sure to boost your animals’ milk production. You just focus on the production and we, at PCC, are doing interventions such as the institutionalization of milk feeding program and establishment of products’ outlets," Barrio said. He added that in 2017, PCC will take on a new role to monitor the feeding …

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