'revise'에 해당되는 글 3건

  1. 2008.12.02 SKorea's 3rd-quarter economic growth revised down by CEOinIRVINE
  2. 2008.11.01 U.S. Stocks Revise Losses to Close Up in Late Trading by CEOinIRVINE
  3. 2008.10.02 Senate Seeks to Vote Later Today on Bailout by CEOinIRVINE

South Korea's economic growth was slower in the third quarter than originally estimated, the central bank said Tuesday, further evidence that Asia's fourth-largest economy is being hit by the global meltdown.

Gross domestic product grew 3.8 percent in the three months ended Sept. 30 compared with the same period last year, revised down from the preliminary 3.9 percent expansion announced in October, the Bank of Korea said.

The bank also said that the economy expanded 0.5 percent in the third quarter from the previous three months, down from October's estimate of 0.6 percent growth.

Economists have been lowering their 2009 growth estimates for South Korea given its exposure to the global economic slowdown as a major exporting nation. The economy is expected to slow considerably, with some even predicting it could experience its first contraction in more than a decade.

The official revision to third-quarter economic growth came one day after the government announced that exports fell in November by the most in nearly seven years and automakers took steps to cut production as vehicle demand slumps amid the weak global economy.

Exports dropped 18.3 percent in November from the same month last year to $29.26 billion, the Ministry of Knowledge Economy said. Imports fell 14.6 percent to $28.97 billion for a trade surplus of $297 million.

The ministry cited economic doldrums overseas related to the world financial crisis for the decline in exports. Falling prices for crude oil and other natural resources reduced the value of imports.

The ministry said that exports of South Korean auto-related products slumped 30.8 percent in November.

The November fall in exports was the biggest since December 2001 when they slid 20.4 percent, according to Kang Myung-soo, a ministry official.

Separately, the South Korean unit of General Motors Corp. began an extended production shutdown at one of its four domestic plants.

Production at GM Daewoo Auto & Technology Co.'s No. 2 plant in the city of Bupyeong, near Seoul, stopped Monday as planned and will not resume until Jan. 5, according to Park Hae-ho, a company spokesman. GM Daewoo plans to close down three other plants from Dec. 22 through Jan. 4.

The company is South Korea's third-largest automaker, trailing Hyundai Motor Co. and Kia Motors Corp.

Hyundai, meanwhile, said Monday it was slashing overtime for the first time since 1998.

Spokesman Ki Jin-ho said that the company had decided there was no need for overtime work and weekend shifts in December at six of the company's seven plants in South Korea amid weak overseas and domestic demand.

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Posted by CEOinIRVINE
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NEW YORK, Oct. 31 -- U.S. stocks rallied Friday afternoon, capping a month otherwise defined by giant swings, unprecedented volatility and a search for signs that a bottom in the market has been reached.

In light trading Friday, the Dow Jones industrial average surged at the end of a volatile day of trading. The Dow, which had been up more than 200 points at times during the day, closed up 1.6 percent, or 144 points, at 9325. Although it was a good week for the Dow, the index was down about 14 percent for the month, which ranks among the worst on record for the markets.

The broader Standard & Poor's 500-stock index gained 1.5 percent, or 15 points, to end the month at 969. It was a 16 percent monthly loss. The tech-heavy Nasdaq rose 1.3 percent, or 22 points, to 1,721. That was a monthly drop of nearly 17 percent.

This week's more than 11 percent jump on the S&P 500 is the largest weekly gain since October 1974, according to Bloomberg News, a rally largely in reaction to the Federal Reserve's interest rate cut. "The aggressive buying is in response to the aggressive selling," said Carter Braxton Worth, chief market technician at Oppenheimer Asset Management. "Just like people panic on the way out, they panic on the way in."

The markets Friday reversed early morning losses after absorbing several bits of economic data released in the morning.

The Commerce Department reported that personal spending in September fell 0.3 percent from the previous month. The seasonally adjusted decline was slightly sharper than economists had forecast and the most pronounced in more than four years. The drop came as personal incomes rose a better-than-expected 0.2 percent, signaling that Americans are making calculated decisions to pull back their spending.

Meanwhile, the Reuters-University of Michigan survey of consumer sentiment showed the biggest decline since record-keeping of monthly confidence levels began in 1978. A major gauge of business activity also showed a record monthly drop, as a closely watched index from the Institute for Supply Management-Chicago contracted to its lowest level since the 2001 recession.

But investors may have been heartened by a decline in bank lending rates that some economists have used to measure the availability of credit. The cost of borrowing dollars for three months in London, or three-month Libor, fell from more than 3.19 percent to less than 3.03 percent.

Crude oil prices reached $65 a barrel, down from the peak of $147 in July. Gas prices have fallen to $2.50 a gallon, down from $4.11 in July, said John Townsend, spokesman for AAA Mid-Atlantic. Since July, Townsend said, consumers have been saving $400 million a day in fuel costs.

"People are moving [away] from a fear standpoint where they question the stability of the economy and markets," said Matt McCormick, portfolio manager and banking analyst at Bahl & Gaynor Investment Counsel in Cincinnati. "Now we're dealing with the realization . . . that it's not the worst-case scenario people thought it was a few weeks ago."


Posted by CEOinIRVINE
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Senate Seeks to Vote Later Today on Bailout 

Washington Post Staff Writers
Wednesday, October 1, 2008; Page A01

Prodded by a wave of angry calls from constituents, congressional leaders dialed back partisan bickering over the $700 billion Wall Street rescue plan yesterday and advanced modest changes to the legislation in an effort to win over House Republican holdouts

House Democrats, from left, Lloyd Doggett (Tex.), Elijah E. Cummings (Md.), Robert C. Scott (Va.) and Rush D. Holt (N.J.) discuss revisions to the legislation.
House Democrats, from left, Lloyd Doggett (Tex.), Elijah E. Cummings (Md.), Robert C. Scott (Va.) and Rush D. Holt (N.J.) discuss revisions to the legislation. (By Melina Mara -- The Washington Post)
Posted by CEOinIRVINE
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