Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

News

South Korea is in mourning following Halloween nightmare

Published

on

Shocked family members have collected bodies, as parents search for children in Seoul

A country is seeking answers after at least 153 people were crushed to death when a crowd in South Korea surged in an alleyway during Halloween festivities.

Residents lay flowers and searched for missing loved ones, after the Halloween stampede, which took place in a packed nightlife area.

A huge crowd celebrating in the popular Itaewon district surged into an alley on Saturday night. Emergency services remain on high-alert, adding the death toll could rise.

South Korea’s President Yoon Suk-yeol visited the site of a stampede after declaring a period of national mourning on Sunday.

He expressed condolences to the victims, most of whom were in their 20s.

South Korean President Yoon Suk-yeol walks at the scene.

It was the first Halloween event in Seoul in three years to be virtually free of Covid-19 restrictions and social distancing.

Many of the partygoers were wearing masks and Halloween costumes.

“There were so many people… and I had to turn around and I told the crowd you can’t come this way, people are dying, because I already knew how bad it was, and people were being so rude. And I had to tell them you cannot come this way… and it took so long for emergency services to arrive,” said Nathan Taverniti, who witnessed the stampede:

Community centres have become makeshift facilities for missing persons. Meanwhile, families and friends are desperately seeking word of loved ones.

South Korea’s Interior Ministry said at least 90 per cent of the victims had been identified.

Delays are expected to identify some foreign nationals and teenagers who did not yet have identification cards.

The disaster is the country’s deadliest since a 2014 ferry sinking that killed 304 people, where many high school students lost their lives.

Continue Reading

News

Powell warns against further December interest rate cuts

Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

Published

on

Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

video
play-sharp-fill
In Short:
– Jerome Powell stated further interest rate cuts are uncertain after recent decreases, aiming to manage market expectations.
– The Fed ended its balance sheet reduction due to lending market disruptions and mixed views on future rate cuts among officials.

Federal Reserve chairman Jerome Powell indicated that further interest rate cuts are not guaranteed following the recent decrease. In a press conference, he stated that a further reduction in December is “far from” certain. His comments aimed to temper market expectations, where the likelihood of another cut was previously estimated at over 90 per cent.In response to Powell’s remarks, yields on the two-year treasury rose, and traders adjusted their expectations, now estimating a 60 per cent chance of a December reduction. Recently, the Federal Open Market Committee voted 10-2 to lower the federal funds rate target range to 3.75-4 per cent, in response to concerns about the labour market.

Banner

The Fed has also announced an end to its balance sheet reduction efforts due to disruptions in short-term lending markets. Since 2022, the bank has reduced its asset holdings by over $US2 trillion following aggressive purchases aimed at stabilising the economy after the pandemic.

Policy Divisions

Recent post-meeting statements highlighted mixed views among Fed officials about the pace of future rate cuts. Powell remarked that uncertainty surrounding economic conditions necessitates a cautious approach. Ongoing government shutdowns have limited policymakers’ access to crucial economic data, complicating decision-making.

Recent labour market developments show slowed job gains, raising concerns about employment. The Fed is also cautious about reducing rates too quickly due to inflation remaining above their 2 per cent target, reflecting a complex economic landscape. Policymakers have struggled with decisions amid data limitations from the government shutdown, impacting their assessments of inflation and economic indicators.


Download the Ticker app

Continue Reading

News

Trump finalises trade deal with South Korea at summit

Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

Published

on

Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

<iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/GB4FDyAt_a4?si=lN5bO3Upkyr75zAa” title=”YouTube video player” frameborder=”0″ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross-origin” allowfullscreen></iframe>
video
play-sharp-fill
In Short:
– Trump and South Korea’s Lee finalised a trade deal requiring $350 billion in U.S. investments.
– Trump anticipates favourable talks with China to reduce tariffs and improve relations.

Donald Trump and South Korean President Lee Jae Myung finalised a contentious trade deal at a summit in South Korea on Wednesday. The U.S. President expressed optimism about an upcoming summit with China’s Xi Jinping.The agreement, unveiled in late July, stipulated that South Korea would make $350 billion in new investments in the U.S. to avoid significant tariffs on imports. However, negotiations on the investment structure had stalled.

Banner

Trump and Lee reached a compromise allowing Seoul to divide its $350 billion investment into $200 billion in cash, paid in $20 billion instalments. The remaining $150 billion will be allocated to shipbuilding investments.

Upon arrival from Tokyo, following a North Korea missile test, President Trump received an extravagant welcome in the historic city of Gyeongju, the venue for this year’s Asia-Pacific Economic Cooperation forum.

His discussions with Xi are scheduled for Thursday in Busan. Trump downplayed the North Korea missile test and focused on his meeting with Xi, the leader of the world’s second-largest economy.

“I think we’re going to have a very good outcome for our country and for the world,” Trump stated. He anticipates reducing U.S. tariffs on Chinese imports in exchange for China agreeing to control the export of fentanyl precursor chemicals. The Wall Street Journal reported that tariffs could be halved from the current 20%.

China’s foreign ministry indicated that the upcoming meeting would foster positive developments in U.S.-China relations.

Investment Structure


Download the Ticker app

Continue Reading

News

December rate cut all but locked in

Australia’s economy struggles; rate cut impending but signals deeper issues, not recovery. #RBA #InterestRates #FinanceNews

Published

on

Australia’s economy struggles; rate cut impending but signals deeper issues, not recovery. #RBA #InterestRates #FinanceNews


Australia’s economy is losing steam, with weak consumer confidence, falling job ads, and a struggling construction sector, a December rate cut now seems inevitable. But it won’t be a win, it’ll be a warning.

#RBA #InterestRates #AustraliaEconomy #Inflation #Growth #Recession #FinanceNews #CPI #Economy #RateCut


Download the Ticker app

Continue Reading

Trending Now