foreign | Common News Update

Jan202021 by adminNo Comments

South Korea’s Moon Jae-in names new foreign minister ahead of Biden inauguration

World

SEOUL, Jan. 20 (UPI) -- South Korean President Moon Jae-in shuffled his cabinet on Wednesday, announcing three new nominations including Chung Eui-yong, a veteran of North Korean negotiations, as foreign minister ahead of U.S. President-elect Joe Biden's inauguration. Chung served as chief of the presidential National Security Office under Moon until July of last year and played a key role in brokering the historic summits between U.S. President Donald Trump and North Korean leader Kim Jong Un. Advertisement It was Chung who made the first official announcement that Trump would meet with Kim in a hastily called evening press conference in front of the White House in March 2018. During a meeting with Trump earlier that day, Chung expressed Kim's commitment to denuclearization and desire fo...

Jan12021 by adminNo Comments

U.S. foreign military sales broke records in 2020, and may grow more in 2021

Business

Jan. 1 (UPI) -- The United States approved a record number of foreign military sales in 2020, by its own accounting and that of arms industry observers. According to R. Clarke Cooper, assistant secretary of the State Department's Bureau of Political-Military Affairs, the State Department approved $ 17.08 billion in foreign military sales in fiscal year 2020 -- a 2.8% increase over fiscal 2019. Advertisement And the three-year rolling average -- which officials say is a truer reflection of trends -- is even higher, having risen to $ 54 billion. The Defense Security Cooperation Agency released those figures at the beginning of December, covering deals for weapons, aircraft and other systems made by companies including Lockheed Martin, Boeing and Northrop Grumman, among others. But close ob...

Dec72020 by adminNo Comments

China’s foreign minister calls for less U.S. ‘interference’ in domestic affairs

Finance

Chinese Foreign Minister Wang Yi speaks at a news conference after restoring diplomatic ties with Kiribati on the sidelines of the United Nations General Assembly in New York, U.S. September 27, 2019.Mark Kauzlarich | ReutersBEIJING — The U.S. should reduce its "interference" in China's domestic affairs and development in order to improve relations between the two countries, said Chinese Foreign Minister Wang Yi on Monday.Wang also emphasized his hope for cooperation, while pointing out ways in which the U.S. could change its approach.The foreign minister was speaking to a group of U.S. business leaders via video on Monday, as the White House prepared for a transition of power. President Donald Trump has pursued a tough policy against China using methods such as tariffs and sanctions. Pres...

Sep12020 by adminNo Comments

RBI’s new current account norms make foreign banks jittery

Finance

New Delhi: The Reserve Bank's new guidelines on current account have made the foreign banks jittery, as they will not be able to garner nil-interest funds from corporate in the name of providing better services than their domestic counterparts, said a senior banker. As per the latest RBI guidelines, a bank opening a dedicated current account of any company with Rs 50 crore or more in debt must have at least 10 per cent loan exposure in the concerned business entity. Most foreign banks manage current accounts of corporate without providing any loan to them. So far, foreign banks used to manage the large current accounts of India Inc with virtually little or no exposure, the senior executive of a public sector bank said. Lending used to come from domestic banks but current account management...

Aug72020 by adminNo Comments

Some foreign workers were sent stimulus checks in error. Fixing the mistake won’t be easy

Finance

Cabania | iStock | Getty Images PlusWhen the U.S. government sent out urgent stimulus checks this spring, some people who had already died received money.Now it seems another ineligible group may be getting checks: foreign workers.Reports surfaced this week that a number of those recipients are now living in their home countries. Just how big the problem could be is unknown.To date, an estimated 160 million stimulus checks have been sent, according to the Treasury Department.More from Personal Finance:How negotiations over second $ 1,200 stimulus checks could shape upWhy you might not see cash from a payroll tax cutWhy IPOs like Rocket Companies can be a tricky play for investors"They were learning while doing," Janet Holtzblatt, senior fellow at the Urban-Brookings Tax Policy Center, sai...