Money Matters - Simplified


Nuclear Summit Ends With Pledge To Cut Enriched Uranium Usage

Two days long nuclear summit concluded in Seoul with representatives of 53 nations pledging to reduce the usage of highly enriched uranium.

Obama Vows To Reduce Nuclear Arsenal Along With Russia

United States' president Barak Obama, while addressing the students of Hankuk University in Seoul, vowed to cut down nuclear armaments along with Russia with the disclosure that US has more warheads than necessary to safeguard its interests.

Leaders face Seoul disappointments

Seoul -- Group of 20 leaders tentatively expressed disappointment the summit in Seoul did not put more substance behind the trade imbalances debate.

Leaders in Seoul agreed to pass along checks and balances of international trade to the International Monetary Fund to study.
U.S. President Barack Obama said the G20 leaders don't always hit a "home run," The New York Times reported Friday.

"Instead of hitting home runs, sometimes we're going to hit singles. But they're really important singles," he said, a nod to the disappointment of not getting export-surplus countries, such as China and Germany, to agree to attach trade imbalances to financial markers, such as currency exchange rates.

Ban asks G20 not to ignore the poor

Seoul -- United Nations Secretary-General Ban Ki-moon Thursday said Group of 20 leaders meeting in Seoul should not forget promises to cut poverty.

At the Seoul Foreign Correspondents Club, Ban said, "I believe that promises made must be promises kept."

Ban was referring to eight Millennium Development Goals on hunger, poverty, health, shelter and environmental issues agreed to by world leaders in 2000.

In September, 140 world leaders reaffirmed their commitments to reaching target objectives by 2015.

As the Group of 20 leaders negotiated in South Korea, Ban said, "The MDGs (millennium development goals) are about building sustainability, building global growth, building a better world."

S. Korea, U.S., revisit free trade accord

Seoul -- U.S. President Barack Obama reaffirmed his commitment to a free trade agreement with South Korea Tuesday, an official in Seoul said.

In a half-hour telephone conversation, both Obama and South Korean President Lee Myung-bak pledged to wrap up discussions of the free trade accord before next week's Group of 20 summit in Seoul next week, the Yonhap News Agency reported.

A spokeswoman for Lee, Kim Hee-jung said the two leaders agreed to "upgrade the South Korea-United States alliance by a notch."

Grains close mixed Friday

Chicago -- Grain futures closed mixed Friday as the dollar index was flat, dropping 0.04 percent with currency rates a Group of 20 Nations point of discussion in Seoul.

Corn was off 3 to off 4 1/4, soybeans were off 1 1/2 to off 2 3/4, wheat was up 1 14 to up 2 3/4 and oats were up 1 1/2.

profit taking sales and South Korea in the market buying 120,000 metric tons. Wheat futures made some gains with rain covering winter wheat acreage in west Texas, Oklahoma and southwest Kansas. Soybeans closed lower with the U.S. Department of Agriculture announcing a sale of 165,000 metric tons without naming the buyer.

The prices:

Corn: Dec. 5.60, off 4 1/4; Mar 5.72 1/4, off 3 1/2; May 5.78 1/4, off 3 1/4; Jul 5.81, off 3.

G20 summit agenda gets fine-tuning

Seoul -- South Korean President Lee Myung-bak says a successful G20 financial summit next month in Seoul could help avert a global economic crisis.

Lee urged G20 financial chiefs meeting Friday in the ancient city of Gyeongju in a prelude to the summi to narrow differences in their issues, Yonhap News Agency reported.

Lee said if G20 summits weren't successful the global economy would be put at risk again.

"So, I ask you to reach an agreement for the future of the world economy," Lee said. "If you don't reach a compromise, we may not operate bus, train or airplane services when you go back home."

G20 in Seoul to include currency talks

Seoul -- South Korean President Lee Myung-bak said the Group of 20 summit meeting in Seoul would include discussions on international currency rates.

"There are growing worries as the economy faces uncertainties. Now is the time for the world to cooperate," he said. "In that sense, the Seoul G20 summit has various pending issues to discuss, including exchange rates, which need international coordination," Lee said during a meeting with financial experts, Yonhap News reported Thursday.

The summit meeting is scheduled for Nov. 11-12. In recent months, China has come under increasing pressure to allow its currency to appreciate as its relatively low value makes Chinese exports cheaper in other countries.

S. Korean economy on track for rebound

Seoul -- The South Korean economy is expected to rebound strongly in 2010 following a year in which the economy grew 0.2 percent, a government research group said.

The Korean Institute for Industrial Economics and Trade is a think-tank that produces reports separate from the official government data.

KIET predicted Wednesday the South Korean economy would grow 5.8 percent this year with a 24.4 percent increase in exports compared to 2009, the Yonhap News Agency reported.

Domestic consumer spending is also expected to grow this year, KIET said.

South Korea’s economy books major growth after 2002

Seoul, October 26-- As Asian economies take the world out of the credit crunch, South Korea’s economy grows at the fastest rate registering a growth after more than 7 years in the third quarter.