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South Korea's Constitutional Court upheld the impeachment of President Park Geun-hye on Friday, removing her from office over a graft scandal involving big business that has gripped the country for months. Park becomes South Korea's first democratically elected leader to be forced from office. A presidential election will be held in 60 days, according to the constitution. "We remove Park Geun-hye from office," Lee Jung-mi, acting president of the court, told the hearing. "Her actions betrayed the people's confidence. They are a grave violation of law which cannot be tolerated." The ruling to uphold parliament's Dec 9 vote to impeach Park over an influence-peddling scandal is the most dramatic twist in a political crisis that has gripped the country for months. The political crisis has come at a time when rival North Korea is pushing ahead with its missile programme and tension is brewing with China over a US missile-defence system being deployed in South Korea. The Seoul market's benchmark KOSPI index KS11 rose after the ruling. "As the saga is coming to an end, markets will be relieved that South Korea finally can push forward to press ahead with electing new leadership," said Trinh Nguyen, senior economist at Natixis in Hong Kong. "And the hope is that this will allow the country to have a new leader that can address long-standing challenges such as labour market reforms and escalated geopolitical tensions." ACTING PRESIDENT Park, 65, has been accused of colluding with a friend, Choi Soon-sil, and a former presidential aide, both of whom have been on trial, to pressure big businesses to donate to two foundations set up to back her policy initiatives. She was also accused of soliciting bribes from the head of the Samsung Group for government favours, including backing a merger of two Samsung affiliates in 2015 that was seen as supporting the succession of control over the country's largest "chaebol" conglomerate. Park has denied any wrongdoing. Hundreds of demonstrators, both for and against Park, have gathered at the courthouse, which was blockaded by police buses. Prosecutors have named Park, who now loses her presidential immunity from prosecution, as an accomplice in two court cases linked to the scandal, suggesting she is likely to be investigated and could face legal proceedings. Park was stripped of her powers after parliament voted to impeach her but has remained in the president's official compound, the Blue House. She did not appear in court on Friday. Prime Minister Hwang Kyo-ahn was appointed acting president and will remain in that post until the election. The scandal has led to weekly protests by tens of thousands of people, not only those who want Park to step down but also her supporters calling for her to stay on in power.  ....

Published at: 2017-03-10 00:00:04

Crude prices inched up on Friday after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly persistent. US West Texas Intermediate crude CLc1 was up 40 cents at $49.68 a barrel at 0151 GMT. It fell below $50 on Thursday for the first since mid-December, when oil producers agreed to cut output. Brent crude LCOc1 was up 35 cents at $52.54 a barrel.  On Thursday, the LCOc1 settled down 92 cents, or 1.7 per cent, at $52.19 a barrel, after slumping 5.0 per cent the day before in its biggest percentage decline in a year.  Market confidence has taken a hit after a period of higher prices enticed more US shale oil companies to drill more wells and as stockpiles have remained high. Data showed crude stocks in the United States, the world's top oil consumer, swelled by 8.2 million barrels last week to a record 528.4 million barrels.  Energy ministers and senior oil executives are meeting this week at CERAWeek in Houston, the biggest US gathering of the oil industry, according to Reuters.....

Published at: 2017-03-10 00:00:04

US stocks ended slightly higher on Thursday ahead of the US monthly jobs report, as energy shares rebounded. The S&P 500's slight gain came after three straight days of losses. The S&P 500 energy index rose 0.6 per cent, snapping two days of big losses, even as crude prices slid nearly 2.0 per cent. Helping the market early in the day was a report that showed the number of Americans applying for unemployment benefits rose to 243,000 last week, but remained below 300,000 for the 105th week. Friday's nonfarm payrolls report is expected to show 190,000 jobs were added in the US private and public sectors in February. The Dow Jones Industrial Average ended up 2.46 points, or 0.01 per cent, to 20,858.19, the S&P 500 gained 1.89 points, or 0.08 per cent, to 2,364.87. The Nasdaq Composite added 1.26 points, or 0.02 per cent, to 5,838.81. The S&P 500 financial index, which had boosted the market earlier in the day, cut gains in afternoon trading and ended up 0.3 per cent. Johnson & Johnson was up 1.5 per cent after Jefferies raised its price target on the healthcare conglomerate's stock. About 7 billion shares changed hands on US exchanges, roughly matching the daily average for the past 20 trading days. NYSE declining issues outnumbered advancing ones by a 2.40-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favoured decliners. The S&P 500 posted 24 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 64 new highs and 58 new lows, according to Reuters.....

Published at: 2017-03-10 00:00:04

Shares were mixed in Asia on Friday as a weaker yen pushed Tokyo's benchmark higher. South Korea's Kospi edged higher after the Constitutional Court decided to remove the country's president. Tokyo's Nikkei 225 jumped 1.3 per cent to 19,575.34 and South Korea's Kospi added 0.2 per cent to 2,095.64. Hong Kong's Hang Seng index was flat at 23,499.33. The Shanghai Composite Index also was almost unchanged at 3,215.88. Australia's S&P/ASX 200 gained 0.6 per cent to 5,772.50. Stocks in Taiwan, Singapore and other Southeast Asia were lower. The US government is due to issue the February jobs report later Friday. American employers added 186,000 jobs, and the unemployment rate slipped to 4.7 per cent from 4.8 per cent the month before.  The US non-farm payroll numbers are "the last piece of the puzzle which will determine the Fed's rate hike decision next week," said Margaret Yang Yan, a market analyst at CMC Markets in Singapore. US stocks finished nearly flat Thursday. The S&P 500 index picked up edged 0.1 per cent higher to 2,364.87. The Dow Jones industrial average was flat at 20,858.19 and the Nasdaq composite also was steady, at 5,838.81. Benchmark US oil added 33 cents to $49.61 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1, or 2 per cent, to close at $49.28 on Thursday.  Brent crude, the international standard, gained 31 cents to $52.50 in London. The dollar rose to 115.20 yen from 114.96 yen. The euro rose to $1.0595 from $1.0577, according to AP.....

Published at: 2017-03-10 00:00:04

The Bangladesh Small and Cottage Industries Corporation (BSCIC) will soon start the construction work of an industrial park, costing Tk 6.28 billion, at Saydabad area in sadar upazila of Sirajganj district. The park will build on 400 acares of land, aiming to boost investment and create employment in the northern districts of the country. As the construction work will start from April local BSCIC officers are hopeful that it will be completed by the end of June, 2019. The Executive Committee of the National Economic Council (ECNEC) has already approved the project. After the construction of Bangabandhu bridge over the Jamuna river, Sirajganj has gained more importance and become an attraction for the investors due to the developed communication system. Sirajganj Chamber of Commerce sources said that lake, police camp, administrative zone and modern health care centre will be constructed in the park on 10 acares land under the project. Effluent Treatment Plants (ETP), Central Effluent Treatment Plant (CETP) and dumping ground will also be installed in the park to prevent environmental pollution, BSCIC officials said. Sirajganj BSCIC sources said, around Tk 1.00 billion has so far been spent on the project and once completed this industrial park will create employment for about 0.10 million people. Though at first the project was approved with a condition of constructing a dam alongside the Jamuna river, the condition was withdrawn in the Ecnec meeting later.  Now Sirajganj Water Development Board will construct the dam.....

Published at: 2017-03-10 00:00:04