Economic fixes in S. Korea fall short
Under President Moon Jae-in, South Korea has raised taxes and the minimum wage in the name of economic growth.
So far, it has not worked out as planned. Growth has slowed, unemployment has risen and small-business owners are complaining.
Moon is trying to tackle some of the same economic problems that plague the United States and much of the developed world.
They include a widening wealth gap, slower growth and stagnant wages.
Fed signals pause in increases
Two influential Federal Reserve officials said Wednesday that the central bank should pause to assess economic conditions before considering additional interest rate increases, reinforcing the message delivered last week by Fed Chairman Jerome Powell.
The Fed published an account of its most recent meeting, in December, which showed that most Fed officials already had reached a similar conclusion at that time.
Taken together, the speeches and the meeting minutes signal that the Fed will not raise its benchmark interest rate at its January meeting and that it is unlikely to do so at the following meeting, in mid-March.
40M watched Trump’s address
President Donald Trump’s appearance in network prime time Tuesday — a nine-minute speech from the Oval Office on border security — drew roughly 40 million television viewers, according to statistics released by Nielsen.
That audience fell short of Trump’s State of the Union address last January, which drew about 45.6 million viewers, and past landmark presidential moments, like Barack Obama’s announcement of the death of Osama bin Laden in 2011, which reached 56.5 million people.
Ghosn: I had Nissan’s approval
Carlos Ghosn and his lawyers are laying out the most comprehensive case yet for his innocence, nearly two months after his arrest shook the auto business.
Ghosn’s chief defense lawyer in Japan said Tuesday that prosecutors had no basis for holding him in jail on allegations that he had improperly transferred personal losses to Nissan Motor’s books, saying that board members had approved the transactions.
Late Tuesday, that lawyer, Motonari Otsuru, submitted a request to release Ghosn from detention on the grounds that Nissan did not ultimately bear any losses and that he was not a flight risk.