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South Korea's Hanjin Shipping Co., which has led the country's shipping industry for the past four decades, has been declared bankrupt by a South Korean court on Friday.

Hanjin filed for court receivership under heavy debt five months ago.

Seoul Central District Court's judge Choi Ung-young said a caretaker assigned by the coourt will sell any remaining ships and other assets Hanjin still owns to pay off its creditors.

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2018.02.26 03:14:00 UTC+00

Samsung Launches Galaxy S9 Smartphone

Samsung Electronics Co Ltd. launched its Galaxy S9 smartphone, which has more focus on visual applications for social media, hoping to entice younger generation consumers who are tech savvy to weather a market slump.

Smartphone makers, which are set to stay flat or even contract following slow growth of one percent in 2017, are now putting their emphasis on features designed to attract consumers to let go of their old mobile devices earlier than they would have previously.

Samsung unveiled its flagship phone at the mobile gadget fair in Barcelona on Sunday, attracting a large number of reporters who wanted to see how the South Korean tech giant could innovate in a category which the big players are technologically neck-to-neck than ever.

Samsung's president of IT and mobile communications, DJ Koh, said that the most important function of a mobile phone today was “visual communication” and the Galaxy S9 has been created with the visual and social generation in mind.

The S9 features improved cameras, an AI-powered voice tool and social media functions that are easier to use than prior offerings. Two versions of Galaxy s9 were released and will go on sale on March 16 in most countries.

2018.02.22 04:44:00 UTC+00

U.S. Home Sales Dropped in January

U.S. home sales suddenly dropped in January, leading to the biggest year-on-year decline in more than three years, as a chronic shortage of houses raised prices and kept first-time buyers out of the market.

Existing home sales fell 3.2 percent to a seasonally adjusted annual rate of 5.38 million units in January, with purchases dropping in all four regions.

The supply squeeze and rising mortgage interest rates are fuelling fears of a weak spring selling season. The second consecutive monthly decline in home sales reported by National Association of Realtors added to weak retail sales and industrial production in January in suggesting slower economic growth in the first quarter.

Existing home sales, which account for about 90 percent of U.S. home sales, fell 4.8 percent on a year-on-year basis in January. That was the biggest year-on-year drop since August 2014. The weakness in home sales is largely a function of supply constraints rather than a lack of demand, which is being driven by a strong labor market.

The shortage of properties is concentrated at the lower end of the market. While the number of previously-owned homes on the market increased 4.1 percent to 1.52 million units in January, housing inventory fell 9.5 percent from the previous year

That was also the lowest inventory for January on record. Supply has declined for 32 straight months on a year-on-year basis. At January's sales pace, it would take 3.4 months to exhaust the current inventory, up from 3.2 months in December.

The U.S. economy expanded at a 2.6 percent annualized rate in the fourth quarter. Making housing expensive for some first-time home buyers, the 30-year fixed mortgage rate rose to an average of 4.38 percent last week, the highest level since April 2014, according to data from mortgage finance agency Freddie Mac.

Walmart shares tumbled after posting weak online sales for the Christmas period and issuing a disappointing annual profit forecast.

In the three months to December, online sales were 23 percent higher. However, the increase was less than half the growth seen in the prior quarter and down from the same period in 2016.

Shares in the world's biggest retailer declined more than 10 percent to $94.11. This year through Friday's close, the stock has risen by 6.1 percent.

The retailer reported its online revenue clocked in at $11.5 billion in 2017, but it suffered losses on the said sales. CEO Doug MCMillon said e-commerce losses would be “about the same” for the current fiscal year. He said that the firm was making progress in its efforts to be at the same level with Amazon and other competitors.

Under its transformation strategy, Walmart will spend more on Walmart.com and reduce spending on marketing for its Jet.com website, which targets younger and more affluent shoppers.

Despite higher-than expected sales growth at Walmart's U.S. stores, which came in at 2.6 percent, net profit declined 42 percent to $2.2 billion.

Walmart expects earnings of $4.75 to $5 per share this financial year, excluding some items, against the estimate of $5.13 by Wall Street.


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Feb 26 at 3:23 UTC

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