Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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FDI pledges to South Korea hit record high through Q3 2018

This was in line with the rising interest in the nation’s high-tech industries and startups in emerging sectors, according to government data

South Korea received $19.20bn worth of FDI commitments from January to September, which represents a 41.4% spike from a year earlier, according to the Ministry of Trade, Industry and Energy.

The actual investment made by foreign companies over the period reached $11.70bn, jumping 31.9% from the previous year, according to the ministry. Investment pledges from the European Union jumped 63.1% to $5.13bn in the first nine months of the year, mostly in the form of stake investments and M&A.

American companies sought partnerships and stake acquisitions in high-tech industries and tech startups, pledging $4.09bn over the period, a 41% increase. New FDI pledged from China rose to a whopping 292% to $2.39bn, the largest-ever amount, led by brisk investment in the service industry.

By sectors, the manufacturing industry drew in $8.38bn worth of investment pledges as offshore investors sought joint venture partners in electronics, machinery equipment and bio sectors. Service industries attracted $10.64bn of new investment from abroad in emerging technology fields like e-commerce, cloud computing, mobile platforms and fintech—according to the ministry.

The ministry said this year’s FDI may top $20bn, reaching a new record high. Last year, foreign direct investment in the country reached $22.9bn.

-GBO Correspondent

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