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At least nine dead in South Dakota plane crash

A plane crash in South Dakota on Saturday claimed the lives of at least nine people, including the pilot and two children. The remaining three passengers on the Idaho-bound flight have been transported to medical facilities in Sioux Falls and are reportedly in critical condition, according to CBS News affiliate KELO.

The plane, a Pilatus PC-12 single-engine turboprop passenger aircraft, went down about a mile southwest of the Chamberlain airport. It had taken off a little before noon and was headed to Idaho Falls Regional Airport. As many as 12 people are believed to have been on board.

The area where the crash occurred is currently under a winter storm warning, according to the National Weather Service, with heavy snow and wind gusts as high as 45 mph. 

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The Federal Aviation Administration said in a statement that investigators are on the way to the accident site. The National Transportation Safety Board will conduct the investigation.

CBS News’ Kris Van Cleave reports the NTSB plans to send a team of three to the scene but, given the current conditions, they are not sure when investigators will reach the crash site. The NTSB hopes to get them to Sioux Falls sometime tomorrow, but some of the roads the investigators would need to access are currently closed due to severe weather.

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South Korea November exports plunge as China-U.S. deal still in dark

By Choonsik Yoo and Joori Roh

SEOUL (Reuters) – South Korean exports in November fell for the 12th month in a row and far more than expected, denting hopes for the global manufacturing sector stabilizing as a much-awaited China-U.S. trade deal is still in darkness.

Exports declined 14.3% in November from a year earlier, trade ministry data showed on Sunday, far below a median 10.2% fall tipped in a Reuters poll and missing even the worst forecast in the survey of an 11.1% loss.

It was also the second-worst drop in overseas sales in nearly four years as global semiconductor prices failed to turn around while China, the country’s biggest export market, continued to cut down purchases from its smaller neighbor.

The surprisingly weak November data from a manufacturing powerhouse, which reports monthly trade data ahead of major exporting nations each month, underscores the global economy still far from a turning point.

“The optimism for the first-phase trade deal between the United States and China will take time before actually boosting exports, and today’s poor data means the turnaround in exports is taking longer than expected,” said Chun Kyu-yeon, economist at Hana Financial Investment.

Shipments to China fell 12.2% in November from a year earlier, while overseas sales of semiconductors, South Korea’s top export item, tumbled by 30.8% in value as prices plunged this year from a super-rally last year.

Imports fell 13.0% on-year in November, also missing an 11.9% contraction tipped in the survey. That brought the November trade balance to a $ 3.37 billion surplus, versus a $ 5.34 billion surplus a month earlier.

Sunday’s data left shipments for the first 11 months of this year 10.7% below a year earlier, putting the country on track for its worst annual exports performance since a 13.9% fall in 2009 during the height of a global financial crisis.

South Korea’s economy, the fourth-largest in Asia and heavily dependent on exports, has been hit especially hard by cooling global trade and a prolonged tariff war between China and the United States.

On Friday, the central bank trimmed its 2019 economic growth forecast for the fourth time this year to the lowest in a decade, and also lowered next year’s forecast.

The downgrades came even after the Bank of Korea cut rates twice this year, the most recent cut coming in October. Many analysts expect the central bank to ease policy further next year to support the stuttering economy.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Players hail move to let them tee off in shorts in sunny South Africa

Players hail move to let them tee off in shorts in sunny South Africa Players hail move to let them tee off in shorts in sunny South Africa

(Reuters) – Golfers at this week’s Alfred Dunhill Championship in South Africa will give their traditional trousers short shrift and dress for comfort instead, in a first for the European Tour.

The governing body said it will let players wear shorts at the Nov. 28-Dec. 1 tournament at the Leopard Creek Country Club, where temperatures are expected to hit 40 degrees Celsius (104 Fahrenheit).

The decision, described by organizers as “ground-breaking”, has been hailed as “the right thing to do” and a victory for common sense by four-times major champion Ernie Els.

“It’s been talked about for so long on all of the tours around the world,” South African Els told the European Tour website https://www.europeantour.com/european-tour/news/articles/detail/shorts-permitted-for-first-time-on-european-tour. “I think this could be a game-changer for golf which could end up enhancing the product.”

Tournament director David Williams (NYSE:) said the decision was made to protect player health.

“The temperatures will increase as the week goes on… A lot of players were concerned about it,” he said in a statement.

“In these temperatures it can be pretty uncomfortable out there in trousers, so the feedback from the players has certainly been positive.”

The relaxed rules on shorts will apply only to this particular tournament, the European Tour added.

Women professional golfers can play in shorts unlike their male counterparts, though the LPGA caused a social media storm in 2017 when it told its players to avoid plunging necklines, and skirts, skorts or pants that expose part of the “bottom area”.

Men have traditionally worn trousers on competition days, but the European Tour and Southern (NYSE:) Africa’s Sunshine Tour tweaked the rules in 2016 to allow them to wear shorts during practice rounds and pro-am events.

The U.S. PGA Tour adopted the same policy for men earlier this year.

Thomas Bjorn, Europe’s 2018 Ryder Cup captain, said the tweaked dress code was a step in the right direction.

“Golf has been moving in this direction and because of the extreme heat we need to make it as comfortable for the players as we can,” he added.

“There are traditions in golf that will always be upheld, but we also need to try and make it easier for kids to get involved in the game and move with the times.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Sports and General News

More weak exports data, this time from South Korea

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North Korea fires projectiles off east coast​, South Korea says

North Korea halts peace talks with South Korea

Seoul, South Korea — North Korea fired two unidentified projectiles off its east coast on Saturday morning, South Korea’s military said, just a day after the North threatened to remain America’s biggest threat in protest of U.S.-led sanctions on the country.

South Korea’s Joint Chiefs of Staff said in a statement that the launches were made from the North’s northeastern Hamgyong province on Saturday morning.

The statement said South Korea’s military is monitoring possible additional launches by North Korea. But it gave no further details such as exactly what type of projectiles North Korea launched.

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The Japanese government said North Korea appears to have fired missiles, but they caused no damage and did not land in Japanese territorial waters.

The launches came after the U.S. and South Korea ended their regular military drills earlier this week. North Korea called the drills an invasion rehearsal and conducted a series of missile and other weapons tests.

North Korea’s foreign minister said Friday his country will try to remain “America’s biggest threat” if the U.S. continues to confront the North with sanctions. Foreign Minister Ri Yong Ho also called U.S. Secretary of State Mike Pompeo a “poisonous plant of American diplomacy” and vowed to “shutter the absurd dream” that sanctions will force a change in Pyongyang.

Ri’s blistering rhetoric and the projectile launches may dim the prospect for an early resumption of nuclear negotiations between the countries. The top U.S. envoy on North Korea, Stephen Biegun, said Wednesday that Washington was ready to restart the talks, a day after the U.S.-South Korean military drills ended.

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World – CBSNews.com

South Africa’s Kganyago Sues After SARB Battle Gets Personal

© Reuters.  South Africa’s Kganyago Sues After SARB Battle Gets Personal © Reuters. South Africa’s Kganyago Sues After SARB Battle Gets Personal

(Bloomberg) — Less than a week since vowed to go to war to protect the independence of the South African Reserve Bank, Governor Lesetja Kganyago has approached the courts to protect his name after a racial slur from a ruling party official.

Kganyago is suing Andile Lungisa, a municipal councilor for the African National Congress, for defamation for a posting on Twitter about the governor’s defense of the central bank’s mandate. Lungisa on Tuesday posted the first page of the summons that was served on him.

This is not the first time Kganyago has gone to the courts for resolve a dispute, but the previous occasion it was on behalf of the central bank.

He successfully fought off a proposal by the nation’s anti-graft ombudsman two years ago to change the institution’s inflation-targeting mandate. The nation’s top court found Public Protector Busisiwe Mkhwebane to be personally liable for 15% of the central bank’s legal costs in that case.

Lungisa’s series of Tweets in June began as support for the ANC’s proposal to nationalize the Reserve Bank, before targeting Kganyago. He described the governor as “a lackey of racist people” and used a highly offensive racial slur, according to the court documents.

Reserve Bank spokeswoman Thoraya Pandy confirmed the legal action when contacted by phone and said the matter was now in the hands of the court.

‘Trojan Horse’

The governor has said the debate about the ownership of the central bank is a distraction from the real problems facing the economy and that it could be used as “Trojan horse” for another attempt to change the mandate. He told reporters at a lunch in Johannesburg last week he would “go to war” if the constitutionally enshrined independence of the central bank is threatened.

The spat also highlights the racial tensions that still exist in South Africa 25 years after the end of white minority rule, and the extent to which race is often used as weapon in public discourse.

Lungisa is currently out on bail pending an appeal of a conviction for assault after he smashed a glass water jug over the head of a Democratic Alliance councilor during a meeting in the Nelson Mandela Bay municipality in 2016, Johannesburg-based Business Day reported on Tuesday. The newspaper first reported on the summons that was served on Lungisa.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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North Korea fires more projectiles, South Korea says

South Korea’s military said Saturday that North Korea fired two more unidentified projectiles into East Sea, Yonhap reported. North Korea has launched short-range missiles at least four other times since July 25 as the U.S. and South Korea prepare joint military exercises.

South Korea’s Yonhap news agency reported Saturday that Seoul’s Joint Chiefs of Staff said the projectiles were launched from an area near the North’s east coast. It didn’t immediately identify the projectiles or how far they flew, but North Korea has unleashed a series of test firings of short-range ballistic missiles in recent weeks.

The North Korean missile tests, which Donald Trump has repeatedly played down, come amid stalled diplomatic talks with the U.S. on the North’s nuclear program. So far, North Korea has stuck by its unilateral suspension of nuclear and long-range missile tests, which came during a diplomatic outreach to Washington last year. 

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The North described recent test-firings as a new rocket artillery system and short-range ballistic missile launches. It previously called them a “solemn warning” to South Korea over its plans to continue military drills with the U.S. Experts say the North’s weapons display could intensify in the coming months if progress isn’t made on the nuclear talks.

On Friday, Mr. Trump said he received another “beautiful letter” from North Korean leader Kim Jong Un and hinted there would be another meeting between them. Mr. Trump made a historic trip into North Korea with Kim in June. 

In an interview with Fox News after the first missile launch, Mr. Trump said he was “getting along well” with Kim and said the country “really haven’t tested missiles other than smaller ones.”

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South Korea second-quarter GDP bounces as public spending offsets private sector drag

© Reuters. FILE PHOTO: People look at a view of central Seoul from an observatory platform in Seoul © Reuters. FILE PHOTO: People look at a view of central Seoul from an observatory platform in Seoul

By Choonsik Yoo and Joori Roh

SEOUL (Reuters) – South Korea’s economy swung back to growth in the second quarter, dodging a technical recession, although the expansion was mostly driven by government spending, suggesting the central bank may need to cut rates again to stoke demand.

Gross domestic product grew by a seasonally adjusted 1.1% in the April-June period from the first quarter, central bank estimates showed, just beating the median forecast of 1.0% growth tipped in a Reuters survey of 12 economists.

However, the Bank of Korea estimates showed the economy would have contracted without increased government spending, following previous quarter’s surprise contraction.

“Details of the GDP data confirmed the economy has been dependant on government spending and support my expectation of another interest rate cut in the fourth quarter,” said Park Sang-hyun, economist at HI Investment & Securities.

Heavily reliant on exports of chips, smartphones, autos and ships, South Korea’s economy has been hit especially hard by the year-long China-U.S. trade dispute, which has hurt supply chains and global growth.

BOK estimates showed government spending contributed 1.3 percentage points to second-quarter GDP while private-sector activity presented a 0.2 percentage point drag as companies slashed investment due to the uncertain outlook.

Last week, the BOK cut interest rates for the first time in three years, earlier than market expectations for a cut in August, and trimmed its 2019 economic growth forecast to a decade low of 2.2% from the previous 2.5%.

South Korea’s economy shrank 0.4% in the first quarter due to delays in government spending as private investment also slowed.

On a year-on-year basis, Asia’s fourth-largest economy expanded 2.1% in the second quarter, compared with 2.0% growth forecast in the poll and 1.7% growth in the first quarter, the central bank estimated.

Merchandise exports returned to growth of 2.3% in the April-June period after a 3.2% contraction in the first, which was the worst reading since the final quarter of 2017.

But export prospects remain uncertain as Japan has curbed chip and display production materials shipments to South Korea, which Seoul says is related to a diplomatic row over compensation of forced labor during World War Two.

The BOK said in a report to parliament on Tuesday that Japan’s export curbs were one of the top three risks to the domestic economy. Governor Lee Ju-yeol added that this year’s growth could dip further due to the curbs.

Analysts have downgraded their forecasts for 2019 growth, with some seeing growth falling short of 2%.

(This story corrects first bullet of Q2 GDP quarterly figure)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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More poor South Korean data – preliminary data for July show exports plunge

South Korean July 1-20 exports (data via the Customs agency, Reuters)  

  •  -13.6 % y/y

July 1-20 imports

  •  -10.3 % y/y

Semiconductor exports -30.2% y/y 

‘Canary in the coalmine’ is often how the performance of SK is viewed. If these are anything to go by its an ex-canary. There will be impact in these from Japan’s move on curbing exporting technology products to the country. 

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