ARIRANG NEWS 10:00
Hello and welcome... it′s 10am on Friday the twenty-third of January... you are tuned in to our mid-morning newscast here on Arirang TV.
Thanks for joining us,... I′m Mark Broome.
Let′s take a look at what′s making the headlines.
The European Central Bank "takes out the bazooka" with a massive stimulus package aimed firing up the stagnant eurozone and warding off deflation.
In a video message to the World Economic Forum in Davos,... President Park Geun-hye calls for patience... as North Korea appears in no hurry to come back to the negotiating table.
Plus,... Saudi officials confirm King Abdullah has died at the age of 90. His younger brother, Crown Prince Salmon , has been named as his successor.
Title: European Central Bank ‘takes out bazooka’ with $1.25 tril. QE stimulus package
Our top story this morning...
The European Central Bank has announced the details of its massive stimulus package,... in a desperate attempt to stop the flagging eurozone shuddering to a halt.
The central bank says it′s going to inject roughly one-and-a-quarter TRILLION U.S. dollars into financial markets.
Shin Se-min reports.
The European Central Bank says it′s going to buy and unprecedented amount of bonds, pumping money into the stagnant eurozone economy.
The central bank said Thursday that it′s purchases of government and private-sector bonds worth 60 billion euros,... or roughly 68 billion U.S. dollars will begin in March,... and continue through at least September of next year,... or even longer.
The total will reach some one-point-three trillion dollars,... MUCH more than the 568 billion dollars initially expected.
Speaking in Frankfurt on Thursday, ECB President Mario Draghi said the central bank would also keep eurozone interest rates at zero-point-0-5 percent.
The decision comes as the eurozone is showing signs of going into a deflationary spiral.
It′s hoped the massive stimulus will improve the bloc′s sluggish exports and channel more investments into stocks.
"We wanted to take a decision that would mitigate the concerns that many participating countries in the euro area have about the unintended fiscal consequences of potential developments in the future."
The ECB money will also include some existing programs.
Countries like Greece and Italy will be included under a bailout program,... but with some additional criteria, as such countries have worse economic conditions.
The announcement stunned traders with most markets across Europe posting gains.
Stocks on Wall Street also reacted positively.
On the currency markets,... the euro slumped to an 11-year low of one-dollar-13 cents against the greenback.
Shin Se-min, Arirang News.
Title: President Park says Seoul patiently seeking dialogue with Pyongyang
President Park Geun-hye says South Korea will remain patient with North Korea as Seoul continues to wait for Pyongyang to come back to discussions aimed at easing tensions on the Kor
