Xinhua world economic news summary at 0900 GMT, July 14

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SEOUL -- South Korea on Wednesday announced planning to invest 220 trillion won (about 190 billion U.S. dollars) by 2025 for digital and green transformation as well as inclusive growth.

South Korean President Moon Jae-in said in a strategic meeting for the so-called South Korean version of the New Deal initiative that the total investment in the initiative by 2025 will be raised to 220 trillion won from the previous 160 trillion won (140 billion U.S. dollars). (South Korea-Digital green transformation)


WASHINGTON -- U.S. Senate Democrats on Tuesday agreed to set a top-line spending level of 3.5 trillion U.S. dollars for a bill to enact most of President Joe Biden's economic agenda without Republican support.

"The budget committee has come to an agreement. The budget resolution with instructions will be 3.5 trillion dollars," Senate Majority Leader Charles Schumer said late Tuesday. (US-Budget-Spending bill)


TOKYO -- The Japanese government has yet to use around 20 trillion yen (180 billion U.S. dollars) out of about 73 trillion yen under its three fiscal 2020 additional budgets to fund stimulus packages in the combat against the COVID-19 pandemic, media's tally showed Tuesday.

The finding was observed from the data released by the Cabinet Office in May, and it reflected the slow response of the Japanese government regarding the economic fallout from the COVID-19 pandemic and the stalled projects caused by the further spread of the virus, local media said. (Japan-Stimulus Packages)


ABUJA -- Nigerian President Muhammadu Buhari on Tuesday said the country annually loses about 26.3 billion U.S. dollars to piracy and sea robbery, among other forms of maritime crimes.

In this light, securing the shipping lanes was crucial to Nigeria's economic interests, Buhari, who was represented by Vice President Yemi Osinbajo, said while performing the inauguration of Falcon Eye Project, Nigerian Navy's strategic maritime surveillance system, at the Naval headquarters in Abuja. (Nigeria-Privacy) Enditem

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