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Xinhua world economic news summary at 0900 GMT, Sept. 27

SEOUL -- South Korea's real wage adjusted for inflation fell for the fifth consecutive month due to lingering high inflation, the labor ministry said on Wednesday.

The nominal monthly average wage per capita in businesses with one or more regular employees grew 1.1 percent from a year earlier to 3,963,000 won (2,930 U.S. dollars) in July, according to the Ministry of Employment and Labor. (S. Korea-Real Wage)

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WELLINGTON -- New Zealanders have been increasing their expenditure on luxury travel, with average spend on travel bookings currently 35 percent higher than in 2019, or pre-COVID pandemic, the Flight Centre Travel Group said on Wednesday.

The average Kiwis' spending on their dream holidays in August is up 47 percent year on year, with bookings made up of a combination of flights, tours and cruises, according to a survey conducted by Flight Centre, one of the world's largest travel agency groups headquartered in Brisbane, Australia. (New Zealand-Luxury Travel-Expenditure)

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HARARE -- The Zimbabwean government is formulating a new national industrial development policy to drive industrialization and achieve its goal of becoming an upper middle income economy by 2030, a senior government official said on Tuesday.

The Zimbabwe National Industrial Development Policy 2024-2030 will build upon the achievements of the current policy for the 2019-2023 period, Mavis Sibanda, permanent secretary in the Ministry of Industry and Commerce, said at a consultative meeting on the draft policy. (Zimbabwe-Industrial Policy)

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WASHINGTON -- U.S. retail giant Target said Tuesday that it will close nine stores in major cities across the country, after grappling with violence, theft and organized retail crime.

The company will close one store in New York City, two stores in Seattle, three stores in the San Francisco-Oakland area and three more in Portland, Oregon. These locations will be permanently closed on Oct. 21, according to CNBC. (US-Target-Stores)