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By Richard Lough, Eliana Raszewski and Daniel Bases BUENOS AIRES/NEW YORK (Reuters) - Argentina will default on its debt within hours after talks with holdout creditors broke down on Wednesday. As the clocked ticked toward a midnight (0400 GMT) deadline, Economy Minister Axel Kicillof stuck firmly to the government line, repeatedly denigrating the holdouts as "vultures" after two days of intense negotiations. Argentine banks scrambled to put together a proposal to buy out the non-performing debt held by hedge funds and avert a default. It also marks a set-back to the Buenos Aires government's attempts to return to global credit markets.
TOKYO (AP) — Tokyo Governor Yoichi Masuzoe on Wednesday defended his call to cut costs by relocating some venues for the 2020 Olympics, even if it threatens plans for having almost all the facilities close to the athletes village.
SEOUL, South Korea (AP) — Samsung Electronics Co. reported lower-than-expected profit for the second quarter on Thursday and said it was uncertain if handset business profit would improve during the current period.