SACRAMENTO, California (AP) ― California’s sputtering economic recovery is putting a heavier-than-expected drag on state tax revenue, leading Gov. Jerry Brown on Monday to propose deep budget cuts across an array of government services and warn again that even more cuts are ahead if voters reject his tax-hike initiative in November. Brown’s latest budget plan for the fiscal year that begins July 1 proposes $8.3 billion in spending cuts to close a revised deficit of $15.7 billion deficit, an amou

May 15, 2012

MADRID (AP) ― Spain got caught up in the uncertainty surrounding the European single currency and the electoral stalemate in Greece Monday as it saw its borrowing costs rise and stock prices fall at alarming rates.The country’s foreign minister issued an urgent appeal Monday to the rival political parties in Athens to form a government quickly and warned that the survival of the single currency project was at stake.“The best thing Greece can do for its own survival and for the survival of Europe

May 15, 2012

The government announced on Monday that it would invest 513 billion won ($446 million) in the research and development of nano-technology by 2020. The investment is part of its “Nano 2020,” project aimed at becoming one of the world’s top three nano-technology powerhouses, according to the Ministry of Education, Science and Technology.The Ministry said the country would focus on developing core technologies including those integrated with environmental and IT technologies. The ministry will set

TechnologyMay 14, 2012

South Korea’s terms of trade worsened to the lowest level in over three years in the first quarter as high crude and commodities prices hiked import costs, the central bank said Monday.The country’s net terms-of-trade index for goods came in at 75.1 in the January-March period, down 6.4 percent from a year earlier, the Bank of Korea said in a report. The number also equals the terms of trade index tallied in the fourth quarter of 2008.The index is calculated by dividing the export price index by

May 14, 2012

Korea Auto Parts Park in Detroit was launched Monday to help Korean firms settle in the U.S. city.The opening ceremony was organized by Korea’s Commerce Ministry and the state-run Korea Trade Investment Promotion Agency.KAPP provides offices with presentation devices and conference rooms. “It takes a long time for small and medium auto part companies to win business contracts from global carmakers. That is when the local offices are needed,” KOTRA’s vice president Oh Sung-keun said. “KAPP will g

MobilityMay 14, 2012

If you spot a dangerously rattling manhole cover on a street, think English translations should be extended to subway announcements, or need some tips on important life decisions, where would you turn for help?For Seoulites, the quickest help may come from the city mayor via Twitter.Seoul Mayor Park Won-soon, who took office in October with strong support from younger generations, checks and replies to his Twitter posts past midnight and throughout the weekend. Some issues are as practical and p

TechnologyMay 14, 2012

The Korea Communications Commission said Monday that a ministerial-level meeting on broadcast and telecommunications will be held at the COEX Convention Center in southern Seoul on Tuesday.Organized for the eighth consecutive year, this year’s meeting will focus on “connectivity,” according to KCC officials. The meeting will be taken part by ministers from 17 countries including Laos, Vietnam, New Zealand, Australia, Venezuela, South Africa and South Korea.Ministers from Australia, Rwanda, Indon

May 14, 2012

The Korea Trade Investment Promotion Agency and U.S. software giant Microsoft have agreed to help local venture start-ups expand overseas. Combining the state-run agency’s global presence and Microsoft’s technical supremacy, the “KOTRA-MS Smart Growth Project” aims to help Korean software developers go global with new services. A total of 20 venture firms are to be selected among those whose services can be combined with cloud computing, KOTRA said. With an aim to commercialize their services wi

IndustryMay 14, 2012

South Korean banks’ short-term overseas borrowing declined in April as lenders secured enough funds in the past few months to make it possible to cut back on incurring fresh debt, the financial watchdog said Monday.According to the Financial Supervisory Service, the spread on short-term foreign borrowing by local banks stood at 8.9 basis points, a drop from 15.3 basis points in March. A basis point is 0.01 percentage point.“The move by local banks to secure sufficient funds from late 2011 onward

May 14, 2012

South Korean stocks closed 0.18 percent lower Monday due to persistent European fiscal uncertainties, analysts said. The local currency fell against the U.S. dollar.After swerving in and out of positive territory, the benchmark KOSPI fell 3.40 points to 1,913.73, extending its losing run to four sessions. Trading volume was light at 386 million shares worth 3.97 trillion won ($3.45 billion), with losers clearly outpacing gainers 571 to 280.“Developments unfolding in Europe’s political landscape

May 14, 2012