The Korea Herald

Black Friday creeps into Thanksgiving in U.S.

NEW YORK (AP) — The nation's shoppers on Thursday put down the turkey to take advantage of Thanksgiving deals.Stores typically open in the wee hours of the morning on the day after Thanksgiving that’s named Black Friday because that's when stores traditionally turn a profit for the year. But Black Friday openings have crept earlier and earlier over the past few years. Now, stores from Target to Toys R Us are opening their doors on Thanksgiving evening, hoping Americans will be willing to shop so

Nov. 23, 2012

Budget clash leaves EU summit close to failure

BRUSSELS (AP) ― The leaders of Britain and France staked out starkly different visions of the European Union’s future Thursday, leaving a summit on the EU budget teetering on the brink of failure after the first day.“I have my doubts that we will come to an agreement,” said German Chancellor Angela Merkel after a chaotic day of bilateral negotiations and a belated, short joint session of the 27 leaders.While British Prime Minister David Cameron is seeking to keep payments into EU coffers as low

Nov. 23, 2012

Budget clash leaves EU summit close to failure

S&P says outlook for France negative, holds AA+ rating

Standard and Poor's held to a downgraded AA+ rating for France and said the outlook remained negative on Friday, four days after Moody's cut its top rating for the country by one notch and warned that more could come.S&P, which downgraded France from top notch in January, referring to recent French announcements on the economy, said although the government was "determined to carry out budgetary and structural reforms" France's long-term outlook was "negative.""After flat growth this year, we bel

Nov. 23, 2012

Fitch cuts ratings on Panasonic, Sony to junk

TOKYO (AFP) ― Japan’s embattled electronics sector suffered another blow on Thursday as ratings agency Fitch downgraded industry titans Sony and Panasonic to junk status for the first time.The agency slapped a speculative rating on each firm, pointing to their weak balance sheets and declining position in the global electronics sector as they come up against stiff competition from overseas.Fitch said it cut Panasonic by two notches to “BB,” while it slashed Sony’s rating by three notches to “BB-

Nov. 22, 2012

Hostess to close down, sell brands

WHITE PLAINS, New York (AP) ― Twinkies, Ho Hos and Wonder Bread are up for sale now that a bankruptcy judge cleared the way for Hostess Brands Inc. to fire its 18,500 workers and wind down its operations.A last-ditch effort to end a strike with Hostess’ bakers union failed Tuesday night and Judge Robert Drain on Wednesday approved the company’s request to shut down its business and sell the pieces to the highest bidder.Hostess lawyers told Drain that they needed to begin the liquidation process

Nov. 22, 2012

IMF: Myanmar could be Asia’s ‘rising star’

WASHINGTON (AFP) ― Myanmar could become Asia’s next economic engine if it enacts vast reforms, the IMF said Wednesday, signaling the country could receive a Fund monitoring program in 2013.“With a commitment to strong reforms, Myanmar has the potential to vastly improve the living standards of its people and emerge as Asia’s next rising star,” IMF mission chief in Myanmar Meral Karasulu said in a statement.The International Monetary Fund said the discussions pointed to the possibility of a staff

Nov. 22, 2012

IMF: Myanmar could be Asia’s ‘rising star’

Thanksgiving travels made tougher by U.S. economy

CHICAGO (AP) ― Millions of Americans piled their families into cars, hopped on buses and waited out delays at airports Wednesday as they set off on Thanksgiving treks that many said required financial sacrifice, help from relatives to come up with airfare and hours searching online for deals.Accepting that the road out of the recession will be long, many said they’ve become savvier or at least hardier travelers ― resilient enough to brave a day-long drive with the kids or a long haul by bus inst

Nov. 22, 2012

Thanksgiving travels made tougher by U.S. economy

Citi to shut Greek branches

Citigroup Inc., the third-biggest U.S. bank by assets, said it will shutter almost half of its branches in Greece as European lawmakers continue a three-year struggle to fix the country’s economy. The lender will reduce its branches to 21 from 37, according to an emailed statement Wednesday from Shannon Bell, a spokeswoman for New York-based Citigroup. About 170 employees will lose their jobs as a result of the closures, said a person familiar with the situation, who requested anonymity because

Nov. 22, 2012

Fitch cuts ratings on Panasonic, Sony to junk

Japan's embattled electronics sector suffered another blow on Thursday as ratings agency Fitch downgraded industry titans Sony and Panasonic to junk status for the first time.The agency slapped a speculative rating on each firm, pointing to their weak balance sheets and declining position in the global electronics sector as they come up against stiff competition from overseas.Fitch said it cut Panasonic by two notches to BB, while it slashed Sony's rating by three notches to BB-, with both firms

Nov. 22, 2012

Japan’s declining exports add to recession risk

Japan’s exports fell for a fifth month, hampered by trade tensions with China and weak demand in Europe, pushing the world’s third-largest economy closer to recession ahead of December elections. Shipments fell 6.5 percent in October from a year earlier, leaving a trade deficit of 549 billion yen ($6.7 billion), the Finance Ministry said in Tokyo Wednesday. That compared with the median forecast of 25 economists for a 4.9 percent decline in exports. Imports were down 1.6 percent. Japan will prob

Nov. 21, 2012

Japan’s declining exports add to recession risk

China car market to grow 8% annually: McKinsey

SHANGHAI (AFP) -- Growth in China‘s auto market, the world’s largest, is forecast to slow to an average eight percent annually from now until 2020 as consumers‘ tastes change, consultancy McKinsey said Wednesday.The country’s auto market grew an average of 24 percent a year between 2005 and 2011, the global management consulting firm said in a newly issued report.Despite the slowdown -- from a 24 percent average between 2005 and 2011 -- China will remain the world‘s top market with sales of 22 m

Nov. 21, 2012

HP claims to be victim of $5b fraud

NEW YORK (AP) ― Hewlett-Packard Co. said on Tuesday that it’s the victim of a multi-billion dollar fraud at the hands of a British company it bought last year that lied about its finances. HP CEO Meg Whitman said executives at Autonomy Corporation PLC “willfully” boosted the company’s figures through various accounting tricks, which convinced HP to pay $9.7 billion for the company in October 2011. Autonomy’s former CEO said HP’s allegations are false. HP is now taking an $8.8 billion charge to a

Nov. 21, 2012

EU fails to reach Greece deal

BRUSSELS (AP) ― European Union officials failed Wednesday to reach a deal on giving Greece more aid, prolonging uncertainty over the future of the debt-hobbled country and the 17-member eurozone.Jean-Claude Juncker, chairman of the meeting of finance ministers from the 17 countries that use the euro, said the talks which lasted nearly 12 hours will reconvene on Monday. It was the second consecutive meeting at which the ministers failed to agree on a deal, highlighting the depth of their division

Nov. 21, 2012

Bernanke warns Congress to avoid cliff

WASHINGTON (AP) ― Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year. Without a deal, the measures known as the “fiscal cliff” will take effect in January. Bernanke also said Congress must raise the federal debt limit to prevent the government from defaulting on Treasurys debt. Failure to do so would impose heavy costs on the economy, he said. Bernan

Nov. 21, 2012

HP claims fraud prompted $5B overpayment for co.

Hewlett-Packard Co. said on Tuesday that it's the victim of a multi-billion dollar fraud at the hands of a British company it bought last year that lied about its finances.HP CEO Meg Whitman said executives at Autonomy Corporation PLC “willfully” boosted the company's figures through various accounting tricks, which convinced HP to pay $9.7 billion for the company in October 2011.Autonomy's former CEO said HP's allegations are false.HP is now taking an $8.8 billion charge to align Autonomy's pur

Nov. 21, 2012

IMF says deal reached on $4.8 bn loan for Egypt

WASHINGTON (AFP) -- The International Monetary Fund said Tuesday it had reached a deal with Egyptian authorities on a 22-month loan totaling some $4.8 billion to help the country overcome economic difficulties.The staff-level agreement is expected to be submitted to the IMF's executive board for approval in a few weeks, a statement said."The Egyptian authorities have developed a national program that seeks to promote economic recovery, address the country's fiscal and balance of payments deficit

Nov. 20, 2012

Vestas boat sets speed record for fastest wind-powered craft

Vestas Wind Systems A/S, the biggest wind turbine maker, said the Sailrocket 2 boat it sponsors set two sailing records, becoming the fastest wind-powered vessel.Sailrocket 2 set the best average speed recorded over a 500-meter stretch of water, posting a mark of 59.23 knots (109 kilometers an hour) that eclipsed the previous best of 55.65 knots set in 2010 by American kite surfer Rob Douglas, Vestas said today in a statement on its website."The boat was really flying across the water today," pr

Nov. 20, 2012

UBS trader Kweku Adoboli guilty of one count of fraud

LONDON (AFP) -- UBS trader Kweku Adoboli, who gambled away $2.3 billion of the Swiss bank's money, was found guilty of one count of fraud in London on Tuesday.The jury at Southwark Crown Court was still deliberating on one other charge of fraud and four counts of false accounting between October 2008 and September 2011.Ghanaian-born Adoboli, 32, who stands accused of Britain's biggest ever fraud, admitted the losses but denied any wrongdoing.During the two-month trial he claimed senior managers

Nov. 20, 2012

French downgrade widens gulf with Germany as talks loom

France's loss of the top credit rating at Moody's Investors Service may weaken President Francois Hollande's leverage in European budget talks and deepen concern in Germany over its neighbor's lagging competitiveness.The downgrade late yesterday of Europe's second-biggest economy underscores the concern expressed by allies of German Chancellor Angela Merkel that the Socialist Hollande's failure to recognize the urgency of France's woes risks a deepening of Europe's slump."This downgrade will cer

Nov. 20, 2012

U.S. housing recovery boosts economy

WASHINGTON (AP) ― From purchases and prices to builder sentiment and construction, the U.S. housing market is making consistent gains.The latest evidence came in reports Monday that sales of previously occupied homes rose solidly in October and that builders are more confident than at any other time in 6 1/2 years.New-home sales and home-price indexes have reached multi-year highs. And Lowe’s Cos. on Monday reported a surge in net income, a sign that home-improvement retailers are benefiting.The

Nov. 20, 2012