The Korea Herald

Spain lowers growth forecast by half point

MADRID (AP) ― Spain lowered its growth forecast for 2011 by half a point to around 0.8 percent Wednesday after official data showed the economy stagnated in the third quarter.After months of stubbornly sticking to a prediction of 1.3 percent GDP growth for this year, Deputy Finance Minister Jose Manuel Campa said the new quarterly figure meant this was no longer realistic.The government thus joined many private economists, thinktanks and international financial institutions that have been saying

Nov. 17, 2011

Spain lowers growth forecast by half point

Android software passes 50% of all smartphone sales, Gartner says

Google Inc.’s Android software ran on more than half of all smartphones sold in the third quarter as consumers snapped up handsets made by Samsung Electronics Co., said researcher Gartner Inc. The Google system accounted for 52.5 percent of smartphone sales, more than doubling its share from a year earlier, Gartner said in an emailed report. Even as some consumers delayed purchases to wait for Apple Inc.’s latest iPhone and other models, smartphone sales by volume grew 42 percent, it said. “Andr

Nov. 16, 2011

Android software passes 50% of all smartphone sales, Gartner says

BOJ holds steady on policy, leaves rate unchanged

TOKYO (AFP) ― The Bank of Japan on Wednesday left its key rate unchanged at between zero and 0.1 percent, and held steady on monetary policy despite concerns over the high yen and eurozone debt crisis.In its assessment of the economy, it warned Japan will “face an adverse effect from the slowdown in overseas economies and the appreciation of the yen as well as from the flooding in Thailand.”The central bank, which expects Japan to eventually return to “a moderate recovery path,” added that its p

Nov. 16, 2011

BOJ holds steady on policy, leaves rate unchanged

U.S. consumers hit retail stores to give economy boost

WASHINGTON (AP) ― Consumers are giving a modest lift to the economy.They spent more on trucks, electronics and building supplies in October to boost retail sales for the fifth straight month.The gains provide an encouraging start for the October-December quarter. They come just as separate reports show that wholesale prices are flattening and U.S. shoppers are spending more at Wal-Mart, the world’s largest retailer.Still, consumers might not be able to sustain their spending growth if unemployme

Nov. 16, 2011

Airbus sells 50 planes as producers see Mideast boom

DUBAI (AFP) ― Airbus on Monday clinched a deal to sell 50 A320neo aircraft to a Kuwaiti leasing firm on the second day of the Dubai Airshow, as plane manufacturers forecast a boom in demand from the Middle East.The firm ALAFCO signed an agreement with the European manufacturer to buy 50 units of the new single-aisle jet in a deal valued at $4.6 billion at list price. It took an option for another 30 units to be finalized by end of 2011.But the deal remains modest in comparison with the order sco

Nov. 15, 2011

MF Global parent sued by fired employees

MF Global Holdings Ltd. and its bankrupt broker-dealer attracted at least three lawsuits Monday from former employees who said they were terminated without cause and seek to recover 60 days’ wages and benefits. Todd Thielmann and Pierre-Yvan Desparois said they were acting for all fired employees in their suit against the parent company, filed after the liquidator of broker-dealer MF Global Inc. dismissed 1,066 employees last week as part of the shutdown of the firm. Natalia Sivova and Anthony A

Nov. 15, 2011

MF Global parent sued by fired employees

IMF warns China’s banks face growing risks

BEIJING (AP) ― The International Monetary Fund warned Tuesday that China’s banks face growing risks that might hamper growth, adding to concern about the world’s second-largest economy amid Europe’s debt crisis.The IMF’s comments add to warnings by industry analysts that state-owned banks face a possible rise in bad loans and other problems after a lending boom that helped China rebound quickly from the 2008 global crisis.China’s economy expanded by 9.1 percent in the quarter ending in September

Nov. 15, 2011

Ousted Briton urged to return to Olympus

TOKYO (AFP) ― Japan’s Olympus must bring its wrongdoing out into the open and ousted CEO Michael Woodford is the only man who can do it, a former director said as he sought to rally support to reinstate the Briton.The comments from former board director Koji Miyata come as Olympus faces increasing pressure after revealing last week that it covered up investment losses dating back to the 1990s with inflated acquisition fees. Olympus shares have lost around 80 percent of their value since Oct. 14,

Nov. 14, 2011

Emirates orders 50 more Boeing 777s in record $18b deal

DUBAI (AP) ― Dubai’s fast-growing airline Emirates kicked off the Middle East’s biggest airshow Sunday with a huge order for 50 Boeing 777s, marking the U.S. aircraft maker’s biggest-ever single order in dollar terms.Emirates and Boeing Co. valued the unexpectedly large deal for an extended range version of the 777-300 at $18 billion ― the total by list price ― though the carrier is unlikely to pay that much. Airlines typically negotiate big discounts, especially when buying in bulk.Emirates has

Nov. 14, 2011

Emirates orders 50 more Boeing 777s in record $18b deal

U.S. firms feeling impact of euro crisis

NEW YORK (AP) ― The tremors from Europe’s financial upheaval have reached U.S. shores, rattling consumers and companies. The consequences have been limited so far. Yet the United States and Europe are so closely linked that any slowdown across the Atlantic is felt here. U.S. makers of cars, solar panels, drugs, clothes and computer equipment have all reported effects from Europe’s turmoil. Worries that Europe’s crisis could worsen and spread are spooking investors and consumers just as the holid

Nov. 14, 2011

China property market dip may have global impact

BEIJING (AFP) ― China’s property market, a mainstay of the world’s second-largest economy, has started to suffer a downturn that could have a knock-on effect on global trade in commodities, analysts warn.Housebuying demand has fallen across China after authorities, fearing a property bubble, banned second home purchases in places including Beijing, increased minimum down payments and trialled property taxes in some cities.At the same time, property developers have been hit by a lack of funds aft

Nov. 14, 2011

Obama outlines Pacific vision at APEC summit

HONOLULU (AFP) ― U.S. President Barack Obama laid out his vision Sunday of a “seamless” trans-Pacific trade zone that could re-energize global growth as he opened a regional summit in his native Hawaii.Boosted by Japan’s entry into talks on the U.S.-led Trans-Pacific Partnership, which could become the world’s largest free trade area, Obama said harnessing the huge trade potential of the dynamic region was vital.“Today we have got a chance to make progress towards our ultimate goal which is a se

Nov. 14, 2011

Electric car battery catches fire after crash test

WASHINGTON (AP) ― A Chevrolet Volt that caught fire three weeks after its lithium-ion battery was damaged in a government crash test has regulators taking a harder look at the safety of electric car batteries, federal officials said Friday. Based on testing so far, however, regulators believe the batteries are safe and do not pose a greater fire risk than gasoline-powered engines, a National Highway Traffic Safety Administration official told the Associated Press. The official requested anonymit

Nov. 13, 2011

Electric car battery catches fire after crash test

Fitch cuts Hungary rating

Fitch ratings agency said Friday it had downgraded its rating outlook on Hungary to “negative” from “stable” due to pressures on external demand and financing problems.Fitch said it reaffirmed its main rating for Hungary at “BBB-.”“The revision ... reflects a sharp deterioration in the external growth and financing environment facing Hungary’s small, open and relatively heavily indebted economy,” Fitch said in a statement.“Moreover, various fiscal policy measures and the scheme to allow the repa

Nov. 13, 2011

Fed to conduct fourth round of bank stress tests

WASHINGTON (AP) ― The second-ranking member of the Federal Reserve said the central bank will conduct a fourth round of stress tests in the coming weeks to determine if U.S. banks can withstand a recession. Vice chairman Janet Yellen said Friday that the tests are necessary to ensure a stable U.S. economy. She made the comments during a speech at the Federal Reserve Bank of Chicago. In her speech, Yellen also noted the increased downside risks that Europe’s debt crisis poses to financial markets

Nov. 13, 2011

France lashes out at S&P

PARIS (AP) ― France reacted with outrage after the Standard & Poor’s ratings agency accidentally sent out a message saying it was downgrading France’s prized “AAA” credit rating during a tumultuous week in Europe’s protracted debt crisis. Germany and the European Commission also bristled Friday, warning ratings agencies to act responsibly and underscoring European unease over the power they wield over governments. The error stood for an hour and a half Thursday while the U.S. and most European m

Nov. 13, 2011

PM says Japan to join Pacific Rim free trade talks

TOKYO -- Prime Minister Yoshihiko Noda says Japan will participate in talks to join a U.S.-backed Pacific Rim free trade zone that aims to boost trade by eliminating tariffs. Noda's decision Friday to join the Trans-Pacific Partnership talks comes after intense debate w

Nov. 11, 2011

Asian markets slump on Italy fears

HONG KONG (AFP) ― Asian stock markets slumped on Thursday after Wall Street suffered a pummelling, with a surge in Italy’s borrowing costs fuelling global anxiety about the future of the euro.The common European currency dipped, Hong Kong stocks slumped more than four percent and in Tokyo, the Nikkei ended down more than two percent.“Just as everyone was beginning to see light at the end of the tunnel, the European crisis seems to have got worse overnight,” IG Markets analyst Stan Shamu said in

Nov. 10, 2011

Italian president tries to calm markets

ROME (AP) ― With markets tumbling around the globe, Italy’s president promised emphatically that Silvio Berlusconi will step down soon as premier and lavished honors on a leading economist, who instantly became Berlusconi’s presumed successor.Across the Ionian Sea, the debt crisis in Greece deepened Wednesday with the breakdown of talks aimed at creating a power-sharing government to prevent the country from slipping into bankruptcy. The collapse came just minutes after the prime minister delive

Nov. 10, 2011

iPhone 4S gets thumbs up from Consumer Reports

WASHINGTON (AFP) ― Consumer Reports, the influential magazine for product reviews, gave a thumbs up to Apple’s new iPhone on Tuesday after declining to recommend the previous model because of reception problems.“Apple’s newest smartphone (the iPhone 4S) performed very well in our tests, and while it closely resembles the iPhone 4 in appearance, it doesn’t suffer the reception problem we found in its predecessor,” Consumer Reports said.“In special reception tests of the iPhone 4S that duplicated

Nov. 9, 2011

iPhone 4S gets thumbs up from Consumer Reports