Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Job creation lowest on record among under-30s
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NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
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Opposition leader awaits perjury trial ruling
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Moody’s warns over China bad debt
China may have understated the debt burden of local governments by as much as $541.6 billion, and the proportion of bad loans could be higher than previously forecast, ratings agency Moody’s said Tuesday.In a stern warning, Moody’s warned the lack of a plan to tackle bad loans to local governments meant it could downgrade its outlook for Chinese banks to negative.The agency’s findings came after i
July 6, 2011
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Amazon to acquire U.K. online bookstore
WASHINGTON (AFP) ― U.S. online retailer Amazon.com announced Monday it will acquire British online bookstore The Book Depository. The cost of the transaction remains undisclosed.The British company based in Gloucester was expected to chalk up sales of 120 million pounds ($180 million) for the fiscal year ending in June, according to industry specialist TheBookseller.com.The Book Depository last ye
July 5, 2011
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China’s ...growth may be slowing down
China’s non-manufacturing industries expanded at the slowest pace in four months in June, adding to concerns that efforts to tame inflation are curbing growth in the world’s second-biggest economy.A purchasing managers’ index dropped to 57 from 61.9 in May, the China Federation of Logistics and Purchasing said on its website yesterday. A reading above 50 indicates an expansion. China’s economic gr
July 4, 2011
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Google in talks to buy Hulu: report
NEW YORK (AFP) ― Google is in preliminary talks to acquire the online video site Hulu, the Los Angeles Times reported on its website Friday, citing anonymous sources familiar with the discussions.Hulu’s owners have met with Google and other prospective buyers including Yahoo! and Microsoft, the newspaper reported.The site, which broadcasts television shows through on-demand streaming, is owned by
July 3, 2011
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Obama: ‘Nothing can be off-limits’ in budget
WASHINGTON (AP) ― President Barack Obama said Saturday that “nothing can be off-limits” in the budget debate ― even though Republicans have said tax increases are. The president said every tax break and federal program must come under scrutiny.With an Aug. 2 deadline looming to raise the government borrowing limit, the president used his weekly radio and Internet address to call on Congress to mak
July 3, 2011
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Goldman’s central bank connections deepen
The revolving door between Goldman Sachs Group Inc. and central banks is spinning again. The fifth-biggest U.S. bank by assets said Saturday it hired Bank of England economist Andrew Benito after recruiting Huw Pill from the European Central Bank in May and Naohiko Baba from the Bank of Japan in January. Moving in the other direction, Ben Broadbent, Goldman Sachs’s ex-chief U.K. economist, started
July 3, 2011
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U.S. Fed’s stimulus ends with a fizzle
NEW YORK (AFP) ― The U.S. Federal Reserve wound up its $600-billion “QE2” program to boost the ailing economy with easy liquidity on Thursday, having generated more controversy than jobs and growth.Without fanfare the U.S. central bank’s New York branch paid banks $4.9 billion for U.S. Treasury bonds in the program’s last step Thursday morning, as economists and bankers continued to argue its effe
July 1, 2011
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Greece clears final hurdle to get bailout funds
ATHENS (AP) ― Greece has faced down street violence and strikes for the sake of financial aid it was promised and needs to avoid bankruptcy. Now its fellow European countries will be expected to come up with a second rescue package to convince investors that the 17-nation euro will survive the debt crisis.A new austerity package that lawmakers cleared in Athens is required to get more rescue loans
July 1, 2011
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Greece passes cuts as riots seize capital
Parliament backs austerity measures, but protests against bill turn violentATHENS (AP) ― Greece fended off a bankruptcy that threatened to roil global financial markets, approving severe spending cuts and tax increases Wednesday in the face of violent protests by Greeks who say they have suffered enough.The package of austerity measures would keep bailout money flowing to Greece from other Europea
June 30, 2011
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Google unveils latest social networking feat
NEW YORK (AP) ― Online search leader Google Inc. is taking yet another stab at social networking, as it tries to go up against Facebook in this wildly popular and lucrative segment of the Internet. This time the project is called Google+ and it aims to make online sharing more like real life.“We think people communicate in very rich ways,” said Vic Gundotra, senior vice president of engineering at
June 29, 2011
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Combative new IMF chief takes on new challenge
PARIS (AP) -- Christine Lagarde has traveled tirelessly to save the euro and blazed a trail for women from Chicago to Paris in halls of power long dominated by men.The French finance minister with a broad grin and long stride now faces her toughest job yet: heading the International Monetary Fund. She takes over a post vacated by a man accused of attempting to rape a New York hotel maid just as th
June 29, 2011
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Lagarde poised to become next IMF chief
June 28, 2011
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Australian woman expected to be world’s richest person
Gina RinehartGina Rinehart, Australia’s richest person, is also projected to become the wealthiest person in the world, the Telegraph reported.With her fortune doubling to more than $10.8 billion in the past year due to a commodities boom, her asset value will soon surpass wealthy figures such as Carlos Slim, the Mexican magnate worth $73 billion and Microsoft Chairman Bill Gates, who is worth $56
June 28, 2011
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Smartphones spur social game boom
SINGAPORE (AFP) ― More virtual livestock looks set to be traded and petulant fowl hurled at targets as social gaming takes hold in the booming mobile phone market, industry experts say.Social gaming, made popular by titles such as “Farmville” and “Angry Birds,” was one of the closely followed topics at last week’s CommunicAsia trade fair in Singapore, where telecom executives meet annually to chec
June 27, 2011
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Vatican to launch Internet news portal
VATICAN CITY (AP) ― The Vatican is taking a leap into the world of new media next week with the launch of a news information portal that Pope Benedict XVI himself may put online with a papal click.Vatican officials said Saturday that Benedict has been following the development of the portal ―www.news.va ― which will for the first time aggregate information from the Vatican’s various print, radio a
June 26, 2011
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G20 reach key accord on food speculation
PARIS (AFP) ― Farm ministers from the world’s top economies agreed on action on Thursday to tame the speculative trading blamed for the food price spikes that have hit consumers’ pockets and sparked unrest.“Today is a great day. We have reached an historic accord,” France’s minister for agriculture Bruno Le Maire declared after the Paris meeting, organized as part of the French presidency of the G
June 24, 2011
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U.S. and others plan to tap oil reserves
NEW YORK (AP) ― The United States and other nations that depend on oil imports will release and sell 60 million barrels of crude from emergency stocks in an effort to ease the strain of high oil prices on the global economy.The release by the International Energy Agency, a group of more than two dozen countries, covers only what the world uses roughly every 16 hours. But it was enough to send oil
June 24, 2011
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Merkel warns against Greek debt restructuring
BERLIN (AP) ― A full-scale restructuring of Greek debt would have “completely uncontrollable” effects on financial markets and could threaten other countries’ stability, German Chancellor Angela Merkel warned on Wednesday.Imposing a so-called haircut on Greek debt ― reducing the amount to be repaid ― would endanger not only banks and other creditors who hold Greek bonds, but also institutions that
June 23, 2011
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IMF hopes to name new chief by June 30
Fund interviews Carstens for top job; Lagarde nextWASHINGTON (AP) ― The International Monetary Fund said Monday it will interview the two leading candidates for the top job at the 187-nation lending institution this week with the goal of naming a new chief by June 30.In a statement, the IMF said that Agustin Carstens, the head of Mexico’s central bank, will meet with the agency’s executive board o
June 21, 2011
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IMF says global recovery at risk
SAO PAULO (AFP) -- A fragile global economic recovery could falter unless Europe averts sovereign defaults, the United States gets its fiscal house in order and emerging economies prevent overheating, the IMF warned Friday.“There are very clear risks to the recovery,” the International Monetary Fund‘s research director, Olivier Blanchard, said in Sao Paulo as he presented the Fund’s latest update
June 19, 2011
