The Korea Herald

Oil prices ease in Asia

Oil prices fell in Asia Monday as investors looked for further clues about the health of the Chinese and U.S. economies, the world‘s top crude consumers.　U.S. benchmark West Texas Intermediate for November delivery eased 48 cents to $45.22 and Brent crude for November dipped 47 cents to $48.13.(123rf)　Markets were rocked last week by news that a key gauge of manufacturing activity in China fell to a six-and-a-half-year low in September, the latest sign of slowdown in growth for the world’s secon

Sept. 28, 2015

[Newsmaker] New VW boss tries to save carmaker

Volkswagen's new boss began trying to pull the embattled carmaker out of the wreckage of a pollution test rigging scandal Saturday, as the United States and Switzerland halted the sale of the group's new diesel cars. The 62-year-old former Porsche chief Matthias Mueller was tapped Friday to replace Martin Winterkorn, who resigned over stunning revelations by US environmental authorities that the German carmaker had fitted some of its diesel cars with software capable of cheating environmental

Sept. 27, 2015

[Newsmaker] New VW boss tries to save carmaker

[Newsmaker] Volkswagen just latest scalp for independent campaigners

Volkswagen’s worldwide pollution cheating has been exposed in large part thanks to independent campaigners, a growing force in the scrutiny of multinationals whose activities can escape the gaze of official regulators.The revelations shaking Volkswagen, the world’s biggest automobile manufacturer by sales with a workforce of 590,000 people, can be traced to the work of the U.S.-based group International Council on Clean Transportation, which has a worldwide staff of 27.A red 2016 Volkswagen AG G

Sept. 24, 2015

[Newsmaker] Volkswagen just latest scalp for independent campaigners

We 'screwed up': Volkswagen US chief

NEW YORK (AFP) - The chief executive of Volkswagen America, Michael Horn, used unusually candid language to apologize and admit wrongdoing after the German car giant was caught cheating in US pollution measuring tests."Our company was dishonest, with the EPA and the California Air Resources board, and with all of you and – in my German words – we have totally screwed up," Horn said at an event in New York late Monday, according to video posted by CNBC.Horn pledged to "make things right with the

Sept. 22, 2015

[Newsmaker] Volkswagen slams into false emissions scam

German auto giant Volkswagen’s shares plummeted nearly 20 percent Monday as investigations spread into revelations that hundreds of thousands of its diesel cars have software that secretly thwarts U.S. pollution tests.Volkswagen, the world’s largest automaker by sales in the first half of this year, said it had halted all diesel vehicle sales in the United States during a probe into the scandal, which could lead to fines of more than $18 billion.In addition to the environmental fines, U.S. autho

Sept. 22, 2015

[Newsmaker] Volkswagen slams into false emissions scam

Federal Reserve holds rate at zero; cites China worries

The Federal Reserve held its key interest rate locked at zero Thursday, citing worries about how the slowdown in China will hit the US economy. Fed Chair Janet Yellen said the economy continues to grow moderately and that a rate increase could still take place before the end of the year. However, policy makers were still focused on the spillover from China's troubles and those in other major emerging market economies. "A lot of our focus has been on risks around China, but not just China,

Sept. 18, 2015

Federal Reserve holds rate at zero; cites China worries

Global stock markets waver as Fed decision nears

Europe was off to a tepid start with Britain's FTSE 100 down 0.4 percent to 6,205.60. France's CAC 40 dipped 0.2 percent to 4,631.50. Germany's DAX was nearly unchanged at 10,222.81. Futures showed that Wall Street was set to lose ground. Dow futures fell 0.2 percent. S&P 500 futures dropped 0.3 percent. HIKE OR NO HIKE: Two months ago, it seemed almost certain that the Fed was going to raise rates in September. Now, after the turmoil in financial markets and concerns about China's economy, t

Sept. 17, 2015

[Newsmaker] Makers of Budweiser, Miller eye global merger

Bottles of Budweiser (right) and Miller beer. (Bloomberg)The makers of Budweiser aren't satisfied with being the kings of beer. They want an empire.Anheuser-Busch InBev, the world's biggest brewing company and the owner of Budweiser, announced Wednesday it wants to buy SABMiller, the second-largest brewer — and the maker of long-time rival brand Miller Genuine Draft.The deal would create a multinational behemoth valued at around $275 billion with annual sales of $73.3 billion, more than three ti

Sept. 17, 2015

[Newsmaker] Makers of Budweiser, Miller eye global merger

Iran attractive for S. Korean firms: official

A senior Iranian official on Tuesday welcomed South Korean investment in his country, saying the oil-rich nation has much to offer in the energy sector.Ali Asghar Arshi, a consultant to the deputy minister of Iran's Ministry of Petroleum, said his country will bring long-term benefits to South Korean and other foreign businesses because its oil and gas sectors offer high profit, low risk and attractive development opportunities.Iran, which has been under various international sanctions over its

Sept. 15, 2015

Vietnam emerges as major export market for S. Korea

South Korea's exports to Vietnam have jumped this year despite a slump in other overseas markets, industry data showed Tuesday, prompting local firms to rush to strengthen business ties with their Southeast Asian counterparts. In the first seven months of the year, exports to Vietnam surged 29.9 percent on-year, emerging as a new major destination for South Korean goods, according to the data. Last year, the Southeast Asian country jumped up two spots to rank as South Korea's No. 4 export market

Sept. 15, 2015

S. Korean firms urged to brace for slowing growth in China

South Korean companies should intensify their efforts to brace for a slowdown in China's growth, a report said Monday, amid worries that demand from the world's second-largest economy could shrink and hurt their business.The Chinese economy is showing signs of slowing down, ending its surprisingly fast growth pace in the past years. Concerns are rising that a fall in imports caused by less consumption and investment could hurt Korean companies, which heavily depend on trade with China, the count

Sept. 14, 2015

China, U.S. rate woes weighing on global economy: ministry

A cooling Chinese economy and concerns over a U.S. interest rate hike are fueling global economic volatility that could pose challenges for the South Korean economy, the finance ministry said Monday.In a report to the National Assembly, the ministry said there are signs that leading economies such as the United States are shrugging off the lethargy of the past, but such positive developments are being offset by other negative ones. "The likelihood of a U.S. rate hike this fall and the decision m

Sept. 14, 2015

[Newsmaker] Apple presses deeper with new iPhones

Apple is bolstering its money-pumping iPhone line while looking to dive deep into businesses with iPads and dominate living rooms with Apple TV hardware tuned to app-loving lifestyles.Tricked-out new iPhone 6 models, along with overhauled Apple TV hardware and iPad Pro tablets with enlarged screens, were major announcements at the technology titan’s media event Wednesday in San Francisco. Apple Senior Vice President of worldwide marketing Phil Schiller talks about the new iPad Pro during an Appl

Sept. 10, 2015

[Newsmaker] Apple presses deeper with new iPhones

Amazon hiring staff for new restaurant division in Seattle, New York

Amazon.com Inc is adding staff for a new division dedicated to restaurants in Seattle and New York, with indications the unit is trying to rapidly expand a meal delivery service, according to posts on LinkedIn and the company's jobs site.Amazon, which declined to comment on Friday, is best knownas a place to buy millions of products including books and electronics. It has increasingly moved into services, offering customers the ability to book everything from plumbers to local getaways.The onlin

Sept. 5, 2015

U.S. employers add 173K jobs in August; rate falls to 5.1%

The U.S. unemployment rate fell to a seven-year low in August as employers added a modest 173,000 jobs, a key piece of evidence for the Federal Reserve in deciding whether to raise interest rates from record lows later this month.The Labor Department says the unemployment rate fell to 5.1 percent from 5.3 percent, the lowest since April 2008. Hiring in August was the lowest in five months, but the government revised up the June and July job growth by a combined 44,000. From June through August,

Sept. 4, 2015

China probing brokers, regulators for possible stock crimes

Employees of one of China’s biggest securities firms and one current and one former employee of its market regulator are under investigation on suspicion of illegal stock trading, state media reported Wednesday, amid the collapse of a stock price boom.Three other brokerages announced they are under investigation for possible violations of rules on confirming the identities of customers.China’s main stock market index has fallen more than 40 percent since early June. On Wednesday, it fell another

Aug. 26, 2015

China said to halt stock support amid intervention debate

China’s decision to halt intervention in the stock market this week reflects a debate at the heart of the country’s leadership on the role of markets in the world’s second-largest economy.Authorities have refrained from intervening so far this week as the Shanghai Composite Index tumbled at the fastest pace since 1996, according to people familiar with the situation.Some officials argue that market losses will have a limited impact on economic growth and the costs of support are too high, said o

Aug. 25, 2015

China cuts interest rates in new bid to spur economy

BEIJING (AP) -- China cut interest rates Tuesday for a fifth time in nine months in a new effort to shore up slowing economic growth.The benchmark rate for a one-year loan will be cut by 0.25 percentage point to 4.6 percent and the one-year rate for deposits will fall by a similar margin to 1.75 percent, the central bank announced. It also increased the amount of money available for lending by reducing the minimum reserves banks are required to hold by 0.5 percentage point.The moves had been ant

Aug. 25, 2015

Market rout deepens in Asia as stocks slide to a two-year low

Stocks plunged across Asia and U.S. index futures signaled more losses as the selloff in commodities deepened, sending South Africa’s currency toward its biggest drop in two years. The cost of insuring Asian debt jumped with the yen.All major Asian markets opened lower after U.S. stocks capped their biggest two-day retreat in almost four years Friday. Chinese equities plunged, while Japan’s Topix index closed in on a correction. The yen advanced with the euro amid speculation the global selloff

Aug. 24, 2015

Market rout deepens in Asia as stocks slide to a two-year low

Japan's economy contracts in April-June quarter

Japan's recovery stalled in the April-June quarter, with the world's third-largest economy contracting at a 1.6 percent annual pace thanks to feeble consumer and corporate demand and slowing exports. The dismal data reported Monday was expected, based on earlier reported figures, but it raises the likelihood the central bank may opt for fresh stimulus measures in coming months. It also comes at an awkward time for Prime Minister Shinzo Abe, who has championed a strategy of heavy monetary sti

Aug. 17, 2015