The Korea Herald

U.S. budget first Republican fight after win

WASHINGTON (AFP) ― U.S. lawmakers return to Washington on Wednesday for their first session since Republicans routed President Barack Obama’s Democrats, facing the threat of yet another tough budget fight.Funding next year’s government operations could emerge as a flash point in the “lame duck” session between last week’s midterms and the arrival of newly-elected and reelected members on Jan. 3.In September, lawmakers punted on negotiating a federal spending bill, instead passing a continuing re

Nov. 11, 2014

U.S. budget first Republican fight after win

Streep, Wonder get Medal of Freedom

BEIJING (AP) ― Meryl Streep, Stevie Wonder and Tom Brokaw are among the latest Americans tapped to receive the Presidential Medal of Freedom, President Barack Obama announced Tuesday.The performers and former NBC anchor will join 16 others at the White House on Nov. 24 for a ceremony marking their achievements. The medal is the highest honor granted to civilians in the U.S. and honors contributions to U.S. security, world peace and cultural achievement.“From scientists who kept America on the cu

Nov. 11, 2014

Indian finance minister pledges land, tax reforms

NEW DELHI (AFP) ― India will push ahead with tough land acquisition and tax reforms aimed at boosting investment and kickstarting the economy, Finance Minister Arun Jaitley said on Sunday.He added that changes were needed to existing legislation to speed up the process of buying land for industrial use, a contentious issue in India which has long delayed projects. “Some changes may be necessary (to the Land Acquisition Act),” Jaitley said at an economic forum in New Delhi. “We will first try to

Nov. 10, 2014

Argentina’s Kirchner out of hospital, ordered to rest

Argentina’s President Cristina Kirchner. (Bloomberg)BUENOS AIRES (AFP) ― President Cristina Kirchner, who has faced recurring medical problems, was released from the hospital Sunday after a new health crisis that forced her to cancel a trip to this week’s G20 summit.The Argentine leader, 61, who was hospitalized one week ago with fever and stomach pains, was diagnosed as having an intestinal infection. Doctors allowed her to leave the hospital but have ordered her to rest in bed for 10 days, her

Nov. 10, 2014

Argentina’s Kirchner out of hospital, ordered to rest

IMF chief hails ‘very brave’ Japanese monetary stimulus

PARIS (AFP) ― IMF chief Christine Lagarde hailed Friday the Bank of Japan’s “very brave” surprise move to step up its support for the country’s recovery.Lagarde praised Japan where “very brave monetary policy has been displayed, with a very constant and decided drive focused on ... taking Japan out of the rut where it has been for ten years,” in comments at a central bankers conference in Paris.Last Friday, the Bank of Japan said it would widen its asset-buying plan by as much as 20 trillion yen

Nov. 9, 2014

IMF chief hails ‘very brave’ Japanese monetary stimulus

‘Canada, China ink $2.2b in China deals’

BEIJING (AFP) ― Canadian Prime Minister Stephen Harper said he had signed deals with China worth $2.2 billion on Saturday, in a trip overshadowed by Beijing’s detention of two Canadians accused of espionage.Agreements announced on the sidelines of a meeting between Harper and Chinese Premier Li Keqiang in Beijing include a commitment by the state-run China Express Corporation to buy Bombardier aircraft, and at least two fruit export deals.Relations between the two countries became tenser over th

Nov. 9, 2014

Xi says China’s economic risks ‘not that scary’

BEIJING (AFP) ― The financial risks China faces are “not that scary,” President Xi Jinping said Sunday as leaders of the world’s second-largest economy look to transition from decades of super-charged growth to more sustainable expansion.China’s gross domestic product expanded at its slowest pace in five years in the third quarter, but Xi said the economy had entered a “new normal” that will be more beneficial to the country and the world in the long run.“Some worry whether China’s economic grow

Nov. 9, 2014

Xi says China’s economic risks ‘not that scary’

US economy fueling strong hiring if not pay gains

Healthy job growth in the United States has reached a level of consistency unseen in nearly two decades. In the same week that voters signaled discontent with the U.S. economy, the government issued a report that showed employers have added at least 200,000 jobs for nine straight months -- the longest such stretch since 1995.Combine it with an unemployment rate that has slid to 5.8 percent -- the lowest since 2008 -- and the picture that emerged Friday was of a job market gaining increasing dist

Nov. 8, 2014

EU, Britain battle over big extra budget payment

BRUSSELS (AP) -- Britain is steadfast in its refusal to pay an extra 2.1 billion euros ($2.7 billion) to the European Union budget by next month, setting up a clash with EU officials at a meeting Friday.British Treasury chief George Osborne said before the gathering of EU finance ministers that the demand remained ``unacceptable.'' A recalculation of EU budget contributions has seen Britain's share grow this year. But the scale of the increase was a surprise.The standoff comes at a time of growi

Nov. 7, 2014

SoftBank has more ‘golden eggs’

Billionaire Masayoshi Son said SoftBank Corp.’s investors are overlooking the potential for another hit in his venture portfolio after the $85 billion payoff from Alibaba Group Holding Ltd.“SoftBank is a goose with more golden eggs in its belly, even if it’s too early to bring them to the market,” Son said at a briefing in Tokyo. “SoftBank is currently valued less than the sum of its golden eggs.” Japan’s third-largest wireless operator has a market value of about $82 billion, while its public s

Nov. 6, 2014

OPEC shaken by Saudi price move

VIENNA (AP) ― Saudi Arabia showed little concern for fellow OPEC members by unilaterally cutting its oil prices to the U.S. this week, a move that casts doubts on the cartel’s credibility and its ability to find a common plan to stabilize the slumping energy market. And while OPEC struggles to find consensus, oil prices risk remaining low ― or falling further ― to the benefit of consumers and businesses in the U.S. and worldwide. OPEC is already riven by differences among its members on what the

Nov. 6, 2014

CEO: Virgin Galactic looks to resume tests in 2015

ALBUQUERQUE, New Mexico (AP) ― The space tourism company that suffered a tragic setback when its experimental rocket-powered spaceship broke apart over the California desert could resume test flights as early as next summer if it can finish building a replacement craft, its CEO said Wednesday.The sleek composite shell and tail section of the new craft are sitting inside the company’s manufacturing facility in Mojave, California.After more than two years of work, it’s beginning to look like a spa

Nov. 6, 2014

Russian central bank limits interventions, lets ruble float

MOSCOW (AFP) ― The Russian central bank announced Wednesday it would limit its support for the ruble, letting the currency which has already taken a hit from the Ukraine crisis sink to a new record low.After having recently spent billions of dollars per day to support the ruble in a flexible trading band that limited swings in the currency, the Bank of Russia said it would end its unlimited daily interventions to avoid speculation against the currency.By limiting its daily interventions to $350

Nov. 6, 2014

Russian central bank limits interventions, lets ruble float

India to foreign CEOs: We’re waiting for you

NEW DELHI (AP) ― India’s finance minister is urging foreign investors to help plug enormous gaps in the country’s infrastructure blamed for holding back growth. “We are waiting for you,” Arun Jaitley told a roomful of international and Indian CEOs attending the India Economic Summit, one of the World Economic Forum’s satellite summits held around the globe. Prime Minister Narendra Modi has enchanted Indians with his vision of a country crisscrossed by modern roads, high-speed trains, dozens of h

Nov. 6, 2014

‘Cameron has problem with other leaders’

BRUSSELS (AFP) ― New European Commission chief Jean-Claude Juncker stoked a bitter row between London and Brussels Wednesday, accusing Prime Minister David Cameron of having a “problem” with other EU leaders.Juncker opened his first press conference as head of the EU’s powerful executive arm with an attack on “unjustified criticisms” by both Cameron and Italian Prime Minister Matteo Renzi at a summit in October.But he reserved his harshest words for Cameron, who is fighting Brussels over a budge

Nov. 6, 2014

‘Cameron has problem with other leaders’

Ford issues five recalls covering 202,000 vehicles

DETROIT (AP) ― Ford is recalling more than 202,000 cars, vans and trucks in North America in five separate recalls to fix gas leaks, air bag sensors, stalling and other issues.The company says the problems have caused one accident, but it’s not aware of injuries in any of the cases.The biggest of the recalls announced Tuesday affects about 135,000 F-150 pickups and Ford Flex family haulers from the 2014 model year. Faulty passenger seat weight sensors can stop air bags from inflating in crashes.

Nov. 5, 2014

Ford issues five recalls covering 202,000 vehicles

Is Xiaomi Corp. really worth $50 billion?

Xiaomi Corp., the Chinese smartphone maker founded four years ago, is trying to raise funds at a valuation higher than any publicly traded personal-computer or mobile-phone maker, including Apple Inc. and Lenovo Group Ltd.Xiaomi is in talks for a funding round that would value the Beijing-based company at $40 billion to $50 billion, people familiar with the matter have said. The talks are at an early stage and nothing is finalized, they said.That would give Xiaomi a higher valuation as a multipl

Nov. 5, 2014

Rolls-Royce to cut 2,600 jobs

LONDON (AP) ― Airplane engine-maker Rolls-Royce Holdings PLC says it will reduce its staff by 2,600 over the next 18 months as part of a restructuring focused on its aerospace decision.The group warned last month that the tough economic climate meant it would have to increase its focus on costs. Chief executive John Rishton said that the measures announced Tuesday “will not be the last.” Rolls-Royce employs more than 55,000 people in 45 countries, almost 25,000 of them in Britain. It manufacture

Nov. 5, 2014

Fresh monetary easing exposes cracks in Japan’s growth blitz

Pedestrians look at an electronic stock board outside a securities firm in Tokyo on Tuesday. (Bloomberg)TOKYO (AFP) ― The Bank of Japan’s surprise move to inflate its already huge stimulus program exposes the cracks in Tokyo’s plan to conquer deflation and boost growth, economists say, but it may give the government room to hike sales taxes again.On Friday, the central bank said it would widen its asset-buying plan by as much as 20 trillion yen ($182 billion), bringing it to an eye-popping 80 tr

Nov. 5, 2014

Fresh monetary easing exposes cracks in Japan’s growth blitz

APEC leaders meet amid rival trade proposals

BEIJING (AFP) ― Leaders of more than half the world’s economy gather in Beijing next week for the annual APEC forum, with China and the U.S. pushing rival trade agreements as a week-long series of international summits gets under way.Chinese President Xi Jinping, hosting his biggest international gathering since assuming office nearly two years ago, welcomes representatives including U.S. President Barack Obama, his Russian counterpart Vladimir Putin, and Japanese Prime Minister Shinzo Abe.The A

Nov. 5, 2014