The Korea Herald

China hails free trade zone on one-year anniversary

SHANGHAI (AFP) ― China on Monday hailed the one-year anniversary of its first free-trade zone, but foreign companies expressed disappointment over the pace of pledged reforms as they await real business opportunities.When the FTZ was set up in China’s commercial hub Shanghai, officials promised a range of financial reforms, including full convertibility of the yuan currency and freer interest rates ― both of which remain unfulfilled.Authorities shook up the zone’s management, removing Communist

Sept. 29, 2014

EU to accuse Apple of taking illicit Irish state aid: report

LONDON (AFP) ― The European Union is to accuse U.S. tech giant Apple of taking illegal aid from the Irish state through sweetheart tax deals over two decades, the Financial Times reported Monday.A European Commission investigation into Apple’s tax affairs in Ireland, where it has enjoyed a rate of less than 2 percent, found that the company benefitted from illegal state aid, the FT reported citing sources close to the matter.Ireland’s Department of Finance confirmed that the EU would be publishi

Sept. 29, 2014

EU to accuse Apple of taking illicit Irish state aid: report

Protests hit H.K. banks, travel and business

HONG KONG (AFP) ― Hong Kong’s shares tumbled Monday and the local dollar hit a six-month low against the greenback as pro-democracy protests brought parts of the city to a standstill with with many schools, businesses and banks shut down.As demonstrators refused to back down on their demands for Beijing to grant the city universal suffrage, fears of a long stand-off saw investors sell off major banks including HSBC and Standard Chartered.In response, the city’s stock exchange said trading would

Sept. 29, 2014

Protests hit H.K. banks, travel and business

Investor pushes Yahoo to buy AOL

SAN FRANCISCO (AP) ― Yahoo CEO Marissa Mayer is getting some unsolicited advice on how to turn around the long-struggling Internet company, just like some of her predecessors who tangled with investors dissatisfied with management’s performance. In a letter Friday, activist investor Jeffrey Smith urged Yahoo Inc. to buy another fallen Internet star, AOL Inc. and take steps to reduce the future taxes on the company’s lucrative stake in China’s Alibaba Group. He also chastised Mayer for spending $

Sept. 28, 2014

EU OKs chatting on flights

BERLIN (AP) ― European skies may soon be alive with the sound of small talk with new safety guidance allowing the use of all portable electronics, including cellphones, at any time during flights. Under the guidelines issued Friday by the Cologne-based European Aviation Safety Agency, European airlines can, at their own discretion, allow passengers to leave electronics on during the entire flight, without the putting them into “airplane mode.” “We’re basically opening the door where, in theory,

Sept. 28, 2014

Russia, EU lock horns at WTO over vehicle duties

GENEVA (AFP) ― Russia on Friday blocked a European Union move to get the World Trade Organization to order Moscow to void Moscow’s import duties on vans from Germany and Italy.The wrangling over the vehicle duties is part of a raft of politically-charged trade disputes between the EU and Russia amid the Ukraine crisis.At a meeting of the WTO’s dispute settlement body, Russian diplomats exercised their right to oppose the creation of an independent panel of trade and legal experts to hear the dis

Sept. 28, 2014

Six banks may face record fines over currency rigging

LONDON (AFP) ― Six banks may face record fines in Britain as they begin talks about a settlement following an investigation into allegations of rigging currency markets, the Financial Times reported on Friday.Barclays, Citigroup, HSBC, JPMorgan Chase, the Royal Bank of Scotland and UBS have begun meetings with the Financial Conduct Authority to agree a settlement, and fines may amount to over 1 billion pounds ($1.6 billion), the FT reported, citing sources close to the situation.The FCA declined

Sept. 28, 2014

Six banks may face record fines over currency rigging

U.S. economy’s Q2 rebound faster than thought

WASHINGTON (AP) ― The U.S. economy’s bounce-back last quarter from a dismal winter was even faster than previously thought, a sign that growth will likely remain solid for rest of the year.The economy as measured by gross domestic product grew at a 4.6 percent annual rate in the April-June quarter, the Commerce Department said Friday. It was the fastest pace in more than two years and higher than the government’s previous estimate of 4.2 percent.The upward revision reflected stronger-than-expect

Sept. 28, 2014

U.S. economy’s Q2 rebound faster than thought

BNP Paribas chairman resigns: company

PARIS (AFP) ― The chairman of BNP Paribas has resigned, some three months after the French bank was hit by a record $8.9 billion fine for violating U.S. sanctions, the bank said.Baudoin Prot, 63, who has headed the bank since 2011, was stepping down as of Dec. 1 “for personal reasons,” the bank said in a statement following a meeting of the board late on Friday.Prot will be replaced by Jean Lemierre, 64, one of his close advisors and a key figure in negotiating BNP Paribas’ settlement with U.S.

Sept. 28, 2014

Wal-Mart’s mobile checking account nixes bank fees

NEW YORK (AP) ― Wal-Mart is the latest company to get rid of fees that traditional banks charge customers who don’t have enough money in their accounts to cover purchases.The world’s largest retailer said Wednesday that it teamed up with Green Dot Corp., a company known for its reloadable prepaid cards, to bring mobile checking accounts to its shoppers. The accounts won’t charge overdraft and bounced-check fees.It’s the latest attempt to offer banking services that cater to cash-strapped America

Sept. 25, 2014

Struggling BlackBerry releases new phone

OTTAWA (AFP) ― BlackBerry on Wednesday unveiled its newest smartphone with a full physical keyboard and a large screen, aiming to return to its roots targeting business users.The BlackBerry Passport, named for its approximate size to the travel document, is designed to win back key corporate users after the struggling Canadian company was effectively knocked out of the highly competitive consumer smartphone market dominated by Apple and Samsung.The Passport, unveiled at events in London, Dubai a

Sept. 25, 2014

Struggling BlackBerry releases new phone

China’s need for speed driving global car market: study

PARIS (AFP) ― Young, rich and hungry for speed: a new generation of Chinese drivers is reshaping the global market with their taste for powerful cars, according to a study released on Wednesday.Asia and particularly China, the world’s second-largest economy, have long been a key market for global automobile manufacturers as they seek to make up for weak demand in the U.S. and Europe. But a study of 14 countries by French think-tank Cetelem found that Chinese consumers were also set apart by thei

Sept. 25, 2014

Fed’s Evans sees dangers from premature hike

WASHINGTON (AP) ― A Federal Reserve policymaker said Wednesday that the central bank should be “exceptionally patient’’ before raising interest rates, even if it means overshooting the Fed’s inflation target for a time because the risks of moving too quickly remain sizable.Charles Evans, the president of the Fed’s Chicago regional bank, said that despite improvements in the job market, the economy still needs help from the prolonged period of low rates. He cited examples of central banks that ha

Sept. 25, 2014

‘Modi election points to Indian economic revival’

HONG KONG (AFP) ― India’s economy shows promise of a “turnaround” following Narendra Modi’s election while Asian markets will likely ride out the effects of further stimulus tapering by the United States, the Asian Development Bank said Thursday.The Manila-based lender was bullish on India’s future in a supplement to its 2014 economic outlook for the region saying it expected gross domestic product to grow by 6.3 percent next year, compared to an earlier projection of six percent.“After winning

Sept. 25, 2014

‘Modi election points to Indian economic revival’

WTO cuts 2014 trade growth forecast to 3.1%

GENEVA (AFP) ― Global commerce is set to expand by 3.1 percent this year, the World Trade Organization said on Tuesday, cutting its previous forecast of 4.6 percent due to weak growth and demand.The Geneva-based body also downgraded its forecast for trade growth in 2015 to 4.0 percent from 5.3 percent.“International institutions have significantly revised their GDP forecasts after disappointing economic growth in the first half of the year,” said WTO chief Roberto Azevedo in a statement.“In ligh

Sept. 24, 2014

Air France pilots protest as premier spurns strike

PARIS (AP) ― Scores of striking Air France pilots took their protest to the streets on Tuesday, demonstrating in full uniform outside of France’s National Assembly to demand government intervention to end an eight-day standoff. Parent company Air France-KLM says about half of all Air France flights have been canceled since the strike started. The pilots oppose the proposed expansion of its low-cost carrier, Transavia, which the company sees as a way to cut costs and stay competitive. Air France

Sept. 24, 2014

Air France pilots protest as premier spurns strike

Oil near its low for the year despite turmoil

NEW YORK (AP) ― The oil market has lost its jitters. Some regions around the world are seeing the type of unrest that in the past sent oil prices soaring. Yet oil is down about $15 since mid-summer and near its low for the year. Even with escalating violence in Iraq, OPEC’s second-largest exporter, and multiple rounds of sanctions by Western nations against Russia, the biggest exporter outside of OPEC, oil keeps on flowing. The major exporting nations continue to ship their crude, and production

Sept. 24, 2014

Nearly 700 held or probed in major Asia counterfeit sweep

LYON (AFP) ― More than 660 people were arrested or put under investigation in a major police operation across 10 Asian countries that targeted criminal networks trading fake and potentially dangerous products, Interpol announced Monday.The international police organization said security forces and border agencies in countries ranging from Cambodia and China to India and the Philippines had seized counterfeit goods worth nearly $50 million, including alcohol, cigarettes, cosmetics, clothing and e

Sept. 23, 2014

Nearly 700 held or probed in major Asia counterfeit sweep

Retailer Tesco suspends execs over inflated profit report

LONDON (AP) ― Tesco, the world’s second-largest supermarket chain after Walmart, has suspended four executives and launched an accounting investigation after admitting that its half-year profit was overstated by 250 million pounds ($407 million).The scandal deepens the financial woes for the British company, which on Monday had to issue its third profit warning in two years as it struggles to compete with low-cost rivals. The announcements shocked investors, with shares plunging 11.6 percent to

Sept. 23, 2014

New iPhone sales top 10m

WASHINGTON (AFP) ― Apple broke its sales record for an opening weekend of a new iPhone model, delivering 10 million in three days and boasting it could have sold more if it had them.“Sales for iPhone 6 and iPhone 6 Plus exceeded our expectations for the launch weekend, and we couldn‘t be happier,” Apple chief executive Tim Cook said Monday.“We could have sold many more iPhones with greater supply and we are working hard to fill orders as quickly as possible.” A customer pays for an iPhone 6 at a

Sept. 23, 2014