Most Popular
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Dongduk Women’s University halts coeducation talks
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Defense ministry denies special treatment for BTS’ V amid phone use allegations
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Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
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OpenAI in talks with Samsung to power AI features, report says
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Two jailed for forcing disabled teens into prostitution
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South Korean military plans to launch new division for future warfare
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Gold bars and cash bundles; authorities confiscate millions from tax dodgers
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Kia EV9 GT marks world debut at LA Motor Show
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Teen smoking, drinking decline, while mental health, dietary habits worsen
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Trump picks ex-N. Korea policy official as his principal deputy national security adviser
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Yellen: Low rates to stay
WASHINGTON (AP) ― Federal Reserve Chair Janet Yellen said Wednesday that the U.S. economy is improving but noted that the job market remains “far from satisfactory” and inflation is still below the Fed’s target rate.Speaking to Congress’ Joint Economic Committee, Yellen said that as a result, she expects low borrowing rates will continue to be needed for a “considerable time.”Yellen’s comments echo earlier signals that the Fed has no intention of acting soon to raise its key target for short-ter
May 8, 2014
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U.S. to strip Russia of trade benefits
WASHINGTON (AP) ― President Barack Obama is removing special trade benefits for Russia because the country is too economically advanced to need them and Moscow’s involvement in Ukraine made it an appropriate time to take the step, the White House announced Wednesday. Obama notified Congress that he plans to remove Russia from the Generalized System of Preferences program, which gave Moscow a $544 million break on import taxes in 2012 on products ranging from metals and minerals to tires and cera
May 8, 2014
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China labor rights lead to strikes for Nike, Wal-Mart
The Chinese government is gaining an unlikely ally in its effort to overhaul the economy: Striking Chinese workers. So far this year, the China operations of International Business Machines Corp., PepsiCo Inc., Wal-Mart Stores Inc., and Yue Yuen Industrial Holdings Ltd., a major supplier to Nike Inc. and Adidas AG, all have been idled by labor protests. “This is not a blip,” says Dan Harris, a Seattle-based attorney representing companies operating in China. “It’s going to continue and get worse
May 7, 2014
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China’s Alibaba seeks blockbuster IPO in U.S.
SAN FRANCISCO (AP) ― Alibaba Group, the king of e-commerce in China, is dangling a deal that could turn into one of the biggest IPOs in U.S. history.In a long-awaited move Tuesday, Alibaba filed for an initial public offering of stock that could surpass the $16 billion that Facebook and its early investors raised in the social networking company’s IPO two years ago.Alibaba’s paperwork says it will raise at least $1 billion, but finance professionals believe that is a notional figure to get the I
May 7, 2014
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Bayer, Merck in $14.2b deal
TRENTON, New Jersey (AP) ― Germany’s Bayer plans to buy U.S.-based Merck & Co.’s consumer health business, creating a combined medicine cabinet of household names from Bayer’s aspirin to Merck’s Clarityn allergy pills. The $14.2 billion deal announced Tuesday would vault Bayer AG atop the nonprescription medicine business across North and Latin America. It would make Bayer No. 1 worldwide in skin and gastrointestinal products, a strong No. 2 in the huge cold and allergy category, and No. 3 in pa
May 7, 2014
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G7 energy summit backs Ukraine
ROME (AFP) ― Energy ministers from the G7 group of leading world economies agreed Tuesday to help Ukraine after Russia threatened to halt gas supplies over unpaid bills in a move that could create havoc in Europe.“We remain united in our determination to provide various types of assistance that Ukraine needs to strengthen its energy security,” the ministers said in a joint statement after the energy meeting in Rome.“We are extremely concerned by the energy security implications of developments i
May 7, 2014
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Slowing Chinese economy likely to pinch U.S., too
WASHINGTON (AP) ― After watching China narrow the U.S. lead as the world’s largest economy, Americans might be tempted to cheer signs that the Chinese economy might be stumbling.Any schadenfreude would be short-sighted.In an interconnected global economy, bad news for one economic superpower is typically bad news for another ― even a fierce rival.“It hurts,” says Mark Zandi, chief economist at Moody’s Analytics. “China is the second-largest economy on the planet. If growth slows there, it affect
May 7, 2014
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47 countries move on tax evasion by agreeing to share bank data
PARIS (AFP) ― Forty-seven countries signed up Tuesday to automatically share bank data, including key financial centers Singapore and Switzerland, the OECD said, in what has been touted as a major step towards cracking down on global tax evasion.Under the declaration, the 47 countries have committed to “swiftly” pass new domestic laws that will allow them to collect information on all bank accounts and automatically exchange it with other participating countries. They must also call on their fin
May 7, 2014
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Japan PM defends 'Abenomics' as panacea for turnaround
PARIS (AFP) -- Japanese Prime Minister Shinzo Abe on Tuesday launched a spirited defence of his "Abenomics" reforms aimed at kickstarting the world's third-largest economy, saying the policy blitz had yielded great results.The reforms, based on big government spending, central bank monetary easing and structural change, had been hailed internationally as an opportunity to reverse deflation and sluggish growth after Abe launched them in 2012 when elected for a second term.But they have recently l
May 6, 2014
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11 EU nations set to tax financial transactions
BRUSSELS (AP) -- A group of 11 European Union countries agreed to introduce a financial transaction tax from 2016 onward, Austrian Finance Minister Michael Spindelegger said Tuesday. The nations -- including economic heavyweights Germany, France, Italy and Spain -- will initially tax only the trading of shares and some derivatives, Spindelegger told a meeting of the EU's 28 finance ministers in Brussels. European officials started pushing for the tax following the 2008-09 financial crisis, to cu
May 6, 2014
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Clouds over emerging markets, Ukraine, crimp growth: OECD
PARIS (AFP) -- Setbacks for emerging markets and rising risks of fallout from the Ukraine crisis are holding back the global economic recovery, the OECD said on Tuesday.The global economy is now set to grow by 3.4 percent this year, it forecast, trimming its outlook by 0.2 points.The organisation held its forecast that the world economy would grow by 3.9 percent next year.Central banks, including the European Central Bank, must go on shoring up growth, the Organisation for Economic Cooperation a
May 6, 2014
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OECD trims 2014 world growth forecast to 3.4%
PARIS (AFP) -- Setbacks for emerging markets and rising risks of fallout from the Ukraine crisis are holding back the global economic recovery, the OECD said on Tuesday.The global economy is now set to grow by 3.4 percent this year, it forecast, trimming its outlook by 0.2 points.The organisation held its forecast that the world economy would grow by 3.9 percent next year.Central banks, including the European Central Bank, must go on shoring up growth, the Organisation for Economic Cooperation a
May 6, 2014
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BMW first-quarter profit rises as SUV sales offset spending
Bayerische Motoren Werke AG, the world’s biggest maker of luxury autos, said first-quarter profit rose 2.6 percent as growth in demand for its sport-utility vehicles helped make up for added investments in expansion. Earnings before interest and taxes increased to 2.09 billion euros ($2.9 billion) from 2.04 billion euros a year earlier, the Munich-based company said today in a statement. Profit exceeded the 2.04 billion-euro average of 10 analyst estimates compiled by Bloomberg. Revenue gained 3
May 6, 2014
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Facebook plans campaign to 'friend' small business
NEW YORK (AP) -- Facebook wants to increase its advertising and get more clicks on all kinds of ads. It believes tapping into the lucrative small business market will help it achieve those goals.Sheryl Sandberg, the social media company's operating chief and "Lean In" author, says the key is showing business owners how to find new customers by creating Facebook pages and by buying ads that appear on individual Facebook users' pages. The company plans a campaign called Facebook Fit with workshops
May 6, 2014
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Bayer to buy Merck consumer-health unit for $14.2 billion
Bayer AG agreed to acquire Merck & Co.’s consumer unit for $14.2 billion, solidifying its position near the top of the market for over-the-counter health products. The two companies also will collaborate on the development and marketing of a class of drugs that includes Bayer’s Adempas, which is approved to treat pulmonary arterial hypertension, Merck and Bayer said in a statement today. Merck will pay Bayer $1 billion for the collaboration, with additional payments possible if sales goals are m
May 6, 2014
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Coke, Pepsi to drop BVO from all drinks
NEW YORK (AP) ― Coca-Cola and PepsiCo said Monday they’re working to remove a controversial ingredient from all their drinks, including Mountain Dew, Fanta and Powerade. The ingredient, called brominated vegetable oil, had been the target of petitions on Change.org by a Mississippi teenager who wanted it out of PepsiCo’s Gatorade and Coca-Cola’s Powerade. In her petitions, Sarah Kavanagh noted that the ingredient has been patented as a flame retardant and isn’t approved for use in Japan and the
May 6, 2014
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Nokia invests in intelligent vehicles
Nokia Oyj plans to spend $100 million backing companies that develop intelligent-car technologies, joining the likes of billionaire Elon Musk and Google Inc. in betting that future vehicles will be smarter and more connected. The investments, to be made by a new Nokia fund, are meant to support the mobile-technology company’s digital-map business, Nokia said Monday. It’ll be run by Nokia Growth Partners, the venture-capital arm that manages about $700 million. Nokia is rebuilding itself and expa
May 6, 2014
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France rejects GE bid for Alstom ‘in current form’
PARIS (AFP) ― The French government on Monday rejected a bid by U.S. industrial giant General Electric for Alstom’s energy business, calling for a “balanced partnership” that could include a rail deal.“In its current form, we can unfortunately not agree to the propositions you have made, resting only on the acquisition of Alstom’s activities in the energy sector,” Economy Minister Arnaud Montebourg said in a letter to GE chief Jeff Immelt.The U.S. behemoth has been vying for Alstom’s energy asse
May 6, 2014
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Holder: No bank ‘above the law’
WASHINGTON (AFP) ― U.S. Attorney General Eric Holder warned Monday that no financial institution should consider itself “above the law,” amid investigations into alleged tax evasion and money laundering by European banks.A senior U.S. official told AFP on condition of anonymity that probes of BNP Paribas and Credit Suisse are almost completed and criminal charges could be brought within “a few weeks.”And the Wall Street Journal reported that Credit Suisse was about to reach an agreement with the
May 6, 2014
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U.S. to unleash IRS on Russian banks
WASHINGTON (AP) ― As the United States attempts to punish Russia for its actions in Ukraine, the Treasury Department is deploying an economic weapon that could prove more costly than sanctions: the Internal Revenue Service. This summer, the U.S. plans to start using a new law that will make it more expensive for Russian banks to do business in America. “It’s a huge deal,” says Mark E. Matthews, a former IRS deputy commissioner. “It would throw enormous uncertainty into the Russian banking commun
May 6, 2014
