The Korea Herald

Xbox One sells 1m units on first day

SAN FRANCISCO (AFP) ― Microsoft on Friday crowed that more than a million Xbox One consoles were snapped up within 24 hours in 13 countries after hitting shelves for the first time in the morning.The U.S.-based technology titan described it as the biggest launch in Xbox history, setting a new sales record at the company.Xbox One consoles were sold out at most retail shops, according to Microsoft.“We are humbled and grateful for the excitement of Xbox fans around the world,” said Xbox corporate v

Nov. 24, 2013

‘Light at end of tunnel’ for Greece

BERLIN (AFP) ― German Chancellor Angela Merkel and Greek Prime Minister Antonis Samaras said on Friday they saw “light at the end of the tunnel” for Greece thanks to painful reforms.After talks in Berlin, Merkel hailed “impressive facts” and “significant progress” in reducing the country’s mountain of debt due to the “sacrifices of the Greek people.”“I would like to underline, there is light at the end of the tunnel,” she told reporters, after Samaras used the same upbeat phrase in his opening r

Nov. 24, 2013

Lockhart says Fed not in the ‘danger zone’

Federal Reserve Bank of Atlanta President Dennis Lockhart said he thinks the central bank can handle its exit from quantitative easing when the time comes, despite uncertainty caused by a balance sheet close to $4 trillion. “At the moment, I don’t think we are in the danger zone,” said Lockhart, who is not a voting member of the policy-making Federal Open Market Committee this year. “The exit will be manageable when the time comes.” Lockhart, who was speaking in an interview on CNBC television,

Nov. 24, 2013

European banks’ legal tab tops $77b as probes widen

Europe’s biggest banks, led by Lloyds Banking Group Plc and Deutsche Bank AG, have racked up more than $77 billion in legal costs since the financial crisis, five times their combined profit last year. Since September 2008, the 18 banks with the highest litigation expenses paid at least $24.9 billion settling lawsuits and probes, set aside $31.5 billion to compensate U.K. clients improperly sold products including mortgage insurance and earmarked $20.9 billion for further penalties, data compile

Nov. 24, 2013

European banks’ legal tab tops $77b as probes widen

Pope Francis prays for Philippines victims

VATICAN CITY (AFP) ― Pope Francis prayed Thursday for the victims of the typhoon-ravaged Philippines at a ceremony to mark the unveiling of a mosaic image of the country’s youngest saint in St. Peter’s Basilica.The ceremony was attended by Cardinal Luis Antonio Tagle, the Archbishop of Manila, who helped coordinate aid efforts after the storm, which left around 5,500 people dead or missing and 4.4 million homeless.“I have been close to your people, I have seen how great the pain has been but als

Nov. 22, 2013

Dow average closes above 16,000 for the first time

The Dow Jones industrial average closed above 16,000 for the first time Thursday as the blue-chip index races toward its best year in a decade.The Dow has been on fire lately, propelled higher by a combination of solid corporate earnings, a steadily strengthening economy and easy-money policies from the Federal Reserve.Since the start of the year, the Dow is up 22 percent and has now topped three 1,000 point milestones in 10 months. It eclipsed 14,000 in February and 15,000 in May. If it holds o

Nov. 22, 2013

Honda to roll out new fuel-cell car in 2015

TOKYO (AFP) ― Japanese auto giant Honda said Thursday it would roll out a new commercial fuel-cell vehicle in 2015, a day after rival Toyota promised a similar offering as competition in the green car sector heats up.Honda made the announcement at the Tokyo Motor Show where automakers are showcasing their vision for the eco-friendly car market. However, the sector is yet to see a hot-selling model, with sales well below industry predictions.Japan’s third-largest automaker, Honda said it would la

Nov. 21, 2013

Honda to roll out new fuel-cell car in 2015

Fed could slow bond buys in coming months: minutes

WASHINGTON (AP) ― Members of the Federal Reserve agreed last month that they would likely start reducing their bond purchases in coming months if the job market improved further. They also weighed the possibility of slowing the purchases even without clear evidence of a strengthening job market. The Fed’s bond purchases have been intended to keep long-term borrowing rates low to spur spending and growth. The minutes of the Oct. 29-30 meeting, released Wednesday, also show that members wrestled w

Nov. 21, 2013

Fed could slow bond buys in coming months: minutes

BOJ keeps loose money policy, says economy on mend

TOKYO (AP) ― Japan’s central bank has opted to keep its ultra-loose monetary policy in place, saying the economy is on track for a “moderate recovery” despite slowing growth in the past quarter. The Bank of Japan ended a two-day policy meeting without any moves to step up bond purchases aimed at pumping some 60 trillion yen to 70 trillion yen ($600 billion to $700 billion) a year into the world’s third-largest economy.There had been some speculation that easing might be stepped up after economic

Nov. 21, 2013

BOJ keeps loose money policy, says economy on mend

Japan’s October trade deficit nearly doubles on energy bills

TOKYO (AFP) ― Japan’s October trade deficit nearly doubled from a year ago, official data showed Wednesday, as soaring post-Fukushima energy bills eclipsed an improving export picture.Government figures showed that Japan logged a bigger-than-expected 1.09 trillion yen ($10.9 billion) trade deficit last month. The latest figure, a record for October, was nearly double a 556.2 billion yen shortfall a year earlier and marked the 16th straight month of deficit, the longest stretch in over three deca

Nov. 20, 2013

Japan’s October trade deficit nearly doubles on energy bills

Bill Gates met with a lot of Microsoft CEO candidates

Microsoft Corp. chairman Bill Gates said he and other directors have met with “a lot of CEO candidates” to replace chief executive officer Steve Ballmer. The board convened yesterday to discuss some of the candidates, Gates said at the company’s annual shareholder meeting in Bellevue, Washington, Ballmer’s last before he steps down. Gates said he wouldn’t give a timeline for the decision. The world’s largest software maker is going through its biggest transition in decades, seeking a new leader

Nov. 20, 2013

Bill Gates met with a lot of Microsoft CEO candidates

JPMorgan, government finalize deal

WASHINGTON (AP) ― JPMorgan Chase & Co. has reached a record $13 billion settlement with federal and state authorities, resolving claims over the bank’s sales of low-quality, high-risk mortgage-backed securities that collapsed in value during the U.S. housing crisis.The agreement is the latest chapter in the bursting of the housing bubble. “Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown,” Attorney General Eric Holder said. “JPMorgan was

Nov. 20, 2013

Bernanke says economy ‘still far’ from ideal

WASHINGTON (AFP) ― Federal Reserve Chairman Ben Bernanke said Tuesday the economy remains far from where the Fed wants to see it and that the U.S. central bank is still committed to its stimulus policies.Bernanke gave no hint as to when Fed policymakers might begin cutting back its $85 billion a month in asset purchases, saying they remain “committed to maintaining highly accommodative policies for as long as they are needed.”“The economy has made significant progress since the depths of the rec

Nov. 20, 2013

Japan trade deficit doubles on-year in October: govt

Japan's trade deficit nearly doubled on-year to a bigger-than-expected $10.9 billion in October as the country's energy bill soared, government data showed Wednesday.The shortfall of 1.09 trillion yen ($10.9 billion) was larger than the 810 billion yen in red ink economists had expected on average, and an expansion of 96.1 percent from the year-before deficit of 556.2 billion yen.It was also the largest deficit for the month of October in comparable data that go back to 1979, according to the fi

Nov. 20, 2013

Google to pay $17m settlement

SAN FRANCISCO (AP) ― Google is paying $17 million to 37 states and the District of Columbia to make amends for the Internet search leader’s snooping on millions of people using Safari Web browsers in 2011 and 2012. The settlement announced Monday stems from a technological loophole that enabled Google’s DoubleClick advertising network to shadow unwitting Safari users, even though the browser’s maker, Apple Inc., prohibited the tracking without obtaining a person’s permission. By following what S

Nov. 19, 2013

U.N. climate chief urges coal industry to change

WARSAW (AP) ― The top U.N. climate diplomat on Monday told the coal industry it should leave most of the world’s remaining coal reserves in the ground and start investing in renewable energy sources.Speaking at a coal summit on the sidelines of a U.N. climate conference in Warsaw, Christiana Figueres said the coal industry needs to change radically to help reduce the carbon emissions that scientists say are warming the planet.“The world is rising to meet the climate challenge as risks of inactio

Nov. 19, 2013

Fed’s Dudley more hopeful on economy

Federal Reserve Bank of New York President William C. Dudley said he’s “getting more hopeful” the U.S. economy is gaining strength as the drag from fiscal policy wanes. “While growth in 2013 has been disappointing, I believe a good case can be made that the pace of growth will pick up some in 2014 and then somewhat more in 2015,” Dudley, 60, said in a speech Monday in Flushing, New York. “As growth picks up, I expect to see more substantial improvement in labor market conditions.” Economic growt

Nov. 19, 2013

China reshapes landscape for firms from Alibaba to GM

China’s planned economic reforms are poised to reshape the competitive landscape, allowing private companies such as Alibaba Group Holdings Inc. to compete with state-owned banks, and easing the one-child policy to bolster demand for products from Nestle SA to General Motors Co. Plans to change the nation’s financial sector include a new registration system for initial public offerings and allowing qualified private investors to set up small-to-medium sized banks. Tencent Holdings Ltd., Asia’s b

Nov. 19, 2013

China reshapes landscape for firms from Alibaba to GM

Bitcoin supporters defend cyber currency at U.S. Senate hearing

WASHINGTON (AFP) ― Bitcoin supporters told a U.S. Senate hearing Monday the virtual currency unit should not be viewed negatively by authorities despite its links to crime. The currency has been linked to a series of high-profile criminal cases in recent months, most notably in the raid on the Silk Road website, dubbed the “eBay for illegal drugs.”“Bitcoin is not a magic cloak for illicit transactions,” Patrick Murck, general counsel for Bitcoin Foundation, which promotes the currency, told the

Nov. 19, 2013

Bitcoin supporters defend cyber currency at U.S. Senate hearing

Dow ends at new record after topping 16,000 mark

The Dow edged higher to a fresh record Monday after topping 16,000 for the first time, while the S&P 500 breached 1,800 but pulled back in late trade.The Dow Jones Industrial Average closed with a meager gain of 14.32 points (0.09 percent) at 15,976.02 after reaching an intraday high of 16,030.28 shortly after the market opened. It was the blue-chip Dow's fourth consecutive record close.The broad-based S&P 500 shed 6.65 (0.37 percent) at 1,791.53, falling heavily in late-afternoon trade after ea

Nov. 19, 2013